Firstgroup Plc · LSE:FGP
Firstgroup — Berenberg UK Corporate Conference 2026
23 slides from Firstgroup's conference presentation, Mar 17, 2026
Slide 1: FirstGroup Berenberg UK Corporate Conference
FirstGroup Berenberg UK Corporate Conference 17 March 2026
Slide 2: A leading UK bus and rail operator
A leading UK bus and rail operator Our businesses are at the heart of our communities and the services we provide support the delivery of wider economic, social and environmental goals First Bus First Rail One of the largest bus operators in the UK, transporting More than 25 years’ experience in
Slide 3: H1 2026 Strategic Delivery
H1 2026 Strategic Delivery We maintained our positive earnings trajectory despite lower funding and continued inflationary pressures in First Bus and a c.£16m impact of increased employer national insurance contributions Deliver, day in Drive modal shift Lead in Diversify day out sustainability our
Slide 4: Continued growth in earnings per share
Continued growth in earnings per share 0.2p 0.3p 0.1p 9.1p 0.8p 9.9p 8.5p 0.5p (0.5)p H1 2025 Open Access First Bus Group DfT TOCs Interest H1 2026 Buyback H1 2026 & Rail items pre-buyback Services • First Rail open access & Rail Services: passenger revenue • DfT TOCs1: higher variable fee income pa
Slide 5: We have a disciplined capital allocation policy
We have a disciplined capital allocation policy The Group’s strong cash conversion and balance sheet strength enables investment in sustainable, value accretive growth and progressive shareholder returns Maintain a strong Invest in Deliver progressive Return surplus cash balance sheet future growth
Slide 6: Strong cash generation underpins investment in growth, fleet and returns
Strong cash generation underpins investment in growth, fleet and returns Free cash flow of £78.3m before acquisitions and returns (FY 2025: £113.5m) Cash generated from operations of £223.7m (FY 2025: £207.4m) 37.9 4.4 181.4 78.1 (126.5) (6.5) (12.4) (0.2) (149.5) (37.1) (99.1) (207.6) H1 2025 EBITD
Slide 7: First Bus – an agile and efficient business
First Bus – an agile and efficient business Sustained growth in adjusted operating profit as we continue to transform the business +4% in H1 2026 to £42.7m driven by yield management, cost efficiencies, contract wins and extensions in Business and Coach and contribution of new businesses, includin
Slide 8: First Bus – a leader in electrification
First Bus – a leader in electrification We have continued our accelerated investment in bus decarbonisation whilst government co-funding has been available c.1,280 zero emission buses at end of Sept, including in London; c.23% of our fleet; 3 fully electric depots and 17 partially electric dep
Slide 9: First Rail open access – strong performance and growth ahead
First Rail open access – strong performance and growth ahead Hull Trains and Lumo continue to perform well Passenger revenue grew again in H1 2026 thanks to strong demand and effective yield management Seat miles utilisation remains high for both operators, well above the rail industry benchmark
Slide 10: First Rail – bringing significant expertise to the rail industry
First Rail – bringing significant expertise to the rail industry First Rail was awarded the London Overground contract in December by Transport for London (TfL) Initial eight-year term contract from 3 May 2026 with an option to extend for up to two additional years at TfL’s discretion TfL retain
Slide 11: A strong foundation for sustainable value accretive growth
A strong foundation for sustainable value accretive growth As the UK bus and rail sectors transition, we are well positioned to leverage our strong asset base, drive further efficiencies and create further value for all our stakeholders We expect modest growth in adjusted earnings per share in FY
Slide 12: Appendix
ANNIVERSARY. 2.0:0,0.02.0.205, Appendix
Slide 13: Leading in Sustainability is one of our four strategic pillars
Appendix: 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
Slide 14: Adjusted revenue grew 30% in H1 2026
Appendix: Adjusted revenue grew 30% in H1 2026 30.2 1.3 5.5 833.6 150.2 (1.9) 639.6 8.7 H1 2025 First Bus First Bus London First Bus Open Access Other Rail DfT TOC H1 2026 £m passenger acquisition Other revenue growth Services variable fees £m revenue growth • First Bus regional passenger revenue gr
Slide 15: Group Adjusted revenue and earnings
Appendix: Group Adjusted revenue and earnings Our revenue and earnings include underlying fees from rail contracts to reflect the Group's risk and adjust for TOC IFRS 16 leases where the Group has minimal risk. £m H1 2026 H1 2025 £m H1 2026 H1 2025 Adjusted revenue reconciliation: Group Adjusted ear
Slide 16: Cash flow by division
Appendix: Cash flow by division H1 2026 H1 2025 Open Open Group Group £m Access & DfT TOCs First Bus Total Access & DfT TOCs First Bus Total items items Other Rail Other Rail EBITDA 28.9 - 73.3 (5.7) 96.5 22.5 - 63.9 (7.9) 78.5 DfT TOC Management fees - 9.2 - - 9.2 - 9.2 - - 9.2 Working capital (5.0
Slide 17: Reconciliation of Statutory to Adjusted cash flows
Appendix: Reconciliation of Statutory to Adjusted cash flows Ring fenced cash £m Statutory movements IFRS 16 Other movements Adjusted EBITDA 341.6 (23.5) (221.8) 0.2 96.5 Management fees - 9.2 - - 9.2 Working capital (119.4) 75.9 (1.1) 27.3 (17.3) Cash flow from operations 222.2 61.6 (222.9) 27.5 88
Slide 18: IFRS 16 (leases) and First Rail DfT TOCs earnings
Appendix: IFRS 16 (leases) and First Rail DfT TOCs earnings • As at 27 September 2025, £1.0bn of leased assets were recognised as Right of Use assets on the balance sheet • As at the H1 2026 balance sheet date, £1,017.2m of IFRS 16 lease liabilities were recognised in reported net debt, of which £87
Slide 19: Group accounting for the DfT TOCs and SWR transition
Appendix: Group accounting for the DfT TOCs and SWR transition • 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
Slide 20: DfT-Contracted TOCs transition to public ownership
Appendix: 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 subseq
Slide 21: Definitions
Appendix: Definitions • 'Adjusted revenue' is revenue excluding that element of DfT TOC revenue, and related intercompany eliminations, where the Group takes substantially no revenue risk. The Adjusted revenue measure includes management and performance fee income earned by the Group from its DfT TO
Slide 22: 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 23: 17 March 2026
17 March 2026