Alstom reported a record commercial performance for fiscal year 2025/26, with order intake rising to €27.6 billion, up 39% year-on-year, and a book-to-bill ratio of 1.4. Its backlog increased to €104.4 billion, giving the group strong visibility for future sales.
Group sales reached €19.2 billion, up 3.7% on a reported basis and 7.2% organically. Europe remained the largest sales region, supported by the execution of major rolling stock contracts including RER NG trains in France, Coradia Stream units for Trenitalia and M7 coaches for SNCB.
Profitability was more mixed. Adjusted EBIT stood at €1.17 billion, broadly stable year-on-year, while the adjusted EBIT margin slipped to 6.1%, down 30 basis points. Alstom said planned margin expansion was affected by lower production and issues on some rolling stock projects.
Net profit attributable to the group more than doubled to €324 million, compared with €149 million in the previous fiscal year. Free cash flow reached €336 million, in line with guidance, although below the prior year.
Commercial momentum was driven by major orders across several regions, including contracts in Europe, North America and Asia-Pacific. In Europe, Alstom highlighted new orders in Portugal, Poland and France, while in the US and Canada it secured large commuter and metro rolling stock contracts.
For fiscal year 2026/27, Alstom expects organic sales growth of around 5%, a book-to-bill ratio above 1, car production of 4,400 to 4,500 units, an adjusted EBIT margin of around 6.5% and positive free cash flow. The company also said it will focus on execution quality, a leaner cost base, simpler processes and procurement savings.
