Q1 26/27 due July 22 - soft start for both orders and sales

Research evidence excerpt

Q1 26/27 due July 22 - soft start for both orders and sales

Deutsche Bank

Research

Rating Company Date

Hold Alstom SA 3 July 2026

Forecast Change

Europe

France

Reuters Bloomberg Exchange Ticker Price at 2 Jul 2026 (EUR) 15.45

ALSO.PA ALO FP PAR ALSO

Price Target (EUR) 19.00

Capital Goods

ADR ISIN 52-week range (EUR) 29.84 - 15.01

Diversified / Conglomerates

ALSMY US0212442075

Q1 26/27 due July 22 - soft start for

Valuation & Risks both orders and sales

Gael de-Bray, CFA

Alstom will release its fiscal Q1 orders and sales on July 22. Commercial

Research Analyst

dynamics have been weak this quarter and we anticipate a book-to-bill of only +33-1-4495-6562

0.6x, the lowest since the integration of BT. Alstom's issues have been self-

inflicted and require more rigorous planning, disciplined execution, greater Nabil Najeeb

coordination between the various departments and, perhaps, a more focused

+44-20-754-17410

commercial strategy, which could imply slower order dynamics in the future. The

company, however, commented that the pipeline for the remainder of the year John Kim

remains strong. Research Analyst

+44-20-754-18699

Slow start to the year

Key changes

Alstom booked a limited number of large contracts in Q1: 4 signalling contracts for

DB EPS (EUR) 1.55 to 1.56 ↑ 0.7%

Egyptian National Railways worth a total of €300m and a locomotive contract from

20,276 to

the AMECA region worth €800m. Adding €1.6bn of small and mid-sized orders, we Revenue (EURm) ↑ 0.4%

20,359

forecast new orders of €2.7bn in FQ1 (down 34% YoY), with a book-to-bill of 0.58x.

Source: Deutsche Bank

Quarterly orders can be very lumpy and management reaffirmed the guidance for

a book-to-bill above 1x for the full-year, with potential large contract awards in Price/price relative

Israel, Canada and the UK.