Slide 1: Simplify Strengthen Succeed
Simplify Strengthen Succeed Mobico Group PLC Unaudited results for 12 months ended 1 31 December 2025
Slide 2: Disclaimer
Disclaimer The information in this presentation is general information and background only, and is not intended to be relied upon as advice to investors or potential investors as it does not take into account their particular investment objectives, financial situation or needs. The contents of this
Slide 3: Agenda
Agenda 1.Highlights 2.Financial review 3.Operational review 4.Concluding remarks 3
Slide 4: Highlights
Highlights Strong financial and operating results1 Financial Operational £2.8bn Revenue (+6.2%) 0.0013 FWI Safety (61.7% above target) 25 new contract wins for the Group with £342.9m EBITDA (+3.9%) total contract value of over £1bn3 £198m Adjusted Operating Profit (+9.3%) German rail return to full-
Slide 5: Strategic update
Strategic update A reminder of our Simplify, Strengthen, Succeed strategy: Simplify Strengthen Succeed • Streamlined management • Drive growth with cost and capex • Deliver our financial targets structure discipline • Be more agile • Better integration across the • Strengthening balance sheet • Deli
Slide 6: Progress in 2025 and priorities for 2026
Progress in 2025 and priorities for 2026 2025 delivered significant progress, building momentum in 2026 Adjusted operating profit of £198m Agreement in principle reached with German PTAs • Adjusted operating profit in H2 of £138m • Revised contract terms enable a material reset and derisking of our
Slide 7: 2025 operational highlights
2025 operational highlights Focus on improving operational effectiveness and profitability Alsa WeDriveU UK & Germany 2025 another record year Improved H2 25 operational UK Coach integration with Alsa performance Continued diversification Exit of loss-making CARTA Germany full service from Dec 25 Mo
Slide 8: Alsa's passenger growth, Spain
Alsa’s passenger growth, Spain Passengers per month since January 2023 – Alsa Spain Regional 28 26 24 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Urban 22 Million 20 18 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 16 Long Haul 2019 (pre-Covid) average shown for reference 14 Jan-23 Jul-23 Jan-24 Jul-24 Ja
Slide 9: Agenda
Agenda 1.Highlights 2.Financial review 3.Operational review 4.Concluding remarks 9
Slide 10: Group financial performance summary
Group financial CY 2025 financial overview performance summary Continued topline growth, focus on further reducing costs Adjusted, continuing operations 2025 20241 Change H2 25 H2 24 Revenue £2.76b £2.60b 6.2% £1.44b £1.37b Group Operating Profit £198.0m £181.1m 9.3% £138.1m £116.6m Statutory, conti
Slide 11: 2025 Adjusting items (continuing operations)
2025 Adjusting items (continuing operations) Key Adjusting items Profit Cash £m 2025 2024 2025 2024 Adjusted Operating Profit 198.0 181.1 - - Re-measurement of the Rhine-Ruhr onerous contract provision - (86.4) (56.1) (45.8) Re-measurement of WeDriveU onerous contract provisions (52.4) 0.7 (4.5) (1.
Slide 12: 2025 Divisional results (continuing operations)
2025 Divisional results (continuing operations) Divisional performance Improved Adjusted Operating Profit driven by record performance in Alsa £m Revenue Adjusted Operating Profit 2025 2024 Change 2025 2024 Change 2026 outlook Alsa 1,488.3 1,327.6 12.1% 212.0 186.1 13.9% Expect to maintain underlyin
Slide 13: 2025 Cash flow and liquidity management
2025 Cash flow and liquidity management Excluding NASB, the Group delivered £76m of Free cash flow after growth capex/M&A Group NASB contribution Group Cash Flow £m 2025 2024 2025 2024 EBITDA 381.9 425.3 40.1 95.6 Net maintenance capex (155.6) (157.8) (23.0) (48.1) Working capital (27.1) 48.9 (49.5)
Slide 14: 2025 Net debt reduced during year
2025 Net debt reduced during year Decrease in Adjusted net debt following NASB proceeds £m 2025 2024 Free Cash Flow after capex and M&A (10.3) 93.0 NASB sale (July 2025) and NXTS disposal Disposals of businesses 286.6 - (October 2025) Adjusting items (118.7) (99.2) Hybrid coupon (21.3) (21.3) Other,
Slide 15: Debt maturity profile and capital structure
Debt maturity CY 2025 financial overview profile and capital structure All opportunities to de-leverage will be explored with monetisation of UK Bus assets underway Instrument Effective interest rate Maturity £m 9-year Sterling bond 3.63% Nov 2028 The Group elected not to 8-year €500m Euro bond 4.87
Slide 16: 2026 Financial calendar
2026 Financial CY 2025 financial overview calendar 2025 and 2026 accounting periods adjusted following appointment of KPMG as our new auditors1 12m period ending 12-month results (unaudited) released on 26 February 2026 31 December 2025 15m period ending 15-month extended accounting period with rele
Slide 17: Financial imperatives
Financial imperatives Progress underway with clear action to deliver on strategic initiatives Cost reduction Tighter control Increase cash underway to over capex and generation, improve margins working capital reduce net debt Targeting capex of £120m in 2026. Cost savings run-rate of £100m by end of
Slide 18: Agenda
Agenda 1.Highlights 2.Financial review 3.Operational review 4.Concluding remarks 18
Slide 19: Alsa
Alsa Key Stats Share of Group revenue 2025 2024 Change Revenue €1,737.9m €1,568.5m 10.8% Adjusted operating profit €247.6m €219.8m 12.6% 54% Adjusted operating margin 14.2% 14.0% 0.2pp Alsa revenue by business 2025 • Long Haul passenger growth of 4.5%, successfully managing changes to the Multi-vouc
Slide 20: Case study: Qiddiya JV
Case study: Qiddiya JV As part of a JV, Alsa won an 8-year capital-light contract in the Kingdom of Saudi Arabia, with a total contract value of €500m revenue Significant opportunity for scalability: the current contract only refers to transport associated with 2 of the 12 theme parks planned for th
Slide 21: WeDriveU
WeDriveU Share of Group revenue Key Stats 2025 2024 Change Revenue $570.2m $527.4m 8.1% Adjusted operating profit $26.7m $37.5m (28.8)% 16% Adjusted operating margin 4.7% 7.1% (2.4)pp 2025 • Underlying business, excluding WMATA and CARTA (which impacted results by over $11.3m), is slightly above 202
Slide 22: UK
UK Share of Group revenue Key Stats 2025 2024 Change Revenue £586.9m £601.2m (2.4)% 21% Adjusted operating profit £(4.6)m £9.7m N/A Adjusted operating margin (0.8)% 1.6% (2.4)PP Bus - 2025 Coach - 2025 • Commercial Pax decreased by 4% in-line with industry rates • Pax down just 3.8% (2.7% after adju
Slide 23: Germany
Germany Share of Group revenue Key Stats 2025 2024 Change 9% Revenue €294.8m €302.4m (2.5)% Adjusted operating profit €7.7m €(12.4)m N/A Adjusted operating margin 2.6% (4.1)% 6.7pp 2025 • Successful return to full-service levels in North Rhine-Westphalia in December 2025, ending two years of operati
Slide 24: Operational progress across the business
Operational progress across the business Common operational goals across the business All divisions Huge pipeline of Cost reduction in operating better opportunities all progress with no than last year over the world impact on safety Improved margins We are working on new contracts as one group 243
Slide 25: Agenda
Agenda 1.Highlights 2.Financial review 3.Operational review 4.Concluding remarks 25
Slide 26: Concluding remarks
Concluding remarks Turnaround underway with the ‘Simplify, Strengthen, Succeed’ strategy gathering momentum Simplify Strengthen Succeed • Strong management team in place, • Large-scale cost reduction underway to • Leverage reduction focussed on: improve cashflow • Build a pan-European and Middle • S
Slide 27: Q&A
Q&A 27
Slide 28: Appendix
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Slide 29: Reconciliation of covenant gearing
Reconciliation of covenant gearing £m 2025 Adjusted EBITDA 381.9 Covenant adjustments (58.6) Excludes IFRS 16 leases Covenant EBITDA 323.6 £m 2025 Adjusted Net debt (1,075.7) Primarily driven by IFRS16 lease removals Covenant adjustments 202.6 and future factoring adjustments Adjusted Net debt (for