French train manufacturer Alstom's stock price plunged due to project delays, leading to the withdrawal of performance guidance.

French rail manufacturer Alstom recorded its largest drop in over two years, after the company withdrew its performance guidance for the current fiscal year. The new CEO, Martin Sion, cited slow progress on key rail projects as the reason. The company abandoned its previous target of achieving a cumulative 1.5 billion in free cash flow by the end of the fiscal year ending in March 2027, and also stated that it would not be able to meet its adjusted EBIT margin target of up to 10% during the same period. The company's stock price plummeted by 36% in Paris, marking the largest intraday drop since October 2023. The stock has fallen by approximately 38% so far this year. The newly appointed CEO stated, "Thorough planning and strict execution are crucial to our industry, and the slower-than-expected progress on certain large rail projects has put pressure on short-term profit margins and cash flow." Alstom did not specify which projects and regions were affected by the delays.