Alstom

Investor Presentation • May 11, 2022

Alstom Investor Day

May 11th, 2022

Agenda

Introduction Henri Poupart-Lafarge, Chairman and Chief Executive Officer

Rolling Stock and Components

Danny Di Perna, Executive VP and Chief Operating Officer

Stabilise

Danny Di Perna, Executive VP and Chief Operating Officer

Integrate

Benjamin Fitoussi, President Rolling Stock and Components – Development & Operations

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2

Transform

Benjamin Fitoussi, President Rolling Stock and Components – Development & Operations

Questions & Answers

Introduction

Henri Poupart -Lafarge, Chairman and Chief Executive Officer

A successful first year integrating Bombardier Transportation, setting foundation for effective turnaround

Very robust commercial momentum and high customer satisfaction Backlog execution delivered as per target

One Alstom team: Global key processes and IT tools convergence on track

Integrated R&D plan for further competitiveness and innovation as a differentiator

Synergies delivered as planned in first year, run-rate better than expected

Integration acceleration, synergies on-track and confirmed financial trajectory

100% Products convergence validated

processes converged

80% Key global

Our One Alstom team at the heart of our journey

SOLID PEOPLE FOUNDATION AND A GREAT DYNAMIC

• An attractive employer, with 9,000 permanent new hires in 2021/22
• A learning organization grooming talents and reaching 4,500 experts & +750 internal trainers

Services Our strong order booking demonstrates customer confidence

€4.2 BILLION OF SERVICES ORDERS BOOKED IN 2021/22

DALLAS (10 YEARS OPERATION & MAINTENANCE – US)

SANTIAGO M7 (20 YEARS FULL MAINTENANCE – Chile)

… SECURING FUTURE SALES AND MAINTAINING GROWTH

TRANSDEV (10 YEARS MAINTENANCE SUPPORT – France) METROLINX (94 BiLevel OVERHAUL– Canada)

50+ Contracts 20+ years in length

ILLUSTRATION OF LONG TERM PARTNERSHIP: METROREX (Romania)

Since 2004

MAINTENANCE AND OVERHAUL

• Over 60 different types of refurbishment
• Increasing train availability from 56% to 99.96%
• Contract renewed in 2022 15 YEARS FULL MAINTENANCE AND OVERHAUL
• 82 Metro trains
• 8.5 million km per year in average

Signalling Progressing well, in line with our ambition

#2 IN A MARKET UNDER CONSOLIDATION

In € - Sales linked to all Signalling activities (estimated)

All other main competitors

1.7 Bn

Accessible UNIFE market for European Companies (70% of total market, excluding Russia, China) (*) Proforma figure based on Alstom estimation and FY 2021 results for Global competitor 1 (subject to EU approval and pending closing of M&A transaction) (**) including Signalling activities into Systems (***) Alstom estimation

CONVERGING PRODUCTS AND SOLUTIONS CONVERGENCE

STRONG COMMERCIAL ACHIEVEMENTS IN 2021/22

• Mainline: Cambridge (UK), Bursa– Yenisehir– Osmaneli (Turkey), Stuttgart (Germany)
• Supporting new products for Urban CBTC: Urbalis Fluence* introduced through Grand-Paris L18 (France) & Torino L1 (Italy)
• Captured long-term service contract: BHP Billiton (Australia)

* Urbalis Fluence, train-to-train communication based control system, world-first implementation for Métropole Européenne de Lille

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.

Turnkey Sustain our leadership and deliver strong results

STRONG MARKET DRIVERS

Strong underlying urban railway transportation market

• Increasing complexity of railway solutions
• New turnkey projects in some emerging countries

ALSTOM'S KEY ASSETS

• Metro Turnkey leader for several years
• Proven track record in system integration and optimization activities
• Largest portfolio of solutions on the market
• Bundling with long-term service contracts
• Established local partners network (e.g. Tren Maya & Tel Aviv tram)

8

STRONG ACHIEVEMENTS IN 2021/22

• Strong commercial performance with record order intake and 100% hit rate
• Back on the tram Turnkey market – preferred bidder of Tel Aviv Green Line
• Automated People Mover brownfield solid commercial performance (Miami, Tampa, Atlanta)

Rolling Stock and Components

Danny Di Perna Executive VP and Chief Operating Officer

Alstom is the market leader in Rolling Stock & Components

RSC IS A LARGE AND STEADY MARKET

UNIFE accessible market 2020-2022 (WRMS 2020) – Average in € Bn / year

RECENT WINS

ALSTOM: A CLEAR RSC MARKET LEADER

RSC Market shares 2019-2021, in % including turnkey share

AUSTRALIA 100 Flexity™ low-floor Next generation Trams €700 MILLION

SWEDEN 25 Zefiro Express high-speed trains €650 MILLION

NORWAY 30 Coradia Nordic™ €380 MILLION

CHILE 37 Metropolis™ trains, signalling system and 20-year maintenance

€355 MILLION

GERMANY

130 Coradia Stream™ inter-regional trains and 30-year maintenance €2.5 BILLION

UK HS2 Very high Speed 54 trains & 12-year maintenance €1.1 BILLION

1. CAGR of 1.6% based on 2020-2022 to 2023-2025 period

An industry leading product portfolio

Speed up to 360km/h Capacity Regional & intercity Metro Monorail & APM Light rail vehicle High & very highspeed Commuter Locomotive PLATFORM & TECHNOLOGIES ENABLE CUSTOMISATION & STANDARDISATION Traxx™ Prima™ Metropolis™ Movia™ Citadis™ Flexity™ Innovia™ Coradia™ X'trapolis™ Avelia™ X'trapolis™ Citadis™ Innovia™ Flexity™ Metropolis™ Mitrac™ Avelia™ Innovia™ Metropolis™ Citadis™ X'trapolis™ COVERING ALL SEGMENTS

A significant installed base : ~30% of global installed fleet

© ALSTOM SA 2022. 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.

Component building blocks drive competitiveness and product performance

COMPLETE SPECTRUM OF GREEN & CLEAN SOLUTIONS

INCLUSIVE AND HEALTHIER MOBILITY™

BROADEST COMPONENT PORTFOLIO IN THE INDUSTRY

VERTICALISED WITH SELECTIVE M&A

Vertical integration of core components and key technology bricks to further leverage service business & enhance competitiveness

• Brakes pads specialist (major consumable)
• Disk brakes specialist

Medium power H² fuel cell specialist allowing Alstom to master this key technology brick throughout its whole lifecycle

A unique global-local presence and capability

WELL BALANCED CAPABILITIES BETWEEN

CUSTOMER PROXIMITY AND COST COMPETITIVENESS

+50 Production sites in 22 countries

24m hours manufacturing across all key regions

16m hours engineering delivered in our Excellence hubs

SIEGEN

KATOWICE

DERBY

BARCELONA

SAHAGUN

HORNELL

LA ROCHELLE

QINGDAO

Technology investments targeted for a greener, smarter and more inclusive mobility

KEEPING THE EDGE IN ZERO EMISSION SOLUTION

• Partnership to decarbonise freight with an H2 solution
• First battery train tested in passenger operation with Deutsche Bahn

● Hybrid Régiolis tested in France

-20% Energy consumption

OPTIMIZING TOTAL COST OF OWNERSHIP

● Avelia Horizon under dynamic test in H2 2022 in Velim test center

ENHANCING PASSENGER COMFORT

● PEPA™ filter, an antiviral HVAC filter that catches and kills viruses, including the coronavirus

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Unrivalled core R&D capabilities

Ambition to grow profitability and strengthen our leading market position

High single digit Market share target by FY2024/25 +3 to 4pp GROW PROFITABLY AND DELIVER TO CUSTOMER COMMITMENTS aEBIT target by FY2024/25

STRATEGIC ORIENTATION AND KEY INITIATIVES

• Platforming standardisation & components building blocks
• Tendering focused on optimizing design solutions driving profitable growth
• Green mobility innovation and technology roadmap

DEVELOPMENT & OPERATIONS

• Leverage best-cost engineering hubs & manufacturing sites
• Cost reduction enabled with new supply chain scale
• Use Design-to-Cost methodology for design efficiency
• Adherence to Quality Gate process

A clear path towards growth and profitability restoration

Three steps to get to high single digit aEBIT by 2024/25

Process rigour and execution focus create value for customers and stakeholders

STABILISE Turning around difficult projects

2.1

Danny Di Perna Executive VP and Chief Operating Officer

A Rolling Stock and Components backlog of €41bn, comprising ~130 active projects

PROJECT BACKLOG BREAKDOWN PER SEGMENT

A portion of the backlog needs technical expertise and project management support

1. Projects with Residual Value above €50m as of 31 March of 2022

A comprehensive portfolio risk assessment completed

HIGHLIGHTING MAIN ROOT CAUSES

• Incomplete or partial compliance in requirements management process
• Inadequate project planning, scheduling and gate management process
• Resource and competencies not sufficiently focused on critical project execution
• Supply management more focus on requirements and quality control
• Product policy not sufficiently aligned to meet customer requirements

Significant progress achieved to reduce High Criticality project risks

Financial exposure

Project stabilisation action plan deployed with expert task forces

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TASK FORCE EXPERT GROUPS LAUNCHED

Inject development experts

Review all customer requirements

Align project scheduling and resources

Enforce Design for Quality and Project Management standards

Punctual support on demand and extensive visibility on critical project progress

Systematic process and actions deployed to reduce project risks are yielding results

APPROACH TO SUPPORT CRITICAL PROJECTS RISK CRITICALITY INDEX EVOLUTION

• 2: Minor gaps impacting project objectives with a secured action plan
• 3: Significant gaps impacting project objectives
• 4: Project schedule and financial performance not to plan

Project Management best practices being deployed on all new projects

LEVERAGING STANDARD DEVELOPMENT PROCESS TOOLS…

Compliance to main Technical Performance targets

…AND LESSONS LEARNED FROM DIAGNOSIS AND PROBLEM SOLVING

• Project staffing core team Contract awareness Savings review
• Risk & Opportunities review
• Establish clear KPIs dashboard
• Configuration management discipline
• End-to-end project schedule optimization
• Validation strategy optimization

CLEAR OBJECTIVES

100% Launch Gate Review on time 12 weeks Critical Project Review 0

with 1st maturity assessment

Video

Keywords which will appear on the screen Stabilisation on tracks

VALIDATED WITH PIERRE MIRAMONT

1/ Twindexx for SBB

10 fold improvement in reliability

Lowest demerit ever reached

100% on time delivery in the last 12 months

"Twindexx is now the best quality at delivery across all other OEMs" SBB project director

TO BE REVIEWED

2/ CRESPIN, France Ramp-up "Plan 1000" New production line (for Regio 2N) Increased capacity/productivity

New logistics investments

SEQUENCE OF MESSAGES TO BE RE-ARRANGED

3/ DERBY, UK First customer acceptance of SW and WM trains (mettre en dernier) 20 fold improvement in customer demerit score - No more safety and Functionnal issues (avant dernier)

Test faults recorded by trainset reduced by 90%

50% reduction in manufacturing lead time 70% of retrofit activity completed

Reinforced action plan to mitigate inflation cost effect

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INCREASED PRESSURE OVER H2 2021/22

Evolution of relevant cost items indexes

Indexed, Yearly evolution 2019-2025E, Base = 2019

MULTI-DISCIPLINARY ACTION PLAN

Reinforced selectivity for fix and firm price contracts Back-to-back with suppliers for fix and firm contracts Price adjustment on new tenders mirroring cost increase Long term planning and secure material supplies Apply stringent cost measures to mitigate headwinds 3 5 4 1 6 2 Commercial contract pricing adjustment formulas

Supply chain turbulence mitigated in 2021/22

SUPPLY CHAIN CONSTRAINTS

Electronic components material capacity issues

• Semiconductor chip shortages aggravated by the pandemic
• Electronic components and systems deliveries potentially impacting production flow
• Ordering lead times significantly expanded

Disruption on goods delivery

• International freight activities under pressure
• Delays on freight activities increasing

DOUBLE DOWN ON ACTION PLAN IN FY 2022/23

In-depth analysis of semiconductor needs ² across the complete value chain

Longer-term planning and commitments ³ with suppliers to secure allocation

4 Develop and use alternate sources

Product adaptation and redesign for ⁵ interchangeability to reduce dependencies

Adapt production process (i.e. re-sequencing) ⁶ to mitigate component shortage

2.2

Benjamin Fitoussi President Rolling Stock and Components – Development & Operations

OUR TARGET

Bring back the operational performance to nominal in March 2023 and deliver the committed synergies

Operational performance back to nominal by March 2023

A CLEAR ROADMAP TO EXTEND MARKET COVERAGE AND TIME-TO-MARKET WHILE IMPROVING COSTS

2

Convergence finalised, rationalisation on-going on tenders 2

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

35

● Claim settlement on legacy projects

BCC PURCHASING IN 2021/22

Driving the right quality standards across our value chain

36

STRENGTHEN QUALITY COMPETENCE

3

• Engineering (Right First Time)
• Industrial (Zero Defect Program)
• Supplier Quality in Region

Year 2021/22 : 2,655 trainers 2,565 training sessions 49,011 people trained

LEAN AND EFFICIENT

• Development For Quality
• Focus major production Ramp-Ups
• First Article Inspection, Statistic Control Critical Processes

Year 2021/22 : 25 6σ Ambassadors 1060 people qualified

PROCESSES CUSTOMER SATISFACTION

• Reliability Growth & Warranty
• Reactivity, Return of Experience
• Prevention in Tender Phase

Quality Academy Lean 6σ Belt Program Customer survey program

Pursue Cash Focus programme

AMBITION

● Optimise Cash across Alstom entire value chain

• Cash-based selectivity in tenders
• Alignment strategic & tactical planning
• Cash conscious supplier contracts
• Optimise hard inventories level
• Increased CAPEX planning
• Enhance cash culture through training and personal objectives

KEY INITIATIVES 2024/25 OBJECTIVES

Free Cash Flow: 80%

conversion from adjusted net income

© ALSTOM SA 2022. 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.

TRANSFORM Growing profitably

2.3

Benjamin Fitoussi President Rolling Stock and Components – Development & Operations

TRANSFORM

Illustration of major 2021/22 wins based on " best-seller" products

CORADIA STREAM™ METROPOLIS™ X'TRAPOLIS™

1

• 29 High-Capacity electric doubledeck multiple units for DB Regio
• Up to 40 electric inter-regional trains to Romanian Railway Reform Authority

More than 700 Coradia Stream™ sold within 5 years

• 55 large gauge Metros for Cairo L1
• 36 Metropolis trains for São Paulo Metropolitan Train System L 8 / 9
• 29 fully automated Metropolis trains to Taipei as part of a turnkey project

More than 60 customers worldwide

• Up to 750 new commuter rail cars for Ireland's DART
• 25 six-car trains for Melbourne's suburban rail network
• 42 trains for Tren Maya

5,500 X'trapolis™ cars ordered so far in the world

Platform product management and standardisation 68 components, 48 buy modules

1

2

Increased Engineering efficiency by leveraging Best Cost Countries (BCC) site specialisation

• Aligned organisation model
• Deployed target processes
• Massify specialisation & return of experience :
  • New development sites organized by product
  • 10 train sites & 9 components sites
• BCC capacity today at 32% ahead of Plan

Continuous built up of BCC sites e.g. in Poland, India and Mexico

POLAND | EUROPEAN PROJECT SUPPORT

A unique global-local manufacturing footprint to meet growing demand for localisation while delivering competitiveness

2

Customers are looking for reliable, tailored and competitive solutions delivered close to them

PROXIMITY WORLD-CLASS CAPABILITIES Excellence hubs in key geographies Sharing our worldwide expertise with our customers Commercial reach in 70+ countries Delivery sites located in strategic markets Manufacturing hubs in all key regions Global competencies networks CUSTOMER INTIMACY ALSTOM SAHAGUN PLANT TENDERS WON THANKS TO ABILITY TO DELIVER LOCAL CONTENT ALSTOM HORNELL PLANT ALSTOM DERBY & CREWE PLANTS ALSTOM DANDENONG PLANT TREN MAYA (MEXICO) AMTRAK HIGH-SPEED (BUY AMERICAN ACT) HS2 VERY HIGH SPEED (UK) LIGHT RAIL TRAMS (AUSTRALIA)

© ALSTOM SA 2022. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 44

PLM4A: an enterprise-wide programme to enable ONE product lifecycle management

1. compared to March 2021

Investing in people with World Class Engineering & Manufacturing programme

AMERICAS : 25 Manufacturing experts 87 Engineering experts DACH : 13 Manufacturing experts 103 Engineering experts FRANCE : 86 Manufacturing experts 282 Engineering experts APAC : 16 Manufacturing experts 56 Engineering experts AMECA : 3 Manufacturing experts 6 Engineering experts EUROPE : 61 Manufacturing experts 204 Engineering experts

Expertise is key for Alstom's success and development

Rolling Stock and Components journey ahead

• ❶ Significant improvement in project stabilization achieved in 2021/22 - back to nominal performance expected by March 2023
• ❷ Operating already as One Team, with best-in-class converged processes and product portfolio by March 2025
• ❸ Clear plan to deliver the targeted operational recovery, synergies fully on-track
• ❹ Uniquely positioned to capture market growth thanks to product, market reach and scale