Operator

Welcome to the Alstom 2025-2026 Full Year Results Conference Call. [Operator Instructions] Now I will hand the conference over to Martin Sion, CEO. Sir, please go ahead.

Martin Sion
Chief Executive Officer

Good morning. Good morning, everyone, and thank you for joining us to discuss Alstom results for the fiscal year '25-'26. It is fair to say that I joined the company at a critical time. The past year has demonstrated both our strength and the areas where we must raise the level of performance.

On the one hand, the order backlog is at a record high. We've got a solid base to build on. Progress has been made in the last few years on several aspects. On the other hand, the execution challenges we have faced on some Rolling Stock projects are highlighting areas of project execution that require improvement. This improvement will ensure that we convert our backlog into sustainable profit and cash generation.

The shortfall in car production in the fourth quarter was not a one-off event, but instead highlights a lack of consistency in project execution within the Rolling Stock product line that led to guidance being revised. After only 6 weeks in the role, it would be