Alstom reported €4.734 billion in Q1 2026/27 sales, up about 4.9% year-on-year, with orders of €2.56 billion and a book-to-bill ratio of 0.5x, while maintaining a backlog of €102.8 billion. The company reiterated targets for fiscal 2026/27, aiming for organic revenue growth around 5%, a book-to-bill above 1, 4,400–4,500 railcars produced, and an adjusted operating margin near 6.5%, along with positive free cash flow though first-half cash flow may dip by roughly €1.5 billion due to seasonality. Management emphasized execution and progress on key platforms, noting the homologation of the TGV-M for SNCF Voyageurs and signaling a step-change in operations as commercial momentum is expected to accelerate into the second quarter. Alstom outlined a plan to lift gross margins in its order book toward 8–10% and improve cash generation, with a full operational plan and medium-term ambitions to be disclosed at an early-2027 Capital Markets Day. The group operates in a supportive rail market and projects stronger execution across products as it mitigates prior profitability gaps, while signaling continued focus on efficiency and project delivery. Chief Executive Officer Martin Sion highlighted ongoing progress across rolling stock, services, and signaling and expressed optimism about accelerating commercial momentum in the coming quarters.