Alstom (ALO) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with thanks to shareholders, introduction of board members, and appointment of meeting officers and scrutineers.

• The agenda, resolutions, and required documents were made available to shareholders in advance and at the meeting.

• Chairman and CEO Henri Poupart-Lafarge and General Counsel Emmanuelle Petrovic opened the meeting, outlining the agenda and strategic focus for 2024.

• The meeting included presentations on financial performance, climate strategy, board committee activities, and concluded with Q&A and voting.

Financial performance review

• FY 2023/24 results met guidance, with €18.9bn in orders, €17.6bn in sales, and a 1.1 book-to-bill ratio.

• Adjusted EBIT reached €997m, with a 5.7% margin; free cash flow was negative at €(557)m, but H2 saw strong cash generation.

• Orders backlog hit a record €92bn, with significant new contracts across regions.

• Net debt peaked at €3.4bn mid-year, reduced to €3bn by year-end through cash generation and a debt reduction plan.

• Liquidity stood at €6.3bn as of March 2024, with no major debt redemptions before October 2026.

Board and executive committee updates

• Governance structure revised: Chairman and CEO roles split, with Philippe Petitcolin appointed Chairman and Henri Poupart-Lafarge remaining CEO.

• Board composition post-AGM: 12 members, 50% women, 80% independent, 7 nationalities represented.

• Remuneration policies were revised to emphasize cash flow generation and align with market benchmarks.

• CDPQ's mandate renewed; appointments of Philippe Petitcolin and Jay Walder ratified.