Alstom (ALO) AGM 2025 summary

Opening remarks and agenda

• Meeting opened by the new Chair and General Counsel, with thanks to shareholders attending in person and remotely; board members and key executives introduced, including CEO, CFO, and General Counsel.

• Scrutineers and secretary appointed; statutory auditors present; agenda and resolutions outlined as per the Notice of Meeting.

• CEO to present financial and strategic review, SNCF CEO to speak, CFO to present financials, CSR priorities to be covered, and governance/remuneration issues to be addressed.

• Q&A session scheduled, followed by electronic voting on resolutions.

Financial performance review

• Orders booked reached EUR 19.8 billion in 2024-2025, with sales at EUR 18.489 billion, organic growth of 6.6%, total growth 4.9% due to negative currency impact.

• Adjusted operating income at EUR 1,176 million, margin of 6.4%, and net profit up to EUR 498 million from EUR 44 million.

• Free Cash Flow at EUR 502 million, highest in years; debt reduced from EUR 3 billion to EUR 434 million.

• Share price outperformed the market, rising 22.7% from June 2024 to July 2025.

• No dividend proposed for FY 2024/25; net income allocated to general reserve due to ongoing deleveraging plan.

Board and executive committee updates

• Board consists of 12 directors, with two new employee representatives and a new observer; 80% independence and 50% gender diversity.

• 11 board meetings held with 98% attendance; all committees reported high engagement and independence.

• Three board committees active, with high attendance and compliance with governance best practices.

• No changes to board or committee composition post-meeting.