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Alstom S.A: Alstom's first quarter 2025/26: Commercial momentum off to a good start, outlook confirmed
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 confirmed23 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) 2024/25Q1 2025/26Q1 % ChangeReported % ChangeOrganic 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 *** 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. *** 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. *** 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. *** Medium-term ambitions are confirmed as per the May 14, 2025, full year announcement. *** Financial calendar 13 November 2025 2025/26 Half-Year Results *** 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. *** ALSTOM™, Adessia™, Aventra™, Coradia Stream™, Innovia™ and Omneo™ are protected trademarks of the Alstom Group About Alstom 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 Press:Philippe MOLITOR - Tel.: +33 (0)7 76 00 97 79 Thomas ANTOINE - Tel.: +33 (0) 6 11 47 28 Investor relations:Cyril GUERIN - Tel.: +33 (0)6 07 89 36 Guillaume GAUVILLE - Tel: +44 (0)7 588 022 Estelle MATURELL ANDINO - Tel: +33 (0)6 71 37 47 56 Jalal DAHMANE - Tel: +33 (0)6 98 19 96 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 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 approval 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 Joint Global Coordinators, 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 Reported figures 2024/25 % 2025/26 % (in € million) 3 months Contrib. 3 months Contrib. Europe 2,570 70% 3,472 86% Americas 318 9% 258 6% Asia / Pacific 237 7% 330 8% Middle East / Africa 520 14% 15 0% Orders by destination 3,645 100% 4,075 100%Reported figures 2024/25 % 2025/26 % (in € million) 3 months Contrib. 3 months Contrib. Europe 2,494 57% 2,672 60% Americas 894 20% 833 18% Asia / Pacific 624 14% 652 14% Middle East / Africa 377 9% 357 8% Sales by destination 4,389 100% 4,514 100% APPENDIX 1B – PRODUCT BREAKDOWN Reported figures 2024/25 % 2025/26 % (in € million) 3 months Contrib. 3 months Contrib. Rolling stock 1,410 39% 2,365 59% Services 1,199 33% 751 18% Systems 119 3% 128 3% Signalling 917 25% 831 20% Orders by product line 3,645 100% 4,075 100%Reported figures 2024/25 % 2025/26 % (in € million) 3 months Contrib. 3 months Contrib. Rolling stock 2,338 53% 2,416 54% Services 1,073 24% 1,070 24% Systems 341 8% 425 9% Signalling 637 15% 603 13% Sales by product line 4,389 100% 4,514 100% APPENDIX 2 - NON-GAAP FINANCIAL INDICATORS DEFINITIONSThis section presents financial indicators used by the Group that are not defined by IFRS or other generally accepted accounting principles.1.1. Orders receivedA 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 % in backlogGross Margin % in 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 PPAAdjusted 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 PPAFollowing 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 EBITAdjusted EBIT ('aEBIT') is a KPI that presents the level of recurring operational performance. This KPI is also aligned with market practice and comparable to the Group's direct competitors. Since September 2019, Alstom has opted for the inclusion of the share in net income of the equity-accounted investments into the aEBIT even though this component is part of the operating activities of the Group (because there are significant operational flows and/or common project execution associated 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. corresponds to Earning Before Interests and Tax adjusted for the following elements: net restructuring expenses (including rationalisation 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 realise 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 significant, 'one-off' exceptional item that is not expected to occur again in subsequent EBIT margin corresponds to Adjusted EBIT expressed as a percentage of sales. EBITDA + JV dividendsEBITDA 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 profitThe '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 most directly comparable financial measure to Free Cash Flow calculated and presented in accordance with IFRS is net cash provided by operating activities. Free Cash Flow conversion rateFree Cash Flow Conversion ratio is computed as Free Cash Flow of the period divided by the adjusted net profit of the same period. Alstom uses the Free Cash Flow conversion ratio to measure its ability to convert adjusted net profit into Free Cash Flow in a defined period. Funds from OperationsFunds from Operations 'FFO' in the EBIT before PPA to Free Cash Flow statement refers to the Free Cash Flow generated by Operations, before Working Capital variations. Contract and Trade Working CapitalContract 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 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 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.Q1 2024/25Q1 2025/26 (in € million) Reported figures Exchange rate and scope impact Comparable FiguresReportedfigures % Var Rep. % Var Org. Orders 3,645 58 3,5874,075 11.8% 13.6% Sales 4,389 178 4,2114,514 2.8% 7.2%1 Non - GAAP. See definition in the appendix. Attachment PR Alstom Q1 2025-26 Results- EN - VFinalSign in to access your portfolio
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Alstom S.A: Alstom's first quarter 2025/26: Commercial momentum off to a good start, outlook confirmed
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 confirmed23 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) 2024/25Q1 2025/26Q1 % ChangeReported % ChangeOrganic 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 *** 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. *** 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. *** 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. *** Medium-term ambitions are confirmed as per the May 14, 2025, full year announcement. *** Financial calendar 13 November 2025 2025/26 Half-Year Results *** 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. *** ALSTOM™, Adessia™, Aventra™, Coradia Stream™, Innovia™ and Omneo™ are protected trademarks of the Alstom Group About Alstom 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 Press:Philippe MOLITOR - Tel.: +33 (0)7 76 00 97 79 Thomas ANTOINE - Tel.: +33 (0) 6 11 47 28 Investor relations:Cyril GUERIN - Tel.: +33 (0)6 07 89 36 Guillaume GAUVILLE - Tel: +44 (0)7 588 022 Estelle MATURELL ANDINO - Tel: +33 (0)6 71 37 47 56 Jalal DAHMANE - Tel: +33 (0)6 98 19 96 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 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 approval 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 Joint Global Coordinators, 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 Reported figures 2024/25 % 2025/26 % (in € million) 3 months Contrib. 3 months Contrib. Europe 2,570 70% 3,472 86% Americas 318 9% 258 6% Asia / Pacific 237 7% 330 8% Middle East / Africa 520 14% 15 0% Orders by destination 3,645 100% 4,075 100%Reported figures 2024/25 % 2025/26 % (in € million) 3 months Contrib. 3 months Contrib. Europe 2,494 57% 2,672 60% Americas 894 20% 833 18% Asia / Pacific 624 14% 652 14% Middle East / Africa 377 9% 357 8% Sales by destination 4,389 100% 4,514 100% APPENDIX 1B – PRODUCT BREAKDOWN Reported figures 2024/25 % 2025/26 % (in € million) 3 months Contrib. 3 months Contrib. Rolling stock 1,410 39% 2,365 59% Services 1,199 33% 751 18% Systems 119 3% 128 3% Signalling 917 25% 831 20% Orders by product line 3,645 100% 4,075 100%Reported figures 2024/25 % 2025/26 % (in € million) 3 months Contrib. 3 months Contrib. Rolling stock 2,338 53% 2,416 54% Services 1,073 24% 1,070 24% Systems 341 8% 425 9% Signalling 637 15% 603 13% Sales by product line 4,389 100% 4,514 100% APPENDIX 2 - NON-GAAP FINANCIAL INDICATORS DEFINITIONSThis section presents financial indicators used by the Group that are not defined by IFRS or other generally accepted accounting principles.1.1. Orders receivedA 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 % in backlogGross Margin % in 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 PPAAdjusted 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 PPAFollowing 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 EBITAdjusted EBIT ('aEBIT') is a KPI that presents the level of recurring operational performance. This KPI is also aligned with market practice and comparable to the Group's direct competitors. Since September 2019, Alstom has opted for the inclusion of the share in net income of the equity-accounted investments into the aEBIT even though this component is part of the operating activities of the Group (because there are significant operational flows and/or common project execution associated 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. corresponds to Earning Before Interests and Tax adjusted for the following elements: net restructuring expenses (including rationalisation 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 realise 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 significant, 'one-off' exceptional item that is not expected to occur again in subsequent EBIT margin corresponds to Adjusted EBIT expressed as a percentage of sales. EBITDA + JV dividendsEBITDA 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 profitThe '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 most directly comparable financial measure to Free Cash Flow calculated and presented in accordance with IFRS is net cash provided by operating activities. Free Cash Flow conversion rateFree Cash Flow Conversion ratio is computed as Free Cash Flow of the period divided by the adjusted net profit of the same period. Alstom uses the Free Cash Flow conversion ratio to measure its ability to convert adjusted net profit into Free Cash Flow in a defined period. Funds from OperationsFunds from Operations 'FFO' in the EBIT before PPA to Free Cash Flow statement refers to the Free Cash Flow generated by Operations, before Working Capital variations. Contract and Trade Working CapitalContract 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 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 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.Q1 2024/25Q1 2025/26 (in € million) Reported figures Exchange rate and scope impact Comparable FiguresReportedfigures % Var Rep. % Var Org. Orders 3,645 58 3,5874,075 11.8% 13.6% Sales 4,389 178 4,2114,514 2.8% 7.2%1 Non - GAAP. See definition in the appendix. Attachment PR Alstom Q1 2025-26 Results- EN - VFinal
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- Yahoo
NASA reportedly set to lose 2,000 senior staff members as Trump looks to slash agency's budget
NASA will soon be facing a major brain drain as more than 2,000 senior employees prepare to leave the agency amid a push to reduce its workforce. Some 875 NASA workers work at the highest level of government and in managerial or specialized positions, POLITICO reported Wednesday, citing related documents the website had obtained. Furthermore, more than 1,800 serve in mission areas, such as science and human spaceflight, and the employees make up the majority of 2,694 civil staff who have agreed to leave NASA, POLITICO said. Reacting to the report, Dr. Jessie Christiansen, a research scientist at Caltech/IPAC and chief scientist at the NASA Exoplanet Science Institute, told The Independent that losing senior staff members would leave 'deep knowledge and expertise holes across all NASA centers and impact all NASA's strategic plans.' 'We have a direct and immediate precedent for how difficult it is to rebuild institutional knowledge once it has been lost with our plans to return to the moon. We are still trying to get back to the capabilities we had sixty years ago,' Christiansen noted. NASA will not be releasing the number of individuals who take the Deferred Resignation Program before the offering window's closure on July 25. The agency told The Independent that it remains committed to its mission, working "within a more prioritized budget." The brain drain comes as the White House's budget slashes the agency's Fiscal Year 2026 funding to about half of its previous $7.33 billion allocation. The cuts come as President Donald Trump has led a push to reduce the federal budget and shrink the government's workforce. 'There is no set target number for the [resignation program]. This program is a voluntary opportunity available to NASA employees,' spokesperson Bethany Stevens said. 'We are working closely with the administration to ensure that America continues to lead the way in space exploration, advancing progress on key goals, including the moon and Mars,' she added. The report's findings come after leaders at NASA facilities told employees they already expected impacts and the Fiscal Year 2026 budget. A reduction in force at NASA, led by the Department of Government Efficiency, was initially delayed in February before the first layoffs in March, closing the Office of the Chief Scientists and Office of Technology, Policy and Strategy. 'Indiscriminately firing the next generation of NASA scientists, engineers and wider team members is exactly the wrong step to secure America's leadership in space — just as competition with China is reaching fever pitch,' George Whitesides, NASA's former Chief of Staff, said in a post on X reacting to layoffs in February. 'These employee terminations, like the layoffs of nuclear workers at the National Nuclear Security Administration, bird flu workers at USDA, wildfire GIS workers at the Forest Service, and weather forecasters at NOAA, will only make America weaker.' If NASA's budget passes through Congress, the agency is expected to see blows to crucial initiatives that have been the product of decades of its research. Those would include 41 space missions, the agency's climate monitoring satellites and top climate lab, the ongoing Mars Sample Return mission and upcoming missions to Venus. In response to the budget, which would eliminate 47 percent of its science budget, all living former NASA science chiefs penned a letter condemning the cuts, calling on Congress to preserve U.S. leadership in space exploration and to reject the cuts. 'Continuing this support of space science is critical both in terms of leveraging existing activities while also planning and implementing future investments in the next generation of U.S. scientists and engineers who will lead the world in space science,' they wrote. 'To do otherwise would be to cede U.S. leadership in space and science to China and other nations, to severely damage a peerless and immensely capable engineering and scientific workforce, and to needlessly put to waste billions of dollars of taxpayer investments.' Solve the daily Crossword
Yahoo
10-07-2025
- Business
- Yahoo
NASA responds to questions about budget cut for Fairmont IV&V facility
Jul. 9—dbeard @ MORGANTOWN — NASA on Monday responded to questions from The Dominion Post about proposed budget cuts at the Katherine Johnson Independent Verification & Validation Facility in Fairmont — briefly explaining the "why " but not how it would be affected. As part of an overall proposed NASA budget cut under President Trump's Fiscal Year 2026 Discretionary Budget Request, Johnson IV &V would see its funding fall from its current $43.3 million (from FY 2024) to $13.8 million in FY 2026 — just one third of the current budget. In its 2026 Budget Technical Supplement, the agency says, "In FY 2026, NASA plans to significantly reduce and restructure both the NASA Engineering and Safety Center and Independent Verification and Validation program as part of the effort to consolidate the overall Agency Technical Authority program. In FY 2026, NASA will allocate $9.9 million for IV &V to ensure the program can provide software assurance support to the future Moon to Mars programs." We asked NASA last week what the impact would be from this restructuring and reduction, in terms of employees affected and functions at the IV &V center—named for "Hidden Figure " Katherine Johnson. In response, NASA referred us to a message from Acting Administrator Janet Petro that leads the budget request and serves as the agency's statement on the budget request. Petro opens saying, "The President's Fiscal Year 2026 Budget Request for NASA reflects the Trump-Vance Administration's commitment to strengthening America's leadership in space exploration while exercising fiscal responsibility. With this budget, we aim to shape a Golden Age of innovation and exploration." NASA pointed out the next paragraph, which notes that a budget lies behind every mission NASA undertakes. "Refining that budget is a strategic process that requires intentional decisions, and this year is no exception, " Petro said. "With a leaner budget across all of government, we are all taking a closer look at how we work, where we invest, and how we adjust our methods to accomplish our mission." NASA's answer then moved on to the IV &V budget, noting that $9.9 million figure, noting that the Moon to Mars initiatives are one of this administration's key priorities. "This funding will help sustain IV &V's missions at lower cost while supporting current and future exploration objectives." NASA said, "Our focus remains on supporting the agency's high-priority missions and maintaining the unique capabilities that IV &V contributes to NASA's overall success." NASA's response concluded, "Beyond what is listed in the FY2026 President's Budget Request and Technical Supplement, the agency has no further comment at this time." We noted previous that Sen. Shelley Moore Capito and Rep. Riley Moore are both working to preserve IV &V funding. IV &V receives funding from several NASA accounts. Funding from the Safety, Security and Mission Services account will be cut from $39.2 million to the $9.9 million mentioned above — for software assurance support for Moon and Mars programs, as mentioned above. Funding from the Exploration account will go from $3.3 million to $2 million. Funding from the Space Operations account will go from $800, 000 to $700, 000. One account source will see an increase: Science account funding will go from $0 in FY 2024 to $1.2 million for FY 2026.
Dominion Post
04-07-2025
- Business
- Dominion Post
NASA IV&V in Fairmont faces drastic funding cut
dbeard@ MORGANTOWN – NASA's Katherine Johnson Independent Verification & Validation Facility in Fairmont could see a drastic budget cut under President Trump's Fiscal Year 2026 Discretionary Budget Request. But members of West Virginia's Congressional delegation are working to prevent it As part of an overall proposed NASA budget cut, Johnson IV&V would see its funding fall from its current $43.3 million (from FY 2024) to $13.8 million in FY 2026 – just one third of the current budget. NASA is working on answers to questions from The Dominion Post about the ramifications of the cut and will provide those next week. In its 2026 Budget Technical Supplement, the agency says, 'In FY 2026, NASA plans to significantly reduce and restructure both the NASA Engineering and Safety Center and Independent Verification and Validation program as part of the effort to consolidate the overall Agency Technical Authority program. In FY 2026, NASA will allocate $9.9 million for IV&V to ensure the program can provide software assurance support to the future Moon to Mars programs.' The Dominion Post reached out to Sens. Shelley Moore Capito and Jim Justice, and Rep. Riley Moore for comments on the proposal. Capito spokeswoman Kelley Moore (no relation) said Capito 'is aware of the proposed cuts to NASA that would impact the mission and the facility at Katherine Johnson IV&V.' She has been in contact with leadership at the facility, Goddard Space Flight Center, which oversees the work at IV&V, and NASA Headquarters. 'It has also been conveyed to NASA and to the Senate Appropriations Committee that Sen. Capito will oppose any cuts to this facility that would impact workforce or its mission,' Moore said. Moore noted that since NASA does not have an administrator or a nominee at this time, there has not been a budget hearing where this topic could be raised. 'Regardless, Sen. Capito is working hard to protect this facility that she so proudly helped name around this time in 2019.' Justice did not respond to several requests for comment. Moore said, 'I am closely tracking the proposed cuts to NASA's Fairmont facility. I have been in constant communication with the appropriations subcommittee chairman who oversees its funding, and will use my position on the Appropriations Committee to fight for the important work being done there.' Here's a breakdown of the numbers that factor into IV&V's budget – with several layers of authority above IV&V. IV&V overall falls under NASA's Safety, Security and Mission Services. That budget was cut from $3.131 billion in FY 2024 to $3.092 billion in FY 2025 and will fall to $2.118 billion in FY 2026 the federal fiscal year begins Oct. 1). Under SS&MS, is Engineering Safety & Operations. Its budget will fall from $1.088 billion in FY 2024 to $620.3million in FY 2026 and $446.5 million in FY 2027. And under ES&O, the Agency Technical Authority funding will fall from $196.1 million in FY 2024 to $69.6 million in FY 2026. 'The Agency Technical Authority program protects the health and safety of NASA's workforce by evaluating programs, projects, and operations to ensure safe and successful completion. ATA capabilities provide expert technical excellence, mission assurance, and technical authority agency wide.' IV&V falls directly under the Agency Technical Authority, with funding from several accounts. Funding from the Safety, Security and Mission Services account will be cut from $39.2 million to $9.9 million – for software assurance support for Moon and Mars programs, as mentioned above. Funding from the Exploration account will go from $3.3 million to $2 million. Funding from the Space Operations account will go from $800,000 to $700,000. One account source will see an increase: Science account funding will go from $0 in FY 2024 to $1.2 million for FY 2026. A footnote hints at some flexibility: 'The IV&V program will work with Mission Directorate to adjust FY 2026 allocations as the FY 2026 operating plan is developed.' Some information provided to The Dominion Post noted that cuts to IV&V have been proposed in the past, but not to this extent.
