Alstom shares fell 25% intraday in Paris on Monday, Nov. 2, their sharpest such decline since mid-April.
The drop coincided with lower forecasts and delays on German rail projects; Alstom withdrew its cash flow guidance in mid-April. The revised outlook puts adjusted operating margin near 1%, versus 6.5% previously, and sets a rail-car output goal of about 4,000, down from the prior 4,400-to-4,500 range. It forecasts a €1.5 billion outflow in free cash flow. The update follows an earlier outlook reduction tied to execution problems.
Production retrofits for Coradia Max trains have added to delays on other German projects, leaving the Coradia program with a negative gross margin.
The board is weighing measures aimed at cutting debt by roughly €2 billion by September 2027. Alstom’s financial calendar lists Nov. 17 for its full half-year results.
