Financial report
Half-year

As of 30 September 2024
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Table of contents

This document is a free translation of the French language original version




Management report on condensed interim consolidated financial statements, Page 3
half-year ended 30 September 2024



Condensed interim consolidated financial statements, Page 29
half-year ended 30 September 2024



Report of independent auditors on the half-year financial information Page 70




Responsibility statement of the person responsible for the half-year financial report Page 73




Société anonyme with a share capital of €3,230,567,095
48, rue Albert Dhalenne
93400 Saint-Ouen-sur-Seine (France)
Tel. : +33 (0)1 57 06 90 00
Fax : +33 (0)1 57 06 96 66
RCS : 389 058 447 Bobigny
www.alstom.com

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Management report on condensed interim consolidated financial statements,
Half-year ended 30 September 2024




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1. Main events of half-year ended 30 September 2024


1.1. Execution of Alstom deleveraging plan



On 23 May 2024, Alstom successfully placed an issuance of €750 million in principal amount of subordinated perpetual
securities. The bonds bear a fixed rate coupon of 5.868% per annum for the first 5.25 years and a resettable rate every
5 years thereafter. As of 30 September 2024, these securities are classified in Equity (see Financial Statement Note
16.3).

In June 2024, Alstom completed a share capital increase with shareholder’s preferential subscription rights in an
amount of €1 billion (see Financial Statement Note 16.1).

These proceeds were used to repay financial debt during the first semester:
• Repayment of Neu CP of €1,033 million;
• Repayment of RCF drawings of €175 million;
• Increase in cash and cash equivalents for the remaining amount.
Alstom terminated its €2.25 billion credit facility agreement on settlement of the share capital increase.



1.2. Sale of North American Signalling Business to Knorr-Bremse AG



On 30 August 2024, Alstom sold its North American conventional signalling business to Knorr-Bremse AG, following
the binding agreement signed on 19 April 2024, for a total amount of $689 million. The goodwill allocated to the
entities part of the transaction amounts to €298 million.

The gain arising from the sale net of the costs to sell stood at €18 million recognized in Other income associated with
a positive impact on Investing cash flows of €630 million including fees paid.



1.3. One Alstom team - Agile, Inclusive and Responsible



More than ever, decarbonization is at the heart of Alstom’s strategy. The Group is reducing its own direct and indirect
emissions (Scope 1 & 2) and is also committed to work with suppliers and customers (Scope 3) to contribute to Net
Zero carbon in the mobility sector. Thus, Alstom has signed a collaboration agreement with green steel supplier SSAB
which will support the objective of recycled content materials in projects.

The Group confirmed its ambitious commitment to use 100% of electricity from renewable energy sources by end of
2025, as part of its global initiative to reduce its environmental footprint. At the end of September 2024, the supply of
electricity from renewable sources reached 79% thanks to new green certificates used in Canada on sites as La Pocatière
and Saint Bruno and in Australia. In addition, Alstom continues installation of solar panels on relevant sites.

Alstom’s Corporate Social Responsibility performance is regularly evaluated by various rating agencies; the Group
maintained its presence among the CAC40 ESG index for the 4th consecutive year. Alstom strongly improved its scoring
to ECOVADIS questionnaire with a score of 86/100, complemented by a “Platinum” distinction, ranking Alstom in the
top 1% of the most engaged companies in environmental, sustainable procurement, ethics, human rights, and social


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terms. Alstom kept an AA score with the MSCI agency and is part of the 2024 Global 100 ranking from Corporate
Knights. Those results reflect its strong position and strategy on Sustainability.



1.4. Key figures for Alstom in the first half of fiscal year 2024/25



Group’s key performance indicators for the first half of fiscal year 2024/25:


% Variation
Sep. 24/ Sep. 23
Half-Year ended Half-Year ended

30 September 2024 30 September 2023 Actual
(in € million)
(1)
Orders Received 10,950 8,446 30%
Sales 8,775 8,443 4%
Adjusted Gross Margin before PPA & impairment (1) 1,228 1,165 5%
(1)
aEBIT 515 438 18%
(1)
aEBIT % 5.9% 5.2%
EBIT before PPA & impairment (1) 382 275
(4)
EBIT 199 91
Adjusted Net Profit (1)(2) 224 174
(3)
Net Profit (Loss) - Group share 53 1
(1)
Free Cash Flow (138) (1,119)
% Variation
Sep. 24/ Mar. 24
Half-Year ended Year ended

30 September 2024 31 March 2024 Actual
(in € million)
Orders Backlog 94,369 91,900 3%
(1)
Gross Margin % on backlog 17.8% 17.5%
Capital Employed (1) 11,868 11,627
(1)
Net Cash/(Debt) (927) (2,994)
Equity 10,503 8,778
(1) Non - GAAP. See definition in section 10
(2) Based on Net profit from continuing operations, excluding amortisation expenses of the purchase price allocation, net of corresponding tax
(3) Incl. Net profit from discontinued operations and excl. non-controlling interests
(4) Excl. PPA from joint ventures reported as share in net income of equity investees



The aEBIT as a percentage of sales has progressed from 5.2% over the first semester of 2023/24 to 5.9% over the first
semester of 2024/25, benefiting from an increased volume for 20bps, a favourable mix for 5bps, industrial efficiencies
for 15bps as well as the reduction of Selling and Administrative costs for 35bps, partly offset by scope impact for
negative (5)bps.




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1.5. Organic growth


For comparison purposes, the above-mentioned figures can be adjusted for foreign exchange variation resulting from
the translation of the original currency to Euro. The below tables show the conversion of prior year actual figures to a
like-for-like set of numbers:

Half-Year ended
30 September 2024 Half-Year ended 30 September 2023 Sep. 24/ Sep. 23
Exchange rate
Actual Actual Comparable % Var % Var
and scope
(in € million) figures figures figures Actual Org.
impact
Orders Received 10,950 8,446 (26) 8,420 30% 30%
Sales 8,775 8,443 (132) 8,311 4% 6%

Half-Year ended
30 September 2024 Year ended 31 March 2024 Sep. 24/ Mar. 24

Actual Actual Exchange rate Comparable % Var % Var
(in € million) figures figures impact figures Actual Org.

Orders Backlog 94,369 91,900 (455) 91,445 3% 3%




The reported figures for orders received and sales of the first half of fiscal year 2023/24, and the backlog of
31 March 2024 have been restated to account for September 2024 exchange rates. This restatement revealed an
appreciation of the Euro against several currencies within the Alstom portfolio for orders and sales in the first half of
2023/24, as well as for the backlog as of 31 March 2024.

• Orders received have been affected by an unfavourable translation effect, primarily due to the depreciation of
the Philippine Peso (PHP), Brazilian Real (BRL), Indian Rupee (INR), and Romanian Leu (RON) against the
Euro (EUR). This unfavourable translation effect was partially mitigated by the appreciation of the Polish Zloty
(PLN) and the British Pound (GBP) against the Euro (EUR).

• Sales were mainly impacted by the depreciation of the Egyptian pound (EGP), Brazilian Real (BRL) Mexican
pesos (MXN) and Indian Rupee (INR) against the Euro (EUR), mitigated in part by the appreciation against
British Pound (GBP). In addition to exchange rates variances, sales had also been restated of scope impact
from Spanish joint-ventures and disposal of US signalling activities.

• Backlog was impacted by an unfavourable translation effect driven by the depreciation of the Mexican pesos
(MXN), the Kazakhstan tenge (KZT) and the US dollar (USD) against the Euro (EUR). This unfavourable
translation effect was partly offset by the appreciation of the South African rand (ZAR) against the Euro
(EUR).



1.6. Changes in consolidation scope



There are no significant changes in the consolidation scope between 31 March 2024 and 30 September 2024, other
than the sale of the North American Signalling Business (see section 1.2).




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2. 2024/25 fiscal year outlook


Alstom has the following forecasts for the full 2024/25 fiscal year:

• Book to bill above 1
• Sales organic growth: around 5%
• aEBIT margin around 6.5 %
• Free Cash Flow generation within the €300 million to €500 million range


Underlying outlook assumptions
The forecasts for the fiscal year ending 31 March 2025 presented above have been prepared in accordance with the
accounting policies applied in the consolidated financial statements of the Company for the fiscal year ended 31 March
2024. The adjusted EBIT margin and free cash flow are defined in section 10 “Definitions of non-GAAP financial
indicators”.

These forecasts are based on Alstom’s scope of consolidation and on foreign exchange rates available as of 31 March
2024. They are based on the following principal assumptions:



Alstom internal assumptions
• Fiscal year 2024/25 commercial activity will be fostered by market momentum resulting in an increase of the
volume of orders received in Alstom’s key activities and regions compared to the previous fiscal year.

• Sales improvement in the fiscal year 2024/25 as compared to the fiscal year 2023/24 will primarily come
from the execution of the orders backlog.

• Adjusted EBIT margin improvement compared to the fiscal year 2023/24 will stem from several factors.
Alstom will benefit from an increase in the volume of activity and will decrease the contribution of non-
performing contracts to overall sales. This positive mix effect is explained by the progress of non-performing
contracts and their replacement by contracts with higher margin. In parallel, Alstom will generate savings
thanks to the overhead cost reduction plan and will maintain a strict monitoring of research and development
costs.

• Standardisation of engineering tools and processes together with design to cost, and optimisation of Alstom’s
footprint both for engineering and manufacturing, will support the improvement of Alstom’s overall
performance. In addition, digital transformation, combined with effective discipline in overhead cost
management and in indirect procurement, will contribute to the improvement of the adjusted EBIT margin
while the integration of Bombardier will end in fiscal year 2024/25.


• Improved cash generation in fiscal year 2024/25 as compared to the fiscal year 2023/24 will mainly come
from accelerated deliveries and working capital management, while the 2024/25 downpayments level shall
remain consistent with 2023/24 level.


• Balance sheet inorganic deleveraging plan - as described in the Universal Registration Document 2023/24
chapter 2.9 Subsequent events – has been fully executed in fiscal year 2024/25. See section 1.1 (“Execution
of Alstom deleveraging plan”).



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Macro-economic assumptions

• They exclude any major variations in currency exchange rates of the main countries outside of the Euro-zone
in which the Group generates its revenues, compared to the rates in effect as of 31 March 2024.

• They assume an overall stable environment in areas where Alstom operates or delivers products.

• They assume stabilisation of inflation at levels lower than in 2022 and 2023 in line with inflation forecasts
from external agencies (IMF and ECB).



Disclaimer
The above summary of the Group’s outlook 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 uncertainties (such as those described in the chapter 4
of the Universal Registration Document 2023/24 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 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.



The Group has updated its capital allocation priorities
• Priority to deleveraging and maintaining Investment Grade rating
• Dividends policy to be re-evaluated once zero net financial debt is reached
• M&A policy:
o Pursue bolt-on acquisitions (Innovation, Digital, Services)
o Dynamic portfolio management




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3. Commercial performance


In the first half of fiscal year 2024/25, the Group experienced notable commercial success, particularly in Europe and
across various product lines, with a strong emphasis on Rolling Stock, Services, and Signalling. The order intake
amounted to €10.9 billion, reflecting a 30% increase from €8.4 billion in the corresponding period of fiscal year 2023/24.
This growth is largely attributed to the following award of the €3.6 billion S-Bahn Cologne contract.

% Variation
Geograp h ic b reakdown Sep . 24/ Sep . 23
Actual figures Half-Year en ded % of Half-Year en ded % of
Actual Organ ic
(in € million) 30 Sep temb er 2024 contrib 30 Sep temb er 2023 contrib
Europe 8,511 78% 5,232 62% 63% 62%
Americas 887 8% 1,456 17% (39%) (39%)
Asia/Pacific 1,022 9% 1,723 21% (41%) (40%)
Africa/Middle East/Central Asia 530 5% 35 0% 1415% 1415%
ORDERS BY DESTINATION 10,950 100% 8,446 100% 30% 30%


% Variation
Product b reakdown Sep . 24/ Sep . 23
Actual figures Half-Year en ded % of Half-Year en ded % of
Actual Organ ic
(in € million) 30 Sep temb er 2024 contrib 30 Sep temb er 2023 contrib
Rolling stock 4,415 40% 3,818 45% 16% 16%
Services 4,111 38% 2,141 26% 92% 92%
Systems 443 4% 1,548 18% (71%) (71%)
Signalling 1,981 18% 939 11% 111% 111%
ORDERS BY DESTINATION 10,950 100% 8,446 100% 30% 30%



In Europe, Alstom achieved an order intake of €8.5 billion during the first half of fiscal year 2024/25, compared to €5.2
billion for the same period in the previous fiscal year.

In Germany, Alstom was awarded a contract to supply 90 Adessia StreamTM commuter trains to the local rail passenger
transport authorities, go.Rheinland and Verkehrsverbund Rhein-Ruhr (VRR), for operation within the S-Bahn Cologne
network. This contract also encompasses a long-term full-service agreement lasting 34 years.

Additionally, the Group entered into a framework agreement with Hamburger Hochbahn AG to provide up to 374 new
metro trains and innovative signalling technology, with the first call-off under this agreement for the initial section of
the U5 line valued at approximately €670 million.

In France, Alstom will supply 12 Avelia Horizon™ very high-speed trains to Proxima, a newly established private
operator. This marks a turning point for the French railway market, as it opens for the first time in history the Atlantic
coast lines to a private operator. Avelia Horizon reduces operating costs compared to other high-speed trains. The train
has fewer bogies, which account for 30% of the cost of preventive maintenance. With the largest passenger capacity
in the market, Avelia Horizon offers great level of service and comfort, and consequently lowers operating costs per
seat. As part of this contract, Alstom will also provide maintenance for 15 years, offering operational performance while
optimizing the residual value to meet Proxima’s specific needs. The total value of this order is nearly €850 million.

In Italy, the Group received a contract from Mercitalia Rail for the supply of 70 Traxx TM Universal locomotives, along
with 12 years of comprehensive maintenance services. This contract is valued at over €323 million and includes the
option to deliver an additional 30 locomotives and extend the maintenance services.




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Last year's performance in Europe was predominantly driven by significant orders from customers in Germany, France,
Romania, and Italy.

In the Americas, Alstom reported an order intake of €0.9 billion, compared to €1.5 billion during the same period of
the previous fiscal year, driven by the awarding of several small contracts. Last year’s performance in the Americas
was largely influenced by two significant contracts: one for the Southeastern Pennsylvania Transportation Authority
(SEPTA) and the other for the Connecticut Department of Transportation (CTDOT).

In Asia/Pacific, the order intake reached €1 billion, as compared to €1.7 billion over the same period last fiscal year.
In Australia, Alstom in partnership with DT Infrastructures has been awarded by the Public Transport Authority of
Western Australia (PTA) a contract to provide the design, supply, construction, installation, testing, commissioning and
maintenance of high capacity signalling technology for Perth’s suburban rail network. Alstom’s contract share is valued
at approximately €0.7 billion.

Last year’s performance in Asia/Pacific was driven by significant contracts with the North South Commuter Railway
project (NSCR) in Philippines and with the Department of Transport Victoria in Australia.

In Africa/Middle East/Central Asia, the Group reported €0.5 billion order intake driven by a new services contract
from an undisclosed customer, as compared to €35 million over the same period last fiscal year.



Alstom received the following major orders during the first half of fiscal year 2024/25:


Country Product Description

Australia Signalling Design and Supply of high capacity signalling technology for Perth’s suburban rail
network, as well as associated maintenance.

Austria Signalling Upgrade of 449 vehicles with the latest onboard signalling system (ETCS) for the
Austrian Federal Railways (ÖBB). The project will last until 2030 with a first call-off
comprising 195 trains.

France Rolling stock / Supply of 12 Avelia Horizon very high-speed trains to Proxima and provide 15 years of
Services maintenance.

Germany Rolling stock / Supply of Adessia Stream commuter train with the associated maintenance for 34
Services years.

Germany Rolling stock / Supply for fully and semi-automated metro trains for Hamburg and equip the 25 km
Signalling long and fully automated new metro line U5 with the innovative train-centric CBTC
system Urbalis.

Italy Rolling Stock Supply of Intercity trains

Italy Rolling Stock Supply of 70 Traxx Universal locomotives for Mercitalia Rail, along with 12 years of full
maintenance services.

South-Africa Services Supply locomotives maintenance

UK Rolling Stock / 10 new nine-car Aventra trains for Transport for London’s Elizabeth line, along with
Services associated maintenance until 2046.


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4. Backlog


As of 30 September 2024, the backlog stood at €94.4 billion, providing the Group with strong visibility over future
sales. This represents a 3% increase on both an actual basis and on an organic basis as compared to
31 March 2024. The increase of backlog is mostly driven by a favourable book-to-bill ratio of 1.25.

The depreciation of several currencies against the Euro (EUR) since March 2024, mainly the Mexican peso (MXN) and
the US dollar (USD) in Americas, the Kazakhstan tenge (KZT) in Africa/Middle East/Central Asia, negatively impacted
backlog for a total amount of €0.5 billion. This mainly affected the backlog of systems and services products.


Actual figures Half-Year ended % of Year ended % of

30 September 2024 contrib 31 March 2024 contrib
(in € million)
Europe 57,176 60% 52,381 57%
Americas 11,175 12% 12,775 14%
Asia/Pacific 13,058 14% 13,390 15%
Africa/Middle East/Central Asia 12,960 14% 13,354 14%
BACKLOG BY DESTINATION 94,369 100% 91,900 100%


Product breakdown
Actual figures Half-Year ended % of Year ended % of

30 September 2024 contrib 31 March 2024 contrib
(in € million)
Rolling stock 41,398 44% 41,215 45%
Services 36,242 38% 34,257 37%
Systems 8,080 9% 8,682 10%
Signalling 8,649 9% 7,746 8%
BACKLOG BY DESTINATION 94,369 100% 91,900 100%




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5. Income statement


5.1. Sales



Alstom’s sales amounted to €8.8 billion for the first half of fiscal year 2024/25, representing a growth of 3.9% on an
actual basis and 5.6% on an organic basis as compared to Alstom sales in the same period last fiscal.
% Variation
Geograp h ic b reakdown Sep . 24/ Sep . 23
Actual figures Half-Year en ded % of Half-Year en ded % of
30 Sep temb er 30 Sep temb er Actual Organ ic
contrib contrib
(in € million) 2024 2023
Europe 4,911 56% 4,875 58% 1% 1%
Americas 1,813 21% 1,664 20% 9% 16%
Asia/Pacific 1,312 15% 1,165 14% 13% 14%
Africa/Middle East/Central Asia 739 8% 739 8% (0)% 3%
SALES BY DESTINATION 8,775 100% 8,443 100% 4% 6%

% Variation
Product b reakdown Sep . 24/ Sep . 23
Actual figures Half-Year en ded % of Half-Year en ded % of
30 Sep temb er 30 Sep temb er Actual Organ ic
contrib contrib
(in € million) 2024 2023
Rolling stock 4,531 52% 4,463 53% 2% 2%
Services 2,197 25% 1,986 23% 11% 12%
Systems 800 9% 751 9% 7% 14%
Signalling 1,247 14% 1,243 15% 0% 3%
SALES BY DESTINATION 8,775 100% 8,443 100% 4% 6%



In Europe, sales surpassed €4.9 billion, accounting for 56% of the Group’s total sales and representing an increase of
1% on an actual basis. It was mainly driven by the continued execution of large rolling stock contracts, including the
Coradia StreamTM trains in the Netherlands, the Regio 2N regional trains, the Avelia TM high-speed trains for SNCF as
well as EMU trains for the Paris Metro for RATP in France, the Coradia Stream TM regional trains for Trenitalia in Italy
and the double-deck M7-type multifunctional coaches for SNCB in Belgium. The ramp-up of Systems contracts in
France has also been a strong contributor to this growth. On the other hand, large Rolling Stock contracts such as ICx
trains in Germany & Aventra programme in the United Kingdom are close to completion, therefore generating lower
level of sales as compared to the same period last year.

In Americas, sales stood at €1.8 billion, accounting for 21% of the Group’s sales and representing an increase of 9%
compared to last year on an actual basis. The strong growth was mainly driven by the ramp up in the Latin Americas,
in particular Tren Maya project for the National Fund for the Promotion of Tourism in Mexico together with the
MetropolisTM trains for São Paulo Metropolitan Train System in Brazil . The projects of San Francisco Bart, Amtrak
high-speed trains in the United States and the light metro system for REM in Canada all remain key sales contributors
within the North America region.

In Asia/Pacific, sales amounted to €1.3 billion, accounting for 15% of the Group’s sales and representing an increase
of 13% compared to last year on an actual basis. Growth was delivered across all the product lines, especially Rolling
Stock, and was driven by the continuous ramp-up of the production of the Alstom MoviaTM cars for LTA Singapore and
the VLocityTM regional trains for The Department of Transport (DoT) in Victoria in Australia.



12
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In Africa/Middle East/Central Asia, sales stood at €0.7 billion, contributing to 8% to the Group’s total sales
representing low single digit growth on an organic basis. The rolling stock contract for the X’Trapolis TM Mega commuter
trains in South Africa as well as the PrimaTM freight locos for Kazakh Railways and Azerbaijan Railways, are the main
sales contributors within the region.



5.2. Research and development



As of 30 September 2024, research and development gross costs amounted to €(326) million, i.e. 3.7% of sales,
reflecting the Group’s continuous investment in innovation to develop smarter and greener mobility solutions, in line
with the Alstom In Motion strategy which is based on three pillars: Autonomous mobility, Data factory and Mobility
orchestration. Net R&D amounted to €(256) million before PPA amortisation.


Half-Year ended Half-Year ended

30 September 2024 30 September 2023
(in € million)
R&D Gross costs (326) (330)
R&D Gross costs (in % of Sales) 3.7% 3.9%
Funding received (1) 43 56
Net R&D spending (283) (274)
Development costs capitalised during the period 83 70
(2)
Amortisation expense of capitalised development costs (56) (50)
R&D expenses (in P&L) (256) (254)
R&D expenses (in % of Sales) 2.9% 3.0%
(1) Financing received includes public funding amounting to €33 million at 30 September 2024, compared to €34 million at 30 September 2023.
(2) For the fiscal period ended 30 September 2024, excluding €(28) million of amortisation expenses of the PPA of Bombardier Transportation,
compared to €(30) million at 30 September 2023.


Alstom Rolling Stock Product Line is addressing major developments. Homologation tests of Avelia Horizon™ are
planned in 2024 to enable a start of revenue service in 2025 for SNCF in France. A new order for 12 trains based on
the same product has been received from Proxima. This world’s only double-deck train running at over 300km/h will
allow higher flexibility in configuration, reduce operating costs, weight and energy consumption, while providing larger
capacity and higher level of services and comfort. In parallel, the development of international configurations is
ongoing. Alstom has also launched the development of Avelia stream™, addressing the high-speed single deck
segment.
The replacement of our existing range of commuter trains by Adessia™ has been launched to address the U.K., Germany
and the 15kV network, and the U.S. markets. This new product range will enhance the passenger experience and tackle
operational challenges in terms of energy efficiency and maintenance operations.
Alstom has also further extended the Coradia stream™ range with longer cars and 15kV traction chains (primarily in
Germany). This range will also include BEMU (Battery Electric) version.
Furthermore, large gauge Metropolis™ is being redesigned with a focus on energy efficiency and manufacturability to
better address the Indian market.

Alstom Services Product Line is focused on addressing green, sustainable and more efficient operation concepts. Green
re-tractioning initiatives can be adapted to any rolling stock and address different technological solutions.
Building on our recent plans to operate passenger train service in the UK for the first time, the new offering for open
access operations aim to broaden our portfolio of services in the passenger transport market.


13
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In addition to the HealthHub™ solution, now implemented on projects, Alstom continues to enhance innovative digital
solutions dedicated to operation and maintenance activities to optimise reliability and availability while maximising the
useful life of components for sustainability improvement.

Alstom Signalling Product Line has continued working on Onvia Control™ L2 convergence with its introduction on
German market, and on Onvia Cab™ level 2 and level 3 on-board solutions together with Automatic Train Operation.
Alstom continued developing CBTC solutions Urbalis Fluence™ (e.g., Hamburg DT6/U5 Paris Nexteo, Paris L18, Torino
L1), Urbalis Forward™ (e.g., Perth, Bangalore) and Urbalis Flo™ (e.g., Jeddah APM, Tampa APM, Las Vegas APM) for
metros and tramways, and Urbalis Vision Forward™ for Operational Control Centres, maximising traffic fluidity and
orchestrating operations remotely.
Alstom Signalling also plays a key role in the System and Innovation Pillar by defining a harmonised functional
architecture for the rail system including migration paths and regulatory framework as well as contributing to several
flagship projects: MOTIONAL (FP1), R2DATO (FP2) and FUTURE (FP6).

Alstom Innovations has continued to develop Autonomous Mobility solutions for Passengers & Freight trains and had
successful remote driving tests and autonomous driving & perception demonstrated with LNVG during the Innotrans
press tour organized by ALTOM.
Alstom Innovations continues to investigate on various fields : Alstom relies heavily on Artificial Intelligence for various
applications such as predictive maintenance, autonomous systems, and operational efficiency ; Alstom uses simulations
to provide an accessible and controlled environment to test and validate new technologies and systems before they are
deployed in real-world scenarios ; or another innovative proposal , named “ Animal Repellent”, tested in Sweden with
Trafikverket, aims to prevent animal collisions based on picture analytics AI algorithms and tailored repellent noise.
Alstom has also made great strides in developing a new SaaS platform that will enhance its global digital offering. The
platform streamlines applications integration and deployment in a trusted and future-proof ecosystem. The platform's
data exchange and sharing capabilities not only provide enhanced value for Alstom’s customers, but also enable Alstom
to explore new data-driven use cases and analysis, facilitating integration of new digital services throughout the project
lifetime.
Among many different use cases on data-driven features being developed, the one on analysing the quality of train
services to ground communication is key : any lack of real-time radio communication between the train and the back-
office signalling system can cause stoppages and disruptions (e.g. through the use of EB, or Emergency Brakes),
causing operational delays. To understand the reasons for EBs if any, and anticipate radio issues, Alstom has developed
Radioscopy, an AI-based solution, designed to monitor and diagnose issues on CBTC networks. Until now, the solution
has been successfully deployed on six different projects, improving radio reliability.



5.3. Operational performance



The aEBIT as a percentage of sales has progressed from 5.2% over the first semester of 2023/24 to 5.9% over the first
semester of 2024/25, benefiting from an increased volume for 20bps, a favourable mix for 5bps, industrial efficiencies
for 15bps as well as the reduction of Selling and Administrative costs for 35bps, partly offset by scope impact for
negative (5)bps.

Selling and Administrative costs as a percentage of sales represented 6.0% for the group as compared to 6.4% on an
actual basis last year, benefiting from the implementation of the S&A cost efficiency plan initiated during the second
half of fiscal year 2023/24.


14
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Over the period, the contribution resulting from the inclusion of the share in net income of the equity-accounted
investments whose activity are considered as part of the operating activities of the Group amounted to €71 million,
increasing from the €65 million reported in the same period last fiscal year, benefiting from strong performance of joint
ventures. The contribution from CASCO Signal Limited joint venture and Alstom Sifang (Qingdao) Transportation Ltd.
amounted to €31 million and €20 million respectively, compared to €30 million and €13 million respectively in the
same period last year. The contribution of the remaining joint ventures amounted to €20 million, as compared to €22
million in the same period last year.



5.4. From adjusted EBIT to adjusted net profit



During the first half of fiscal year 2024/25, Alstom recorded €21 million capital gains mainly related to divesture of the
North American conventional signalling business for €18 million and the sale of land in a German site for €3 million.

Integration costs & others before impairment of tangible assets related to PPA amounted to €(82) million, consisting
of costs related to the integration of Bombardier Transportation for an amount of €(51) million, €(7) million of legal
fees in the context of Bombardier Transportation’s integration remedies, €(6) million related to other legal proceedings,
€(11) million of consequential impacts from saving plan initiated in Germany, and other exceptional expenses for €(7)
million. Overall, Alstom’s other income/ expenses for the first half of fiscal year 2024/25 amounted to €(62) million, a
€36 million decrease in comparison to the same period last fiscal year.

Taking into consideration restructuring and rationalisation charges, capital gains on disposal of business, integration
costs, impairment loss & others, Alstom’s EBIT before amortisation and impairment of assets exclusively valued when
determining the purchase price allocation (“PPA”) stood at €382 million. This compares to €275 million in the same
period last fiscal year.

Net financial expenses of the period amounted to €(107) million as compared to €(98) million in the same period last
fiscal year, driven by lower net interest expenses due to the execution of the deleverage plan offset by adverse FX
Forward Points and other costs.

The Group recorded an income tax charge of €(81) million in the first half of fiscal year 2024/25, corresponding to an
effective tax rate before PPA of 37%, compared to €(28) million for the same period last fiscal year and an effective tax
rate of 25%. The effective tax rate has increased temporarily due to non-cash write down of some deferred tax assets
in certain countries. Consistently with medium term plan, the structural Effective Tax Rate estimated remains at around
27%.

The share in net income from equity investments amounted to €60 million – excluding the amortisation of the purchase
price allocation (“PPA”) mainly from Chinese joint ventures of €(6) million –, compared to €53 million in the same
period last fiscal year, with strong performances from CASCO joint venture as well as Alstom Sifang (Qingdao)
Transportation Ltd. and Jiangsu Alstom NUG Propulsion System Co. Ltd.

Net profit attributable to non-controlling interest totalled €10 million, compared to €12 million in the same period last
fiscal year.

Adjusted net profit, representing the group’s share of net profit from continued operations excluding PPA and
impairment net of tax, amounts to €224 million for the first half of fiscal year 2024/25. This compares to an adjusted
net profit of €174 million in the same period last fiscal year.




15



5.5. From adjusted net profit to net profit



During the first half of fiscal year 2024/25, amortisation & impairment of assets exclusively valued when determining
the purchase price allocation (“PPA”) in the context of business combination amounted to €(189) million before tax,
stable compared to the same period last year. Positive tax effect associated with the PPA amounts to €20 million,
compared to €16 million last fiscal year.

The Group’s share of net profit from continued operations (Group share), including net effect from PPA after tax for
€(169) million, stood at €55 million, compared to €1 million in the same period last fiscal year.

The net profit from discontinued operations for the first half of fiscal year 2024/25 is €(2) million. As a result, the
Group’s Net profit (Group share) stood at €53 million for the first half of fiscal year 2024/25, compared to €1 million
in the same period last fiscal year.




16



6. Free cash-flow




(1) Does not include restructuring provisions changes and corporate tax changes - see definition in section 10 (“Definitions of non-GAAP financial
indicators").

The Group’s Free Cash Flow stands at €(138) million for the first half of fiscal year 2024/25 as compared to €(1,119)
million during the same period last fiscal year.

Cash generation was impacted by an unfavourable €(420) million change in working capital compared to €(1,375)
million in the same period last fiscal year; mostly due to the trade working capital built up by €(435) million, impacted
by the seasonal increase in inventory levels notably to prepare the higher production in the second semester.
Additionally, the Contract Working Capital has improved by €15 million compared to €(645) million in the same period
last fiscal year. This evolution is due to continued industrial activity, project working capital phasing and supported by
the level of downpayments received over the first half of fiscal year 2024/25.

Funds from Operations stand at €282 million, compared to €256 million in the same period last fiscal year, mainly
driven by the improved EBIT before PPA of €382 million compared to €275 million in the same period last fiscal year
and partially offset by an increase in capital expenditure.

Depreciation and amortisation excluding PPA amounted to €234 million (€417 million including PPA) compared to
€211 million in the same period last fiscal year (€395 million including PPA). Right-of-use assets amortisation
amounted to €71 million compared to the €61 million for first half of the last fiscal year.

JV dividends amounted to €92 million compared to €106 million, including receipts as per plan for the first half.

In the first half of 2024/25 fiscal year, Alstom spent €(131) million in capital expenditures excluding R&D, as compared
to €(86) million in the same period last fiscal year. The Capex program was focused on Capacity & projects investments
mainly in France, Europe and United States as well as developing further the industrial base in best cost countries as
Poland, Romania & Kazakhstan. Furthermore, Alstom continued to invest in energy savings & safety, supporting the
Company’s target in reducing its CO2 emission.




17



7. Net Cash/(debt)


At 30 September 2024, the Group recorded a net debt position of €(927) million (see section 10.9), compared to the
€(2,994) million net cash balance that was reported on 31 March 2024. The €2,067 million reduction is driven by the
execution in Q1 of deleveraging plan for € 2,321 million including capital increase, issuance of subordinated perpetual
securities and disposal of business and Free Cash Flow consumption of €(138) million. It is also impacted by €(4)
million dividend pay-out, €(82) million lease, and €(31) million other items including FX and remedies.

Alstom has successfully executed its deleverage plan resulting in the termination of a €2.25 billion credit facility
agreement as announced previously.

In addition to its available cash and cash equivalents, amounting to €1,789 million at 30 September 2024, the Group
benefits from strong liquidity with:

• €1.75 billion short term Revolving Credit Facility maturing in January 2027;
• €2.5 billion Revolving Credit Facility maturing in January 2029.

At 30 September 2024, both Revolving Credit Facility lines remained undrawn.

As per Group’s conservative liquidity policy, the €2.5 billion Revolving Credit Facility serves as a back-up of the Group
€2.5 billion NEU CP program in place.



8. Equity


The Group Equity on 30 September 2024 amounted to €10,503 million (including non-controlling interests), from
€8,778 million on 31 March 2024, impacted by:
• Net profit/(loss) of €63 million (Group share);
• Capital subscription of €999 million (€986 million net including fees);
• Subordinated perpetual securities of €750 million (€738 million net including fees);
• OCI on Derivatives and Pension net of tax of €(23) million;
• Currency translation adjustment of €(18) million.



9. Subsequent events


On 2 October 2024, Alstom management announced to the European employee representatives a project to strengthen
the structural transformation of the German industrial footprint to size it to the medium and long-term Group ambitions
in this country. This project will encompass several initiatives of which a reduction of the rolling stock capabilities in
several sites, including the closure of one site, a deployment of additional capabilities for the growth of Services and
D&IS business, and a plan to adjust headcount in White-Collar functions.




18



10. Non-GAAP financial indicators definitions


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



10.1. 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.



10.2. Book-to-bill



The book-to-bill ratio is the ratio of orders received to the amount of sales traded for a specific period.



10.3. 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.



10.4. 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.




19



10.5. Adjusted EBIT and EBIT before PPA



10.5.1. Adjusted EBIT



Adjusted EBIT (“aEBIT”) is a KPI that presents the level of recurring operational performance. This KPI is also aligned
with market practice and comparable to the Group’s direct competitors.

Since September 2019, Alstom has opted for the inclusion of the share in net income of the equity-accounted
investments into the aEBIT even though this component is part of the operating activities of the Group (because there
are significant operational flows and/or common project execution associated 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 significant, “one-off” exceptional item that is not expected to occur again in subsequent years.

Adjusted EBIT margin corresponds to Adjusted EBIT expressed as a percentage of sales.



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

The non-GAAP measure aEBIT and EBIT before PPA KPI reconcile with the GAAP measure EBIT as follows:
Half-Year ended Half-Year ended

30 September 2024 30 September 2023
(in € million)
Sales 8,775 8,443
Adjusted Earnings Before Interest and Taxes (aEBIT) 515 438
aEBIT (in % of Sales) 5.9% 5.2%
Capital Gains / (losses) on disposal of business 21 1
Restructuring and rationalisation costs (1) (7)
Integration costs, impairment and other (82) (92)
Reversal of Net Interest in Equity Investees pick-up (71) (65)
EARNING BEFORE INTEREST AND TAXES (EBIT) BEFORE PPA & IMPAIRMENT 382 275
(1)
PPA amortisation & impairment (183) (184)
EARNING BEFORE INTEREST AND TAXES (EBIT) 199 91
(1) Gross amount before tax excl. PPA from joint ventures reported as share in net income of equity investees

20



10.6. Adjusted net profit



The “Adjusted Net Profit” KPI restates Alstom’s net profit from continued operations (Group share) to exclude the
impact of amortisation of assets exclusively valued when determining the PPA in the context of business combination,
net of the corresponding tax effect.
Adjusted net profit reconciles with the GAAP measure Net profit from continued operations attributable to equity
holders (Net profit from continued operations – Group share) as follows:

Half-Year ended Half-Year ended

30 September 2024 30 September 2023
(in € million)
Adjusted Net Profit 224 174
Amortization & impairment of assets valued when determining the purchase price allocation (169) (173)
NET PROFIT (LOSS) FROM CONTINUED OPERATIONS (GROUP SHARE) 55 1



10.7. 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.

A reconciliation of Free Cash Flow and net cash provided by operating activities is presented below:

Half-Year
Year ended
ended
30 September 30 September
(in € million) 2024 2023
Net cash provided by / (used in) operating activities 72 (967)
Of which operating flows provided / (used) by discontinued operations
Capital expenditure (including capitalised R&D costs) (214) (156)
Proceeds from disposals of tangible and intangible assets 4 4
FREE CASH FLOW (138) (1,119)


Alstom uses the Free Cash Flow both for internal analysis purposes as well as for external communication as the Group
believes it provides accurate insight into the actual amount of cash generated or used by operations.

During the first half of fiscal year 2024/25, the Group Free Cash Flow was at €(138) million compared to €(1,119)
million in the same period last fiscal year.



10.8. Capital employed



Capital employed corresponds to assets minus liabilities, each defined as follows:

• Assets: sum of goodwill, intangible assets, property, plant and equipment, equity-accounted investments and
other investments, other non-current assets (other than those related to financial debt and to employee

21



defined benefit plans), inventories, costs to fulfil a contract, contract assets, trade receivables and other
operating assets;

• Liabilities: sum of non-current and current provisions, contract liabilities, trade payables and other operating
liabilities.

At the end of September 2024, capital employed stood at €11,868 million, from €11,627 million on 31 March 2024.



Half-Year Year en ded

30 Sep temb er 31 March
2024 2024
(in € million)
Non current assets 16,137 16,243
less deferred tax assets (772) (673)
(1)
less non-current assets directly associated to financial debt (85) (115)
Capital employed - non current assets (A) 15,280 15,455
Current assets 17,804 16,319
less cash & cash equivalents (1,789) (976)
less other current financial assets (1) (71) (40)
Capital employed - current assets (B) 15,944 15,303
Current liabilities 18,491 19,611
less current financial debt (46) (1,316)
plus non current lease obligations 592 471
less other obligations associated to financial debt (181) (174)
plus non current provisions 500 539
Capital employed - liabilities (C) 19,356 19,131
CAPITAL EMPLOYED (A)+(B)-(C) 11,86 8 11,6 27
(1) Adjusted with the deposit for NMTC loan for €26 million as per Financial Statement Note 20




10.9. Net cash/(debt)



The net cash/(debt) is defined as cash and cash equivalents, marketable securities and other current financial asset,
less borrowings. On 30 September 2024, the Group recorded a net cash level of €(927) million, as compared to the net
cash position of €(2,994) million on 31 March 2024.

Half-Year ended Year ended
30 September
31 March 2024
(in € million) 2024
Cash and cash equivalents 1,789 976
(1)
Other current financial assets 71 40
Other non current assets
less:
Current financial debt 46 1,316
Non current financial debt 2,741 2,694
NET CASH/(DEBT) AT THE END OF THE PERIOD (927) (2,994)
(1) Adjusted with the deposit for NMTC loan for €26 million as per Financial Statement Note 20




22



10.10. Organic basis



Management report on condensed interim consolidated financial statements include KPIs 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.



10.11. Sales by Currency
Half-Year ended
30 septembre 2024 as a
% of Sales
Currencies
EUR 47.1%
GBP 9.3%
USD 8.9%
AUD 4.9%
CAD 4.7%
INR 4.4%
MXN 3.4%
ZAR 3.1%
SEK 2.8%
BRL 1.9%
SGD 1.6%
KZT 1.4%
Currencies below 1% of sales 6.4%




23



10.12. Adjusted income statement, EBIT and Adjusted Net Profit



This section presents the reconciliation between the consolidated income statement and the MD&A management view.


(in € million) Total Adjustments Total
Consolidated Consolidated
Financial Financial
Statements (1) (2) Statements
(GAAP) (MD&A view)

30 September 2024
Sales 8,775 8,775
Cost of Sales (7,702) 155 (7,547)
(1)
Adjusted Gross Margin before PPA & impairment 1,073 155 - 1,228
R&D expenses (284) 28 (256)
Selling expenses (180) - (180)
Administrative expenses (348) - (348)
Equity pick-up - 71 71
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
(1) non-GAAP indicator, see definition in section 10



Adjustments 30 September 2024:
(1) Impact of business combinations: amortisation of assets exclusively valued when determining the PPA, including
net income of equity accounted investments, and including corresponding tax effect;
(2) Reclassification of share in net income of the equity-accounted investments when these are considered to be part
of operating activities of the Group (see section 10.5.1. “Adjusted EBIT”)




24



(in € million) Total Adjustments Total
Consolidated Consolidated
Financial Financial
Statements (1) (2) Statements
(GAAP) (MD&A view)

30 September 2023
Sales 8,443 8,443
Cost of Sales (7,432) 154 (7,278)
(1)
Adjusted Gross Margin before PPA & impairment 1,011 154 - 1,165
R&D expenses (284) 30 (254)
Selling expenses (180) - (180)
Administrative expenses (358) - (358)
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
(1) non-GAAP indicator, see definition in section 10



Adjustments 30 September 2023:
(1) Impact of business combinations: amortisation of assets exclusively valued when determining the PPA, including
net income of equity accounted investments, and including corresponding tax effect;
(2) Reclassification of share in net income of the equity-accounted investments when these are considered to be part
of operating activities of the Group (see section 10.5.1. “Adjusted EBIT”)




25



10.13. From Enterprise Value to Equity Value


Half-Year ended Half-Year ended

30 September 2024 30 September 2023
(in € million)
Total Gross debt, incl. lease obligations (1) 3,473 4,897
Pensions liabilities net of prepaid and deferred tax asset related to pensions (2) 770 632
Non controlling interest (3) 110 104
Cash and cash equivalents (4) (1,789) (826)
Oher current financial assets (4) (71) (59)
Other non-current financial assets (5) (85) (55)
Net deferred tax liability / (asset) (6) (680) (493)
Investments in associates & JVs, excluding Chinese JVs (7) (112) (110)
Non-consolidated Investments (8) (75) (75)
Bridge 1,541 4,015




(1) Long-term and short-term debt and Leases (Financial Statement Note 20), excluding the lease to a London metro
operator for €87 million due to matching financial asset (Financial Statement Notes 14 and 20)
(2) As per Financial Statement Note 22 net of €63 million 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 €(26) million (Financial Statement Note
20)
(5) Other non-current assets as per balance sheet – excluding assets related to pension for €341 million and long
term contract receivables for €114 million and the deposit for NMTC deposit for €26 million
(6) Deferred Tax Assets and Liabilities – as per balance sheet, net of €63 million of deferred tax allocated to accruals
for employees benefit costs
(7) JVs – to the extent they are not included in the share in net income of the equity-accounted investments whose
activity are considered as part of the operating activities of the Group / FCF, ie excluding Chinese JVs
(8) Non-consolidated investments as per balance sheet




26



10.14. Bombardier Transportation PPA amortisation plan



This section presents the annual amortisation plan of the Purchase Price Allocation of Bombardier Transportation.

Half-Year ended

30 September 2024
(in € million)
Amortisation Plan, as per P&L booking (1) (3,146)
2021 (71)
2022 (428)
2023 (436)
2024 (357)
2025 (371)
2026 (264)
2027 (213)
2028 (203)
2029 (166)
2030 (139)
2031 (107)
2032 (97)
2033 (95)
2034 (47)
Beyond (151)
(1) Excludes PPA other than related to the purchase of Bombardier Transportation.



10.15. Contract & Trade Working Capital


This section defines the Contract & Trade Working Capital and reconciles with Financial Statement Note 15:

Half-Year
Year ended
ended
30 September
31 March 2024
2024
Inventories 4,204 3,818
Trade Payables (3,474) (3,444)
Trade Receivables 3,093 2,997
Other Assets / Liabilities (1) (1,630) (1,705)
Trade Working Capital 2,193 1,666
Contract Assets 5,476 4,973
Contract Liabilities (8,538) (7,995)
Current Provisions (1,583) (1,612)
Contract Working Capital (4,645) (4,634)
Corporate Tax (112) (128)
Restructuring (230) (261)
Published Working Capital (2,794) (3,357)
(1) Other Assets / Liabilities mainly include the impact of the sale of the fleet of trains (see Financial Statement Note 12).




27



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 contractual, hence not included in Project Working
Capital. It includes:

• Inventories

• Trade Receivables

• Trade Payables

• Other elements of Working Capital defined as the sum of Other Current Assets/Liabilities and Non-Current
provisions



10.16. Funds From Operations


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



10.17. EBITDA before PPA + 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.




28





Condensed interim consolidated financial
statements

30 September 2024




29



INTERIM CONSOLIDATED INCOME STATEMENT



Half-year ended
At 30 September
Note At 30 September 2023
(in € million) 2024
Sales (4) 8,775 8,443
Cost of sales (7,702) (7,432)
Research and development expenses (5) (284) (284)
Selling expenses (180) (180)
Administrative expenses (348) (358)
Other income/(expense) (6) (62) (98)
Earnings Before Interests and Taxes 199 91
Financial income (7) 24 26
Financial expense (7) (131) (124)
Pre-tax income 92 (7)
Income Tax Charge (8) (81) (28)
Share in net income of equity-accounted investments (13) 54 48
Net profit (loss) from continuing operations 65 13
Net profit (loss) from discontinued operations (9) (2) -
NET PROFIT (LOSS) 63 13
Net profit (loss) attributable to equity holders of the parent 53 1
Net profit (loss) attributable to non controlling interests 10 12
Net profit (loss) from continuing operations attributable to:
• Equity holders of the parent 55 1
• Non controlling interests 10 12
Net profit (loss) from discontinued operations attributable to:
• Equity holders of the parent (2) -
• Non controlling interests - -


Earnings (losses) per share (in €)
• Basic earnings (losses) per share (10) 0.10 0.00
• Diluted earnings (losses) per share (10) 0.10 0.00




The accompanying notes are an integral part of the condensed interim consolidated financial statements.




30



INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Half-year ended
At 30 September
Note
(in € million) 2024 At 30 September 2023
Net profit (loss) recognised in income statement 63 13
Remeasurement of post-employment benefits obligations (22) 10 (52)
Equity investments at FVOCI (13)/(14) - (2)
Income tax relating to items that will not be reclassified to profit or loss (8) (4) 7
Items that will not be reclassified to profit or loss 6 (47)
Fair value adjustments on cash flow hedge derivatives (11) (3)
Costs of hedging reserve (25) 35
Currency translation adjustments (*) (21) 67
Income tax relating to items that may be reclassified to profit or loss (8) 11 (10)
Items that may be reclassified to profit or loss (46) 89
of which from equity-accounted investments (13) (5) (5)
TOTAL COMPREHENSIVE INCOME 23 55
Attributable to:
• Equity holders of the parent 10 44
• Non controlling interests 13 11
Total comprehensive income attributable to equity shareholders arises
from:
• Continuing operations 12 44
• Discontinued operations (2) -
Total comprehensive income attributable to non controlling interests
arises from:
• Continuing operations 12 10
• Discontinued operations 1 1

(*) Includes currency translation adjustments on actuarial gains and losses for €(2) million as of 30 September 2024 (€8 million as of 30 September
2023).


The accompanying notes are an integral part of the condensed interim consolidated financial statements.




31



INTERIM CONSOLIDATED BALANCE SHEET

Assets

(in € million) Note At 30 September 2024 At 31 March 2024
Goodwill (11) 9,091 9,093
Intangible assets (11) 2,108 2,268
Property, plant and equipment (12) 2,658 2,756
Investments in joint-venture and associates (13) 867 882
Non consolidated investments 75 74
Other non-current assets (14) 566 497
Deferred Tax (8) 772 673
Total non-current assets 16,137 16,243
Inventories (15) 4,204 3,818
Contract assets (15) 5,476 4,973
Trade receivables 3,093 2,997
Other current operating assets (15) 3,197 3,515
Other current financial assets (18) 45 40
Cash and cash equivalents (19) 1,789 976
Total current assets 17,804 16,319
Assets held for sale (1)/(9) - 691
TOTAL ASSETS 33,941 33,253



Equity and Liabilities

(in € million) Note At 30 September 2024 At 31 March 2024

Equity attributable to the equity holders of the parent (16) 10,393 8,672
Non controlling interests 110 106
Total equity 10,503 8,778
Non current provisions (15) 500 539
Accrued pensions and other employee benefits (22) 959 946
Non-current borrowings (20) 2,741 2,694
Non-current lease obligations (20) 592 471
Deferred Tax (8) 155 91
Total non-current liabilities 4,947 4,741
Current provisions (15) 1,583 1,612
Current borrowings (20) 46 1,316
Current lease obligations (20) 181 174
Contract liabilities (15) 8,538 7,995
Trade payables 3,474 3,444
Other current liabilities (15) 4,669 5,070
Total current liabilities 18,491 19,611
Liabilities related to assets held for sale (1)/(9) - 123
TOTAL EQUITY AND LIABILITIES 33,941 33,253



The accompanying notes are an integral part of the condensed interim consolidated financial statements.




32
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INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS




Half-year ended
At 30 September At 30 September
(in € million) Note
2024 2023
Net profit (loss) 63 13
Depreciation, amortisation and impairment (11)/(12) 418 395
Expense arising from share-based payments 13 16
Cost of net financial debt and costs of foreign exchange hedging, net of interest paid
17 (11)
and received (a), and other changes in provisions
Post-employment and other long-term defined employee benefits 14 -
Net (gains)/losses on disposal of assets (17) (3)
Share of net income (loss) of equity-accounted investments (net of dividends
(13) 38 58
received)
Deferred taxes charged to income statement (26) (43)
Net cash provided by operating activities - before changes in working capital 520 425
Changes in working capital resulting from operating activities (b) (15) (448) (1,392)
Net cash provided by/(used in) operating activities 72 (967)
Of which operating flows provided / (used) by discontinued operations - -
Proceeds from disposals of tangible and intangible assets 4 4
Capital expenditure (including capitalised R&D costs) (214) (156)
Increase/(decrease) in other non-current assets (14) 6 8
Acquisitions of businesses, net of cash acquired (2) (10) (9)
Disposals of businesses, net of cash sold 628 -
Net cash provided by/(used in) investing activities 414 (153)
Of which investing flows provided / (used) by discontinued operations (9) (4) (5)
Capital increase/(decrease) including non controlling interests 982 -
Issuance /(repayment) of subordinated perpetual securities (16) 745 -
Coupons paid on subordinated perpetual securities (16) (11) -
Dividends paid including payments to non controlling interests (4) (46)
Changes in current and non-current borrowings (20) (1,240) 1,197
Changes in lease obligations (20) (82) (72)
Changes in other current financial assets and liabilities (20) (3) 30
Net cash provided by/(used in) financing activities 387 1,109
Of which financing flows provided / (used) by discontinued operations - -
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 873 (11)
Cash and cash equivalents at the beginning of the period 976 826
Net effect of exchange rate variations (37) 11
Other changes (13) (25) -
Transfer to assets held for sale 2 -
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (19) 1,789 826
(a) Net of interests paid & received (37) (60)
(b) Income tax paid (105) (73)


The accompanying notes are an integral part of the condensed interim consolidated financial statements.




33





INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY




Equity
attributable
Actuarial to the
Number of Additional Subordinated gains Cash- Currency equity Non
outstanding paid-in perpetual Retained and flow translation holders of controlling Total
(in € million, except for number of shares) shares Capital capital securities earnings losses hedge adjustment the parent interests equity
At 31 March 2023 380,453,454 2,663 5,445 - 1,134 406 (1) (650) 8,997 105 9,102
Movements in other comprehensive
- - - 23 (40) (3) 63 43 (1) 42
income
Net income for the period - - - 1 - - - 1 12 12
Total comprehensive income - - - 24 (40) (3) 63 44 11 55
Change in controlling interests and others - - - (1) - - (1) (2) (1) (3)
Dividends convertible into share 2,435,803 17 41 - (58) - - - - - -
Dividends paid in cash - - - (37) - - - (37) (11) (48)
Capital increase by issuance of new
- - - - - - - - - -
shares
Issue of ordinary shares under long term
1,401,811 10 - - (10) - - - - - -
incentive plans
Recognition of equity settled share-based
- - - 16 - - - 16 - 16
payments
At 30 September 2023 384,291,068 2,690 5,486 - 1,067 366 (4) (588) 9,017 104 9,121
Movements in other comprehensive
- - - (16) (94) 7 67 (36) (4) (40)
income
Net income for the period - - - (310) - - - (310) 18 (291)
Total comprehensive income - - - (326) (94) 7 67 (346) 15 (331)
Change in controlling interests and others - - - (3) - - 1 (2) 1 (1)
Dividends convertible into share - - - - - - - - - -
Dividends paid in cash - - - (1) - - - (1) (14) (15)
Capital increase by issuance of new
- - - - - - - - - -
shares
Effect of the change of method relating to
- - - - - - - - - -
employee benefits
Issue of ordinary shares under long term
- - - - - - - - - -
incentive plans
Recognition of equity settled share-based
- - - 3 - - - 3 - 3
payments
At 31 March 2024 384,291,068 2,690 5,486 - 741 272 3 (520) 8,672 106 8,778
Movements in other comprehensive
- - - (20) 3 (8) (18) (43) 3 (41)
income
Net income for the period - - - 53 - - - 53 10 63
Total comprehensive income - - - 33 3 (8) (18) 10 13 23
Change in controlling interests and others - - - (26) - - - (26) - (26)
Dividends convertible into share - - - - - - - - (7) (7)
Dividends paid in cash - - - - - - - - - (0)
Capital increase by issuance of new
76,858,213 538 392 - 56 - - - 986 - 986
shares
Issue of subordinated perpetual securities - - 750 (4) - - - 746 - 746
Coupon paid on subordinated perpetual
- - - (8) - - - (8) - (8)
securities
Issue of ordinary shares under long term
360,304 3 - - (3) - - - (1) - (1)
incentive plans
Recognition of equity settled share-based
- - - 13 - - - 13 - 13
payments
At 30 September 2024 461,509,585 3,230 5,878 750 803 275 (5) (538) 10,393 110 10,503




The accompanying notes are an integral part of the condensed interim consolidated financial statements.




34
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NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS



A. MAJOR EVENTS AND CHANGES IN SCOPE OF CONSOLIDATION 36
Note 1. Major events 36
Note 2. Changes in consolidation scope 36
B. ACCOUNTING POLICIES AND USE OF ESTIMATE 37
Note 3. Accounting policies 37
C. SEGMENT INFORMATION 38
Note 4. Segment information 38
D. OTHER COMPONENTS OF INCOME STATEMENT 39
Note 5. Research and development expenditure 39
Note 6. Other income and expenses 40
Note 7. Financial income and expenses 41
Note 8. Taxation 41
Note 9. Financial statements of discontinued operations and assets held for sale 42
Note 10. Earnings (losses) per share 43
E. NON-CURRENT ASSETS 43
Note 11. Goodwill and intangible assets 43
Note 12. Property, plant and equipment 44
Note 13. Investments in Joint Ventures and Associates 45
Note 14. Other non-current assets 47
F. WORKING CAPITAL 47
Note 15. Working Capital 47
G. EQUITY AND DIVIDENDS 49
Note 16. Equity 49
Note 17. Distribution of dividends 50
H. FINANCING AND FINANCIAL RISK MANAGEMENT 51
Note 18. Other current financial assets 51
Note 19. Cash and cash equivalents 51
Note 20. Financial debt 51
Note 21. Financial instruments and financial risk management 52
I. POST-EMPLOYMENT AND OTHER LONG-TERM DEFINED EMPLOYEE BENEFITS 53
Note 22. Post-employment and other long-term defined employee benefits 53
J. CONTINGENT LIABILITIES AND DISPUTES 54
Note 23. Disputes 54
K. OTHER NOTES 63
Note 24. Related parties 63
Note 25. Subsequent events 63
Note 26. Scope of consolidation 64




35



Alstom is a leading player in the world rail transport industry. As such, the Company offers a complete range of
solutions, including rolling stock, systems, services as well as signalling for passenger and freight railway
transportation. It benefits from a growing market with solid fundamentals. The key market drivers are urbanisation,
environmental concerns, economic growth, governmental spending, and digital transformation.

In this context, Alstom has been able to develop both a local and global presence that sets it apart from many of its
competitors, while offering proximity to customers and great industrial flexibility. Its range of solutions, one of the most
complete and integrated on the market, and its position as a technological leader, place Alstom in a unique situation
to benefit from the worldwide growth in the rail transport market. Lastly, in order to generate profitable growth, Alstom
focuses on operational excellence and its product mix evolution.

The condensed interim consolidated financial statements are presented in euro and have been authorised for issue by
the Board of Directors held on 13 November 2024.



A. MAJOR EVENTS AND CHANGES IN SCOPE OF CONSOLIDATION


NOTE 1. MAJOR EVENTS

Execution of Alstom deleveraging plan

On 23 May 2024, Alstom successfully placed an issuance of €750 million in principal amount of subordinated perpetual
securities. The bonds bear a fixed rate coupon of 5.868% per annum for the first 5.25 years and a resettable rate every
5 years thereafter. As of 30 September 2024, these securities are classified in Equity (See Note 16.3).

In June 2024, Alstom completed a share capital increase with shareholder’s preferential subscription rights in an
amount of €1 billion (See Note 16.1).

These proceeds were used to repay financial debt during the first semester:
• Repayment of Neu CP of €1,033 million;
• Repayment of RCF drawings of €175 million;
• Increase in cash and cash equivalents for the remaining amount.
Alstom terminated its €2.25 billion credit facility agreement on settlement of the share capital increase.



Sale of North American Signalling Business to Knorr-Bremse AG

On 30 August 2024, Alstom sold its North American conventional signalling business to Knorr-Bremse AG, following
the binding agreement signed on 19 April 2024, for a total amount of $689 million. The goodwill allocated to the
entities part of the transaction amounts to €298 million.

The gain arising from the sale net of the costs to sell stood at €18 million recognized in Other income (see Note 6)
associated with a positive impact on Investing cash flows of €630 million including fees paid.




NOTE 2. CHANGES IN CONSOLIDATION SCOPE

There are no significant changes in the consolidation scope between 31 March 2024 and 30 September 2024, other
than the sale of the North American Signalling Business (see Note 1).
36
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B. ACCOUNTING POLICIES AND USE OF ESTIMATE


NOTE 3. Accounting policies


3.1 Basis of preparation of the condensed interim consolidated financial statements

Alstom condensed interim consolidated financial statements, for the half year ended 30 September 2024, are presented
in millions of Euros and have been prepared:

• in accordance with the International Financial Reporting Standards (IFRS) and interpretations published by
the International Accounting Standards Board (IASB) and endorsed by the European Union and whose
application was mandatory at 1 April 2024 and in accordance with IAS 34, Interim Financial Reporting;
• using the same accounting policies and measurement methods as at 31 March 2024, with the exceptions of
changes required by the enforcement of new standards and interpretations presented here after and the
specific measurement methods of IAS 34 applied for the preparation of condensed interim consolidated
financial statements regarding estimate of tax expense (as described in Note 8) and Post-employment and
other long term employee defined benefits valuations (as described in Note 22).

The full set of standards endorsed by the European Union can be consulted at: http://www.efrag.org/Endorsement.


3.2 New standards and interpretations mandatorily applicable for financial periods beginning on 1 April 2024

Amendments that are applicable on 1 April 2024 and endorsed by European Union:
• Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier
Finance Arrangements;
• Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-
current, Classification of Liabilities as Current or Non-current – Deferral of Effective Date and Non-current
Liabilities with Covenants;
• Amendments to IFRS 16 Lease Liability in a Sale and Lease back.

All these amendments effective at 1 April 2024 for Alstom have no material impact on the Group’s interim consolidated
financial statements.


3.3 New standards and interpretations not yet mandatorily applicable


New standards and interpretations not yet endorsed by the European Union:
• Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (applicable
for annual periods beginning after 1 January 2025);
• Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (applicable for
annual periods beginning after 1 January 2026);
• IFRS 18 Presentation and Disclosure in Financial Statements (applicable for annual periods beginning after
1 January 2027).




37



The potential impacts of all those new pronouncements are currently being analyzed.




3.4 Amortisation of Purchase Price Allocation


The amortisation expense of assets exclusively acquired in the context of business combinations is accounted in costs
of sales for backlog, product and project, customer relationships, as well as property, plant and equipment in R&D costs
for acquired technology, and in share in net income of equity-accounted investment for investments in Joint Ventures
and Associates. The PPA amortisation impacting the pre-tax income (meaning cost of sales and R&D costs) amounts
to €(183) million at 30 September 2024, compared to €(185) million at 30 September 2023, while the PPA
amortisation impacting the share in net income of equity-accounted investment amounts to €(6) million at 30
September 2024, compared to €(5) million at 30 September 2023.




C. SEGMENT INFORMATION


NOTE 4. SEGMENT INFORMATION


The segment information issued to the Alstom Executive Committee, identified as the Group’s Chief Operating Decisions
Maker (CODM) presents Key Performance Indicators at Group level. Strategic decisions and resource allocation are
driven based on this reporting. The segment information has been adapted according to a similar method as those used
to prepare the consolidated financial statements.


Sales by product
Half-year ended
(in € million) At 30 September 2024 At 30 September 2023
Rolling stock 4,531 4,463
Services 2,197 1,986
Systems 800 751
Signalling 1,247 1,243
TOTAL GROUP 8,775 8,443




Sales by country of destination
Half-year ended
(in € million) At 30 September 2024 At 30 September 2023
Europe 4,911 4,875
of which France 1,443 1,237
Americas 1,813 1,664
Asia/Pacific 1,312 1,165
Africa/Middle-East /Central Asia 739 739
TOTAL GROUP 8,775 8,443




38





Backlog by product
Half-year ended
(in € million) At 30 September 2024 At 31 March 2024
Rolling stock 41,398 41,215
Services 36,242 34,257
Systems 8,080 8,682
Signalling 8,649 7,746
TOTAL GROUP 94,369 91,900


Backlog by country of destination
Half-year ended
(in € million) At 30 September 2024 At 31 March 2024
Europe 57,176 52,381
of which France 13,744 13,365
Americas 11,175 12,775
Asia/Pacific 13,058 13,390
Africa/Middle-East /Central Asia 12,960 13,354
TOTAL GROUP 94,369 91,900


Information about major customers
No external customer represents individually 10% or more of the Group’s consolidated sales.



D. OTHER COMPONENTS OF INCOME STATEMENT


NOTE 5. RESEARCH AND DEVELOPMENT EXPENDITURE


Half-year ended
(in € million) At 30 September 2024 At 30 September 2023
Research and development gross cost (326) (330)
Financing received (*) 43 56
Research and development spending, net (283) (274)
Development costs capitalised during the period 83 70
Amortisation expenses (**) (84) (81)
RESEARCH AND DEVELOPMENT EXPENSES (284) (284)

(*) Financing received includes public funding amounting to €33 million at 30 September 2024, compared to €34 million at 30 September 2023.

(**) For the first half-year ended 30 September 2024, including €(28) million of amortization expenses related to purchase price allocation compared
to €(30) million at 30 September 2023.


As of end of September 2024, Alstom Group invested €(326) million in Research and Developments, notably to develop:

• the very high-speed trains Avelia Horizon™;
• the Avelia streamTM ;
• Hydrogen and Battery shunter locomotives & freight locomotives;
• Coradia stream™ range including BEMU version;
• Citadis™ USA;
• Adessia™ commuter;

39



• TRAXX Multi-system 3 locomotives;
• MetropolisTM Large Gauge;
• Green re-tractioning initiatives (battery and hydrogen);
• digital solutions set, with for instance HealthHub™, to optimize reliability and availability while maximizing
the useful life of components for sustainability improvement;
• Onvia Control™ L2 A and Onvia Control™ L2 B pour Atlas ERTMS;
• Onvia Cab™ (for ETCS onboard.);
• CBTC solutions Urbalis Flo™, Urbalis Forward™ and Urbalis Fluence™;
• Urbalis Vision for Operational Control Centers Urbalis Vision Forward™;
• an Autonomous Mobility solution for Passengers & Freight trains, where Alstom had a successful GoA4
(Grade of Automation 4) test with SNCF under real mainline operating conditions;
• a new SaaS platform that will enhance the global digital offering;
• AI-driven solutions, as for example Radioscopy, to optimize radio communication;
• Autonomous Mobility solutions for Passengers & Freight trains.




NOTE 6. OTHER INCOME AND EXPENSES

Half-year ended
(in € million) At 30 September 2024 At 30 September 2023
Capital gains on disposal of business 21 1
Restructuring and rationalisation costs (1) (7)
Integration costs, impairment loss and other (82) (92)
OTHER INCOME / (EXPENSES) (62) (98)


As of 30 September 2024, capital gains are mainly related to the sale of North American Signalling Business to Knorr-
Bremse AG (see Note 1) for €18 million.

Over the period ended at 30 September 2024, Integration costs, impairment loss and other include mainly:

• €(51) million of integration costs related to Bombardier Transportation’s integration;

• €(13) million related to some legal proceedings (see Note 23) and other risks occurring outside the ordinary
course of business;

• €(18) million related to other exceptional expenses that are outside of the ordinary course of business by
nature, of which €(11) million of consequential impacts from savings plan initiated in Germany.




40



NOTE 7. FINANCIAL INCOME AND EXPENSES

Half-year ended
(in € million) At 30 September 2024 At 30 September 2023
Interest income 24 11
Interest expense on borrowings and on lease obligations (59) (71)
NET FINANCIAL INCOME/(EXPENSES) ON DEBT (35) (60)
Net gains/(losses) of foreign exchange hedging (4) 15
Net financial expense from employee defined benefit plans (16) (17)
Financial component on contracts (14) (9)
Other financial income/(expense) (38) (27)
NET FINANCIAL INCOME/(EXPENSES) (107) (98)
Total financial income 24 26
Total financial expense (131) (124)



Net financial income/(expenses) on debt is the cost of borrowings net of income from cash and cash equivalents. As
of 30 September 2024, interest income amounts to €24 million, representing mainly the remuneration of the Group’s
cash position over the period, while interest expenses amount to €(59) million including €(14) million of interest
expenses on lease obligations.

The net loss of foreign exchange hedging of €(4) million includes primarily the amortised cost of carry (forward points)
of foreign exchange hedging implemented to hedge the exposures in foreign currency arising from commercial contracts
and from hedging of intercompany financial positions.

The net financial expense from employee defined benefit plans of €(16) million represents the interest costs on
obligations net of interest income from fund assets calculated using the same discount rate.

The financial component of €(14) million comes from contracts with significant timing differences between cash
receipts from customers and revenue recognition, in accordance with IFRS 15.

Other net financial income/(expenses) of €(38) million include mainly bank and other fees of which a large part relates
to commitment fees paid on guarantee facilities, revolving facilities and bank fees on bonds.




NOTE 8. TAXATION

Group recorded an income tax charge of €(81) million in the first half of fiscal year 2024/25, corresponding to an
effective tax rate before PPA of 37%, compared to €(28) million for the same period last fiscal year and an effective tax
rate of 25%. The effective tax rate has increased temporarily due to non-cash write down of some deferred tax assets
in certain countries. Consistently with medium term plan, the structural Effective Tax Rate estimated remains at around
27%,

Due to its size, Alstom is in the scope of the Pillar two Model Rules as released by the OECD, introducing a minimum
corporate income tax rate of 15%. The enactment of the legislation in France did not result in a significant impact on
Group’s tax charge as at 30 September 2024.




41



NOTE 9. FINANCIAL STATEMENTS OF DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE


9.1 Discontinued Operations

The line “Net profit from discontinued operations”, recognised in the Interim Consolidated Income Statement, includes
the reassessment of liabilities related to the disposal of previous activities. Over the half year ended 30 September
2024, Alstom recognised a non-material loss.

Cash flows related to the disposal of previous activities arising from discontinued operations for the half year amounts
to €(4) million.


9.2 Assets held for sale

In accordance with IFRS5 principles, the assets and liabilities related to the North American Signalling Business were
reclassified as Assets/Liabilities held for sale on 31 March 2024.

The group of assets held for sale was sold at 30 August 2024, with a gross selling price of $689 million (see Note 1).

The overall impact of the assets/liabilities held for sale is presented in the table below:
(in € million) At 30 September 2024 At 31 March 2024
Goodwill & Intangible assets (*) - 357
Property, plant and equipment - 36
Other non-current assets - 28
Total non-current assets - 421
Inventories & Contract assets - 192
Trade receivables & other current assets - 78
Total current assets - 270
TOTAL ASSETS HELD FOR SALE - 691

(*) Of which €302 million of goodwill.



(in € million) At 30 September 2024 At 31 March 2024
Total non-current liabilities - 12
Current provisions & contract liabilities - 47
Trade payables & Other current liabilities - 64
Total current liabilities - 111
TOTAL LIABILITIES HELD FOR SALE - 123




42



NOTE 10. EARNINGS (LOSSES) PER SHARE



Half-year ended
(in € million) At 30 September 2024 At 30 September 2023
Net Profit (Loss) attributable to equity holders of the parent:
• From continuing operations 55 1
• From discontinued operations (2) -
EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 53 1
Coupons on subordinated perpetual securities (8) -
EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT AFTER COUPONS 45 1


Half-year ended
number of shares At 30 September 2024 At 30 September 2023
Weighted average number of ordinary shares used to calculate basic earnings
435,710,029 381,764,027
per share (*)
Effect of dilutive instruments other than bonds reimbursable with shares:
• Stock options and performance shares (LTI plan) 2,941,889 1,850,060
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES USED TO CALCULATE
DILUTED EARNINGS PER SHARES 438,651,918 383,614,087
(*) Consisting of 461,509,585 ordinary shares as of 30 September 2024 (see Note 16).


Half-year ended
(in €) At 30 September 2024 At 30 September 2023
Basic earnings (losses) per share 0.10 0.00
Diluted earnings (losses) per share 0.10 0.00
Basic earnings (losses) per share from continuing operations 0.11 0.00
Diluted earnings (losses) per share from continuing operations 0.11 0.00
Basic earnings (losses) per share from discontinued operations - -
Diluted earnings (losses) per share from discontinued operations - -




E. NON-CURRENT ASSETS


NOTE 11. GOODWILL AND INTANGIBLE ASSETS


11.1 Goodwill

Acquisition and Translation
adjustments on adjustments
preliminary and other
(in € million) At 31 March 2024 goodwill Disposals changes At 30 September 2024
GOODWILL 9,093 5 - (7) 9,091
Of which:
Gross value 9,093 5 - (7) 9,091
Impairment - - - - -


Goodwill, as well as Technology and Other Intangible Assets (Note 11.2) are reviewed for impairment at least once a
year and whenever events or circumstances indicate that it might be impaired.


The Group did not identify any triggering events and therefore no impairment test was deemed necessary on 30
September 2024.


43





11.2 Intangible assets

Other changes
Additions/ including
At 31 March amortisation / translation At 30
(in € million) 2024 impairment Decrease adjustments (*) September 2024
Development costs 1,839 83 (30) (47) 1,845
Other intangible assets 3,449 6 - (51) 3,404
Gross value 5,288 89 (30) (98) 5,249
Development costs (1,332) (56) 30 25 (1,333)
Other intangible assets (1,688) (180) - 60 (1,808)
Amortisation and impairment (3,020) (236) 30 85 (3,141)
Development costs 507 27 - (22) 512
Other intangible assets 1,761 (174) - 9 1,596
NET VALUE 2,268 (147) (13) 2,108

(*) Other changes including translation adjustments mainly triggered by the change in consolidation method for the joint ventures BTREN and IRVIA
in Spain (see Note 13).




NOTE 12. PROPERTY, PLANT AND EQUIPMENT

Other changes
Additions / including
At 31 March amortisation / translation At 30
(in € million) 2024 impairment Disposals adjustments (*) September 2024
Land 285 1 (1) (5) 280
Buildings 2,946 53 - (46) 2,953
Machinery and equipment 2,110 14 (24) 27 2,127
Constructions in progress 471 94 - (234) 331
Tools, furniture, fixtures and other (**) 432 180 (6) (71) 535
Gross value 6,244 342 (31) (329) 6,226
Land (13) - - - (13)
Buildings (1,600) (100) 2 54 (1,644)
Machinery and equipment (1,572) (60) 24 5 (1,603)
Constructions in progress (2) - - 1 (1)
Tools, furniture, fixtures and other (301) (24) 5 13 (307)
Amortisation and impairment (3,488) (184) 31 73 (3,568)
Land 272 1 (1) (5) 267
Buildings 1,346 (47) 2 8 1,309
Machinery and equipment 538 (46) - 32 524
Constructions in progress 469 94 - (233) 330
Tools, furniture, fixtures and other 131 156 (1) (58) 228
NET VALUE 2,756 158 - (256) 2,658

(*) At 30 September 2024, “Other changes” mainly include the impact of the sale of a fleet of trains which was put on lease during prior period, and
classified in Fixed Assets at 31 March 2024 for around €200 million.

(**) Variations in “Tools, furniture, fixtures and other” mainly include a €138 million right of use asset on the lease back contract that was signed
following the sale of a fleet of trains.

The commitments of purchasing fixed assets which are mainly composed of property, plant and equipment and
intangible assets amount to €48 million at 30 September 2024 (compared to €60 million at 31 March 2024).




44



Right-of-Use
Property, Plant and Equipment balances include Right-of-Use related to Leased Assets for the following amounts:
Other changes
Additions / including At 30
At 31 March amortisation / translation September
(in € million) 2024 impairment Decrease (*) adjustments 2024
Land 10 - (1) - 9
Buildings 776 46 (60) (4) 758
Machinery and equipment 36 2 (1) - 40
Tools, furniture, fixtures and other (**) 74 176 (7) (25) 218
Gross value 896 224 (69) (29) 1,025
Land (2) - 1 (1) (2)
Buildings (327) (56) 47 3 (334)
Machinery and equipment (16) (3) 1 (1) (20)
Tools, furniture, fixtures and other (35) (14) 7 - (42)
Amortisation and impairment (380) (73) 56 1 (398)
Land 8 - - (1) 7
Buildings 449 (10) (13) (1) 424
Machinery and equipment 20 (1) - (1) 20
Tools, furniture, fixtures and other 39 162 - (25) 176
NET VALUE 516 151 (13) (28) 627

(*) Decrease are included into the “Other changes including translation adjustments” flow of the Property, Plant and Equipment general table
above.

(**) Variations in “Tools, furniture, fixtures and other” mainly include a €138m right of use asset on the lease back contract that was signed following
the sale of a fleet of trains.



NOTE 13. INVESTMENTS IN JOINT VENTURES AND ASSOCIATES


Financial information
Share in equity Share of net income
At 30 September At 30 September At 30 September
(in € million) 2024 At 31 March 2024 2024 2023
Alstom Sifang (Qingdao) Transportation Ltd 219 200 20 12
Other Associates 309 340 35 36
Associates 528 540 55 48
Jiangsu Alstom NUG Propulsion System Co. Ltd 162 182 6 2
SpeedInnov JV 66 81 (14) (12)
BTREN Mantenimiento Ferroviario (*) 20 - 1 -
Other Joint ventures (*) 91 79 6 10
Joint ventures 339 342 (1) -
TOTAL 867 882 54 48

(*) The consolidation method of BTREN and IRVIA, two Spanish joint ventures that were previously consolidated through proportionate method,
was changed on the 1st of April 2024 into equity method following the loss of joint control by Alstom.




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Movements during the period
At 30 September
(in € million) 2024 At 31 March 2024
Opening balance 882 1,131
Share in net income of equity-accounted investments after impairment (*) 54 105
Dividends (92) (310)
Acquisitions (**) 1 17
Translation adjustments and other (***) 22 (61)
CLOSING BALANCE 867 882
(*) At 31 March 2024, excluding a net loss of €(122) million related to TMH disposal, €(17) million as presented in the Consolidated Income
Statement.
(**) Mainly related to capital increase in Speed Innov joint venture in October 2023.
(***) Translation adjustments and other impact is mainly due to the effect of the change in consolidation method of the two joint ventures BTREN
and IRVIA in Spain, from proportionate method into equity method for respectively €20 million and €6 million.


13.1 Alstom Sifang (Qingdao) Transportation LTD

The table below presents the management summarized financial information (at 100%) of Alstom Sifang (Qingdao)
Transportation Ltd at 30 September 2024:

Balance sheet
AST Ltd AST Ltd
(in € million) At 30 September 2024 At 31 March 2024
Non-current assets 225 225
Current assets 1,076 836
TOTAL ASSETS 1,301 1,061
Equity-attributable to the owners of the parent company 340 303
Current liabilities 961 758
TOTAL EQUITY AND LIABILITIES 1,301 1,061
Equity interest held by the Group 50% 50%
NET ASSET 171 152
Goodwill 35 35
Other (*) 13 13
CARRYING VALUE OF THE GROUP'S INTERESTS 219 200

(*) Correspond to the fair value of acquired assets calculated at the time of the Bombardier Transportation’s acquisition.



Income statement


AST Ltd AST Ltd
(in € million) Half year 30 September 2024 Half year 30 September 2023
Sales 444 292
Net income from continuing operations 40 24
Net income attributable to the owners of the parent company 40 24
Equity interest held by the Group 50% 50%
Share in the net income 20 12
GROUP'S SHARE IN THE NET INCOME 20 12




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13.2 Other associates

The Group’s investment in other associates comprises investment in CASCO, held by the Group at 49%, for €169 million
(of which €31 million of net profit), compared to €188 million (of which €62 million of net profit), at 31 March 2024,
as well as other associates which are not significant on an individual basis. On aggregate, the net carrying value of
Alstom’s Investment represents €309 million as of 30 September 2024 (€340 million as of 31 March 2024).


NOTE 14. OTHER NON-CURRENT ASSETS

At 30 September
(in € million) 2024 At 31 March 2024
Financial non-current assets associated to financial debt (*) 87 98
Long-term loans, deposits and other (**) 479 399
Other non-current assets 566 497
(*) These non-current assets relate to a long-term rental of trains and associated equipment to a London metro operator (see Note 20).
(**) Including NMTC programs implementation (see Note 20) and the pre-paid assets on pension amounting to €252 million at September 2024 vs
€231 million at 31 March 2024 (see Note 22).




F. WORKING CAPITAL


NOTE 15. WORKING CAPITAL

At 30 September
(in € million) 2024 At 31 March 2024 Variation
Inventories 4,204 3,818 386
Contract assets 5,476 4,973 503
Trade receivables 3,093 2,997 96
Other current operating assets / (liabilities) (1,472) (1,555) 83
Contract liabilities (8,538) (7,995) (543)
Provisions (2,083) (2,151) 68
Trade payables (3,474) (3,444) (30)
WORKING CAPITAL (2,794) (3,357) 563



Half-year ended at
(in € million) 30 September 2024
Working capital at the beginning of the period (3,357)
Changes in working capital resulting from operating activities 448
Changes in working capital resulting from investing activities (30)
Translation adjustments and other changes (*) 144
Total changes in working capital 563
Working capital at the end of the period (2,794)

(*) Translation adjustments and other changes mainly include the impact of the sale of the fleet of trains (see Note 12).




15.1 Inventories

(in € million) At 30 September 2024 At 31 March 2024

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Raw materials and supplies 3,033 2,824
Work in progress 1,209 1,047
Finished products 191 190
Inventories, gross 4,433 4,061
Raw materials and supplies (210) (208)
Work in progress (16) (32)
Finished products (3) (3)
Write-down (229) (243)
Inventories, net 4,204 3,818




15.2 Net contract Assets/(Liabilities)

At 30 September
(in € million) 2024 At 31 March 2024 Variation
Cost to fulfil a contract 49 52 (3)
Contract assets 5,427 4,921 506
Total contract assets 5,476 4,973 503
Contract liabilities (8,538) (7,995) (543)
Net contract Assets/(Liabilities) (3,062) (3,022) (40)




Net contract Assets/(Liabilities) include down payments as well as, in some specific cases, progress payments received
in exchange of irrevocable and unconditional payment undertakings issued by the customer. This transaction is
analyzed as an advance payment received on behalf of the customer under the rolling stock supply contract and it
amounts to €238 million at 30 September 2024 compared to €193 million at 31 March 2024.


15.3 Other current operating assets & liabilities

(in € million) At 30 September 2024 At 31 March 2024
Down payments made to suppliers 229 277
Corporate income tax 93 85
Other taxes 599 668
Prepaid expenses 209 138
Other receivables 381 397
Derivatives relating to operating activities 854 1,086
Remeasurement of hedged firm commitments in foreign currency 832 864
Other current operating assets 3,197 3,515



(in € million) At 30 September 2024 At 31 March 2024
Staff and associated liabilities 909 931
Corporate income tax 205 213
Other taxes 696 723
Deferred income 5 10
Trade payables with extended payment terms 232 285
Other payables 1,138 1,188
Derivatives relating to operating activities 846 1,011
Remeasurement of hedged firm commitments in foreign currency 638 709
Other current operating liabilities 4,669 5,070



Over the period ended 30 September 2024, the Group entered into agreements of assignment of receivables that lead
to the derecognition of tax receivables for an amount of €19 million. The total disposed amount outstanding at 30
September 2024 is €154 million compared to €176 million at 31 March 2024.


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Bombardier Transportation negotiated extended payment terms of 210 to 240 days after delivery with certain of its
suppliers, that have the possibility to early finance their receivables through a supply chain financing program supported
by third parties. Those third parties are not committed, and suppliers have the right to return to original payment terms
for future payables upon providing a minimum notice period. The Group considers that the balance of trade payables
supported by the supply chain financing program does not have the nature of a financial debt as the extension of the
payment terms are not contractually linked to the existence of the supply chain financing program. However, following
IFRIC Update issued in December 2020, the Group decided to present the amounts of trade payables supported by the
supply chain financing arrangement and exceeding regular payment terms on a dedicated line item of its balance sheet
in the other current liabilities.




15.4 Provisions

Translation At 30
At 31 March adjustments September
(in € million) 2024 Additions Releases Applications and other 2024
Warranties 631 86 (32) (44) (1) 640
Risks on contracts 981 78 (38) (76) (2) 943
Current provisions 1,612 164 (70) (120) (3) 1,583
Tax risks & litigations 135 9 (7) (4) (7) 126
Restructuring 261 4 (8) (26) - 231
Other non-current provisions 143 22 (15) (4) (3) 143
Non-current provisions 539 35 (30) (34) (10) 500
Total Provisions 2,151 199 (100) (154) (13) 2,083

Provisions for warranties relate to estimated costs to be incurred over the residual contractual warranty period.

Provisions for risks on contracts relate to provisions on contract losses and to commercial disputes and operating risks.

In relation to uncertain tax treatments and tax risks, the Group tax filings are subject to audit by tax authorities in most
jurisdictions in which the Group operates. These audits may result in assessment of additional taxes that are
subsequently resolved with the authorities or potentially through the courts. The Group believes that it has strong
arguments against the questions being raised, that it will pursue all legal remedies to avoid an unfavorable outcome
and that it has adequately provided for any risk that could result from those proceedings where it is probable that it
will pay some amounts. Following IFRIC 23 application in April 2019, it is reminded that liabilities for uncertainty over
income tax treatments are now presented as tax liabilities on the line corporate income tax in the other current
operating liabilities (see Note 15.3).

Restructuring provisions mainly derive from the implementation of the existing restructuring plans.

Other non-current provisions mainly relate to guarantees delivered or risks in connection with disposals, employee
litigations, commercial disputes, and environmental obligations.

The management identifies and analyses on a regular basis current litigations and other risks, using its best estimate
to assess, when necessary, provisions. These estimates take into account information available and different possible
outcomes. Main disputes are described in Note 23.



G. EQUITY AND DIVIDENDS

NOTE 16. EQUITY

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16.1 Capital



At 30 September 2024, the share capital of Alstom amounts to €3,230,567,095 consisting of 461,509,585 ordinary
shares with a par value of €7 each. Over the period, the weighted average number of ordinary shares amounts to
438,651,918 after the effect of all dilutive instruments.

During the period ended 30 September 2024:

• 76,858,213 ordinary shares were issued as part of the capital increase;

• 360,304 ordinary shares were issued under long term incentive plans.




16.2 Currency translation adjustment

As at 30 September 2024, the currency translation group reserve amounts to €(538) million.

The currency translation adjustment, presented within the consolidated statement of comprehensive income for €(18)
million, primarily reflects the effect of variations of British Pound (€24 million), Swiss Franc (€20 million), partially
offset by the Mexican Pesos (€(31) million), and Brazilian real (€(23) million) and Indian Rupee (€(16)) million, against
the Euro for the half-year ended 30 September 2024.


16.3 Subordinated perpetual securities

As highlighted in Note 1 Alstom issued in May 2024 subordinated perpetual securities amounting to €750 million, with
a coupon of 5.868% per annum for the first 5.25 years and a resettable rate every 5 years thereafter.

The subordinated perpetual securities issued by the Group include redemption options at Alstom’s initiative. These
options can be exercised after a minimum period of 5 years, and subsequently at each coupon date or in the event of
specific circumstances. The annual yield is fixed and reviewable according to contractual clauses.

Alstom is not obligated to make any payments due to contractual clauses allowing it to defer interest payments
indefinitely. However, these clauses require any deferred payments to be made if dividends are distributed. These
characteristics give Alstom an unconditional right to avoid paying cash or any other financial asset for the principal or
interest. As a result, and in line with IAS 32, these securities are classified as equity instruments, and any payment
made is accounted for as a deduction of equity.

The transaction costs related to this issuance amount to €5 million, and have been recorded in equity, in accordance
with IAS32. On 29 August 2024, the Group paid a first coupon of €11 million.




NOTE 17. DISTRIBUTION OF DIVIDENDS

No dividends have been distributed during the period.




50
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H. FINANCING AND FINANCIAL RISK MANAGEMENT

NOTE 18. OTHER CURRENT FINANCIAL ASSETS

As at 30 September 2024, other current financial assets comprise the positive market value of derivatives instruments
hedging financing activities.
(in € million) At 30 September 2024 At 31 March 2024
Derivatives related to financing activities and others 45 40
OTHER CURRENT FINANCIAL ASSETS 45 40




NOTE 19. CASH AND CASH EQUIVALENTS
(in € million) At 30 September 2024 At 31 March 2024
Cash 840 896
Cash equivalents 949 80
CASH AND CASH EQUIVALENT 1,789 976




In addition to bank open deposits classified as cash for € 840 million, the Group invests in cash equivalents:

• Bank term deposits that can be terminated at any time with less than three months notification period for an
amount of €145 million (€78 million at 31 March 2024);

• Euro money market funds for an amount of €804 million (€2 million at 31 March 2024) qualified as “monetary”
or “monetary short-term” under the French AMF classification.




NOTE 20. FINANCIAL DEBT


Cash
movements Non-cash movements
At 31 March Net cash Translation adjustments and At 30 September
(in € million) 2024 variation other (****) 2024
Bonds 2,634 - 2 2,636
Commercial paper program (NEU CP) 1,033 (1,033) - -
Bank debt & other financial debt (*) 277 (254) 56 79
Derivatives relating to financing activities 66 (7) (1) 58
Accrued interests and Other (**) - (14) 28 14
Borrowings 4,010 (1,308) 85 2,787
Lease obligations (***) 645 (82) 210 773
Total financial debt 4,655 (1,390) 295 3,560

(*) Includes New Markets Tax Credit (NMTC) 7-year $40 million loan (€35 million at end of September 2024) implemented during fiscal year
2021/22 and covered by a 7-year deposit of $29 million (€26 million at end of September 2024).

(**) Paid interests are disclosed in the net cash provided by operating activities part in the cash flow statement. Net interests paid and received
amount to €(23) million and those related to lease obligations amount to €(14) million.

(***) “Lease obligations” include obligations under long-term rental representing liabilities related to lease obligations on trains and associated
equipment for €250 million at 30 September 2024 and €98 million at 31 March 2024 (see also Note 12 and Note 14).

(****) “Translation adjustments and other” related to lease obligation is mainly due to the sale of a fleet trains that was partly leased back over the
period without any buy-back obligation.

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The financial debt’s variation over the period is mainly due to:

• The full repayment of the Negotiable European Commercial Papers under the group NEU CP program (from
€1,033 million in March 2024);

• The full repayment of the Revolving credit facility (from €175 million in March 2024).



The following table summarizes terms of the Group’s bond:
Initial Nominal Market value at
value (in € Maturity date Nominal Effective Accounting value at 30 September
million) (dd/mm/yy) interest rate interest rate 30 September 2024 2024
Alstom October 2026 700 14/10/2026 0.25% 0.38% 698 665
Alstom July 2027 500 27/07/2027 0.13% 0.21% 499 465
Alstom January 2029 750 11-01-2029 0.00% 0.18% 744 660
Alstom July 2030 700 27/07/2030 0.50% 0.62% 694 605
Total and weighted average rate 0.22% 0.35% 2,636 2,395




NOTE 21. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

The main categories of financial assets and financial liabilities of the Group and Financial Risk Management are
identical to those described in the consolidated financial statements at 31 March 2024.



Revolving Credit Facility
In addition to its available cash and cash equivalents, amounting to €1,789 million at 30 September 2024, the Group
benefits from strong liquidity with:

• €1.75 billion short term Revolving Credit Facility maturing in January 2027;

• €2.5 billion Revolving Credit Facility maturing in January 2029.

At 30 September 2024, both Revolving Credit Facility lines remained undrawn.

Alstom has successfully executed its deleverage plan resulting in the termination of a €2.25 billion credit facility
agreement as announced in Alstom FY 2023/24 annual results.

As per Group’s conservative liquidity policy, the €2.5 billion Revolving Credit Facility serves as a back-up of the Group
€2.5 billion NEU CP program in place.



Commercial obligations
Contractual obligations of the Group towards its customers may be guaranteed by bank bonds or insurance bonds.
Bank and insurance bonds may guarantee liabilities already recorded on the balance sheet as well as contingent
liabilities.

To issue these bonds, the Group relies on both uncommitted bilateral lines in numerous countries and a €12,7 billion
Committed Guarantee Facility Agreement (“CGFA”) with sixteen tier one banks allowing issuance until 22nd July 2025
of bonds with tenors up to 7 years. The CGFA has been further extended until 22 July 2026, with 15 banks for €12

52
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billion. This bilateral line contains a change of control clause, which may result in the program being suspended, in the
obligation to procure new bonds to replace outstanding bonds or to provide cash collateral, as well as early
reimbursement of the other debts of the Group, as a result of their cross-default or cross-acceleration provisions.

At 30 September 2024, the total outstanding bonding guarantees related to contracts from continuing operations,
issued by banks or insurance companies, amounted to €29.35 billion (€28.6 billion at 31 March 2024).

The available amount under the Committed Guarantee Facility Agreement at 30 September 2024 amounts to €4.1
billion (€4.1 billion at 31 March 2024).




I. POST-EMPLOYMENT AND OTHER LONG-TERM DEFINED EMPLOYEE BENEFITS
NOTE 22. POST-EMPLOYMENT AND OTHER LONG-TERM DEFINED EMPLOYEE BENEFITS

The net liability on post-employment and on other long-term employee defined benefits is calculated using the latest
valuation at the previous financial year closing date. Adjustments of actuarial assumptions are performed on main
contributing areas (United Kingdom, Germany, France, Switzerland, Sweden, Canada, and the US) if significant
fluctuations or one-time events have occurred during the 6 months period. The fair value of main plan assets was
reviewed at 30 September 2024.




Discount rates for main geographic areas (weighted average rates)
(en %) At 30 September 2024 At 31 March 2024
United Kingdom 5.15 5.00
Euro Zone 3.45 3.28
North America 5.00 5.07
Other 2.03 2.36


Movements of the period


At 30 September 2024, the net provision for post-employment benefits amounts to €(707) million (made up of €252
million of prepaid assets and other employee benefit costs (see Note 14) and €(959) million accrued pension and other
employee benefit costs) compared with €(715) million at 31 March 2024 (made up of €231 million of prepaid assets
and other employee benefit costs (see Note 14) and €(946) million accrued pension and other employee benefit costs).


The variation of actuarial gains and losses arising from post-employment defined benefit plans recognised in the Other
comprehensive income amounts to €(10) million for the half-year ended 30 September 2024 mainly due to negative
unbalanced evolution between decrease of fair value of plan assets and positive evolution of discount rates by
geographic areas.


Other variations in the period ended 30 September 2024 mainly arose from service costs related to defined benefits
and projections estimated in actuarial valuations performed at 31 March 2024.

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J. CONTINGENT LIABILITIES AND DISPUTES


NOTE 23. DISPUTES


23.1 Disputes in the Group’s ordinary course of business

The Group is engaged in several legal proceedings, mostly contract related disputes that have arisen in the ordinary
course of business.

These disputes, often involving claims for contract delays or additional work, are common in the areas in which the
Group operates, particularly for large long-term projects. The amounts in question, which can be substantial, are
claimed either from the Group alone or jointly with its consortium partners.

In some proceedings the amount claimed is not specified at the beginning of the proceedings. Amounts estimated in
respect of these litigations are taken into account in the estimate of margin at completion in case of contracts in
progress or included in provisions and other current liabilities in case of completed contracts when considered as reliable
estimates of probable liabilities. Actual costs incurred may exceed the amount of initial estimates because of a number
of factors including the inherent uncertainties of the outcome of litigation.




23.2 Disputes outside the Group’s ordinary course of business



Asbestos


Some of the Group’s subsidiaries are defendants in civil proceedings in relation to the use of asbestos, primarily in
France as well as in Spain, in the United Kingdom and in the United States of America. In France, these proceedings
are initiated by certain employees or former employees suffering from an occupational disease in relation to asbestos
with the aim of obtaining a court decision allowing them to obtain a supplementary compensation from the French
Social Security funds. In addition, employees and former employees of the Group not suffering from an asbestos related
occupational disease have started lawsuits before the French courts with the aim of obtaining compensation for
damages in relation to their alleged exposure to asbestos, including the specific anxiety damage.

While the outcome of the existing asbestos-related cases cannot be predicted with reasonable certainty, the Group
believes that these cases would not in the aggregate have any material adverse effect on its financial condition.




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Alleged anti-competitive activities



Brazil


In July 2013, the Brazilian Competition Authority (“CADE”) raided a number of companies involved in transportation
activities in Brazil, including the subsidiaries of Alstom and Bombardier Transportation, following allegations of anti-
competitive practices. After a preliminary investigation stage, CADE notified in March 2014 the opening of an
administrative procedure against several companies, of which the Alstom’s and Bombardier Transportation’s
subsidiaries in Brazil, and certain current and former employees of the Group. CADE ruled in July 2019 a financial fine
of BRL 133 million (approximately €22 million) on Alstom’s subsidiary in Brazil as well as a ban to participate in public
procurement bids in Brazil conducted by the Federal, State, and Municipal Public Administration over a period of 5
years. In parallel, CADE applied a financial penalty of BRL 23 million (approximately €4 million ) on Bombardier
Transportation’s subsidiary in Brazil (there is no ban to participate in public procurement bids in Brazil).

In September and December 2020, both Alstom and Bombardier Transportation’s subsidiaries in Brazil filed a lawsuit
before the Brasilia civil court aiming at suspending and ultimately cancelling the July 2019 ruling. Both subsidiaries
obtained an injunction to suspend the effects of the administrative ruling until a final judgment is issued on the merits.
The public prosecutor of the State of Sao Paulo launched in May 2014 a civil action against the Group’s subsidiaries in
Brazil, along with a number of other companies, in connection with a transportation project. The total amount asserted
against all companies was BRL 2.5 billion (approximately €413 million), excluding interest and possible third-party
damages. In December 2014, the public prosecutor of the State of Sao Paulo also initiated a lawsuit against Alstom’s
subsidiaries in Brazil, along with a number of other companies (including Bombardier Transportation’s local subsidiary)
related to alleged anti-competitive practices regarding the first phase of a train maintenance project, and in the last
quarter of 2016, regarding a second phase of the said maintenance project.

The Group’s subsidiaries are actively defending themselves against these two actions.

In case of proven illicit practices, possible sanctions can include the cancellation of the relevant contracts, a ban to
participate in public procurement bids in Brazil, the payment of compensatory damages, the payment of punitive
damages and/or the forced dissolution of the Brazilian subsidiaries involved.



Italy


On 23 June 2020, a series of searches and arrests were carried out by the Milan police under instructions of the Milan
Prosecution Office as part of a preliminary investigation into alleged bribes and bid rigging in connection with public
tenders for Azienda Transporte Milanesi (“ATM”), the municipal public transportation company and operator of the
Milan Subway. The investigation concerned at least seven companies and 28 individuals, including two current
employees and two former employees of Alstom Ferroviaria S.p.A (the “Alstom Italy Employees”).

The Prosecution Office alleged that the Alstom Italy Employees engaged in bid-rigging under Article 353 of the Italian
Criminal Code, including colluding with an employee of ATM to obtain confidential technical information in order to
secure an undue advantage in the tender process for a 2019 contract for the Milan subway. Alstom did not ultimately
submit a bid in respect of this contract. Alstom Ferroviaria S.p.A was initially also subject to investigation regarding

55
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alleged violation of Legislative Decree No. 231/2001 (“Decree 231/2001”) for not having implemented (or not having
efficiently applied) a system of control capable to avoid the commission by its employees of corruption. In connection
with its withdrawal of the bribery charges against the two employees in July 2022 (see below), the Public Prosecutor
issued a decree formally acquitting the Company from the charge of violating Decree 231/2001. Alstom conducted an
internal investigation into the allegations discussed above in coordination with external counsel and took certain interim
measures in response to the allegations of the Prosecution Office, in particular by suspending an employee of Alstom
Ferroviaria S.p.A (one of the two “former employees” referenced in this description).

In July 2022, the Prosecution Office (i) as noted above, withdrew the bribery charges against the individuals and hence
Alstom Ferroviaria S.p.A) and (ii) sought to indict the Alstom Italy Employees for bid rigging.

In November 2022, ATM and the Milan Municipality joined the proceedings as offended parties (“costituzione di parte
civile”). In 2023, the two former employees entered into a plea agreement (including a conviction). The wo current
employees continued their defense and moved to withdraw the bid rigging charges; their request is ending before the
court.



Spain


The Spanish Competition Authority (“CNMC”) opened a formal procedure end of August 2018 in connection with
alleged irregularities in public tenders with the Spanish Railway Infrastructures Administrator (“ADIF”) against eight
competing companies active in the Spanish signaling market including Bombardier European Investments, SLU (BEI)
and its parent company Bombardier Transportation (Global Holding) UK Limited, and Alstom Transporte SA and its
parent Alstom SA. The inclusion of the parent company is typical of European competition authorities at the early stage
of the proceedings. No Alstom or Bombardier managers were included in the file. In September 2020, the companies
obtained access to the Statement of Objections in which the CNMC discloses the evidence gathered against the various
participants in the alleged cartel in the Spanish signaling market.

Both Alstom and Bombardier have submitted their defense paper rejecting all of CNMC allegations on the basis of
absence of evidence.

The Sub-directorate of the CNMC submitted a Proposed Resolution end of March 2021 which both Alstom and
Bombardier rejected.

Both companies submitted their defense to the Council of the CNMC.

The Council of the CNMC ruled in September 2021 a financial fine of €22 million and €3.7 million on Alstom’s subsidiary
and Bombardier Transportation’s subsidiary in Spain respectively. The Council also ruled a ban to participate in public
procurement bids in Spain. The scope and duration of the ban to participate in public procurement both for Alstom’s
and Bombardier Transportation’s subsidiaries in Spain remain to be set by the State Public Procurement Advisory Board
(Junta Consultiva de Contratación Pública del Estado).

On 29 November and 7 December 2021 Alstom’s subsidiary and Bombardier Transportation’s subsidiary in Spain
respectively lodged an appeal against this ruling of the Council of the CNMC before the National High Court (“Audiencia
Nacional”). The Group believes that the grounds of appeal are solid. On 23 September 2022, Alstom’s subsidiaries in
Spain filed their respective statement of claim under the appeal proceedings which are ongoing.

In parallel to these appeals, Alstom’s and Bombardier Transportation’s subsidiaries in Spain have respectively requested
to the National High Court, as an interim measure, to suspend the implementation of the Council ruling regarding (i)


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the payment of the financial fine and (ii) the prohibition to tender in public procurement bids in Spain. On the 1 and
on the 14 February 2022 respectively, the National High Court accepted both requests for interim measures and
granted such suspension.



Pending investigations which relate to Bombardier Transportation


The matters described in this section relate to historical conduct involving Bombardier Transportation that occurred
prior its acquisition by Alstom.

As part of the terms of the acquisition Bombardier Inc. (“BI”) agreed to indemnify Alstom for all losses incurred in
relation to a defined list and scope of compliance matters. The parties also agreed that BI would be entitled to conduct
and control the defense of any such compliance matters, which include the matters described below. Subsequent to
the acquisition Alstom conducted a review of Bombardier Transportation’s policies and procedures in relation to
“compliance” matters as well as specific contracts (the one discussed below and others) pre-identified as “high risk”
and took remedial actions.

Bombardier Transportation is the subject of an audit by the World Bank Integrity Vice Presidency and of several
investigations relating to allegations of corruption including by the Swedish Prosecution authority, the Special
Investigation Unit (“SIU”) and National Prosecuting Authority (“NPA”) in South Africa and the US Department of
Justice (“DOJ”).

These investigations or proceedings may result in criminal sanctions, including fines which may be significant, exclusion
of entities from tenders (e.g., “debarment” by the World Bank) and third-party actions. Alstom is cooperating with the
relevant authorities or institutions in respect of these matters, including by responding to information requests and
making presentations regarding post closing reviews and remediation measures, including pursuant to applicable DOJ
policies related to corporate acquisitions.

Swedish authorities, the World Bank and the DOJ are in particular investigating a 2013 contract for the supply of
equipment and services to Azerbaijan Railways in the amount of approximately $340 million (principally financed by
the World Bank) awarded to a bidding consortium composed of Bombardier Transportation’s Sweden’s subsidiary (BT
Sweden), a Russian Bombardier Transportation affiliate (with third party shareholders) and a third party (the “ADY
Contract”).

Ownership of the affiliate was subsequently transferred to an entity well established in the Russian and CIS market
with which BT Sweden had a historical relationship, and an affiliate of which had been added post-bid approval as a
project sub-contractor. There remains uncertainty as to the services provided by these entities in return for some of the
payments they received.




Sweden


The Swedish authorities commenced an investigation in relation to the ADY Contract in 2016, and in 2017 filed charges
against the former head of Sales, North Region, RCS, BT Sweden (the “Former BTS Employee”) for aggravated bribery
and, alternatively, influence trafficking. The authorities alleged that the Former BTS employee had contacts and


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correspondence with a representative of the third-party member of the consortium who was also employed by
Azerbaijan railways during the bidding period with a view towards illicitly influencing the outcome of the tender.

After a trial the Former BTS Employee was acquitted on both counts in 2017. The authorities appealed the decision
and currently the aggravated bribery charge remains pending (although the defendant, a Russian national, is no longer
in-country).

Following an investigation the Swedish authorities filed charges of aggravated bribery and aiding and abetting against
another former BT Sweden employee. The employee was acquitted in December 2021; the acquittal was affirmed on
appeal in May 2023.



World Bank


The World Bank, via its Integrity Vice Presidency (“INT”), audited the ADY Contract and in 2018 the INT issued a
strictly confidential show cause letter which was leaked. The letter outlines INT’s position regarding alleged collusion,
corruption and fraud in the ADY Contract and obstruction of the INT’s investigation. The INT informed Alstom in 2023
that it remained within the scope of the proceeding which the INT had conveyed to the World Bank’s Sanctions Board;
Alstom subsequently made a presentation in November 2023 to the INT regarding the compliance integration of
Bombardier Transportation and its post-closing due diligence review. Pending further developments in the audit, it is
possible, notwithstanding Alstom’s post-acquisition cooperation with the investigation, that it could result in some
form of debarment of Bombardier Transportation (or its corporate successor) and/or BT Sweden from bidding on
contracts financed by the World Bank for a number of years.



U.S. Department of Justice – DOJ


The DOJ notified BI in February 2020 that it had opened an investigation. To Alstom’s knowledge the DOJ has been
making information requests since March 2020 to BI regarding the ADY Contract and had indicated that the scope of
its investigation could extend beyond the ADY Contract. Alstom has to date supported BI in responding to information
requests with respect to the ADY Contract, a Bombardier Transportation South Africa (“BTSA”) contract with Transnet
(cf. below “South-Africa” and “Project execution related litigation – South-Africa”) and a BTSA signaling contract with
the Passenger Rail Agency of South Africa.



The contract signed in 2014 between BTSA and Transnet Freight Rail for the supply of 240 electric locomotives (the
“Transnet LSA”) is one of the numerous matters under investigation by the Special Investigation Unit in South Africa
(“SIU”) and the South African National Prosecuting Authority (“NPA”). The Transnet LSA was previously investigated
by the Zondo Commission, which recommended further investigation of certain aspects and individuals involved.

The Transnet LSA is also the subject of an ongoing commercial dispute and litigation. Following commercial
negotiations between Alstom and Transnet, the parties signed a settlement agreement in August 2023 to which the
SIU is a party (cf. below “Project execution-related litigation – South Africa”).




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AMF



As part of its market monitoring function, in 2021/22 the AMF opened an investigation relating to Alstom’s financial
communication and trading in its shares, as well as any financial instrument linked to its shares, as from 1 January
2020. The investigation remains ongoing.



Project execution related litigation



CR-1 Marmaray railway infrastructure – Turkey


In March 2007, the Turkish Ministry of Transport (“DLH”) awarded the contract to upgrade approximately 75 km of
railway infrastructure in the Istanbul region, known as the “Marmaray Commuter Rail Project (CR-1)” to the
consortium Alstom Dogus Marubeni (“AMD”), of which Alstom Transport’s main French subsidiary is a member. This
project, which included works on the transcontinental railway tunnel under the Bosphorus, has undergone significant
delays mainly due to difficulties for the DLH to make the construction site available. Thus, the AMD consortium
terminated the contract in 2010. This termination was challenged by DLH, who thereafter called the bank guarantees
issued by the consortium up to an amount of approximately €80 million. Following injunctions, the payment of such
bank guarantees was forbidden, and the AMD consortium immediately initiated an arbitration procedure to resolve the
substantive issues. The arbitral tribunal has decided in December 2014 that the contract stands as terminated by virtue
of Turkish law and has authorized the parties to submit their claims for compensation of the damages arising from
such termination.

The set off of the various amounts awarded by the tribunal to both parties after more than ten years of proceedings
resulted in a net amount, after set-off, of €27.4 million payable by the AMD consortium to DLH. AMD partners paid
their respective proportionate share to the Ministry (Alstom share being €8.5 million) during the summer of 2021.
Bonds were released and the case is therefore closed subject to the process of release of counter-guarantees
respectively issued by AMD’s partners which is ongoing.

On the other hand, through arbitration request notified on 29 September 2015, Marubeni Corporation launched
proceedings against Alstom Transport SA taken as consortium leader in order to be compensated for the consequences
of the termination of the contract with DLH. The other AMD consortium member (Dogus) brought similar proceedings
in March 2016 and sought consolidation of the disputes between consortium members in a single case.

The Award was rendered as a majority decision, with a dissenting view. The present award of the majority orders
Alstom Transport SA to pay a total principal amount of €44.6 million to Marubeni and Dogus collectively, plus interest
on amounts due, and €1.1 million of legal costs. As of 31 March 2024, the total amount due and paid by Alstom under
the Award amounted to €63.1 million.

On 3 and 4 April 2024, Marubeni and Dogus raised applications for correction, interpretation and/or supplement of the
Award. The timeline and procedure for correction, interpretation and/or supplement is at the discretion of the Tribunal.
Alstom Transport SA believes that there are good grounds to reject these applications. In parallel to the correction
proceedings, on 19 April 2024, Alstom sought annulment of the Award (in its entirety or in part), by reference to the
Swiss Federal Tribunal. The timeline and procedure for annulment is at the discretion of the Swiss Federal Tribunal.

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Saturno – Italy



Following a dispute within a consortium involving Alstom’s subsidiary in Italy and three other Italian companies, the
arbitral tribunal constituted to resolve the matter has rendered in August 2016 a decision against Alstom by awarding
€22 million of damage compensation to the other consortium members. Alstom’s subsidiary strongly contests this
decision and considers that it should be able to avoid its enforcement and thus prevent any damage compensation
payment. On 30 November 2016, Alstom’s subsidiary filed a motion in the Court of Appeals of Milan to obtain the
cancellation of the arbitral award. On 1 December 2016, Alstom’s subsidiary filed an ex parte motion for injunctive
relief to obtain the suspension of the arbitral award pending the outcome of the appeal proceedings, which was
temporarily accepted by the Court. After a phase of hearings in contradictory proceedings on the request for suspension
of the arbitral award, the Court of Appeal of Milan decided on 3 March 2017 in favor of Alstom’s subsidiary by
confirming definitively the suspension of this arbitration decision pending the outcome of the proceedings relating to
the cancellation of such decision. The Court of Appeal of Milan ruled on the merits in March 2019 in favour of the
Alstom’s subsidiary and cancelled the arbitration award of August 2016 including the €22 million of damage
compensation. The members of the consortium (excluding Alstom) appealed the decision of the Court of Appeal of
Milan on 19 October 2019.

On 11 December 2023 the Supreme Court issued its decision by: (i) rejecting all claims raised by the Consortium against
Alstom (ii) upholding Alstom’s arguments on the invalidity of the two Consortium’s resolutions that were to be adopted
at unanimity; and (iii) referring the case back to the Court of Appeal in Milan to rule on item ii) and on legal fees.

On 11 March 2024 the consortium filed a writ of summons in reinstatement before the Court of Appeal of Milan and
Alstom did the same. Alstom is asking the court that proceedings shall be limited to (i) the declaration of invalidity of
the consortium’s so-called First Resolution (consortium duration extended to December 2024) and second Resolution
(scope of the consortium expanded) in line with the decision of the Supreme Court; (ii) the liquidation of the legal costs
incurred in the entire proceedings (iii) the declaration of all claims brought by the consortium as “absorbed” by the
Supreme Court decision and therefore not to be adjudged in the reinstatement proceedings.

In May 2024 the consortium also filed a recourse to the Court of Cassation asking it to repeal its decision of December
2023. In June 2024 Alstom filed its counter-recourse to the Supreme Court.



Caltrain – United States


In 2008, the United States Congress enacted the Rail Safety Improvement Act of 2008 (“RSIA”) which mandated the
implementation of positive train control systems (“PTC”) on, inter alia, any main lines over which intercity or commuter
rail passenger transportation is regularly provided. To comply with RSIA, the Peninsula Corridor Joint Powers Board
(“JPB”) solicited proposals to implement PTC for the commuter rail system that runs from San Francisco to San Jose,
California (“Caltrain”). Parsons Transportation Group (“Parsons”) was the successful bidder and entered into a contract
with JPB in December of 2011, and subsequently entered into a subcontract with GE Transportation Systems Global
Signaling, LLC (“GE Signaling”) wherein GE Signaling would provide onboard electronics, software and other
components and services related thereto. On 2 November 2015, Alstom Transportation acquired GE Signaling,
including the Caltrain project whereby Alstom Signaling Operations LLC (“Alstom”) became the contracting entity.



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On 20 February 2017, JPB terminated Parsons for default based on the alleged significant delay in delivering the
contract. Upon receipt of JPB’s termination notice, Parsons suspended the performance of Alstom under the
subcontract (value $40.2 million (€37.3 million)). Shortly after the termination notice, Parsons filed a lawsuit against
JPB for wrongful termination in the Superior Court of California and JPB counterclaimed for breach of contract. In
December 2017, Alstom was added to the lawsuit by virtue of a crossclaim filed against it by Parsons. In response,
Alstom answered the cross-complaint and filed its own cross-complaint against Parsons.

Parsons and JPB subsequently settled their dispute and Parsons amended its Complaint against Alstom to incorporate
JPB’s claims, including allegations of negligence and negligent misrepresentation. The trial between Alstom and
Parsons began on 15 March 2022, but due to ongoing Covid-19 restrictions in the California Courts, and a temporary
assignment of the Judge, closing arguments did not occur until 15 June 2023. On 28 November 2023, the Court issued
a Proposed Statement of Decision (“PSOD”), which is a preliminary Decision. Objections to the PSOD were filed by
both Alstom and Parsons.

In July 2024, the Court confirmed its preliminary decision and issued its Final Statement of Decision and final Judgment
whereby Parsons is entitled to payment of $40.1 million (€36.8 million) from Alstom and JPB entitled to payment of
$62.5 million (€57.3 million) from Alstom. Alstom issued a bond to postpone the execution of the judgment.

In August 2024, Alstom filed a Motion for New Trial (a procedural motion to preserve matters for appeal) and Parsons
filed a Motion to Modify the Judgment to include prejudgment interest.

In September 2024, the Court decided not to go for a new trial and awarded prejudgment interest to Parsons in the
amount of $34 million.

On 1 October 2024, a Notice of Appeal has been filed by Alstom and Parsons filed a Notice of Cross Appeal on 21
October 2024. The formal appellate process has begun and the appellate briefing will start first quarter of 2025.



South-Africa


On 17 March 2014, Bombardier Transportation South Africa (“BTSA”) entered into an agreement to supply 240 electric
locomotives to Transnet (the “BTSA/Transnet LSA”). The BTSA/ Transnet LSA is part of Transnet’s 1,064 locomotive
project concluded between Transnet and four Original Equipment Manufacturers, including BTSA. On 9 March 2021,
Transnet and the SIU, alleging unlawfulness and irregularities in the procurement process and subsequent award of
the 1,064 locomotive project, launched review application proceedings in the High Court of South Africa for, amongst
other things, the review and setting aside of the respective. LSAs concluded with the four Original Equipment
Manufacturers including BTSA.The relief sought by Transnet as it relates to BTSA includes: (i) the review and setting
aside of the BTSA/Transnet LSA; (ii) that Transnet be entitled to retain the locomotives delivered by BTSA; and (iii) that
BTSA be ordered to make restitution to Transnet of the advance payments and profit and/or excess profit earned in the
supply of the locomotives.

Following commercial negotiations between Alstom and Transnet, the parties signed a settlement agreement in August
2023 to which the SIU is a party. The parties are in the process of implementing the settlement agreement, which has
required the independent verification of methodologies used to calculate certain commercial terms agreed in that
settlement agreement. On the conclusion of that verification process, the parties (Transnet, BTSA and the SIU), will
jointly approach the High Court of South Africa to: make the settlement agreement an Order of Court; confirm
Transnet’s retention of the locomotives supplied to it by BTSA in terms of the



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Transnet LSA; and confirm that BTSA can continue to supply and deliver locomotives to Transnet in accordance with
the Transnet LSA. These matters are also a subject of an investigation by the DOJ and the NPA as referenced above. A
joint affidavit will be submitted to the court requesting its endorsement of the settlement agreement and related closure
of the set aside proceedings between the parties. Discussions are ongoing to finalize the content of the document.




Acquisition of Bombardier Transportation –Arbitration Proceedings



With respect to the acquisition of Bombardier Transportation (“BT”), completed on 29 January 2021, Alstom identified
various breaches by Bombardier Inc. (“BI”) of its obligations as Seller under the Memorandum of Understanding dated
17 February 2020 (amended and restated on 30 March 2020) and the Sale and Purchase Agreement dated 26
September 2020 (amended on 28 January 2021). On 15 April 2022, Alstom filed a request for arbitration against BI
with the International Chamber of Commerce (in accordance with the Parties’ agreements). Alstom’s claims against
BI concern breaches of the interim covenants in force prior to completion, breaches of warranty, and claims related to
the calculation of the final purchase price. Notably, Alstom contends that BI’s actions prior to completion wrongfully
increased the purchase price paid by Alstom and that BI’s breaches of various obligations caused further losses to
Alstom. On 24 June 2022, BI filed its answer to the request for arbitration, denying Alstom’s claims and advancing
counterclaims. As to the counterclaims specifically, BI alleges that Alstom attempted to minimize the price it would
have to pay to BI at completion in breach of contractual and non-contractual obligations, which is denied by Alstom.
The arbitral tribunal was constituted by the International Chamber of Commerce on 26 August 2022. In October 2022,
the tribunal established a procedural timetable. The phase of the arbitration involving the Parties’ written legal
submissions concluded in August 2024. The Parties are currently engaged in document production.

Following this, the Parties will exchange fact and expert witness evidence, before proceeding to a hearing on the merits.
The hearing is currently scheduled for late 2025.



Sale of Alstom’s Energy Businesses in November 2015



Finally, it shall be noted that, by taking over Alstom’s Energy Businesses in November 2015, General Electric undertook
to assume all risks and liabilities exclusively or predominantly associated with said businesses and in a symmetrical
way, Alstom undertook to keep all risks and liabilities associated with the non-transferred business. Cross-
indemnification for a duration of 30 years and asset reallocation (“wrong pocket”) mechanisms have been established
to ensure that, on the one hand, assets and liabilities associated with the Energy businesses being sold are indeed
transferred to General Electric and on the other hand, assets and liabilities not associated with such businesses are
borne by Alstom. As a result, the consequences of litigation matters that were ongoing at the time of the sale and
associated with these transferred activities are taken over by General Electric. Indemnity provisions protect Alstom in
case of third-party claims directed at Alstom and relating to the transferred activities. For this reason and since Alstom
no longer manages these litigation matters, Alstom is ceasing to include them in this section. There are no other
governmental, legal or arbitration proceedings that are pending or (to the Group’s knowledge) threatened, that could
have, or during the last twelve months have had, a significant impact on the financial situation or profitability of the
Group.



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K. OTHER NOTES


NOTE 24. RELATED PARTIES

There are no material changes in related-party transactions between 31 March 2024 and 30 September 2024.




NOTE 25. SUBSEQUENT EVENTS

On 2 October 2024, Alstom management announced to the European employee representatives a project to strengthen
the structural transformation of the German industrial footprint to size it to the medium and long-term Group ambitions
in this country. This project will encompass several initiatives of which a reduction of the rolling stock capabilities in
several sites, including the closure of one site, a deployment of additional capabilities for the growth of Services and
D&IS business, and a plan to adjust headcount in White-Collar functions.




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NOTE 26. SCOPE OF CONSOLIDATION



PARENT COMPANY
ALSTOM SA France - Parent Company


Companies Country Ownership % Consolidation Method
ALSTOM Algérie "Société par Actions" Algeria 100 Full consolidation
ALSTOM Grid Algérie SPA Algeria 100 Full consolidation
ALSTOM Argentina S.A. Argentina 100 Full consolidation
ALSTOM Transport (Customer Support) Australia Pty Limited Australia 100 Full consolidation
ALSTOM Transport (Vlocity Maintenance) Australia Pty Limited Australia 100 Full consolidation
ALSTOM Transport Australia Holdings Pty Limited Australia 100 Full consolidation
ALSTOM Transport Australia Pty Limited Australia 100 Full consolidation
NOMAD DIGITAL PTY LTD Australia 100 Full consolidation
REGIONAL ROLLING STOCK MAINTENANCE COMPANY PTY Australia 100 Full consolidation
LIMITED
ALSTOM Transport Austria GmbH Austria 100 Full consolidation
ALSTOM Transport Azerbaijan LLC Azerbaijan 100 Full consolidation
ALSTOM Belgium SA Belgium 100 Full consolidation
NOMAD DIGITAL BELGIUM Belgium 100 Full consolidation
ALSTOM Brasil Energia e Transporte Ltda Brazil 100 Full consolidation
ALSTOM Holdings LP Canada 100 Full consolidation
ALSTOM Investments GP Inc. Canada 100 Full consolidation
ALSTOM Investment GP Manitoba Inc. Canada 100 Full consolidation
ALSTOM Transport Canada Inc. Canada 100 Full consolidation
ALSTOM Transport Canada Participation Inc. Canada 100 Full consolidation
ALSTOM Western Pacific Enterprises Electrical Installation Canada 51 Full consolidation
General
ALSTOMPartnership
Chile S.A. Chile 100 Full consolidation
ALSTOM Investment Company Limited China 100 Full consolidation
ALSTOM Investment Management and Consulting (Beijing) Co., China 100 Full consolidation
Ltd.
ALSTOM Transportation (Engineering Service) Beijing Co., Ltd. China 100 Full consolidation
ALSTOM Transportation Railway Equipment (Qingdao) Co., Ltd. China 100 Full consolidation
Chengdu ALSTOM Transport Electrical Equipment Co., Ltd. China 60 Full consolidation
(CATEE)
TRANSLOHR INDUSTRIAL (TIANJIN) CO. LTD China 100 Full consolidation
SHANGHAI ALSTOM Transport Electrical Equipment Company Ltd China 60 Full consolidation
ALSTOM Qingdao Railway Equipment Co., Ltd. China 51 Full consolidation
XI'AN ALSTOM YONGJI ELECTRIC EQUIPMENT CO., LTD China 51 Full consolidation
Hefei ALSTOM Rail Transport Equipment Company Limited China 60 Full consolidation
ALSTOM Hong Kong Ltd China 100 Full consolidation
ALSTOM Transportation China Limited China 100 Full consolidation
ALSTOM Transportation Colombia S.A.S. Colombia 100 Full consolidation
ALSTOM Czech Republic a.s. Czech Republic 98 Full consolidation
ALSTOM Transport Danmark A/S Denmark 100 Full consolidation
ALSTOM Transport Danmark NT Maintenance ApS Denmark 100 Full consolidation
NOMAD DIGITAL (DENMARK) APS Denmark 100 Full consolidation
NOMAD DIGITAL APS Denmark 100 Full consolidation
ALSTOM Proyectos de Transporte, S.R.L. Dominican Republic 100 Full consolidation


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AREVA INTERNATIONAL EGYPT FOR ELECTRICITY Egypt 100 Full consolidation
TRANSMISSION
ALSTOM Egypt for& Transport
DISTRIBUTION
Projects SAE Egypt 99 Full consolidation
ALSTOM Transport Finland Oy Finland 100 Full consolidation
ALSTOM Crespin SAS France 100 Full consolidation
ALSTOM Executive Management France 100 Full consolidation
ALSTOM Flertex SAS France 100 Full consolidation
ALSTOM Holdings France 100 Full consolidation
ALSTOM Hydrogène SAS France 100 Full consolidation
ALSTOM Ibre France 100 Full consolidation
ALSTOM Kleber Sixteen France 100 Full consolidation
ALSTOM Leroux Naval France 100 Full consolidation
ALSTOM Network Transport France 100 Full consolidation
ALSTOM Omega 1 France 100 Full consolidation
SOCIETE DE MAINTENANCE DU TUNNEL LYON-TURIN France 100 Full consolidation
ALSTOM Shipworks France 100 Full consolidation
ALSTOM Transport SA France 100 Full consolidation
ETOILE KLEBER France 100 Full consolidation
LORELEC France 100 Full consolidation
NOMAD DIGITAL FRANCE France 100 Full consolidation
STATIONONE France 100 Full consolidation
CENTRE D'ESSAIS FERROVIAIRES France 96 Full consolidation
INTERINFRA (COMPAGNIE INTERNATIONALE POUR LE France 50 Full consolidation
DEVELOPPEMENT D'INFRASTRUCTURES)
ALSTOM Réassurance France 100 Full consolidation
ALSTOM Bahntechnologie Holding Germany GmbH Germany 100 Full consolidation
ALSTOM Drives GmbH Germany 100 Full consolidation
ALSTOM Lokomotiven Service GmbH Germany 100 Full consolidation
ALSTOM Signal GmbH Germany 100 Full consolidation
ALSTOM Transport Deutschland GmbH Germany 100 Full consolidation
ALSTOM Transportation Germany GmbH Germany 100 Full consolidation
NOMAD DIGITAL GMBH Germany 100 Full consolidation
VGT VORBEREITUNGSGESELLSCHAFT TRANSPORTTECHNIK Germany 100 Full consolidation
GMBH
ALSTOM Reuschling Service GmbH & Co. KG Germany 100 Full consolidation
WLH BETEILIGUNGS-GMBH Germany 100 Full consolidation
J&P AVAX SA - ETETH SA - ALSTOM TRANSPORT SA Greece 34 Full consolidation
ALSTOM Hungary Kft. Hungary 100 Full consolidation
ALSTOM Transport India Limited India 100 Full consolidation
NOMAD DIGITAL (INDIA) PRIVATE LIMITED India 70 Full consolidation
MADHEPURA ELECTRIC LOCOMOTIVE PRIVATE LIMITED India 74 Full consolidation
PT ALSTOM Transport Indonesia Indonesia 67 Full consolidation
ALSTOM Khadamat S.A. Iran 100 Full consolidation
ALSTOM Transport Ireland Ltd Ireland 100 Full consolidation
ALSTOM Israel Ltd. Israel 100 Full consolidation
ALSTOM Ferroviaria S.p.A. Italy 100 Full consolidation
ALSTOM Services Italia S.p.A. Italy 100 Full consolidation
NOMAD DIGITAL ITALIA S.R.L. Italy 100 Full consolidation
MAINTRAINS S.R.L. Italy 50 Full consolidation
ALSTOM Métro d'Abidjan Ivory Coast 100 Full consolidation

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ALSTOM Kazakhstan LLP Kazakhstan 100 Full consolidation
EKZ Service Limited Liability Partnership Kazakhstan 100 Full consolidation
ELECTROVOZ KURASTYRU ZAUYTY LLP Kazakhstan 100 Full consolidation
ALSTOM Baltics SIA Latvia 100 Full consolidation
ALSTOM Transport Systems (Malaysia) Sdn. Bhd. Malaysia 100 Full consolidation
ALSTOM Holding Mauritius Ltd. Mauritius 100 Full consolidation
ALSTOM Mauritius Ltd. Mauritius 100 Full consolidation
ALSTOM Ferroviaria Mexico, S.A. de C.V. Mexico 100 Full consolidation
BT ENSAMBLES MÉXICO, S. DE R.L. DE C.V. Mexico 100 Full consolidation
BT MÉXICO CONTROLADORA , S. DE R.L. DE C.V. Mexico 100 Full consolidation
BT PERSONAL MÉXICO, S. DE R.L. DE C.V. Mexico 100 Full consolidation
ALSTOM Railways Maroc Morocco 100 Full consolidation
BOMBARDIER TRANSPORT MAROC S.A.S Morocco 100 Full consolidation
ALSTOM Netherlands B.V. Netherlands 100 Full consolidation
ALSTOM Traction B.V. Netherlands 100 Full consolidation
ALSTOM Vastgoed B.V. Netherlands 100 Full consolidation
NOMAD DIGITAL B.V. Netherlands 100 Full consolidation
ALSTOM Rail Transportation New Zealand Limited New Zealand 100 Full consolidation
AT NIGERIA LIMITED Nigeria 100 Full consolidation
ALSTOM Enio ANS Norway 100 Full consolidation
ALSTOM Transport Norway AS Norway 100 Full consolidation
ALSTOM Panama, S.A. Panama 100 Full consolidation
ALSTOM Transport Peru S.A. Peru 100 Full consolidation
ALSTOM (SHARED SERVICES) PHILIPPINES, INC. Philippines 100 Full consolidation
ALSTOM Transport Construction Philippines, Inc Philippines 100 Full consolidation
ALSTOM Philippines Systems, Inc. Philippines 100 Full consolidation
ALSTOM Polska Spolka Akcyjna Poland 100 Full consolidation
ALSTOM Ferroviária Portugal, S.A. Portugal 100 Full consolidation
NOMAD TECH, LDA. Portugal 51 Full consolidation
ALSTOM GSS Romania S.R.L. Romania 100 Full consolidation
ALSTOM Transport SA. Romania 93 Full consolidation
ALSTOM Transport Rus LLC Russian Federation 100 Full consolidation
RESOURCE TRANSPORTATION LLC Russian Federation 100 Full consolidation
ALSTOM Arabia Transportation Limited Saudi Arabia 100 Full consolidation
ALSTOM Transport Middle East and North Africa Regional Saudi Arabia 100 Full consolidation
Headquarter
ALSTOM Transport (Holdings) Systems Singapore Pte. Ltd. Singapore 100 Full consolidation
ALSTOM Transport (S) Pte Ltd Singapore 100 Full consolidation
ALSTOM Southern Africa Holdings (Pty) Ltd South Africa 100 Full consolidation
ALSTOM Ubunye (Pty) Ltd South Africa 100 Full consolidation
BOMBELA ELECTRICAL AND MECHANICAL WORKS (PTY) LTD. South Africa 90 Full consolidation
BOMBELA MAINTENANCE (PTY) LTD. South Africa 90 Full consolidation
ALSTOM Rolling Stock SA Pty Ltd South Africa 74 Full consolidation
GIBELA RAIL TRANSPORT CONSORTIUM (PTY) LTD South Africa 70 Full consolidation
ALSTOM Korea Transport Ltd South Korea 100 Full consolidation
ALSTOM ATEINSA, SA Spain 100 Full consolidation
ALSTOM Movilidad, S.L. Spain 100 Full consolidation
ALSTOM Transporte, S.A. Spain 100 Full consolidation

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ALSTOM Ametsis, S.L. Spain 100 Full consolidation
ALSTOM Holding Sweden AB Sweden 100 Full consolidation
ALSTOM Rail Sweden AB Sweden 100 Full consolidation
ALSTOM Transport AB Sweden 100 Full consolidation
ALSTOM Transport Information Systems AB Sweden 100 Full consolidation
ALSTOM Transportation (Signal) Sweden AB Sweden 100 Full consolidation
ALSTOM Transportation (Signal) Sweden HB Sweden 67 Full consolidation
ALSTOM Network Schweiz AG, ALSTOM Network Switzerland Switzerland 100 Full consolidation
Ltd, ALSTOM
ALSTOM Network SuisseAG
Schienenfahrzeuge SA Switzerland 100 Full consolidation
ALSTOM Schweiz AG, ALSTOM Suisse SA, ALSTOM Switzerland Switzerland 100 Full consolidation
Ltd.
ALSTOM Transport Solutions (Taiwan) Ltd. Taiwan 100 Full consolidation
ALSTOM (Thailand) Ltd. Thailand 100 Full consolidation
ALSTOM Holdings (Thailand) Ltd. Thailand 100 Full consolidation
ALSTOM Transport (Thailand) Co., Ltd. Thailand 100 Full consolidation
ALSTOM Transport Systems (Thailand) Ltd Thailand 100 Full consolidation
ALSTOM T&T Ltd Trinidad and Tobago 100 Full consolidation
ALSTOM Ulasim Anonim Sirketi Turkey 100 Full consolidation
Duray Ulaşım Sistemleri Sanayi ve Ticaret Anonim Şirket Turkey 100 Full consolidation
ALSTOM Signalling, Limited Liability Company Ukraine 100 Full consolidation
ALSTOM (Investment) UK Limited United Kingdom 100 Full consolidation
ALSTOM (Litchurch) Limited United Kingdom 100 Full consolidation
ALSTOM Academy for Rail United Kingdom 100 Full consolidation
ALSTOM Electronics Limited United Kingdom 100 Full consolidation
ALSTOM Engineering and Services Limited United Kingdom 100 Full consolidation
ALSTOM Network UK Ltd United Kingdom 100 Full consolidation
ALSTOM NL Service Provision Ltd. United Kingdom 100 Full consolidation
ALSTOM Product and Services Limited United Kingdom 100 Full consolidation
ALSTOM Transport Service Ltd United Kingdom 100 Full consolidation
ALSTOM Transport UK (Holdings) Ltd United Kingdom 100 Full consolidation
ALSTOM Transport UK Limited United Kingdom 100 Full consolidation
ALSTOM Transportation (Global Holding) UK Limited United Kingdom 100 Full consolidation
ALSTOM UK CIF Trustee Limited United Kingdom 100 Full consolidation
ALSTOM UK Pension Trustee Limited United Kingdom 100 Full consolidation
ALSTOM UK VP Pension Trustee Limited United Kingdom 100 Full consolidation
CROSSFLEET LIMITED United Kingdom 100 Full consolidation
INFRASIG LTD. United Kingdom 100 Full consolidation
NOMAD DIGITAL LIMITED United Kingdom 100 Full consolidation
NOMAD HOLDINGS LIMITED United Kingdom 100 Full consolidation
PRORAIL LIMITED United Kingdom 100 Full consolidation
SOUTH EASTERN TRAIN MAINTENANCE LTD. United Kingdom 100 Full consolidation
WEST COAST SERVICE PROVISION LIMITED United Kingdom 100 Full consolidation
WEST COAST TRAINCARE LIMITED United Kingdom 100 Full consolidation
NOMAD DIGITAL (INDIA) LIMITED United Kingdom 70 Full consolidation
ALSTOM Transport Holding US Inc. United States of America 100 Full consolidation
ALSTOM Transport Services Inc. United States of America 100 Full consolidation
ALSTOM Transport USA Inc. United States of America 100 Full consolidation
ALSTOM Transportation Inc. United States of America 100 Full consolidation

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AUBURN TECHNOLOGY, INC. United States of America 100 Full consolidation
NOMAD DIGITAL, INC United States of America 100 Full consolidation
SOUTHERN NEW JERSEY RAIL GROUP L.L.C. United States of America 100 Full consolidation
ALSKAW LLC United States of America 100 Full consolidation
ALSTOM Venezuela, S.A. Venezuela 100 Full consolidation
ALSTOM Transport Vietnam Ltd Vietnam 100 Full consolidation


ONxpress Transportation Partners Inc. Canada 25 Joint Operation
GREEN LINE MAINTAINER LTD Israel 20 Joint Operation
HN - LIGHT RAIL LINE LTD Israel 20 Joint Operation
JCL - JERUSALEM CITY LIGHTRAIL LTD Israel 20 Joint Operation
TMT - TLV METROPOLITAN TRAMWAY LTD Israel 20 Joint Operation
THE ATC JOINT VENTURE United Kingdom 38 Joint Operation

CITAL Algeria 49 Equity Method
EDI RAIL - ALSTOM Transport Pty Limited Australia 50 Equity Method
NGR HOLDING COMPANY PTY LTD. Australia 10 Equity Method
EDI RAIL - ALSTOM Transport (Maintenance) Pty Limited Australia 50 Equity Method
NGR PROJECT COMPANY PTY LTD. Australia 10 Equity Method
TRANSED O&M PARTNERS GENERAL PARTNERSHIP Canada 60 Equity Method
GROUPE PMM OPERATIONS AND MAINTENANCE G.P. / Canada 50 Equity Method
GROUPE PMM OPÉRATIONS ET MAINTENANCE S.E.N.C.
TRANSED PARTNERS GENERAL PARTNERSHIP Canada 10 Equity Method
ALSANEO L7 SPA Chile 50 Equity Method
ALSTOM Sifang (Qingdao) Transportation Ltd. China 50 Equity Method
BOMBARDIER NUG SIGNALLING SOLUTIONS COMPANY China 50 Equity Method
LIMITED
CHANGCHUN CHANGKE ALSTOM RAILWAY VEHICLES China 50 Equity Method
COMPANY LTD.
CRRC PUZHEN ALSTOM TRANSPORTATION SYSTEMS LIMITED China 50 Equity Method
Jiangsu ALSTOM NUG Propulsion System Co Ltd. China 50 Equity Method
SHENTONG ALSTOM (SHANGHAI) RAIL TRANSIT VEHICLE China 50 Equity Method
COMPANY LIMITED
CASCO SIGNAL LTD China 49 Equity Method
SHANGHAI ALSTOM Transport Company Limited China 40 Equity Method
GUANGXI LIUZHOU PUZHEN ALSTOM TRANSPORTATION China 50 Equity Method
SYSTEM CO., LTD.
GUANGZHOU CHANGKE ALSTOM RAIL TRANSIT EQUIPMENT China 50 Equity Method
COMPANY LTD
CASCO Signal (Jinan) Co., Ltd. China 49 Equity Method
CASCO Signal (Wuhan) Co., Ltd. China 32 Equity Method
CASCO Signal (Xi'an) Co., Ltd. China 32 Equity Method
CASCO Signal (Xuzhou) Co., Ltd. China 32 Equity Method
SPEEDINNOV France 76 Equity Method
ORA L15 France 20 Equity Method
LLP JV KAZELEKTROPRIVOD Kazakhstan 50 Equity Method
MALOCO GIE Morocco 70 Equity Method
RAILCOMP BV Netherlands 50 Equity Method
TMH-ALSTOM BV Netherlands 50 Equity Method
RAIL ENGINEERING SP. Z O.O. Poland 60 Equity Method
RAILCOMP LLC Russian Federation 50 Equity Method
TRAMRUS LLC Russian Federation 50 Equity Method
TRTRANS LLC Russian Federation 50 Equity Method


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ISITHIMELA RAIL SERVICES (PTY) LTD. South Africa 50 Equity Method
BOMBELA TKC (PROPRIETARY) LIMITED South Africa 25 Equity Method
BTREN MANTENIMIENTO FERROVIARIO S.A. Spain 51 Equity Method
IRVIA MANTENIMIENTO FERROVIARIO, S.A. Spain 51 Equity Method
FIRST LOCOMOTIVE HOLDING AG in Liquidation Switzerland 15 Equity Method
ABC ELECTRIFICATION LTD United Kingdom 33 Equity Method
LAX INTEGRATED EXPRESS SOLUTIONS HOLDCO, LLC United States of America 10 Equity Method
LAX INTEGRATED EXPRESS SOLUTIONS, LLC United States of America 10 Equity Method

RTA RAIL TEC ARSENAL FAHRZEUGVERSUCHSANLAGE GMBH Austria 44 Non consolidated investment
SOCIÉTÉ CONCESSIONNAIRE DU TRANSPORT SUR VOIE France 39 Non consolidated investment
RÉSERVÉE DE L'AGGLOMÉRATION CAENNAISE (S.T.V.R) S.A
RESTAURINTER France 35 Non consolidated investment
FRAMECA - FRANCE METRO CARACAS France 26 Non consolidated investment
MOBILITE AGGLOMERATION REMOISE SAS France 17 Non consolidated investment
CADEMCE SAS (en liquidation judiciaire) France 16 Non consolidated investment
EASYMILE France 12 Non consolidated investment
OC'VIA CONSTRUCTION France 12 Non consolidated investment
OC'VIA MAINTENANCE France 12 Non consolidated investment
4iTEC 4.0 France 10 Non consolidated investment
AIRE URBAINE INVESTISSEMENT France 4 Non consolidated investment
CAMPUS CYBER France 3 Non consolidated investment
SUPERGRID INSTITUTE SAS France 3 Non consolidated investment
COMPAGNIE INTERNATIONALE DE MAINTENANCE - C.I.M. France 1 Non consolidated investment
ESPACE DOMICILE SA HABITAT LOYER MODERE France 1 Non consolidated investment
SOCIÉTÉ D'ÉCONOMIE MIXTE LOCALE LE PHÉNIX THÉÂTRE DE France 1 Non consolidated investment
VALENCIENNES
SOCIETE IMMOBILIERE DE VIERZON France 1 Non consolidated investment
VALUTEC S.A. France 1 Non consolidated investment
IFB INSTITUT FUR BAHNTECHNIK GMBH Germany 7 Non consolidated investment
PARS SWITCH Iran 1 Non consolidated investment
CYLUS CYBER SECURITY LTD. Israel 9 Non consolidated investment
METRO 5 SPA Italy 9 Non consolidated investment
TRAM DI FIRENZE S.p.A. Italy 9 Non consolidated investment
CRIT SRL Italy 1 Non consolidated investment
CONSORZIO ELIS PER LA FORMAZIONE PROFESSIONALE Italy 0 Non consolidated investment
SUPERIORE
SUBURBANO EXPRESS, S.A. DE C.V. Mexico 11 Non consolidated investment
KRAKOWSKIE ZAKLADY AUTOMATYKI S. A. Poland 12 Non consolidated investment
KOLMEX SA Poland 2 Non consolidated investment
IDEON S.A. Poland 0 Non consolidated investment
INWESTSTAR S.A. Poland 0 Non consolidated investment
NORMETRO ACE AGRUPAMENTO DO METROPOLITANO DO Portugal 25 Non consolidated investment
PORTO
FIRST LOCOMOTIVE COMPANY LLC Russian Federation 15 Non consolidated investment
TRAMVIA METROPOLITA, S.A. Spain 24 Non consolidated investment
TRAMVIA METROPOLITA DEL BESOS SA Spain 21 Non consolidated investment
ALBALI SEÑALIZACIÓN, S.A. Spain 12 Non consolidated investment
TRAMLINK NOTTINGHAM (HOLDINGS) LIMITED United Kingdom 13 Non consolidated investment
WHEREISMYTRANSPORT LIMITED United Kingdom 3 Non consolidated investment
ARGENTINE CLUB LIMITED United Kingdom 1 Non consolidated investment
MASSACHUSETTS BAY COMMUTER RAILROAD COMPANY, LLC United States of America 20 Non consolidated investment

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Report of independent auditors on the half-year financial information




70




PricewaterhouseCoopers Audit FORVIS MAZARS SA
63, rue de Villiers 61, rue Henri Regnault
92200 Neuilly-sur-Seine 92075 Paris La Défense




STATUTORY AUDITORS’ REVIEW REPORT ON THE INTERIM FINANCIAL
INFORMATION

(Period from 1 April 2024 to 30 September 2024)


This is a free translation into English of the Statutory Auditors’ review report on the interim financial information
issued in French and is provided solely for the convenience of English speaking users. This report includes
information relating to the specific verification of information given in the Group’s half-yearly management report.
This report should be read in conjunction with, and construed in accordance with, French law and professional
standards applicable in France.




To the Shareholders,
ALSTOM SA
48 rue Albert Dhalenne
93400 Saint-Ouen-sur-Seine
France


In compliance with the assignment entrusted to us by your Shareholder’s Meeting and in accordance
with the requirements of article L. 451-1-2 III of the French Monetary and Financial Code (Code
monétaire et financier), we hereby report to you on:

- the review of the accompanying condensed interim consolidated financial statements of
Alstom SA, for the period from 1 April 2024 to 30 September 2024;

- the verification of the information presented in the interim management report.


These condensed interim consolidated financial statements are the responsibility of the Board of
Directors. Our role is to express a conclusion on these financial statements based on our review.

I. Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France.

A review of interim financial information consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with professional standards
applicable in France and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.


Based on our review, nothing has come to our attention that causes us to believe that the accompanying
condensed interim consolidated financial statements are not prepared, in all material respects, in

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


accordance with IAS 34, standard of the IFRSs as adopted by the European Union applicable to interim
financial information.



II. Specific verification

We have also verified the information presented in the interim management report on the condensed
interim consolidated financial statements subject to our review.

We have no matters to report as to its fair presentation and consistency with the condensed interim
consolidated financial statements.



Neuilly-sur-Seine and Paris La Défense, November 15, 2024



The Statutory Auditors
French original signed by



Forvis Mazars SA PricewaterhouseCoopers Audit




Jean-Luc Barlet Dominique Muller Edouard Cartier Richard Béjot
Partner Partner Partner Partner




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Responsibility statement of the person responsible for the half-year financial report




73



STATEMENT BY THE PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT*




I hereby certify that, to the best of my knowledge, the condensed consolidated financial statements of ALSTOM (the
“Company”) for the first half-year of fiscal year 2024/25 have been prepared under generally accepted accounting
principles and give a true and fair view of the assets, liabilities, financial position and profit and loss of the Company
and of all entities included in its scope of consolidation, and that the half-year management report included herein
presents a true and fair review of the main events which occurred in the first six months of the fiscal year and their
impact on the condensed accounts, as well as the main transactions between related parties and a description of the
main risks and uncertainties for the remaining six months of the fiscal year.



Saint-Ouen-sur-Seine, on 15 November 2024,

Original signed by




Henri Poupart-Lafarge

Chief Executive Officer




* This is a free translation of the statement signed and issued in French language by the Chairman and Chief Executive Officer of the Company and
is provided solely for the convenience of English-speaking readers.




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