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Full Year Results Fiscal Year 2024/25 14 May 2025 1
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. 2 ● This presentation contains forward-looking statements which are based on current plans and forecasts of Alstom’s management. Such forward-looking statements are relevant to the current scope of activity and are by their nature subject to a number of important risks and uncertainty factors (such as those described in the documents filed by Alstom with the French AMF) that could cause actual results to differ from the plans, objectives and expectations expressed in such forward- looking statements. These such forward-looking statements speak only as of the date on which they are made, and Alstom undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise. ● This presentation does not constitute or form part of a prospectus or any offer or invitation for the sale or issue of, or any offer or inducement to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for any shares or other securities in the Company in France, the United Kingdom, the United States or any other jurisdiction. Any offer of the Company’s securities may only be made in France pursuant to a prospectus having received the visa from the AMF or, outside France, pursuant to an offering document prepared for such purpose. The information does not constitute any form of commitment on the part of the Company or any other person. Neither the information nor any other written or oral information made available to any recipient or its advisers will form the basis of any contract or commitment whatsoever. In particular, in furnishing the information, the Company, the Banks, their affiliates, shareholders, and their respective directors, officers, advisers, employees or representatives undertake no obligation to provide the recipient with access to any additional information. Disclaimer
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Highlights Henri Poupart-Lafarge, Chief Executive Officer ――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――― FY 2024/25 financial results Bernard Delpit, Executive Vice-President and Chief Financial Officer ――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――― Outlook Henri Poupart-Lafarge, Chief Executive Officer Agenda 3
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Henri Poupart-Lafarge 4 Highlights Chief Executive Officer 1
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. 5 Book-to-bill 1.1 ORDERS €19.8bn +4.9% (o/w 6.6% org) vs FY 2023/24 SALES €18.5bn +18% vs FY 2023/24 aEBIT €1.177m 6.4% vs €(557)m FY 2023/24 FREE CASH FLOW €502m Solid FY 2024/25 results All objectives delivered Results in line with guidance Progress on strategic priorities • Further improvement in backlog quality across all Product Lines • Project execution, with strong Q4 output • Optimization of manufacturing footprint initiated to improve industrial efficiency • Train development process and tools enhancement
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. 6 Stable three-year pipeline at ~€200bn Strong momentum in Europe mitigating projects shifting elsewhere NORTH AMERICA AMTRAK Long distance New York RER Toronto Urban & Commuters €37bn AMERICAS €112bn EUROPE €23bn APAC €23bn AMECA LATIN AMERICA Brazil, Mexico Urban Systems EUROPE: Germany: Regional / commuters / Locos France: High-speed,& commuters Service & SIG India High-Speed / Locos Australia, Singapore – Systems and Urban AFRICA and MIDDLE EAST Saudi Arabia, Gulf, Türkiye, Egypt – Systems / Urban ROLLING STOCK AND COMPONENTS SYSTEMS SIGNALLING ALSTOM SITES Frame agreements €12bn options to be exercised within frame agreements
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. 7 H2 order intake marked by Services and Rolling Stock wins €8.9 bn OF ORDERS BOOKED IN H2 2024/25 Regional Fleet Services (SERVICES - EUROPE) €0.8 bn ONCF (Very High-Speed - Morocco) €0.8 bn Metrolink + JFK (OPERATIONS & MAINT - US) €0.5 bn SERVICES ROLLING STOCK RER NG (REGIONAL - France) €0.5 bn €0.8bn* 2 frame agreements in Europe SIGNALLING * To be booked progressively in coming quarters €0.5 bn
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Rebalancing of backlog towards Services, in line with long-term ambition 8 Order intake by Product Line Backlog by Product Line 52% 50% 49% 45% 43% ~40% 33% 33% 35% 37% 41% ~40% FY21 FY22 FY23 FY24 FY25 LT ambition Rolling stock Systems Signalling Services • Strong commercial momentum in Services thanks to: • New customers (S-Bahn Rheinland, Proxima, Transnet) • Scope extension on existing contracts • 100% contract renewal rate, including expanded scope (California) • Long-term ambition to reach ~40% of backlog from Services and ~40% from Rolling Stock 51% 50% 34% 38% FY22 FY23 FY24 FY25 Rolling stock Systems Signalling Services 35% 45% 47% 58%
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Strong 4Q production volumes 9 Quantity of cars produced per quarter 1,026 982 990 1,1531,122 1,125 1,165 1,110 965 1,038 1,098 1,282 Q1 Q2 Q3 Q4 FY 2022/23 FY 2023/24 FY 2024/25 • FY output +9% CAGR since FY23 excluding Aventra (~500cars / year in FY23 and FY24 vs. 0 in FY25) 4,151 4,522 4,389 FY o/w Aventra • Strong Q4 volumes • Successful ramp-up in Americas (Brazil, Mexico and US notably) • Some projects ending (Americas, Europe)
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. 10 Aventra negotiations closed, expecting Amtrak entry in commercial service Continuous efforts on selected projects AVENTRA ✓ Contracts close-out negotiations : ✓ 436 trains accepted o/o 443 98% ✓ Cumulative cash-in 97% ✓ Outcome of negotiations provisioned (incl. penalties and extra-costs) AMTRAK ✓ Testing complete, start of trains commissioning ✓ Expecting FRA homologation decision ✓ Manufacturing 97%, cumulative cash-in 79%
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Turning operational improvements into accelerated profit and cash generation 11 External demerit Divided by 4 Manufacturing Throughput (# cars) +43% (since March 23) On-Time Delivery of rolling stock +21pp Client Net Promoter Score constant increase at 8.5 1 2 3 4 securing cash and profit targets over the next three years Increase operational excellenceFrom post-merger challenges FY 2025 achievements (vs FY 2021/22) To …
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Germany: Transformation plan launched 12 • Sale of Görlitz completed in February • Rolling Stock assembly sites to be reduced to 3 from 6 today • Repurposing of two Rolling Stock sites into Services • ~€100m restructuring charges over three years Industrial footprint adaptation • Attractive rail market • Continuous Rolling Stock portfolio adaptation (Coradia, Traxx, urban) • Increased focus on Services and Signalling Strong positioning and commercial momentum Improving capacity utilization and profitability over the next three years
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Good progress on our ESG roadmap 13 Scope 1+2 Emissions1 (8)% vs FY 2023/24 Scope 3 Sold products (2)% vs FY 2023/24 128 66 KtonCO2e % 3.9 Taxonomy alignment on sales2 +6 pt vs FY 2023/24 gCO2e/pass.km 1. Environmental figures are reported on a calendar year basis: FY 2024/25 corresponds to 2024 calendar year. Based on last 12 R olling Months. 2. Figures unaudited
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Bernard Delpit 14 Financial Results Executive Vice-President & Chief Financial Officer 2
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. ● Book-to-bill 1.1 and backlog at ~€95bn 15 ● Margin and cash on order intake supporting short- and medium-term trajectory Good flow of base orders in Q4 Book-to-bill <1 on Rolling Stock 18.9 19.8 FY 2023/24 FY 2024/25 +4.7% ORDERS FY 2024/25 (in €bn) 13.1 7.5 3.4 8.2 1.7 0.9 1.6 3.3 FY 2024/25 FY 2024/25 19.8 19.8 Rolling stock Services Systems Signaling Europe Americas APAC AMECA
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Sales ahead with strong Q4 output in Rolling Stock and Systems 16 SALES EVOLUTION (in € million) FY 2024/25 SALES SPLIT BY PRODUCT LINES FY 23/24 Reported FX Impact Scope Impact FY 23/24 Organic Q1 24/25 Organic Q2 24/25 Organic Q3 24/25 Organic Q4 24/25 Organic FY 24/25 Reported +4.9% * €17,619 €18,489 (0.3)% (1.3)% + 9.8% + 5.9% + 5.3% +6.6% €17,343 Organic growth + 6.0% * Spain JVs change in consolidation method and disposal of US conventional signalling SERVICES: €4,493m (+5.2% vs 2023/24, o/w +6.2% org) Solid execution in UK, Canada, Italy and Germany ROLLING STOCK: €9,454m (+3.6% vs 2023/24, o/w +3.7% org) Ramp-up in Australia and consistent execution in France, Italy, South Africa, Belgium and USA SYSTEMS: €1,900m (+20.4% vs 2023/24, o/w +26.3% org) Strong deliveries in Mexico and good performance in Canada, Ivory Coast and France SIGNALLING: €2,642m (-0.1% vs 2023/24, o/w +6.0% org) Impact on reported growth of US conventional signalling. Consistent execution in France, Australia, Germany and Italy
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. aEBIT margin up 70bps to 6.4% 17 1. Definition in Appendix 2. Excluding €(59) million of amortisation expenses of the purchase price allocation of Bombardier Transportation. 3. Definition in Appendix. This mainly includes Chinese joint-ventures (in € million) FY 2023/24 FY 2024/25 Evolution Sales 17,619 18,489 +4.9% Cost of Sales (15,096) (15,876) +5.2% Adjusted Gross Margin before PPA¹ As a % of sales 2,523 14.3% 2,613 14.1% (20)bps Research and development expenses before PPA2 As a % of sales (549) 3.1% (522) 2.8% (30)bps Selling & Administrative expenses As a % of sales (1,108) 6.3% (1,062) 5.7% (60)bps Net interest in equity investees pickup3 131 148 +13.0% Adjusted EBIT ¹ 997 1,177 +18.1% Adjusted EBIT margin¹ 5.7% 6.4% +70bps
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Efficient costs savings initiatives compensating for headwinds from legacy projects and scope 18 aEBIT (in %) aEBIT FY 2023/24 Volume and mix Legacy portfolio margin impact Scope SG&A costs savings R&D phasing aEBIT FY 2024/25 5.7% +30bps (20) bps 6.4% +30bps (30)bps +60bps Gross Margin (20) bps
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Net profit recovery driven by aEBIT and reduced non-operating expenses 19 1 This mainly includes Chinese joint-ventures 2 Definition in appendix (in € million) FY 2023/24 FY 2024/25 Evolution Sales 17,619 18,489 +4.9% Adjusted EBIT 997 1,177 +18.1% Adjusted EBIT margin 5.7% 6.4% +70 bps Non-operating expenses (510) (198) (61.2%) Reversal of net interest in equity investees pickup¹ (131) (148) +13.0% EBIT before PPA and impairment 356 831 +133.4% Financial results (242) (214) (11.6%) Tax results (33) (217) - Share in net income of equity investees (7) 128 - Minority interests from continued op. (30) (30) - Adjusted Net profit2 44 498 - PPA net of tax (351) (345) (1.7%) Net Profit - Continued operations, Group share (307) 153 - o/w Integration costs €97m - as per plan, and Legal fees €36m ETR 35% in FY2024/25 Net interest expense €64m (-€89m vs FY24) Other financial expenses €150m (+€61m vs FY24)
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. (482,0) (181,0) (175,0) (75,0) 553,0 (51,0) 502,0 (28,0) 20 FFO at 3% of sales, H1 working capital drag mostly reversed during H2 From EBIT* to Free Cash Flow (in € million) FY 2024/25 FCF Capex / Cap Dev * EBIT Before PPA and impairment Tax Cash-out Funds From Operations Change in Working Capital D&A 507m JV div. 156m Other (1) the total of Change in working capital of the FCF bridge of €(51)m corresponds to the €(87) million changes in working capital resulting from operating activities disclosed in the consolidated financial statements from which the €74 million variations of restructuring provisions and €(38)m of variation of Tax working capital have been excluded. (1) EBIT* 831m €1,494m Restructuring Cash-out Financial Cash-out
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Stability of Trade Working Capital despite inventories (in € million / days of sales) 31 March 2024 31 March 2025 Inventories 3,818 79 4,151 82 Trade payables (3,444) (71) (3,751) (74) Trade receivables 2,997 62 2,906 57 Other assets/ liabilities2 (1,705) (35) (1,599) (32) Trade Working Capital1,2 1,666 34 1,707 34 21 Inventories and Trade payables increase: - cars production acceleration in Q4 - supply chain perturbations Receivables: good cash collection with strong overdues reduction during second half 1 Definition in appendix 2 Excluding restructuring provisions and corporate tax changes
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Contract WC: Contract assets up with Services and signaling growth Contract liabilities up with projects in Startup phase (in € million / days of sales) 31 March 2024 31 March 2025 Contract assets 4,973 103 5,895 116 Contract liabilities (7,995) (166) (8,881) (175) Current provisions Of which Risks on contracts (1,612) (981) (33) (1,529) (920) (30) Contract Working Capital1 (4,634) (96) (4,515) (89) 22 Contract WC from (96) to (89) days - Compared to FY24: - Downpayments stable in € - High proportion of projects in startup and serial phase 1 Definition in appendix
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. (138) 640 H1 24/25 H2 24/25 FY25 low seasonality 23 • Downpayment phasing being more H1-weighted driven by strong H1 commercial momentum (Köln, Proxima, Hamburg) as well as shifts from H2 to FY26 (CP in Portugal) • Project mix with a good share of well- financed projects in start-up phase in H1 Structural seasonality • Cash-in seasonality on progress payments: • Fewer working days during H1 • Summer factory closures leading to lower production and train acceptances • Cash-out evenly distributed Structural FCF seasonality… …has been mitigated in FY25 FCF (in €m)
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Net debt reduced to €434m following deleveraging plan and FCF generation 24 (183,0) (434,0) (2994,0) 2315,0 502,0 (75,0) 31 March 2024 Net cash/(debt) FCF Hybrid coupon, FX and others Leases 31 March 2025 Net cash/(debt) Deleveraging plan1 1. Sale of TMH for €75m executed during FY 2023/24. Rights issue, hybrid issuance and sale of US conventional Signaling net of advisory fees.
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. 25 Short-term debt reimbursed, strong increase in Cash & cash equivalents 700 500 750 700 2026 2027 2028 2029 2030 2031 ● No financial covenants and fixed coupons on all bonds ● No planned redemption before October 2026 ● Hybrid bond for €750m maturing Aug 29 (accounted for in Equity) STABLE OUTSTANDING BONDS (IN € MILLION) AVERAGE MATURITY 3.4 years AVERAGE COUPON 0.22% Oct-26 0.25% Jul-27 0.125% Jan-29 0.00% Jul-30 0.5% CASH, CASH EQ. and S/T DEBT (IN € MILLION) (2 000) 0 2 000 4 000 Cash Cash Eq. S/T Debt 2,274 ● ~€1.3bn increase in Cash and Cash equivalents ● ~€1.2b reimbursement of short-term debt during H1 (232) 31 March 2024 31 March 2025
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. 26 Capital allocation priorities and March 2026 deleveraging trajectory unchanged Net debt as of March 2024 Deleveraging plan FFO Leases and Hybrid coupon Trade working capital changes Contract working capital changes Net debt as of March 2026 • Priority to deleverage and maintain Investment Grade rating • Dividends policy to be re- evaluated once zero net financial debt is reached • M&A policy: • Pursue bolt-on acquisitions (Innovation, Services) • Dynamic portfolio management 0 Graph not at scale, for illustration purposes * Considering Hybrid bond as Equity, as per IFRS *
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Henri Poupart-Lafarge 27 Outlook Chief Executive Officer 3
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Local footprint providing resilience amid macro uncertainties 28 19% of sales (US 9%) 13% of backlog AMERICAS 57% of sales 60% of backlog EUROPE 9% of sales 14% of backlog AMECA 15% of sales 13% of backlog APAC (ex. China) Engineering & Manufacturing Engineering Manufacturing
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. 17,9% 16,0% 16,9% 17,5% 17,8% March 2019 ex-AT Backlog March 2022 Group Backlog March 2023 Group Backlog March 2024 Group Backlog March 2025 Group Backlog March 2026* Group Backlog o/w Legacy BT contracts trading at zero gross margin < 0% to 10% 10% to 20% > 20% Gross margin upside from quality order intake 29 Backlog stratification and gross margin evolution €40bn €81bn €87bn €92bn €95bn Gross margin in backlog *Consistent with outlook Backlog figures subject to FX evolution
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Evolving Rolling Stock mix 30 Legacy ex-BT sales on zero-margin contracts (€bn) Rolling Stock sales by type 17% 83% 26% 74% FY25 FY28e Very high-speed, high-speed and locos Regional, Commuters, Urban, LRV 0 1 2 3 FY 2021/22 FY 2022/23 FY 2023/24 FY 2024/25 FY 2025/26 FY 2026/27
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Improving industrial efficiencies through Standard Manufacturing Lines 31 52 15 10 15 3 15 10 15 75 60 FY25 2030 ambition Europe Americas AMECA Asia Pacific (ex. China) Rolling Stock assembly lines (#) • Consolidating the industrial footprint, with the reduction of assembly lines from 75 today to ~60 by 2030, mostly in Europe • Deploying Standard Manufacturing Lines (SMLs) from 13 today to ~40 by 2030, while keeping a base of specific lines for certain projects • Expecting increasing capacity utilization, with average output per line up ~50% by 2030 o/w 13 SML o/w 40 SML
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. 32 FY26 FCF generation marked by Services and Signaling growth and some Rolling Stock projects ramp-ups 3.0% Increased from profit uplift Stable in days of sales Stable in days of sales ~€100m headwind Higher headwind €502m €200-400m FFO / Sales Trade Working Capital Contract Working Capital FY25 FY26 FCF Very low - €(138)m in H1 High – up to €(1.0)bn in H1Seasonality
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. 33 FY 2025/26 outlook Medium-term ambitions confirmed • Supportive market demand • # cars production stable vs. FY2024/25 • R&D back to > 3% of sales • Excludes potential impact from tariffs Assumptions • Group and Rolling stock book to bill above 1 • Sales organic growth: 3% to 5% • aEBIT margin around 7% • FCF within €200-400m range • Seasonality more pronounced with FCF up to €(1.0)bn in H1 FY 2025/26 Outlook • Book-to-bill above 1 • Average sales growth of ~5% per year • aEBIT margin within 8-10% range • FCF conversion trending to 100%* over the cycle * Of adjusted net profit Ambitions At least €1.5bn cumulative FCF from FY 2024/25 to FY 2026/27 FY 2025/26 Medium-term
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Contacts & Agenda 34 Cyril Guerin VP Investor Relations and M&A Guillaume Gauvillé Head of Investor Relations investor.relations@alstomgroup.com 10 July 2025 Annual Shareholders’ Meeting 23 July 2025 FY 2025/26 First Quarter Orders & Sales CONTACTS AGENDA
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Financial Calendar 35 14 & 19 May FY 24/25 roadshow in Paris – Deutsche Bank Paris, France 15 - 16 May FY 24/25 roadshow in London – Redburn London, UK 19 - 23 May FY 24/25 roadshow in US and Canada – Jefferies NYC, Toronto, Chicago, LA, San Francisco 21 May FY 24/25 roadshow in Switzerland – ODDO Zurich, Geneva 22 May FY 24/25 roadshow in Ireland – Kepler Dublin 20 - 26 May FY 24/25 roadshow “virtual” Europe – ODDO Virtual 23 – 26 May FY 24/25 roadshow “virtual” Asia – Kepler Virtual 27 May DB conference – Deutsche Bank Frankfurt 05 Jun BNPP Exane CEO conference Paris, France 12 June JP Morgan European Capital Goods CEO Conference London, UK
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Q&A session 3636 © ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation,is strictly prohibited.
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37 Appendix
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Contract Cash versus Sales Illustration for a typical Rolling Stock contract Contract liability Contract asset Warranty provision Completed contract accruals Completed contract accountingContract accounting Downpayment Contract Cash curve Contract Margin recognized at % of Completion (costs to costs) Startup phase High cash-in, low Sales Ramp-up phase Low / no cash-in, growing sales Serial production phase High Sales, aligned with cash-in €m Warranty phase No more sales only cash-out Provisional Acceptance of last train Time 38
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Backlog breakdown by region (in € million) 39 Europe €57,013m 60% Americas €12,373m 13% Africa, Middle East & Central Asia €13,423m 14% Asia Pacific €12,151m 13% Rolling stock €40,092m 42% Services €38,556m 41% Signalling €8,750m 9% Systems €7,562m 8% Backlog breakdown by product line (in € million) FY 2024/25 backlog by region and product line
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Sales breakdown by region (in € million) 40 Sales breakdown by product line (in € million) FY 2024/25 Sales by region and product line Rolling stock €9,454m 51% Services €4,493m 24% Signalling €2,642m 14% Systems €1,900m 10% Europe €10,481m 57%Americas €3,660m 20% Africa, Middle East & Central Asia €1,660m 9% Asia Pacific €2,688m 15%
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Sales - Reported vs Organic figures by quarter 41 Reported growth Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Rolling Stock 5,5% -0,7% -0,2% 11,4% 1,9% 1,1% 6,0% 5,3% Services 5,2% 15,3% 2,3% 23,9% 12,2% 9,1% 6,5% -4,2% Systems -16,0% 22,5% 12,0% 11,2% 4,5% 8,1% 47,4% 21,6% Signalling 13,0% 3,6% 8,6% 10,8% 6,4% -5,3% -5,3% 3,7% GROUP 4,3% 5,5% 2,6% 14,4% 5,1% 2,8% 7,9% 4,1% Organic growth Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Rolling Stock 9,1% 3,6% 1,5% 12,3% 1,9% 2,5% 4,6% 5,6% Services 8,3% 19,7% 4,2% 24,1% 13,1% 10,8% 8,0% -3,8% Systems -14,8% 28,0% 15,5% 11,7% 5,2% 21,1% 50,0% 26,8% Signalling 17,3% 8,1% 11,4% 11,4% 6,0% -0,1% 5,2% 12,2% GROUP 7,6% 10,0% 4,6% 15,0% 5,3% 5,9% 9,3% 6,0% FX Impact Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Rolling Stock -1,8% -3,5% -1,7% -0,8% 0,0% -1,4% 1,3% -0,3% Services -2,0% -3,6% -1,8% -0,2% 0,8% -0,1% 0,6% 0,8% Systems -1,3% -4,4% -3,0% -0,4% -0,7% -12,1% -1,7% -4,2% Signalling -3,6% -4,2% -2,6% -0,5% 0,4% -1,1% 0,7% 1,5% GROUP -2,0% -3,7% -2,0% -0,6% 0,2% -2,0% 0,8% -0,1% Scope impact Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Rolling Stock -1,5% -0,7% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% Services -0,9% 0,0% 0,0% 0,0% -1,6% -1,4% -2,0% -1,3% Systems 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% Signalling 0,0% 0,0% 0,0% 0,0% 0,0% -4,4% -11,8% -9,6% GROUP -1,0% -0,4% 0,0% 0,0% -0,4% -1,0% -2,1% -1,7% FY 2024/25 FY 2024/25 FY 2024/25 FY 2024/25FY 2023/24 FY 2023/24 FY 2023/24 FY 2023/24
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Sales by currency 42 Currencies FY 2024/25 as a % of sales EUR 48.3% USD 9.1% GBP 8.8% AUD 4.8% INR 4.4% CAD 4.1% MXN 3.5% ZAR 3.1% SEK 2.8% SGD 1.7% BRL 1.4% KZT 1.2% CHF 1.0% Currencies below 1% of sales 5.6%
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Equity in € million 43 9,117 8,77810,577 March 2024 Capital Increase Dividends, Share based payment & others Net IncomeHybrid loan March 2025 8,778 978 733 178 (92)
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Bridge consideration – From Enterprise Value to Equity Value Hybrid bond for €750m not included 44 (in € million) FY 2024/25 Total Gross debt, incl. lease obligations (1) 3,518 Pension liabilities net of prepaid and deferred tax asset related to pensions (2) 758 Non controlling interest (3) 113 Cash and cash equivalents (4) (2,274) Other current financial assets (4) (61) Other non-current financial assets (5) (169) Net deferred tax liability / (asset) (6) (665) Investments in associates & JVs, excluding Chinese JVs (7) (69) Non-consolidated Investments (8) (55) Bridge 1,096 (1) Long-term and short-term debt and Leases (Note 27), excluding the lease to a London metro operator for €74m due to matching financial asset (Notes 15 and 27 in the Financial Notes) (2) As per Note 29 (in the Financial Notes) net of €51m of deferred tax allocated to accruals for employees benefit costs (note 8.2 in the Financial Notes) (3) As per balance sheet (4) As per balance sheet (5) Other non-current assets: Loans to Non-consolidated Investments (6) Deferred Tax asset and Liabilities - as per balance sheet net of €51m of deferred tax allocated to accruals for employees benefit costs (note 8.2 in the Financial Notes) (7) JVs - to the extent they are not included in equity pickup / FCF, ie excluding Chinese JVs. (8) Non-consolidated investments as per balance sheet
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Bombardier Transportation PPA provisional amortisation plan 45 (in € million) As per P&L Booking 1 FY 2020/21 (71) FY 2021/22 (428) FY 2022/23 (436) FY 2023/24 (357) FY 2024/25 (373) FY 2025/26 (264) FY 2026/27 (213) FY 2027/28 (203) FY 2028/29 (166) FY 2029/30 (139) FY 2030/31 (107) FY 2031/32 (97) FY 2032/33 (95) FY 2033/34 (47) Beyond (151) 1. Excludes PPA other than related to the purchase of Bombardier Transportation ● The Gross PPA amortisation plan will be subject to FX evolution in future years or subject to potential impairments
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Reconciliation between consolidated income statement and the MD&A management view as of 31 March 2025 46 Adjustments as of 31 March 2025: 1. Impact of business combinations: amortisation of assets exclusively valued when determining the PPA, including net income of equity accounted investments, and including corresponding tax effect; 2. Reclassification of share in net income of the equity- accounted investments when these are considered to be part of operating activities of the Group (see section 10.5.1. “Adjusted EBIT”)
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation,is strictly prohibited. Reconciliation between consolidated income statement and the MD&A management view as of 31 March 2024 47 Adjustments as of 31 March 2024: 1. Impact of business combinations: amortisation of assets exclusively valued when determining the PPA, including net income of equity accounted investments, and including corresponding tax effect; 2. Impact of business combinations: impairment of assets exclusively valued when determining the PPA (see Note 2.4 Use of estimates and 2.5.4 – Business Combinations of the financial statements), including corresponding tax effect; 3. Impact of Aptis closure: reclassification of operational results as non-recurring items following Alstom’s announced and planned discontinuance of Aptis activities; 4. Reclassification of share in net income of the equity- accounted investments when these are considered to be part of operating activities of the Group (see section 10.5.1. “Adjusted EBIT”) (in € million) (1) (2) (3) (4) 31 March 2024 Sales 17,619 17,619 Cost of Sales (15,406) 308 2 (15,096) Adjusted Gross Margin before PPA & impairment (*) 2,213 308 - 2 - 2,523 R&D expenses (609) 60 (549) Selling expenses (383) - (383) Administrative expenses (725) - (725) Equity pick-up - 131 131 Adjusted EBIT (*) 496 368 - 2 131 997 Other income / (expenses) (508) (2) (510) Equity pick-up (reversal) - - - - (131) (131) EBIT / EBIT before PPA & impairment (*) (12) 368 - - - 356 Financial income (expenses) (242) (242) Pre-tax income (254) 368 - - - 114 Income tax Charge (6) (27) - (33) Share in net income of equity-accounted investments (17) 10 (7) Net profit (loss) from continued operations (277) 351 - - - 74 Net profit (loss) attributable to non controlling interests (-) (30) (30) Net profit (loss) from continued operations (Group share) / Adjusted Net Profit (loss) (*) (307) 351 - - - 44 Purchase Price Allocation (PPA) & impairment net of corresponding tax effect - (351) (351) Net profit (loss) from discontinued operations (2) (2) Net profit (loss) (Group share) (309) - - - - (309) Total Consolidated Financial Statements (GAAP) Adjustments Total Consolidated Financial Statements (MD&A view)
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation from Alstom, is strictly prohibited. 48 Appendix - Non-GAAP financial indicators definitions (1/3) This section presents financial indicators used by the Group that are not defined by accounting standard setters. • Orders received A new order is recognised as an order received only when the contract creates enforceable obligations between the Group and its customer. When this condition is met, the order is recognised at the contract value. If the contract is denominated in a currency other than the functional currency of the reporting unit, the Group requires the immediate elimination of currency exposure using forward currency sales. Orders are then measured using the spot rate at inception of hedging instruments. • Book-to-Bill The book-to-bill ratio is the ratio of orders received to the amount of sales traded for a specific period. • Adjusted Gross Margin before PPA Adjusted Gross Margin before PPA is a KPI that presents the level of recurring operational performance. It represents the sales minus the cost of sales, adjusted to exclude the impact of amortisation of assets exclusively valued when determining the PPA in the context of business combination as well as significant, non-recurring “one off” items that are not expected to occur again in subsequent years • Adjusted EBIT Adjusted EBIT (“aEBIT”) is the Key Performance Indicator to present the level of recurring operational performance. This indicator is also aligned with market practice and comparable to direct competitors. Since September 2019, Alstom has opted for the inclusion of the share in net income of the equity-accounted investments into the aEBIT even though this component is part of the operating activities of the Group (because there are significant operational flows and/or common project execution associated with these entities). This mainly includes Chinese joint ventures, namely CASCO joint venture for Alstom as well as, following the integration of Bombardier Transportation, Alstom Sifang (Qingdao) Transportation Ltd., Jiangsu Alstom NUG Propulsion System Co. Ltd.aEBIT corresponds to Earning Before Interests and Tax adjusted for the following elements: • net restructuring expenses (including rationalisation costs); • tangibles and intangibles impairment; • capital gains or loss/revaluation on investments disposals or controls changes of an entity; • any other non-recurring items, such as some costs incurred to realise business combinations and amortisation of an asset exclusively valued in the context of business combination, as well as litigation costs that have arisen outside the ordinary course of business; • and including the share in net income of the operational equity-accounted investments. A non-recurring item is a significant, “one-off” exceptional item that is not expected to occur again in subsequent years. Adjusted EBIT margin corresponds to Adjusted EBIT expressed as a percentage of sales.
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation from Alstom, is strictly prohibited. 49 Appendix - Non-GAAP financial indicators definitions (2/3) ● EBIT before PPA Following the Bombardier Transportation acquisition and with effect from the fiscal year 2021/22 condensed consolidated financial statements, Alstom decided to introduce the “EBIT before PPA” KPI aimed at restating its Earnings Before Interest and Taxes (“EBIT”) to exclude the impact of amortisation of assets exclusively valued when determining the PPA in the context of business combination. This KPI is also aligned with market practice. ● Adjusted net profit The “Adjusted Net Profit” KPI restates Alstom’s net profit from continued operations (Group share) to exclude the impact of amortisation of assets exclusively valued when determining the PPA in the context of business combination, net of the corresponding tax effect. ● Free cash flow Free Cash Flow is defined as net cash provided by operating activities less capital expenditures including capitalised development costs, net of proceeds from disposals of tangible and intangible assets. Free Cash Flow does not include any proceeds from disposals of activity. The most directly comparable financial measure to Free Cash Flow calculated and presented in accordance with IFRS is net cash provided by operating activities. ● Net cash/(debt) The net cash/(debt) is defined as cash and cash equivalents, marketable securities and other current financial asset, less borrowings. ● Organic basis This presentation includes performance indicators presented on an actual basis and on an organic basis. Figures given on an organic basis eliminate the impact of changes in scope of consolidation and changes resulting from the translation of the accounts into Euro following the variation of foreign currencies against the Euro. The Group uses figures prepared on an organic basis both for internal analysis and for external communication, as it believes they provide means to analyse and explain variations from one period to another. However, these figures are not measurements of performance under IFRS.
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© ALSTOM SA 2025. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation from Alstom, is strictly prohibited. 50 Appendix - Non-GAAP financial indicators definitions (3/3) ● Gross margin % on backlog Gross Margin % on backlog is a KPI that presents the expected performance level of firm contracts in backlog. It represents the difference between the sales not yet recognized and the cost of sales not yet incurred from the contracts in backlog. This % is an average of the portfolio of contracts in backlog and is meaningful to project mid- and long-term profitability. ● EBITDA + JV dividends EBITDA before PPA plus dividends from joint ventures is the EBIT before PPA, before depreciation and amortisation, with the addition of the dividends received from joint ventures. ● Funds from Operations Funds from Operations “FFO” in the EBIT before PPA to Free Cash Flow statement refers to the Free Cash Flow generated by Operations, before Working Capital variations. ● Contract and Trade Working Capital Contract Working Capital is the sum of: • Contract Assets & Liabilities, which includes the Customer Down-Payments • Current provisions, which includes Risks on contracts and Warranties Trade Working Capital is the Working Capital that is not strictly contractual, hence not included in Project Working Capital. It includes: • Inventories • Trade Receivables • Trade Payables • Other elements of Working Capital defined as the sum of Other Current Assets/Liabilities and Non-Current provisions .
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