Alstom’s Next Shock May Be a Deeper Overhaul as Cash Pressure Meets New Train Orders
This week, Alstom steps into a pivotal moment as Martin Sion gets ready to deliver his first set of annual results at the helm. French media are already speculating about the likelihood of bigger industrial shakeups ahead, even as the Belfort plant pushes ahead with train production for Velvet—a fresh private rival to SNCF. The clock is ticking for Alstom. Demand isn’t the issue here: the company logged a record 27.6 billion euros in orders, with its backlog topping 100 billion euros for the year through March. But execution is biting — missed deadlines on train production, certification, and delivery are piling up, squeezing cash flow as projects lag.