Slides
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To change a picture: - Select the picture - Remove it - Click on the icon to insert a new picture Attention: The new picture will be automatically put at the forefront, appearing on top of the caption box. - Select the new picture - Place the picture into background position (right mouse click / “Send to Back” / “Send Backward”) To move/resize the picture inside the picture area: - Click on the icon to insert a picture - Select the picture - Click right on the picture and select “Crop” - Move and resize (if needed) your picture (don’t use the black cropping handles) - Hit the Esc key to exit the cropping mode Half Year Results Fiscal Year 2025/26 13 November 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 from Alstom, is strictly prohibited. Disclaimer 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.
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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. Agenda 3 1. Highlights of the first half of fiscal year 2025/26 Henri Poupart-Lafarge Chief Executive Officer 2. H1 2025/26 financial results Bernard Delpit Executive Vice-President and Chief Financial Officer 3. Conclusion Henri Poupart-Lafarge Chief Executive Officer © 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.
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4 © 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. To change a picture: - Select the picture - Remove it - Click on the icon to insert a new picture Attention: The new picture will be automatically put at the forefront, appearing on top of the caption box. - Select the new picture - Place the picture into background position (right mouse click / “Send to Back” / “Send Backward”) To move/resize the picture inside the picture area: - Click on the icon to insert a picture - Select the picture - Click right on the picture and select “Crop” - Move and resize (if needed) your picture (don’t use the black cropping handles) - Hit the Esc key to exit the cropping mode Highlights Henri Poupart-Lafarge 01 4 Chief Executive Officer
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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. First-half results delivered as per plan 5 Book-to-bill 1.2 ORDERS €10.5bn +3.2% (o/w +7.9% org) vs. H1 2024/25 SALES €9.1bn +50bps vs. H1 2024/25 aEBIT €580m 6.4% vs €(138)m H1 2024/25 FREE CASH FLOW €(740)m Solid commercial momentum, fuelled by North America and Rolling Stock Half-year cash seasonality, as expected FY 2025/26 margin and FCF outlook confirmed. Sales outlook upgraded All product lines contributing to organic sales growth
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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. Stable three-year pipeline of opportunities at ~€200bn 6 NORTH AMERICA AMTRAK Long distance Canada train replacements Urban & Commuters O&M opportunities €38bn AMERICAS €100bn EUROPE €27bn APAC €31bn AMECA LATIN AMERICA Brazil concessions, Mexico Urban Systems EUROPE Germany: Regional / Commuters / Services France: Metro & Commuters Mainline Signalling APAC India Suburban / Locos Australia RS options, Vietnam AFRICA, MIDDLE EAST Saudi Arabia new metros, South Africa, Türkiye, Egypt – Systems / Urban ROLLING STOCK AND COMPONENTS SYSTEMS SIGNALLING ALSTOM SITES
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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. €6.4bn orders globally in Q2 Commercial record for Americas 7 €2.0bn 316 M9A commuter railcars for MTA €300m 26 automated metro trains and full signalling upgrade A couple hundred million € Urbalis signalling system for the Thomson-East Coast Line extension A few hundred million € 234 metro cars, CBTC signalling & 5 years maintenance €538m 18 battery-electric trains and 35 years maintenance €1.0bn Option order of 200 Multilevel III cars and 12 ALP-45 locomotives AMERICAS – NEW YORK EUROPE – LYON ASIA PACIFIC – SINGAPORE ASIA PACIFIC – MUMBAI ASIA PACIFIC – WELLINGTON AMERICAS – NEW JERSEY
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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. Second-half commercial momentum off to a good start 8 €1.4bn EUROPE 30 Avelia Horizon very high-speed trains for Eurostar Option for 20 additional trains €1.6bn EUROPE - POLAND 42 double-decker EMU trains with maintenance Option for 30 additional trains
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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. €41bn €41bn €43bn €81bn €87bn €92bn €95bn €96bn March 2019 ex-AT Backlog March 2020 ex-AT Backlog March 2021 ex-AT Backlog March 2022 Group Backlog March 2023 Group Backlog March 2024 Group Backlog March 2025 Group Backlog Sep 2025 Group Backlog > 20% 10% to 20% < 0% to 10% Gross margin in backlog progressing thanks to all product lines 9 17.9% 18.1% 18.3% 16.0% 16.9% 17.5% 17.8% 18.0% Gross margin in backlog Backlog breakdown by gross margin
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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. Supportive underlying market trends in North America 10 Ridership in both Canada and the US edging back up Nearly 50% of US installed base needs replacing in the short to medium term Fairly consolidated US market with three large players Competitively positioned in Canada to maximise visibility and capture emerging opportunities 0 20 40 60 80 100 120 140 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25 Commuter Light Rail Metro Amtrak US ridership (Jan’20 = 100)
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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. Reaching major operational milestones in North America in the first half 11 Avelia Liberty successfully entering commercial service. Full fleet of 28 trains being delivered gradually, with all units expected to be in service by next year $75m invested in Hornell facility, with new assembly line supporting the reshoring of car body shells production to the US used for Metra and M9A rolling stock contracts Delivery of the 1,000th “Fleet of the Future” railcar for BART, demonstrating fast-paced and resilient production chain across North America © 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.
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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. France: Several new platforms reaching or nearing commercial service 12 Unprecedented number of new rolling stock platforms being developed simultaneously for the French market RER NG commuter train rollout continuing successfully, with €1.7bn option exercised for an additional 96 trainsets First MF19 metro in service with Ile- de-France Mobilités, with phased deployment across eight metro lines continuing through 2033 TGV M : Certification tests over, endurance tests starting with commercial service expected in 2026
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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. 961 2,017 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Q1 H1 9M FY FY 2022/23 FY 2023/24 FY 2024/25 FY 2025/26 Stable production volumes, positive mix 13 Volumes of cars produced FY 2025/26 stable car production outlook confirmed Metros in France and Brazil, Amtrak in the US, Tren Maya in Mexico RER NG, TGV M in France, BART in the US, Coradia Max in Germany and metros in India Higher share of projects in ramp-up phase compared to last year
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14 © 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. To change a picture: - Select the picture - Remove it - Click on the icon to insert a new picture Attention: The new picture will be automatically put at the forefront, appearing on top of the caption box. - Select the new picture - Place the picture into background position (right mouse click / “Send to Back” / “Send Backward”) To move/resize the picture inside the picture area: - Click on the icon to insert a picture - Select the picture - Click right on the picture and select “Crop” - Move and resize (if needed) your picture (don’t use the black cropping handles) - Hit the Esc key to exit the cropping mode Bernard Delpit 14 Financial results 02 Executive Vice-President & Chief Financial Officer
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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. First-half orders supported by North America, Europe and Rolling Stock 15 €10.9bn €10.5bn H1 2024/25 orders H1 2025/26 orders © 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. €5.2bn €6.6bn €1.6bn €0.2bn €3.5bn €1.7bn €0.2bn €2.0bn €10.5bn €10.5bn H1 2025/26 orders H1 2025/26 orders Group BtB 1.2 Rolling Stock BtB 1.4 EUROPE ASIA PACIFIC AMERICAS AMECA ROLLING STOCK SERVICES SYSTEMS SIGNALLING Backlog €96.1bn
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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. All product lines contributing to organic growth 16 H1 2024/25 reported sales FX impact Scope impact H1 2024/25 organic sales Q1 2025/26 organic growth Q2 2025/26 organic growth H1 2025/26 reported sales SERVICES: €2.3bn (+3% vs H1 2024/25, o/w +6% organic growth) Ramping up in Italy and Australia with strong execution performance in UK, US and Germany ROLLING STOCK: €4.7bn (+3% vs H1 2024/25, o/w +6% organic growth) Solid performance in France, US and Italy. SYSTEMS: €0.8bn (+3% vs H1 2024/25, o/w 10% organic growth) Solid ramp up in Brazil and Taiwan with consistent execution in Mexico, France and Canada. SIGNALLING: €1.3bn (+5% vs H1 2024/25, o/w 17% organic growth) Steady execution across all regions mainly in France, Italy and Germany. €8.8bn €8.4bn €9.1bn (3.3%) (1.2%) 7.2% 8.6% 3.2% reported growth 7.9% organic growth
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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. H1 adjusted EBIT improvement in line with full-year trajectory 17 (in € million) H1 2024/25 H1 2025/26 Y/Y change Sales 8,775 9,059 3% Cost of Sales (7,547) (7,824) 4% Adjusted Gross Margin before PPA¹ 1,228 1,235 1% As a % of sales 14.0% 13.6% (40bps) R&D expenses before PPA2 (256) (242) (5%) As a % of sales 2.9% 2.7% (20bps) Selling & Administrative expenses (528) (513) (3%) As a % of sales 6.0% 5.7% (30bps) Net interest in equity investees pickup1 71 100 41% Adjusted EBIT ¹ 515 580 13% As a % of sales 5.9% 6.4% 50bps 1. Definition in Appendix 2. Excluding amortisation expenses of the purchase price allocation of Bombardier Transportationof €(25)m for H1 FY2025/26 and €(28)m for H1 FY 2024/25
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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. FX and scope headwinds on aEBIT margin more than offset 18 Scope FX Volume & mix R&D SG&A Others (20)bps (20)bps 20bps 20bps 20bps 30bps5.9% 6.4% H1 2024/25 aEBIT margin H1 2025/26 aEBIT margin
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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. Strong increase in adjusted net profit 19 (in € million) H1 2024/25 H1 2025/26 Y/Y change Sales 8,775 9,059 3% Adjusted EBIT 515 580 13% Adjusted EBIT margin 5.9% 6.4% 50bps Capital gains / (losses) 21 - Other non-operating income / (expenses) (83) (37) Reversal of net interest in equity investees pickup¹ (71) (100) EBIT before PPA and impairment 382 443 16% Financial results (107) (75) (31%) Tax results (101) (104) 3% Share in net income of equity investees 60 87 45% Minority interests from continued operations (10) (13) 30% Adjusted net profit1 224 338 51% PPA net of tax (169) (119) (30%) Net profit (loss) from discontinued operations (2) 1 Net profit (Group share) 53 220 >4x 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 from Alstom, is strictly prohibited. Capex / CapDev (225) Financial & Tax (152) Others (12) FFO 411 Change in working capital (1,151) FCF (740) 801 Solid increase in FFO Marked FCF seasonality as expected 20 EBIT 443 D&A 255 JV Div 103 256 282 411 H1 2023/24 H1 2024/25 H1 2025/26 Half-year FFO development
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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. Trade working capital broadly stable compared to last year 21 (in € million / days of sales) September 2024 March 2025 September 2025 Inventories 4,204 85 4,151 82 4,465 87 Trade payables (3,474) (71) (3,751) (74) (3,915) (76) Trade receivables 3,093 63 2,906 57 2,885 56 Other assets/ liabilities (1,630) (33) (1,599) (32) (1,225) (24) Trade Working Capital1,2 2,193 45 1,707 34 2,210 43 1. Definition in appendix 2. Excluding restructuring provisions and corporate tax changes • Inventories increasing compared to March 2025 thanks to seasonality with stronger production volumes in H2 compared to H1
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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. Contract working capital consumption due to Rolling Stock ramp-ups 22 (in € million / days of sales) September 2024 March 2025 September 2025 Contract assets 5,476 112 5,895 116 6,327 123 Contract liabilities (8,538) (174) (8,881) (175) (8,810) (171) Net contract assets / liabilities (3,062) (62) (2,986) (59) (2,483) (48) Current provisions Of which Risks on contracts (1,583) (943) (33) (1,529) (920) (30) (1,462) (896) (31) Contract Working Capital1 (4,645) (95) (4,515) (89) (3,944) (79) • Contract liabilities net of contract assets reducing to 48 days as of September 2025 from 59 as of March 2025 due to several Rolling Stock projects moving into a ramp-up phase • Current provisions reducing in line with the on-going execution of onerous projects 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 from Alstom, is strictly prohibited. Increased net debt due to FCF seasonality 23 FCF (740) Dividends & hybrid coupon (60) Leases (84) FX (65) Others (16) Net debt March 2025 (434) Net debt Sep 2025 (1,399)
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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. (1,000) (500) 0 500 1,000 1,500 2,000 2,500 Mar-25 Sep-25 Cash Cash equivalents Short-term debt Liquidity and long-term debt 24 700 500 750 700 FY 2026/27 FY 2027/28 FY 2028/29 FY 2029/30 FY 2030/31 Oct-26 0.25% Jul-27 0.125% Jan-29 0.00% Jul-30 0.50% BONDS OUTSTANDING (€m)CASH AND SHORT-TERM DEBT (€m) €2.3bn €1.3bn
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25 © 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. To change a picture: - Select the picture - Remove it - Click on the icon to insert a new picture Attention: The new picture will be automatically put at the forefront, appearing on top of the caption box. - Select the new picture - Place the picture into background position (right mouse click / “Send to Back” / “Send Backward”) To move/resize the picture inside the picture area: - Click on the icon to insert a picture - Select the picture - Click right on the picture and select “Crop” - Move and resize (if needed) your picture (don’t use the black cropping handles) - Hit the Esc key to exit the cropping mode 25 Conclusion 03 Henri Poupart-Lafarge Chief Executive Officer
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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. Margin and FCF outlook confirmed Sales outlook upgraded 26 Organic sales growth above 5% Group book-to-bill Rolling Stock book-to-bill > 1 Adjusted EBIT margin around 7% Free-Cash-Flow €200-400m FY 2025/26 ASSUMPTIONS FY 2025/26 OUTLOOK 1. Supportive market demand 2. Car production stable vs. FY 2024/25 3. R&D around 3% of sales (>3% previously) 4. Mitigating US tariffs impact (3-5% previously)
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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 27 Cyril Guerin VP Investor Relations and M&A Guillaume Gauvillé Head of Investor Relations investor.relations@alstomgroup.com 20 January 2026 FY 2025/26 Third Quarter – Orders & Sales 13 May 2026 FY 2025/26 Full-Year results 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 28 14 November H1 25/26 roadshow in Paris – Citi Bank Paris, France 17 November H1 25/26 roadshow in London – Deutsche Bank AG London, UK 18 - 21 November H1 25/26 roadshow US – Redburn Atlantic Los Angeles, Boston & New York, USA 21 November H1 25/26 roadshow in Milan – UBS Milan, Italy 27 November Paris Industrial Summit – Jefferies Paris, France 28 November H1 25/26 roadshow in Dublin – ODDO BHF Dublin, Ireland 2 December Redburn Atlantic’s 13th Annual CEO Conference Virtual 3 December Goldman Sachs 17th Annual Industrials & Autos Week London, UK 4 December H1 25/26 roadshow in Benelux – BNPP Exane Brussels, Rotterdam, Amsterdam, Belgium & Netherlands 9 December CIC Forum by Market Solutions Paris, France 16 December H1 25/26 roadshow in Stockholm – Kepler Cheuvreux Stockholm, Sweden 17 December H1 25/26 roadshow in Helsinki – Kepler Cheuvreux Helsinki, Finland 8-9 January ODDO BHF Forum Lyon, France
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29 © 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. To change a picture: - Select the picture - Remove it - Click on the icon to insert a new picture Attention: The new picture will be automatically put at the forefront, appearing on top of the caption box. - Select the new picture - Place the picture into background position (right mouse click / “Send to Back” / “Send Backward”) To move/resize the picture inside the picture area: - Click on the icon to insert a picture - Select the picture - Click right on the picture and select “Crop” - Move and resize (if needed) your picture (don’t use the black cropping handles) - Hit the Esc key to exit the cropping mode 29 Appendix 04
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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. Equity in € million 30 9,117 (242) (44) 233 13 (19) Mar-25 Hybrid Bond Movements in other comprehensive income Net income Share based payments Dividends Sep-25 10,51710,577
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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. 31 H1 2025/26 backlog by region and product line H1 2025/26 BACKLOG BY REGION H1 2025/26 BACKLOG BY PRODUCT LINE Rolling stock 45% Services 38% Systems 7% Signalling 10% Europe 61%Americas 14% APAC 12% AMECA 13%
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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 H1 2025/26 Sales by region and product line Europe 59%Americas 18% APAC 15% AMECA 8% Rolling stock 52% Services 25% Systems 9% Signalling 14% H1 2025/26 SALES BY REGION H1 2025/26 SALES BY 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 by currency 33 Currencies H1 2025/26 as a % of sales EUR 49.6% USD 11.8% GBP 7.2% AUD 4.8% INR 4.8% CAD 4.2% SEK 2.6% ZAR 2.6% MXN 2.0% BRL 1.5% SGD 1.5% KZT 1.2% CHF 1.2% Currencies below 1% of sales 5.2%
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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. Bombardier Transportation PPA provisional amortisation plan 34 (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 (261) 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. (in € million) H1 2025/26 Total Gross debt, incl. lease obligations (1) 3,829 Pension liabilities net of prepaid and deferred tax asset related to pensions (2) 632 Non controlling interest (3) 100 Cash and cash equivalents (3) (1,687) Other current financial assets (3) (30) Other non-current financial assets (4) (114) Net deferred tax liability / (asset) (5) (572) Investments in associates & JVs, excluding Chinese JVs (6) (52) Non-consolidated Investments (7) (52) Bridge 2,054 Bridge consideration – From Enterprise Value to Equity Value 35 (1) Long-term and short-term debt and Leases (Note 20), excluding the lease to a London metro operator for €58m due to matching financial asset (Notes 14 and 20 in the Financial Notes) (2) As per Note 22 (in the Financial Notes) net of €51m of deferred tax allocated to accruals for employees benefit costs (3) As per balance sheet (4) As per balance sheet – excluding assets related to pensions for €225m, long term contract receivables for €115m and the lease to a London metro operator for €58m. (5) Deferred Tax asset and Liabilities - as per balance sheet net of €51m of deferred tax allocated to accruals for employees benefit costs (6) JVs - to the extent they are not included in equity pickup / FCF, ie excluding Chinese JVs. (7) 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. Reconciliation between consolidated income statement and the MD&A management view as of 30 September 2025 36 Adjustments as of 30 September 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”) (in € million) (1) (2) 30 September 2025 Sales 9,059 9,059 Cost of Sales (7,926) 102 (7,824) Adjusted Gross Margin before PPA & impairment (1) 1,133 102 - 1,235 R&D expenses (267) 25 (242) Selling expenses (181) - (181) Administrative expenses (332) - (332) Equity pick-up - 100 100 Adjusted EBIT (1) 353 127 100 580 Other income / (expenses) (37) (37) Equity pick-up (reversal) - - (100) (100) EBIT / EBIT before PPA & impairment (1) 316 127 - 443 Financial income (expenses) (75) (75) Pre-tax income 241 127 - 368 Income tax Charge (92) (12) (104) Share in net income of equity-accounted investments 83 4 87 Net profit (loss) from continued operations 232 119 - 351 Net profit (loss) attributable to non controlling interests (-) (13) (13) Net profit (loss) from continued operations (Group share) / Adjusted Net Profit (loss) (1) 219 119 - 338 Purchase Price Allocation (PPA) & impairment net of corresponding tax effect - (119) (119) Net profit (loss) from discontinued operations 1 1 Net profit (loss) (Group share) 220 - - 220 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,is strictly prohibited. Reconciliation between consolidated income statement and the MD&A management view as of 30 September 2024 37 Adjustments as of 30 September 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. Reclassification of share in net income of the equity- accounted investments when these are considered to be part of operating activities of the Group (in € million) (1) (2) 30 September 2024 Sales 8,775 8,775 Cost of Sales (7,702) 155 (7,547) Adjusted Gross Margin before PPA & impairment (1) 1,073 155 - 1,228 R&D expenses (284) 28 (256) Selling expenses (180) - (180) Administrative expenses (348) - (348) Equity pick-up - 71 71 Adjusted EBIT (1) 261 183 71 515 Other income / (expenses) (62) (62) Equity pick-up (reversal) - - (71) (71) EBIT / EBIT before PPA & impairment (1) 199 183 - 382 Financial income (expenses) (107) (107) Pre-tax income 92 183 - 275 Income tax Charge (81) (20) (101) Share in net income of equity-accounted investments 54 6 60 Net profit (loss) from continued operations 65 169 - 234 Net profit (loss) attributable to non controlling interests (-) (10) (10) Net profit (loss) from continued operations (Group share) / Adjusted Net Profit (loss) (1) 55 169 - 224 Purchase Price Allocation (PPA) & impairment net of corresponding tax effect - (169) (169) Net profit (loss) from discontinued operations (2) (2) Net profit (loss) (Group share) 53 - - 53 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,is strictly prohibited. 38 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 a KPI that presents the level of recurring operational performance. This KPI is also aligned with market practice and comparable to the Group’s 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,is strictly prohibited. 39 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,is strictly prohibited. 40 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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