Half Year Results
Fiscal Year 2024/25

13 November 2024




1
Disclaimer



● This presentation 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 actual 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 presentation 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 visa 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 Banks, 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.


© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 2
Agenda


  Highlights of the first half of fiscal year 2024/25
Henri Poupart-Lafarge, Chief Executive Officer


―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――

  H1 2024/25 financial results
Bernard Delpit, Executive Vice-President and Chief Financial Officer


―――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――

  Conclusion
Henri Poupart-Lafarge, Chief Executive Officer




© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 3
1
Highlights

Henri Poupart-Lafarge
Chief Executive Officer




4
Free Cash Flow at €(138) million benefiting from commercial activity
Confirmation of FY 2024/25 outlook


ORDERS SALES
€10.9bn €8.8bn ✓ Strong commercial momentum with
margin-accretive order intakes

Book-to-bill +3.9% (o/w 5.6% org) ✓ Sales and profitability in line with
1.25 vs H1 2023/24 trajectory

aEBIT FREE
✓ H1 Free Cash Flow phasing benefiting
€515m CASH FLOW from downpayments
5.9% €(138)m
✓ FY 2024/25 outlook confirmed
+70bps vs €(1,119)m
vs H1 2023/24 H1 2023/24


© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 5
3-year pipeline at ~€200bn: Asia-Pacific and Middle-East growth

€102bn
ALSTOM SITES
SIGNALING
EUROPE
€39bn SYSTEMS
ROLLING STOCK
AMERICAS EUROPE: AND COMPONENTS
Regional & Commuters: Belgium,
France, Italy, Portugal
NORTH AMERICA High-Speed: France, Italy €23bn
Urban projects: New York, LRVs Services: UK,
Signaling in Germany
APAC
Commuters
Operations & Maintenance
APAC
Systems: Australia, Singapore, Thailand…
Urban: India metros
AFRICA and MIDDLE EAST
Systems: Saudi Arabia, Egypt
Regional and HS: Morocco
Freight: Kazakhstan
LATIN AMERICA
Systems : Brazil, Mexico
€33bn Frame agreements
AMECA >€12bn options to be exercised
within frame agreements




© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 6
€7.3bn orders in Q2: Landmark wins in Germany, Australia and France and
good flow of small orders



€0.85 bn €3.6 bn €0.7 bn




PROXIMA (TRAINS & MAINTENANCE- France) S-BAHN KÖLN (TRAINS & MAINTENANCE - PERTH (SIGNALING - Australia)
Germany)




© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 7
Strong backlog with confirmed gross margin improvement trajectory

Backlog stratification – Gross margin evolution


18.1% 18.3%
17.9% 17.8% Gross margin on backlog
17.5%
16.9%
16.0%


€94.4bn
€92bn
€87bn
€81bn


> 20%



10% to 20% €43bn
€40bn €41bn

< 0% to 10%



o/w Legacy BT
contracts trading at
zero gross margin
March 2019 March 2020 March 2021 March 2022 March 2023 March 2024 Sept 2024 March 2025* *Consistent with outlook
ex-AT Backlog ex-AT Backlog ex-AT Backlog Group Backlog Group Backlog Group Backlog Group Backlog Group Backlog Backlog figures subject to FX evolution
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 8
Integration process finishing, amidst rising supply chain challenges


CONTINUED OPERATIONAL PROGRESS …HINDERED BY SUPPLY-CHAIN CHALLENGES


• All sites with Alstom’s tools and processes by • Supply chain is the primary cause when Rolling
year-end Stock contracts delays occur

• Inflationary pressures largely mitigated through • Suppliers' bottlenecks and capacity issues
escalation clauses on new orders following orders peak in recent years

• Demonstrated agility in managing electronic • Some emerging technologies need to be
component shortages stabilized

• Quality indicators and Net Promoter Score
improving



Management focus on Supply Chain to secure On-Time Delivery

© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 9
Relentless effort on optimising execution of all major projects


PARIS PROJECTS DELIVERED MULTIPLE LEGACY PROJECTS CONTINUOUS EFFORTS ON
AS PLANNED SUCCESSFULLY TURNED AROUND SELECTED PROJECTS


AVENTRA
URBAN ✓ 130 cars delivered during H1
MP14 with 3 metro South Africa ✓ Modification program execution
lines, and 2 CITADIS Locomotives ✓ Contracts close-out negotiations
tramway lines in H2




AMTRAK
COMMUTERS ✓ Progress on testing
RER NG: 1 line Belgium commuters ✓ Expecting FRA decision
extension




Talent 3
to RockRail




© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 10
Production shift towards better margin projects with the end of Aventra in Derby

Quantity of cars produced per quarter

4,400 – 4,600


• No new cars production in Derby during
H1 against ~300 cars during H1 23/24
• Numerous projects in startup phase,
notably
4,522

4,151
o Urban projects in Americas and
3,412
India
2,998
2,247 o Regional trains in Europe (Germany
2,008 2,003 notably)
1,122
1,026 965
• Planning higher output during H2
Q1 H1 9 months FY



FY 2022/23 FY 2023/24 FY 2024/25
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 11
2
Financial Results

Bernard Delpit
Executive Vice-President and
Chief Financial Officer




12
H1 orders boosted by strong Q2
Services and Signaling exceed 50% of order intake
ORDERS H1 2024/25 (in €bn)

+29.6% 10.9 10.9 10.9
AMECA
8.4 1.0 APAC
Signaling 2.0
Americas 0.9 0.4 Systems

Services 4.1
8.5
Europe
4.4 Rolling stock


H1 2023/24 H1 2024/25 H1 2024/25 H1 2024/25

● Book-to-bill 1.25, backlog at €94.4bn ● Margin and cash on order intake supporting
mid-term trajectory

FY 2021/22 FY 2022/23 FY 2023/24 H1 2024/25


Services & Signaling
36%
Orders mix evolution supporting
Rolling Stock 45% 46% midterm targets
56%
Systems



© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 13
Group organic growth in line with guidance
Double digit Services growth since merger
SALES H1 2024/25 (in €m) H1 2024/25 SALES SPLIT BY PRODUCT LINES
+3.9%
ROLLING STOCK: €4,531m
(+2% vs H1 2023/24, o/w 2% organic growth)
+ 5.9% Ramp-up in France, Brazil and Asia/Pacific offsetting legacy
(0.9)% + 5.3% German and UK contracts phasing out.
(0.7)%


SERVICES: €2,197m
(+11% vs H1 2023/24, o/w 12% organic growth)
Strong growth in Germany, Asia/Pacific and Middle East.
€8,443 €8,311 €8,775
+5.6%
Organic growth SIGNALING: €1,247m
(+0% vs H1 2023/24, o/w 3% organic growth)
Consistent execution year on year, Asia/Pacific growth
compensating Canada/US ramp down.


SYSTEMS: €800m
H1 2023/24 F Scope * H1 2023/24 Q1 2024/25 Q2 2024/25 H1 2024/25 (+7% vs H1 2023/24, o/w 14% organic growth)
Reported Impact Impact Organic Organic Organic Reported
Good performance of Turnkey Systems projects in Mexico
compensating successful completion of Egyptian monorail.
* Spanish JVs and disposal of US signaling


© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 14
aEBIT margin improvement in line with FY 2024/25 trajectory


H1 H1
(in € million) Evolution
2023/24 2024/25
Sales 8,443 8,775 +3.9%
Cost of Sales (7,278) (7,547) +3.7%
Adjusted Gross Margin before PPA¹ 1,165 1,228
+20bps
As a % of sales 13.8% 14.0%
Research and development expenses
(254) (256)
before PPA2 (10)bps
3.0% 2.9%
As a % of sales
Selling & Administrative expenses (538) (528)
(40)bps
As a % of sales 6.4% 6.0%
Net interest in equity investees pickup3 65 71 +9.2%
Adjusted EBIT ¹ 438 515 +17.6%
Adjusted EBIT margin¹ 5.2% 5.9% +70bps
1. Definition in Appendix
2. Excluding €(28) million of amortisation expenses of the purchase price allocation of Bombardier Transportation.
3. Definition in Appendix. This mainly includes Chinese joint-ventures
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 15
Profit improvement coming from volume and cost savings initiatives
aEBIT (in %)




35 bps
25bps 15bps
(5)bps




5.9%
5.2%




aEBIT H1 2023/24 olume and mix Industrial efficiencies Costs savings Scope aEBIT H1 2024/25


© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 16
Improved EBIT drive Net income increase

(in € million) H1 2023/24 H1 2024/25 Evolution

Sales 8,443 8,775 +3.9%
Adjusted EBIT 438 515 +17.6%
Adjusted EBIT margin 5.2% 5.9% +70bps
Capital gain and other non-operating income 1 21 -
Restructuring and rationalisation costs (7) (1) (85.7)% o/w Integration costs €51m
Integration, acquisition and other costs (92) (82) (9.9)% Legal fees and others €31m
Reversal of net interest in equity investees pickup¹ (65) (71) +9.2%
Net interest decrease by (€24m)
EBIT before PPA and impairment 275 382 +39.3% Hedging, bank fees & others
Financial results (98) (107) +9.2% increase by + €33m
Tax results (44) (101) x2.3 ETR 37%
Share in net income of equity investees 53 60 +13.2%
Minority interests from continued op. (12) (10) (16.7)%
Adjusted Net profit2 174 224 +28.7%
PPA net of tax (173) (169) (2.3)%
Net Profit - Continued operations, Group share 1 53 -
1 This mainly includes Chinese joint-ventures
2 Definition in appendix
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 17
Structural FCF seasonality mitigated by improved working capital phasing
From EBIT* to Free Cash Flow (in € million)

Capex / Cap
708 Dev


D&A 234m (214)
Financial &
Tax Cash Out

JVs dividends 92m
(179)
Other Funds From
Operations
(33)
EBIT* 382m
282
(420) H1 2024/25
FCF
H1 2024/25
(138)

Total Working
Capital change (1)

* EBIT Before PPA and impairment

(1) Change in Working Capital (Trade + Contract working capital change) for €(420)m corresponds to the €(448)million changes in working capital resulting from operating activities disclosed in the condensed interim consolidated financial statements from
which the €31 million variations of restructuring provisions and €(2) million of variation of Tax working capital have been excluded. .
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 18
Trade Working Capital
Seasonality on inventories, discipline maintained on overdues and payables

30 September 30 September
(in € million / days of sales) 31 March 2024
2023 2024

Inventories 4,216 91 3,818 79 4,204 85


Trade payables (4,223) (91) (3,444) (71) (3,474) (71)


Trade receivables 3,019 65 2,997 62 3,093 63


Other assets/ liabilities (2,107) (45) (1,705) (35) (1,630) (33)


Trade Working Capital1,2 905 20 1,666 34 2,193 45



Inventories increase due to usual H1 seasonality

Trade payables and trade receivables maintained at stable level in H1


1. Definition in appendix
2. Excluding restructuring provisions and corporate tax changes
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 19
Contract Working Capital
Larger quantity of projects in startup phase


(in € million / days of 30 September 30 September
31 March 2024
sales) 2023 2024

Contract assets 5,369 116 4,973 103 5,476 111


Contract liabilities (6,958) (150) (7,995) (166) (8,538) (174)


Current provisions
(1,750) (1,612) (1,583)
Of which Risks on (38) (33) (32)
(1,141) (981) (943)
contracts
Contract Working
(3,339) (72) (4,634) (96) (4,645) (94)
Capital1

Net Contract Assets / Liabilities stable since March 2024 at (63) days of sales

Provisions on contract risks reducing as planned
1 Definition in appendix
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 20
Net financial debt reduced by €2,067m to €927m following deleveraging plan

31 March 2024 30 September 2024
Net cash/(debt) Net cash/(debt)



(927

(138
(15 (82
(19
FCF
Dividends Leases
and hybrid FX and others
(2,994
coupon
2,321




Deleveraging plan1


1. Sale of TMH for €75m executed during FY 2023/24. Rights issue, hybrid issuance and sale of US conventional Signaling net of advisory fees.
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 21
Short-term debt reimbursed, strong increase in Cash & cash equivalents

CASH, CASH EQ. and S/T DEBT (IN € MILLION) STABLE OUTSTANDING BONDS (IN € MILLION)

2,000 31 March 2024 30 September 2024
Jan-29
AVERAGE Oct-26 Jul-30
0.00%
MATURITY 0.25% 0.5%
4 years Jul-27
1,789 0.125%
AVERAGE
COUPON
700 750 700
0 0.22%
(232) 500



2026 2027 2028 2029 2030 2031



(2,000) ● No financial covenants and fixed coupons on all bonds
Cash Cash Eq. S/T Debt ● No planned redemption before October 2026
● ~€869m increase in Cash equivalents
● ~€1.2b reimbursement of short-term debt during H1
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 22
3
Conclusion

Henri Poupart-Lafarge
Chief Executive Officer




23
FY 2024/25 outlook and mid-term ambitions confirmed


Assumptions Outlook for FY 2024/25


• Supportive market
demand • Book to bill above 1
• FY 2024/25 • Sales organic growth: around 5%
downpayments
consistent with FY • aEBIT margin around 6.5 %
2023/24 • FCF generation €300m to €500m
• End of integration in FY
2024/25


Mid- to long-term ambitions confirmed as per May 8, 2024 announcement*
* See Appendix 2
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 24
Q&A session




© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances.
It is provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited. 25
Contacts & Agenda




CONTACTS AGENDA



21 January 2025
Q3 2024/25
Martin VAUJOUR orders and sales
VP Investor Relations
13 May 2025
Estelle MATURELL ANDINO FY 2024/25 results
Deputy Head Investor Relations


investor.relations@alstomgroup.com

© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 26
Financial Calendar

14 November H1 FY 24/25 roadshow in Paris - ODDO Paris, FRANCE

15 November H1 FY 24/25 roadshow in London - Jefferies London, UK

18 November H1 FY 24/25 roadshow in NYC – CITI NYC, USA

19 November H1 FY 24/25 roadshow in Chicago – CITI Chicago, USA

19 November Forum by Market Solutions 2024 - CIC Paris, FRANCE

20 November H1 FY 24/25 roadshow in Toronto – JP Morgan Toronto, CANADA

21 November H1 FY 24/25 roadshow in Los Angeles – Redburn Los Angeles, USA

22 November H1 FY 24/25 roadshow in San Francisco – Redburn San Francisco, USA

25, 26 & 29 November H1 FY 24/25 “virtual”roadshow in Europe – Deutsche bank VIRTUAL

26 November Investir Day – Les Echos Le Parisien Paris, France
H1 FY 24/25 “virtual”roadshow in Singapore, Hong-Kong Australia –
27 November VIRTUAL
Macquarie & Kepler Cheuvreux
27 November H1 FY 24/25 roadshow in Dublin – Deutsche bank Dublin, IRELAND

27 November The Premium Review conference – Bernstein by Societe Generale Paris, FRANCE

28 November H1 FY 24/25 roadshow in Switzerland – Deutsche bank Zurich/Geneva, SWITZERLAND

29 November H1 FY 24/25 “Fireside chat” – Kepler Cheuvreux VIRTUAL
3 December Annual European Industrials & Autos conference 2024 – Goldman Sachs London, UK
4 December Alstom Sricity site visit Sricity, INDIA
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 27
Financial Calendar

5 December One-Stop-shop Brussels – Kepler Cheuvreux Brussels, BELGIUM

9 January 2025 ODDO BHF Forum 2025 in Lyon Lyon, FRANCE

5 June 2025 CEO conference – BNPP Exane Paris, FRANCE

12 June 2025 CEO conference – JP Morgan London, UK




© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 28
Appendix 1




29
Equity in € million

3 13
(41 (2 (7
1,723




10,503
8,778
9,117




March 2024 Capital raise Movements in other Net income Change in controlling Share based payments Dividends September 2024
and Hybrid Bond comprehensive income interests and others




© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 30
H1 2024/25 backlog by region and product line


Backlog breakdown by region (in € million) Backlog breakdown by product line (in € million)



Systems
Asia Pacific
€8,080m
Americas €13,058m
9%
€11,175m 14% Signaling
12% €8,649m
9%

Africa, Middle East & Rolling stock
Europe €41,398m
Central Asia €12,9 0m €57,17 m
14% 44% Services
60% €3 ,242m
38%




© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 31
H1 2024/25 Sales by region and product line


Sales breakdown by region (in € million) Sales breakdown by product line (in € million)



Systems €800m
Asia Pacific €1,312m 9%
15%
Signaling €1,247m
14%
Americas €1,813m Europe €4,911m
21% 56%
Rolling stock €4,531m Services €2,197m
52% 25%
Africa, Middle East &
Central Asia €739m
8%




© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 32
Sales by currency
H1 2024/25
Currencies as a % of sales

EUR 47.1%
GBP 9.3%
USD 8.9%
CAD 4.7%
INR 4.4%
AUD 4.9%
SEK 2.8%
MXN 3.4%
ZAR 3.1%
BRL 1.9%
KZT 1.4%
SGD 1.6%
Currencies below 1% of sales 6.4%

© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 33
Bombardier Transportation PPA provisional amortisation plan

As per P&L
(in € million)
Booking 1
FY 2020/21 (71)
FY 2021/22 (428)
FY 2022/23 (436)
FY 2023/24 (357)
FY 2024/25 (371)
FY 2025/26 (264)
FY 2026/27 (213)
● The Gross PPA amortisation plan will be subject to FX evolution in
FY 2027/28 (203)
future years or subject to potential impairments
FY 2028/29 (166)
FY 2029/30 (139)
FY 2030/31 (107)
FY 2031/32 (97)
FY 2032/33 (95)
FY 2033/34 (47)
Beyond (151)
1. Excludes PPA other than related to the purchase of Bombardier Transportation
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 34
Bridge consideration – From Enterprise Value to Equity Value


(in € million) H1 2024/25
Total Gross debt, incl. lease obligations (1) 3,473
Pension liabilities net of prepaid and deferred tax asset related to pensions (2) 770
Non controlling interest (3) 110

Cash and cash equivalents (4) (1,789)
Other current financial assets (4) (71)
Other non-current financial assets (5) (85)

Net deferred tax liability / (asset) (6) (680)
Investments in associates & JVs, excluding Chinese JVs (7) (112)
Non-consolidated Investments (8) (75)
Bridge 1,541
(1) Long-term and short-term debt and Leases (Note 20), excluding the lease to a London metro operator for €87m due to matching financial asset (Notes 14 and 20 in the Financial Notes)
(2) As per Note 22 (in the Financial Notes) net of €63m of deferred tax allocated to accruals for employees benefit costs
(3) As per balance sheet
(4) As per balance sheet, adjusted with the deposit for the NMTC loan for €26m (Note 20 in the Financial Notes)
(5) As per balance sheet – excluding assets related to pensions for €341m, long term contract receivables for €114m and the deposit for the NMTC loan for €26m
(6) Deferred Tax asset and Liabilities - as per balance sheet net of €63m of deferred tax allocated to accruals for employees benefit costs
(7) JVs - to the extent they are not included in equity pickup / FCF, ie excluding Chinese JVs.
(8) Non-consolidated investments as per balance sheet

© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 35
Reconciliation between consolidated income statement and the MD&A
management view as of 30 September 2024

(in € million) Total Adjustments Total
Consolidated Consolidated Adjustments as of 30 September 2024:
Financial Financial
Statements (1) (2) Statements
(GAAP) (MD&A view)
1. Impact of business combinations: amortisation of
30 September 2024
assets exclusively valued when determining the
Sales 8,775 8,775 PPA, including net income of equity accounted
Cost of Sales
(1)
(7,702) 155 (7,547) investments, and including corresponding tax effect;
Adjusted Gross Margin before PPA & impairment 1,073 155 - 1,228
R&D expenses (284) 28 (256)
2. Reclassification of share in net income of the equity-
Selling expenses (180) - (180) accounted investments when these are considered
Administrative expenses (348) - (348)
Equity pick-up - 71 71
to be part of operating activities of the Group
Adjusted EBIT (1) 261 183 71 515
Other income / (expenses) (62) (62)
Equity pick-up (reversal) - - (71) (71)
(1)
EBIT / EBIT before PPA & impairment 199 183 - 382
Financial income (expenses) (107) (107)
Pre-tax income 92 183 - 275
Income tax Charge (81) (20) (101)
Share in net income of equity-accounted investments 54 6 60
Net profit (loss) from continued operations 65 169 - 234
Net profit (loss) attributable to non controlling interests (-) (10) (10)
(1)
Net profit (loss) from continued operations (Group share) / Adjusted Net Profit (loss) 55 169 - 224
Purchase Price Allocation (PPA) & impairment net of corresponding tax effect - (169) (169)
Net profit (loss) from discontinued operations (2) (2)
Net profit (loss) (Group share) 53 - - 53




© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 36
Reconciliation between consolidated income statement and the MD&A
management view as of 30 September 2023

(in € million) Total Adjustments Total
Adjustments as of 30 September 2023:
Consolidated Consolidated
Financial Financial
(1) (2)
Statements Statements 1. Impact of business combinations: amortisation of
(GAAP) (MD&A view)
assets exclusively valued when determining the
30 September 2023
Sales 8,443 8,443
PPA, including net income of equity accounted
Cost of Sales (7,432) 154 (7,278) investments, and including corresponding tax effect;
Adjusted Gross Margin before PPA & impairment
(1)
1,011 154 - 1,165 2. Reclassification of share in net income of the equity-
R&D expenses (284) 30 (254)
Selling expenses (180) - (180)
accounted investments when these are considered
Administrative expenses (358) - (358) to be part of operating activities of the Group
Equity pick-up - 65 65
Adjusted EBIT (1) 189 184 65 438
Other income / (expenses) (98) (98)
Equity pick-up (reversal) - - (65) (65)
(1)
EBIT / EBIT before PPA & impairment 91 184 - 275
Financial income (expenses) (98) (98)
Pre-tax income (7) 184 - 177
Income tax Charge (28) (16) (44)
Share in net income of equity-accounted investments 48 5 53
Net profit (loss) from continued operations 13 173 - 186
Net profit (loss) attributable to non controlling interests (-) (12) (12)
(1)
Net profit (loss) from continued operations (Group share) / Adjusted Net Profit (loss) 1 173 - 174
Purchase Price Allocation (PPA) & impairment net of corresponding tax effect - (173) (173)
Net profit (loss) from discontinued operations - -
Net profit (loss) (Group share) 1 - - 1




© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 37
Appendix - Non-GAAP financial indicators definitions (1/3)


This section presents financial indicators used by the Group that are not defined by accounting standard setters.
• Orders received
A 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.

• Adjusted Gross Margin before PPA
Adjusted 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

• Adjusted EBIT
Adjusted EBIT (“aEBIT”) is the Key Performance Indicator to present the level of recurring operational performance. This indicator is also aligned with market practice and comparable to direct competitors.
Starting September 2019, Alstom has opted for the inclusion of the share in net income of the equity-accounted investments into the aEBIT when these are considered to be part of the operating activities of the
Group (because there are significant operational flows and/or common project execution 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. Ltd
aEBIT 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 “one-off” exceptional item that is not supposed to occur again in following years and that is significant.
Adjusted EBIT margin corresponds to Adjusted EBIT expressed as a percentage of sales.



© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 38
Appendix - Non-GAAP financial indicators definitions (2/3)


● EBIT before PPA


Following 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” indicator aimed at restating
its Earnings Before Interest and Taxes (“EBIT”) to exclude the impact of amortisation of assets exclusively valued when determining the purchase price allocations (“PPA”) in the context of business combination. This
indicator is also aligned with market practice.


● Adjusted net profit
The “Adjusted Net Profit” indicator aims at restating the Alstom’s net profit from continued operations (Group share) to exclude the impact of amortisation & impairment of assets exclusively valued when determining the
purchase price allocations (“PPA”) in the context of business combination, net of the corresponding tax effect.


● 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 activity.
The most directly comparable financial measure to Free Cash Flow calculated and presented in accordance with IFRS is net cash provided by operating activities.


● Net cash/(debt)
The net cash/(debt) is defined as cash and cash equivalents, marketable securities and other current financial asset, less borrowings


● Organic basis
This presentation includes performance indicators presented on an actual 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 Euro.
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.




© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 39
Appendix - Non-GAAP financial indicators definitions (3/3)


● Gross margin % on backlog
Gross Margin % on 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.

● EBITDA + JV dividends
EBITDA 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.


● Funds from Operations

Funds from Operations “FFO” in the EBIT to FCF statement refers to the Free Cash Flow generated by Operations, less Working Capital variations.



● Contract and Trade Working Capital
Contract 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 related to contract. It includes all the elements of the working capital but
• Contract Working Capital
• Income Tax receivables and payables
• Restructuring provisions
.




© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 40
Appendix 2




41
Non-linear aEBIT margin trajectory with impact of restructuring plan kicking in
during second half of FY 2024/25
aEBIT (in %)

Main drivers to 8-10% aEBIT
mid- to long-term ambition
~30 - 40 bps
10 -15 bps
30-35 bps
• Rolling Stock margin uplift from
progressive improvement of margin in
backlog

~6.5%
• Reduction of industrial inefficiencies

5.7% • Full-year effect of the SG&A plan
• Indirect procurement action plan




a 2023 24 ol me mi n strial efficienc S A a 2024 25
in irect roc rement

© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 42
Capital allocation priorities




• Priority to deleverage and maintain
Investment Grade rating 0

• Dividends policy to be re-
evaluated once zero net financial
debt is reached
• M&A policy:
• Pursue bolt-on acquisitions
(Innovation, Digital, Services)
• Dynamic portfolio
management


Net debt as of Deleveraging plan FFO Leases and Hybrid coupon Trade working Contract working Net debt as of
March 2024 capital changes capital changes March 2026




Graph not at scale, for illustration purposes
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 43
Guidance for FY 2024/25 and mid-term ambitions


Assumptions Outlook for FY 2024/25 Mid- to long-term ambitions

• Book to bill above 1
• Supportive market • Book-to-bill above 1
demand • Sales organic growth: around 5%
• Sales average growth ~5% /
• FY 2024/25 • aEBIT margin around 6.5 % year
downpayments
consistent with FY • FCF generation €300m to €500m • aEBIT margin within 8-10%
range
2023/24 • Seasonality driving:
• FCF conversion trending to
• Balance sheet plan fully • Negative FCF within a range of 100%* over the cycle
executed in FY 2024/25 €(300)m to €(500)m in H1 2024/25 * Of adjusted net profit
• End of integration in FY • aEBIT margin development to be more
2024/25 H2 weighted



At least €1.5bn c m lative C from 2024 25 to 202 27
© ALSTOM SA 2024. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 44
www.alstom.com




www.alstom.com
www.alstom.com




www.alstom.com




45