Alstom has published its results for the third quarter of the 2025/26 financial year, covering the period from 1 October to 31 December 2025.
The company reported a significant increase in orders, steady sales growth and a confirmed outlook for the full financial year.
During the third quarter, Alstom recorded orders of 9.6 billion EUR, more than double the 4.3 billion EUR reported in the same period of the previous financial year. Over the first nine months of 2025/26, total order intake reached 20.0 billion EUR, compared with 15.2 billion EUR a year earlier. As a result, the company’s order backlog stood at 100.3 billion EUR at 31 December 2025.
Alstom reports outstanding commercial momentum driving backlog to above €100bn
© Alstom
Sales for the third quarter amounted to 4.8 billion EUR, an increase of 2.6% on a reported basis. Adjusted for currency effects, organic sales growth was 5.9%. For the first nine months of the financial year, group sales totalled 13.9 billion EUR, representing reported growth of 3.0% and organic growth of 7.2%.
The book-to-bill ratio over the first nine months was 1.4 for the group as a whole and 1.8 for the rolling stock business, reflecting order intake exceeding sales over the period.
Rolling Stock accounted for 63% of total orders in the third quarter, consistent with the year-to-date mix. Orders were supported by demand for both established and newer train platforms, as well as for combined offerings that include rolling stock, signalling and long-term services.
In France, Alstom secured two optional tranches under its framework agreement with SNCF Voyageurs for the Avelia Horizon very high-speed train. These include an order valued at around 1.4 billion EUR for 30 trainsets for Eurostar, and a second tranche of approximately 600 million EUR for 15 trainsets for SNCF Voyageurs, intended for operations in France and Belgium.
Elsewhere in Europe, Alstom continued to expand its presence in the regional and intercity market. In Poland, PKP Intercity awarded a contract worth around 1.6 billion EUR for 42 Coradia Max double-deck electric multiple units, together with a 30-year maintenance agreement. In Germany, Landesanstalt Schienenfahrzeuge Baden-Württemberg exercised an option worth about €500 million for additional Coradia Max trains and long-term maintenance extending to 2055.
Outside Europe, Alstom signed several large contracts. In Mexico, it agreed a 920 million EUR contract to supply 47 trains and five years of maintenance to the Mexican Railway Transport Regulatory Agency. In Australia, the company was awarded a 1.0 billion EUR share of the Suburban Rail Loop East Line project in Melbourne, covering automated metro trains, signalling, communications and system integration. In Greece, a 393 million EUR contract was signed with Hellenic Train for 23 Coradia Stream electric multiple units and 10 years of maintenance. In Canada, Alstom secured a 1.4 billion EUR contract with the Toronto Transit Commission for 70 metro trains for Line 2.
Base orders with a contract value below 200 million EUR totalled 1.8 billion EUR in the third quarter.
Sales Performance
Rolling Stock sales reached 7.2 billion EUR over the first nine months, up 3% on a reported basis and 6% organically, supported by project execution in France, Germany, Italy and the United States. Production output during the period amounted to 3,078 cars, broadly in line with the previous year.
Services sales rose to 3.4 billion EUR, representing reported growth of 5% and organic growth of 9%, reflecting increased activity in the UK, the US and Germany.
Signalling sales totalled 2.0 billion EUR, up 4% on a reported basis and 13% organically, with growth across several regions including France, Italy, Germany, Australia and the UK.
Systems sales were 1.3 billion EUR over the nine-month period. Reported sales declined by 4%, while organic sales were broadly stable, with strong execution in Europe and Canada partly offset by lower activity in Mexico.
Operational Developments
During the quarter, Alstom achieved several operational milestones. In Paris, the new MF19 metro train entered service on Line 10, marking progress in the renewal of the Île-de-France Mobilités fleet. In India, Alstom’s metro trains began commercial service in Bhopal, following a project delivered entirely within the country. In Canada, Citadis light rail vehicles entered passenger service on Toronto’s Finch West LRT line, while in the UK the company completed a major upgrade of the Cambridge rail network.
Alstom also submitted the TGV M (Avelia Horizon) authorisation application to the European Union Agency for Railways, beginning the final approval phase for the platform. In Morocco, the company announced plans to establish a dedicated production line for train driver desks and to expand transformer manufacturing capacity.
Outlook
Alstom confirmed its outlook for the 2025/26 financial year. The company expects supportive market demand, stable production volumes compared with 2024/25, research and development expenditure of around 3% of sales, and mitigation of the impact of US tariffs.
For the full year, Alstom forecasts a group book-to-bill ratio above 1, organic sales growth above 5%, an adjusted EBIT margin of around 7%, and free cash flow in the range of 200 million EUR to 400 million EUR. Over the three-year period from 2024/25 to 2026/27, the group continues to target a cumulative free cash flow of at least 1.5 billion EUR, despite working capital pressures.
Medium-term ambitions remain unchanged from those presented with the full-year results in May 2025.