{"id":197105,"date":"2026-11-03T13:15:55","date_gmt":"2026-11-03T12:15:55","guid":{"rendered":"https:\/\/newmobility.news\/?p=197105"},"modified":"2026-11-03T13:10:28","modified_gmt":"2026-11-03T12:10:28","slug":"alstom-profits-derail-but-belgian-factories-spared-for-now","status":"publish","type":"post","link":"https:\/\/newmobility.news\/fr\/2026\/11\/03\/alstom-profits-derail-but-belgian-factories-spared-for-now\/","title":{"rendered":"Les b\u00e9n\u00e9fices d'Alstom d\u00e9raillent, mais les usines belges sont \u00e9pargn\u00e9es pour l'instant"},"content":{"rendered":"

Pour la deuxi\u00e8me fois cette ann\u00e9e, le constructeur ferroviaire fran\u00e7ais Alstom a fortement revu \u00e0 la baisse ses pr\u00e9visions financi\u00e8res annuelles. Le probl\u00e8me ne r\u00e9side pas dans le manque de commandes, mais dans leur ex\u00e9cution.<\/p>\n

Alstom invoque des probl\u00e8mes de mise en \u0153uvre li\u00e9s \u00e0 la plateforme Coradia Max comme cause principale. Bien que des centaines de trains Coradia Max aient d\u00e9j\u00e0 \u00e9t\u00e9 command\u00e9s, Alstom est actuellement confront\u00e9 \u00e0 d'importants probl\u00e8mes de production et de livraison concernant ce train \u00e9lectrique modulaire \u00e0 deux niveaux (EMU), con\u00e7u pour le transport r\u00e9gional en Allemagne.<\/p>\n

Cela a conduit Alstom \u00e0 publier un avertissement sur r\u00e9sultats important, l\u2019entreprise ayant d\u00fb absorber pr\u00e8s de 950 milliards d\u2019euros d\u2019ajustements de marge brute et d\u2019amendes. En cons\u00e9quence directe, le cours de l\u2019action Alstom a chut\u00e9 de plus de 27% en bourse. Pour l'instant, l'impact direct sur les deux sites belges semble limit\u00e9.<\/p>\n

Effet domino<\/h4>\n

Alstom a remport\u00e9 six contrats majeurs en Allemagne pour le Coradia Max, un nouveau type de train r\u00e9gional. Au total, ces contrats repr\u00e9sentent environ 5 milliards d'euros et portent sur 208 rames (850 voitures).<\/p>\n

La livraison des 34 trains destin\u00e9s \u00e0 la Basse-Saxe \u00e9tait initialement pr\u00e9vue pour 2024, mais elle a d\u00e9sormais \u00e9t\u00e9 report\u00e9e pour la 7e fois. En ce qui concerne le Bade-Wurtemberg, 80 des 130 trains devaient \u00eatre livr\u00e9s d\u2019ici d\u00e9cembre 2025 ; Alstom pr\u00e9voyait finalement de n\u2019en livrer que 14.<\/p>\n

Les principales causes de ce retard sont des p\u00e9nuries de mat\u00e9riaux et des probl\u00e8mes impr\u00e9vus dans le processus de production et d'homologation. \u201c Non seulement il y a eu des probl\u00e8mes techniques, mais l'organisme charg\u00e9 de g\u00e9rer le projet n'a fait preuve ni d'efficacit\u00e9 ni d'efficience \u201d, a d\u00e9clar\u00e9 Bernard Delpit, directeur financier, dans une analyse.<\/p>\n

En cons\u00e9quence, Alstom a d\u00fb faire face \u00e0 des p\u00e9nalit\u00e9s pr\u00e9vues par les contrats qui gr\u00e8vent ses marges. Cependant, les probl\u00e8mes rencontr\u00e9s lors de la phase finale de d\u00e9veloppement, qui entra\u00eeneront par exemple un retard de 9 mois dans la livraison des premi\u00e8res rames au premier client, ont \u00e9galement provoqu\u00e9 un \u201c effet domino \u201d sur d\u2019autres projets allemands. Cela explique pourquoi les projets en Allemagne g\u00e9n\u00e8rent d\u00e9sormais une marge n\u00e9gative et un flux de tr\u00e9sorerie n\u00e9gatif.<\/p>\n

Pr\u00e9visions de production revues \u00e0 la baisse<\/h4>\n

Pour son exercice fiscal en cours, qui s'\u00e9tend d'avril \u00e0 mars, Alstom revoit donc \u00e0 la baisse ses pr\u00e9visions de production, passant de 4 400 ou 4 500 \u00e0 4 000 voitures de train.<\/p>\n

La marge op\u00e9rationnelle ajust\u00e9e devrait s'\u00e9tablir \u00e0 seulement 11 TP3T, apr\u00e8s que le constructeur a revu \u00e0 la baisse cet objectif en avril, le faisant passer de 8-101 TP3T \u00e0 6,51 TP3T. On pr\u00e9voit \u00e9galement un d\u00e9ficit de tr\u00e9sorerie de 1,5 milliard, tandis que le flux de tr\u00e9sorerie disponible devrait rester \u201c positif \u201d selon les derni\u00e8res pr\u00e9visions.<\/p>\n

Et bien que son chiffre d'affaires n'ait progress\u00e9 que de 2% (pour atteindre 9,3 milliards), l'entreprise a \u00e9galement enregistr\u00e9 11 milliards d'euros de nouvelles commandes.<\/p>\n

Aucune cons\u00e9quence pour la Belgique pour l'instant<\/h4>\n

Alstom, dont Martin Sion est le nouveau PDG depuis avril, proc\u00e8de actuellement \u00e0 un examen plus approfondi du groupe et vise \u00e0 r\u00e9duire encore ses co\u00fbts. Par ailleurs, un nouveau plan est en cours d\u2019\u00e9laboration afin de r\u00e9duire la dette d\u2019environ 2 milliards d\u2019euros, ce qui impliquera \u00e9galement des cessions. \u201c Nous avons identifi\u00e9 des actifs et avons entam\u00e9 le processus \u201d, a d\u00e9clar\u00e9 M. Delpit. Il n'a pas souhait\u00e9 donner plus de d\u00e9tails.<\/p>\n

Le constructeur ferroviaire, qui a perdu plus de la moiti\u00e9 de sa valeur boursi\u00e8re depuis le d\u00e9but de l'ann\u00e9e, est \u00e9galement pr\u00e9sent en Belgique, o\u00f9 il dispose notamment de deux centres d'excellence \u00e0 Charleroi et d'une usine \u00e0 Bruges.<\/p>\n

Dans ce dernier site, qui emploie environ 500 personnes, l'entreprise a proc\u00e9d\u00e9 cette ann\u00e9e \u00e0 une restructuration qui a entra\u00een\u00e9 124 licenciements.<\/p>\n

Au cours des prochaines semaines, l'usine de Flandre occidentale fabriquera les derni\u00e8res rames \u00e0 deux niveaux de type M7 destin\u00e9es \u00e0 la soci\u00e9t\u00e9 ferroviaire NMBS\/SNCB. Pour l'instant, toutefois, cet avertissement sur les r\u00e9sultats ne semble pas avoir d'impact concret sur les sites belges.<\/p>\n

La situation devrait s'\u00e9claircir davantage au cours du second semestre 2027, lorsque le PDG Sion pr\u00e9sentera la nouvelle structure organisationnelle du groupe et ses objectifs financiers \u00e0 moyen terme lors d'une \u201c journ\u00e9e des march\u00e9s financiers \u201d.\u201d<\/p>\n

Il n'y a toujours pas non plus d'accord concret entre la soci\u00e9t\u00e9 espagnole CAF et Alstom Bruges concernant un partenariat potentiel<\/a> pour construire les 180 nouvelles rames destin\u00e9es \u00e0 la SNCB.<\/p>","protected":false},"excerpt":{"rendered":"

For the second time this year, French train manufacturer Alstom has sharply lowered its annual financial forecasts. The problem is not a lack of orders but their execution. Alstom cites implementation issues with the Coradia Max platform as the main cause. Although hundreds of Coradia Max trains have already been ordered, Alstom is currently facing […]<\/p>\n","protected":false},"author":164,"featured_media":197119,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\r\n\r\n{excerpt}\r\n\r\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[77170,16,7,4],"tags":[],"class_list":["post-197105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-belgium","category-industry","category-mobility","category-top-stories-today"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?fit=2474%2C1136&ssl=1",2474,1136,false],"thumbnail":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?resize=150%2C150&ssl=1",150,150,true],"medium":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?fit=300%2C138&ssl=1",300,138,true],"medium_large":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?fit=640%2C294&ssl=1",640,294,true],"large":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?fit=640%2C294&ssl=1",640,294,true],"1536x1536":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?fit=1536%2C705&ssl=1",1536,705,true],"2048x2048":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?fit=2048%2C940&ssl=1",2048,940,true],"trp-custom-language-flag":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?fit=18%2C8&ssl=1",18,8,true],"related-thumb":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?resize=640%2C480&ssl=1",640,480,true],"gform-image-choice-sm":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?resize=300%2C300&ssl=1",300,300,true],"gform-image-choice-md":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?resize=400%2C400&ssl=1",400,400,true],"gform-image-choice-lg":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?resize=600%2C600&ssl=1",600,600,true],"mailchimp":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?fit=560%2C257&ssl=1",560,257,true],"unipress-phone":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?resize=640%2C100&ssl=1",640,100,true],"unipress-tablet":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?resize=1536%2C240&ssl=1",1536,240,true],"unipress-tablet-portrait":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?resize=1536%2C180&ssl=1",1536,180,true],"unipress-tablet-landscape":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?resize=2048%2C180&ssl=1",2048,180,true],"unipress-smartphone":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?resize=1080%2C168&ssl=1",1080,168,true],"unipress-wide-screen":["https:\/\/i0.wp.com\/newmobility.news\/wp-content\/uploads\/2026\/11\/Untitled78-1.png?resize=2474%2C180&ssl=1",2474,180,true]},"post_excerpt_stackable_v2":"

For the second time this year, French train manufacturer Alstom has sharply lowered its annual financial forecasts. The problem is not a lack of orders but their execution. Alstom cites implementation issues with the Coradia Max platform as the main cause. Although hundreds of Coradia Max trains have already been ordered, Alstom is currently facing major production and delivery problems with this modular electric double-decker EMU (EMU) designed for regional transport in Germany. This led to a significant profit warning from Alstom, as the company had to absorb nearly 950 billion euros in gross margin adjustments and fines. As a…<\/p>\n","category_list_v2":"Belgium<\/a>, Industry<\/a>, Mobility<\/a>, Top Stories Today<\/a>","author_info_v2":{"name":"Luc Joris","url":"https:\/\/newmobility.news\/fr\/author\/belga-5\/"},"comments_num_v2":"0 comments","yoast_head":"\nAlstom profits derail, but Belgian factories spared for now - newmobility.news<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmobility.news\/fr\/2026\/11\/03\/alstom-profits-derail-but-belgian-factories-spared-for-now\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alstom profits derail, but Belgian factories spared for now - newmobility.news\" \/>\n<meta property=\"og:description\" content=\"For the second time this year, French train manufacturer Alstom has sharply lowered its annual financial forecasts. The problem is not a lack of orders but their execution. Alstom cites implementation issues with the Coradia Max platform as the main cause. 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The problem is not a lack of orders but their execution. Alstom cites implementation issues with the Coradia Max platform as the main cause. 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