The train maker's shares, which dropped by about a third in early October after a cash flow warning spooked investors, fell almost 12% in Paris by 0905 GMT.
"The negative free cash flow of Alstom during this first half is a clear call for change. While demand remains sustained, despite some volatility, our commercial performance has been soft," Chairman and CEO Henri Poupart-Lafarge said in a statement.
He later told analysts the company was considering a capital increase, even if it was not its preferred option, as it feared asset sales may not be enough.
"We felt with the board that there is a risk that this would not be sufficient," he said.
Alstom's management, and its shares, have been under pressure since it said last month it expected negative free cash flow of 500 million euros to 750 million euros ($542.3 million-$813.4 million) for the year to March 2024.
Alstom's cash warning - prompted by weaker than expected half-year orders and delays in some projects - led to the train maker's shares plunging last month.
The company, the world's second-biggest train manufacturer after China's CRRC, has record orders for trains and related services, but has been struggling with problem contracts inherited from its 2021 acquisition of Bombardier's rail unit and is facing some short-term challenges, including with some downpayments on deals not coming in as rapidly as planned.
The group said on Wednesday the assets disposal program aimed to generate proceeds of between 500 million and one billion euros. It also said it would cut about 1,500 staff to help meet its mid-term targets.
Alstom plans to cut its net debt by 2 billion euros by March 2025. As of Sept. 30, it had a net debt of 3.43 billion euros.
The group added it would propose that no dividend for the current fiscal year.
It also said that Poupart-Lafarge would step down as chairman, but remain chief executive. Alstom's board will propose Philippe Petitcolin - a former CEO of Safran (SAF.PA) - as a new chairman.
($1 = 0.9221 euros)
