Alstom : Equity Story (25/01/2023)

ALSTOM'S EQUITY STORY

January 2023

Disclaimer

• This presentation contains forward-looking statements which are based on current plans and forecasts of Alstom's management. Such forward-looking statements are relevant to the current scope of activity and are by their nature subject to a number of important risks and uncertainty factors (such as those described in the documents filed by Alstom to the French AMF) that could cause actual results to differ from the plans, objectives and expectations expressed in such forward-looking statements. These such forward-looking statements speak only as of the date on which they are made, and Alstom undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
• This presentation does not constitute or form part of a prospectus or any offer or invitation for the sale or issue of, or any offer or inducement to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for any shares or other securities in the Company in France, the United Kingdom, the United States or any other jurisdiction. Any offer of the Company's securities may only be made in France pursuant to a prospectus having received the visa from the AMF or, outside France, pursuant to an offering document prepared for such purpose. The information does not constitute any form of commitment on the part of the Company or any other person. Neither the information nor any other written or oral information made available to any recipient or its advisers will form the basis of any contract or commitment whatsoever. In particular, in furnishing the information, the Company, the Banks, their affiliates, shareholders, and their respective directors, officers, advisers, employees or representatives undertake no obligation to provide the recipient with access to any additional information.

© ALSTOM SA 2022. 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	2
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.

Summary

1.	Executive summary	p.4
2.	Alstom at a glance	p.7
3.	An ambitious strategic plan	p.18
4.	CSR at the heart of Alstom's DNA	p.31
5.	FY2022/23 Group performance	p.42
6.	Appendix	p.64

© ALSTOM SA 2022. 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	3
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.

01	Executive summary

© ALSTOM SA 2022. 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	4
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.

Alstom's investment case

A WORLDWIDE LEADER WITH
STRONG MARKET SHARES
Rolling stock: #1		FY 2022 SALES
Services: #1		7%
Signaling: #2	15%
Turnkey: #1		56%
	22%
	Rolling stock	Services Signalling Turnkey
AN AMBITIOUS STRATEGIC PLAN:
AiM 2025
		FINANCIALS TARGETS 2025
		• Market share: +5 pp
		•	Sales CAGR: >5%
		•	aEbit margin: 8-10%
		•	FCF/ aNet Income: >80%
		•	Dividend pay-out:25-35%

A RECOGNIZED CSR CHAMPION

215
SCOPE 1+2 EMISSIONS1 *
(KTON)
(6.5%) vs March 22	948
ENERGY CONSUMTION1 *
	(GWH)
	(5.0%) vs March 22
46%
% ELECTRICITY FROM
RENEWABLES SOURCES1 *	23.6%
+4.0% vs March 22	% WOMEN IN

MANAGEMENT2 * +0.4% vs March 22

LEADING THE INNOVATION RACE

HYDROGEN

AUTONOMOUS MOBILITY

ENERGY EFFICIENCY

DIGITAL SIGNALLING

PREDICTIVE MAINTENANCE

1. Between 2020/21 and 2024/25 2. CAGR between Sales PF 2020/21 and 2024/25 3 From 2024/25 onwards 4 From 2024/25 onwards. Subject to short term volatility 5. The pay-out ratio is calculated by dividing the amount of the overall dividend with the "Adjusted net profit from continuing operations attributable to equity holders of the parent, Group share" as presented in the management report in the consolidated financial statements.

© ALSTOM SA 2022. 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	5
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.