Alstom Cuts Outlook, Shares Plunge 27%

Shares in Alstom fell about 25-30 percent on the Paris Stock Exchange on Monday, 2 November 2026, after the company cut its full-year outlook. The stock dropped to about €11.50 from a Friday close of €15.81. Ahead of the open, Citi said: "Given the size of the cash warning, and limited details on the de-leveraging, we'd expect a significant negative reaction to the shares." Alstom cut adjusted EBIT margin guidance to about 1 percent from about 6.5 percent and free cash flow guidance to -€1.5 billion from a prior positive outlook. It lowered production to about 4,000 rail cars from 4,400-4,500 and organic sales growth to low- to mid-single digits from about 5 percent. First-half revenue rose 3 percent to €9.3 billion on €11.0 billion in orders, including €8.4 billion in the second quarter. First-half free cash flow was roughly -€1.25 billion. A debt-reduction target of about €2 billion was set. Coradia Max development work was paused for additional testing. Reuters put first-half adjusted EBIT margin around -4 percent versus +6.4 percent a year earlier; Yahoo and DPA described a decrease to around 4 percent. Shares are down about 54 percent year-to-date and about 61 percent from early-year highs around €30.