Katherine L. Self

Katherine Self from Morgan Stanley inquired about any anticipated financial impact from the finalized divestiture remedies to CAF and Hitachi, as required by the EU Commission.

Answer

CFO Laurent Martinez stated the deal closing is expected in H1 of the next fiscal year. The impact is not considered major and will involve deconsolidating approximately €0.5 billion in orders and €250 million in sales, with margins below the Alstom average, plus a potential working capital effect.

Katherine L. Self inquired about the order pipeline for the second half, asking if the related down payment expectations are based on a few large contracts or a steady stream of smaller ones.

Answer

CEO Henri Poupart-Lafarge stated that the company expects to book several large contracts in the second half, similar in nature to the first half, such as a contract in Egypt valued at nearly EUR 1 billion. These contracts are expected to come with good down payments, supporting the cash flow outlook.