Mobico Group Plc · LSE:MCG
Mobico — 15m to 31 March 2026 Earnings Presentation
30 slides from Mobico's earnings presentation, Jul 29, 2026
Slide 1: Simplify Strengthen Succeed
Simplify Strengthen Succeed Mobico Group PLC Audited results for the 15-month period ending 1 31 March 2026
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 Highlights Financial review Operational review Concluding remarks 3
Slide 4: Building a stronger platform to address legacy issues
Building a stronger platform to address legacy issues Good trading momentum with continued focus on cash flow generation Cost savings and efficiencies Enhancing cash flow generation Priorities • On track to achieve cost savings of £75m in CY • CY 2026 Operating Profit guidance increased 2026 to £215
Slide 5: Agenda
Agenda Highlights Financial review Operational review Concluding remarks 5
Slide 6: Our 15-month results
Our 15-month results CY 2025 financial overview Continued topline growth, focusing on Free Cash Flow generation Continuing operations 15m 2026 15m 20251 Change 12m 2024 Adjusted Revenue £3.42b £3.23b 5.9% £2.60b Adjusted Operating Profit £231.0m £196.5m 17.6% £179.4m Statutory Operating Profit2 £11.
Slide 7: Q1 2026 trading – continued momentum
Q1 2026 trading – continued momentum Key Adjusting items Strong Alsa performance and Germany stabilised, addressing challenges in WeDriveU and UK Coach £m Revenue1 Operating Profit1 Q1 2026 Q1 2025 Change Q1 2026 Q1 2025 Change Alsa 350.8 322.3 28.5 37.0 31.3 5.7 WeDriveU 97.6 111.4 (13.8) 4.8 1.0 3
Slide 8: 2026 outlook and guidance
2026 outlook and guidance Key Adjusting items £m Operating Profit1 12m 2024 12m 20252 CY 2026 outlook vs. 12m 2025 Alsa 186.1 212.0 Strong growth momentum to continue WeDriveU 29.3 20.2 Broadly in-line with 12m 2025 UK Coach 4.6 (11.9) Q1 run rate losses to reduce UK Bus3 3.4 7.3 Broadly breakeven,
Slide 9: Managing the impact of legacy liabilities
Managing the impact of legacy liabilities Key Adjusting items Business generating sufficient cash to address legacy liabilities Legacy liabilities Impact Actions being taken Retained NASB • Improved management of claims ~£62.5m outflow expected over five-years claims • Programme to reduce risk of fu
Slide 10: Free cash flow improvement excluding NASB impact
Free cash flow improvement excluding NASB impact Group cash flow excluding NASB1 £m 3m 2026 12m 2025 12m 2024 Total Capex: EBITDA 82.9 341.8 338.8 2026: ~£135m; and Net maintenance capex (32.2) (132.6) (113.8) 2027 onwards: <£120m p.a. Working capital 22.2 22.4 49.9 Pension deficit (3.9) (7.8) (7.6)
Slide 11: Reduction in net debt post NASB sale
Reduction in net debt post NASB sale As part of NASB transaction: £m 15m 2026 12m 2024 • £86m cash outflow made prior to sale Free cash flow after growth capex and M&A 39.61 98.7 • ~£90m of retained claims (~£62.5m remaining) Disposals of businesses 286.4 - • £35m post transaction dispute Adjusting
Slide 12: Sufficient liquidity for 2027 maturities
Sufficient liquidity for 2027 maturities CY 2025 financial overview Private placement maturities of £233m in May/June 2027 Instrument Effective interest Maturity rate Private Placements (USPP) ~1.9% 2027-2032 £m 9-year Sterling bond 3.63% Nov 2028 Hybrid not redeemed at the 8-year €500m Euro bond 4.
Slide 13: Debt reduction remains our top priority
Debt reduction remains our top priority CY 2025 financial overview Strategic initiatives underway ✓ Ongoing focus on operational improvements to generate strong, predictable free cash flow ✓ Addressing the financial impact of legacy liabilities ✓ Progressing monetisation of UK Bus assets to de-risk
Slide 14: Agenda
Agenda Highlights Financial review Operational review Concluding remarks 14
Slide 15: Key strategic initiatives underway
Key strategic initiatives underway CY 2025 financial overview 1 2 Focus on stabilising De-risking operations of contracts 3 4 Cost savings and Continue to win boosting cash new business generation 15
Slide 16: Operational focus remains on boosting cashflows
Operational focus remains on boosting cashflows Progress made on simplifying and strengthening What we said at 12m 2025 results Progress Impact Deliver cost savings and tighter On track to deliver £75m in savings £100m run rate savings control over capex Capex discipline, targeting £120m p.a. from 2
Slide 17: Alsa’s diversification strategy continues to deliver
Alsa’s diversification strategy continues to deliver Highlights Revenue by business ➢ Revenue from Diversification up 80% with Operating Profit up 30% Long Haul ➢ Positive EBIT contribution in Morocco despite €19m revenue impact 16% 25% Regional ➢ 349m passengers transported in Spain (up 8.8%); 100%
Slide 18: Well positioned for long-haul renewals
Well positioned for long-haul renewals Background and expected timing • Alsa operates regional, long-haul and urban services via concessions, with 5-10% of total Alsa revenue up for renewal each year • Alongside usual renewals, all Long Haul concessions are expected to be renewed from 2027 to 2029 •
Slide 19: WeDriveU – focus on profitable core operations
WeDriveU – focus on profitable core operations Highlights Streamlined business model and transformation plan • Exited loss-making contracts: to refocus on profitable Near-term priorities: Strengthen governance & risk management, Highlights core operations and growth modernise digital/data systems, a
Slide 20: UK Coach – intense competition to continue
UK Coach – intense competition to continue Highlights Integration initiatives include: • Passenger volumes reduced by only 4.8% vs 15m 2025 despite strong competition Significant variable and overhead cost savings • Record result in Ireland Improved dynamic pricing mechanisms • Network optimisation
Slide 21: UK Bus – monetisation progressing
UK Bus – monetisation progressing Preparing for franchising in the West Midlands through asset monetisation Transition to franchising Strategic asset monetisation De-risking of liabilities Transition to franchising (from 2027 to Acocks Green depot and Oak Road Targeting a commercial transfer of ZEV
Slide 22: German Rail – successful rebalancing
German Rail – successful rebalancing Highlights • German Rail business stabilised - now operating on a cash neutral basis and structurally derisked • Established platform in Germany’s largest rail market (North Rhine-Westphalia) • Timetable reliability fully restored in Q4 2025, backed by a +27% inc
Slide 23: Strengthening Mobico through Alsa’s expertise
Strengthening Mobico through Alsa’s expertise CY 2025 financial overview Operational initiatives are underway to boost cash generation Alsa-based business oversight model with proven track record of improving margins On track to deliver £75m 2026 cost savings through new streamlined organisational s
Slide 24: Agenda
Agenda Highlights Financial review Operational review Concluding remarks 24
Slide 25: Concluding remarks
Concluding remarks CY 2025 financial overview Strong momentum in Alsa and stabilisation of German Rail Substantial progress made to date on our ‘Simplify, Strengthen, Succeed’ strategy Progressing the monetisation of UK Bus assets to de-risk the business Calendar year operating profit guidance revis
Slide 26: Q&A
Q&A 26
Slide 27: Appendix
Appendix 27
Slide 28: Adjusting items for the 15-month period
Adjusting items for the 15-month period Key Adjusting items Profit Cash £m 15m 2026 12m 2024 15m 2026 12m 2024 Adjusted Operating Profit 231.0 179.4 – – Re-measurement of German Rail RRX onerous contract provisions 4.7 (86.4) (72.2) (45.8) Re-measurement of WeDriveU onerous contract provisions (38.6
Slide 29: Free cash flow improvement excluding NASB impact
Free cash flow improvement excluding NASB impact Group including NASB NASB impact Group excluding NASB £m 15m 20261 12m 2024 15m 2026 12m 2024 15m 2026 12m 2024 EBITDA 464.8 434.1 40.1 95.3 424.7 338.8 Net maintenance capex (187.8) (161.9) (23.0) (48.1) (164.8) (113.8) Working capital (4.9) 52.6 (49
Slide 30: 2026 Financial Calendar
2026 Financial Calendar CY 2025 financial overview 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, release
Mobico Group — 15m to 31 March 2026 Earnings Presentation on 6ix