Alstom has confirmed its financial outlook for the 2026/27 financial year after reporting higher first-quarter sales and progress across a number of rail programmes. This includes the approval of its next-generation TGV-M high-speed train.
For the three months ending 30 June 2026, the company recorded sales of 4.734 billion EUR, an increase of 4.9% year on year, or 4.8% on an organic basis. Order intake totalled 2.56 billion EUR, down from 4.075 billion EUR in the corresponding period last year, resulting in a book-to-bill ratio of 0.5.
Alstom said commercial activity was supported by its signalling and services businesses, while highlighting a pipeline of opportunities for the remainder of the financial year.
Martin Sion, Chief Executive Officer of Alstom, said:Since taking over as CEO, my immediate focus has been on strengthening execution and advancing key projects. During the first quarter, we delivered several important operational milestones, including the homologation of the TGV-M for SNCF Voyageurs. We continue to drive our new platforms through their critical industrialisation phase while building the foundations for a step change in operational and financial performance. Meanwhile, we expect commercial momentum to accelerate in the second quarter.
During the quarter, Alstom received approximately 800 million EUR in rolling stock orders for locomotives in the Africa, Middle East and Central Asia region. Services orders reached 782 million EUR, supported by contracts in Sweden and India, while signalling orders totalled 551 million EUR, including four contracts with Egyptian National Railways to modernise two railway corridors with ETCS Level 1 signalling, telecommunications, power infrastructure and operations control systems.
The company’s order backlog stood at 102.8 billion EUR at the end of June.
Alstom also reported progress on several projects worldwide during the quarter.
In France, the European Union Agency for Railways granted marketing authorisation for the TGV-M, allowing the new high-speed train to move into pre-commercial operations with SNCF Voyageurs ahead of passenger service scheduled to begin in September.
In the UK, the first of ten additional Aventra trains for London’s Elizabeth line entered the testing phase before passenger introduction.
Elsewhere, the company delivered the first Multilevel III commuter rail vehicle to NJ TRANSIT in the United States, introduced the first X’Trapolis 2.0 train into passenger service in Melbourne, Australia, began commercial operation on the first section of Cairo’s East of Nile Monorail, and launched upgraded Innovia APM R vehicles on the Plane Train system at Hartsfield-Jackson Atlanta International Airport.
Rolling stock sales increased by 5% to 2.538 billion EUR, driven by production in France and project ramp-ups in Germany and Bulgaria. Services revenue rose 10% to 1.178 billion EUR, supported by activity in the UK and the United States, while signalling sales increased 4% to 625 million EUR. Systems sales declined 8% to 393 million EUR, reflecting project completions in Mexico and Brazil.
Looking ahead, Alstom reaffirmed its guidance for the current financial year, maintaining expectations for a book-to-bill ratio above one, organic sales growth of around 5%, production of 4,400–4,500 rail vehicles, an adjusted EBIT margin of around 6.5%, and positive free cash flow.
The company said its priorities remain improving execution across its product portfolio and delivering procurement savings, with a Capital Markets Day planned for early 2027 to outline its medium-term operational and financial ambitions.
