- Order intake at €4.1 billion. Rolling Stock book-to-bill ratio back at 1.0x
- Sales at €4.5 billion, up 2.8% vs. last year, of which 7.2% organic
- Fiscal year 2025/26 outlook and medium-term ambitions confirmed
23 July 2025 – Over the first quarter of 2025/26 (from 1 April to 30 June 2025), Alstom booked €4.1 billion of orders. The Group’s sales reached €4.5 billion in the quarter, up 2.8% vs. last year. Foreign exchange represented a 2.7% headwind on sales, owing to the appreciation of the euro against major currencies compared to the same period last year. Scope was a 1.5% headwind thanks to the sale of the North American conventional signalling business last year. Therefore, the Group’s organic sales increased by 7.2% vs. last year.
The backlog, as of 30 June 2025, settled at €92.3 billion, providing strong visibility on future sales.
Key figures
| Reported figures (in € million) |
2024/25 Q1
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2025/26 Q1 |
% Change Reported |
% Change Organic |
| Orders received1 | 3,645 | 4,075 | +11.8% | +13.6% |
| Sales | 4,389 | 4,514 | +2.8% | +7.2% |
Geographic and product breakdowns of reported orders and sales are provided in Appendix 1.
“Alstom’s commercial performance is off to a good start. First-quarter orders have surpassed the €4 billion mark, with a strong view on the pipeline for the second quarter, bolstered by momentum in North America. All product lines have contributed to organic sales growth, particularly with projects in Germany beginning to ramp up. We confirm guidance for this fiscal year and Alstom’s medium-term ambitions. Stability and visibility underscore the resilience of our business and our teams,” said Henri Poupart-Lafarge, Chief Executive Officer of Alstom
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Detailed review
During the first quarter of 2025/26 (from 1 April to 30 June 2025), Alstom recorded €4,075 million in orders, compared to €3,645 million over the same period last fiscal year.
Over three months, orders for Services, Signalling and Systems reached 42% of the total order intake.
On a regional level, Europe accounted for 85% of the Group total order intake. In France, Alstom received an order from SNCF Voyageurs for 96 additional RER NG trainsets for the RER D line, under the framework agreement signed in 2017. Financed by Île-de-France Mobilités, the order is worth approximately €1.7 billion. The contract brings the total number of RER NG trainsets ordered to 262.
In Bulgaria, Alstom, leading the BULEMU consortium, signed a contract with the Ministry of Transport and Communications for the supply of 35 Coradia Stream interregional electric trains and 15 years of maintenance services. The contract is valued at €720 million, with Alstom’s share amounting to €600 million.
Sales were €4,514 million in Q1 2025/26 (from 1 April to 30 June 2025) versus €4,389 million in Q1 2024/25 (up 2.8% on a reported basis and 7.2% on an organic basis).
Rolling Stock sales reached €2,416 million, representing an increase of 3% on a reported basis and 5% on an organic basis, driven by the ramp-up of projects in Germany, alongside continued strong execution in France, the US, and Italy.
Services reported €1,070 million of sales, stable on a reported basis and up 2% on an organic basis, supported by a ramp-up of projects in Germany, Italy and South Africa and continuous execution in North America.
Signalling sales stood at €603 million, down 5% on a reported basis, impacted by the sale of the North American conventional signalling business last year. Sales were up 9% on an organic basis, marked by execution progress across all regions, particularly in France, Italy, and Germany.
For Systems, Alstom reported €425 million sales, up 25% on a reported basis and 36% on an organic basis, benefiting from a strong ramp-up of turnkey projects in Brazil and the Philippines, as well as sustained activity in Mexico and France.
The book-to-bill ratio is 0.9x over the quarter.
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Key project deliveries
During the first quarter of 2025/26, Alstom’s teams delivered key milestones across all regions. In France, the first metro train for Grand Paris Express Line 18 was delivered, and Omneo trains entered service on the Marseille–Toulon–Nice line. In the UK, a new Aventra fleet – belonging to the Adessia product family – began operations for London Northwestern Railway, and, in Sweden, Alstom executed the first commercial deployment of ERTMS. In India, metro services commenced in Kanpur and Indore, enhancing urban mobility. In the U.S., Alstom delivered the first Innovia automated people mover to Hartsfield-Jackson Atlanta International Airport.
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Assumptions for FY 2025/26
The outlook for FY 2025/26 is based on following main assumptions:
- Supportive market demand
- Number of cars produced stable vs FY 2024/25
- Mitigating US tariffs impact
Outlook for FY 2025/26
- Group and Rolling Stock book-to-bill ratio above 1.0x
- Sales organic growth between 3% to 5%
- aEBIT margin around 7%
- Free Cash Flow generation to be within the €200 to €400 million range
- Seasonality driving consumption FCF of up to €(1)bn in H1 2025/26
Over the three years from FY 2024/25 to FY 2026/27, the Group expects to deliver at least €1.5 billion in free cash-flow, despite Contract Working Capital being a headwind over that period.
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Medium-term ambitions are confirmed as per the May 14, 2025, full year announcement.
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Financial calendar
| 13 November 2025 | 2025/26 Half-Year Results |
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Conference Call
Alstom is pleased to invite the analysts to a conference call presenting its first quarter orders and sales for the fiscal year 2025/26 on Wednesday 23 July at 8:30 am (Paris time), hosted by Bernard Delpit, EVP and CFO.
A live audiocast will also be available on Alstom’s website: Alstom’s first quarter orders and sales for FY 2025/26.
To participate in the Q&A session (audio only), please use the dial-in numbers below:
- France: +33 (0) 1 7037 7166
- UK: +44 (0) 33 0551 0200
- USA: +1 786 697 3501
- Canada: 1 866 378 3566 (toll free)
Quote ALSTOM to the operator to be transferred to the appropriate conference.
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ALSTOM™, Adessia™, Aventra™, Coradia Stream™, Innovia™ and Omneo™ are protected trademarks of the Alstom Group
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About Alstom
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| Alstom commits to contribute to a low carbon future by developing and promoting innovative and sustainable transportation solutions that people enjoy riding. From high-speed trains, metros, monorails, trams, to turnkey systems, services, infrastructure, signalling and digital mobility, Alstom offers its diverse customers the broadest portfolio in the industry. With its presence in 63 countries and a talent base of over 86,000 people from 184 nationalities, the company focuses its design, innovation, and project management skills to where mobility solutions are needed most. Listed in France, Alstom generated sales of €18.5 billion for the fiscal year ending on 31 March 2025. For more information, please visit www.alstom.com. |
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| Contacts | Press: Philippe MOLITOR – Tel.: +33 (0)7 76 00 97 79 philippe.molitor@alstomgroup.com
Thomas ANTOINE – Tel.: +33 (0) 6 11 47 28 60 Investor relations:
Guillaume GAUVILLE – Tel: +44 (0)7 588 022 744
Estelle MATURELL ANDINO – Tel: +33 (0)6 71 37 47 56 estelle.maturell@alstomgroup.com
Jalal DAHMANE – Tel: +33 (0)6 98 19 96 62
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This press release 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 reported results to differ from the plans, objectives and expectations expressed in such forward-looking statements. These such forward-looking statements …