Between April 1, 2024, and March 31, 2025, Alstom secured €19.8 billion in new orders and generated €18.5 billion in revenue, achieving a book-to-bill ratio of 1.1. The company’s order backlog rose to €95 billion, providing long-term revenue visibility. The gross margin associated with this backlog improved to 17.8% as of March 2025, up from 17.5% a year earlier.
Adjusted EBIT reached €1,177 million, representing a year-on-year increase of 18% and a margin of 6.4%. EBIT before purchase price allocation (PPA) stood at €831 million. Adjusted net profit for the year amounted to €498 million, with the reported net income at €149 million. Free cash flow for the year totaled €502 million.
Net debt improved significantly, standing at €434 million by the end of March 2025, compared to €2,994 million a year earlier. Alstom’s equity was valued at €10.6 billion, and liquidity remained strong. The Board of Directors has proposed no dividend payment for the fiscal year.
CEO Henri Poupart-Lafarge commented “In FY 2024/25, Alstom delivered a solid operational and financial performance, particularly in Services and Signalling. The profitability of our backlog has returned to pre-acquisition levels, and we’ve seen tangible progress in project delivery and efficiency. We are entering a new chapter, with a robust balance sheet and the Bombardier Transportation integration complete. Our focus now is to accelerate growth in Services and digital technologies.”
Alstom made tangible operational progress during the 2024/25 fiscal year by strengthening the profitability of its backlog and delivering significant efficiency improvements. The company closed the year with backlog margins reaching 17.8%, a 30 basis-point increase from the prior year. Train production remained robust, with 4,383 units delivered. In parallel, the organization successfully implemented overhead cost reduction measures ahead of schedule, achieving a notable reduction in SG&A costs to 5.7% of revenue from 6.6% two years earlier.
The year was marked by solid commercial momentum. Alstom booked €19.8 billion in orders, a 4.7% increase from the previous year, led by major contract awards in Europe and the Americas. Highlights included a €3.6 billion contract for commuter trains in Germany, a framework agreement with Hamburger Hochbahn valued at approximately €670 million, and a long-term digitalisation agreement with Deutsche Bahn exceeding €600 million. In France, Alstom secured a nearly €850 million deal to supply 12 high-speed Avelia Horizon trains and provide maintenance services.
Order intake in the Americas rose to €3.4 billion, supported by a €340 million refurbishment contract with Metrolinx in Canada and a €479 million extension with the Port Authority of New York for JFK AirTrain services. In the Asia-Pacific region, order levels stood at €1.7 billion, reflecting a lower comparison base after last year’s significant projects. A standout award included a €700 million signalling contract in Australia. In the Middle East and Africa, the company booked €1.6 billion in new business, including a major order in Morocco for 18 Avelia Horizon high-speed trains.
Total sales for the fiscal year reached €18.5 billion, up 4.9% on a reported basis and 6.6% organically. Rolling stock contributed €9.5 billion in revenue, with growth driven by consistent execution across key geographies including Australia, France, Italy, and the U.S. Services revenue totaled €4.5 billion, supported by operations in the UK, Germany, and Canada. Signalling remained stable year-over-year at €2.6 billion, while systems sales grew sharply to €1.9 billion due to strong performance in Mexico, France, and Ivory Coast.
Innovation remained a strategic focus throughout the year. Alstom invested €704 million in R&D, representing 3.8% of sales. Key developments included continued progress on Avelia Horizon testing for SNCF and the launch of Adessia trains aimed at markets in the UK, Germany, and the U.S. Other product developments focused on enhancing the energy efficiency and manufacturability of the Metropolis and Flexity platforms. On the technology front, the company advanced in areas such as digital depots, predictive maintenance, and AI-enabled remote operation capabilities.
The company reported a clear improvement in profitability, with its adjusted EBIT margin increasing to 6.4%, up from 5.7% in the prior year. This improvement was supported by a favorable mix and volume effect, cost savings initiatives, and timing in R&D expenditure. These gains were partially offset by the impact of legacy projects and changes in portfolio scope. Non-operating costs decreased to €198 million, down from €510 million, while interest expenses also declined due to deleveraging. Equity investments contributed €128 million to net earnings.
Alstom returned to positive free cash flow, generating €502 million during the year. This performance reflected stronger EBIT before PPA, lower financial and tax outflows, and a more favorable working capital position compared to the previous year. A relatively modest €51 million working capital outflow contrasted with a much larger movement in the prior period, highlighting better project cash flow management and more balanced contract execution.
The Group also significantly strengthened its financial position. Net debt decreased to €434 million by March 2025, a reduction of over €2.5 billion year-over-year. This was primarily driven by a €2.3 billion deleveraging plan that included a capital raise, the issuance of hybrid securities, and asset disposals. Alstom also repaid €1.2 billion in short-term debt. Liquidity remained robust with €2.3 billion in cash and fully undrawn credit facilities totaling €4.25 billion.
On the sustainability front, Alstom met several critical climate and social goals. Direct emissions (Scope 1 and 2) dropped 8% compared to the previous year, allowing the company to achieve its 40% reduction target five years ahead of schedule. Renewable electricity now accounts for 88% of consumption, with a target of 100% by the end of 2025. Strategic partnerships, such as with green steel supplier SSAB, have reinforced Alstom’s commitment to reducing carbon intensity across its value chain.
The company also made progress on diversity and ESG performance. Women now represent 25.6% of management and professional roles, moving closer to the 28% goal set for 2025. Alstom retained its inclusion in the CAC40 ESG Index and the CDP Climate A-list, and received an EcoVadis Platinum rating with a score of 86/100. With 66% of sales aligned with the EU Taxonomy for sustainable economic activity, Alstom continues to position itself as a leader in clean mobility solutions and corporate responsibility.
