France · Delayed Price · Currency is EUR Alstom Earnings Call Transcripts
Fiscal Year 2026
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The meeting reviewed strong commercial growth, operational challenges in Rolling Stock, and ongoing transformation efforts. All board and governance resolutions passed, except the 2025/2026 CEO remuneration policy. No dividend was proposed, with profits allocated to reserves for debt reduction.
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Record order intake and backlog drove sales growth, but execution issues in Rolling Stock pressured margins and cash flow. Guidance for FY 2026/2027 includes improved EBIT margin, positive free cash flow, and increased CapEx, with operational improvements prioritized.
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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 commercial momentum and margin improvement. Guidance for sales growth was raised above 5%, EBIT margin is expected around 7%, and free cash flow is forecast at EUR 200–400 million, with major orders supporting a record backlog.
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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 maintained 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 pronounced seasonality.
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 margin improved, Bombardier integration is complete, and guidance for FY26 and medium term is confirmed, with seasonality expected in cash flow.
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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 results with 5.6% organic sales growth, 18% higher adjusted EBIT, and robust order intake support full-year guidance. Supply chain issues persist but are being managed, with improved backlog quality and strong service and signaling growth.
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Q1 saw EUR 3.6 billion in orders and EUR 4.4 billion in sales, with strong growth in services and signaling. The deleveraging plan was completed, supporting a stable outlook, and guidance for FY 2024/2025 is reaffirmed, with margin improvement expected in H2.
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.