Alstom

Investor Presentation • May 10, 2023

Alstom Investor Day

May 10th, 2023

Operations

Danny Di Perna, Executive Vice President and Chief Operating Officer

Rolling Stock and Components

Benjamin Fitoussi, President, Rolling Stock and Components

Services Matthew Byrne, President, Services

Signalling and Systems

Jean-François Beaudoin, President, Digital and Integrated Systems

Questions & Answers

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Operations

Danny Di Perna

Executive Vice President and Chief Operating Officer

Alstom is up and running and winning in the marketplace Building customer confidence through process excellence

1APSYS: Alstom Performance SYStem, Alstom's continuous improvement programme

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 4

Business process integration and digitalisation Investments "on-track" and delivering results

Alstom's Digital Tools Suite

Objective: Enable our global teams to develop, engineer, manufacture and support the business from anywhere across the globe.

4 Key Axes:

New Product Development (PLM4A – Product Lifecycle Management for Alstom)

Manufacturing Digitalisation (AOS – Advanced Operations System)

Workplace Collaboration (Teams, SharePoint, etc.)

Function Digital Tools (HR, T&A, etc.)

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

Current

97% converged processes

91% of converged processes deployed in sites

78% of digital tools consolidated

2025 Targets

100% converged processes

>90% of digitalization in our fleet maintenance process

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95% of digital tools consolidated

APSYS, our Alstom continuous improvement program

Driving process excellence and performance through rigour and discipline across all activities

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation from Alstom, is strictly prohibited. 6

Enterprise risk management process active Mitigation actions deployed to face our challenging times

• Covid lockdown risks overcome with temporary inventory increase and flexible transportation routes
• Long term semiconductor needs secured with partnerships, alternate sources and redesigns
• Site Delivery Centers focused on mitigating scarce material allocations
• Inflation challenges mitigated by securing supplier and customer's contracts and stringent cost measures
• Energy supply and cost secured through supplier agreements and company wide energy saving plan
• Geopolitical risks mitigation plan for strict monitoring and development alternative sources of energy in all sensitive areas

Electronic component crisis management Dedicated global and multi-disciplinary team driving supply chain execution

Tensions on the semiconductor market…

… addressed by a complete set of reactive

and proactive mitigation measures

Inflation impact on material and wages Largely mitigated by stringent cost measures and contract management

Evolution of relevant cost items indexes

Indexed, Quarterly evolution from 2019-2025, Base 100 as of 01/01/2019

1. Forecasted data based on inflation rate in the US | 2. Eurostat labour cost index published quarterly | 3. US Producer Price Index by Industry: Semiconductors and Related Device Manufacturing Source: World Bank, Eikon Datastream, HSBC, Federal Reserve Economic Data, Oxford Economics, Oliver Wyman analysis

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

Quality excellence drives customer confidence and satisfaction

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

Alstom's global supply chain – a competitive advantage Leveraging our proximity to customers for localization and best cost capabilities

• Strengthen Alliance Partnership Program for a better supplier relationship management
• Encourage Regional to Regional proximity and enable localization
• Deploy decarbonization plan for Scope 3, Purchased Goods and Services : -30% in 2030

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

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

Customer-centric value propositions

Focused on bringing technology, products and services quickly for our customers

provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited. 13

Alstom… up & running and on-track!

2

Rolling Stock and Components

Benjamin Fitoussi

President, Rolling Stock and Components

Alstom is the market leader in Rolling Stock & Components

1. CAGR of 2.8 % based on UNIFE accessible rolling stock market 2019-2021 to 2025-2027 period

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

ALSTOM: a unique global-local presence and capability Enables customer proximity & localization while leveraging global best cost sources

provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited.

Project stabilisation | Task Forces shifting from legacy to early phase projects

TASK FORCES EXPERT GROUPS

Solve Technical issues

Enforce Design for Quality & PM standards

Review all customer requirements, drive configuration management

Align project scheduling & resources

Increase quality perception by customers

Lead contract management, negotiate Extension of Time

Convergence done at Train, Sub-system and Part levels

Focusing today on implementation in tenders

Operational performance | Quality on target, focusing on delivery

Supply chain & electronic components challenges mitigated

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 20

Our achievements 2022-23 | regaining performance and preparing further ramp-up

23/24 and beyond | accelerate the transformation journey to deliver the committed synergies

Win profitable tenders with innovative & standard products 1

• Platform positions as strong market leaders
• Leverage largest geographical coverage
• Leading the way on decarbonisation with 1st battery train in commercial service

Get the best of our footprint and scale 2

• Massification & specialisation in development & manufacturing
• BCC engineering up to 42% by 2025
• BCC manufacturing up to 60% by 2025
• Compact HCC

Bring our operations to required level of performance

• Project Management by Sub-System
• Strictly Apply Design for Quality Process (DFQ)
• Change & Configuration Management
• Engineering efficiency & automation
• Supplier & Supply Chain capacity development

Best in class processes with increased digitalisation 3 4 5

• GSI roll out in 40+ sites
• Advanced Operation Systems (AOS)
• Supply Chain & Procurement (Ariba)
• Industrial Planning (Kinaxis)
• PLM4A

• Site End-End capabilities
• Recruitment
• Training & Development
• 1000+ expert network
• Leverage World Class Special Process Standards

Significant investment in R&D to bring best solutions to our customers

ENERGY EFFICIENCY

PASSENGER EXPERIENCE

GREEN TRACTION

CYBERSECURITY

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

CORE PRODUCT RANGE COVERAGE

IPCEI H2 financing strengthens Alstom leadership on Green Traction technologies

350 M€ subsidies covering 4 projects

• Boost H2 solutions development

• About 5 years projects
• Comprehensive program financing including prototypes and pre-series

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

RSC turnaround with production ramp-up supporting growth above market

Progressive margin uplift to high single digit profitability

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

Rolling Stock and Components Product Line: key take-aways

Uniquely positioned to capture market growth thanks to product, market reach and

Significant improvement in project stabilization

Operating as ONE team Operating model implemented Synergies on track

Accelerate the effort of transformation Best in class processes with increased digitalization

Win profitable tenders by innovative & standard products

Clear plan to deliver the targeted operational recovery

Focus on production ramp up and front log development projects

Services

Matthew Byrne

President, Services

Most extensive rail services portfolio, expertise and footprint

ALL ENCOMPASSING PORTFOLIO

CLEAR LEADERSHIP OVER THE RAIL SERVICES MARKET

Sales (B€) based on latest published figures

28

~37*

bn€

*Accessible Market UNIFE 2025-2027

Strategy on track with market drivers and customer needs

CUSTOMER NEEDS

MARKET DRIVERS

Increasing Operator focus on efficiency and performance				1. Develop maintenance business and leverage installed base
Market liberalisation	Partner with local footprint	Cybersecurity and obsolescence	Total Cost of Ownership	2. Increase globalisation of parts & component repairs & overhauls
Green mobility				3. Grow operations outside of North Americas
Train complexity and digitalisation	Safety and security	System capacity and ridership	Passenger experience	4. Reinforce our position on smart & green modernisation

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STRATEGIC ORIENTATION

Service franchise has exceeded its mid-single digit growth guidance

* UNIFE Accessible Market CAGR 2019-2021 to 2025-2027

Business model and evolution (bundle contracts, installed based advantage, small contracts)

SUSTAINABLE BUSINESS WITH WELL BALANCED ORDER INTAKE

Mid-term ambition: 35% of installed base under services contract

150,000 CARS INSTALLED BASE WITH VAST HARVESTING POTENTIAL

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*TSSSA: Technical Support and Spare Supply Agreement

Demonstrated performance boosting commercial success

OPERATIONAL EXCELLENCE

MTR Elizabeth Line 32 years Full Maintenance 70 AventraTM

BEST IN CLASS RELIABILITY

OPTIMISED CUSTOMER COST OF OWNERSHIP

Baden-Württemberg 30 years Full Maintenance 130 Coradia StreamTM HC

ENERGY CONSUMPTION COMMITMENT

CUSTOMER INTIMACY

Maryland Transit Administration MARC 15 years Operation and maintenance – Mixed fleet

LONG STANDING COLLABORATION

Service franchise with strong predictability and high-single digit growth

ACHIEVED MID-TEENS PROFITABILITY WITH LARGE GROWTH POTENTIAL

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

Signalling and Systems

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Jean -François BEAUDOIN

President, Digital & Integrated Systems

Solid signalling market growth with accelerating modal shift as key market driver

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Source: UNIFE market study (Alstom Addressable market excl. Japan & China) 1- 2022-2024 2- CAGR 2019-2021 to 2025-2027 3. ERTMS: European Rail Traffic Management System

Signalling, a market segment under consolidation around 3 global players

1- Global layers considered >500m€ revenues present in Alstom addressable market 2- Thales/Hitachi Merger expected in 2023 3- Alstom addressable market excl. Japan and China, CAGR 2019-2021 to 2025-2027 4- FY22/23 vs. FY21/22

Alstom positioned as the most global signalling partner

POSITIONED ON ALL KEY SIGNALLING MARKETS

Top 10 signalling worldwide markets

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HIGH CUSTOMER CONFIDENCE

1- Net Promoter Score

Germany mainline signalling, a "Home Market" in the making

Deliver projects locally leveraging a worldwide footprint

LEVERAGE SCALE WHILE SECURING CUSTOMER INTIMACY

DELIVER EFFICIENTLY THROUGH AN UNPARALLELED ENGINEERING FOOTPRINT

A sustained pace of innovation introduced in customer projects

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

Signalling franchise set for high-single digit growth

SIGNALLING BUSINESS PROFILE

SUPPLY CHAIN Business continuity favored over cash optimization INFLATION (salaries & raw materials) Largely mitigated MONITORING PROFITABILITY IMPROVEMENT LEVERS BUSINESS DEVELOPMENT LEVERS OPERATIONAL LEVERS FY2022/23: • Backlog 7.5bn€ • Orders 2.9bn€ • Sales 2.4bn€ Contracts: • Typical small size; < 2 years • Few > 100m€; 3 - 5 years Cash: • Low downpayments • Electronics inventories • Positive working capital ELECTRONIC COMPONENT CRISIS Improving, backlog to be delivered Small orders boost Selectivity Increased share of contract indexation High Single Digit growth pattern o/w services fast development Increase Best-Cost vs. High-Cost countries engineering content Scaling effect on R&D & Convergence roadmap Cost of labor Productivity Decreasing R&D Intensity Access to digital skills Harvesting customer long term relationship

FRANCHISE GEARED TO REACH DOUBLE DIGIT PROFITABILITY OVER NEXT 3 YEARS

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

HEADWINDS

Systems commercial success driving double digit growth

INCREASING VISIBLE PIPELINE OF OPPORTUNITIES

SYSTEMS BUSINESS PROFILE

STRONG ALSTOM POSITIONING

… WITH STRONG HIGH SINGLE DIGIT PROFITABILITY

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 43