Over the full year, the group reported a 4% increase in revenue to 19.171 billion euros, while adjusted EBIT edged down 1% to 1.168 billion euros, bringing the adjusted operating margin from 6.4% to 6.1%. This margin was weighed down by adverse currency effects, a perimeter effect related to the divestment of the North American signaling business, R&D investments, and project execution.

Finally, net income (group share) more than doubled, rising from 149 million to 324 million euros.

Regarding commercial performance, order intake for the 2025-2026 fiscal year surged 39% to 27.628 billion euros, driving the order backlog to 104.4 billion euros.

In its commentary, Jefferies noted that 'results are in line with preliminary figures, despite management comments highlighting that car production was weaker in the fourth quarter'.

Oddo BHF echoed this sentiment. The analyst noted that 'the group mentioned a pipeline of opportunities worth 210 billion euros over three years, indicating little impact from the crisis in the Middle East'.

Targets confirmed

For the 2026-2027 fiscal year, Alstom is targeting organic revenue growth of approximately 5%, compared to 7% in 2025-2026, car production between 4,400 and 4,500 units (up from 4,284), an adjusted operating margin of around 6.5%, and positive free cash flow generation.

For its part, Jefferies revealed that 'the consensus is modeling organic sales growth of 5.2%, an adjusted EBIT margin of 6.5%, and cash flow of approximately 76 million euros'. The U.S. investment bank maintains a buy rating with a price target of 25 euros. Oddo BHF also maintains an outperform rating with a target of 25 euros.