Full Year 2025 Alstom SA Earnings Call Transcript
Key Points
- Alstom SA (ALSMY) reported strong order intake of EUR19.8 billion, with a book-to-bill ratio of 1.1, indicating healthy demand.
- Sales exceeded expectations, reaching EUR18.5 billion, representing a 6.6% organic growth.
- Adjusted EBIT increased by 18% year-over-year to nearly EUR1.2 billion, with a margin improvement from 5.7% to 6.4%.
- Free cash flow was robust at EUR502 million, at the top of the guided range, demonstrating effective cash management.
- The backlog margin improved to 18%, reflecting a favorable mix towards services and Signalling, and the completion of legacy contracts.
- There were delays in large rolling stock orders, impacting the order intake slightly below the EUR20 billion mark.
- The gross margin decreased by 20 basis points to 14.1% due to legacy projects and scope changes.
- The company anticipates a more pronounced seasonality in free cash flow for fiscal year '26, with potential headwinds in working capital.
- The effective tax rate stood at 35%, higher than the expected range of 27% to 25% for the next year.
- Challenges remain in ramping up production in Germany and adapting to supply chain constraints, although improvements have been made.
Hello and welcome to the Alstom full year results for fiscal year 2024-2025. My name is Laura, and I will be your coordinator for today's event. Please note this call is being recorded (Operator Instructions)
Today we have Henri Poupart-Lafarge, CEO and Bernard Delpit, Executive VP and CFO as our presenters. I will now hand you over to your host, Henri Poupart-Lafarge to begin today's conference. Thank you.
Thank you. Good morning, everyone. Welcome to Alstom's results for the fiscal year '24, '25. So I will start by a few highlights and then Bernard with me will walk you through the full year results. I will go through our outlook and guidance before taking your questions at the end.
Let's start with the key figures. So orders came at EUR19.8 billion for the year, with a strong momentum in small orders during the fourth quarter. The book two bill came at 1.1 for the year in line with our guidance. Sales came ahead of the
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