Alstom SA (ALO) Earnings Call Transcripts

Alstom SA's Latest Earnings Call - April 16, 2026

In the fiscal year 2025-2026, Alstom SA reported revenues of EUR 19.2 billion, reflecting a 4% increase year-over-year, but fell short of margin expectations with an adjusted EBIT margin of around 6%. Management acknowledged challenges in cash generation, particularly with a free cash flow of approximately EUR 330 million, and signaled that the upcoming fiscal year would see a positive cash flow despite a projected EUR 1.5 billion outflow in the first half. The company guided for organic sales growth of around 5% and an adjusted EBIT margin improvement to approximately 6.5% for fiscal year 2026-2027.

Reported metrics

Guidance from management

Management expects a positive free cash flow for FY 2026-2027, with organic sales growth around 5% and an adjusted EBIT margin improvement to approximately 6.5%.

What management said

Yeah. As you said, Gael, we expect a strong seasonality in the next year, both in H1 negative around EUR 1.5 billion, you spotted it well. In H2 with a very positive free cash flow expected. By the way, when you look at the track record of those last years, H2 has been stronger and stronger year-over-year. So yes, I confirm strong H2 expected, bringing the cash flow for the year in positive territories and regarding ...

Yes. Akash, I will take the next one. Yes, I believe the balance sheet is strong and robust enough to deal with the seasonality of H1. Credit metrics are estimated in line with previous fiscal year with solid cash position. The business plan confirms consistency with Baa3 rating expectations. And we are, of course, totally committed on investment-grade rating and further credit metrics improvement. We have an open di...

What analysts pressed on

Analysts expressed concerns about the widening gap between cash flow and earnings, particularly with a projected EUR 1.5 billion outflow in the first half. There were also questions regarding the impact of project execution challenges on future cash generation and the overall balance sheet strength amidst these issues.

Main topics on the call

• Revenue Growth — Alstom achieved EUR 19.2 billion in sales for FY 2025-2026, up 4% year-over-year, with organic sales growth of 7%. CEO Martin Sion noted, "After the last 12 months, we delivered strong organic sales growth of 7%".
• Margin Pressure — The adjusted EBIT margin was around 6%, lower than the previous year and below guidance. CFO Bernard Delpit stated, "Adjusted EBIT margin is coming lower than last year and to the guidance."
• Free Cash Flow Challenges — Free cash flow for the fiscal year was around EUR 330 million, which management deemed unsatisfactory. Delpit mentioned, "This is not particularly satisfying having met cash guidance 2 years in a row that we are not reco...
• Operational Execution Issues — Management highlighted difficulties in project execution, particularly in rolling stock, affecting overall performance. Sion emphasized, "Our ability to stick to planning is not strong enough."

Read the full Alstom SA transcript (April 16, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 38 Alstom SA earnings call transcripts on record, spanning January 16, 2020 to July 22, 2026. Based on this history, Alstom SA reports quarterly. The most recent call on file is dated July 22, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

ALO

Exchange

ENXTPA

Country

FR

Sector

Industrials

Industry

Machinery

Calls on record

38

First call

January 16, 2020

Most recent

July 22, 2026

Reporting cadence

quarterly