Alstom has published preliminary, unaudited results for the 2025/26 financial year, indicating record orders, Free Cash Flow within guidance and an adjusted EBIT at ~6%.
The results were published following a meeting of the company’s Board of Directors on 16 April 2026 under the Chairmanship of Philippe Petitcolin.
Alstom has published preliminary, unaudited results for the 2025/26 financial year
© Alstom
During the fourth quarter of the 2025/26 fiscal year (Q4), Alstom recorded 7.6 billion EUR in orders – an increase compared to the 4.6 billion EUR received during the same period in the last fiscal year and the equivalent to a book-to-bill ratio of 1.4 – bringing order intake for the full fiscal year 2025/26 to 27.6 billion EUR, an increase of 39% compared to the prior fiscal year (equivalent to a 1.4 book-to-bill ratio, in line with guidance).
Sales for the company within the 2025/26 fiscal year amounted to 19.2 billion EUR – representing 4% growth on a reported bases. After adjusting for a 2.8ppt adverse currency impact, as well as a 0.6ppt negative scope effect predominately from the disposal of the North American conventional signalling activity during the prior fiscal year, organic sales grew by 7% over the period, in line with guidance.
Alstom manufactured 4,284 cars, down compared to the 4,383 recorded in the 2024/25 fiscal year, with the company citing rolling stock project moving at a ‘a slower-than-anticipated pace’, prolonging the ramp-up phase.
With an adjusted EBIT margin for the 2025/26 standing at 6%, Alstom’s profitability has dropped compared to the last fiscal year, moving below the previously guided ~7%. When adjusted for the negative currency impact as well as the negative scope impact, the company’s adjusted EBIT margin for the fiscal year 2025/26 is broadly stable compared to fiscal year 2024/25.
During the 2025/26 fiscal year, Alstom’s non-operating expenses dropped to around 160 million EUR from 198 million EUR during the 2024/25 fiscal year. Net financial result decreased to approximately 160 million EUR during the 2025/26 fiscal year, a drop when compared to 214 million EUR in the prior fiscal year.
Alstom’s Free Cash Flow stands at around 330 million EUR for the 2025/26 fiscal year – sitting within the guided range of 200-400 million EUR and down from the 502 million EUR recorded during the same period of the last fiscal year. Working capital headwinds linked to projects progressing more gradually than anticipated were offset by a number of downpayments driven by record commercial activity, as well as trade working capital.
As of 31 March 2026; the Alstom Group’s net debt position is roughly 400 million EUR, a decrease when compared to the 434 million EUR net debt position on 31 March 2025. This has been attributed to Free Cash Flow generation of around 330 million EUR, offset mainly by the subordinated perpetual securities coupon pay-out and lease payments.
In addition to available cash and its equivalents amounting to 2.3 billion EUR on 31 March 2026, the Group has reinforced strong liquidity with 2.5 billion EUR short-term Liquidity Revolving Credit Facility maturing in July 2028 and 1.75 billion EUR Backstop Revolving Credit Facility maturing in January 2029, with both Revolving Credit Facility lines remained undrawn as of 31 March 2026.
In addition to its preliminary 2025/26 financial year results, the group also shared a preliminary FY 2026/27 outlook, which includes
- Group book-to-bill ratio above 1
- Sales organic growth around 5%
- Adjusted EBIT margin around 6.5%
- Positive Free Cash Flow
- Seasonality driving Free Cash Flow consumption of around €(1.5) billion in H1 FY2026/27
Finally, as a result of its performance, Alstom has announced that the three-year cumulative 1.5 billion EUR Free Cash Flow guidance over FY 2024/25 to FY 2026/27 has been withdrawn, and the medium-term ambition of adjusted EBIT margin of 8-10% will no longer be met by FY 2026/27.
Martin Sion, Chief Executive Officer of Alstom, said:
As I start my role as Group CEO, I am convinced Alstom is well positioned, with a €100 billion backlog and a supportive rail market. However, while the Group delivered strong order intake and met its cash objectives in FY 2025/26, profitability fell short of expectations.
In a business where rigorous planning and disciplined execution are essential, some large rolling-stock projects have progressed more slowly than anticipated, weighing on near-term margins and cash. We are therefore launching immediate actions to stabilise performance, while preparing deeper operational changes to restore sustainable execution, cash generation and profitable growth.