France · Delayed Price · Currency is EUR Alstom Earnings Call Transcripts
Fiscal Year 2026
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Organic sales grew 7% year-over-year, but margin improvement lagged due to execution issues in rolling stock and project ramp-up. Guidance for 2026/2027 anticipates 5% organic sales growth, a 6.5% EBIT margin, and positive free cash flow, with strong liquidity maintained.
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Record Q3 orders and strong sales growth drove backlog to EUR 100.3 billion, with all major segments contributing. Guidance for organic sales growth above 5%, adjusted EBIT margin around 7%, and free cash flow of EUR 200–400 million is reiterated, despite currency headwinds.
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Orders and sales grew strongly in H1, with robust performance across all regions and segments. Margins improved, backlog reached a record, and guidance for sales growth and EBIT margin was raised, while free cash flow is expected within EUR 200-400 million.
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Orders rose 12% year-over-year to €4.1 billion, with sales up 7.2% organically to €4.5 billion. Guidance is confirmed for 3–5% organic sales growth, adjusted EBIT margin around 7%, and full-year free cash flow of €200–400 million, despite higher ramp-up project share and H1 cash burn.
Fiscal Year 2025
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The meeting reviewed strong financial growth, successful Bombardier integration, and strategic investments in high-speed rail and digitalization. All resolutions, including governance and remuneration, were approved, with no dividend due to ongoing debt reduction. CSR progress and future challenges were also discussed.
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Orders and sales exceeded guidance, with strong growth in services and signaling, improved margins, and robust free cash flow. Backlog quality and industrial efficiency advanced, while guidance confirms further margin and cash flow improvements amid supportive market conditions.
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Orders and sales remain strong, with Europe leading and services driving growth. Full-year guidance is confirmed despite lower rolling stock output, as cost controls and segment mix offset impacts. Competition is intensifying in some regions, but margins and backlog continue to improve.
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Solid H1 performance with 5.6% organic sales growth, 18% higher adjusted EBIT, and robust order intake. Supply chain issues persist but are being managed, and full-year guidance for growth, margin, and cash flow is confirmed.
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Q1 saw EUR 3.6 billion in orders and 5.3% organic sales growth, with strong momentum in services and signaling. Deleveraging was completed, guidance for FY 2024/25 is confirmed, and order intake is set to accelerate in Q2.
Fiscal Year 2024
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The meeting reviewed strong sales growth, a challenging year for cash flow, and major governance changes, including a new chairman and revised executive remuneration. All resolutions were approved, and strategic initiatives focused on debt reduction, sustainability, and operational transformation.