Record Commercial Momentum and Strong Order Intake
Alstom recorded approximately EUR 27.6 billion of orders for fiscal year 25-26 (management also referenced ~EUR 28 billion of order intake), delivering a book-to-bill ratio of 1.4 and a backlog of ~EUR 100 billion.
Sales Growth — Organic and Reported
Reported sales were EUR 19.2 billion, up 4% year-on-year. After adjusting for negative currency and scope effects, organic sales growth was +7%.
Backlog Gross Margin
Management reports gross margin in the backlog at 18%, supporting future margin recovery expectations.
Preliminary Outlook — Margin and Sales Guidance
For fiscal year 26-27 Alstom guides organic sales growth around 5%, a return of adjusted EBIT margin to ~6.5%, and a book-to-bill above 1.
Positive Free Cash Flow Guidance for Next Year (Annual)
Management expects positive free cash flow for fiscal year 26-27 (despite a seasonally large H1 outflow), and achieved ~EUR 330 million free cash flow for fiscal year 25-26 (within the guided range).
Solid Liquidity and Financing Lines
Financial net debt around EUR 400 million at year-end; gross cash position approximately EUR 2.3 billion and multiple available facilities (EUR 2.5 billion and EUR 1.75 billion RCFs plus a EUR 2.5 billion commercial paper program).
Services and Signaling Opportunity
Management highlighted Services and Signaling as areas with further improvement potential and lower execution risk, supporting future margin and cash conversion upside.