➤ Other rolling stock suppliers in Europe: CAF, Greenbrier Europe, Hitachi Rail Europe, Pesa, Siemens, Škoda, Stadler, Talgo, Vossloh
Note: For educational purpose only. This page is meant purely as a documentation tool and has no legal effect. It is not a substitute for the official page of the operating company, manufacturer or official institutions. It cannot be used for staff training, which is the responsibility of approved institutions and companies.
Key points
- Alstom was born in 1928 from the merger of SACM, a locomotive builder, and CFTH, an electric traction specialist; it evolved through names like “Alsthom” and “GEC-Alsthom” before becoming simply “Alstom” in 1998.
- The company covers the full rail market — regional and high-speed trains, metros, and trams — resulting in a broad and sometimes complex product portfolio.
- In 2021, Alstom completed the acquisition of Bombardier Transportation, strengthening its global reach but also creating overlaps and regulatory challenges.
- During the fiscal year 2024/25, Alstom achieved a total order intake of €19.8 billion and employed around 74,000 people.
The catalogue
Filing the catalogue supplied by the company is always a difficult exercise. For Alstom, there are two reasons for this:
- Firstly, the company covers all the rail markets, from trams to high-speed trains;
- And secondly, because the French company acquired its competitor Bombardier in 2021, which meant continuing with the Canadian company’s current orders, hence the presence of some duplicate products, particularly in the regional train market.
In addition, there is a clear distinction between continental trains and those manufactured for the UK market alone, for infrastructure gauge reasons. Conversely, it is sometimes difficult to make a clear distinction between suburban and regional trains, as is often the case in Germany with certain very extensive S-Bahn lines.
It is also difficult to distinguish between regional and long-distance trains, as is the case in France, where some “TER” (Train Express Régional) trains can cover distances of 150 to 200 kilometres. The same applies in Belgium, the Netherlands, Denmark and Switzerland, small countries with a high rail density, where trains described as “Intercity” are in fact regional trains running on 100 to 200 kilometres, stopping every 15 to 30 kilometres.
The definition of “High Speed” is also open to various interpretations, as it has become a marketing issue to which Alstom responds as best it can. Some trains designed with a topspeed of 200km/h are labelled “high speed” in certain countries, which is not recognised by UIC.
At the end, it can draw up a catalogue, but the fact remains that, despite construction by specialised platforms (Coradia, Avelia), train deliveries reflect a very various wide range.
Conventionnal trains
Traction
Passenger/Freight
160km/h
Sold to:
All over Europe
Suburban
Various products
140-160km/h
Sold to:
RER D Paris, S-Bahn Cologne
Trainset up to 160km/h
140-160km/h, 3, 4, 5, 9, 10 cars
Sold to:
Elizabeth line, London Overground, Greater Anglia, South Western Railway, c2c, West Midlands Trains
Regional
Part of the Coradia platform produced at the Reichshoffen plant in Alsace was transferred to CAF when Bombardier was acquired by Alstom in 2022, following a requirement by the competition authorities. This is why the SNCF’s Regiolis Coradia does not appear in this list.
Trainset up to 160km/h
140-160km/h, 6,7,8 or 10 cars
Sold to:
Zou Transdev
Trainset up to 160km/h
140-160km/h
Sold to:
NAH
Trainset up to 160km/h
140-160km/h
Sold to:
FNM
Trainset up to 180km/h
145-180km/h, 3 or 5 cars
Sold to:
Class 730 West Midlands Railway, London Northwestern Railway
Regional / Main line up to 200km/h
Trainset up to 200km/h
Trainset up to 200km/h
200km/h
Sold to:
Trenitalia, NS, DSB
Main line up to 250km/h
Trainset up to 250km/h
Trainset up to 250km/h
250km/h, 7 cars, tilting, distributed power traction
Sold to:
NTV-Italo (22)
High-speed trains over 250km/h
High speed train up to 300km/h
320km/h, 2 power cars + 10 single deck cars
Sold to:
Amtrak under Acela brand
High speed train up to 330km/h
320km/h, 2 power cars + 7 to 9 double-deck cars
Sold to:
SNCF (115), Proxima (12), ONCF (18)
Urban
2021: the acquisition of Bombardier Transportation
Although the memorandum of understanding was signed on 17 February 2020, the effective takeover of Bombardier Transportation by Alstom for €5.5 billion took place on 21 January 2021, the date on which all of Bombardier’s assets were transferred to the French conglomerate. However, it became apparent that this acquisition presented more challenges than expected.
The European Commission’s investigation into Alstom’s acquisition of Bombardier Transportation identified serious competition concerns in very high-speed rolling stock, mainline rolling stock, and mainline signalling. In very high-speed trains, the merged entity would have become the undisputed market leader with a dominant position. In mainline rolling stock, particularly in France and Germany, the merger would have strengthened the already large combined position of the parties. In mainline signalling, Alstom would have had the ability and incentive to hinder competitors’ ETCS onboard units (OBUs) from interfacing with its extensive installed signalling systems and fleet, making it an unavoidable supplier of legacy OBUs in the Netherlands. The investigation found no competition concerns in other markets, including urban signalling, where Bombardier had limited presence.
To address these issues, Alstom proposed remedies including divesting Bombardier’s contributions to the joint very high-speed Zefiro V300 platform with Hitachi, and divesting Alstom’s Coradia Polyvalent platform, its Reichshoffen facility, Bombardier’s Talent 3 platform, and part of the Hennigsdorf facility. Alstom also committed to supplying legacy OBUs and interfacing information to signalling competitors, and to provide legacy OBUs to the Dutch infrastructure manager, ProRail.
The Commission concluded that, with these commitments—which were enhanced after market feedback—the transaction would raise no competition concerns. The approval is conditional on Alstom’s full compliance with these obligations.
See the EU original text
The integration of Bombardier’s rail activities was complex, exacerbated by the health crisis, which disrupted supply chains and affected the finances of both companies. Added to this were the inevitable duplications across all platforms. The question was what Alstom would do with the famous TRAXX locomotive, one of Bombardier’s great successes, given that Alstom did not sell any of its Prima locomotives in Europe, except to the SNCF…
In practice, with this acquisition, Alstom had to take over Bombardier’s catalogue because some projects included a maintenance component, while others were under construction. The table below summarises the potential duplications. Note that the Alstom names are the most recent and still current.
| Table I – Duplicate rolling stock | ||
|---|---|---|
| Market | Bombardier | Alstom |
| Locomotives | TRAXX | Prima |
| Suburban | Regio 2N (France) + Aventra (UK) | Alessia |
| Regional | Omneo (Europe) + Aventra (UK) | Coradia Stream |
| Regional / Main line up to 200km/h | Omneo Premium (France) + Regina (Sweden) | Coradia Stream / Avelia 200 |
| Main line up to 250km/h | Zefiro Express (Västtrafik Sweden) | Avelia Stream |
| Tramway | Flexity Outlook | Citadis |
| Source: Mediarail.be | ||
Alstom admitted that in its portfolio resulting from the acquisition, nearly €8 billion in orders inherited from Bombardier were considered ‘non-performing’. The group believed that these numerous contracts signed by Bombardier Transportation prior to the transaction were likely to generate significant losses. Management had set aside nearly €1.1 billion in provisions for the risks associated with these contracts.
Among the assets inherited from Bombardier was the takeover of the Derby plant in the United Kingdom, which did not have a stable order book at the time. The risk was linked in particular to the cancellation or postponement of the HS2 project.
On the financial side, for the 2021-2022 financial year, which ended in March 2022, the adjusted net loss was €173 million. Alstom had recorded a €441 million impairment charge related to its 20% stake in Russian locomotive and railway equipment supplier Transmashholding. Without this exceptional item, adjusted net income would have been positive at €268 million.
2022 – 2023
For its 2022-23 financial year, Alstom posted an adjusted net profit of €292 million, compared with a loss of €173 million a year earlier. Its turnover increased by 7% to €16.5 billion, bringing its order book at the end of March 2023 to €87.4 billion.
In November 2023, JP Morgan analysts estimated that Alstom would need to raise at least €1 billion in 2024 in order to reduce its €3.4 billion debt. A £2 billion ‘debt reduction plan’ was therefore drawn up, involving recapitalisation, asset sales, 1,500 administrative and commercial job cuts worldwide (out of 79,000) and a dividend freeze for the 2023-2024 financial year. This was to prevent the company from being classified as ‘speculative’ by rating agencies.
During the fiscal year 2022/23, Alstom achieved a total order intake of €20.7 billion, reflecting strong commercial performance across multiple regions and product lines, with Services reaching a record €6.4 billion, representing 31% of the total. In Europe, Alstom secured €12.8 billion in orders, maintaining a stable performance compared to the previous year. Notable achievements include a landmark contract in Germany to supply 130 Coradia StreamTM high-capacity electric double-deck trains and full maintenance for 30 years for Baden-Württemberg, with an option for 100 additional trains, valued at nearly €2.5 billion.
In France, the Group received orders for 60 additional RER NG trains for the Île-de-France network under a 2017 framework contract and 15 Avelia HorizonTM high-speed trains from SNCF Voyageurs. In Scandinavia, Alstom signed a historic agreement with Sweden’s SJ for 25 Zefiro ExpressTM high-speed trains, with an option for 15 more, while Norway’s Norske tog ordered 25 additional CoradiaTM Nordic regional trains.
In Romania, 17 additional Coradia StreamTM inter-regional trains with 15 years of maintenance were contracted. In the UK, the Group aligned the Elizabeth line service agreement with Transport for London for a 32-year concession recognizing €1.1 billion, and signed a Technical Support and Spares Supply Agreement with Govia Thameslink Railway. In Spain, 49 additional Coradia StreamTM trains were ordered by Renfe.
In the Americas, Alstom reported €2.7 billion in orders, led by operations and maintenance contracts for Maryland’s MARC lines and Newark Airport’s Innovia monorail, compared to €4.0 billion the previous year driven by Tren Maya, São Paulo, and Santiago projects.
Asia/Pacific saw €3.0 billion in orders, including 100 FlexityTM trams in Australia, 156 MoviaTM metro cars for Bhopal and Indore in India, 312 metro cars for Delhi Phase IV, and signalling systems for Hong Kong’s Lantau Extension.
In Africa/Middle East/Central Asia, orders reached €2.2 billion, primarily from Egypt’s Cairo Metro Line 1 and locomotive supply for Kazakhstan. The Group’s backlog reached €87.4 billion by 31 March 2023, providing strong visibility for future sales.
2023 – 2024
In May 2024, Alstom announced a further loss of €309 million, following a loss of €132 million in 2022–2023, for its financial year running from April 2023 to March 2024. The very tight cash flow situation occurred against a backdrop of very strong demand for transport across all continents. Revenue reached €17.6 billion (€9.1 billion for rolling stock) and the order-to-revenue ratio, a key indicator for the sector, stood at 1.1. In twelve months, Alstom had recorded €18.9 billion in orders (trains, metros, trams, signalling, maintenance services, etc.), bringing its order book to a historic level of €92 billion.
There were a number of sales that boosted the group’s results: sale of TMH for €75 million realized in January 2024 and the announced sale of conventional signalling business in North America to Knorr-Bremse AG, which will generate proceeds of ca. €630 million upon closing expected during Summer 2024.
In Europe, Alstom reported an order intake of €11.3 billion for fiscal year 2023/24, slightly below the €12.8 billion recorded the previous year. In the United Kingdom, the company strengthened its long-term collaboration with CrossCountry through an eight-year extension of its Train Services Agreement valued at around €950 million, reinforcing customer confidence and securing future service operations.
In France, Alstom secured a major order from Île-de-France Mobilités and RATP for 103 MF19 metro trainsets, worth more than €800 million and entirely financed by the regional authority. These new-generation trains will gradually replace older rolling stock on Paris metro lines 8, 12, and 13 starting in 2027. Additionally, Alstom concluded a framework agreement with the European leasing company Akiem for up to 100 Traxx Universal MS3 locomotives, including an initial firm order for 65 units, representing a potential total value of €500 million.
In Germany, the company was awarded a contract worth nearly €900 million to deliver 40 Coradia Stream High-Capacity electric multiple units and provide 30 years of full maintenance for the NAH.SH network, with an option for 55 additional trains. Alstom also expanded its cooperation with RAILPOOL through a new contract for 50 Traxx Universal multi-purpose locomotives, reinforcing its leadership in sustainable and high-capacity European rail solutions.
2024 – 2025
For the 2024-2025 financial year, Alstom finally seemed to be digesting the Bombardier takeover, posting both debt reduction and improved operational performance. Between 1 April 2024 and 31 March 2025, Alstom booked €19.8 billion of orders. Sales were €18.5 billion, resulting in a book-to-bill ratio at 1.1.
During the fiscal year 2024/25, Alstom achieved substantial commercial success across multiple regions and product lines, particularly in Services and Signalling, with a total order intake of €19.8 billion, up 4.7% from €18.9 billion in 2023/24.
Europe remained the largest contributor, recording €13.1 billion in orders compared to €11.3 billion the previous year, fueled by major contracts in Germany and France. In Germany, Alstom secured a €3.6 billion contract to supply 90 Adessia Stream commuter trains for the S-Bahn Rheinland network, including a 34-year full-service agreement, and entered a framework agreement with Hamburger Hochbahn AG to provide up to 374 new metro trains and Urbalis Fluence signalling technology, starting with 48 metro trains and the initial U5 line section valued at €670 million. Additionally, the Group signed a long-term framework agreement with Deutsche Bahn for the digitalisation of Germany’s rail network, worth over €600 million.
In France, Alstom will deliver 12 Avelia Horizon very high-speed trains to the new private operator Proxima, along with 15 years of maintenance, totaling nearly €850 million. However, the Belgian bid to SNCB was definitively lost at the end of July 2025 when the decision was made to favour CAF.
In the Americas, order intake rose to €3.4 billion from €2.0 billion, driven by a €340 million contract with Metrolinx to overhaul 181 Bi-Level commuter rail cars and a €479 million extension with the Port Authority of New York for operations and maintenance of JFK International Airport’s AirTrain over seven years.
In the Asia/Pacific region, orders amounted to €1.7 billion versus €3.2 billion last year, highlighted by a €0.7 billion contract in Australia with DT Infrastructure and the Public Transport Authority of Western Australia to deliver and maintain high-capacity signalling for Perth’s suburban network.
In Africa, the Middle East, and Central Asia, Alstom reported €1.6 billion in orders, primarily from a €781 million contract with the Moroccan National Railway Office to supply 18 Avelia Horizon high-speed trains, while the previous year’s growth had been supported by contracts in Kazakhstan, South Africa, and Saudi Arabia. This performance reflects Alstom’s strategic expansion across global markets and its continued focus on digitalisation, modernisation, and long-term service agreements. 🟧
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