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Alstom
Alstom (ALO) investor relations material
Alstom Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary20 Jan, 2026
Executive summary
Orders reached €20 billion in the first nine months, with a record €9.6 billion in Q3, driving backlog above €100 billion; book-to-bill ratio was 2 in Q3 and 1.4 for the first nine months.
Major contract wins in France, Germany, Poland, Greece, Australia, Mexico, Canada, and across Europe, Americas, and Asia-Pacific, with strong demand for bundled Rolling Stock and Services solutions.
Operational focus on project homologation, industrial footprint expansion, and phased deployment of new metro lines, including new launches in Paris and India.
Integrated solutions and bundled contracts (rolling stock with maintenance) are increasingly successful, supporting growth and margin improvement.
Transformation plan ongoing in Germany; Görlitz plant handed over to KNDS.
Financial highlights
9M sales reached €13.9 billion, up 3% reported and 7.2% organic; Q3 organic growth was 5.9%.
Rolling Stock sales were €7.2 billion (+3% reported, +6% organic), Services €3.4 billion (+5% reported, +9% organic), Signalling €2.0 billion (+4% reported, +13% organic), Systems €1.3 billion (-4% reported, flat organic).
Book-to-bill ratio was 1.4 for the group and 1.8 for Rolling Stock over the first nine months.
Foreign exchange was a 3.3-point headwind; scope changes (notably North American signaling deconsolidation) had a negative 80bps impact.
Gross margin in backlog continues to improve, with new orders exceeding average backlog margin.
Outlook and guidance
FY 2025/26 guidance confirmed: organic sales growth above 5%, adjusted EBIT margin around 7%, and free cash flow between €200–400 million.
Book-to-bill expected above 1 for the group and Rolling Stock for the full year.
Free cash flow guidance remains €200–400 million, with at least €1.5 billion cumulative free cash flow targeted by 2027.
R&D spending assumed at around 3% of sales; car production expected to remain stable.
Medium-term ambitions reaffirmed as per May 2025 announcement.
Impact of Q3 order mix on future profitability
What is the strategic rationale for Morocco investment?
Mitigate Contract Working Capital headwinds?
Will backlog gross margin continue to rise?
Future non-operating expenses for site adaptations?
Working capital items impacting FCF guidance?
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Next Alstom earnings date
H2 25/2613 May, 2026
Alstom
Next Alstom earnings date
H2 25/2613 May, 2026
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Alstom SA offers solutions for rail transport, including maintenance and energy management. Alstom SA's products include high-speed trains, metros, trams, automated people movers and signalling systems. The company is based in Saint-Ouen, France.
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