Alstom Investor Day

May 10th, 2023

 Agenda

  Operations
Danny Di Perna, Executive Vice President and Chief Operating Officer
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  Rolling Stock and Components

Benjamin Fitoussi, President, Rolling Stock and Components
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  Services
Matthew Byrne, President, Services
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  Signalling and Systems

Jean-François Beaudoin, President, Digital and Integrated Systems

Questions & Answers

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 2
1
Operations
Danny Di Perna

Executive Vice President and

Chief Operating Officer
 Alstom is up and running and winning in the marketplace
Building customer confidence through process excellence

STABILIZE INTEGRATE TRANSFORM RESULTS

▪ € 40bn Orders
24 months

▪ € 87bn Backlog

Critical Project 3.4 One Alstom Process Digital Tools

1.9
Risk Index Deployment at 83% Consolidation at 78%

Quality Execution to Product Convergence: 100% APSYS1 Score: +74%

Customer improved by 67% site weighted average
Parts: 25%
1APSYS: Alstom Performance SYStem, Alstom’s continuous improvement programme
© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 4
 Business process integration and digitalisation
Investments “on-track” and delivering results Current 2025 Targets
97% converged processes 100% converged processes
Alstom’s Digital Tools Suite
91% of converged processes >90% of digitalization in our
deployed in sites fleet maintenance process
Objective: Enable our global teams to develop, engineer,
manufacture and support the business from anywhere 78% of digital tools 95% of digital tools
consolidated consolidated
across the globe.
4 Key Axes:
New Product Development
(PLM4A – Product Lifecycle
Management for Alstom)

Manufacturing Digitalisation
(AOS – Advanced Operations System)

Workplace Collaboration
(Teams, SharePoint, etc.)

Function Digital
Tools
(HR, T&A, etc.)

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 5
 APSYS, our Alstom continuous improvement program
Driving process excellence and performance through rigour and discipline across all activities

APSYS FY22/23 Average Score Improvement

Leg. BT
Leg. AT
Target Avg. > 3.0
73%

214%
Top of the Class Scope = 180 Sites

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provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation from Alstom, is strictly prohibited. 6
 Enterprise risk management process active
Mitigation actions deployed to face our challenging times

• Covid lockdown • Long term • Site Delivery • Inflation • Energy supply • Geopolitical
risks overcome semiconductor Centers focused challenges and cost risks mitigation
with temporary needs secured with on mitigating mitigated by secured through plan for strict
inventory increase partnerships, scarce material securing supplier supplier monitoring and
and flexible allocations and customer’s agreements and development
transportation alternate sources contracts and company wide alternative
routes and redesigns stringent cost energy saving sources of
measures plan energy in all
sensitive areas

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 7
 Electronic component crisis management
Dedicated global and multi-disciplinary team driving supply chain execution

Tensions on the semiconductor market… … addressed by a complete set of reactive

and proactive mitigation measures

Semiconductor Market Demand

Allocation process enabling 6 months rolling
160 visibility and monitoring
Geopolitical tension escalation Reactive Component chasing with a components
measures marketplace

140 Engineering redesign and alternatives completed for

Punctual high-end demand
slowdown, but strong growth 650 parts
expected post-2023 Visibility with suppliers : 80% backlog replanning
120 with Tier 1 and forecast agreements initiated

Sustained tension on lead-times Preferred part list being defined for 15 product
families
● 2x to 6x higher vs. pre-crisis
100
levels on critical components Proactive Intimacy with manufacturers / preferred
2020

2021

2022

2023

2024

2025

measures relationships
● While Consumer segments are
in excess stocks, sustained Legal support and client management
Note: Base 100 for 2020-2021 actuals, demand on Industrial and
2022-2025 forecasts (Gartner Apr. 2023)
Auto
Semiconductors market trends monitoring

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provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 8
 Inflation impact on material and wages
Largely mitigated by stringent cost measures and contract management

Evolution of relevant cost items indexes Multi-disciplinary action plan

Indexed, Quarterly evolution from 2019-2025, Base 100 as of 01/01/2019

550 Actual Forecast Price adjustment on new tenders

March 1 mirroring cost increase
500 Transport
2023 Shanghai Containerised
450 Freight Index
Commercial contract pricing
Energy 2 adjustment formulas
400 Weighted index by WB

350 Steel
Reinforced selectivity for fix and
World HRC common steel
3 firm price contracts
Aluminium
250 World Aluminium Sheets
Back-to-back with suppliers for
200 Copper 4 fix and firm contracts
World electrolytic copper
150
US Wage
US manufacturing salaries1 Long term planning and
100 5 securing material supplies
Europe Wage
Europe mfg. salaries2
0
2019 2020 2021 2022 2023 2024 2025 2026 Application of stringent cost
6 measures to mitigate headwinds
1. Forecasted data based on inflation rate in the US | 2. Eurostat labour cost index published quarterly | 3. US Producer Price Index by Industry: Semiconductors and Related Device Manufacturing
Source: World Bank, Eikon Datastream, HSBC, Federal Reserve Economic Data, Oxford Economics, Oliver Wyman analysis
© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 9
 Quality excellence drives customer confidence and satisfaction
Design for Quality Gates Open Delivery Quality to Customer
DFQ Backlog – Total Year End

- 42%
Q # of Demerits/Unit – Avg Year

- 67%

Leg. AT
Leg. AT + Leg. BT
Pre Acq April 2021 March 2022 March 2023 Pre Acq April 2021 March 2022 March 2023

# of Surveys Customer Net Promoter Score NPS Score

350 9

300 8.5
250
8
200
7.5
150
7
100

50 6.5

0 6
17/18 18/19 19/20 20/21 21/22 FY22/23

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation from Alstom, is strictly prohibited. 10
 Alstom’s global supply chain – a competitive advantage
Leveraging our proximity to customers for localization and best cost capabilities

Global Spend Supply Chain

~14€ Bn 22K Suppliers

12 months rolling Direct and Indirect Scope

• 6% of Supply Base (1200 suppliers)

represents 80% of Global Spend • Panel reduction : -10%
(11.7 Bn€)

% of global spend

• Improve supply chain Performance to deliver projects and reinforce Direct Commodities Critical Suppliers
Risk Management culture

• Strengthen Alliance Partnership Program for a better supplier

relationship management

• Encourage Regional to Regional proximity and enable localization

• Deploy decarbonization plan for Scope 3, Purchased Goods and • Strengthen supplier development • Performance of most impactful
(capacity and capability) improved by ~30% in a year
Services : -30% in 2030
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provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation from Alstom, is strictly prohibited. 11
 Investing in cutting-edge technology R&D gross effort above
Our completed convergence unleashes innovation for success step-up €700m1

“Lead societies
ALSTOM INNOVATION LEADERSHIP to a low carbon
GREEN
MOBILITY
future”
GREEN TRACTION HYDROGEN

“Make mobility
simple to operate
SMART and ride”
MOBILITY
PREDICTIVE ON-BOARD ELECTRONIC
MAINTENANCE PRODUCTS

“Create mobility
solutions that all
BROADEST COMPONENT INCLUSIVE AND people can enjoy
BUILDING BLOCK PORTFOLIO
HEALTHIER
MOBILITY riding”

1 From CLEAN SURFACES DESIGN FOR ALL

FY23/24 onwards
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provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited. 12
 Customer-centric value propositions
Focused on bringing technology, products and services quickly for our customers

Customer Customer Sustainability Passenger Connected

profitability needs solutions experience train
Increased revenue and Proven offerings and Efficient, green and Increased comfort level Interoperable with
lower costs expertise eco-design ground systems

● Low CAPEX and ● Optimized products ● Environmental ● Less noise ● Train communication
Optimized OPEX footprint network
● Local content ● Inclusion and easy
● Full electrical train with ● Energy efficiency ● Onboard Information
access for everyone
maximum energy ● Cutting-edge Systems framework:
● Low weight
savings technology ● Enhanced ride comfort remote maintenance,
● Low noise telecommunication,
● High reliability and ● Full range of ● Passenger-friendly
availability cybersecurity
maintenance ● Eco-design design, lighting,
● Lifecycle management ● Recyclability integrated information ● Information tailored to
● Overhaul expertise passenger needs
● Digital solutions
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provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited. 13
 Alstom… up & running and on-track!

© ALSTOM SA, 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited. 14
2
Rolling Stock
and Components
Benjamin Fitoussi

President, Rolling Stock and

Components
 Alstom is the market leader in Rolling Stock & Components
RSC IS A LARGE AND STEADY MARKET ALSTOM: A CLEAR RSC MARKET LEADER
UNIFE accessible market 2022-2024 RSC Market shares 2020/21-2022/23, in % including turnkey share
(WRMS 2022) – Average in € Bn / year
6%
35%
8%
31% Regional/Commuter HS/VHS
11% Urban Light Rail
+2.8%1 19% 18%
€44 bn Wagons Coaches
12% Locomotives
8%
17% 3% 3%
15%
Alstom Comp.1
Siemens Comp.
Stadler2 Comp.
CAF 3 Comp.
Hitachi4 Comp.
CRRC5

US acceleration with Jobs &

MARKET DRIVERS: France Rail Plan India budget for rail 23/24
Infra Act
Europe Diesel replacement

RECENT WINS

AUSTRALIA INDIA FRANCE SPAIN FRANCE KAZAKHSTAN

100 Flexity™ low-floor Next 312 Metro cars for Delhi Metro 60 RER NG Commuter trains 49 Coradia Stream™ HC trains 15 Avelia Horizon trains for 100 KZ8A (NG) Locomotives,
generation Trams Phase IV €1 BILLION for RENFE SNCF services & signalling
€700 MILLION €310 MILLION €370 MILLION €590 MILLION

1. CAGR of 2.8 % based on UNIFE accessible rolling stock market 2019-2021 to 2025-2027 period
© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 16
 ALSTOM: a unique global-local presence and capability
Enables customer proximity & localization while leveraging global best cost sources

AMERICAS
ALSTOM #1 IN ALL REGIONS

Rolling Stock & Components Key Sites

SIEGEN KATOWICE

Alstom Comp 1 Comp 2 Comp 3

EUROPE
DERBY BARCELONA

SAHAGUN HORNELL AMECA

LA ROCHELLE QINGDAO +50 Production

sites in 22
countries APAC

Engineering & Manufacturing Engineering Manufacturing

MADHEPURA SAVIGLIANO

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 17
 Project stabilisation | Task Forces shifting from legacy to early phase projects

TASK FORCES EXPERT GROUPS

4.0 4.0 4.0 4.0
3.4
3.0
-26% 3.0 3.0 3.0 Solve Technical issues
2.5
2.0 2.0 -20% 2.0 ~2 2.0
-18%
1.0 1.0 1.0 1.0 ~1.6 Enforce Design for Quality & PM standards
April March March March
2021 2022 2023 2024

Efficiency and
Review all customer requirements,
Deep dive Stabilise and End of
legacy secure new stabilisation Continuous drive configuration management
projects projects robust improvement
process
Align project scheduling & resources

Increase quality perception by customers

~85 ~50 >600
Projects Subject-matter Project
supported experts Reviews Lead contract management,
negotiate Extension of Time

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 18
 Convergence done at Train, Sub-system and Part levels
Focusing today on implementation in tenders
From Day 1 FY 2021/22 FY 2022/23 FY 2023/24
INVENTORY CONVERGE RATIONALISE FURTHER STANDARDIZE

8 platforms, 9 products phased out

Light Rail Regional Urban

✓ Integrate commercial teams in
Citadis™ Coradia™ Innovia™ APM
adherence governance
Innovia™ monorail
TRAIN

✓ Early Spec-in
Metropolis™
✓ Drive standardisation in tender
phase / maximise leverage of
Commuter Locomotive High-speed standard solutions
(Rebranding
100% Traxx™ Avelia™
In progress)
done

Common standardised catalogue: 36 BUY module, 68 make components

COMPONENT

35 active products 43 active products Migrate to AGATE4

20 reference solutions 20 reference solutions

-47% -42% -50%

Converters Bogies references TCMS references

© ALSTOM SA, 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited. 19
 Operational performance | Quality on target, focusing on delivery

-25% on Mar 23 -33% on Mar 23 ~stable

- 52% on Mar 23 (avg 6 months)

Pre-acq Apr Mar Mar Mar Mar Pre-acq Apr Mar Mar Mar Mar Pre-acq Apr Mar Mar Mar Mar Pre-acq Apr Mar Mar Mar Mar
AT ’21 ‘22 ‘23 ’24 ‘25 AT ’21 ‘22 ‘23 ’24 ‘26 AT x2 ’21 ‘22 ‘23 ’24 ‘25 AT ’21 ‘22 ‘23 ’24 ‘25

+16% on Mar 23 +6% on Mar 23

+7% on Mar 23

+22% on Mar 23

Pre-acq
Pre-acq Apr
Apr Mar
Mar Mar
Mar Mar
Mar Mar
Mar Pre-acq Apr Mar Mar Mar Mar Pre-acq Apr Mar Mar Mar Mar Pre-acq Apr Mar Mar Mar Mar
AT
AT ’21
’21 ‘22
‘22 ‘23
‘23 ’24
’24 ‘25
‘25 AT ’21 ‘22 ‘23 ’24 ‘25 AT ’21 ‘22 ‘23 ’24 ‘26 AT ’21 ‘22 ‘23 ’24 ‘25

Supply chain & electronic components challenges mitigated

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provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 20
Our achievements 2022-23 | regaining performance and preparing further ramp-up

1 2 3 4 5
Won 57 Projects Progressed product Deliveries back to Invested in additional Mitigated
securing development & nominal customer capacity and operational & financial
€10.3 bn orders rationalization satisfaction capability headwinds

49 Coradia Stream for Renfe World’s 1st hydrogen fleet Wroclaw : aluminum carbody Customer deliveries secured
Germany

1,000th tram Alstom Vienna

294 Metropolis Cairo Line 6 Inflation impact minimized
Defects / Unit -25%
External demerits -52%
Key Open issues -33%
Avelia Horizon dynamic testing Customer Satisfaction 8.3 Fez : start up transformers

9 products phased-out

# Components -40% Energy supply

100 Flexity NG Trams Australia 300th eLoco delivered ‘new’ Warsaw : bogie assembly guaranteed

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 21
23/24 and beyond | accelerate the transformation journey to deliver the
committed synergies
1 2 3 4 5
Win profitable Bring our Best in class
Get the best of our Leverage our people
tenders with operations to processes with
footprint and scale skills and capabilities
innovative & required level of increased
standard products performance digitalisation

• Platform positions as • Massification & • Project Management by • GSI roll out in 40+ sites • Site End-End capabilities
strong market leaders specialisation in Sub-System • Advanced Operation • Recruitment
• Leverage largest development & • Strictly Apply Design for Systems (AOS) • Training & Development
geographical coverage manufacturing Quality Process (DFQ) • Supply Chain & • 1000+ expert network
• Leading the way on • BCC engineering up to • Change & Configuration Procurement (Ariba) • Leverage World Class Special
decarbonisation with 1st 42% by 2025 Management • Industrial Planning Process Standards
battery train in • BCC manufacturing up to • Engineering efficiency & (Kinaxis)
commercial service 60% by 2025 automation • PLM4A
• Compact HCC • Supplier & Supply Chain
capacity development 22
© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited.
 Significant investment in R&D to bring best solutions to our customers

ENERGY EFFICIENCY PASSENGER EXPERIENCE GREEN TRACTION

Avelia Horizon tests Smart lighting H2 distance world record

OBES for Light Rail

CYBERSECURITY CORE PRODUCT RANGE COVERAGE

AGATE 4 upgrade
Atlas 400 in Traxx Coradia Stream ext.

IPCEI financing H2

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited.
 IPCEI H2 financing strengthens Alstom leadership on Green Traction technologies

350 M€ subsidies covering 4 projects

H2 Traction Bricks H2 Power Car

• Boost H2 solutions
development

• About 5 years projects

H2 Tender H2 Shunting • Comprehensive program

financing including
prototypes and pre-series

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited.
 RSC turnaround with production ramp-up supporting growth above market
RSC PROFITABILITY IMPROVEMENT LEVERS HEADWINDS
BUSINESS PROFILE MONITORING
FY 2022/23:
• Backlog 42.8bn€

DEVELOPMENT
• Orders 10.3bn€

BUSINESS
Product convergence

LEVERS
• Sales 8.8bn€ Selectivity ELECTRONIC
COMPONENT
Increased % of Platforming & CRISIS
Typical mid to large contracts: Standardisation
projects indexed Cost premiums
• From >100m to multi-billion€
• 3 to >5 years
SUPPLY CHAIN
Cash:
• 5 to 10% downpayments Operational excellence Synergies from process Build a robust and capable
OPERATIONAL

• Negative working capital standardisation railway supply base

LEVERS

contribution Acquisition value

Digitalisation INFLATION
capture (energy, salaries &
RSC product line as key materials)
enabler to Services and Footprint utilisation and Project stabilization Continuous mitigation
Systems businesses BCC lever

Progressive margin uplift to high single digit profitability

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 25
 Rolling Stock and Components Product Line: key take-aways

Uniquely positioned to capture market Accelerate the effort of transformation

growth thanks to product, market reach and 1 6 Best in class processes with increased
scale digitalization

Significant improvement in project

stabilization Win profitable tenders by innovative
2 5
Quality on target & standard products

Operating as ONE team Clear plan to deliver the targeted operational

Operating model implemented 3 4 recovery
Synergies on track Focus on production ramp up and front log
development projects

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 26
3
Services
Matthew Byrne

President, Services
 Most extensive rail services portfolio, expertise and footprint
~37*
ALL ENCOMPASSING PORTFOLIO CLEAR LEADERSHIP OVER THE RAIL SERVICES MARKET bn€

ROLLING STOCK MAINTENANCE

258 40+ 1,400+ 16,000+
SERVICES COUNTRIES CONTRACTS EMPLOYEES
PARTS AND COMPONENT OVERHAULS SITES

ASSET LIFE MANAGEMENT Sales (B€) based on latest published figures

TRAIN OPERATIONS AND SYSTEM

MAINTENANCE

DIGITAL SOLUTIONS

Source: latest annual reports - Excluding China Market

*Accessible Market UNIFE 2025-2027

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provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation from Alstom, is strictly prohibited. 28
 Strategy on track with market drivers and customer needs

MARKET DRIVERS CUSTOMER NEEDS STRATEGIC ORIENTATION

Increasing Operator focus

1. Develop maintenance business and
on efficiency and
leverage installed base
performance
Partner with Cybersecurity Total Cost of
local and Ownership
footprint 2. Increase globalisation of parts &
Market liberalisation obsolescence component repairs & overhauls

Green mobility 3. Grow operations outside of North

Americas

Train complexity and

digitalisation Safety and System capacity Passenger
security and ridership experience 4. Reinforce our position on smart &
green modernisation

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provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited. 29
 Service franchise has exceeded its mid-single digit growth guidance

FAST GROWING ORDER INTAKE SINCE MERGER ACCELERATING BOOK TO BILL OUTPACING MARKET GROWTH

~2% CAGR
UNIFE*
Market Growth

+50% > 10 bn€ 1,7 +12%

Order Intake cumulated Sales
Book-to Bill
Growth Year Order Intake over Growth Year
FY22-23
on Year 2 years on Year

Already visible in sales

Acceleration in FY2022/23 from ~1,2 to 1,7
development
* UNIFE Accessible Market CAGR 2019-2021 to 2025-2027

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 30
 Business model and evolution (bundle contracts, installed based advantage, small
contracts)

SUSTAINABLE BUSINESS WITH WELL BALANCED ORDER INTAKE

Order intake distribution Expected CAGR

FY 22-23 FY 21-22 to-24-25

▪ Sustained trend to bundle rolling stock

45% 40% 12% and services contracts

▪ Healthy level of standalone contracts

14%
both on Alstom and non Alstom fleets
15%

10% ▪ Long term customer intimacy securing

Gardening (Variation orders, extensions, etc)
continuous / gardening sales
Bundled ( RSC and / or Turnkey + SER )

Standalone

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provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authorisation, is strictly prohibited. 31
 Mid-term ambition: 35% of installed base under services contract

150,000 CARS INSTALLED BASE WITH VAST HARVESTING POTENTIAL

Alstom Installed Base covered by

DEVELOPMENT
Services contract
LEVERS
Green and Smart
35% TSSSA to open new customers relationship
modernisation
(Singapore – Austria – US – France)

25% Digital Solutions Customer key points Customer benefits

▪ Technology access
▪ End of warranty
Obsolescence Management ▪ Fleet availability
incl. software / Cybersecurity ▪ Mid-life overhaul required
▪ Social paradigm
▪ Performance & Budget
guaranty
▪ Obsolescence managed
▪ Life extension
▪ Modern / Digital approach

Today Mid-term
Parts Supply /
Component Overhauls

TSSSA

*TSSSA: Technical Support and Spare Supply Agreement

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 32
 Demonstrated performance boosting commercial success

OPERATIONAL EXCELLENCE

OPTIMISED CUSTOMER
COST OF OWNERSHIP
CUSTOMER INTIMACY

MTR Elizabeth Line

32 years Full Maintenance 70 AventraTM

Baden-Württemberg
BEST IN CLASS RELIABILITY 30 years Full Maintenance 130 Coradia StreamTM HC
Maryland Transit Administration MARC
ENERGY CONSUMPTION COMMITMENT 15 years Operation and maintenance – Mixed fleet

LONG STANDING COLLABORATION

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provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 33
 Service franchise with strong predictability and high-single digit growth

SERVICES PROFITABILITY IMPROVEMENT LEVERS HEADWINDS

BUSINESS PROFILE MONITORING

FY2022/23:

DEVELOPMENT
Small orders RESOURCES
Bundle TSSSA AVAILABILITY
• Backlog 30.7bn€

BUSINESS
offers management opportunities

LEVERS
• Orders 6.4bn€ focus
To support growth
• Sales 3.8bn€ Harvesting installed base

Improvement of Client Total Cost of Ownership SUPPLIERS

Contracts: PERFORMANCE
• Long contracts up to 30 years Localisation, resources
• Indexation as general rule availability and on-time
• Short-cycle business (parts) performance
OPERATIONAL

Local Improvement of
Footprint fleet availability and reliability
LEVERS

Cash:
• Limited mobilisation payments
Low Scale effect on Data
(depots, capital spares) R&D needs management
• Positive working capital

ACHIEVED MID-TEENS PROFITABILITY WITH LARGE GROWTH POTENTIAL

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provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 34
4
Signalling and
Systems
Jean-François BEAUDOIN

President, Digital & Integrated Systems

 Solid signalling market growth with accelerating modal shift as key market
driver

ERTMS3 ROLL-OUT ACCELERATING IN EUROPE

~15 STRONG SIGNALLING +~4%
bn€1 MARKET GROWTH CAGR2 30 Bn€ German roll-out in
signalling the coming years Already
materializing
Market boosted by infrastructure plans & 13 Bn€ Italy ERTMS roll-out in orders
ERTMS3 roll-out acceleration signalling framework attributed

FRANCE rail plan

(100bn€ for entire plan,
→ Signalling key to increasing capacity on + signalling share not yet known)
existing lines
→ Enabling modal-shift acceleration
towards rail & OUTSIDE EUROPE

Canada Mexico Australia India Philippines Tanzania Turkey

(Toronto) (Tren Maya) (New South (Delhi- (NSRC) (BBYO)
Wales) Meerut)

>20% high-speed capacity >25% metro capacity → ETCS BECOMING A GLOBAL STANDARD
(Paris – Lyon ERTMS Level 2 (Shangai L3 / L4, Fluence
and then Hybrid L3) delivered by CASCO Joint venture)

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 36
Source: UNIFE market study (Alstom Addressable market excl. Japan & China) 1- 2022-2024 2- CAGR 2019-2021 to 2025-2027 3. ERTMS: European Rail Traffic Management System
 Signalling, a market segment under consolidation around 3 global players

KEY GLOBAL PLAYERS … FAR AHEAD OF REST OF … OUTPACING MARKET GROWTH

CONSOLIDATING… COMPETITION2
# of global signalling players1 Signalling players revenues overview Alstom growth vs. Market

8 players ~high single digit

~x 5-10 size 4%
3 players2

2010 2023 Global players Other players UNIFE market3 ALSTOM4

1- Global layers considered >500m€ revenues present in Alstom addressable market 2- Thales/Hitachi Merger expected in 2023 3- Alstom addressable market excl. Japan and China, CAGR 2019-2021 to 2025-2027
4- FY22/23 vs. FY21/22
© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 37
 Alstom positioned as the most global signalling partner

MOST COMPLETE SIGNALLING PLAYER 45+ POSITIONED ON ALL KEY SIGNALLING MARKETS
Countries
with local
presence
Top 10 signalling worldwide markets
LARGEST PORTFOLIO EXTENSIVE FOOTPRINT Alstom & Bombardier merge unlocking access to German market
& installed base (customer intimacy & efficiency)
(strong services growth potential)

RECOGNIZED CAPACITY PROVEN TRACK-RECORD

TO INNOVATE with latest innovations
(cyber, digitalization, new operating (India on hybrid level 3 ERTMS,
modes) new vital technical platform in DE UK US IT PL FR IN CA ES ANZ
>3,000 commercial operation in China) “HOME MARKETS”
R&D
ENGINEERS

HIGH CUSTOMER CONFIDENCE

HIGH CUSTOMER Harvesting installed Metro lines equipped
SATISFACTION
NPS1 >8 FY22-23
base with small orders 180+ with Alstom signalling

1- Net Promoter Score

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 38
 Germany mainline signalling, a “Home Market” in the making
ONBOARD

SUSTAIN LEADERSHIP
SUCCESSFUL COMMERCIAL DYNAMIC
SUCCESSFUL & AMBITIOUS PLAN
ATLAS ONBOARD Stuttgart projects
GERMAN
THE MOST DESIRED considered as trend setter for
ROLL-OUT
SOLUTION the German roll-out
COMMERCIAL
DYNAMIC ~700 m€
orders

SCALE-UP BENEFITTING
FROM DECREASING ENTRY BARRIERS FOR ALSTOM FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 FY25/26

BOMBARDIER LEGACY
WAYSIDE

ALSTOM LEGACY
•Interlocking
ETCS Level 2 •Braunschweig signalling site
technology bricks •Existing customer intimacy ~70 m€ revenues
in FY 20/21
(before the merge)
>30%
sales
CAGR

ALSTOM R&D
Digital Object Controller development

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 39
 Deliver projects locally leveraging a worldwide footprint

LEVERAGE SCALE DELIVER EFFICIENTLY THROUGH

WHILE SECURING CUSTOMER INTIMACY AN UNPARALLELED ENGINEERING FOOTPRINT

ACCESS TO LARGE
Key BCC sites TALENT POOLS
(e.g. IT resources in India…)
India Thailand Poland Brazil
SIGNALLING Eng. FTE 2,700+ 500+ 400+ 200+
SOLUTIONS

Deliver & maintain

Application
CLOSE TO
customization CUSTOMERS

Alstom key engineering deployment sites

CONCENTRATED 10,000+ Alstom key R&D sites

Major Joint Ventures
R&D FOOTPRINT ENGINEERS
(Application software & developing
technical platform) standard solutions 50+% of engineering hours executed
(~10 key sites)
in Best Cost Countries within 3 years
with India at the heart of the footprint

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 40
 A sustained pace of innovation introduced in customer projects

CYBERSECURITY BECOMING SYSTEMATIC ON OFFERS

ACCELERATE DIGITALIZATION
from 20 to 140 live projects over last 5 years

Implement innovations on a LATEST

major customer contract DESIGNED FOR
PRODUCTS
CYBERSECURITY
GENERATION

PORTFOLIO
Delhi-Meerut project illustration:
INSTALLED HARDENING
• Most advanced ERTMS solutions BASE STRATEGY
• Hardware/software decoupling in
operations SERVICES TO
SUPPORT CYBER
TRANSFORMATION &
CUSTOMERS
OPERATIONS
-40%
travel
time

Leverage
Lead RAILWAY CYBER ~350 rail CYBER

ENABLERS
EXPERTS
STANDARDS design PARTNERSHIPS
(CENELEC, IEC)
ERTMS Hybrid Level 3
(Delhi Meerut, India)
18-19 19-20 20-21 21-22 22-23 23-24 24-25

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 41
 Signalling franchise set for high-single digit growth

SIGNALLING HEADWINDS
PROFITABILITY IMPROVEMENT LEVERS
BUSINESS PROFILE MONITORING

DEVELOPMENT
Small orders High Single Digit growth pattern ELECTRONIC
Selectivity
FY2022/23:

BUSINESS
boost o/w services fast development COMPONENT

LEVERS
• Backlog 7.5bn€ CRISIS
• Orders 2.9bn€ Harvesting customer long term relationship Improving, backlog to
be delivered
• Sales 2.4bn€
Increased share of contract indexation

Contracts: SUPPLY CHAIN

• Typical small size; < 2 years
Business continuity
• Few > 100m€; 3 - 5 years
OPERATIONAL

favored over cash

Increase Best-Cost Scaling effect on R&D optimization
LEVERS

vs. High-Cost countries &

Cash: engineering content Convergence roadmap INFLATION
• Low downpayments (salaries & raw
Cost of labor
• Electronics inventories Decreasing R&D Intensity materials)
Productivity
• Positive working capital Largely mitigated
Access to digital skills

FRANCHISE GEARED TO REACH DOUBLE DIGIT PROFITABILITY OVER NEXT 3 YEARS

© ALSTOM SA 2023. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is
provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 42
 Systems commercial success driving double digit growth

SYSTEMS INCREASING VISIBLE

BUSINESS PROFILE STRONG ALSTOM POSITIONING
PIPELINE OF OPPORTUNITIES
FY2022/23: Volume of visible & addressable opportunities ALSTOM LEADING PLAYER
• Backlog 6.3bn€ AMONG THE 3 GLOBAL PLAYERS
• Orders 1.0bn€ 8-10 bn€ /y
• Sales 1.5bn€
>65% TOP 3 PLAYERS MARKET SHAREOVER ALSTOM VISIBLE
OPPORTUNITIES IN RECENT YEARS
Cairo Monorail

Very large projects business

• Several hundred millions to > €1bn
• 5-7 years execution
3-6 bn€ /y “KEEP BEING THE BEST-IN-CLASS
Profitable enabler SYSTEM PROVIDER TO BE SELECTED AS Riyadh metro
THE BEST PARTNER”
• Low R&D, low Capex
• Operations and Maintenance enabler Proven delivery track-record
Unique vertical integration from system
Cash generator level to all key sub-systems
• Well – financed contracts 2018-2022 2023-2026
Technology & competitiveness
• Negative working capital Tren Maya

… WITH STRONG HIGH SINGLE DIGIT PROFITABILITY

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provided without liability and is subject to change without notice. Reproduction, use, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 43
 www.alstom.com
www.alstom.com