Alstom Q3 2025/26 results: orders lift backlog above €100bn

Alstom Q3 2025/26 results point to strong order momentum, with the company’s backlog now above the €100bn backlog mark.

This is reported by the railway transport news portal Railway Supply.

In an update dated 20 January 2026, Alstom said it booked €9.6 billion of order intake in the third quarter of fiscal year 2025/26 (1 October to 31 December 2025). Group sales were €4,792 million, up 2.6% on a reported basis, as set out in an Alstom press release. On an organic basis, sales were up 5.9% for the quarter after adjusting for currency effects.

For the first nine months, order intake totalled €20.0 billion and sales reached €13,851 million. Alstom said reported sales increased by 3.0%, while organic growth was 7.2% after factoring in adverse currency effects and a 0.8ppt negative scope impact linked to the disposal of North American conventional signalling activities in the first half of FY 2024/25. As of 31 December 2025, the backlog stood at €100.3 billion. Over the first nine months, the book-to-bill ratio was 1.4 for the Group and 1.8 for Rolling Stock.

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On a reported basis, Alstom’s quarter included orders received of €9,580 million versus €4,260 million a year earlier (up 124.9% reported and 131.1% organically). Sales for Q3 were €4,792 million compared with €4,672 million in the prior-year quarter (up 2.6% reported and 5.9% organically). Over nine months, orders received rose to €20,050 million from €15,210 million (up 31.8% reported and 34.2% organically), while sales increased to €13,851 million from €13,448 million (up 3.0% reported and 7.2% organically).

Henri Poupart-Lafarge, Chief Executive Officer of Alstom, said the company has continued to secure major contracts and is progressing with key projects. He referenced the launch of the new Paris metro in October, metro projects and signalling system in India, and the Avelia Horizon very high-speed solution entering the final stage of its approval process. He said this keeps Alstom on track to meet full-year guidance.

Orders and major contracts in Q3

Orders received in the third quarter were €9,580 million, compared with €4,260 million in the same period of the previous fiscal year. Rolling Stock accounted for 63% of total order intake, which Alstom said was stable versus the nine-month period. The company also reported momentum in Signalling and Services, with customers choosing bundled solutions that pair trains with signalling technologies and lifecycle support.

In France, Alstom said it was awarded two optional tranches under the SNCF Voyageurs framework agreement for the Avelia Horizon platform. The first tranche, worth approximately €1.4 billion, covers 30 Avelia Horizon trainsets for Eurostar, with initial deliveries scheduled for 2031, and Alstom said these would be the first very high-speed double-deck trains to operate through the Channel Tunnel. The second tranche, valued at around €600 million, covers 15 Avelia Horizon trainsets for SNCF Voyageurs for commercial operations notably across France and Belgium, as previously covered by Railway Supply.

Elsewhere in Europe, Alstom highlighted Coradia Max double-deck electric multiple unit (EMU) orders, including a contract worth about €1.6 billion from PKP Intercity for 42 Coradia Max trains and 30 years of maintenance. The company also said Landesanstalt Schienenfahrzeuge Baden-Württemberg (SFBW) exercised an option worth about €500 million under its 2022 agreement for additional Coradia Max regional trains, along with a maintenance contract running until 2055.

In Mexico, Alstom signed a contract valued at around €920 million with the Mexican Railway Transport Regulatory Agency to supply 47 short- and long-haul trains and provide five years of maintenance. Alstom said the project will draw on its industrial base in Mexico and leverage solutions developed for the Tren Maya project.

In Australia, Alstom said it was awarded a €1.0 billion share of the Suburban Rail Loop East Line contract in Melbourne. Under the Systems contract, the scope includes 13 automated Metropolis metro trains with 15 years of maintenance, the Urbalis Communications-Based Train Control (CBTC) system, cybersecurity solutions, wired and wireless communications, station platform screen doors, and overall system integration.

In Greece, Alstom reported a €393 million contract with Hellenic Train for 23 Coradia Stream EMUs and 10 years of maintenance, with trains to be produced at the Savigliano site in Italy.

In Canada, Alstom signed a €1.4 billion contract with the Toronto Transit Commission to supply 70 metro trains to support replacement and expansion of the fleet operating on Toronto’s Line 2. The same quarter’s headline order performance was also described in broader market coverage by Reuters.

Alstom said base orders—contracts with a value below €200 million—totalled €1.8 billion in the quarter.

Sales trends by business segment

For the first nine months of fiscal year 2025/26, Group sales totalled €13,851 million. Rolling Stock sales reached €7,204 million, up 3% on a reported basis and 6% on an organic basis, driven by execution in France, Germany, the United States and Italy. Rolling Stock production output totalled 3,078 cars over the first nine months, broadly stable year on year.

Services delivered €3,414 million of sales over the nine-month period, up 5% on a reported basis and 9% organically, with projects ramping up in the UK, the US and Germany.

Signalling sales were €1,951 million, rising 4% on a reported basis and 13% organically, led by execution across regions, especially France, Italy, Germany, Australia and the UK.

In Systems, Alstom reported €1,282 million of sales for the first nine months, down 4% on a reported basis and flat on an organic basis. The company cited strong execution in France, Italy and Canada, while a ramp-down in Mexico was only partly offset by ramp-ups in Brazil and Taiwan.

Operational milestones and approvals

In France, Alstom said the MF19 new-generation metro entered service on Line 10 of the Paris Metro in October 2025 as part of the modernisation of the Île-de-France Mobilités network. MF19 is planned to replace three generations of rolling stock across eight lines. Alstom also said its latest CBTC-based on-board speed control system, developed with RATP and meeting Octys standards, was launched on Line 10.

In India, Alstom said its metro trains entered commercial service in Bhopal. The company said the project moved from contract award to operations in just over three years, was 100% made in India, and integrates the latest generation of CBTC signalling technology.

In Canada, Alstom’s Citadis light rail vehicles, built at its Brampton, Ontario facility, entered passenger service on Toronto’s Finch West Light Rail Transit (LRT) line.

In the UK, Alstom said it completed a major upgrade of the Cambridge rail network over the festive period, aimed at bringing a more modern and dependable railway to the region and preparing it for digital technologies such as the European Train Control System (ETCS).

Alstom also said that, following extensive testing, the submission of the TGV M authorisation for placing on the market to the European Union Agency for Railways (ERA) marks the start of the final phase of the approval process and a key milestone for the Avelia Horizon platform.

In Fez, Morocco, Alstom announced plans to establish a dedicated, multi-platform production line for train driver desks, alongside an investment to double transformer production capacity and the creation of a development and engineering office to strengthen local expertise.

FY 2025/26 outlook confirmed

Alstom confirmed its FY 2025/26 outlook and medium-term ambitions, based on assumptions including supportive market demand, a stable number of cars produced versus FY 2024/25, R&D and sales around 3%, and mitigating US tariffs impact.

For FY 2025/26, the company reiterated expectations for a Group and Rolling Stock book-to-bill ratio above 1, organic sales growth above 5%, an aEBIT margin around 7%, and free cash flow in the €200 million to €400 million range.

Over the three years from FY 2024/25 to FY 2026/27, Alstom said it expects to deliver at least €1.5 billion in free cash-flow, despite Contract Working Capital being a headwind over that period.

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