Alstom — Interim / Quarterly Report 2025

Nov 14, 2025

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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 2025
Condensed interim consolidated financial statements,	Page 31
half-year ended 30 September 2025
Report of independent auditors on the half-year financial information	Page 72
Responsibility statement of the person responsible for the half-year financial report	Page 75

Société anonyme with a share capital of €3,234,209,762 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 2025

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1. Main events of half-year ended 30 September 2025

1.1. Key figures for Alstom in the first half of fiscal year 2025/26

Group's key performance indicators for the first half of fiscal year 2025/26:

			% Variation
			Sep. 25/ Sep. 24
	Half-Year ended	Half-Year ended
(in € million)	30 September 2025 30 September 2024		Actual
Orders Received (1)	10,470	10,950	(4)%
Sales	9,059	8,775	3%
Adjusted Gross Margin before PPA & impairment (1)	1,235	1,228	1%
aEBIT (1)	580	515	13%
aEBIT % (1)	6.4%	5.9%
EBIT before PPA & impairment (1)	443	382
EBIT (4)	316	199
Adjusted Net Profit (1)(2)	338	224
Net Profit (Loss) - Group share (3)	220	53
Free Cash Flow (1)	(740)	(138)
			% Variation

	Half-Year ended	Year ended
(in € million)	30 September 2025	31 March 2025	Actual
Orders Backlog	96,122	94,960	1%
Gross Margin % on backlog (1)	18.0%	17.8%
Capital Employed (1)	12,285	11,402
Net Cash/(Debt) (1)	(1,399)	(434)
Equity	10,517	10,577

(1) Non - GAAP. See definition in section 10

Sep. 25/ Mar. 25

The aEBIT as a percentage of sales has progressed from 5.9% in the first half of fiscal year 2024/25 to 6.4% in the first half of fiscal year 2025/26, benefiting from R&D phasing for 20bps, reduction of Selling and Administrative costs for 30bps, volume and mix for 20bps, other including EPU 20bps, partially offset by forex (20)bps and scope impact for negative (20)bps.

1.2. 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:

(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

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	Half-Year ended30 September 2025		Half-Year ended 30 September 2024			Sep. 25/ Sep. 24
(in € million)	Actualfigures	Actualfigures	Exchange rateand scopeimpact	Comparablefigures	% VarActual	% VarOrg.
Orders Received	10,470	10,950	(156)	10,794	(4)%	(3)%
Sales	9,059	8,775	(381)	8,394	3 %	8%
	Half-Year ended
	30 September 2025		Year ended 31 March 2025			Sep. 25/ Mar. 25
(in € million)	Actualfigures	Actualfigures	Exchange rateimpact	Comparablefigures	% VarActual	% VarOrg.
Orders Backlog	96,122	94,960	(2,239)	92,721	1%	4%

The reported figures for orders received and sales of the first half of fiscal year 2024/25, and the backlog of 31 March 2025 have been restated to account for September 2025 exchange rates. This restatement showed an appreciation of the Euro against several currencies within the Alstom portfolio of the first half of fiscal year 2024/25, as well as for the backlog as of 31 March 2025.

• Orders received were impacted by an unfavourable translation effect, mainly due to the depreciation of the Australian Dollar (AUD), United States Dollar (USD), South African Rand (ZAR), Indian Rupee (INR), Argentino Peso (ARS), the British pound sterling (GBP) against the Euro (EUR). This unfavourable translation effect was partially mitigated by the appreciation of the Swedish Krona (SEK) against the Euro (EUR).
• Sales were mainly impacted by the depreciation of the United States Dollar (USD), Australian Dollar (AUD), Indian Rupee (INR) and Mexican pesos (MXN), Canadian Dollar (CAD) and Kazakhstan tenge (KZT) against the Euro (EUR). This impact was partially offset by the appreciation of Swedish Krona (SEK) against Euro (EUR). In addition to exchange rates variances, sales have been restated of scope impact from disposal of US signalling activities.
• Backlog was significantly impacted by an unfavourable translation effect driven by the depreciation of the US dollar (USD), the British pound sterling (GBP), the Indian rupee (INR), the Kazakhstan tenge (KZT), the Canadian dollar (CAD), the Australian dollar (AUD) and the Saudi riyal (SAR) against the Euro (EUR). This unfavourable translation effect was partly offset by the appreciation of the New Israeli Shekel (ILS) and the Mexican peso (MXN) against the Euro (EUR).

1.3. One Alstom team - Agile, Inclusive and Responsible

More than ever, decarbonization and resources preservation is at the heart of Alstom's strategy. The Group is reducing its own direct and indirect emissions (Scope 1 & 2). The Group confirmed its ambitious commitment to use 100% of electricity from renewable energy sources in its own operations by end of 2025 to reduce its environmental footprint. At the end of September 2025, the supply of electricity from renewable sources reached 87%.

Alstom is also committed to engage with customers and suppliers (Scope 3) to contribute to Net Zero carbon trajectory in the mobility sector. Thus, Alstom and Outokumpu have started a partnership to supply stainless steel with up to 93% lower carbon footprint than the global industry average. The first delivery for Alstom's latest Metropolis metro trains is

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expected in 2026, supporting Alstom's goals for eco-design and a 30% carbon emissions reduction from purchased goods and services by 2030.

Alstom's Corporate Social Responsibility performance is regularly evaluated by various rating agencies; Alstom strongly improved its scoring to ECOVADIS questionnaire with a score of 93/100 ( + 7 points) 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 terms. Alstom also improved its score with MSCI agency moving to AAA from AA positioning Alstom in the best possible ESG category. The Group continued to climb in Corporate Knights' annual ranking of the 100 most sustainable companies in the world to #7 as well as #4 in the inaugural Europe 50 list in 2025. Those results reflect Alstom strong position and ambitious sustainability roadmap.

1.4. Changes in consolidation scope

There are no significant changes in the consolidation scope between 31 March 2025 and 30 September 2025.

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2. FY 2025/26 outlook and medium-term ambitions

The outlook for FY 2025/26 is based on following main assumptions:

• Supportive market demand
• Number of cars produced stable vs FY 2024/25
• R&D / sales around 3% (from above 3% previously)
• Mitigating US tariffs impact

Outlook for FY 2025/26:

• Group and Rolling Stock book-to-bill ratio above 1.0
• Sales organic growth above 5% (from 3% to 5% previously)
• aEBIT margin around 7%
• Free Cash Flow generation to be within a €200 to €400 million range

Over the three years from FY 2024/25 to FY 2026/27, the Group expects to deliver at least €1.5 billion in free cashflow, despite Contract Working Capital being a headwind over that period.

Medium-term ambitions

Medium-term ambitions are confirmed as per the May 14, 2025, full year announcement.

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3. Commercial performance

In the first half of fiscal year 2025/26, the Group achieved significant commercial success across multiple geographies, particularly in Americas and Asia/Pacific, and in the Rolling Stock product line. The order intake reached €10.5 billion, marking a 4% decrease from €10.9 billion in the corresponding period of fiscal year 2024/25, reflecting the timing of several already announced awards that will be booked in the second half of the year.

Geographic breakdown						Sep. 25/ Sep. 24
Actual figures	Half-Year ended	% of	Half-Year ended	% of
(in € million)	30 September 2025	contrib	30 September 2024	contrib	Actual	Organic
Europe	5,186	49%	8,511	78%	(39)%	(39)%
Americas	3,508	34%	887	8%	296%	327%
Asia/Pacific	1,548	15%	1,022	9%	51%	64%
Africa/Middle East/Central Asia	228	2%	530	5%	(57)%	(56)%
ORDERS BY DESTINATION	10,470	100%	10,950	100%	(4)%	(3)%
Product breakdown						% VariationSep. 25/ Sep. 24
Actual figures	Half-Year ended	% of	Half-Year ended	% of
(in € million)	30 September 2025	contrib	30 September 2024	contrib	Actual	Organic
Rolling stock	6,649	63%	4,415	40%	51%	51%
Services	1,650	16%	4,111	38%	(60)%	(59)%
Systems	214	2%	443	4%	(52)%	(50)%

In Europe, Alstom recorded an order intake of €5.2 billion during the first half of fiscal year 2025/26, compared to €8.5 billion for the same period in the previous fiscal year.

ORDERS BY DESTINATION 10,470 100% 10,950 100% (4)% (3)%

In France, Alstom will supply SNCF Voyageurs with 96 additional RER NG trainsets for approximately €1.7 billion after the financing agreement by Île-de-France Mobilités. Additionally, Alstom and SYTRAL Mobilités signed a contract worth over €300 million to modernize line D of the Lyon metro. This contract includes 26 new state-of-the-art rubber-tyred metro trains and a complete renovation of line D systems and automation. The recently announced order by Eurostar will be booked in Q3.

In Bulgaria, the Group received a contract worth around €600 million for Coradia Stream interregional trains and its associated maintenance. The contract includes the delivery of 35 electric Coradia Stream interregional trains including 15 years of maintenance.

In Romania, Alstom secured a new contract on the modernization of the Bucharest-Giurgiu railway section, lot 2, by implementing ERTMS Level 2 signalling and electrification. This project totaling approximately €450 million, of which Alstom's share is approximately 25%.

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

% Variation

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In the Americas, Alstom reported an order intake of €3.5 billion during the first half of fiscal year 2025/26, compared to €0.9 billion for the same period in the previous fiscal year. This significant increase was driven by two major contracts won in United-States. The first contract is valued at €2.0 billion to manufacture 316 commuter rail cars for Long Island Rail Road (LIRR) and Metro-North Railroad. The second major contract in United States was signed to supply NJ TRANSIT with an additional 200 Multilevel III commuter rail cars and 12 ALP-45 dual-power locomotives to modernize its fleet. This new rolling stock purchase is valued at €1.0 billion. This fleet will serve passengers traveling within the state and commuting to New York City and Philadelphia.

In Asia/Pacific, the order intake reached €1.5 billion during the first half of fiscal year 2025/26, compared to €1.0 billion during the same period of the previous fiscal year. This increase is driven by the booking of a €538 million contract in Wellington, New Zealand, for the supply of 18 Adessia Stream B battery trains and 35 years of maintenance.

In India, Alstom secured two major contracts. Alstom will supply 96 additional Metropolis driverless metro cars for Chennai Metro Phase II. The contract worth €135 million includes the design and manufacturing of 32 metro trainsets, comprehensive maintenance for 15 years and training of personnel. The second contract consists of the supply of trains, signalling solutions and maintenance for Mumbai Metro Line 4. 39 driverless Metropolis trainsets will be manufactured in India at Alstom's Sri City factory.

In Taiwan, Alstom secured a contract to deliver high-capacity driverless signalling system for Taichung Blue Line metro. The Group willsupply its Urbalis CBTC system, enabling driverless operations for Taichung's second metro line. Alstom's share of the contract awarded to an international consortium is worth €159 million.

Last year's performance in Asia/Pacific was driven by significant contract with the Public Transport Authority of Western Australia (PTA).

In Africa/Middle East/Central Asia, the Group reported €228 million order intake compared to €530 million over the same period last fiscal year.

Alstom received the following major orders during the first half of fiscal year 2025/26:

Country	Product	Description
Brazil	Signalling	Implementation of a new signalling system (ETCS) on Lines 8 and 9 in São Paulo
Bulgaria	Rolling stock /Services	Supply of 35 electric Coradia Stream interregional trains including 15 years ofmaintenance
Europe(undisclosedcustomer)	Rolling stock	Supply of 55 Traxx locomotives
France	Rolling stock	Supply of 96 additional RER NG trains for the RER D line on the Île-de-France Mobilitésnetwork
France	Rolling stock /Signalling	Supply of MPL25 2-car metro trains and new signalling technology
India	Rolling stock /Signalling/Services	Supply of 234 Metropolis metro cars (39 trainsets of 6 cars each), CommunicationsBased Train Control (CBTC) signalling system, and 5 years of maintenance

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NewZealand	Rolling stock /Services	Supply of 18 Adessia Stream B battery trains and 35 years of maintenance
Singapore	Signalling	Supply of CBTC system
UnitedStates	Rolling stock	Supply of 316 commuter rail cars for Long Island Rail Road (LIRR) and Metro-NorthRailroad
UnitedStates	Rolling stock	Supply of 200 Multilevel III commuter rail cars and 12 ALP 45 dual power locomotives

4. Backlog

As of 30 September 2025, the backlog stood at €96.1 billion, providing the Group with strong visibility over future sales. This represents a 1% increase on an actual basis and a 4% increase on an organic basis as compared to 31 March 2025. The increase compared to €95.0 billion as of 31 March 2025 was driven by a solid book-to-bill ratio at 1.2 over the first half, partially offset by adverse currency movements.

The depreciation of several currencies against the Euro (EUR) since March 2025, mainly the US dollar (USD) and the Canadian dollar (CAD) in Americas, the Indian rupee (INR) and the Australian Dollar (AUD) in Asia/Pacific, the Kazakhstan tenge (KZT) and the Saudi riyal (SAR) in Africa/Middle East/Central Asia and the British pound sterling (GBP) in Europe, negatively impacted backlog for a total amount of €2.2 billion. This mainly affected the backlog of services and systems products.

Actual figures	Half-Year ended	% of	Year ended	% of
(in € million)	30 September 2025	contrib	31 March 2025	contrib
Europe	58,291	61%	57,013	60%
Americas	13,319	14%	12,373	13%
Asia/Pacific	11,887	12%	12,151	13%
Africa/Middle East/Central Asia	12,625	13%	13,423	14%
BACKLOG BY DESTINATION	96,122	100%	94,960	100%
Actual figures	Half-Year ended	% of	Year ended	% of

Actual figures	Half-Year ended	% of	Year ended	% of
(in € million)	30 September 2025	contrib	31 March 2025	contrib
Rolling stock	43,246	45%	40,092	42%
Services	36,557	38%	38,556	41%
Systems	7,034	7%	7,562	8%
Signalling	9,285	10%	8,750	9%
BACKLOG BY DESTINATION	96,122	100%	94,960	100%

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5. Income statement

5.1. Sales

Alstom's sales amounted to €9.1 billion for the first half of fiscal year 2025/26, representing a growth of 3% on an actual basis and 8% on an organic basis as compared to Alstom sales in the same period last fiscal.

Car production reached 2,017 in the first half of fiscal year 2025/26, broadly stable compared to the same period last fiscal year.

						% Variation
Geographic breakdown						Sep. 25/ Sep. 24
Actual figures	Half-Year ended	% of	Half-Year ended	% of
(in € million)	30 September 2025	contrib	30 September 2024	contrib	Actual	Organic
Europe	5,329	59%	4,911	56%	9%	9%
Americas	1,644	18%	1,813	21%	(9)%	6%
Asia/Pacific	1,317	15%	1,312	15%	0 %	6%
Africa/Middle East/Central Asia	769	8%	739	8%	4%	10%
SALES BY DESTINATION	9,059	100%	8,775	100%	3%	8 %
Product breakdown						% VariationSep. 25/ Sep. 24
Actual figures	Half-Year ended	% of	Half-Year ended	% of
(in € million)	30 September 2025	contrib	30 September 2024	contrib	Actual	Organic
Rolling stock	4,665	52%	4,531	52%	3 %	6%
Services	2,266	25%	2,197	25%	3 %	6%
Systems	823	9%	800	9%	3 %	10%
Signalling	1,305	14%	1,247	14%	5%	17%
SALES BY DESTINATION	9,059	100%	8,775	100%	3%	8 %

In Europe, sales reached €5.3 billion, accounting for 59% of the Group's total sales and representing an increase of 9% on an actual basis. It was mainly driven by the continued execution of large rolling stock contracts, including the RER NG commuter in France, the Regio 2N regional trains, the Coradia StreamTM regional trains for Trenitalia in Italy as well as the AveliaTM high-speed trains for SNCF. The strong execution of Signalling contracts in France and Italy has also been a contributor to this growth. On the other hand, large Rolling Stock contracts such as MP14 in France & 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 €1.6 billion, accounting for 18% of the Group's sales, with 10% in the United States. This marks a 9% decrease compared to the previous year on an actual basis (6% increase on an organic basis). The growth was mainly driven by rolling stock contracts, including MetropolisTM trains San Francisco Bart, commuters for NJ Transit in the United States and the MetropolisTM trains for São Paulo Metropolitan Train System in Brazil. The projects of Tren Maya project for the National Fund for the Promotion of Tourism in Mexico, together with Vancouver Skytrain and the light metro system for REM in Canada all remain key sales contributors within the Americas region.

In Asia/Pacific, sales amounted to €1.3 billion, accounting for 15% of the Group's sales, stable compared to the previous year on an actual basis (6% increase on an organic basis). The growth was delivered across all the product lines, especially Service and System, and was driven by the continuous ramp-up of the production of the Alstom MoviaTM

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cars for LTA Singapore, the VLocityTM regional trains for The Department of Transport (DoT) in Victoria in Australia and MetropolisTM trains for Wanda Line in Taiwan.

In Africa/Middle East/Central Asia, sales stood at €0.8 billion, contributing to 8% to the Group's total sales and representing an increase of 4% compared to last year on an actual basis. The rolling stock contract for the X'TrapolisTM Mega commuter trains in South Africa as well as the PrimaTM freight locos for Kazakh Railways are the main sales contributors within the region.

5.2. Research and development ("R&D")

As of 30 September 2025, research and development gross costs amounted to €(300) million, i.e. 3.3% of sales, lower than as of 30 September 2024 due to inorganic impact for (10)m (Sale of North American Signalling business to Knorr-Bremse AG and FX). 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: Green mobility, Smart mobility and inclusive mobility. Net R&D amounted to €(242) million before PPA amortisation.

	Half-Year ended	Half-Year ended
(in € million)		30 September 2025 30 September 2024
R&D Gross costs	(300)	(326)
R&D Gross costs (in % of Sales)	3.3%	3.7%
Funding received (1)	3 8	43
Net R&D spending	(262)	(283)
Development costs capitalised during the period	83	83
Amortisation expense of capitalised development costs (2)	(63)	(56)
R&D expenses (in P&L)	(242)	(256)
R&D expenses (in % of Sales)	2.7%	2.9%

(1) Financing received includes public funding amounting to €36 million at 30 September 2025, compared to €33 million at 30 September 2024. (2) For the fiscal period ended 30 September 2025, excluding €(25) million of amortisation expenses of the PPA of Bombardier Transportation, compared to €(28) million at 30 September 2024.

Alstom Rolling Stock Product Line is addressing major developments. In August 2025, the NextGen Acela trains, part of Alstom's Avelia product line and first high-speed trains built in America, have started their commercial service for Amtrak on the American Northeast corridor. The homologation tests of Avelia Horizon™ have been pursued in 2025 to enable the revenue service beginning of 2026 for SNCF in France. 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, further development of international configurations is ongoing. The development of Avelia Stream™, addressing the high-speed single deck segment, has continued. This product will replace the Avelia Pendolino trains.

The replacement of our existing range of commuter trains by Adessia™ has been initiated to meet the expectations of the UK, German and US markets with first commercial successes with S-Bahn Rhineland as well as Wellington with a dual mode electrical-battery. This new product range will enhance the passenger experience and tackle operational challenges in terms of energy efficiency and maintenance operations.

Alstom is also further extending the Coradia Stream™ range with longer cars and 15kV traction chains (primarily in Germany). This range will also include BEMU version.

Furthermore, large gauge Metropolis™ is being redesigned with a focus on energy efficiency and manufacturability to better address the Indian market.

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Sharing building blocks with European versions, Citadis™ NAM is under development to address the US and Canadian markets, with a first project in Philadelphia.

Traxx 3 Locomotive homologation on the main European corridors is under completion, including the 200 kph passengers version. It features Atlas™ signalling and Compato™ for the projects operated in Italy.

Rolling Stock new products are benefiting from a converged and cybersecurity compliant components portfolio, such as Agate 4™ for traction control and monitoring system (TCMS), and Mitrac™ traction system.

Alstom Services Product Line is dedicated to advancing the maintenance plans and operational efficiency. Our commitment to innovation is exemplified by the integration of our fleet monitoring system (HealthHub™) in our projects, which enhances maintenance engineering efficiency and automates various tasks. This automation significantly reduces the operating costs of rolling stock maintenance, and boosts reliability and availability. Building on the success of HealthHub™, HealthHub++™ aims to enhance our predictive maintenance capabilities by integrating advanced analytics and machine learning capabilities, with smart data acquisition tools such as TrainScanner and InfraScanner. These tools automate manual inspections and provide critical insights, allowing a transition towards condition-based and predictive maintenance. This proactive approach ensures that maintenance is performed only when necessary, thereby optimizing resource use and extending the lifespan of our assets. Other initiatives focus on eliminating manual maintenance tasks through automation and detection, significantly reducing labor costs and improving efficiency

In addition, Alstom is heavily investing in the digitalization of depots. We are developing robotic solutions for various maintenance tasks, including train inspections and repairs, to enhance precision and reduce human error. Our digital operations solutions empower operators with real-time information on fleet performance, energy monitoring, and optimization.

Passenger comfort and safety remain paramount. We support operators in delivering an exceptional travel experience through advanced passenger information and entertainment systems, as well as CCTV applications that ensure secure journeys. By leveraging the latest in virtual reality (VR) and augmented reality (AR) technology, we offer state-of-theart simulation solutions. These solutions provide comprehensive training and real-time support for product introduction, train operation, and maintenance activities.

Alstom's innovation is also deeply rooted in the principles of green, sustainable, and efficient operations. We are pioneering initiatives related to battery and hydrogen traction. Alstom is the pioneer in converting rolling stocks from diesel to hydrogen to enable CO2 emission-free travel. We are focusing our efforts to create environmentally friendly and sustainable transportation solutions.

Alstom Signalling Product Line pursues its developments around 3 pillars: Digitalisation (from hardware to software), Automation for more fluidity and operations improvement, and Cyber-security, for a safe and secure mobility. Our R&D programmes build on those 3 pillars to address the needs of our clients:

• Mainline:
  • o Train control solutions with latest ERTMS features (Onvia Control™ for wayside and Onvia Cab™ onboard the train)
  • o Interlocking solutions (Onvia Lock™)
  • o Automatic Train Operation (ATO), to automate operations for open systems
  • o Next generation of radio communication (preparation for FRMCS)
• Urban: Communication Based Train Control (CBTC) solutions for metros and tramways (Urbalis Fluence™, Urbalis Forward™, Urbalis Flo™). Urbalis Fluence™ is the world's first train-centric CBTC system, reducing the need for trackside equipment; it is in development for Hamburg U5, Paris L18 and Torino L1.
• Operational Control Centres: orchestration of operations from a centralized and remote center, and maximisation of traffic fluidity (Onvia Vision™ and Urbalis Vision™ solutions)

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• Maintenance services: elaboration of maintenance diagnostics and prognostics for the operators (HealthHub™ Signalling)

To maximize operational and technological synergies, Alstom develops world-class cutting-edge core frameworks, transversal to the whole portfolio (across Mainline and Urban): powerful multicore on-board and wayside computers and networks and telecommunication systems compatible of latest standards. 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 (ARTE).

Some others innovative proposals are under progress, as for example the one named "Animal Repellent", tested in Sweden with Trafikverket, that aims to prevent animal collisions based on picture analytics AI algorithms and tailored repellent noise.

Alstom is working to integrate high Technology Readiness Level (TRL) solutions like robotics internally while developing low TRL solutions such as Trustworthy AI to enhance innovation and reliability.

Alstom Innovations is leveraging AI for predictive maintenance, autonomous systems, and operational efficiency, using simulations to test new technologies, and developing digital offerings.

In parallel, Alstom has launched dedicated resilience programs to reinforce system robustness and operational continuity in critical environments. These initiatives aim to anticipate and reduce disruption in its components or systems and embed emerging technologies across mobility platforms.

5.3. Operational performance

The aEBIT at €580 million in the first half of fiscal year 2025/26, as a percentage of sales has progressed from 5.9% in the first half of fiscal year 2024/25 to 6.4% in the first half of fiscal year 2025/26, benefiting from R&D phasing for 20bps, reduction of Selling and Administrative costs for 30bps, volume and mix for 20bps, other including EPU 20bps, partially offset by forex (20)bps and scope impact for negative (20)bps.

Selling and Administrative costs as a percentage of sales represented 5.7% for the group as compared to 6.0% on an actual basis last year, confirming the robustness of the S&A cost efficiency plan initiated during the second half of fiscal year 2023/24.

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 €100 million, increasing from the €71 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 €26 million respectively, compared to €31 million and €20 million respectively in the same period last year. The contribution of the remaining joint ventures amounted to €43 million, as compared to €20 million in the same period last year.

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5.4. From adjusted EBIT to adjusted net profit

During the first half of fiscal year 2025/26, Alstom recorded restructuring and rationalisation charges of €(12) million mainly related to the adaptation to the means of production, especially in Canada for €(5) million, in South Africa for €(4) million and the United Kingdom for €(2) million.

Other costs before impairment of tangible assets related to PPA amounted to €(25) million, consisting of €(8) million of Bombardier Transportation's post-merger legal fees , €(5) million related to other legal proceedings, €(6) million transformation costs in Germany, €(8) million of consequential impacts from saving plan initiated in Germany, €7 million income from the impairment reversal for CITAL, €(4) million expenses from the discontinuance of Aptis activities, and other exceptional expenses for €(1) million. Integration costs related to Bombardier Transportation's entities integration are nil at the end of September 2025.

Overall, Alstom's other expenses for the first half of fiscal year 2025/26 amounted to €(37) million, a €25 million decrease in comparison to 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 €443 million. This represents a 16% increase compared to €382 million in the same period last fiscal year.

Net financial expenses of the period amounted to €(75) million as compared to €(107) million in the same period last fiscal year, driven by lower net interest expenses mainly due to lower average short-term debt combined with a rates decrease, reduction in Bank Fees, favourable FX Forward Points and other costs.

The Group recorded an income tax charge of €(92) million in the first half of fiscal year 2025/26, corresponding to an effective tax rate before PPA of 28%, compared to €(81) million for the last fiscal year and an effective tax rate of 37% which reflected the temporary write-off of certain deferred tax assets. Based on assumptions from the medium term plan, Alstom has not identified any trigger event that would impact the recognition of deferred tax assets as at 30 September 2025.

The share in net income from equity investments amounted to €87 million – excluding the amortisation of the purchase price allocation ("PPA") mainly from joint ventures of €(4) million –, compared to €60 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 €13 million, compared to €10 million in the 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 €338 million for the first half of fiscal year 2025/26. This compares to an adjusted net profit of €224 million in the last fiscal year.

5.5. From adjusted net profit to net profit (loss)

During the first half of fiscal year 2025/26, amortisation & impairment of assets exclusively valued when determining the purchase price allocation ("PPA") in the context of business combination amounted to €(131) million before tax, compared to €(189) million in the last fiscal year. Positive tax effect associated with the PPA amounts to €12 million, compared to €20 million last fiscal year.

{15}------------------------------------------------

The Group's share of net profit (loss) from continued operations (Group share), including net effect from PPA after tax for €(119) million, stood at €219 million, compared to €55 million in the last fiscal year.

The net profit from (loss) discontinued operations for the first half of fiscal year 2025/26 is €1 million. As a result, the Group's Net profit (loss) (Group share) stood at €220 million for the first half of fiscal year 2025/26, compared to €53 million in the last fiscal year.

{16}------------------------------------------------

6. Free cash-flow

	Half-Year	Half-Year
	ended	ended
	30 Septemb er	30 Septemb er
(in € million)	2025	2024
EBIT b efore PPA	443	383
Depreciation and amortisation (before PPA)	255	234
JV dividends	103	9 2
EBITDA b efore PPA + JV dividends	801	709
Capital expenditure	(142)	(131)
R&D capitalisation	(83)	(83)
Financial and Tax cash-out	(153)	(179)
Other	(12)	(34)
Funds from Operations	411	282
Trade Working Capital Changes (1)	(599)	(435)
Contract Working Capital Changes (1)	(552)	1 5
FREE CASH FLOW	(740)	(138)

(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 €(740) million for the first half of the fiscal year 2025/26 as compared to €(138) million during the same period last fiscal year reflecting expected working capital seasonality and despite continued progress in cash generated from operations.

Funds from Operations stands at €411 million, compared to €282 million in the same period last fiscal year, mainly driven by the improved EBIT before PPA of €443 million compared to €382 million in the same period last fiscal year, while benefiting from improved of Financial and Tax cash out reducing from €(179) million in the first half of the last fiscal year to €(153) million during the same period in the current fiscal year.

Depreciation and amortisation excluding PPA amounted to €255 million (€382 million including PPA) compared to €234 million in the same period of last fiscal year (€417 million including PPA).

JV dividends amounted to €103 million compared to €92 million in the first half of last fiscal year.

In the first half of fiscal year 2025/26, Alstom spent €(142) million in capital expenditures excluding R&D, as compared to €(131) million last fiscal year. The Capex program was focused on capacity & projects investments mainly in France, Germany, Poland, UK and Italy as well as developing further the industrial base in best cost countries as Mexico & Kazakhstan. Furthermore, Alstom continued to invest in energy savings & safety, supporting the Company's target in reducing its CO2 emission.

Cash generation was impacted by an unfavourable €(1,151) million change in working capital compared to €(420) million in the last fiscal year; notably due to the trade working capital built up by €(599) million, impacted by the increase in inventory levels notably to prepare the higher production in the second semester.

The Contract Working Capital change stands at €(552) million in the first half of fiscal year 2025/26 compared to €15 million in the same period last fiscal year. This evolution is due to continued industrial activity, project working capital phasing while partially being supported by the level of downpayments received over the first half of fiscal year 2025/26.

{17}------------------------------------------------

• Contracts assets (representing ca. 123 days of sales as of 30 September 2025 vs 116 days as of 31 March 2025) increase over the period is consistent with contracts portfolio trading and revenue growth.
• Contracts liabilities are stable in the first semester fiscal year 2025/26.
• Current provisions have been mainly impacted by reduction of provisions for risks on contracts.

	Half-Year ended	Year ended
(in € million)	30 September2025	31 March 2025
Inventories	4,465	4,151
Trade Payables	(3,915)	(3,751)
Trade Receivables	2,885	2,906
Other Assets / Liabilities	(1,225)	(1,599)
Trade Working Capital (1)	2,210	1,707

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

	Half-Yearended	Year ended
(in € million)	30 September2025	31 March 2025
Contract Assets	6,327	5,895
Contract Liabilities	(8,810)	(8,881)
Current Provisions	(1,462)	(1,529)
Contract Working Capital	(3,944)	(4,515)

7. Net Cash/(debt)

At 30 September 2025, the Group recorded a net debt position of €1,399 million (see section 10.10), compared to the €434 million net debt position that was reported on 31 March 2025. The €965 million increase is mainly driven by the Free Cash Flow consumption of €(740) million. It is also impacted by €(60) million dividend and subordinated perpetual securities coupon pay-out, €(84) million lease evolution, and €(81) million other items including FX.

In addition to its available cash and cash equivalents, amounting to €1,686 million at 30 September 2025, the Group benefits from strong liquidity with:

• €2.5 billion short term Liquidity Revolving Credit Facility maturing in July 2028;
• € 1.75 billion Backstop Revolving Credit Facility maturing in January 2029.

At 30 September 2025, both Revolving Credit Facilities were undrawn.

As per Group's conservative liquidity policy, the €1.75 billion Revolving Credit Facility serves as a back-up of the Group €2.5 billion NEU CP program in place.

{18}------------------------------------------------

8. Equity

The Group Equity on 30 September 2025 amounted to €10,517 million (including non-controlling interests), from €10,577 million on 31 March 2025, impacted by:

• Net profit/(loss) of €233 million (Group share);
• Coupon of the subordinated perpetual securities of €(44) million
• Currency translation adjustment of €(244) million.

9. Subsequent events

The Group has not identified any other subsequent event to be reported other than the items already described in the previous notes.

{19}------------------------------------------------

10. Non-GAAP financial indicators definitions

This section presents financial indicators used by the Group that are not defined by IFRS or other generally accepted accounting principles.

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.

{20}------------------------------------------------

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:

{21}------------------------------------------------

	Half-Year ended	Half-Year ended
(in € million)		30 September 2025 30 September 2024
Sales	9,059	8,775
Adjusted Earnings Before Interest and Taxes (aEBIT)	580	515
aEBIT (in % of Sales)	6.4%	5.9%
Capital Gains / (losses) on disposal of business	(0)	21
Restructuring and rationalisation costs	(12)	(1)
Integration costs, impairment and other	(25)	(82)
Reversal of Net Interest in Equity Investees pick-up	(100)	(71)
EARNING BEFORE INTEREST AND TAXES (EBIT) BEFORE PPA & IMPAIRMENT	443	382
PPA amortisation & impairment (1)	(127)	(183)
EARNING BEFORE INTEREST AND TAXES (EBIT)	316	199

(1) Gross amount before tax excl. PPA from joint ventures reported as share in net income of equity investees

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
(in € million)		30 September 2025 30 September 2024
Adjusted Net Profit	338	224
Amortization & impairment of assets valued when determining the purchase price allocation	(119)	(169)
NET PROFIT (LOSS) FROM CONTINUED OPERATIONS (GROUP SHARE)	219	55

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 ended	Half-Year ended
	30 September	30 September
(in € million)	2025	2024
Net cash provided by / (used in) operating activities	(518)	72
Of which operating flows provided / (used) by discontinued operations	-	-
Capital expenditure (including capitalised R&D costs)	(225)	(214)
Proceeds from disposals of tangible and intangible assets	3	4
FREE CASH FLOW	(740)	(138)

{22}------------------------------------------------

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 2025/26, the Group Free Cash Flow was at €(740) million compared to €(138) million in the same period last fiscal year.

10.8. Free Cash Flow conversion rate

Free Cash Flow Conversion ratio is computed as Free Cash Flow of the period divided by the adjusted net profit of the same period. Alstom uses the Free Cash Flow conversion ratio to measure its ability to convert adjusted net profit into Free Cash Flow in a defined period.

As of 30 September 2025, the Free Cash Flow (FCF) conversion ratio is primarily impacted by seasonal working capital phasing. This temporary effect is expected to normalize over the remaining part of the fiscal year 25/26, and therefore, this indicator is not considered representative at H1 close.

	Half-Year	Half-Year
	ended	ended
	30 September	30 September
	2025	2024
Adjusted net profit	338	224
Free Cash Flow	(740)	(138)
Free Cash Flow conversion rate	N/A	N/A

10.9. 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 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 30 September 2025, capital employed stood at €12,285 million, from €11,402 million on 31 March 2025.

{23}------------------------------------------------

	Half-Year	Year ended
(in € million)	30 Septemb er2025	31 March 2025
Non current assets	15,721	15,972
less deferred tax assets	(707)	(689)
less non-current assets directly associated to financial debt(1)	(77)	(95)
Capital employed - non current assets (A)	14,936	15,188
Current assets	18,709	18,594
less cash & cash equivalents	(1,687)	(2,274)
less other current financial assets(1)	(55)	(89)
Capital employed - current assets (B)	16,967	16,231
Current liabilities	19,306	19,254
less current financial debt	(459)	(87)
plus non current lease obligations	565	609
less other obligations associated to financial debt	(181)	(187)
plus non current provisions	387	427
Capital employed - liabilities (C)	19,617	20,017
CAPITAL EMPLOYED (A)+(B)-(C)	12,285	11,402

(1) Adjusted with the deposit for NMTC loan for €25 million as per Financial Statement Note 20

10.10. Net cash/(debt)

The net cash/(debt) is defined as cash and cash equivalents, marketable securities and other current financial asset, less borrowings. At 30 September 2025, the Group recorded a net debt level of €1,399 million, as compared to the net debt position of €434 million on 31 March 2025.

	Half-Year	Year ended
(in € million)	30 Septemb er2025	31 March 2025
Cash and cash equivalents	1,687	2,274
Other current financial assets (1)	5 5	8 9
Other non current assets	-	-
less:
Current financial debt	459	8 7
Non current financial debt	2,682	2,709
NET CASH/(DEBT) AT THE END OF THE PERIOD	(1,399)	(434)

(1) Adjusted with the deposit for NMTC loan for €25 million as per Financial Statement Note 20

10.11. Organic basis

Management report on 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.

{24}------------------------------------------------

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.

10.12. Sales by Currency

	Half-Year ended30 September 2025 as a % of
Currencies	Sales
EUR	49,6%
USD	11,8%
GBP	7,2%
AUD	4,8%
INR	4,8%
CAD	4,2%
SEK	2,6%
ZAR	2,6%
MXN	2,0%
BRL	1,5%
SGD	1,5%
KZT	1,2%
CHF	1,2%
Currencies below 1% of sales	5,2%

{25}------------------------------------------------

10.13. 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 2025
Sales	9,059			9,059
Cost of Sales	(7,926)	102		(7,824)
Adjusted Gross Margin before PPA & impairment (1)	1,133	102	-	1,235
R&D expenses	(267)	25		(242)
Selling expenses	(181)	-		(181)
Administrative expenses	(332)	-		(332)
Equity pick-up	-		100	100
Adjusted EBIT (1)	353	127	100	580
Other income / (expenses)	(37)			(37)
Equity pick-up (reversal)	-	-	(100)	(100)
EBIT / EBIT before PPA & impairment (1)	316	127	-	443
Financial income (expenses)	(75)			(75)
Pre-tax income	241	127	-	368
Income tax Charge	(92)	(12)		(104)
Share in net income of equity-accounted investments	83	4		87
Net profit (loss) from continued operations	232	119	-	351
Net profit (loss) attributable to non controlling interests (-)	(13)			(13)
Net profit (loss) from continued operations (Group share) / Adjusted Net Profit (loss) (1)	219	119	-	338
Purchase Price Allocation (PPA) & impairment net of corresponding tax effect	-	(119)		(119)
Net profit (loss) from discontinued operations	1			1
Net profit (loss) (Group share)	220	-	-	220

(1) non-GAAP indicator, see definition in section 10

Adjustments 30 September 2025:

• (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")

{26}------------------------------------------------

(in € million)	TotalConsolidatedFinancialStatements(GAAP)	(1)	Adjustments(2)	TotalConsolidatedFinancialStatements(MD&A view)
30 September 2024
Sales	8,775			8,775
Cost of Sales	(7,702)	155		(7,547)
Adjusted Gross Margin before PPA & impairment (1)	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)
EBIT / EBIT before PPA & impairment (1)	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	6 5	169	-	234
Net profit (loss) attributable to non controlling interests (-)	(10)			(10)
Net profit (loss) from continued operations (Group share) / Adjusted Net Profit (loss) (1)	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")

{27}------------------------------------------------

10.14. From Enterprise Value to Equity Value

		Half-Year ended	Half-Year ended
(in € million)		30 September 2025	30 September 2024
Total Gross debt, incl. lease obligations	(1)	3,829	3,473
Pensions liabilities net of prepaid and deferred tax asset related to pensions	(2)	632	770
Non controlling interest	(3)	100	110
Cash and cash equivalents	(3)	(1,687)	(1,789)
Oher current financial assets	(3)	(30)	(71)
Other non-current financial assets	(4)	(114)	(85)
Net deferred tax liability / (asset)	(5)	(572)	(680)
Investments in associates & JVs, excluding Chinese JVs	(6)	(52)	(112)
Non-consolidated Investments	(7)	(52)	(75)
Bridge		2,054	1,541

• (1) Long-term and short-term debt and Leases (Financial Statement Note 20), excluding the lease to a London metro operator for €58 million due to matching financial asset (Financial Statement Notes 14 and 20)
• (2) As per Financial Statement Note 22 net of €51 million of deferred tax allocated to accruals for employees benefit costs
• (3) As per balance sheet
• (4) As per balance sheet, excluding assets related to pension for €225 million, long term contract receivables for €115 million and the lease to a London metro operator for €58 million
• (5) Deferred Tax Assets and Liabilities as per balance sheet, net of €51 million of deferred tax allocated to accruals for employees benefit costs
• (6) 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
• (7) Non-consolidated investments as per balance sheet

{28}------------------------------------------------

10.15. Bombardier Transportation PPA amortisation plan

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

	Half-Year ended
(in € million)	30 September 2025
Amortisation Plan, as per P&L booking (1)	(3,144)
2021	(71)
2022	(428)
2023	(436)
2024	(357)
2025	(373)
2026	(261)
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.

10.16. Contract & Trade Working Capital

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

	Half-Year ended	Year ended
	30 September2025	31 March 2025
Inventories	4,465	4,151
Trade Payables	(3,915)	(3,751)
Trade Receivables	2,885	2,906
Other Assets / Liabilities(1)	(1,225)	(1,599)
Trade Working Capital (1)	2,210	1,707
Contract Assets	6,327	5,895
Contract Liabilities	(8,810)	(8,881)
Current Provisions	(1,462)	(1,529)
Contract Working Capital	(3,944)	(4,515)
Corporate Tax	(157)	(155)
Restructuring	(168)	(185)
Published Working Capital	(2,061)	(3,148)

(1) Other Assets / Liabilities mainly include the impact of the sale of the fleet of trains (See Financial Statement Note 12)

Contract Working Capital is the sum of:

{29}------------------------------------------------

• 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

10.17. 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.

10.18. 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.

{30}------------------------------------------------

Condensed interim consolidated financial statements

30 September 2025

{31}------------------------------------------------

INTERIM CONSOLIDATED INCOME STATEMENT

	Half-year ended
(in € million)	Note	At 30 September 2025	At 30 September 2024
Sales	(4)	9,059	8,775
Cost of sales		(7,926)	(7,702)
Research and development expenses	(5)	(267)	(284)
Selling expenses		(181)	(180)
Administrative expenses		(332)	(348)
Other income/(expense)	(6)	(37)	(62)
Earnings Before Interests and Taxes		316	199
Financial income	(7)	26	24
Financial expense	(7)	(101)	(131)
Pre-tax income		241	92
Income Tax Charge	(8)	(92)	(81)
Share in net income of equity-accounted investments	(13)	83	54
Net profit (loss) from continuing operations		232	65
Net profit (loss) from discontinued operations	(9)	1	(2)
NET PROFIT (LOSS)		233	63
Net profit (loss) attributable to equity holders of the parent		220	53
Net profit (loss) attributable to non controlling interests		13	10
Net profit (loss) from continuing operations attributable to:
• Equity holders of the parent		219	55
• Non controlling interests		13	10
Net profit (loss) from discontinued operations attributable to:
• Equity holders of the parent		1	(2)
• Non controlling interests		-	-
Earnings (losses) per share (in €)
• Basic earnings (losses) per share	(10)	0.38	0.10
• Diluted earnings (losses) per share	(10)	0.38	0.10

{32}------------------------------------------------

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Half-year ended (in € million) Note At 30 September 2025 At 30 September 2024 Net profit (loss) recognised in income statement 233 63 Remeasurement of post-employment benefits obligations (22) 23 10 Equity investments at FVOCI (13)/(14) (5) - Income tax relating to items that will not be reclassified to profit or loss (8) (9) (4) Items that will not be reclassified to profit or loss 9 6 Fair value adjustments on cash flow hedge derivatives - (11) Costs of hedging reserve and other (6) (25) Currency translation adjustments (*) (244) (21) Income tax relating to items that may be reclassified to profit or loss (8) 4 11 Items that may be reclassified to profit or loss (246) (46) of which from equity-accounted investments (13) (48) (5) TOTAL COMPREHENSIVE INCOME (4) 23 Attributable to: • Equity holders of the parent (11) 10 • Non controlling interests 7 13 Total comprehensive income attributable to equity shareholders arises from : • Continuing operations (11) 12 • Discontinued operations - (2) Total comprehensive income attributable to non controlling interests arises from : • Continuing operations 7 12 • Discontinued operations - 1

(*) Includes currency translation adjustments on actuarial gains and losses for €0 million as of 30 September 2025 (€(2) million as of 30 September 2024).

{33}------------------------------------------------

INTERIM CONSOLIDATED BALANCE SHEET

Assets

(in € million)	Note	At 30 September 2025	At 31 March 2025
Goodwill	(11)	9,121	9,120
Intangible assets	(11)	1,836	1,978
Property, plant and equipment	(12)	2,684	2,720
Investments in joint-venture and associates	(13)	809	871
Non consolidated investments		52	55
Other non-current assets	(14)	512	539
Deferred Tax	(8)	707	689
Total non-current assets		15,721	15,972
Inventories	(15)	4,465	4,151
Contract assets	(15)	6,327	5,895
Trade receivables		2,885	2,906
Other current operating assets	(15)	3,315	3,307
Other current financial assets	(18)	30	61
Cash and cash equivalents	(19)	1,687	2,274
Total current assets		18,709	18,594
Assets held for sale	(9)	19	20
TOTAL ASSETS		34,449	34,586

Equity and Liabilities

(in € million)	Note	At 30 September 2025	At 31 March 2025
Equity attributable to the equity holders of the parent	(16)	10,417	10,464
Non controlling interests		100	113
Total equity		10,517	10,577
Non current provisions	(15)	387	427
Accrued pensions and other employee benefits	(22)	908	935
Non-current borrowings	(20)	2,682	2,709
Non-current lease obligations	(20)	565	609
Deferred Tax	(8)	84	75
Total non-current liabilities		4,626	4,755
Current provisions	(15)	1,462	1,529
Current borrowings	(20)	459	87
Current lease obligations	(20)	181	187
Contract liabilities	(15)	8,810	8,881
Trade payables		3,915	3,751
Other current liabilities	(15)	4,479	4,819
Total current liabilities		19,306	19,254
Liabilities related to assets held for sale	(9)	-	-
TOTAL EQUITY AND LIABILITIES		34,449	34,586

{34}------------------------------------------------

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

		Half-year ended
(in € million)	Note	At 30 September	At 30 September
Net profit (loss)		2025233	202463
Depreciation, amortisation and impairment	(11)/(12)	382	418
Expense arising from share-based payments		13	13
Cost of net financial debt and costs of foreign exchange hedging, net of interest paid
and received (a) , and other change in provisions		(3)	17
Post-employment and other long-term defined employee benefits		3	14
Net (gains)/losses on disposal of assets		1	(17)
Share of net income (loss) of equity-accounted investments (net of dividends	(13)	20	38
received)
Deferred taxes charged to income statement		(16)	(26)
Net cash provided by operating activities - before changes in working capital		633	520
Changes in working capital resulting from operating activities (b)	(15)	(1,151)	(448)
Net cash provided by/(used in) operating activities		(518)	72
Proceeds from disposals of tangible and intangible assets		3	4
Capital expenditure (including capitalised R&D costs)		(225)	(214)
Increase/(decrease) in other non-current assets	(14)	(1)	6
Acquisitions of businesses, net of cash acquired	(2)	1	(10)
Disposals of businesses, net of cash sold		(8)	628
Net cash provided by/(used in) investing activities		(230)	414
Of which investing flows provided / (used) by discontinued operations	(9)	(4)	(4)
Capital increase/(decrease) including non controlling interests		(3)	982
Issuance /(repayment) of deeply subordinated perpetual securities	(16)	-	745
Coupons paid on subordinated perpetual securities	(16)	(44)	(11)
Dividends paid including payments to non controlling interests		(16)	(4)
Issuances of bonds & notes	(20)	-	-
Changes in current and non-current borrowings	(20)	382	(1,240)
Changes in lease obligations	(20)	(84)	(82)
Changes in other current financial assets and liabilities	(20)	(12)	(3)
Net cash provided by/(used in) financing activities		223	387
Of which financing flows provided / (used) by discontinued operations		-	-
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS		(525)	873
Cash and cash equivalents at the beginning of the period		2,274	976
Net effect of exchange rate variations		(65)	(37)
Other changes		3	(25)
Transfer to assets held for sale		-	2
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	(19)	1,687	1,789
		(28)	(37)
(a) Net of interests paid & received

{35}------------------------------------------------

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(in € million, except for number of shares)	Number ofoutstanding		Additionalpaid-in	Subordinatedperpetual	Retained	Actuarialgains and	Hedgeaccounting	Currencytranslation	Equityattributableto the equityholders of	Noncontrolling
At 31 March 2025	shares461,510,538	Capital3,231	capital5,870	securities750	earnings870	losses268	variations(0)	adjustment(524)	the parent10,464	interests113	Total equity10,577
Movements in other comprehensive
income	-	-	-	-	(7)	14		(237)	(231)	(6)	(236)
Net income for the period	-	-	-	-	220	-	-	-	220	13	233
Total comprehensive income	-	-	-	-	213	14		(237)	(11)	7	(4)
Change in controlling interests and others	-	-	-	-	(4)	-	-	-	(4)	(1)	(4)
Dividends convertible into share	-	-	-	-	-	-	-	-	-	-	-
Dividends paid in cash	-	-	-	-	-	-	-	-	-	(18)	(18)
Capital increase by issuance of new	-	-	-	-	(2)	-	-	-	(2)	-	(2)
shares
Coupon paid on subordinated perpetual	-	-	-	-	(44)	-	-	-	(44)	-	(44)
securities
Issue of ordinary shares under long term	519,428	4	-	-	(4)	-	-	-	-	-	-
incentive plans
Recognition of equity settled share-based	-	-	-	-	13	-	-	-	13	-	13
payments
At 30 September 2025	462,029,966	3,234	5,870	750	1,042	282	-	(761)	10,417	101	10,517
At 31 March 2024	384,291,068	2,690	5,486	-	741	272	3	(520)	8,672	106	8,778
Movements in other comprehensive
income	-	-	-	-	(20)	3	(8)	(18)	(43)	1	(42)
Net income for the period	-	-	-	-	53	-	-	-	53	10	63
Total comprehensive income	-	-	-	-	33	3	(8)	(18)	10	11	21
Change in controlling interests and others	-	-	-	-	(26)	-	-	-	(26)	-	(26)
Dividends convertible into share	-	-	-	-	-	-	-	-	-	-	-
Dividends paid in cash	-	-	-	-	-	-	-	-	-	(7)	(7)
Capital increase by issuance of new	76,858,213	538	392	-	56	-	-	-	986	-	986
shares
Subordinated perpetual securities	-	-	-	750	(4)	-	-	-	746	-	746
Coupon paid on subordinated perpetualsecurities	-	-	-	-	(8)	-	-	-	(8)	-	(8)
Issue of ordinary shares under long termincentive plans	360,304	3	-	-	(3)	-	-	-	-	-	-
Recognition of equity settled share-basedpayments	-	-	-	-	13	-	-	-	13	-	13
At 30 September 2024	461,509,585	3,231	5,878	750	802	275	(5)	(538)	10,393	110	10,503

{36}------------------------------------------------

NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

A.	MAJOR EVENTS AND CHANGES IN SCOPE OF CONSOLIDATION	38
Note 1.	Major events	38
Note 2.	Changes in consolidation scope	38
B.	ACCOUNTING POLICIES AND USE OF ESTIMATE	38
Note 3.	Accounting policies	38
C.	SEGMENT INFORMATION	39
Note 4.	Segment information	39
D.	OTHER COMPONENTS OF INCOME STATEMENT	41
Note 5.	Research and development expenditure	41
Note 6.	Other income and expenses	41
Note 7.	Financial income and expenses	42
Note 8.	Taxation	42
Note 9.	Financial statements of discontinued operations and assets held for sale	43
Note 10.	Earnings (losses) per share	43
E.	NON-CURRENT ASSETS	44
Note 11.	Goodwill and intangible assets	44
Note 12.	Property, plant and equipment	45
Note 13.	Investments in Joint Ventures and Associates	46
Note 14.	Other non-current assets	48
F.	WORKING CAPITAL	49
Note 15.	Working Capital	49
G.	EQUITY AND DIVIDENDS	52
Note 16.	Equity	52
Note 17.	Distribution of dividends	53
H.	FINANCING AND FINANCIAL RISK MANAGEMENT	54
Note 18.	Other current financial assets	54
Note 19.	Cash and cash equivalents	54
Note 20.	Financial debt	54
Note 21.	Financial instruments and financial risk management	25
I.	POST-EMPLOYMENT AND OTHER LONG-TERM DEFINED EMPLOYEE BENEFITS	56
Note 22.	Post-employment and other long-term defined employee benefits	56
J.	DISPUTES	57
Note 23.	Disputes	57
K.	OTHER NOTES	64
Note 24.	Related parties	64
Note 25.	Subsequent events	64
Note 26.	Scope of consolidation	65

{37}------------------------------------------------

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 2025.

A. MAJOR EVENTS AND CHANGES IN SCOPE OF CONSOLIDATION

NOTE 1. MAJOR EVENTS

The Group has not identified any major event to be reported other than the items described in the following notes.

NOTE 2. CHANGES IN CONSOLIDATION SCOPE

There are no significant changes in the consolidation scope between 31 March 2025 and 30 September 2025.

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 2025, 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 2025 and in accordance with IAS 34, Interim Financial Reporting;
• using the same accounting policies and measurement methods as at 31 March 2025, 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.

{38}------------------------------------------------

3.2 New standards and interpretations mandatorily applicable for financial periods beginning on 1 April 2025

Amendments that are applicable on 1 April 2025 and endorsed by European Union:

• Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability.

All these amendments effective on 1 April 2025 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:

• Annual improvements Volume 11 (applicable for annual periods beginning after 1 January 2026);
• Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments (applicable for annual periods beginning after 1 January 2026);
• Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity (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).

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

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 €(126) million at 30 September 2025, compared to €(183) million at 30 September 2024, while the PPA amortisation impacting the share in net income of equity-accounted investment amounts to €(3) million at 30 September 2025, compared to €(6) million at 30 September 2024.

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.

{39}------------------------------------------------

Sales by product

Half-year ended

(in € million)	At 30 September 2025	At 30 September 2024
Rolling stock	4,665	4,531
Services	2,266	2,197
Systems	823	800
Signalling	1,305	1,247
TOTAL GROUP	9,059	8,775

Sales by country of destination

Half-year ended

(in € million)	At 30 September 2025	At 30 September 2024
Europe	5,329	4,911
of which France	1,653	1,443
Americas	1,644	1,813
Asia & Pacific	1,317	1,312
Africa/Middle-East /Central Asia	769	739
TOTAL GROUP	9,059	8,775

Backlog by product

Half-year ended

(in € million)	At 30 September 2025	At 31 March 2025
Rolling stock	43,246	40,092
Services	36,557	38,556
Systems	7,034	7,562
Signalling	9,285	8,750
TOTAL GROUP	96,122	94,960

Backlog by country of destination

Half-year ended

(in € million)	At 30 September 2025	At 31 March 2025
Europe	58,291	57,013
of which France	15,115	13,053
Americas	13,319	12,373
Asia & Pacific	11,887	12,151
Africa/Middle-East /Central Asia	12,625	13,423
TOTAL GROUP	96,122	94,960

{40}------------------------------------------------

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 2025	At 30 September 2024
Research and development gross cost	(300)	(326)
Financing received (*)	38	43
Research and development spending, net	(262)	(283)
Development costs capitalised during the period	83	83
Amortisation expenses (**)	(89)	(84)
RESEARCH AND DEVELOPMENT EXPENSES	(267)	(284)

(*) Financing received includes public funding amounting to €36 million at 30 September 2025, compared to €33 million at 30 September 2024.

As of end of September 2025, Alstom Group invested €(300) million in Research and Developments, to pursue notably the developments of:

• In Rolling Stock Product Line : the Coradia Stream™ range including BEMU version, the very high-speed train Avelia Horizon™, the Avelia stream™, the Citadis™ for NAM and the Metropolis™ Large Gauge for India, as well as the Railway Components portfolio ;
• In D&IS Product Line : the Mainline train control solutions with latest ERTMS features (Onvia Control™ and Onvia Cab™) and the Automatic Train Operation (ATO), the Urban CBTC (Urbalis Fluence™, Urbalis Forward™, Urbalis Flo™), as well as the Digital Technologies and Cybersecurity for Railway ;
• The Fleet monitoring system (HealthHub™) and digitalization for the Services business, and innovations in Autonomous Mobility.

NOTE 6. OTHER INCOME AND EXPENSES

		Half-year ended
(in € million)	At 30 September 2025	At 30 September 2024
Capital gains / (losses) on disposal of business	-	21
Restructuring and rationalisation costs	(12)	(1)
Integration costs, impairment loss and other	(25)	(82)
OTHER INCOME / (EXPENSES)	(37)	(62)

Over the period ended at 30 September 2025, impairment loss and other include mainly:

(**) For the first half-year ended 30 September, including €(25) million of amortization expenses related to purchase price allocation compared to €(28) million at 30 September 2024.

{41}------------------------------------------------

• €(13) million related to some legal proceedings (see Note 23) and other risks occurring outside the ordinary course of business;
• €(12) million related to other exceptional expenses that are outside of the ordinary course of business by nature of which €(8) million of consequential impacts from savings plan initiated for Germany industrial footprint reorganization.

Integration costs related to Bombardier Transportation's entities integration are nil at the end of September 2025.

NOTE 7. FINANCIAL INCOME AND EXPENSES

		Half-year ended
(in € million)	At 30 September 2025	At 30 September 2024
Interest income	16	24
Interest expense on borrowings and on lease obligations	(43)	(59)
NET FINANCIAL INCOME/(EXPENSES) ON DEBT	(27)	(35)
Net gains/(losses) of foreign exchange hedging	10	(4)
Net financial expense from employee defined benefit plans	(17)	(16)
Financial component on contracts	(16)	(14)
Other financial income/(expense)	(25)	(38)
NET FINANCIAL INCOME/(EXPENSES)	(75)	(107)
Total financial income	26	24
Total financial expense	(101)	(131)

Net financial income/(expenses) on debt is the cost of borrowings net of income from cash and cash equivalents. As of 30 September 2025, interest income amounts to €16 million, representing mainly the remuneration of the Group's cash position over the period, while interest expenses amount to €(43) million including €(17) million of interest expenses on lease obligations.

The net gain of foreign exchange hedging of €10 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 €(17) million represents the interest costs on obligations net of interest income from fund assets calculated using the same discount rate.

The financial component of €(16) 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 €(25) 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 €(92) million in the first half of fiscal year 2025/26, corresponding to an effective tax rate before PPA of 28%, compared to €(81) million for the same period last fiscal year and an effective tax rate of 37% which reflected the temporary write-off of certain deferred tax assets. Based on assumptions from the medium term plan, Alstom has not identified any trigger event that would impact the recognition of deferred tax assets as at 30 September 2025.

{42}------------------------------------------------

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 2025, Alstom recognised a non-material gain.

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

Over the half year ended 30 September 2025, the impact of the assets held for sale amounts €19 million, compared to €20 million as of 31 March 2025.

Shanghai Alstom Transport Co Ltd

During January 2025, Alstom signed a binding Memorandum Of Understanding for the sale of its full minority stake in a Chinese Joint-Venture. The transaction should be realized during the fiscal year 2025/26, after obtaining the regulatory approvals from the local authorities.

Görlitz site

On March 31, 2025, Alstom and KNDS signed the final framework agreement and agreed on the sale of Alstom's Görlitz site as well as on the transfer of the majority of Alstom's employees to KNDS.

NOTE 10. EARNINGS (LOSSES) PER SHARE

		Half-year ended
(in € million)	At 30 September2025	At 30 September2024
Net Profit (Loss) attributable to equity holders of the parent :
• From continuing operations	219	55
• From discontinued operations	1	(2)
EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT	220	53

Pursuant to IAS 33, "Earnings attributable to equity holders of the parent" used for the calculation of earnings per share amounts to €176 million, taking into account the €(44) million cost of the coupon paid to holders of subordinated perpetual securities.

{43}------------------------------------------------

	Half-year ended
number of shares	At 30 September 2025	At 30 September 2024
Weighted average number of ordinary shares used to calculate basic earningsper share	461,770,252	435,710,029
Effect of dilutive instruments other than bonds reimbursable with shares:
• Stock options and performance shares (LTI plan)	3,504,681	2,941,889
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES USED TO CALCULATEDILUTED EARNINGS PER SHARES	465,274,933	438,651,918

	Half-year ended
(in €)	At 30 September 2025	At 30 September 2024
Basic earnings (losses) per share	0.38	0.10
Diluted earnings (losses) per share	0.38	0.10
Basic earnings (losses) per share from continuing operations	0.38	0.11
Diluted earnings (losses) per share from continuing operations	0.38	0.11
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

(in € million)	At 31 March 2025	Acquisition andadjustments onpreliminarygoodwill	Disposals	Translationadjustmentsand otherchanges	At 30 September 2025
GOODWILL	9,120	-	-	1	9,121
Of which:
Gross value	9,120	-	-	1	9,121
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 2025.

{44}------------------------------------------------

11.2 Intangible assets

(in € million)	At 31 March2025	Additions/amortisation /impairment	Disposals	Other changesincludingtranslationadjustements	At 30September 2025
Development costs	1,950	83	-	(3)	2,030
Other intangible assets	3,413	2	(6)	(79)	3,330
Gross value	5,363	85	(6)	(82)	5,360
Development costs	(1,389)	(65)	-	3	(1,451)
Other intangible assets	(1,996)	(125)	6	42	(2,073)
Amortisation and impairment	(3,385)	(190)	6	45	(3,524)
Development costs	561	18	-	-	579
Other intangible assets	1,417	(123)	-	(37)	1,257
NET VALUE	1,978	(105)	-	(37)	1,836

NOTE 12. PROPERTY, PLANT AND EQUIPMENT

(in € million)	At 31 March2025	Additions /amortisation /impairment	Disposals	Other changesincludingtranslationadjustments	At 30September2025
Land	278	2	-	(2)	278
Buildings	3,092	54	(13)	(40)	3,093
Machinery and equipment	2,141	18	(8)	(16)	2,135
Constructions in progress	298	124	(1)	(79)	342
Tools, furniture, fixtures and other	563	14	(6)	(8)	563
Gross value	6,372	212	(28)	(145)	6,411
Land	(8)	(1)	-	-	(9)
Buildings	(1,715)	(107)	12	47	(1,763)
Machinery and equipment	(1,597)	(56)	7	32	(1,614)
Constructions in progress	(3)	-	-	1	(2)
Tools, furniture, fixtures and other	(329)	(29)	6	13	(339)
Amortisation and impairment	(3,652)	(193)	25	93	(3,727)
Land	270	1	-	(2)	269
Buildings	1,377	(53)	(1)	7	1,330
Machinery and equipment	544	(38)	(1)	16	521
Constructions in progress	295	124	(1)	(78)	340
Tools, furniture, fixtures and other	234	(15)	-	5	224
NET VALUE	2,720	19	(3)	(52)	2,684

The commitments of purchasing fixed assets which are mainly composed of property, plant and equipment and intangible assets amount to €58 million at 30 September 2025 (compared to €54 million at 31 March 2025).

{45}------------------------------------------------

Right-of-Use

Property, Plant and Equipment balances include Right-of-Use related to Leased Assets for the following amounts:

(in € million)	At 31 March2025	Additions /amortisation /impairment	Decrease	Other changesof whichtranslationadjustments	At 30September2025
Land	12	2	-	-	14
Buildings	840	49	(19)	(20)	850
Machinery and equipment	39	10	(3)	-	46
Tools, furniture, fixtures and other	230	9	(10)	(1)	228
Gross value	1,121	70	(32)	(21)	1,138
Land	(2)	-	-	(1)	(3)
Buildings	(393)	(64)	19	9	(429)
Machinery and equipment	(21)	(4)	3	-	(22)
Tools, furniture, fixtures and other	(53)	(20)	10	3	(60)
Amortisation and impairment	(468)	(88)	32	11	(513)
Land	10	2	-	(1)	11
Buildings	446	(15)	-	(11)	420
Machinery and equipment	20	6	-	-	26
Tools, furniture, fixtures and other	177	(11)	-	1	167
NET VALUE	653	(18)	(0)	(10)	624

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)	2025	At 31 March 2025	2025	2024
Alstom Sifang (Qingdao) Transportation Ltd	227	232	26	20
CASCO Signal Ltd	174	202	31	31
Other Associates	126	138	10	4
Associates	527	572	67	55
Jiangsu Alstom NUG Propulsion System Co. Ltd	144	145	28	6
SpeedInnov JV	42	56	(14)	(14)
BTREN Mantenimiento Ferroviario	19	23	1	1
Other Joint ventures	77	75	1	6
Joint ventures	282	299	16	(1)
TOTAL	809	871	83	54

{46}------------------------------------------------

Movements during the period

	At 30 September
(in € million)	2025	At 31 March 2025
Opening balance	871	882
Share in net income of equity-accounted investments after impairment	83	116
Dividends	(103)	(156)
Transfer to assets held for sale (*)	-	(16)
Translation adjustments and other(**)	(42)	45
CLOSING BALANCE	809	871

(*) Corresponds to the transfer of Shanghai Alstom Transport Co to assets held for sale (see Note 9.2).

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 2025:

Balance sheet

	AST Ltd	AST Ltd
(in € million)	At 30 September 2025	At 31 March 2025
Non-current assets	219	223
Current assets	1,386	1,258
TOTAL ASSETS	1,605	1,481
Equity-attributable to the owners of the parent company	365	368
Current liabilities	1,240	1,113
TOTAL EQUITY AND LIABILITIES	1,605	1,481
Equity interest held by the Group	50%	50%
NET ASSET	183	185
Goodwill	35	35
Other (*)	9	12
CARRYING VALUE OF THE GROUP'S INTERESTS	227	232

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

Income statement

(in € million)	AST LtdHalf year 30 September 2025	AST LtdHalf year 30 September 2024
Sales	651	444
Net income from continuing operations	52	40
Net income attributable to the owners of the parent company	52	40
Equity interest held by the Group	50%	50%
Share in the net income	26	20
GROUP'S SHARE IN THE NET INCOME	26	20

(**) At March 2025, Translation adjustments and other impact was 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. At September 2025, Translation adjustments and other impact are mainly due to FX impact on Chinese joint ventures.

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13.2 CASCO Signal LTD

The table below presents the management summarized financial information (at 100%) of CASCO Signal LTD (Equity) at 30 September 2025:

	CASCO	CASCO
(in € million)	At 30 September 2025	At 31 March 2025
Non-current assets	299	312
Current assets	672	708
TOTAL ASSETS	971	1,020
Equity-attributable to the owners of the parent company	329	386
Non current liabilities	9	4
Current liabilities	633	630
TOTAL EQUITY AND LIABILITIES	971	1,020
Equity interest held by the Group	49%	49%
NET ASSET	161	189
Goodwill	13	13
CARRYING VALUE OF THE GROUP'S INTERESTS	174	202

Income Statement

	CASCO	CASCO
(in € million)	At 30 September 2025	At 30 September 2024
Sales	340	345
Net income from continuing operations	64	64
Net income attributable to the owners of the parent company	64	64
Equity interest held by the Group	49%	49%
Share in the net income	31	31

13.3 Other associates

The Group's investment in other associates comprises investment in other associates, which are not significant on an individual basis. On aggregate, the net carrying value of Alstom's Investment represents €126 million as of 30 September 2025 (€138 million as of 31 March 2025).

NOTE 14. OTHER NON-CURRENT ASSETS

	At 30 September
(in € million)	2025	At 31 March 2025
Financial non-current assets associated to financial debt (*)	58	74
Long-term loans, deposits and other (**)	454	465
Other non-current assets	512	539

(*) 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 €225 million at September 2025 vs €228 million at 31 March 2025 (see Note 22).

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F. WORKING CAPITAL

NOTE 15. WORKING CAPITAL

	At 30 September
(in € million)	2025	At 31 March 2025	Variation
Inventories	4,465	4,151	314
Contract assets	6,327	5,895	432
Trade receivables	2,885	2,906	(21)
Other current operating assets / (liabilities)	(1,164)	(1,512)	348
Contract liabilities	(8,810)	(8,881)	71
Provisions	(1,849)	(1,956)	107
Trade payables	(3,915)	(3,751)	(164)
WORKING CAPITAL	(2,061)	(3,148)	1,087

(in € million)	Half-year ended at30 September 2025
Working capital at the beginning of the period	(3,148)
Changes in working capital resulting from operating activities	1,151
Changes in working capital resulting from investing activities	7
Translation adjustments and other changes	(71)
Total changes in working capital	1,088
Working capital at the end of the period	(2,061)

The Group has implemented supplier financing arrangements, enabling participating suppliers to sell their receivables towards Alstom to a financial institution (factor) before their contractual terms. There are two types of arrangements:

• The Group has proposed to suppliers with regular payment terms to have a factoring program with factors for their receivables, with the opportunity to have them paid on a short term. The Group pays these invoices at their contractual due date to the factor. These invoices remain presented in the Trade Payables.
• In addition, Bombardier Transportation had negotiated significant extended payment terms with some of its suppliers, which entered into a reverse factoring program. Because this program changes significantly the payment terms and in accordance with IFRIC update issue in December 2020, these invoices are presented on a dedicated line item of its balance sheet, in the other current liabilities (see Note 15.3).

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(in € million)	At 30 September 2025	At 31 March 2025
Trade payables	3,915	3,751
Trade payables with extended payment terms	212	223
Total trade payables, including with Extended Payment Terms	4,127	3,974
• out of which trade payables for which suppliers have subscribed to the supplier financearrangements	389	391
•out of which trade payables for which suppliers have already been paid bythe factor at their initiative	322	275

The Group usually has average payment terms of its total trade payables between 60 and 120 days, depending on their geographical areas.

Average payment terms corresponding to the trade payables from suppliers included in the supplier financing arrangements are extended by 0 to 20 days, depending on their geographical areas, except for suppliers included in the "ex BT" program, with extended payment terms between 210 and 240 days.

15.1 Inventories

	At 30 September
(in € million)	2025	At 31 March 2025
Raw materials and supplies	3,198	3,050
Work in progress	1,278	1,083
Finished products	252	250
Inventories, gross	4,728	4,383
Raw materials and supplies	(256)	(223)
Work in progress	(6)	(6)
Finished products	(1)	(3)
Write-down	(263)	(232)
Inventories, net	4,465	4,151

15.2 Net contract Assets/(Liabilities)

(in € million)	At 30 September2025	At 31 March 2025	Variation
Cost to fulfil a contract	40	57	(17)
Contract assets	6,287	5,838	449
Total contract assets	6,327	5,895	432
Contract liabilities	(8,810)	(8,881)	71
Net contract Assets/(Liabilities)	(2,483)	(2,986)	503

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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 €511 million at 30 September 2025 compared to €325 million at 31 March 2025.

15.3 Other current operating assets & liabilities

	At 30 September
(in € million)	2025	At 31 March 2025
Down payments made to suppliers	275	298
Corporate income tax	69	91
Other taxes	771	702
Prepaid expenses	241	171
Other receivables	471	468
Derivatives relating to operating activities	702	832
Remeasurement of hedged firm commitments in foreign currency	786	745
Other current operating assets	3,315	3,307

	At 30 September
(in € million)	2025	At 31 March 2025
Staff and associated liabilities	905	1,081
Corporate income tax	226	247
Other taxes	709	712
Deferred income	6	4
Trade payables with extended payment terms	212	223
Other payables	1,125	1,178
Derivatives relating to operating activities	647	728
Remeasurement of hedged firm commitments in foreign currency	649	646
Other current operating liabilities	4,479	4,819

Over the period ended 30 September 2025, the Group did not enter into any new agreements of assignment of receivables leading to the derecognition of tax receivables. The total disposed amount outstanding at 30 September 2025 is €136 million compared to €173 million at 31 March 2025.

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15.4 Provisions

(in € million)	At 31 March2025	Additions	Releases	Applications	Translationadjustmentsand other	At 30September2025
Warranties	610	48	(32)	(45)	(15)	566
Risks on contracts	920	128	(22)	(122)	(8)	896
Current provisions	1,529	176	(54)	(167)	(22)	1,462
Tax risks & litigations	122	2	(4)	(3)	(4)	113
Restructuring	186	12	(1)	(26)	(3)	168
Other non-current provisions	119	1	-	(12)	(2)	106
Non-current provisions	427	15	(5)	(41)	(9)	387
Total Provisions	1,956	191	(59)	(208)	(31)	1,849

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

16.1 Capital

At 30 September 2025, the share capital of Alstom amounts to €3,234,209,762 consisting of 462,029,966 ordinary shares with a par value of €7 each. Over the period, the weighted average number of ordinary shares amounts to 465,274,933 after the effect of all dilutive instruments

During the period ended 30 September 2025, 519,428 ordinary shares were issued under long term incentive plans.

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16.2 Currency translation adjustment

As at 30 September 2025, the currency translation group reserve amounts to €(761) million.

The currency translation adjustment, presented within the consolidated statement of comprehensive income for €(237) million, primarily reflects the effect of variations of British Pound (€(55) million), Indian Rupee (€(49) million), Chinese Yuan (€(47) million), US Dollar (€(37) million) and Canadian Dollar (€(19) million), against the Euro for the half-year ended 30 September 2025.

16.3 Subordinated perpetual securities

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.

During the period, the Group paid a coupon of €44 million, recorded in equity.

16.4 Liquidity contract

A liquidity agreement was signed on November 20, 2024, with Rothschild Martin Maurel. A €18 million drawdown authorization was granted for the operation of this liquidity contract.

As of September 30, 2025, Alstom doesn't hold any shares under the liquidity contract.

During the period, Alstom acquired 6,076,570 shares at an average price of €20.150 and sold 6,076,570 shares at an average price of €20.187.

NOTE 17. DISTRIBUTION OF DIVIDENDS

No dividends have been distributed during the period.

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H. FINANCING AND FINANCIAL RISK MANAGEMENT

NOTE 18. OTHER CURRENT FINANCIAL ASSETS

As at 30 September 2025, other current financial assets comprise the positive market value of derivatives instruments hedging financing activities.

(in € million)	At 30 September 2025	At 31 March 2025
Derivatives related to financing activities and others	30	61
OTHER CURRENT FINANCIAL ASSETS	30	61

NOTE 19. CASH AND CASH EQUIVALENTS

(in € million)	At 30 September2025	At 31 March 2025
Cash	1,264	1,214
Cash equivalents	423	1,060
CASH AND CASH EQUIVALENT	1,687	2,274

In addition to bank open deposits classified as cash for € 1,264 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 €139 million (€137 million at 31 March 2025);
• Euro money market funds for an amount of €283 million (€923 million at 31 March 2025) qualified as "monetary" or "monetary short-term" under the French AMF classification.

NOTE 20. FINANCIAL DEBT

		Cashmovements	Non-cashmovements
(in € million)	At 31 March2025	Net cashvariation	Translationadjustmentsand other	At 30September2025
Bonds	2,638	1	-	2,639
Commercial paper program (NEU CP)	-	400	-	400
Bank debt & other financial debt (*)	87	(14)	(3)	70
Derivatives relating to financing activities	70	(135)	100	35
Accrued interests and Other (**)	1	(8)	4	(3)
Borrowings	2,796	244	101	3,141
Lease obligations (***)	796	(84)	34	746
Total financial debt	3,592	160	135	3,887

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• (*) Includes New Markets Tax Credit (NMTC) 7-year €33 million loan (€35 million at end of September 2024) implemented during fiscal year 2021/22 and covered by a 7-year deposit of €25 million (€27 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 €(10) million and those related to lease obligations amount to €(17) million.
• (***) "Lease obligations" include obligations under long-term rental representing liabilities related to lease obligations on trains and associated equipment for €60 million at 30 September 2025 and €74 million at 31 March 2025 (see also Note 12 and Note 14).

The financial debt's variation over the period is mainly due to the issuance of €400 million Negotiable European Commercial Papers under the group NEU CP program (no issuance outstanding in March 2025).

The following table summarizes terms of the Group's bond:

	InitialNominalvalue (in €million)	Maturitydate(dd/mm/yy)	Nominalinterest rate	Effectiveinterest rate	Accountingvalue at 30September 2025	Market valueat 30September2025
Alstom October 2026	700	14/10/2026	0.25%	0.38%	699	686
Alstom July 2027	500	27/07/2027	0.13%	0.21%	499	478
Alstom January 2029	750	11/01/2029	0.00%	0.18%	746	685
Alstom July 2030	700	27/07/2030	0.50%	0.62%	696	625
Total and weighted average rate			0.22%	0.35%	2,639	2,474

NOTE 21. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

Revolving Credit Facility

In addition to its available cash and cash equivalents, amounting to €1,687 million at 30 September 2025, the Group benefits from strong liquidity with:

• €2.5 billion short term Liquidity Revolving Credit Facility maturing in July 2028;
• € 1.75 billion Backstop Revolving Credit Facility maturing in January 2029.

At 30 September 2025, both Revolving Credit Facilities remained undrawn.

As per Group's conservative liquidity policy, the €1.75 billion Revolving Credit Facility serves as a back-up of the Group €2.5 billion NEU CP program in place.

Treasury Centralization

Credit risk from balances with banks and financial institutions is managed by Group treasury in accordance with the Group's policy. The Group diversifies its cash investments in order to limit its counterparty risk. In addition to short term deposits with tier-one banks, the group invests in euro money market funds qualified as "monetary" or "monetary short term" under the AMF classification. Cash investments are reviewed on a regular basis in accordance with Group procedures and in strict compliance with the eligibility criteria set out in IAS 7 and the AMF's recommendations. The Group's parent company has access to cash held by wholly owned subsidiaries through the payment of dividends or

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pursuant to intercompany loan arrangements. However local constraints can delay or restrict this access. Furthermore, while the Group's parent company has the power to control decisions of subsidiaries of which it is the majority owner, its subsidiaries are distinct legal entities and their payment of dividends and granting of loans, advances and other payments to the parent company may be subject to legal or contractual restrictions, be contingent upon their earnings or be subject to business or other constraints. These limitations include local financial assistance rules and corporate benefit laws. The Group's policy is to centralize liquidity of subsidiaries at the parent company's level when possible.

Contractual 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 €15,35 billion Committed Guarantee Facility Agreement ("CGFA") with sixteen tier one banks allowing issuance of bonds until 01 April 2028 with tenors up to 7 years. 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 crossacceleration provisions.

At 30 September 2025, the total outstanding bonding guarantees related to contracts from continuing operations, issued by banks or insurance companies, amounted to €29.59 billion (€29.52 billion at 31 March 2025).

The available amount under the Committed Guarantee Facility Agreement at 30 September 2025 amounts to €4.57 billion (€2.95 billion at 31 March 2025).

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 2025.

Discount rates for main geographic areas (weighted average rates)

(en %)	At 30 September 2025	At 31 March 2025
United Kingdom	5.95%	5.90%
Euro Zone	3.85%	3.33%
North America	5.19%	4.88%
Other	1.51%	2.60%

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Movements of the period

At 30 September 2025, the net provision for post-employment benefits amounts to €(683) million (made up of €225 million of prepaid assets and other employee benefit costs (see Note 14) and €(908) million accrued pension and other employee benefit costs) compared with €(707) million at 31 March 2025 (made up of €228 million of prepaid assets and other employee benefit costs (see Note 14) and €(935) 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 €23 million for the half-year ended 30 September 2025 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 2025 mainly arose from service costs related to defined benefits and projections estimated in actuarial valuations performed at 31 March 2025.

J. 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

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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.

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 anticompetitive practices. After a preliminary investigation stage, in March 2014 CADE notified the opening of an administrative procedure against several companies and individuals, including Brazilian subsidiaries of Alstom and Bombardier Transportation, and certain current and former employees of the Group. In July 2019, CADE imposed a fine of BRL 133 million (approximately €21 million) on Alstom's subsidiary in Brazil as well as a 5-year ban on participation in public procurement processes in Brazil (Federal, State, and Municipal). In parallel, CADE imposed a fine of BRL 23 million (approximately €4 million) on Bombardier Transportation's subsidiary in Brazil, but no public procurement ban. 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. In May 2014, the public prosecutor of the State of Sao Paulo launched 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 €404 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 could include the cancellation of the relevant contracts, a ban on participation in public procurement 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

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respect of this contract. Alstom Ferroviaria S.p.A was initially also subject to investigation regarding 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. The two current employees continued their defense. On 26 September 2025 they were both acquitted. The full judgment will be filed by 26 December 2025. Thereafter, the Prosecuting authority will have 45 days to file an appeal.

Spain

The Spanish Competition Authority ("CNMC") opened a formal Procedure at the 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) 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.

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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) preidentified 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 Special Investigation Unit ("SIU") and National Prosecuting Authority ("NPA") in South Africa. The previously disclosed investigation by the Swedish Prosecution Authority has not to date resulted in charges against any Group entity (see disclosure relating to employees below). The previously disclosed investigation by the US Department of Justice was closed without charge on 1 April 2025. 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 thirdparty actions. Alstom continues to cooperate with the relevant authorities or institutions in respect of these matters. Swedish authorities and the World Bank 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 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 incountry). 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 to several Bombardier entities, including BT Sweden, 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 Alstom remained within the scope of the proceeding which the INT had conveyed to the World Bank's Office of Sanctions and Debarment; Alstom subsequently made a

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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.

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 SIU and the 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").

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

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. 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 (€34.2 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

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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 (€34.1 million) from Alstom and JPB entitled to payment of $62.5 million (€53.2 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 ruled that Parsons is entitled to $34 million USD (€29 million) in prejudgment interest and denied Alstom's motion for a new trial.

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. Alstom's opening brief was submitted on April 17, 2025 with Parsons filing its response and opening brief on the cross appeal in August of 2025. A decision is not expected until mid to late 2026.

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 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. Final discussions are being held before submission of this joint affidavit to the court.

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Eurotunnel – France

An arbitration procedure has been launched by Eurotunnel on 30 April 2025 following Alstom having terminated their contract concerning the mid-life modernization program for passenger shuttles. The arbitration tribunal has been formed, and the arbitration is entering into the initial procedural steps.

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. Following an amendment to the procedural timetable in January 2025, the hearing on the merits is expected to take place in two hearing windows of approximately 2-3 weeks each between April and June 2026.

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 2025 and 30 September 2025.

NOTE 25. SUBSEQUENT EVENTS

The Group has not identified any other subsequent event to be reported other than the items already described in the previous notes.

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NOTE 26. SCOPE OF CONSOLIDATION

PARENT COMPANY	Country	Ownership %	Consolidation Method
ALSTOM SA	France	-	Parent Company
Companies
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 PTYLIMITED	Australia	100	Full consolidation
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 Investments 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 InstallationGeneral Partnership	Canada	51	Full consolidation
ALSTOM Chile S.A.	Chile	100	Full consolidation
ALSTOM Investment Company Limited	China	100	Full consolidation
ALSTOM Investment Management and Consulting (Beijing)Co., Ltd.	China	100	Full consolidation
ALSTOM Transportation Railway Equipment (Qingdao) Co.,	China	100	Full consolidation
Ltd.Chengdu ALSTOM Transport Electrical Equipment Co., Ltd.	China	60	Full consolidation
(CATEE)
SHANGHAI ALSTOM Transport Electrical Equipment CompanyLtd	China	60	Full consolidation
Hefei ALSTOM Rail Transport Equipment Company Limited	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
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
ALSTOM Proyectos de Transporte, S.R.L.	Dominican Republic	100	Full consolidation

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ALSTOM Transport International For Contracting	Egypt	100	Full consolidation
ALSTOM Egypt for Transport Projects SAE	Egypt	100	Full consolidation
ALSTOM Railways Components JSC	Egypt	100	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
ALSTOM Réassurance	France	100	Full consolidation
CENTRE D'ESSAIS FERROVIAIRES	France	96	Full consolidation
INTERINFRA (COMPAGNIE INTERNATIONALE POUR LEDEVELOPPEMENT D'INFRASTRUCTURES)	France	50	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 TRANSPORTTECHNIKGMBH	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
MADHEPURA ELECTRIC LOCOMOTIVE PRIVATE LIMITED	India	74	Full consolidation
NOMAD DIGITAL (INDIA) PRIVATE LIMITED	India	70	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
ALSTOM Métro d'Abidjan	Ivory Coast	100	Full consolidation

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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 Transport Systems (Private) Limited	Pakistan	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
ALSTOM GCC Romania S.R.L.	Romania	100	Full consolidation
ALSTOM Transport SA.	Romania	93	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 RegionalHeadquarter	Saudi Arabia	100	Full consolidation
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)	South Africa	90	Full consolidation
LTD.BOMBELA MAINTENANCE (PTY) LTD.	South Africa	90	Full consolidation
ALSTOM Rolling Stock SA Pty Ltd	South Africa	74	Full consolidation
GIBELA RAIL TRANSPORT CONSORTIUM (RF) (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
ALSTOM Ametsis, S.L.	Spain	100	Full consolidation
ALSTOM Holding Sweden AB	Sweden	100	Full consolidation

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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 SwitzerlandLtd, ALSTOM Network Suisse SA	Switzerland	100	Full consolidation
ALSTOM Schweiz AG, ALSTOM Suisse SA, ALSTOMSwitzerland Ltd.	Switzerland	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
ALSTOM Rayli Sistem Sanayi Anonim Şirketi	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 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 VP Pension Trustee Limited	United Kingdom	100	Full consolidation
ALSTOM UK 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
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

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ALSTOM Transport Vietnam Ltd	Vietnam	100	Full consolidation
THE ATC JOINT VENTURE	United Kingdom	38	Joint Operation
CITAL	Algeria	49	Equity Method
EDI RAIL - ALSTOM Transport Pty Limited	Australia	50	Equity Method
EDI RAIL - ALSTOM Transport (Maintenance) Pty Limited	Australia	50	Equity Method
NGR HOLDING COMPANY PTY LTD.	Australia	10	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. /GROUPE PMM OPÉRATIONS ET MAINTENANCE S.E.N.C.	Canada	50	Equity Method
ONxpress Transportation Partners Inc.	Canada	25	Equity Method
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 COMPANYLIMITED	China	50	Equity Method
CHANGCHUN CHANGKE ALSTOM RAILWAY VEHICLESCOMPANY LTD.	China	50	Equity Method
CRRC PUZHEN ALSTOM TRANSPORTATION SYSTEMS	China	50	Equity Method
LIMITEDJiangsu ALSTOM NUG Propulsion System Co Ltd.	China	50	Equity Method
SHENTONG ALSTOM (SHANGHAI) RAIL TRANSIT VEHICLECOMPANY LIMITED	China	50	Equity Method
GUANGZHOU CHANGKE ALSTOM RAIL TRANSIT EQUIPMENTCOMPANY LTD	China	50	Equity Method
CASCO SIGNAL LTD	China	49	Equity Method
CASCO Signal (Jinan) Co., Ltd.	China	49	Equity Method
CASCO Signal (Beijing) Co., Ltd.	China	49	Equity Method
CASCO Signal (Chengdu) Co., Ltd	China	49	Equity Method
CASCO Signal (Zhengzhou) Co., Ltd.	China	49	Equity Method
SHANGHAI ALSTOM Transport Company Limited	China	40	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
Wuhan Intelligence Metro Technology Co., Ltd.	China	7	Equity Method
SPEEDINNOV	France	76	Equity Method
ORA L15	France	20	Equity Method
GREEN LINE MAINTAINER LTD	Israel	20	Equity method
HN - LIGHT RAIL LINE LTD	Israel	20	Equity method
JCL - JERUSALEM CITY LIGHTRAIL LTD (*)	Israel	20	Equity method
NOFIT RAIL LTD	Israel	25	Equity Method
TMT - TLV METROPOLITAN TRAMWAY LTD	Israel	20	Equity method
MAINTRAINS S.R.L.	Italy	50	Equity Method
LLP JV KAZELEKTROPRIVOD	Kazakhstan	50	Equity Method
MALOCO GIE	Morocco	70	Equity Method
RAIL ENGINEERING SP. Z O.O.	Poland	60	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 (*)	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	Austria	44	Non consolidated investment
GMBHSOCIÉTÉ CONCESSIONNAIRE DU TRANSPORT SUR VOIERÉSERVÉE DE L'AGGLOMÉRATION CAENNAISE (S.T.V.R) S.A	France	39	Non consolidated investment
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 (*)	France	16	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
CISN RESIDENCES LOCATIVES	France	1	Non consolidated investment
SOCIÉTÉ D'ÉCONOMIE MIXTE LOCALE LE PHÉNIX THÉÂTREDE VALENCIENNES	France	1	Non consolidated investment
SOCIETE IMMOBILIERE DE VIERZON	France	1	Non consolidated investment
VALUTEC S.A.	France	1	Non consolidated investment
EASYMILE HOLDING	France	0	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	10	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 PROFESSIONALESUPERIORE	Italy	0	Non consolidated investment
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 DOPORTO	Portugal	25	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

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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

(*) Entity under process of liquidation.

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ALSTOM

STATUTORY AUDITORS' REVIEW REPORT ON THE INTERIM FINANCIAL INFORMATION

Period from 1 April 2025 to 30 September 2025

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ALSTOM

Société anonyme RCS : 389 058 447 R.C.S. Bobigny

STATUTORY AUDITORS' REVIEW REPORT ON THE INTERIM FINANCIAL INFORMATION

Period from 1 April 2025 to 30 September 2025

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,

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 2025 to 30 September 2025;
• 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.

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

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2 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.

The statutory auditors

French original signed by

Forvis Mazars SA PricewaterhouseCoopers Audit

Dominique MULLER

Richard BEJOT

Hugues GÉRARD

Partner

Partner

Partner

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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 2025/26 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 13 November 2025, 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 Chief Executive Officer of the Company and is provided solely for the convenience of English-speaking readers.