Alstom presented its results for financial year 2025/26 on Wednesday 13 May — closing date 31 March 2026 — to a decidedly mixed reception: historic commercial figures on one hand, and execution difficulties on certain rolling stock contracts on the other.
The company recorded record order intake of €27.628bn, a 39% increase on the €19.845bn booked in the previous financial year, with a book-to-bill ratio of 1.4 and a cumulative backlog of €104.4bn that provides high visibility over future revenues.
Sales and profitability
Group sales reached €19.171bn, up 3.7% on a reported basis and 7.2% on an organic basis.
Adjusted EBIT came in at €1.168bn, broadly flat year-on-year, whilst the adjusted EBIT margin retreated 30 basis points to 6.1%, penalised primarily by execution issues on rolling stock projects, which accounted for a negative impact of 60 basis points. Net profit attributable to the group more than doubled compared with the previous year, rising from €149m to €324m. Free cash flow reached €336m, in line with guidance but below the €502m recorded the previous year, weighed down by higher working capital requirements on rolling stock contracts in the ramp-up phase.
Order intake by geography and product
Europe led order intake with €15.609bn, driven by landmark contracts including 42 Coradia Max™ double-deck trainsets for PKP Intercity worth €1.6bn, 30 additional TGV Avelia Horizon sets for Eurostar and SNCF at €1.4bn, and 96 additional RER NG trainsets for Île-de-France Mobilités worth €1.7bn. The Americas made a forceful entry, more than doubling its order intake to €7.888bn, boosted by contracts such as the manufacture of 316 M-9A commuter coaches for Long Island Rail Road and Metro-North at €2bn, and 70 Metropolis™ trainsets for the Toronto metro at €1.4bn. Asia-Pacific contributed €2.867bn, with a standout €1bn contract in Melbourne as part of the Suburban Rail Loop.
By product line, rolling stock captured 52% of orders at €14.292bn — a notable jump from 38% in the previous financial year — whilst signalling and systems also posted significant growth.
Operational milestones
On the deliveries front, the year was marked by the entry into passenger service of the MF19 on Paris Métro Line 10 in October 2025 and the launch of Amtrak’s NextGen Acela on the North East Corridor in August 2025. In December 2025, Alstom completed the first CBTC installation on an existing line in Australia with the opening of Melbourne’s Metro Tunnel, deploying the Urbalis Flo system, which enables the capacity of the city’s underground network to be doubled. Car production for the year totalled 4,284 units, 2% down on the 4,383 delivered the previous year.
Outlook for 2026/27
Looking ahead, Alstom has identified the improvement of contract execution as its absolute priority, with a reinforced focus on project management discipline and closer co-ordination between engineering, supply chain, and manufacturing.
Guidance for 2026/27 points to organic sales growth of around 5%, car production of between 4,400 and 4,500 units, an adjusted EBIT margin of approximately 6.5%, and positive free cash flow — albeit with cash consumption of around €1.5bn in the first half due to seasonality. Over the longer term, CEO Martin Sion signalled a progressive expansion of the adjusted EBIT margin towards 8–10%, with a detailed plan to be presented at a Capital Markets Day in early 2027.