Alstom

Reference: page 325-327

The Board of Directors defines the Group's strategic orientations and approves the Sustainability and CSR strategy, including the climate strategy, and the sustainability information in the management report. Three Board committees support this oversight: the Audit and Risks Committee, which oversees the preparation of financial and sustainability information and monitors the certification work on sustainability-related information; the Ethics and Sustainability Committee, which examines the Group's core values and its policies on ethics, environmental responsibility (including climate) and human rights and receives the risk mapping related to corruption and to sustainable development; and the Nominations and Remuneration Committee, which examines corporate governance, the remuneration of corporate officers and the Group's main social and human capital policies. As of FY 2025/26 the Board had no executive members and 11 non-executive members, including 2 members representing employees, with a gender diversity ratio of 44% male to 56% female, 42% non-French members and 89% independent members. The Board demonstrates a diversity of skills across finance, the transportation industry and social and societal topics, and members are informed and trained on sustainability matters through dedicated sessions and regularly addressed topics. The committees act in coordination on sustainability matters, in particular through cross-participation of directors, with the Chair of each committee reporting systematically at the following Board meeting. Below Board level, sustainability is steered by the Alstom Leadership Committee, the Sustainability and CSR Steering Committee (meeting quarterly), and the Sustainability and CSR central team under the Chief Strategy Officer, supported by a global network of 60 CSR champions across the Group's main countries of operation.

Reference: page 327

The Board of Directors is informed about material impacts, risks and opportunities (IROs), the implementation of due diligence, and the results and effectiveness of policies, actions, metrics and targets, mainly through the reports of the committees' work. For example, the Group's CSR strategy is presented at the Ethics and Sustainability Committee, taking into account the IROs, the associated targets and the results achieved during the year. Alstom has developed a Human Rights and CSR scorecard applied when analysing new tenders and projects to identify and quantify at an early stage potential risks or negative impacts against criteria covering ethics and compliance, human rights, communities, sensitive areas and armed conflicts. The scorecard informs mitigation measures defined ahead of bid submissions, may trigger specific human rights due diligence, and can be used to evaluate continued participation in a tender where mitigation of negative impacts is not possible. As part of the Double Materiality Assessment, all material IROs were presented for review to both the Audit and Risks Committee and the Ethics and Sustainability Committee. Committees of executives also consider human rights and environmental impacts on topics of Group strategy on an ad hoc basis, drawing on internal sustainability experts and external specialists, with material findings shared in the CSR Steering Committee and disseminated through the regions. Targets to monitor sustainability impacts are defined in the CSR strategic plan and reviewed quarterly by the Sustainability and CSR team and the Chief Strategy Officer during CSR Steering Committees.

Reference: page 327-328

Alstom's remuneration policy for corporate officers, defined in line with the AFEP-MEDEF Code, incorporates sustainability-related metrics into the variable remuneration of its executive leadership, tied to both short-term incentives (STI) and long-term incentives (LTI). Sustainability-related performance is integrated into the remuneration of the Chief Executive Officer and members of the Executive Committee, and the terms of these incentive schemes are reviewed annually by the Nominations and Remuneration Committee and approved by the Board of Directors. In the FY 2025/26 short-term incentive, three ESG criteria embedded in the collective part each carry a weight of 5%, rising to 10% for overperformance: a reduction in Scopes 1 and 2 market-based GHG emissions (target of a 45% absolute reduction versus FY 2021/22), workplace safety measured by the Total Recordable Injury Rate (target of 1.4 accidents per million hours worked), and gender diversity in leadership (target of 27% of management positions held by women by the end of March 2026). These ESG criteria collectively account for 15% of total variable remuneration, rising to 30% upon overperformance, and more than 32,500 employees, almost 40% of Alstom's employees, were eligible for the short-term incentive for FY 2025/26. Long-term incentives take the form of performance share plans granted to the CEO and certain employees, and all plans currently vesting include a performance condition related to sustainability matters. These conditions cover the reduction in energy consumption of solutions offered to clients and, for more recent plans, employee engagement scores and the proportion of women among top management, with individual ESG conditions weighted between 10% and 20%.

Reference: page 329

Alstom presents its statement on due diligence as a table that maps the core elements of the due diligence process to the relevant paragraphs of the Sustainability statement. Integrating due diligence into governance, strategy and business model is cross-referenced to the ESRS 2 general information sections on governance and strategy (6.2.1.2.1, 6.2.1.2.2 and 6.2.1.3.1). Engaging with relevant stakeholders at all stages is mapped to the general sections on stakeholders and materiality (6.2.1.3.2 and 6.2.1.4.1) and to the topical standards for own workforce (S1), workers in the value chain (S2), affected communities (S3), consumers and end-users (S4) and business conduct (G1). Identifying and assessing negative impacts is linked to the materiality sections (6.2.1.4.1 and 6.2.1.4.2) and to the climate (E1) and social (S1, S2, S4) sections. Taking measures to remedy negative impacts, and monitoring and communicating the effectiveness of those efforts, are each cross-referenced to the relevant environmental, social and governance sections spanning E1, E5, S1, S2, S3, S4 and G1.

Reference: page 329

The principles of sustainability reporting are being progressively integrated into Alstom's risk management and internal control systems. In preparation for CSRD compliance, and under the joint governance of the Finance and Sustainability and CSR teams, comprehensive walkthroughs were conducted with the central functions involved in sustainability reporting and data collection before the first-year publication, identifying potential risks and mitigation measures with a focus on completeness, accuracy, timeliness, validation and documentation of sustainability data. During the fiscal year, monthly meetings led by the reporting team with the contributing functions enabled timely review of action plans, and a comprehensive tool gathering all datapoints of the regulation was acquired and deployed with an embedded review and validation process flow. Control processes are also integrated into the Group's annual internal control campaign, covering areas such as business conduct, health and safety, and energy efficiency. The Audit and Risks Committee oversees financial and sustainability reporting processes, and both the Audit and Risks Committee and the Alstom Leadership Team are informed of the results of the annual internal control campaign twice a year. Management teams are informed of the progress and implementation of the action plans on a regular basis.

Reference: page 329-331

Corporate Social Responsibility is fully integrated into Alstom's strategic plan, which sets out the Group's ambition to be the preferred partner for integrated end-to-end rail solutions, leveraging innovation, CSR and people. The 2030 Sustainability and CSR strategy, unveiled in May 2024 and aligned with the Group's global strategy, is built around five pillars: moving towards net zero mobility, enabling resource preservation, facilitating people care and growth, supporting community empowerment, and driving a responsible value chain. The strategy sets new 2030 targets, addresses the impacts, risks and opportunities identified through the double materiality analysis, and integrates 2030 carbon targets set according to science. The Group employs 87,832 persons in more than 60 countries at the end of March 2026, compared with 86,039 persons at the end of March 2025. Alstom's value chain runs from upstream raw materials extraction, material transformation and Tier 1 component manufacturing, through its own operations of manufacturing, assembly, installation and maintenance, to the downstream operation and use of trains, infrastructure and signalling by operators, public transport authorities and final users. The breakdown of Tier 1 purchases is led by indirect purchases at 34%, metallic and interiors at 20%, modules and equipment at 16%, electrical and propulsion systems at 15%, digital and integrated systems at 13%, and other at 2%. Detailed descriptions of the Group's activities, disaggregated revenue and value creation model are incorporated by reference from chapter 1 of the Universal Registration Document.

Reference: page 331-332

Alstom describes the interests and views of its key stakeholder groups in a table setting out, for each group, the purpose of engagement, the ways of dialogue, stakeholder expectations and Alstom's response. The stakeholder groups identified are employees, customers, suppliers and contractors, local communities, investors, shareholders and financial partners, civil society and public authorities, trade unions, and think tanks, experts, researchers and academics. Engagement channels vary by group and include engagement surveys and internal communication channels for employees, satisfaction surveys and direct dialogue for customers, industry initiatives such as Railsponsible and supplier assessments such as EcoVadis for suppliers, and roadshows and AGMs for investors. Stakeholder expectations range from safe working conditions and fair wages, to high-quality and safe products with reduced environmental impact, to strong financial returns aligned with ESG principles and robust climate risk management. Alstom's responses include safety programmes, employee training academies, diversity initiatives, eco-design innovation, strengthened supplier selection criteria and enhanced ESG disclosures aligned with CSRD and ESRS requirements. The Group has continued its dialogue with employees, clients, suppliers, end-users and other external entities to understand their ESG expectations, and the strategy and business model were not amended during the fiscal year to include new engagement channels with stakeholders.

Reference: page 334-338

As a result of its DMA update, Alstom confirmed for FY 2025/26 the same 27 material impacts, risks and opportunities (IROs) covering 18 material topics identified during FY 2024/25. The material topics span the environment (climate change mitigation, climate change adaptation, energy, use of incoming resources, and circular design of products and services), the social area (health, safety, wellbeing and security of employees; employee training and talent development; social dialogue and collective bargaining with employees; working conditions including adequate wages; working conditions of workers in the value chain; respect for fundamental rights of workers in the value chain; communities' economic, social and cultural rights; health and safety of passengers; social inclusion of passengers including accessibility; and customer relationship as an entity-specific topic), and governance (management of relationships with suppliers, fair competition, and corruption and bribery). The IROs are presented across the upstream value chain, own operations and downstream value chain, each with a time horizon and a cross-reference to the relevant topical section. Key impacts include GHG emissions across the value chain, the depletion of resources from raw material extraction and fossil fuel use, risks to the physical and mental integrity of employees and value chain workers, and the risk that products may endanger or exclude end-users. Key opportunities include a rise in turnover from developing markets and demand for low-carbon mobility, and contributions to local economies through job creation and accessible mobility. Financial risks identified include loss of assets and supply chain disruption from climate change, loss of critical skills, reputational damage over value chain working conditions, sanctions for non-compliance with due diligence or competition law, and corruption-related sanctions. The majority of these sustainability-related risks are assessed for the medium or long term, and they are embedded in the Group's Enterprise Risk Management, allowing Alstom to verify the resilience of its strategy and business model.

Reference: page 332-334

During FY 2024/25 Alstom implemented a Double Materiality Assessment (DMA) process to identify and assess material impacts, risks and opportunities, integrating both impact materiality (effects on people and the environment) and financial materiality (effects on Alstom's financial performance) in line with CSRD requirements. The process was overseen by a dedicated Steering Committee of senior leaders including the Sustainability and CSR VP, supported by external consultants, with final outcomes reviewed and validated by the Audit and Risks Committee. A six-step approach was used: identification of sustainability topics (resulting in 38 ESG topics tailored to Alstom, including the entity-specific topic of customer relationship), stakeholder mapping and engagement, identification of IROs, definition of thresholds, IRO rating, and presentation and validation of results. A total of 23 stakeholders, of which 8 were external stakeholders representing suppliers, customers and end-users associations, were consulted through interviews from November 2023 to March 2024, while external stakeholders were not consulted during the second exercise. Approximately 140 IROs were identified across the 38 topics; impacts were graded on five criteria (type of effect, scale, scope, irremediability and likelihood) using tools such as ENCORE and UNEP FI, while financial materiality combined magnitude and likelihood ratings assessed with ERM methodologies. Thresholds were aligned with the Enterprise Risk Management framework and EFRAG implementation guidance, and results were consolidated into topic-level and IRO-level dual-materiality matrices. In FY 2025/26 Alstom carried out an update review confirming that previously identified impacts, risks and opportunities remained consistent, verifying no significant changes in consolidation scope, business relationships or financial risks, and worked to align its ERM, DMA and Vigilance risk mapping processes. Alstom will update its DMA process at least every three years, monitoring changes in ESRS guidance, reassessing stakeholder priorities, and incorporating new business developments or regulatory changes.

Reference: page 454

Section 6.2.5.1 lists the disclosure requirements covered by Alstom's Sustainability statement following the outcome of the materiality assessment, together with the section of the statement where each is located. The ESRS 2 general disclosures reported are BP-1, BP-2, GOV-1 to GOV-5, SBM-1, SBM-2, SBM-3, IRO-1 and IRO-2. The topical standards reported reflect the material topics: E1 (Climate change), E5 (Resource use and circular economy), S1 (Own workforce), S2 (Workers in the value chain), S3 (Affected communities), S4 (Consumers and end-users) and G1 (Business conduct). The topics E2 (Pollution), E3 (Water and marine resources) and E4 (Biodiversity and ecosystems) were assessed as not material for the Group during FY 2025/26 and are therefore not reported as material topical standards. Within the reported standards, certain individual datapoints such as E5-6 on anticipated financial effects from resource use are noted as not material. The list is presented in the appendix to the Sustainability statement and is accompanied by a separate table of datapoints deriving from other EU legislation, indicating where they are found and their materiality.

Reference: page 343-347

Alstom's transition plan sits within the "Net Zero mobility" pillar of its 2030 CSR strategy, built around two objectives: innovating to develop efficient and fossil-free solutions for a Net Zero world, and reducing the impact of own operations while adapting to changing climate. The plan targets three substantial negative impacts: Scopes 1 and 2 emissions from own operations (market-based), Scope 3 emissions from the use of sold products and services, and Scope 3 emissions from the supply chain. Alstom's near-term reduction targets are aligned with the Paris Agreement and its objective of achieving climate neutrality by 2050, although it has not yet set quantitative long-term (2050) targets given uncertainties around transition scenarios. The Group is not excluded from EU Paris-aligned benchmarks under Article 12.1 of the Climate Benchmark Standards Regulation. Locked-in emissions from operating sites, future sites and the current project backlog are monitored, with a procedure to identify high-carbon tenders and explore decarbonisation options. Financing needs for own operations energy efficiency and energy mix were estimated at 51 million euros up to FY 2026/27, and 99 million euros were allocated to decarbonisation of products (Scope 3) during FY 2025/26, compared with 103 million euros in FY 2024/25 (73 million OpEx and 30 million CapEx). At the end of FY 2025/26, 642 million euros of CapEx and 500 million euros of OpEx were aligned with EU Taxonomy criteria, and Alstom plans to raise Taxonomy-aligned CapEx and OpEx to 80% by FY 2029/30. The strategy, action plans and performance are approved by the Alstom Leadership Committee and the Ethics and Sustainability Committee of the Board.

Reference: page 341-342

Alstom addresses climate change mitigation and adaptation impacts, risks and opportunities through four policies: the Sustainability & Corporate Social Responsibility Policy, the Environment, Health and Safety (EHS) Policy, the Eco-design Policy, and the Sustainable Procurement Policy (with its related Ethics and Sustainable Development Charter for suppliers and contractors). All policies are made available to internal and external stakeholders through the Group's website. The Sustainability & CSR Policy is the overarching policy applying across all operations, with accountability held by the CEO and oversight by dedicated sustainability teams; it addresses material climate IROs through an eco-design approach, development of low-carbon mobility solutions, product and infrastructure resilience, and energy efficiency. The EHS Policy, deployed by the Vice-President of EHS, commits the Group to reducing emissions in own operations and implementing energy-saving measures. The Eco-design Policy, deployed by platforms, business units and the Chief Technology Officer, sets levers including reduction of energy consumption (braking energy recovery, weight reduction, energy storage), use of low-footprint and recycled materials, and circular economy. The Sustainable Procurement Policy, overseen by the Chief Procurement Officer, requires suppliers to mitigate climate change where their activity leads to significant GHG emissions and to adapt where their activities are endangered by current or future climatic conditions.

Reference: page 348-356

Alstom's decarbonisation levers target emissions reductions through product design, operational efficiency, supply chain management and logistics, supported by enablers such as better data, training and governance. In own operations, actions include LED lighting (set for 100% of facilities by 2030, with 82% completed by 2025), heating efficiency and switch-off of unused equipment, plus renewable electricity sourcing; 100% of electricity consumed was renewable in 2025, renewable installed capacity for local production reached 15 GWh/year as of December 2025, and Virtual Power Purchase Agreements took effect on 1 January 2025 with two solar facilities in Spain. For the supply chain, the Alstom Procurement Carbon Tool launched in October 2024 collects supplier climate data, with a first phase covering the top 300 suppliers (around 60% of purchased goods and services emissions) and a next stage targeting the top 3,000 suppliers (around 90%) by 2030; 231 of the top 300 targeted suppliers had reported around 600 initiatives. Alstom also entered partnerships including one with Outokumpu for stainless steel with up to 93% lower carbon footprint (first delivery in 2026) and a Memorandum of Understanding with Hydro in 2025. For use of sold products, levers include eco-design energy efficiency (a 27% improvement in solution energy efficiency versus 2014), energy recovery, storage and reuse, and alternative traction solutions covering electrification, hybrid and catenary-free zero-direct-emissions technologies. During the year Alstom was awarded a 538 million euro contract by the Greater Wellington Regional Council in New Zealand for 18 battery electric multiple unit trains replacing diesel-hauled trains. Financial resources include 51 million euros estimated for the 2024 to 2026 own operations roadmap and 99 million euros allocated to product decarbonisation in FY 2025/26, although achieved reductions per action lever are not monitored and CapEx or OpEx are difficult to isolate in the accounts. In the synthesis of levers, use of renewable electricity is expected to contribute around 67% of the Scopes 1 and 2 reduction and energy efficiency around 18%.

Reference: page 345-347

Alstom has set five near-term targets covering more than 90% of total GHG emissions, of which the SBTi-validated targets cover more than 80%. For own operations, the target is a 40% reduction in absolute Scopes 1 and 2 GHG emissions (market-based) from a 2021 baseline of 229 ktCO2e to 137 ktCO2e by 2030; this SBTi-validated, 1.5 degrees C-aligned target was achieved in FY 2024/25 ahead of schedule (110.9 ktCO2e in FY 2025/26), and an interim 45% reduction by 2025 versus 2021 was also set. For use of sold products, Alstom targets a reduction in the intensity of Scope 3 emissions from rolling stock of 42% per passenger-km and 35% per tonne-km by FY 2029/30 from a 2021/22 baseline, SBTi-validated and aligned with a well-below 2 degrees C pathway. Passenger transport intensity was 3.7 gCO2e/passenger.km in FY 2025/26 against a 2021/22 baseline of 4.6 and a target of 2.6, while locomotive intensity was 8.1 gCO2e/tonne.km against a baseline of 9.2 and a target of 5.95. For the supply chain, Alstom targets a 30% reduction in the intensity of Scope 3 emissions from purchased goods and services (per euro added value) and from upstream transportation (per tonne-km) by FY 2029/30 from a 2022/23 baseline; this target was not submitted for SBTi validation. Alstom also targeted 100% renewable electricity in own operations by end of 2025, which was reached. The Group has not yet established quantitative long-term (2050) targets, its Net Zero ambition does not constitute a quantitative target within the meaning of the ESRS, and stakeholders were not involved in the target-setting process.

Reference: page 357-358

Total energy consumption in FY 2025/26 was 944,575 MWh, up around 3% on the prior calendar year, driven by variations in degree days and a higher level of activity. Total fossil energy consumption was 558,111 MWh, representing a 59% share of total energy consumption (down from 62%), while total renewable energy consumption was 386,464 MWh, a 41% share (up 4 points). Consumption from nuclear sources fell to zero, and the higher renewable share reflects the Group's continued sourcing of renewable electricity, up around 12% versus last year. Fuel consumption from natural gas was 389,362 MWh, consumption of purchased electricity, heat, steam and cooling from renewable sources was 374,691 MWh, and self-generated non-fuel renewable energy rose to 11,768 MWh. All electricity consumed was reported as renewable, sourced through Power Purchase Agreements, Energy Attribute Certificates and virtual Power Purchase Agreements. Energy intensity per net revenue was 49.3 MWh per million euros, based on net revenue of 19,171 million euros, all of which is from activities in high climate impact sectors (transportation). Energy consumption is monitored on a calendar-year basis due to invoice timing, and FY 2025/26 values are estimated using 2025 calendar values.

Reference: page 359-362

In FY 2025/26, gross Scope 1 GHG emissions were 94,245 tCO2eq (up 8%), gross location-based Scope 2 was 125,326 tCO2eq and gross market-based Scope 2 was 16,619 tCO2eq (down 59%). Total gross Scopes 1 and 2 emissions were 219,571 tCO2eq location-based and 110,864 tCO2eq market-based (down 13%), with the market-based decline attributed to continued execution of the roadmap toward 100% renewable electricity, reaching full target coverage this year versus 88% last year. Total gross Scope 3 (indirect) emissions were 49,585,968 tCO2eq (up 2%), overwhelmingly dominated by the downstream use of sold products (category 11) at 42,444,706 tCO2eq. Purchased goods and services (category 1) contributed 6,495,857 tCO2eq (down 1%) and upstream transportation and distribution 141,877 tCO2eq. Across the value chain, the use of sold products accounted for 85% of total emissions (with rolling stock alone at 79%), the supply chain around 13%, and own operations less than 1%. Total GHG emissions were 49,805,539 tCO2eq location-based and 49,696,832 tCO2eq market-based. Categories 9, 10, 13 and 14 are deemed not applicable, less than 1% of the Scope 3 footprint was calculated from primary data, and total GHG intensity was 2,598 tCO2eq per million euros location-based. All results are calculated according to the GHG Protocol, and Scope 1 emissions are not subject to any regulated emissions trading scheme.

Reference: page 345

Alstom states that carbon removal initiatives will be necessary to achieve the Group's long-term Net Zero ambition, but current priority remains the reduction of emissions across the value chain. The Group is not currently engaged in any carbon sequestration programme or in projects financed through carbon credits. Reforestation efforts were implemented for environmental protection but are not considered part of a formal carbon removal strategy. Alstom plans to integrate carbon sequestration as a final step in its sustainability journey. No GHG removals or carbon-credit figures are therefore reported.

Reference: page 345

Alstom reports that it is not currently engaged in any carbon pricing schemes. No internal carbon price or shadow price is applied, and no value is disclosed. The Group states that its current priority is the reduction of emissions across the value chain rather than pricing mechanisms. Carbon pricing is addressed together with carbon removal in section 6.2.2.1.3.2.1, both of which Alstom indicates it does not currently use.

Reference: page 365

Alstom reports that projects undertaken under its "Net Zero Mobility" strategy might affect the Group's investment strategy and research and development expenditure. The Group is currently evaluating the financial effects of physical risks as well as transition risks and opportunities, but does not yet quantify anticipated financial effects. Linking environmental risks with the financial statements and the strategic three-year plan is expected to improve assessment of financial performance and the valuation of assets and liabilities. During FY 2024/25, climate risk was included in the Group's insurance practice only through consideration of remediation costs for buildings and stock depreciation due to climate events. No quantified anticipated financial effects from material physical or transition risks or climate-related opportunities are disclosed.

Reference: page 376-377

Alstom's resource use and circular economy impacts are governed by two main policies, the Eco-design Policy and the Sustainable Procurement Policy. The Eco-design Policy, published in 2026, is aligned with the Group's broader Sustainability and Corporate Social Responsibility Policy and promotes eco-design to minimise impacts throughout the product lifecycle. Its main levers cover reduction of energy consumption, use of low-environmental-footprint, recycled, recyclable or natural materials, reduction of noise and vibrations, reduction of air emissions, and a focus on circular economy and resources preservation through design for recyclability, reuse and resource intensity reduction. The policy emphasises limiting raw material extraction and promoting the use of recycled content in the design of rolling stock and infrastructure. It is displayed in all Alstom buildings and available on the external website, is reviewed regularly, and its objectives are embedded in the environmental management system for ISO 14001 certification. The Chief Technology Officer is responsible for overseeing implementation, and the policy applies to own operations as well as the upstream value chain (cascading requirements to suppliers) and the downstream value chain; all employees working on eco-design receive training. The Sustainable Procurement Policy covers third-party suppliers, requiring them to commit to responsible resource management, to transition towards circular economy principles by increasing the use of recycled materials and minimising reliance on virgin resources, and to integrate lifecycle assessments, waste reduction strategies and responsible sourcing into their operations.

Reference: page 378-381

All actions are being implemented in line with the CSR Strategy for 2030, integrated into the Group's processes with related expenses distributed across functions, product lines and regional budgets. The actions are structured around three areas: design and supply, maintain and modernise, and close the loop. Under design and supply, Alstom quantifies environmental impacts using Lifecycle Assessments (performed with GaBI software and PEF 3.0 indicators); for rolling stock the use phase accounts for 40% to 90% of impacts while raw material extraction and purchase of components account for 5% to 40%. The Group selects suppliers providing metals with high recycled content, and a few metro vehicles in European projects are assembled using stainless steel car bodies containing up to 90% recycled content. Under maintain and modernise, the Asset Life Management (ALM) service extends fleet life by keeping major subsystems such as car body shells and bogies (which represent 50% to 70% of the empty mass of rolling stock) intact while refurbishing interior subsystems; in the Beacon Rail Project in Derby, repaired composite valances avoided 24 kg of landfill waste and 95 kgCO2eq for each valance reused. Since the programme began in 2022, the sale of refurbished second-hand electronic spare parts has helped avoid nearly 1.4 tonnes of electrical and electronic equipment waste, with components aged 10 to 15 years recovered given product lifespans of 30 to 40 years. Alstom also applies a material intensity KPI and uses additive manufacturing to reduce waste, noting that up to 20% of a train's lifetime environmental impact comes from preventive maintenance. Under close the loop, Alstom runs local waste recycling programmes and closed-loop initiatives and takes part in external collaborations, including a French circular industry coalition led by the CEA and Circul'R (launched in January 2025) and the Europe's Rail Joint Undertaking Rail4Earth programme.

Reference: page 377-378

Alstom's dedicated CSR strategy 2030 on circular economy was published in December 2024 and is structured around design and supply, maintain and modernise, and close the loop, with targets used to measure the effectiveness of the strategy. The share of newly developed solutions that are eco-designed was 95.8% in FY 2025/26 (with 53% of Group sales coming from newly developed eco-designed solutions), against a baseline of 51% in 2021/2022 and 100% in 2024/25, with a target to maintain 100% by 2029/30. The percentage of recycled content in newly developed rolling stock solutions (including infrastructure as of 2025/26) reached 27.3% in FY 2025/26, up from a baseline of 22.5% in 2022/2023 and 25.8% in 2024/25, with a target of 40% by 2029/30. The recycled content target refers to the average percentage of recycled content by weight for rolling stock and infrastructure and aims to reduce the use of non-renewable resources and slow the depletion of natural resources. The strategy also includes a material intensity indicator for the Signalling and Services product lines. All of these targets are defined by Alstom and are not required by legislation. On-site waste recovery and recycling targets are addressed separately in section 6.4 of the report.

Reference: page 381-382

Material resource inflow information is captured during the design phase through a supplier-completed "Material record and recyclability potential template", in which suppliers report the bill of materials, the different material families and the presence of recycled content in components. Metals (ferrous and non-ferrous) are the main materials used, accounting for 75% of total inflow material, with other materials including glass, polymers and electric and electronic equipment. Rolling stock and components contain from 67% to 91% metals; electric and electronic equipment is the second contributor at up to 16% of total product mass; and elastomers and composites make up to 10%. For an average high-speed train the material distribution is approximately 86% metals, 7% electronic, 1.5% glass, 1.5% polymers, 1% elastomer, 1% composite, 1% oil and grease, and 1% others. The total weight of products and materials used was 547,134.8 tonnes in FY 2025/26 (540,478.6 tonnes of technical materials and 6,656.2 tonnes of biological materials), down from a restated 587,579.2 tonnes in FY 2024/25. By the end of FY 2025/26, Alstom's products and services contained 9,721 tonnes of secondary reused or recycled components and materials (including packaging), representing 27.3% recycled content, compared with a restated 10,252 tonnes and 25.8% in FY 2024/25. Recyclability is calculated based on ISO 22628 and ISO 21106, and packaging and biological materials represent approximately 1% of total materials, so were not separately assessed against materiality thresholds.

Reference: page 382-383

Alstom's products and solutions are classified in four main product lines: Rolling Stock and Components, Signalling, Services, and Systems and Infrastructure. Circular economy requirements applied through the eco-design process include declarations of hazardous substances and critical raw materials, inclusion of recycled content, biodegradable fluids and ecolabelled products, calculation of train recycled content and renewable content rates, and calculation of recyclability and recoverability potential according to ISO 22628, ISO 21106 and UNI-LCA-001, together with the availability of an end-of-life manual for rolling stock. The expected durability of products placed on the market is 33 years for Rolling Stock, 21 years for Signalling and 37 years for Infrastructure, which are theoretical minimum customer requirements generally exceeded in practice. Products are designed to be repairable wherever economically viable, supported by repair centres worldwide, maintenance manuals and an obsolescence management process to IEC 62402:2019, although no rating system was found or used to assess repairability. The average rate of recyclable content in Alstom products was 94% during the fiscal year. By product line the recyclable content rate is 96% for Rolling Stock and components, 84% for Signalling, 98% for Services and 95% for Systems and Infrastructure, with the average weighted by each product line's share of sales. The recyclability standard currently used is ISO 22628, moving progressively to ISO 21106, with information collected from suppliers and extrapolations used for projects where suppliers do not provide data.

Reference: page 468

Alstom reports the waste generated in its own operations on a voluntary basis. Total waste production was 82,371 tonnes in the latest reported year (2025), up from 78,024 tonnes in 2024 and 77,480 tonnes in 2023. Hazardous waste amounted to 8,402 tonnes, of which 6,814 tonnes were recovered and 3,935 tonnes recycled. Non-hazardous waste amounted to 73,969 tonnes, of which 69,403 tonnes were recovered and 62,104 tonnes recycled. The overall waste recovery rate reached 93% and the recycling rate reached 81%. Alstom had already met its 90% recovery rate target (set for 2025) in 2022 and has set a new recovery rate target of above 93% by 2025, while the recycling rate target is above 80% for 2025 and will be raised to 85% for 2030. Actions to improve waste indicators include analysis of waste streams, an awareness campaign on waste separation, selection of a new provider committed to zero landfill, and continued use of returnable packaging such as wooden and metal pallets to avoid wood and plastic scrap.

Reference: page 395-396

Alstom's own-workforce policies rest on five main documents: the Ethics and Compliance Policy, the Sustainability and Corporate Social Responsibility Policy, the Environment, Health and Safety (EHS) Policy, the Global Policy on Remuneration, and the Learning and Development Policy. The Ethics and Compliance Policy covers labour laws, human rights standards and workplace ethics, and embeds the Alstom alert procedure guaranteeing confidentiality and non-retaliation for whistleblowers. The EHS Policy, updated in August 2024 and signed by the Group's EHS VP, applies across all entities and extends to employees, temporary workers and contractors, setting an ambition of zero workplace accidents. The Sustainability and CSR Policy reinforces commitments to human rights, non-discrimination and equal opportunities, while the Global Remuneration Policy aims to reward employees fairly and equitably across regions with attention to non-discrimination. Alstom states it complies with the fundamental conventions of the International Labour Organization and is an active member of the United Nations Global Compact. Policies are communicated through site newsletters, on-site information boards, region quarterly reports and works council letters, and are reviewed regularly to integrate internationally recognised instruments.

Reference: page 384-385

Alstom describes multiple processes for engaging with its own workforce and workers' representatives about impacts. Engagement surveys, which also include contractors, gather insights on working conditions, safety and wellbeing, and Environment, Health and Safety (EHS) Committee meetings integrate workforce feedback into decision-making. Structured engagement channels include an engagement survey covering physical and mental health, suggestion boxes available on all sites, quarterly EHS regional webinars, APSYS and EHS side boards, and monthly EHS Committee meetings involving workers' representatives. The annual My Voice engagement survey ran in 2025 with a participation rate of 75%, nearly 60,000 employees sharing feedback (compared with 78% in FY 2024/25) and an engagement score of 70. Additional mechanisms include annual mandatory negotiations on compensation and benefits led by country HR Directors, other negotiations at European level, quarterly DEI Committee meetings, and My Performance dialogue through the year. The Chief Human Resources Officer and Site Managing Directors are named among those responsible for these channels.

Reference: page 389, 392

Alstom operates a structured alert procedure that lets any employee raise a concern related to the Code of Ethics or Group rules without fear of retaliation, supported by tracking mechanisms, awareness initiatives and protection policies for those who report. Beyond the alert procedure, employees and contractors can raise health, wellbeing and safety concerns at any time through suggestion boxes on all sites and EHS Committee meetings that involve worker representatives and unions, with HR and Site Management overseeing the suggestion boxes. Both the alert procedure and the engagement survey are anonymous, and the ethics and compliance policy guarantees timely, confidential investigation and non-retaliation for good-faith reports. Trust in these channels is monitored through the yearly integrity review and the anonymity rate in the alert tool, and employees are made aware of the channels through mandatory training. For health and safety incidents a defined process applies, moving through containment, accident investigation, corrective and preventive actions, and an effectiveness review. Severe events trigger a review within 48 hours involving the Chief Operations Officer, Chief Human Resources Officer, EHS Vice-President, Region EHS Directors and the local team, and effectiveness reviews are conducted within three months following major events.

Reference: page 386-389

To address the negative impact of working conditions on employees' physical integrity and mental health, Alstom deploys the Alstom Zero Deviation Plan (AZDP), the Alstom Performance System (APSYS), training, a health and wellbeing plan and ergonomics. The AZDP applies to all employees and contractors, covers 12 safety directives, and contains 72 requirements identified as critical and audited plus 239 non-critical requirements checked by self-assessment; against a target of 100 audits, 111 were performed and the Group achieved 85% compliance for the critical requirements. In FY 2025/26 Alstom conducted 58 APSYS assessments focusing on risk assessment, contractor management and safety findings. Participation in the health and wellbeing self-assessment increased to over 160 sites, up from 96 sites in the initial roll-out. The Let's Talk programme promoting open conversations about mental health was launched in June 2025, and the Employee Assistance Programme was reinforced in 2025 with a global programme running in 22 countries. A deep dive mental health survey was carried out in nine countries in 2025, and an ergonomics network operating since 2019 works to reduce ergonomic injury risk, including through exoskeleton equipment and the in-house Alstom Postural Evaluation Tool.

Reference: page 390

Several targets have been set for HR and health and safety performance, currently set by the EHS Leadership team and reviewed periodically during EHS Committee meetings with workers' representatives, then shared with employees via newsletters. For health and safety, the target for workforce covered by a health and safety management system is 80% by 2029/30 (80% reached in 2025/26), and the Total Recordable Injury Rate target is 1.4 by 2029/30 (1.4 in 2025/26). The AZDP audit target of 100 audits per year was exceeded with 111 audits performed. On training, the target is 25 average training hours per employee by 2029/30, against 22.1 hours in 2025/26. On diversity and pay, Alstom targets women in manager, engineer and professional roles and at AG11 and above of 28.5% and 25% by 2027 (26.6% and 21.1% in 2025/26) and an adjusted gender pay gap below 3.0% (3.7% in 2025/26). Other targets include a Time to Fill of 14 weeks (12.6 weeks in 2025/26) and promotions among talent of 25.0% by 2027.

Reference: page 393-395

At 31 March 2026 Alstom's total employee headcount was 87,832, up from 86,039 a year earlier, comprising 19,162 women (22%), 68,668 men (78%) and 2 employees recorded as other. The average headcount over the reporting period was 87,072. By region, Europe accounted for 49,115 employees (55.9%), Asia/Pacific 17,390 (19.8%), the Americas 14,740 (16.8%) and AMECA, meaning Africa/Middle East/Central Asia, 6,587 (7.5%). The largest countries were France (14,357), India (12,297), Germany (9,462), Canada (5,143), the United Kingdom (4,220), the United States (4,054), Poland (3,981), Italy (3,941), Mexico (3,028) and Spain (2,995). By contract type, 93.1% of employees were on permanent contracts and 6.9% temporary, while 97.8% were full-time and 2.2% part-time. Total employee turnover was 10.8% (9,371 employees), down from 11.7% the prior year, and long-term absentees numbered 1,778. Trainees and apprentices are counted within own employees.

Reference: page 391

Alstom's non-employee workers are described as non-employees, comprising individual contractors supplying labour, referred to as self-employed people, and people provided by undertakings primarily engaged in employment activities, a category Alstom internally calls Hired Staff. These non-employees are excluded from the General Headcount but are recorded in the Group's HR information system. Separately, contractors are suppliers working under a service agreement or subcontract at an Alstom, consortium or client site, and their workers have no direct employment relationship with Alstom. The section presenting employee profiles does not disclose a specific headcount for non-employee workers, so their number is not quantified in this part of the statement. Contractors engaged in high-risk activities are specifically monitored and engaged because they are among the groups most vulnerable to major health and safety hazards.

Reference: page 401-402

Alstom monitors social dialogue and collective bargaining mainly through its annual social survey, completed by each country with more than 200 employees; in FY 2025/26 it was conducted in 35 countries representing 98.7% of the total workforce. The survey found that 66.1% of employees were covered by a national or company collective agreement in 2025, up from 65.7% in 2024/25 and 64.7% in 2023/24. Within the European Economic Area, 100% of employees were covered by workers' representation. In 2025, 171 collective agreements were signed in the surveyed countries, compared with 244 in 2024/25 and 329 in 2023/24, covering aspects such as health and safety, employability and lifelong learning, restructuring, equal opportunities and career development. Consultations or negotiations with trade unions took place in 23 countries, and one incident related to freedom of association was recorded, an open case in discussion at the South African Labour Court. At Group level, a European Works Council established in 1996 covers 24 countries and is composed of 29 permanent members, and a new European Works Council Agreement was renegotiated and signed in 2025.

Reference: page 394-395

Women represented 22% of Alstom's total workforce at 31 March 2026 (19,162 of 87,832) and men 78%. In top management, defined as employees at or above the AG11 compensation grade, women numbered 616, or 21.2%, up from 566 (20.1%) in 2024/25, while men numbered 2,288 (78.8%). The proportion of women in manager, engineer and professional roles reached 26.6% and the share at AG11 and above reached 21.1% in 2025/26, against a 2027 target of 28.5% and 25% respectively. By age, 17.7% of employees were under 30 years old (15,529), 58.4% were between 30 and 50 (51,326), and 23.9% were over 50 (20,977). Diversity and inclusion is also tracked through a quarterly DEI Committee, and the percentage of women holding manager, engineer or professional positions is one of the criteria in the short-term incentive programme.

Reference: page 404

Alstom defined an adequate wage approach during FY 2025/26, and states that during the year all employees received a remuneration equal to or higher than the national statutory minimum wage. This comparison was made using standard full-time wage salary data as of 31 March 2026. Where no minimum salary is defined at country level, Alstom used the minimum salary defined in the applicable collective agreements. The Group says it will continue to monitor developments in wage benchmarks and remains committed to reviewing and strengthening its wage assessment over time. More broadly, employee benefits are set to be in line with the local market median or above, supporting competitive working conditions.

Reference: page 402-403

Alstom reports that 100% of employees were covered by social protection in FY 2025/26, up from 99.8% in the two prior years, covering events such as death, accident at work, disability and retirement and access to adequate medical care, provided by the Group, by state social security or a combination of both. All employees are covered by life insurance in case of accidental death amounting to at least two years of salary including amounts paid by the state, and the ratio of employees covered by such life insurance reached 100%. 99.9% of employees are covered by a benefits plan assessed at market median or above, spanning life insurance, accident insurance, disability insurance, medical insurance and retirement benefits. The ratio of benefit plans assessed at or above market median, weighted by headcount, was 99.9% in 2025/26. In April 2025 Alstom launched new global minimum standards for family leave, with the aim of implementing them for 90% of employees by April 2026 and the remainder over the following year.

Reference: page 399-400

Alstom invested €19 million in learning initiatives during FY 2025/26 and its employees consumed more than 1.9 million learning hours, delivered largely through Alstom University and its 28 academies covering all Alstom metiers. The percentage of employees who participated in a training rose to 94.7% in 2025/26, from 89.8% in 2024/25, and 100% of women were trained in training sessions. The average number of training hours per employee was 22.1, against a 2029/30 target of 25, broken down into 25.8 hours per female employee and 21.1 hours per male employee. The total number of training hours was 1,924,735. The ratio of eligible employees who had their objectives set was 91.4% as of 31 August 2025. The most used academies were Quality, Project Management, Digital, Signalling and Infrastructure, and Rolling Stock and Components.

Reference: page 390

In FY 2025/26, 80% of Alstom's workforce was covered by a health and safety management system, matching the 2029/30 target and up from 79% the prior year. The number of recordable work-related accidents was 304, and the Total Recordable Injury Rate was 1.4 (1.4 for employees and 1.3 for contractors), in line with the 1.4 target. There was one fatality from work-related injuries in the own workforce, down from two in 2024/25, while fatalities among other workers on the undertaking's sites were reported as not available. Recordable cases of work-related ill health numbered 60, and 4,927 days were lost to work-related injuries and fatalities. Employees recorded 115 lost-time accidents and contractors 35, with three severe or AZDP-related accidents. The lost time injury frequency rate (IFR1) was 0.7 overall (0.7 for employees and 0.8 for contractors) and the injury severity rate was 0.03, while 74% of employees had completed the e-learning module on high-risk activities.

Reference: page 403

In April 2025 Alstom launched new global minimum family-leave standards defining the minimum entitlement across all countries, with many countries already exceeding them. The primary caregiver receives 14 weeks at full base pay for the birth of a child, the secondary caregiver receives 10 days at full base pay, adoption follows the local policy for birth parents at full base pay, bereavement leave is 3 days at full base pay, and dependent care is 5 days per year at full base pay. Alstom aims to implement these family-leave policies for 90% of employees by April 2026 and the remainder over the following year. Work location flexibility guidelines are available across the Group, defining a common approach to hybrid work, complemented by local actions on working from home, childcare facilities and parental leave. The overall absenteeism rate was 3.6% in 2025, up from 3.3% in 2024, ranging from 2.5% in the Americas to 4.0% in Europe. Alstom is also exploring ways to support parents returning to work after childbirth.

Reference: page 404-405

Alstom assesses pay equity based on target total cash, comprising base salary, guaranteed fixed and variable allowances and target incentive. In FY 2025/26 the unadjusted gender pay gap was 7.3% and the adjusted gender pay gap, which accounts for factors such as position grade and geography, was 3.7%, against a 2027 target of below 3.0% and down from a restated 4.4% in 2024/25. The adjusted gap by category was 4.3% for senior managers, -0.2% for executives and 2.9% for managers, engineers and professionals; the overall figure is calculated on the 73.4% of employees who have a defined grade. In terms of short-term incentive payout, the gender bonus gap on individual target achievement was 1% in favour of women. The worldwide remuneration ratio compared to the employee median was 75. More than 30,000 employees were eligible for the short-term incentive in FY 2025/26, with 37.2% of employees covered by short-term incentive and 1.8% by the long-term Performance Share Plan, and current and former employees held 2% of Alstom's share capital at 31 March 2026.

Reference: page 408-410

Alstom's main policies for value chain workers are the Sustainable Procurement Policy, the Ethics and Sustainable Development (ESD) Charter and the Code of Ethics. The Sustainable Procurement Policy mandates safe working conditions and responsible sourcing, applies to all Alstom entities and is overseen by the Chief Procurement Officer. The ESD Charter, updated in September 2024, functions as a supplier code of conduct that all suppliers and contractors must sign as a mandatory prerequisite to join Alstom's panel, and it covers modern slavery, human trafficking, forced and child labour, working hours, wages and benefits, occupational health and safety, harassment, non-discrimination, freedom of association, grievance practices and responsible sourcing of minerals for goods providers. The Charter aligns with the OECD Guidelines, the UN Universal Declaration of Human Rights and the ILO Fundamental Conventions, and it is included in requests for quotation and purchase orders and communicated through the Alstom supplier academy since February 2025. Human rights due diligence in the supply chain is managed through a vigilance plan run by a transverse working group and supervised by the Sustainability and CSR Steering Committee, covering a network of approximately 17,000 suppliers worldwide. Alstom applies a structured remediation process for alerts, with escalation through monthly dashboards and quarterly supplier risk management reviews that can lead to business suspension or contract termination. The number of supply chain alerts on non-respect of human rights or working conditions leading to internal investigation was 2 in 2023/24, 0 in 2024/25 and 1 in 2025/26, the latter raised in March 2026 with the investigation ongoing at 31 March 2026. Over FY 2025/26, Alstom was not held liable or found to be in breach of labour law or human rights in its supply chain.

Reference: page 411

Alstom engages value chain workers mainly through open communication channels, training opportunities and cooperation with key stakeholders, aiming to improve working conditions for Tier 1 suppliers' workers. Tier 1 workers can raise their perspectives and concerns about actual and potential social impacts to their own management or to Alstom teams using the alert procedure or available channels, although to date Alstom has collected very rare viewpoints from value chain workers. Engagement is conducted primarily with Tier 1 suppliers' legal representatives, such as top management, key account managers and functional referents, and no direct contact is established with suppliers' trade unions. Local engagement with credible proxies such as NGOs, institutions, associations and clusters exists depending on the country. Suppliers' employees can benefit from Alstom trainings through the supplier academy and webinars, and this training is the main form of direct engagement, delivered during contract execution when required or at any time through e-learnings. The Sustainable Procurement Director holds operational responsibility for engagement with value chain workers. Alstom has not signed any global framework agreement with global union federations but is a member of the United Nations Global Compact. The effectiveness of engagement is assessed against a fiscal year KPI versus target, namely the number of suppliers trained on sustainability since April 2024.

Reference: page 412

The Alstom alert procedure, referenced in the ESD Charter, allows employees and third parties to report violations of the Code of Ethics or Alstom policies through a secure website, a direct access icon or a toll-free hotline available 24/7. Suppliers are informed about the procedure when signing the ESD Charter, although Alstom does not verify whether suppliers' workers are aware of or trust the process. The procedure covers human rights, workplace security, discrimination, harassment and environmental, health and safety concerns, and it is publicly available on Alstom's website, included in requests for quotation and purchase orders and communicated through the supplier academy since February 2025. Confidentiality and protection are fundamental principles: reporters can remain anonymous subject to local legislation, and Alstom guarantees no retaliation against anyone raising concerns in good faith. All reports are investigated, corrective actions are taken when necessary, and disciplinary actions are decided by the Disciplinary Committee in substantiated cases. Alstom also investigates concerns about supplier working conditions raised through NGOs, screenings or other sources, and remediation can extend to termination of the contract with affected suppliers and, when needed, collaboration with law enforcement and legal authorities.

Reference: page 413-414

All actions undertaken in FY 2025/26 relate to suppliers' human rights or working conditions, with signature of the ESD Charter a prerequisite to be listed in Alstom's suppliers panel. Alstom requires Tier 1 suppliers, including contractors, with a yearly ordered amount and two-year forecast exceeding 100,000 euros to undergo CSR assessments: suppliers classified as very high CSR gross risk must undergo onsite CSR audits, while those with high or medium-high gross risk must hold a valid EcoVadis assessment. At the end of FY 2025/26, 99% of the purchase amount was covered by key suppliers having signed the ESD Charter (target 99%), 97% of in-scope suppliers were monitored and assessed via an EcoVadis rating on CSR and ethics and compliance standards, and 97% were assessed as low or medium CSR net risk (target 92%). The EcoVadis rating includes a labour and human rights pillar assessing employee health and safety, working conditions, social dialogue, career management and training, child labour, forced labour and human trafficking, diversity, discrimination and harassment, and external stakeholder human rights, and a compliant score of 45 or above is valid for three years. Onsite CSR audits are subcontracted to external third parties such as TUV and SGS, based on the SA 8000 and ISO 45001 standards and applicable local laws, and assess child and forced labour, employment contracts, working hours, health and safety, freedom of association, discrimination, wages and anti-bribery. Alstom voluntary trainings and webinars covered the ESD Charter, EcoVadis and human rights, and 633 suppliers were trained on sustainability since April 2024 (target 600). Alstom's own sustainable procurement was rated 89 out of 100 by EcoVadis in August 2025, and the Group holds the AFNOR CSR Commitment label aligned with ISO 26000 in ten countries including Australia, Belgium, Canada, France, Italy, Spain, the United Kingdom, Kazakhstan, Sweden and Poland. No actual material issues related to forced labour, child labour or working conditions have been identified in the supply chain, and a dedicated yearly budget is allocated to onsite CSR audits, EcoVadis, country CSR labels and training.

Reference: page 415

Alstom has established KPIs and targets to mitigate sustainability risk among Tier 1 suppliers and contractors, defined internally in alignment with its procurement policies, supplier due diligence requirements and human rights commitments. The part of the purchase amount covered by key suppliers having signed the ESD Charter rose from 97% in 2023/24 to 98% in 2024/25 and 99% in 2025/26, meeting the 2029/30 target of 99%. The part of suppliers with low or medium CSR net risk increased from 91% to 93% to 97% over the same years, against a 2029/30 target of 95%. The part of procurement teams trained on sustainable procurement rose from 69% to 87% to 89%, against a 2029/30 target of 95%, and the part of suppliers monitored or assessed on CSR and ethics and compliance standards reached 97% in 2025/26. The number of suppliers trained on sustainability since April 2024 grew from 182 to 573 to 633, against a 2029/30 target of 1,200. Supply chain workers, their legitimate representatives or credible proxies are not directly engaged in setting the targets or tracking performance against them, but suppliers' legitimate representatives are engaged through regular performance reviews and evaluations of sustainability KPIs, and they define and implement corrective action plans when material impacts are identified.

Reference: page 417-419

The policies related to affected communities are the Sustainable Procurement Policy, the Community Investment Policy, the Sustainability and Corporate Social Responsibility Policy and the Human Rights Policy. The material impact identified is a positive impact, namely contributing to local economies' dynamism, including job creation, when conducting a project in a territory, assessed over the medium term. Through the Sustainability and CSR Policy, Alstom commits to sustainable, accessible transport that fosters positive social and economic impacts in the communities where it operates. The Sustainable Procurement Policy directs procurement to contribute to local economic development and embeds diversity, equity and inclusion principles, including inclusion of minority-owned, disability-owned and women-owned suppliers, social clauses in supplier selection and DEI training for procurement teams. In countries with a substantial headcount, typically more than 200 employees, a Sustainability and CSR Champion leads local implementation of the community investment policy using the Country Community Action Plan template, supported by region-level CSR Champions. The Human Rights Policy is part of the sustainability and CSR policy and is defined in the Code of Ethics, which includes a Community Relations section, and it is aligned with the UN Guiding Principles on Business and Human Rights, the ILO Fundamental Conventions, the OECD Guidelines and the UN Universal Declaration of Human Rights, with Alstom a member of the United Nations Global Compact. To prevent human rights issues, Alstom has developed a human rights and CSR risk scorecard for new tenders and projects, based on human rights criteria and a country risk mapping, which can trigger specific human rights due diligence assessments and stakeholder engagement plans, and it runs an annual social survey and an employee human rights e-learning updated in 2026.

Reference: page 419-420

Alstom engages with affected communities as part of its Country Community Action Plans (CCAPs) and the Alstom Foundation, through both punctual and long-term solidarity actions carried out throughout the year and driven by employee participation. Engagement is coordinated by CSR Champions, and a governance framework under the CCAPs makes the Country CSR Champion responsible for defining and validating community engagement priorities with local management, in line with the community investment policy. These priorities are reviewed at least annually to remain relevant to evolving local needs. The CSR Champion gathers ideas for initiatives from employees and volunteer Community Investment Committees, and these are reviewed and validated by the Country Management team, with some mature countries operating dedicated CSR Committees to identify local community needs. Once selected, initiatives are formalised in the CCAP template and submitted for review with the Community Investment Director, who oversees the process and organises quarterly CCAP reviews to assess progress and share best practices. At the end of February, each CSR Champion submits a finalised report on community investment activities, which is consolidated into the Group's annual reporting. Alstom also conducts a global human rights risk mapping across its operations, supply chain and partnerships, and uses external support from the consulting firm EY to prepare impact reports quantifying its effects on job creation and economic value in targeted countries.

Reference: page 419-420

Affected communities have dedicated channels to raise concerns, supported or required by Alstom, with mechanisms to track, address and assess their effectiveness, and further details are provided in the Alstom Alert Procedure section of the Sustainability statement. Alstom has implemented strong safeguards against retaliation for individuals who raise concerns and ensures full confidentiality for whistleblowers, committing to prevent any status changes, harassment or discrimination against those who disclose information in good faith. Where legally permitted, anonymous reporting is allowed so that individuals feel secure in raising concerns without fear of repercussions. Project-specific reporting channels and alert procedures are clearly communicated to affected communities, reinforcing accountability and transparency. Human rights alerts reported through the alert procedure are systematically recorded and investigated following established protocol, and issues brought to Alstom's attention through other sources such as NGO contacts or screening are investigated through an internal investigation. The number of alerts on non-respect of human rights related to affected communities leading to internal investigation was 2 in 2023/24, 2 in 2024/25 and 1 in 2025/26, and the single FY 2025/26 alert, raised by an employee concerned about Alstom's presence in a country in conflict, was addressed by the Sustainability and CSR team and closed.

Reference: page 420-424

Alstom contributes to local economic development through tailor-made solutions, developing its local supply chain footprint and identifying, qualifying and developing local suppliers and contractors, particularly SMEs and start-ups, supported by supplier development programmes, technology transfer, skills programmes and a supplier academy opened in February 2025. Regional initiatives include working with 181 US suppliers across 23 states for the Amtrak high-speed train project, sourcing 79% of goods and services locally in India where Indian SMEs represent 78% of suppliers, and reaching up to 85% local services and 95% local labour on major Australian rolling stock programmes. In Australia, inclusive procurement represented around 4 million euros of social procurement spend in FY 2025/26, engaging 35 social benefit suppliers including 17 Aboriginal-owned businesses and 18 social enterprises. In South Africa, 90% of the procurement amount came from local suppliers, spend with SMMEs reached 47 million euros or 16% of total spend through 172 suppliers, and Black Economic Empowerment initiatives directed 33% of yearly total spend (101 million euros) to Black-owned businesses and 23% (70 million euros) to Black women-owned businesses. In France, 58% of procurement came from French suppliers and purchases with inclusive economy suppliers represented 298 million euros, or 7.1% of total spend, through 316 suppliers. The Alstom Foundation, created in 2007 with an annual budget of 2.2 million euros, selected 34 projects in FY 2025/26 and responded to the floods in Thailand in December 2025 and the wildfires in Chile in January 2026, and across 85 projects active during the year in 35 countries around 47,500 individuals benefited directly and almost 5,300 more from emergency fund donations, reaching a total of 53,000 beneficiaries. CCAP effectiveness is tracked through indicators covering the number of actions, number of beneficiaries, time spent and money spent, twelve impact assessments have been conducted in recent years, and ten countries hold the AFNOR CSR label aligned with ISO 26000. Over FY 2025/26, Alstom was not held liable or found to be in breach of human rights.

Reference: page 425-426

Alstom maintains a presence in 62 countries and, in full-time equivalent terms, supports 87,301 direct jobs, 323,798 indirect jobs and 121,134 induced jobs. It measures the impact of its local development strategy through the number of jobs supported, the alignment of the number of employees against sales by destination, and the share of regional ordered amount by region. Alstom has set an ambitious 2030 community target to engage 400,000 beneficiaries through both the Alstom Foundation and the Country Community Action Plans. The total number of beneficiaries reached 358,712 in 2023/24, 369,661 in 2024/25 and 373,795 in 2025/26, with CCAP beneficiaries rising to 321,071 while Foundation beneficiaries were 52,724 in 2025/26. Affected communities were not involved in setting and tracking the targets or in identifying lessons and improvements. However, the impact of the Group's actions can be identified through feedback from projects and partner NGOs who voluntarily conduct field surveys and investigations on the situation before and after an Alstom initiative is implemented.

Reference: pages 427-434

Alstom's consumers and end-users are passengers and rail operators, and its policies focus on safety, quality and accessibility. The Railway Safety Policy, signed in March 2021 by the Chief Operations Officer, aims at preventing accidents and harm, is integrated into the Group Management System, and covers all consumers and end-users without discrimination. Applicable quality and railway safety requirements are regularly audited and certified to ISO 22163, and the policy and internal processes adhere to the EU Common Safety Method for Risk Assessment (Regulation EU 402/2013), the Common Safety Method for Monitoring (Regulation EU 1078/2012), EN 50126 on Reliability, Availability, Maintainability and Safety, and ISO 17020 on inspection bodies. The Alstom Quality Policy addresses the customer relationship financial risk and sets out five commitments: customer satisfaction, listening to customers at all times, caring for customers to achieve right first time delivery, acting with a preventive and problem-solving mindset to reach zero defect, and continuous improvement. Social inclusion and accessibility are addressed through Alstom's Sustainability and Corporate Social Responsibility Policy, with the commitment to inclusive mobility embedded in the Group's AIR values (INCLUSIVE) and complemented by a diversity, equity and inclusion charter tailored to each territory. Alstom's strategy on passenger experience is built on three objectives: developing products entirely safe and accessible to all, creating differentiation through optimised services, and building a preferred relationship with tailored solutions.

Reference: pages 428-435

Alstom's engagement with end-users such as passengers is indirect, as the Group primarily interacts with its direct customers, the railway companies and operators who are responsible for passenger interactions. On projects, engagement occurs through railway safety deliverables issued to customers throughout execution, which may be assessed by independent bodies, and through collaboration to address safety issues arising during revenue service. Beyond projects, Alstom interacts with national safety authorities through return of experience and working groups, and with national investigation bodies on technical inquiries, and it participates in industry organisations such as UNIFE, UNISIG and UITP. To understand customer needs Alstom runs commercial carousels twice a year (since 2013), a pre-tender process launched in 2024 for opportunities above 50 million euros for Signalling and 100 million euros for Services, Rolling Stock and Turnkey, a customer portal, and periodic Customer Satisfaction Surveys targeting at least 70% coverage of sales. For passengers, the Advance and Creative Design team uses passenger surveys, behavioural analysis, focus groups, virtual reality and physical mock-ups, and Design Validation Committees representing end-users. Alstom also engages passenger associations and specialised entities, including association Ex aequo et RUTA in Montreal, Fundacion ONCE and Walk21, and applied a collaborative design approach on the UK High Speed Two project involving a 5,000-person consumer panel to shape the interiors of 54 trains.

Reference: pages 429-432

Alstom manages its material railway safety risk through three dedicated processes, the third of which is reactive and exists to report and manage potential safety issues that occur or could impact safety. This third process employs an 8D methodology supported by a dedicated tool (8D-PST), which, based on root-cause analysis, drives corrective and preventive actions to improve design, industrial processes and operation and maintenance documentation. It handles safety concerns raised during operation and maintenance activities or by external parties such as customers, media, or national safety authorities, using containment actions to limit immediate consequences and permanent corrective actions to prevent recurrence. Because engagement with passengers is indirect, safety concerns typically reach Alstom through its relationships with operators and customers, forming an indirect feedback mechanism. For the customer relationship, dissatisfaction is addressed through claims and litigation handling and through the Net Promoter Score process, where a score below 4 out of 10 triggers an alert to management teams and generates an action plan aimed at regaining customer satisfaction. Survey answers are integrated in the customer relationship management tool to record and track action plans, and open comments and verbatim are systematically reviewed.

Reference: pages 429-436

To manage railway safety, Alstom applies three processes: a systematic safety risk analysis and demonstration for all new build or renovation projects aligned with Regulation EU 402/2013 and EN 50126; robust safety management systems for operation and maintenance, with Entity in Charge of Maintenance certification under Regulation EU 2019/779 where applicable; and the reactive 8D-PST process for reporting and managing safety issues. Follow-up is done through the Alstom Performance System (APSYS), and since 2023 a railway safety culture communication campaign has run, including two targeted communications in April and September 2025. Approximately 1,000 persons are fully dedicated to railway safety, including an Independent Product Safety team of seven experts, a Safety Assessment Organisation of 35 accredited resources, and around 600 Project Quality and Safety Managers, supported by a railway safety academy in Alstom University. Effectiveness is tracked through safety reviews at key project milestones, independent safety assessments, and performance indicators on the reactivity and resolution of operational safety issues, following a Plan-Do-Check-Act loop and governance boards such as the Alstom Railway Safety Board. For accessibility and social inclusion, Alstom applies the Anticip'Action methodology to analyse passenger journeys, deploys the Cap Excellence training programme for customer-facing teams, trains front-line staff to assist passengers with motor, visual, auditory or cognitive disabilities, and invests in research and development such as the autonomous lift on the TGV M and embossed patterns for the Nantes tramway to aid visually impaired passengers.

Reference: pages 430-436

For railway safety, Alstom tracks the percentage of Safety Reviews OK, which reached 90% in FY 2025/26 against a target of 80% (compared with 79% in 2023/24 and 87% in 2024/25), and the percentage of participation in the induction to railway safety, which reached 97% against a target of 95.5%. Alstom states that consumers and end-users were not involved in setting and tracking performance against these targets. For the customer relationship, the principal measure is the Net Promoter Score, with a Group objective of an annual average of 8.5 out of 10; the FY 2025/26 result was 8.7 across 360 projects surveyed, above the objective and up on the prior year, and customers were not involved in setting the targets. The customer satisfaction survey process targets at least 70% coverage of sales while ensuring all product lines are included. For accessibility, a target has been set on projects where Alstom is accountable for customer engagement to have 100% of own employees facing end-users trained on Cap Excellence by FY 2029/30, with achievement monitored starting FY 2026/27.

Reference: pages 439-443

Alstom's ethics and compliance policy, signed by the Chief Compliance Officer, mandates full compliance with applicable laws and regulations in all interactions with partners, suppliers, advisors and customers, and its commitments cover antitrust, trade sanctions, export control, prevention of bribery, alerts and investigations, and data privacy. The Alstom Code of Ethics, first published in 2001 with a new version issued in 2020 and now available in over 20 languages, prescribes essential principles of conduct, applies to every manager and employee, and sets out the channels to raise concerns, including an independent alert tool with confidentiality and retaliation protections. Ethics and Compliance is led by a dedicated department under the Chief Compliance Officer, who reports to the General Counsel and has direct access to the CEO and the Board, supported by specialised E&C Directors and a network of Regional Compliance Officers. The Alstom Integrity Programme provides tools for all employees and is reinforced by a Tone from the Top approach, onboarding and induction training, and a community of 620 Ethics and Compliance ambassadors. To monitor the programme, the E&C Department runs the Yearly Integrity Review, whose fourteenth exercise was conducted in March 2026 covering around 2,800 managers, with an integrity review completion rate of 99% for FY 2025/26 compared with 97% the prior year. The Code addresses domains grouped as how the Group conducts business, creating trust with business partners, acting as a responsible corporate citizen, respect and inclusivity, and data management.

Reference: pages 447-451

Management of relationships with suppliers is governed by Alstom's Sustainable Procurement Policy, updated in April 2025 and signed by the Chief Procurement Officer, together with the Ethics and Sustainable Development Charter for Alstom's Suppliers and Contractors, updated in September 2024, whose signature is mandatory to enter the supplier panel. As of 31 March 2026, 99% of purchase amount is covered by key suppliers, those with whom Alstom spends over 100,000 euros, having signed the charter. Suppliers are screened before and during the relationship using the ADIT tool (in use since September 2019) against sanction lists, and higher-risk suppliers undergo enlarged CSR screening covering fraud, corruption, bribery, money laundering, antitrust, human rights, conflict minerals, environmental and modern slavery risks. Around 37,500 supplier sites are screened yearly through EcoVadis IQ for CSR gross risk, and 4,484 supplier sites were covered by an EcoVadis evaluation during FY 2025/26 with an average score of 72 out of 100, while 35 onsite CSR audits were conducted in Asia Pacific, Africa Middle East and Latin America through third parties such as TUV and SGS. For FY 2025/26, 97% of supplier sites were covered by CSR assessments and 97% of suppliers had a low or medium CSR net risk, with high-risk suppliers escalated through quarterly reviews that can lead to suspension or termination. Alstom runs a sustainable procurement training programme and a Supplier University launched in February 2025 (with 633 suppliers trained on sustainability since FY 2024/25), and is a founding member of the Railsponsible initiative, under which 4,080 suppliers were covered by EcoVadis assessment as of 31 March 2026, alongside an Alliance partnership programme counting 23 members at end of March 2026.

Reference: pages 442-444

Alstom prevents and detects corruption and bribery through a comprehensive Ethics and Compliance training programme comprising 13 main modules delivered via online modules, classroom sessions and specialist interventions. All managers, engineers and professionals must complete mandatory E&C training focused on reducing bribery and corruption risk, personnel in at-risk functions must undertake additional in-depth anti-corruption classroom training, and those exposed to competition risk must complete a mandatory two-hour competition compliance class; e-learning modules are renewed every four years and classroom trainings every three years. The Anti-Corruption core training was completed by more than 10,000 employees, and 100% of functions identified as at risk for bribery and corruption are covered by the training programme. Alstom conducts an annual bribery and influence peddling risk assessment (the Bribery Risk map) at site, country, region and Group level, and performs a compliance risk assessment on each project during the tender phase, with around 430 projects evaluated during the fiscal year. Due diligence risk assessments are carried out on third parties including customers, suppliers, contractors, joint venture and consortium partners, sales partners and high-risk consulting companies, and the use of commercial agents is subject to specific due diligence and onboarding. Alstom has held ISO 37001 anti-bribery certification since June 2017 on a European scale and globally since 2019, and this year expanded and renewed its certification under the new 2025 standard for another three years, awarded by AFNOR Certification with yearly external audits.

Reference: pages 444-447

No conviction or fines for violation of anti-corruption and anti-bribery laws were recorded during FY 2025/26, with the number of convictions reported as 0 and the amount of fines reported as 0, unchanged from the prior year. Alstom refers to Note 33 Disputes of the consolidated financial statements as at 31 March 2026 for a description of proceedings and investigations relating to ethics and compliance matters involving the Group. During FY 2025/26, all cases reported through the alert procedure were investigated, measures were taken, and sanctions were imposed by the Disciplinary Committee in all substantiated cases when judged necessary, such as warning letters and dismissals. The alert procedure allows any employee or third party to report violations via a secure website and a toll-free hotline available in 40 languages, 24 hours a day, and the investigation process aims to address alerts within three months, or six months under certain circumstances, in line with French law No. 2022-401 (Waserman). The Disciplinary Committee, established in 2015 and comprising the Chief Executive Officer, General Counsel, Chief Human Resources Officer and Chief Compliance Officer, reviews cases of non-compliance under a zero-tolerance policy. Supporting indicators show functions-at-risk coverage by training programmes at 100% and the percentage of people trained in the E&C anti-corruption class at 94% for FY 2025/26, up from 88% the prior year.

Reference: pages 451-453

Alstom's payment practices are designed to promote timely and equitable financial transactions with suppliers, with standard payment terms calculated from the invoice date or receipt of goods and acknowledged services and set for each country based on local regulations and markets. To prevent late payments, an up-to-date procure-to-pay process applicable to all suppliers including SMEs is in place, alongside a digital invoicing platform (Basware), a golden rule of No Purchase Order No pay, and a reverse factoring programme offered in some countries to enable early payment of invoices backed by Alstom. For purchase orders placed by Group entities based in France the standard payment terms are 45 days end of month, while for other countries standard terms are generally comprised between 60 and 120 days net, applied to all supplier types and determined on an order-by-order basis with the supplier. The average time to pay an invoice was 80 days in FY 2025/26, compared with 75 days for FY 2024/25 (restated using calendar days), and the percentage of payments aligned with standard terms was 70% against 69% the prior year. The number of legal proceedings currently outstanding for late payments was 1 in FY 2025/26, down from 2 in FY 2024/25. Governance is provided by a Steering Committee on the procure-to-pay process, the Cash Programme Management Team led by the Cash Performance Director, and by Global Finance Centres that monitor Paid on Time rates and overdue backlogs through Qlik Sense dashboards.