Slide 1: FirstGroup FY 2026 Results
FirstGroup FY 2026 Results 18 June 2026
Slide 2: Agenda
Agenda 1. Headlines 2. Financial review 3. Business review 4. Summary
Slide 3: Strong track record of delivery and returns
Strong track record of delivery and returns FY 2026 has seen further earnings momentum, with Group Adjusted Revenue (£m) strategic progress on portfolio growth and diversification 1,716 1,280 1,370 1,123 • Group adjusted revenue +25% to £1,716m • Group adjusted EPS +5% to 20.3p FY 2023 FY 2024 FY 20
Slide 4: Proven UK focused growth strategy continues to deliver
Proven UK focused growth strategy continues to deliver Deliver, day in Lead in Diversify Drive modal shift day out sustainability our portfolio First Bus NPS score Growth in Regional Bus First Bus fleet 26% zero c.£400m inorganic improves to +17 operated miles to 158m emission (London red re
Slide 5: Material cash generation ahead
Material cash generation ahead We anticipate free cash generation of c.£400m over the next three years, providing scope for further growth, investment and shareholder returns • We have re-capitalised the business: - bus fleet and infrastructure investment of c.£500m and c.£230m spend on value-accret
Slide 6: Agenda
Agenda 1. Headlines 2. Financial review 3. Business review 4. Summary
Slide 7: Continued strong financial performance in FY 2026
Continued strong financial performance in FY 2026 • Adjusted operating profit marginally lower than FY 2025: £m (from continuing operations) FY 2026 FY 2025 Change % - First Bus +£7m Adjusted revenue 1,715.7 1,370.0 25.2% - First Rail £(19)m: SWR transition in May 2025, £7m lower IFRS 16 adjustment
Slide 8: Bus acquisitions drive 25% increase in Group adjusted revenue
Bus acquisitions drive 25% increase in Group adjusted revenue 287.0 4.8 1,715.7 (21.2) 50.2 1,370.0 24.9 FY 2025 Regional Business Bus Open access & DfT TOCs & FY 2026 £m Bus & Coach Franchising contracted rail Rail Services £m • Regional Bus up 2%: yield improvements and concession • Franchising in
Slide 9: Profit growth continues in First Bus
Profit growth continues in First Bus First Bus adjusted operating profit up 7% despite significant step down in fare funding and c.£15m NI impact 15.6 102.8 96.0 66.8 25.9 (25.8) (32.7) (15.4) (27.6) FY 2025 £3 fare National Regional Bus Yield Inflation Efficiencies Acquisitions FY 2026 (£m) funding
Slide 10: First Rail's earnings decline as SWR transitions to public ownership
First Rail’s earnings decline as SWR transitions to public ownership First Rail adjusting operating profit includes further growth in open access and Rail Services 148.8 4.8 3.3 129.9 (12.1) (6.8) (6.3) (1.8) FY 2025 SWR transition DfT TOC Open access & Stirling Infrastructure Other movements FY 202
Slide 11: Continued growth in Group adjusted EPS, up 5%
Continued growth in Group adjusted EPS, up 5% 1.1p 1.5p 20.3p 19.4p 1.0p 0.2p 18.8p (1.0)p (1.9)p FY 2025 Open access & DfT TOCs & First Bus Group Interest FY 2026 Buyback FY 2026 contracted rail Rail Services items pre-buyback 1 1 DfT TOCs: Pre-IFRS 16 basis net of tax and non-controlling interests
Slide 12: Cash generation enables investment in fleet, growth and returns
Cash generation enables investment in fleet, growth and returns 16.0 266.2 45.4 204.8 + 25% 20.0 21.2 (12.9) 73.8 (189.9) (30.8) EBITDA DfT TOCs Working Cash from Net Disposal Pension Tax & Other Free cash flow excl DfT TOCs capital operations capex proceeds escrow interest FY 2026 Our disciplined c
Slide 13: Financial outlook for FY 2027
Financial outlook for FY 2027 Following a stronger outturn for FY 2026, we expect to maintain adjusted EPS and progressive dividend in FY 2027, from a higher quality earnings base • Revenue growth to just over £1.5bn First Bus • Further progress in adjusted operating profit • Open access: anticipate
Slide 14: Agenda
Agenda 1. Headlines 2. Financial review 3. Business review 4. Summary
Slide 15: Transformation of First Bus continues
Transformation of First Bus continues First Bus revenues have grown from c.£800m in FY 2022 to £1.4bn in FY 2026 and we have scope to grow further, with a medium-term adjusted operating profit margin of 8-9% Regional bus 1,500 120 Local tendered and contracted bus services with fare-paying passenger
Slide 16: Regional Bus – an agile business focused on delivery and customer experience
Regional Bus – an agile business focused on delivery and customer experience A pivotal year as we managed the transition to the £3 fare cap, increased NI contributions and ongoing industry wide inflationary pressures Regional Bus FY 2026 FY 2025 Change • FY 2026 revenue up 3% despite significant hea
Slide 17: Growing our market share and national footprint in Business and Coach
Growing our market share and national footprint in Business and Coach We are building a portfolio of well-established businesses and assets in key markets • FY 2026 revenue up 28% to £230m; 63% contracted • Our fleet of c.1,000 vehicles, (including nearly 600 coaches - av. age 8 years) will enable e
Slide 18: Driving operational excellence in franchise operations
Driving operational excellence in franchise operations Our proven expertise and London performance position us well to support the transition to franchising First Bus London • FY 2026 revenue of £310m supported by disciplined contract bidding and strong operational performance • 99% of contract reve
Slide 19: Leading in Bus electrification and unlocking value
Leading in Bus electrification and unlocking value Targeted investment, alongside available co-funding is strengthening our asset base and unlocking future revenue opportunities • 26% of our bus fleet zero emission at end of March (43% of red buses in London) • Four fully and 17 partially electric F
Slide 20: Progress in Rail diversification as TOC nationalisation commences
Progress in Rail diversification as TOC nationalisation commences FY 2026 was an important year for First Rail with the award of the London Overground contract and growth in open access FY 2026 Highlights • Award of London Overground contract (revenues of c.£3bn over eight-year contract and two-year
Slide 21: Good performance in open access as we invest for new route growth
Good performance in open access as we invest for new route growth Hull Trains & Lumo FY 2026 FY 2025 Change % Revenue (£m) 109.3 106.4 3% Pence per seat mile (p) 11.1 11.1 - Adjusted operating profit (£m) 25.6 34.1 (25)% Passenger journeys (m) 3.08 2.95 4% Seat miles operated (m) 926 921 1% Seat mil
Slide 22: Our open access capacity is set to more than double
Our open access capacity is set to more than double Expanding our open access capacity is a key strategic priority for the Group • We will more than double our open access capacity in the First Rail open access planned seat miles (m) next two to three years • Track access rights awarded for Lumo Edi
Slide 23: Agenda
Agenda 1. Headlines 2. Financial review 3. Business review 4. Summary
Slide 24: Positioned for growth and long-term value creation
Positioned for growth and long-term value creation Our focus on delivery, portfolio growth and diversification, positions the Group for sustained value creation and further material returns • On course to maintain adjusted EPS in FY 2027 from higher-quality earnings base • First Bus: further scope t
Slide 25: Appendix
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Slide 26: Leading in Sustainability is one of our four strategic pillars
Leading in Sustainability is one of our four strategic pillars Investing in decarbonisation, enhancing our operations and driving modal shift reduces our environmental impact, supports growth and prosperity in our communities and is a key driver of our commercial success ‘AAA’ ranking on MSCI ESG in
Slide 27: Our Climate Transition Plan
Our Climate Transition Plan We have a comprehensive strategy to meaningfully reduce emissions, manage climate-related risks, drive modal shift and contribute to growth and prosperity in the communities we serve. • Prepared in alignment with the • In addition to our commitment to Transition Plan Task
Slide 28: London Overground contract
London Overground contract The award of the London Overground contract recognises our rail expertise and in-house delivery capability • Suburban rail network spanning six routes, 100 miles of railway, 113 stations, 111 electric trains and carrying c.4m passengers a week • Initial eight-year contract
Slide 29: Group Adjusted earnings
Group Adjusted earnings Our earnings include underlying fees from rail £m FY 2026 FY 2025 contracts to reflect the Group's risk and adjust for Group Adjusted earnings comprise: TOC IFRS 16 leases where the Group has minimal risk. First Bus adjusted operating profit 102.8 96.0 First Rail adjusted ope
Slide 30: Cash flow by division
Cash flow by division FY 2026 FY 2025 Open Open DfT TOCs & access & Group access & DfT TOCs & £m Rail First Bus Total First Bus Group items Total contracted items contracted Rail Services Services rail rail EBITDA 27.9 23.3 164.7 (11.1) 204.8 37.0 3.8 144.0 (21.4) 163.4 DfT TOC Management fees - 45.
Slide 31: Reconciliation of Statutory to Adjusted cash flows
Reconciliation of Statutory to Adjusted cash flows Ring fenced cash £m Statutory movements IFRS 16 Other movements Adjusted EBITDA 702.9 (44.3) (453.8) - 204.8 Management fees - 45.4 - - 45.4 Working capital 53.3 6.9 (5.7) (38.5) 16.0 Cash flow from operations 756.2 8.0 (459.5) (38.5) 266.2 Capex (2
Slide 32: Group accounting for the DfT TOCs
Group accounting for the DfT TOCs • Although the Group has very limited revenue, cost and contingent capital risk under the DfT National Rail Contracts, under IFRS 16 disclosure requirements, we are required to recognise right of use assets and lease liabilities for all leases with terms over 12 mon
Slide 33: First Rail FY 2026 earnings
First Rail FY 2026 earnings Adjusted Revenue £m FY 2026 FY 2025 Change DfT TOCs and Rail Services1 130.6 151.8 (21.2) Open access and contracted rail 141.8 137.0 4.8 Total First Rail adjusted revenue 272.4 288.8 (16.4) Adjusted operating profit £m FY 2026 FY 2025 Change DfT TOCs and Rail Services2 6
Slide 34: IFRS 16 (leases) and First Rail DfT TOCs earnings
IFRS 16 (leases) and First Rail DfT TOCs earnings • As at 28 March 2026, £782.2m of leased assets were recognised as Right of Use assets on the balance sheet and £850.0m of IFRS 16 lease liabilities were recognised in reported net debt, of which £702.4m or 83% related to the First Rail division (pri
Slide 35: DfT-Contracted TOCs transition to public ownership
DfT-Contracted TOCs transition to public ownership • The Government’s announced policy is to bring the National Rail Contracts into public ownership at the earliest possible opportunity • The Government announced that SWR would be the first DfT TOC to transition on 25 May 2025, with subsequent contr
Slide 36: Definitions
Definitions • 'Adjusted revenue' is revenue excluding that element of DfT TOC • ‘Commercial bus businesses’ regulated, open bus services for the revenue, and related intercompany eliminations, where the Group general public, provided without any dedicated financial support for takes substantially no
Slide 37: Important notice
Important notice This presentation includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including (but not limited to) the terms anticipates, believes, could, estimates, expects
Slide 38: First
First 7