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In the Americas, Alstom was awarded a contract by the Southern California Regional Rail Authority (Metrolink) to operate, service, and maintain their regional passenger rail system. The contract is valued at approximately $515 million (€490 million) and will run from January 1, 2025, to June 30, 2030, employing more than 400 Alstom team members in Southern California. The contract allows for a potential three-year extension.
Alstom also renewed a contract with Denver International Airport to operate and maintain their Innovia Automated People Mover (APM) system over the course of seven years. The new contract is valued at €218 million.

The level of base orders (less than €200 million of contract value) exceeded €2 billion this quarter.

Sales were €4,672 million in Q3 2024/25 compared to €4,332 million in Q3 2023/24.

Over 9 months, sales amounted to €13,448 million, representing a growth of 5.3% on a reported basis and a sound 6.9% on an organic basis compared with Alstom sales in the same period last fiscal year.

For the same period, Rolling Stock sales reached €6,969 million, representing an increase of 3% on a reported basis and 3% on an organic basis, driven by a ramp-up of projects in Australia as well as a consistent execution in France and Italy.

Signalling sales stood at €1,880 million for the 9 months, down (2)% on a reported basis and up 4% on an organic basis, led by a consistent execution in Italy, Germany and France but impacted by the sale of US conventional signalling activities to Knorr-Bremse.

In Systems, Alstom reported €1,342 million sales for the 9 months, up 20% on a reported basis and 26% on an organic basis, on the back of a good performance of Turnkey Systems projects in France, Ivory Coast and Saudi Arabia and strong deliveries in Mexico.

Services continues to deliver a sustained performance and reported €3,257 million of sales over 9 months, up 9% on a reported basis and 11% on an organic basis, benefiting from a solid execution in Germany and a ramp-up of projects in UK and the US.

The book-to-bill ratio is 0.9 over the quarter and 1.1 over 9 months.

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Key project deliveries

In October 2024, Mumbai Metro’s Aqua Line was inaugurated for commercial operation with Metropolis trains and signalling solutions supplied by Alstom. The contract includes the manufacturing of 31 metro trains of 8 cars each. Alstom also delivered the first driverless trainset for Chennai Metro Phase II: 36 trains equipped with Automatic Train Operation (ATO) and Automatic Train Protection (ATP).

In November, Alstom introduced for the first time in Spain, its APS catenary-free technology, a dynamic ground-based feeding system, on the new extension of Barcelona’s tramway.

Alstom also celebrated the launch of the Riyadh Metro network, a key milestone of the ambitious plans outlined by the Royal Commission for Riyadh City, 176km network, encompassing six lines, 85 stations, seven depots. Alstom's contribution includes 47 Innovia metro trains for the Orange line and 69 Metropolis metro trains for the Yellow, Green, and Purple lines custom-designed for Riyadh's specific needs.

In Taiwan, Alstom delivered the first fully automated Metropolis trainset for Taipei’s Wanda-Zhonghe-Shulin Line (35 Metropolis metro trains equipped with the Urbalis CBTC driverless signalling system). The 22.8-kilometre metro line will enable seamless connections between Taipei and New Taipei City, reducing travel time by 30 minutes. In the Philippines, Alstom’s first integrated system entered service with the first phase of the Manila LRT-1 Cavite extension.

In December, in France, Ile-de-France Mobilités, SNCF Voyageurs and Alstom together celebrated the commissioning of the “New Generation RER”, on RER D Line (600,000 passengers every day).

In Brazil, the 36^th and last train for Lines 8 and 9 (more than one million passengers a day) of the São Paulo Metropolitan Train Network was delivered to ViaMobilidade. Equipped with Alstom’s Automatic Train Control (ATC) solution, these trains are more energy efficient than the previous trains in operation.

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FY 2024/25 outlook

Following the full execution of the deleveraging plan, outlook for FY 2024/25 is based on following main assumptions:

• Supportive market demand

• FY 2024/25 downpayments consistent with FY 2023/24

• End of integration of Bombardier Transportation in FY 2024/25

• Rolling stock production output 4,300 to 4,400 cars

Outlook for FY 2024/25:

• Book to bill above 1

• Sales organic growth: around 5%

• aEBIT margin around 6.5 %

• Free Cash Flow generation within the €300 million to €500 million range

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Mid to long-term ambitions are confirmed as per the May 8, 2024, full year announcement.

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Financial calendar

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Conference Call

Alstom is pleased to invite the analysts to a conference call presenting its third quarter orders and sales of the fiscal year 2024/25 on Tuesday 21 January 2025 at 6:30 pm (Paris local time) hosted by Bernard Delpit, Alstom CFO.

A live audiocast will also be available on Alstom’s website: Alstom’s third quarter 2024/25 orders and sales.

To participate in the Q&A session (audio only), please use the dial-in numbers below:

• UK +44 (0) 33 0551 0200

• USA +1 786 697 3501

• France +33 (0) 1 7037 7166
  
  

Quote ALSTOM to the operator to be transferred to the appropriate conference.

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 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 press release 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.

APPENDIX 1A – GEOGRAPHIC BREAKDOWN

APPENDIX 1B – PRODUCT BREAKDOWN

  
APPENDIX 2 - NON-GAAP FINANCIAL INDICATORS DEFINITIONS

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.

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.

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.

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 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.
Starting September 2019, Alstom has opted for the inclusion of the share in net income of the equity-accounted investments into the aEBIT when these are considered to be part of the operating activities of the Group (because there are significant operational flows and/or common project execution 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 rationalization 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 realize 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 “one-off” exceptional item that is not supposed to occur again in following years and that is significant.
Adjusted EBIT margin corresponds to Adjusted EBIT expressed as a percentage of sales.

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.

 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. This indicator is also aligned with market practice.

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.

Funds from Operations
Funds from Operations “FFO” in the EBIT to FCF 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

Net cash/(debt)
The net cash/(debt) is defined as cash and cash equivalents, marketable securities and other current financial asset, less borrowings.

Pay-out ratio
The pay-out ratio is calculated by dividing the amount of the overall dividend with the “Adjusted Net profit from continuing operations attributable to equity holders of the parent, Group share” as presented in the management report in the consolidated financial statements.

Organic basis
This press release includes performance indicators presented on a reported 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.

Attachment

• Alstom - PR Q3 2024-25 ENG - Final