Alstom cut its fiscal 2026/27 guidance after technical and production issues with some products, including Coradia Max high-capacity regional trains. Problems with the Coradia Max platform surfaced in the first quarter, delaying production and contributing to penalties on key German projects. The company now expects an adjusted EBIT margin of about 1%, compared with 6.5% previously, negative free cash flow of €1.5 billion and production of about 4,000 train cars, down from as many as 4,500. First-half sales rose 3% year over year to €9.3 billion, while adjusted EBIT margin fell to around negative 4% and net debt reached €1.1 billion at Sept. 30, 2026. Alstom is reviewing its organisation and operational processes to clarify accountability, reduce costs and simplify execution, and is pursuing another €2 billion of debt reduction through further divestments. Shares plunged 27.77% after the guidance cut, having previously fallen more than 18% on Tradegate and declined 37% in 2026.