Alstom posted FY2026 adjusted operating profit of €1.17 bn at a 6.1% margin, essentially flat year‑on‑year.
Q4 revenue rose 7.2% organically to €5.32 bn, but profit margin slipped to 5.8% due to execution delays and a 6% drop in train production.
Order backlog grew to €104 bn with ~18% gross margin, while Q4 orders reached €7.58 bn, supporting FY2027 outlook.
Shares gained ~1.5% post‑release; free cash flow was €336 m, aided by a working‑capital reversal, and analysts flagged execution risk.