Audited results for 15 months ending 31 March 2026

About this update from Mobico Group Plc

[{"type":"text","content":"\n \n Mobico Group PLC \n Audited results for the 15-months ending 31 March 2026 \n Trading momentum continues into 2026 with clear focus on addressing legacy commitments \n Highlights for the 3 and 15-month periods ending 31 March 2026 (3m 2026 and 15m 2026) \n ▪     Adjusted Revenue of £3.42bn (+5.9% vs. 15m 2025 of £3.23bn, 12m 2024: £2.60bn) \n o  Alsa Adjusted Revenue increased to £1.84bn (+11.5% vs. 15m 2025), reflecting strong performance which continued into the quarter ending 31 March 2026 (3m 2026: +8.8% vs. 3m 2025) \n o  Increased competition in UK Coach has affected yields and volumes. Following integration into Alsa, initiatives are underway to improve operational performance, improve competitiveness and drive synergies \n o  Group revenue for 3m 2026 of £660m (+4.3% vs. 3m 2025) driven by Alsa and full service-levels in Germany \n ▪     Adjusted Operating Profit of £231m (15m 2025: £196m, 12m 2024: £180m) \n o  Statutory Operating Profit of £12m (15m 2025: £42m, 12m 2024: £32m), impacted by one-off adjusting items, primarily non-cash items including impairments and increases in provisions \n o  Adjusted Operating Profit for 3m 2026 of £33m (3m 2025: £17m) driven by Alsa and German Rail \n ▪     Covenant gearing of 2.9x (Dec 2025: 2.7x, Dec 2024: 2.8x) \n o  Liquidity of £0.8bn as at 31 March 2026, consisting of £242m in net cash and an undrawn £600m revolving credit facility (RCF) \n o  Free Cash Flow of £132m (12m 2025: £77m, 12m 2024: £216m) with the decrease on 12m 2024 reflecting cash outflows related to NASB prior to sale completion in July 2025 \n ▪     Progress on simplifying and strengthening the business \n o  Active focus on managing cash outflows associated with legacy liabilities \n o  Revised contracts signed with the German Public Transport Authorities (PTAs) post period-end. The benefits are not reflected in these results but will improve EBITDA in future results with effect from 1 January 2026 \n o  UK Bus asset monetisation progressing with completion expected ahead of the transition to franchising   \n o  Sale of NASB and National Express Transport Solutions completed \n o  In 15m 2026, the Group won 28 new contracts with annualised revenue of £109m and total contract values of £682m \n ▪     Outlook \n o  On track to deliver £100m of annualised opex savings and reduce capex to below £120m in 2027 (12m 2025: £152m excluding NASB) \n o  Adjusted Operating Profit guidance for calendar year 2026 1 increased from £195 - 210m to £215m - 230m \n o  A small reduction in Covenant gearing expected at 31 December 2026 \n o  Exposure to fuel costs managed through contractual protections and hedges which provide certainty in the short to medium-term (100% in 2026, 53% in 2027 and 23% in 2028 at prices lower than 2025) \n Paco Iglesias, Group CEO, said: \n \"Mobico has maintained its positive performance through the first quarter of 2026, driven by continued growth in Alsa and a resumption of full-service levels in Germany from the end of 2025. We are increasing our Adjusted Operating Profit guidance for calendar year 2026 to £215 - 230m. Whilst challenges remain within our US and UK operations, we are actively addressing these and are making substantial progress through our 'Simplify, Strengthen, Succeed' strategy which is centered on a leaner, more integrated, approach across the Group and which is on track to generate £100m of annualised cost savings. \n Debt reduction remains the Board's key priority; however, cash outflows associated with legacy liabilities continue to constrain our capacity to reduce net debt. We are working closely with our advisers to evaluate all our available strategic and financial options to accelerate leverage reduction, and expect to provide an update in the second half of the year.\" \n   \n Webcast presentation for institutional investors and analysts at 09:00am BST today \n Mobico's Executive Chair, Phil White, Group CEO, Paco Iglesias and Group CFO, Brian Egan, will host a webcast for institutional investors and analysts. \n To join online:  https://connectstudio-portal.world-television.com/en/6a0c4819a6536a1fdddd92c4 \n A recording will be made available later in the day on the website:  https://www.mobicogroup.com/investors/     \n Investor Meet Company webcast at 10.15am BST today \n Mobico's Executive Chair, Phil White, Group CEO, Paco Iglesias and Group CFO, Brian Egan, will also host a webcast for retail investors. \n To join online:  https://www.investormeetcompany.com/mobico-group-plc/register-investor \n   \n For further information, please contact:  \n Mobico Group PLC \n \n \n \n \n Investor Relations \n \n \n [email protected] \n \n \n \n \n Headland \n \n \n \n \n Matt Denham \n \n \n +44 (0)7551 825 496 \n \n \n \n \n Antonia Pollock \n \n \n +44 (0)7789 954 356 \n \n \n \n \n   \n About Mobico Group \n Mobico is a leading, international shared mobility provider with bus, coach and rail services in the UK, the US, continental Europe, North Africa and the Middle East. \n Notes \n 1.   Legal Entity Identifier: 213800A8IQEMY8PA5X34 \n 2.  This announcement contains forward-looking statements with respect to the financial condition, results, and business of Mobico Group. By their nature, forward-looking statements involve risk and uncertainty and there may be subsequent variations to estimates. Mobico's actual future results may differ materially from the results expressed or implied in these forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, Mobico does not undertake to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Forward-looking statements can be made in writing but also may be made verbally by members of the management of the Group (including without limitation, during management presentations to financial analysts) in connection with this announcement. \n   \n Group financial summary \n The Group has extended its financial year-end to 31 March 2026 for this reporting period. Consequently, these results comprise a 15-month statutory period. The prior statutory period comprises the 12-months ending 31 December 2024. \n To assist investors with year-on-year comparisons, we have also provided comparators for the 15-month period ending 31 March 2025 (unaudited) where applicable. \n   \n \n \n \n \n Continuing operations \n \n \n 15-months ending \n 31 March 2026 \n (15m 2026) \n \n \n 12-months ending \n 31 December 2024 \n (12m 2024) 1 \n \n \n (Proforma) \n 15-months ending \n 31 March 2025 (15m 2025) \n \n \n Change (15m vs. 15m) \n \n \n \n \n Group Adjusted 2 Revenue \n \n \n £3.42bn \n \n \n £2.60bn \n \n \n £3.23bn \n \n \n 5.9% \n \n \n \n \n Group Adjusted 2 EBITDA \n \n \n £464.8m \n \n \n £434.1m \n \n \n \n \n \n   \n \n \n \n \n Group Adjusted 2 Operating Profit \n \n \n £231.0m \n \n \n £179.4m \n \n \n £196.5m \n \n \n 17.6% \n \n \n \n \n Group Adjusted 2 Profit before Tax \n \n \n £136.1m \n \n \n £99.5m \n \n \n £96.5m \n \n \n 41.0% \n \n \n \n \n Group Adjusted 2 Profit for the Period 3 \n \n \n £71.0m \n \n \n £54.7m \n \n \n \n \n \n   \n \n \n \n \n Return on Capital Employed 4 \n \n \n 21.5% \n \n \n 10.0% \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Statutory \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Group Revenue \n \n \n £3.36bn \n \n \n £2.60bn \n \n \n £3.23bn \n \n \n 4.0% \n \n \n \n \n Group Operating Profit \n \n \n £11.7m \n \n \n £32.3m \n \n \n £42.5m \n \n \n (72.5)% \n \n \n \n \n Group Loss before Tax \n \n \n £(89.2)m \n \n \n £(50.4)m \n \n \n £(60.3)m \n \n \n (47.9)% \n \n \n \n \n Group Loss for the Period 3 \n \n \n £(328.6)m \n \n \n £(801.1)m \n \n \n \n \n \n \n \n \n \n \n Basic EPS \n \n \n (28.2)p \n \n \n (28.6)p \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Free Cash Flow 4 \n \n \n £131.8m \n \n \n £215.9m \n \n \n \n \n \n \n \n \n \n \n Net Debt 4 \n \n \n £1,133.6m \n \n \n £1,248.6m \n \n \n \n \n \n \n \n \n \n \n Covenant Gearing 4 \n \n \n 2.9x \n \n \n 2.8x \n \n \n \n \n \n \n \n \n \n \n 1 Restated for a German Rail prior year restatement and to represent prior periods for discontinued operations, see notes 1 & 8 in the Financial Statements for further information. \n 2 To supplement IFRS reporting, we also present our results (including EBITDA) on an adjusted basis to show the performance of the business before adjusting items. These are detailed in note 5 to the Financial Statements and principally comprise intangible amortisation for acquired businesses, re-measurement of historic onerous contract provisions and impairments. In addition to performance measures directly observable in the Group financial statements (IFRS measures), alternative financial measures are presented that are used internally by management as key measures to assess performance. \n 3 Includes Profit/(Loss) from discontinued operations. \n 4 These are alternative performance measures and include discontinued operations. \n   \n Divisional financial summary \n To aid comparability, proforma unaudited results for the 15-month period ending 31 March 2025 (15m 2025) and the 12-month period ending 31 December 2025 (12m 2025) are shown together with results for the March 2026 quarter (3m 2026) and for the March 2025 quarter (3m 2025). The 3m 2026 period is calculated as the mathematical difference between the audited 15-month results and the previously reported 12-month unaudited results. \n \n \n \n \n £m \n \n \n 15-months ending March \n \n \n 3-months ending March 1 \n \n \n 12-months ending December \n \n \n \n \n 15m 2026 \n \n \n 15m 2025 2 \n \n \n Change \n \n \n 3m 2026 2 \n \n \n 3m 2025 2 \n \n \n Change \n \n \n 12m 2025 2 \n \n \n 12m 2024 \n \n \n Change \n \n \n \n \n Adjusted Revenue \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Alsa \n \n \n 1,839.1 \n \n \n 1,649.9 \n \n \n 11.5% \n \n \n 350.8 \n \n \n 322.3 \n \n \n 8.8% \n \n \n 1,488.3 \n \n \n 1,327.6 \n \n \n 12.1% \n \n \n \n \n WeDriveU \n \n \n 529.8 \n \n \n 524.1 \n \n \n 1.1% \n \n \n 97.6 \n \n \n 111.4 \n \n \n (12.4)% \n \n \n 432.2 \n \n \n 412.7 \n \n \n 4.7% \n \n \n \n \n UK Coach \n \n \n 380.2 \n \n \n 408.7 \n \n \n (7.0)% \n \n \n 65.2 \n \n \n 72.9 \n \n \n (10.6)% \n \n \n 315.0 \n \n \n 335.8 \n \n \n (6.2)% \n \n \n \n \n UK Bus \n \n \n 337.8 \n \n \n 332.7 \n \n \n 1.5% \n \n \n 65.9 \n \n \n 67.3 \n \n \n (2.1)% \n \n \n 271.9 \n \n \n 265.4 \n \n \n 2.4% \n \n \n \n \n German Rail \n \n \n 333.0 \n \n \n 314.7 \n \n \n 5.8% \n \n \n 80.6 \n \n \n 58.7 \n \n \n 37.3% \n \n \n 252.4 \n \n \n 256.0 \n \n \n (1.4)% \n \n \n \n \n Total \n \n \n 3,419.9 \n \n \n 3,230.1 \n \n \n 5.9% \n \n \n 660.1 \n \n \n 632.6 \n \n \n 4.3% \n \n \n 2,759.8 \n \n \n 2,597.5 \n \n \n 6.2% \n \n \n \n \n Adjusted Operating Profit/(loss) \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Alsa \n \n \n 249.0 \n \n \n 217.4 \n \n \n 14.5% \n \n \n 37.0 \n \n \n 31.3 \n \n \n 18.2% \n \n \n 212.0 \n \n \n 186.1 \n \n \n 13.9% \n \n \n \n \n WeDriveU \n \n \n 25.0 \n \n \n 30.3 \n \n \n (17.5)% \n \n \n 4.8 \n \n \n 1.0 \n \n \n 380.0% \n \n \n 20.2 \n \n \n 29.3 \n \n \n (31.1)% \n \n \n \n \n UK Coach 3 \n \n \n (22.9) \n \n \n (2.0) \n \n \n (1045)% \n \n \n (11.0) \n \n \n (6.6) \n \n \n (66.7)% \n \n \n  (11.9) \n \n \n 4.6  \n \n \n N/A% \n \n \n \n \n UK Bus 3 \n \n \n 2.4 \n \n \n 2.8 \n \n \n (14.3)% \n \n \n (4.9) \n \n \n (0.6) \n \n \n (716.7)% \n \n \n  7.3 \n \n \n 3.4 \n \n \n  114.7% \n \n \n \n \n German Rail \n \n \n 17.0 \n \n \n (11.9) \n \n \n N/A \n \n \n 10.4 \n \n \n (1.8) \n \n \n N/A \n \n \n 6.6 \n \n \n (10.1) \n \n \n N/A \n \n \n \n \n Central Functions \n \n \n (39.5) \n \n \n (40.1) \n \n \n 1.5% \n \n \n (3.3) \n \n \n (6.2) \n \n \n 46.8% \n \n \n (36.2) \n \n \n (33.9) \n \n \n (6.8)% \n \n \n \n \n Total \n \n \n 231.0 \n \n \n 196.5 \n \n \n 17.6% \n \n \n 33.0 \n \n \n 17.1 \n \n \n 93.0% \n \n \n 198.0 \n \n \n 179.4 \n \n \n 10.4% \n \n \n \n \n Operating Margin \n \n \n 6.8% \n \n \n 6.1% \n \n \n 0.7pp \n \n \n 5.0% \n \n \n 2.7% \n \n \n 2.3pp \n \n \n 7.2% \n \n \n 6.9% \n \n \n 0.3pp \n \n \n \n \n   \n 1 To illustrate financial progress following the previously disclosed 12-month unaudited results, this report presents a Year-over-Year (YoY) comparison of the final three months of our extended 15-month reporting period. The financial information for the 2026 three-month period (3m 2026) is calculated as the mathematical difference between the audited 15-month results and the previously reported 12-month unaudited results. Accordingly, these figures have not been independently retranslated at current-period foreign exchange (FX) rates. Instead, they reflect the FX rates and translation methodologies embedded within the historical 12-month and final 15-month financial statements. \n 2 Results are unaudited. \n 3 The Adjusted Operating Profit split between UK Coach and UK Bus has not previously been presented. \n   \n Group financial and operating performance \n Continuing operations ( 15m 2026 vs. unaudited 15m 2025) \n   \n Group Adjusted Revenue increased by £189.8m or 5.9% whilst Adjusted Operating Profit increased by £34.5m or 17.6%. Overall, the Adjusted Operating Profit margin increased from 6.1% to 6.8%. Alsa delivered another record performance in 15m 2026, driven by strong growth in Spain and diversified revenue streams. This was partially offset by weaker performance in UK Coach and WeDriveU. During the period, the Group continued to simplify its operating model and reduce costs, taking steps to create a leaner, more integrated, organisation. \n   \n Alsa Adjusted Revenue grew 11.5% on a reported basis and 9.6% on a constant currency basis relative to 15m 2025. Adjusted Operating Profit grew 14.5% on a reported basis and 12.6% on a constant currency basis. The increase reflects continued strong performance in Spain, especially in Regional and Urban routes. \n   \n WeDriveU revenue increased 1.1% on a reported basis and 5.1% on a constant currency basis compared to 15m 2025. Adjusted Operating Profit decreased 17.5% on a reported basis and 14.2% on a constant currency basis. Revenue expansion has been driven by new contract wins, whilst Adjusted Operating Profit was impacted by losses in WMATA prior to utilisation of the onerous contract provision (OCP) from July 2025. \n   \n UK Coach revenue decreased 7.0% or £28.5m compared to 15m 2025 due to increased competition which continues to impact passenger numbers and yields. As a result, the Adjusted Operating Loss widened by £20.9m to £22.9m. This loss is expected to reduce as the benefits of integration with Alsa are seen throughout 2026. \n   \n UK Bus revenue increased by 1.5% or £5.1m compared to 15m 2025. Commercial passenger volumes reduced in line with broader industry trends and macroeconomic headwinds, while increased costs were partially mitigated by the 8.6% fare increase implemented in June 2025. Adjusted Operating Profit decreased by £0.4m to £2.4m, which includes the £4.3m benefit of property and land disposals in December 2025. \n   \n German Rail Adjusted Revenue increased by £18.3m or 5.8% on a reported currency basis and 4.0% on a constant currency basis compared to 15m 2025. Adjusted Operating Profit increased by £28.9m due to operational improvements and the benefit of a £6.3m final settlement of balances related to the RRX emergency award which ran between 2021 and 2023. \n   \n Central Function costs reduced by £0.6m or 1.5% compared to 15m 2025, with cost savings being offset by higher costs in relation to professional services, including a higher audit fee for this period. \n   \n Derived (unaudited) 3m 2026 vs. 3m 2025 : \n   \n Group Adjusted Revenue and Adjusted Operating Profit increased by £27.5m (4.3%) and £15.9m (93.0%) respectively, driven primarily by Alsa and the return to full service-levels in Germany. \n   \n Alsa Adjusted Revenue for 3m 2026 improved by £28.5m (8.8%), driven by continued growth in Spain and diversified revenue streams. This was partly offset by a decrease in Morocco revenues following the termination of services in Marrakesh and Tangier in December 2025. Adjusted Operating Profit improved by £5.7m, reflecting the higher revenues and the benefit to Long Haul of the national government's 'Single Ticket' initiative. \n   \n WeDriveU revenue for 3m 2026 decreased by £13.8m, reflecting the impact of lower volumes in the WMATA contract (the single largest contract) and early exit from the loss-making CARTA contract. Adjusted Operating Profit increased by £3.8m, reflecting utilisation of £4.5m of the WMATA OCP. \n   \n UK Coach revenue for 3m 2026 decreased by £7.7m with Adjusted Operating Losses worsening by £4.4m. This includes a circa £4m provision related to a supplier legal claim arising in March 2026. The benefit of various integration initiatives, including network optimisation and improved revenue management systems, are expected to show through the remainder of calendar year 2026. \n   \n UK Bus revenue for 3m 2026 decreased by £1.4m whilst Adjusted Operating Losses widened by £4.3m, with lower passenger numbers and higher costs being partly offset by additional funding received from the local authority. \n   \n German Rail Adjusted Revenue for 3m 2026 increased by £21.9m and Adjusted Operating Profit improved by £12.2m. While this result reflects the underlying operational improvements made, it also benefitted from the timing of a £6.3m final settlement related to the RRX emergency award. The 3m 2026 results do not include the financial benefits of the revised rail contracts which were signed after the period-end. These benefits have been backdated to 1 January 2026 and will be included in future results. \n   \n Central Function costs for 3m 2026 improved by £2.9m due to cost savings made as part of the 'Simplify for Success' cost programme. \n   \n Adjusting items ( continuing operations) \n   \n The variance between the Adjusted Operating Profit (£231.0m) and Statutory Operating Profit (£11.7m) for continuing operations is driven by non-recurring adjusting items totalling £219.3m. \n   \n \n \n \n \n £m \n \n \n Adjusted result \n 15m 2026 \n \n \n Adjusting items \n 15m 2026 \n \n \n Statutory total \n 15m 2026 \n \n \n (Proforma) \n Adjusted result \n 15m 2025 \n \n \n (Proforma) \n Adjusting items \n 15m 2025 \n \n \n (Proforma) \n Statutory total \n 15m 2025 \n \n \n \n \n Alsa \n \n \n £1,839.1 \n \n \n £(20.8) \n \n \n £1,818.3 \n \n \n £1,649.9 \n \n \n - \n \n \n £1,649.9 \n \n \n \n \n WeDriveU \n \n \n £529.8 \n \n \n - \n \n \n £529.8 \n \n \n £524.1 \n \n \n - \n \n \n £524.1 \n \n \n \n \n UK Coach \n \n \n £380.2 \n \n \n - \n \n \n £380.2 \n \n \n £408.7 \n \n \n - \n \n \n £408.7 \n \n \n \n \n UK Bus \n \n \n £337.8 \n \n \n - \n \n \n £337.8 \n \n \n £332.7 \n \n \n - \n \n \n £332.7 \n \n \n \n \n German Rail \n \n \n £333.0 \n \n \n £(41.1) \n \n \n £291.9 \n \n \n £314.7 \n \n \n - \n \n \n £314.7 \n \n \n \n \n Revenue \n \n \n £3,419.9 \n \n \n £(61.9) \n \n \n £3,358.0 \n \n \n £3,230.1 \n \n \n - \n \n \n £3,230.1 \n \n \n \n \n Alsa \n \n \n £249.0 \n \n \n £(45.0) \n \n \n £204.0 \n \n \n £217.4 \n \n \n £(12.3) \n \n \n £205.1 \n \n \n \n \n WeDriveU \n \n \n £25.0 \n \n \n £(49.1) \n \n \n £(24.1) \n \n \n £30.3 \n \n \n £(12.3) \n \n \n £18.0 \n \n \n \n \n UK Coach \n \n \n £(22.9) \n \n \n £(17.2) \n \n \n £(40.1) \n \n \n £(2.0) \n \n \n £(11.2) \n \n \n £(13.2) \n \n \n \n \n UK Bus \n \n \n £2.4 \n \n \n £(0.3) \n \n \n £2.1 \n \n \n £2.8 \n \n \n £(7.1) \n \n \n £(4.3) \n \n \n \n \n German Rail \n \n \n £17.0 \n \n \n £(38.4) \n \n \n £(21.4) \n \n \n £(11.9) \n \n \n £(87.6) \n \n \n £(99.5) \n \n \n \n \n Central Function \n \n \n £(39.5) \n \n \n £(69.2) \n \n \n £(108.7) \n \n \n £(40.1) \n \n \n £(23.5) \n \n \n £(63.6) \n \n \n \n \n Operating Profit/(Loss) \n \n \n £231.0 \n \n \n £(219.3) \n \n \n £11.7 \n \n \n £196.5 \n \n \n £(154.0) \n \n \n £42.5 \n \n \n \n \n   \n Key adjusting items within the numbers above are: \n   \n North America School Bus (NASB) retained liabilities (£46.2m): As part of the sale of NASB, the Group \n retained legal liabilities relating to open insurance claims that existed at the date of sale. A £46.2m charge has \n been recognised in the Income Statement primarily due to material adverse developments on more \n significant individual claims. More details on the Group's legal claim provisions are provided in the 'Legacy liabilities' section. \n   \n RME contract asset impairment (£41.3m): A £41.3m non-cash impairment recognised against the RME IFRS 15 contract asset as at 31 March 2026. This reflects a material worsening of future performance expectations under the original contract due to public authority farebox revenue changes and forecast higher penalties from increased future construction works. As the signing of revised contracts is a post-balance-sheet event, the improved RME terms from 1 January 2026 are not reflected as at 31 March 2026. \n   \n WeDriveU OCP (£38.6m): A £38.6m charge recognised for the re-measurement of WeDriveU OCPs, driven primarily by the WMATA contract. During 2025, the contract became unprofitable, driven in part by lower-than-projected volumes and a loss of contracted exclusivity. This resulted in a £52.4m OCP being recognised in the unaudited 12m 2025 results to reflect estimated future losses. \n   \n As at 31 March 2026, the OCP was revised to £29.2m to reflect managements' best estimate at the time. Post period-end, WMATA issued a notice of termination and services have ceased. As a post-balance-sheet event, the termination has not been reflected in the calculation of the OCP. \n   \n Restructuring and other costs (£45.3m): The £45.3m total includes the impact of Group-wide strategic initiatives and restructuring, including costs relating to the disposal of the NASB business, cost savings programme and separation of the UK businesses. \n   \n A full list of adjusting items has been provided in the CFO review section. \n   \n Discontinued operations \n During the period the Group completed the disposal of NASB (July 2025) and NXTS (October 2025). As a result, these businesses are presented as discontinued operations for the 15m 2026 period. \n More details on the financial performance from these operations can be found in 'Discontinued operations'. \n 'Simplify for Success' cost programme \n Launched at the H1 25 results, the 'Simplify for Success' cost programme remains on track to deliver £75m of cost savings in calendar year 2026. On an annualised basis, this equates to £100m of savings from 2027 across the Group's divisions and central functions. We incurred o ne-off costs associated with achieving these savings of circa £20m in the 15m 2026 period. \n Key contract wins \n During the 15m 2026 period, the Group won 28 new contracts with annualised revenue of £109m and total contract values of £682m. The conversion rate on bids submitted and awarded was 27%, up from 23% in 12m 2024. \n These figures exclude non-consolidated Joint Venture and Joint Operation (JV/JO) successes, most notably the Qiddiya project in the Middle East and the Guadalajara health transport award. On a proforma basis, including these strategic JV/JO wins, the total value of new contracts is close to £1.5 billion. \n Post period-end, Alsa has: \n ·      Secured a five-year extension of its Andalusia contract which is one of the largest in its regional business with annual revenues of circa €75m; \n ·      Received a provisional award for a five-year extension of its key Bilbao urban contract which represents annual revenues of approximately €75m. Final award notification is pending, with operations under the renewed contract scheduled to begin in January 2027; and \n ·      Been nominated as preferred bidder for a 12-year JV contract valued at €600m (Alsa 30% minority stake) to operate the new Madinah Bus Rapid Transit network. This award builds on its existing footprint and continues Alsa's expansion into the growing Middle East public transport market. \n A key strategic focus is the upcoming long-haul concession renewals, with the tender process expected to commence in the coming months and continue until 2029. \n Strategic commentary \n The Group has made progress in improving financial performance and reducing risk. This has been achieved through addressing loss-making contracts, streamlining the organisation, reducing costs, greater integration of our business units and the sharing of best practice. \n Looking ahead, we are increasingly leveraging Alsa's strength and expertise across the Group, with benefits including: \n ·      Alsa's high contract retention rates and proven framework for assessing and winning complex domestic and international tenders; \n ·      The sharing of technology, including a sophisticated digital accounting platform developed by Alsa, improved ticketing and ancillary revenue generators (such as travel insurance), together with AI-driven driver monitoring and collision detection systems to improve safety and reduce claims; and \n ·      Lower corporate overheads through streamlined management and reduced costs through the removal of duplication. \n These benefits are being supported by a series of structural organisational changes with greater integration of Alsa's leadership across the wider organisation. \n Despite the progress made, clear challenges remain and addressing leverage remains the highest priority. As a result, the Board is working closely with its advisers to evaluate all available strategic and financial options to accelerate leverage reduction. We expect to provide an update in the second half of the year. \n Balance sheet and leverage reduction \n As at 31 March 2026, the Group had £0.8bn of cash and undrawn committed facilities. The core RCF is set to expire in 2029. \n The covenant gearing ratio was 2.9x (31 December 2025: 2.7x, 30 June 2025: 3.0x, 31 December 2024: 2.8x). Maximising cash generation and accelerating leverage reduction remains a key priority for the Group. \n The Group elected not to exercise its option to redeem the Hybrid on the first call date and paid the coupon for February 2026. In-line with the prospectus terms, the coupon reset in February 2026 to a new rate of 8.144%. \n   \n The Board and management are evaluating all available strategic and financial options to support its strategic objectives. This includes: \n ·      Focusing on operational execution to generate strong and predictable free cash flows; \n ·      Managing legacy liabilities which negatively impact free cash flow generation and the ability to reduce leverage; \n ·      Exploring opportunities for further cost reductions beyond the previously announced £100m annual opex savings and £120m annual capex targets from 2027; and \n ·      Considering further asset sales and disposals. \n Revised German Rail contracts \n In June 2026, the Group signed legally binding contracts with the five German PTAs which are backdated to 1 January 2026 and which realign contract terms for its rail services in North Rhine-Westphalia and adjacent regions. \n As a result of these revisions, t he RRX contract remains loss making with an OCP of £112.9m at 31 March 2026, while profitability on the RME contract has improved. On a combined basis, the revised RME and RRX contracts are expected to be cash neutral over their contract lives, with the potential for a small positive benefit. \n See the 'German Rail divisional results section' for more detail, including changes to the contracts. \n Legacy liabilities \n The Group is focused on managing its legacy liabilities which continue to impact its capacity to reduce leverage. \n German PTA advances \n PTA advances amount to approximately £132m (€153m), comprising historic penalties and the overpayment of subsidies, with the largest amounts relating to the 2023 to 2025 period. \n The final figure remains subject to the PTAs' completion of the relevant accounts. Current expectations are that the advances will be repayable over the lifetime of the respective contracts. \n Legal claim provisions \n The Group has a total claims provision of £100.5m, with a further £9m in payables at 31 March 2026 (covering auto, general liability, workers' compensation and environmental exposures) with the majority expected to be settled over the next five-years. \n   \n The provision is heavily weighted toward legacy claims retained as part of the NASB sale in July 2025, split as follows: \n ·      Legacy NASB (£53.5m) which includes the impact of the £46.2m gross increase in the period. The claims portfolio is being actively managed to better control the financial impact; \n ·      WeDriveU (£25.6m) related to ongoing operations; and \n ·      UK (£21.4m) related to ongoing operations. \n In recognition of the high risk of claims associated with operating in the US, WeDriveU is taking steps to decrease the likelihood of future claims. These steps include the use of driver monitoring, collision detection and vehicle camera technologies that have successfully been implemented by Alsa, as well as enhanced driver training and safety awareness. \n UK defined benefit pension deficit \n The UK defined benefit pension scheme deficit stood at £53.3m at 31 March 2026 following a triennial pension scheme valuation in the period. To manage this a new funding agreement was finalised with the West Midlands Pension Fund. Commencing 1 April 2026, the plan outlines an average deficit contribution of £19.6m per annum over the next three years. \n NASB disposal completion adjustments \n Following the NASB disposal in July 2025, the Group is disputing a post-close adjustment claim submitted by the purchaser. Management has recorded an undisclosed baseline provision within these results to cover expected settlement costs. This provision is lower than the potential maximum amount payable of £34.9m and, therefore, there is a potential further liability beyond the current provision should the Group be partly or wholly unsuccessful in defending the claim. The outcome of this claim process, along with any cash outflow, is expected to be resolved before 31 December 2026. \n Divisional results (continuing operations) \n Alsa \n Alsa is a leading bus and coach operator in Spain with a diversified portfolio of domestic and international transport businesses. Over a number of years, it has significantly diversified its portfolio away from predominantly Long Haul services. As a result, it now operates Long Haul, Regional, Urban and diversified transport services across Spain, Morocco, Switzerland, France, Portugal, Bahrain and Saudi Arabia. The recent integration of Mobico's UK Coach business adds the UK and Ireland, further strengthening Alsa's international platform and supporting its ambition to become a pan-European coach operator. \n   \n \n \n \n \n   \n \n \n 15m 2026 \n \n \n 15m 2025 \n \n \n Change \n \n \n 3m 2026 \n \n \n 3m 2025 \n \n \n Change \n \n \n 12m 2025 \n \n \n 12m 2024 \n \n \n Change \n \n \n \n \n Reporting currency (£m) \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Adjusted Revenue \n \n \n £1,839.1 \n \n \n £1,649.9 \n \n \n 11.5% \n \n \n £350.8 \n \n \n £322.3 \n \n \n 8.8% \n \n \n £1,488.3 \n \n \n £1,327.6 \n \n \n 12.1% \n \n \n \n \n Adjusted Operating Profit \n \n \n £249.0 \n \n \n £217.4 \n \n \n 14.5% \n \n \n £37.0 \n \n \n £31.3 \n \n \n 18.2% \n \n \n £212.0 \n \n \n £186.1 \n \n \n 13.9% \n \n \n \n \n Local currency (€m) \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Adjusted Revenue \n \n \n €2,141.7 \n \n \n €1,954.3 \n \n \n 9.6% \n \n \n €403.8 \n \n \n €385.8 \n \n \n 4.7% \n \n \n €1,737.9 \n \n \n €1,568.5 \n \n \n 10.8% \n \n \n \n \n Adjusted Operating Profit \n \n \n €290.0 \n \n \n €257.5 \n \n \n 12.6% \n \n \n €42.4 \n \n \n €37.7 \n \n \n 12.5% \n \n \n €247.6 \n \n \n €219.8 \n \n \n 12.6% \n \n \n \n \n Adjusted Operating Margin \n \n \n 13.5% \n \n \n 13.2% \n \n \n 0.3pp \n \n \n 10.5% \n \n \n 9.8% \n \n \n 0.7pp \n \n \n 14.2% \n \n \n 14.0% \n \n \n 0.2pp \n \n \n \n \n FX rates: 15m2026: €1.16:£1; 12m2025: €1.17:£1; 12m2024: €1.18:£1 \n   \n Operating highlights \n ·      349 million passengers transported in Spain in the 15m 2026 period, an 8.8% increase from 15m 2025. \n ·      Long Haul passenger numbers increased 1.6% in 3m 2026 compared to 3m 2025. \n ·      National government continues to promote mobility in Spain, most recently with the 'Single Ticket' initiative implemented in January 2026. \n ·      Near doubling of ZEVs over the last 12-months, with 382 in service as at 31 March 2026. \n ·      Well protected against fuel cost increases, with around a third of contracts having pass-through fuel costs and the remainder protected through hedging. \n ·      Alsa is the world's first road passenger company to be awarded the Road Safety Index Certification from the Fédération Internationale de l'Automobile. \n   \n KPIs \n \n \n \n \n   \n \n \n 15m 2026 \n \n \n 15m 2025 \n \n \n Change \n \n \n 12m 2024 \n \n \n \n \n Long Haul (as reported) \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n PAX total Long Haul (000's) \n \n \n 21,323 \n \n \n 20,504 \n \n \n 4.0% \n \n \n 16,675 \n \n \n \n \n PAX (9 main corridors) (000's) \n \n \n 14,067 \n \n \n 13,670 \n \n \n 2.9% \n \n \n 11,269 \n \n \n \n \n Yield (9 main corridors) (€) \n \n \n €22.1 \n \n \n €22.2 \n \n \n (0.5)% \n \n \n €22.4 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Urban \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n PAX (000's) \n \n \n 145,873 \n \n \n 131,986 \n \n \n 10.5% \n \n \n 103,196 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Regional \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n PAX total (000's) \n \n \n 181,520 \n \n \n 167,914 \n \n \n 8.1% \n \n \n 133,797 \n \n \n \n \n PAX (risk and venture) (000's) \n \n \n 65,870 \n \n \n 62,705 \n \n \n 5.0% \n \n \n 50,572 \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Morocco \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n PAX total (000's) \n \n \n 371,895 \n \n \n 426,097 \n \n \n (12.7)% \n \n \n 346,716 \n \n \n \n \n   \n Commentary \n Adjusted Revenue for 15m 2026 increased 11.5% to £1,839.1m (15m 2025: £1,649.9m). On a constant currency basis, revenue increased 9.6% to €2,141.7m (15m 2025: €1,954.3m). Revenue expansion was primarily driven by an 8.8% increase in Spanish passenger volumes, offset by reduced volumes in Morocco following the loss of contracts in Marrakesh and Tangier in December 2025. \n   \n Adjusted Operating Profit for 15m 2026 increased 14.5% to £249.0m (15m 2025: £217.4m). The increase was primarily driven by strong trading in Spain throughout the period. Adjusted Operating Profit for 3m 2026 grew to £5.7m YoY despite the strong comparative period. This included a £1m benefit from an early Easter and the national government's new 'Single Ticket' initiative which boosted demand in Long Haul. Elsewhere, growth in Portugal, Health Transport and the Middle East more than offset a £2.5m reduction in Morocco's operating profit following recent contract changes. \n   \n The Adjusted Operating Profit margin for 15m 2026 increased 30 basis points to 13.5%. The operating margin for 3m 2026 was 10.5%, an increase from 9.8% in 3m 2025. The March quarter is seasonally a lower demand period. \n   \n Statutory Operating Profit reduced by £1.1m (or €5.3m in local currency) compared to 15m 2025 reflecting the increase in Adjusted Operating Profit offset by a £26.8m impairment charge relating to Alsa's reduced footprint in Morocco. \n   \n Spain \n Spain remains Alsa's core market, generating €1,602m (75% of Alsa revenue) with contributions primarily from Regional (€664m), Long Haul (€344m), Urban (€258m) and Other Transport (€335m). \n   \n Regional (and Metropolitan) lines performed exceptionally well, with constant currency revenues climbing 8.6%, driven by an 8.1% expansion in passenger volumes. Similarly, Urban revenue increased by 9.6%, driven by a significant 10.5% increase in passenger volume. \n   \n Long Haul revenues for 15m 2026 increased by 3.7% from 15m 2025, supported by the national government's 'Multi-Voucher' initiative in H1 2025, the 'Young Summer' initiative from June to September 2025 and the 'Single Ticket' initiative from January 2026. Overall passenger numbers increased by 4.0%, while the nine main corridors saw a 2.9% increase. Occupancy remained in-line with prior periods. \n   \n Tourism and Other Transport continued to demonstrate strong growth, building on the successful integration of CanaryBus. Further diversifying its tourism portfolio, Alsa received approval for a Galician tourist train project. This builds on the previously announced four-year renewal of its Madrid sightseeing services which is expected to secure €5.8m in annual revenue and reinforce Alsa's footprint in one of Spain's key tourism centres. \n   \n In addition, Alsa consolidated cruise operations under BC Cruise Services and launched Spain Transfer, a new premium private transfer service, strengthening its end-to-end mobility and tourism offering. \n   \n International and diversified \n Revenue from international markets and diversified Spanish business units totalled €505m. The main contributors were Diversified transport operations at €187m, Morocco at €177m and Portugal, Switzerland and International routes at €141m. \n   \n Diversified activities in Spain continue to grow, with revenue from Health Transport increasing almost 80% and Operating Profit increasing by over 30% from 15m 2025. Health Transport will further benefit from the Sanir-Serveo JV acquisition in Madrid, the consolidation of operations in the Basque Country and the award of two large health transport contracts in Guadalajara and one in Catalonia which commenced in April 2026. \n   \n Alsa's international footprint has expanded significantly over the past five-years, driven by a combination of targeted M&A and tender success. The business has established a cross-border hub in Switzerland and France, expanded its Portuguese operations and secured key contract wins in the Middle East. \n   \n During 15m 2026, Alsa extended its network mileage in Portugal and replaced legacy fleet vehicles with 113 new ZEVs at no additional cost through subsidies. \n   \n Changes to operations in Morocco \n In 2025, Alsa's Moroccan operations faced a shift in the local operating environment, resulting in the transfer of staff and assets in Marrakesh and Tangier. A strategic settlement was also reached in Casablanca. On a combined basis, this had an €11m impact on Revenue and a circa €3m impact on Adjusted Operating Profit in 3m 2026. \n   \n The remaining contracts in Morocco performed well in 3m 2026. Going forwards, Alsa will operate the revised Casablanca contract to 2029 and the Rabat contract to 2034 with the latter benefiting from an agreed fare increase in July 2025. \n   \n Competition, markets and regulation \n In Spain, the most notable source of competition continues to be rail liberalisation and growth in High-Speed Rail (HSR) corridors, the combination of which is expected to impact several long-haul routes. The Madrid-Costas and Madrid-Granada routes are undergoing liberalisation, while HSR competition is expected to impact the Madrid-Asturias, Madrid-Galicia, Barcelona-Valencia and Madrid-Bilbao routes. \n   \n To counter increased competition, Alsa is focusing on its excellent service record and client experience to maintain customer loyalty. This strategy is backed by targeted initiatives, including the implementation of its '360 fares' project and expanded digitalisation to drive dynamic pricing. Additionally, Alsa is tailoring services to specific routes to maximise its competitive advantages, including night services and airport connections. \n   \n Competitive activity also includes routine renewals across the regional, metropolitan and urban sectors. Alsa remains confident in retaining these contracts. \n   \n In Morocco there has been increased competition in urban bus operations from local operators. Alsa remains the largest urban bus operator and will look to renew existing contracts as they come up for tender. This includes the upcoming tender in Agadir, a contract which Alsa has successfully operated for 15-years. \n   \n Spain's Sustainable Mobility Law and long-haul tender process \n The Sustainable Mobility Law (published 4 December 2025) prioritises low-carbon public-focused transport and offers the potential to unlock EU green funding. The passing of the new law means the state network concession map has been redrawn in preparation for the renewal of existing contracts. The new map is expected to be approved in late 2026 and will simplify the network by combining existing concessions into a smaller number of enlarged concessions. \n   \n As a leading operator in Spain, Alsa's presence and scale will be a competitive advantage, particularly given the enlargement of concessions and ability for Alsa to integrate concessions with existing services (e.g. its regional bus network). Alsa expects to retain most of its existing concessions at a lower margin due to reduced fares which will be progressively balanced by passenger growth over the medium-term. The majority of contract renewals are expected in 2027 and 2028 with the financial impact expected from 2028. \n   \n The Madrid-Zaragoza-Barcelona concession is already approved and scheduled for tender as early as H2 2026. Alsa is actively preparing its bid and expects the process will serve as a benchmark for subsequent long-haul tender processes. \n   \n Government passenger support initiatives \n As outlined above, Alsa has benefited from national government initiatives that began in 2023 aimed at encouraging modal shift to public transport. Following the success of these initiatives and the enactment of the Sustainable Mobility Law, the 'Young Summer' campaign is returning in 2026. Outside these initiatives, Alsa continues to generate demand through targeted multi-platform marketing and a comprehensive loyalty programme. \n   \n New contracts and growth opportunities \n Alsa continues to benefit from high contract retention rates and a strong pipeline of growth opportunities that leverage its deep operational expertise and proprietary systems. This includes expanding its footprint in established markets across Southern Europe and MENA. Further expansion in the Middle East is expected with Alsa being announced preferred bidder for the 12-year, €600m joint venture contract for the Madinah Bus Rapid Transit network (Alsa 30% minority stake). Alsa continues to pursue adjacent transport opportunities where regional synergies exist, including paratransit services which are typically capital-light and offer strong returns on investment. \n   \n Outlook \n Alsa's strategic focus for 2026 is to sustain the strong momentum achieved in the last three-years, while preparing for key contract retentions in Spain and continuing to diversify both operationally and geographically. The business is also focused on enhancing the competitiveness of the recently integrated UK Coach business. Through recently revised reporting lines and the cross-divisional sharing of expertise, Alsa is playing an increasingly important leadership role in our updated, streamlined organisational structure. As a consequence, the Group expects continued revenue and profitability growth in calendar year 2026. \n   \n WeDriveU \n WeDriveU provides Transit and Shuttle services in North America. Transit focuses predominantly on paratransit (the transportation of passengers with additional needs) and urban bus operations. Shuttle offers corporate employee shuttle services to a range of sectors including Technology, Biotechnology, Manufacturing and Universities which ensures a strong, diversified portfolio of sectors and customers. \n \n \n \n \n   \n \n \n 15m 2026 \n \n \n 15m 2025 \n \n \n Change \n \n \n 3m 2026 \n \n \n 3m 2025 \n \n \n Change \n \n \n 12m 2025 \n \n \n 12m 2024 \n \n \n Change \n \n \n \n \n Reporting currency (£m) \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Revenue \n \n \n £529.8 \n \n \n £524.1 \n \n \n 1.1% \n \n \n £97.6 \n \n \n £111.4 \n \n \n (12.4)% \n \n \n £432.2 \n \n \n £412.7 \n \n \n 4.7% \n \n \n \n \n Adjusted Operating Profit \n \n \n £25.0 \n \n \n £30.3 \n \n \n (17.5)% \n \n \n £4.8 \n \n \n £1.0 \n \n \n 380.0% \n \n \n £20.2 \n \n \n £29.3 \n \n \n (31.1)% \n \n \n \n \n Local Currency ($m) \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n Revenue \n \n \n $701.9 \n \n \n $668.1 \n \n \n 5.1% \n \n \n $131.7 \n \n \n $140.7 \n \n \n (6.4)% \n \n \n $570.2 \n \n \n $527.4 \n \n \n 8.1% \n \n \n \n \n Adjusted Operating Profit \n \n \n $33.1 \n \n \n $38.6 \n \n \n (14.2)% \n \n \n $6.4 \n \n \n $1.1 \n \n \n 481.8% \n \n \n $26.7 \n \n \n $37.5 \n \n \n (28.8)% \n \n \n \n \n Adjusted Operating Margin \n \n \n 4.7% \n \n \n 5.8% \n \n \n (1.1)pp \n \n \n 4.9% \n \n \n 0.8% \n \n \n 4.1pp \n \n \n 4.7% \n \n \n 7.1% \n \n \n (2.4)pp \n \n \n \n \n FX rates: 15m2026: $1.32:£1; 12m2025: $1.32:£1; 12m2024: $1.28:£1 \n Operating highlights \n ·      WeDriveU has continued to secure significant contract wins, particularly within the University Shuttle sector where it has maintained strong momentum in the market. New contract wins in 2026 include Concord (Transit), Visa (Shuttle) and Princeton (Shuttle). \n ·      Driver staffing improved to near-optimal levels following the launch of the 'WeDriveUniversity' platform in June 2025. \n ·      Business system optimisation is starting to provide improved information, enabling better operational decision-making . \n ·      The loss-making Charleston (CARTA) contract was exited early following losses of £3.3m in the 15m 2026 period. \n ·      After the period-end, the loss-making WMATA contract was terminated. During the 15-month 2026 period, WMATA incurred £4.5m in losses up to July 2025 plus a further £9.5m covered by the OCP in the remaining period. \n   \n Commentary \n Revenue increased 1.1% to £529.8m (15m 2025: £524.1m). On a constant currency basis, revenue increased 5.1% to $701.9m (15m 2025: $668.1m). Revenue expansion was primarily driven by new contract wins in the period. \n Adjusted Operating Profit decreased by £5.3m to £25.0m and by $5.5m to $33.1m in constant currency. This excludes £11.6m of losses related to contracts with an OCP (£9.5m related to WMATA). The adjusted operating margin fell to 4.7% from 5.8% for 15m 2025, primarily due to loss-making contracts. \n   \n The Statutory Operating result for 15m 2026 declined by £42.1m to a loss of £24.1m, directly reflecting the £38.6m remeasurement of WeDriveU OCPs. \n   \n Background to the WMATA contract \n The contract with WMATA to operate paratransit services was awarded to WeDriveU in July 2024 for an initial five-year period, with five subsequent one-year renewal options exercisable at WMATA's discretion. \n   \n During 2025 the contract turned unprofitable, driven in part by lower-than-projected volumes following reductions in revenue service hours made by the authority and the loss of contracted exclusivity. As a consequence, at the time of our 12-month unaudited results, we provisioned for an annual cash outflow of approximately £8m related to the contract. \n   \n In January 2026, the Group initiated the process of seeking legal redress to recover its losses through filing a civil lawsuit against WMATA for breach of contract. On 12 May 2026 WMATA issued a notice of termination effective on that date. The Group co-operated with WMATA to ensure an efficient transition of services. \n   \n There can be no certainty as to the outcome of any ongoing or potential future litigation in relation to the contract. \n   \n Safety and claims \n As at 31 March 2026, WeDriveU held £25.6m of claim provisions which reflects actuarial estimates for auto and general liabilities, employee compensation and environmental claims. The majority of this provision is expected to be utilised over the next five-years. \n   \n The Group recognises that operating in the US transit market requires a highly disciplined approach to mitigating the risk of legal claims and insurance liabilities. \n   \n To minimise the risk of potential future claims, WeDriveU is implementing a comprehensive strategy which is focused on operational safety, including: \n ·      Improved use of technology, including the rollout of advanced on-board camera systems which have proven effective in Alsa; and \n ·      Enhanced driver training programmes to reduce the risk and frequency of operational claims. \n Outlook \n Underlying performance and adjusted operating margins will benefit from the ending of the two loss-making contracts. However overall Adjusted Operating Profit in calendar year 2026 is expected to remain in line with 2025 levels of £20.2m. \n   \n Despite ongoing client cost pressures, WeDriveU maintains a healthy pipeline of new opportunities and is focused on reviewing existing contracts to improve long-term profitability. \n   \n A comprehensive fleet optimisation programme was launched in April 2026 to improve operational efficiency. Key initiatives include: \n ·      Improving route data accuracy to identify and reduce unprofitable miles; \n ·      Better maintenance scheduling to avoid expensive breakdowns; \n ·      Optimising vehicle tracking to improve utilisation and reduce fleet downtime; and \n ·      GPS and driver tracking to reduce fuel consumption. \n UK Coach \n UK Coach is the largest provider of scheduled coach services with a UK-wide network. Since September 2025, the division has been managed by, and is now fully integrated into, Alsa. To aid comparability for this reporting period, UK Coach performance is disclosed separately from the UK division. Going forwards, UK Coach will be reported under Alsa. \n   \n \n \n \n \n   \n \n \n 15m 2026 \n \n \n 15m 2025 \n \n \n Change \n \n \n 3m 2026 \n \n \n 3m 2025 \n \n \n Change \n \n \n 12m 2025 \n \n \n 12m 2024 \n \n \n Change \n \n \n \n \n Reporting currency (£m) \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Revenue \n \n \n £380.2 \n \n \n £408.7 \n \n \n (7.0)% \n \n \n £65.2 \n \n \n £72.9 \n \n \n (10.6)% \n \n \n £315.0 \n \n \n £335.8 \n \n \n (6.2)%) \n \n \n \n \n Adjusted Operating Profit/(Loss) \n \n \n £(22.9) \n \n \n £(2.0) \n \n \n (1045)% \n \n \n £(11.0) \n \n \n £(6.6) \n \n \n (66.7)% \n \n \n £(11.9) \n \n \n £4.6 \n \n \n N/A \n \n \n \n \n Adjusted Operating Margin \n \n \n (6.0)% \n \n \n (0.5)% \n \n \n (5.5)pp \n \n \n (16.8)% \n \n \n (9.1)% \n \n \n (7.7)pp \n \n \n (3.8)% \n \n \n 1.4% \n \n \n (5.2)pp \n \n \n \n \n   \n Operating highlights \n ·      Passenger volumes declined by 4.8% compared to 15m 2025, despite aggressive competitor activity. \n ·      The Ireland business continues to generate strong returns, with a £1.8m increase in operating profit from the Dublin Express and the APCOA contract launched in Q2 2025. \n ·      Portfolio rationalisation with the divestment of NXTS in October 2025 and closure of NEAT operations at the end of 2025. \n ·      3m 2026 includes a circa £4m legal claim provision covering legal costs, potential penalties for missed vehicle orders and disputed unpaid amounts owed by a supplier. \n ·      The operational and financial benefits of digital transformation resulting from the integration with Alsa are on track with the impact expected later in calendar year 2026. \n   \n KPIs \n \n \n \n \n UK Coach Core \n \n \n 15m 2026 \n \n \n 15m 2025 \n \n \n Change \n \n \n 12m 2024 \n \n \n \n \n PAX (000's) \n \n \n 21,509 \n \n \n 22,600 \n \n \n (4.8)% \n \n \n 18,397 \n \n \n \n \n Yield (£) \n \n \n £13.6 \n \n \n £13.9 \n \n \n (2.2)% \n \n \n £13.9 \n \n \n \n \n   \n Commentary \n Revenue decreased 7.0% to £380.2m (15m 2025: £408.7m) due to intensified competition across key intercity and airport routes which placed pressure on passenger volumes (down 4.8%) and core yields (down 2.2%). The revenue comparison was also impacted by the benefit to network revenue and margins from rail disruption in the comparable 15m 2025 period. \n   \n Overall network mileage has declined due to ongoing efficiency initiatives, with total mileage in 3m 2026 being managed down 4.4% from 3m 2025. \n   \n Adjusted Operating Loss amounted to £22.9m, a widening of £20.9m compared to an operating loss of £2.0m in 15m 2025. This primarily reflects the volume-driven impact of lower revenue and higher costs, totalling nearly £10m, including an increase in employer National Insurance contributions. Performance was further impacted by a 4.3% decrease in network occupancy during 3m 2026. \n   \n Statutory Operating Loss of £40.1m for 15m 2026 (15m 2025: £13.2m) reflects the worsening in underlying performance and costs associated with the separation of the UK Coach business from the wider UK operations, alongside one-off restructuring costs associated with ongoing strategic initiatives. \n To mitigate these profitability pressures, management has accelerated structural cost reductions. Synergies from the Alsa integration and comprehensive network optimisation initiatives successfully delivered a circa £3m operating profit benefit during the first quarter of 2026. Portfolio rationalisation, including the divestment of the loss-making NXTS business in October 2025 and the closure of NEAT operations in Q4 2025 has also reduced costs. Management expects this ongoing reorganisation, alongside continuous network refinements, will improve underlying operational performance and narrow losses throughout the remainder of 2026. Ongoing growth in the Irish operations continues to partially offset the challenges faced in the UK. \n Outlook \n Management anticipates that intense competition within the UK Coach market will persist, placing pressure on yields. To enhance competitiveness, ongoing network optimisation and cost-efficiency programmes continue to deliver structural savings. Furthermore, Alsa's digital transformation roadmap which encompasses web, mobile application and dynamic pricing enhancements is on track for delivery in the second half of 2026. \n   \n These strategic initiatives will significantly strengthen UK Coach's operational and financial performance over the remainder of the year. However, as the financial benefit of these initiatives and improvements will take time to materialise, UK Coach is again expected to record a loss in calendar year 2026. \n   \n UK Bus \n UK Bus is the market leader in the West Midlands bus sector, the largest UK urban bus market outside London. In May 2025, following public consultation, Transport for West Midlands (TfWM) officially announced its decision to move forward with franchising the West Midlands bus network. \n \n \n \n \n   \n \n \n 15m 2026 \n \n \n 15m 2025 1 \n \n \n Change \n \n \n 3m 2026 \n \n \n 3m 2025 \n \n \n Change \n \n \n 12m 2025 \n \n \n 12m 2024 \n \n \n Change \n \n \n \n \n Reporting currency (£m) \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Revenue \n \n \n £337.8 \n \n \n £332.7 \n \n \n 1.5% \n \n \n £65.9 \n \n \n £67.3 \n \n \n (2.1)% \n \n \n £271.9 \n \n \n £265.4 \n \n \n 2.4% \n \n \n \n \n Adjusted Operating Profit \n \n \n £2.4 \n \n \n £2.8 \n \n \n (14.3)% \n \n \n £(4.9) \n \n \n £(0.6) \n \n \n (716.7)% \n \n \n £7.3 \n \n \n £3.4 \n \n \n 114.7% \n \n \n \n \n Adjusted Operating Margin \n \n \n 0.7% \n \n \n 0.8% \n \n \n (0.1)pp \n \n \n (7.4)% \n \n \n (1.0)% \n \n \n (6.4)pp \n \n \n 2.7% \n \n \n 1.3% \n \n \n 1.4pp \n \n \n \n \n   \n Operating highlights \n ●    On-time performance improved by 0.5% in 15m 2026 compared to 15m 2025, while early running service metrics improved by 2%. \n ●    Phased rollout of an additional 50 electric vehicles was completed, expanding the total ZEV fleet to 379 vehicles as of 31 March 2026. \n ●    An 8.6% commercial fare increase was implemented in June 2025 to mitigate rising macroeconomic cost pressures, including increased employer National Insurance contributions. \n ●    Concessionary travel continued to recover steadily, delivering 1.5% volume growth over the 15m 2026 period compared to 15m 2025. Conversely, commercial patronage remained under pressure (-5.1%) due to a national downturn in discretionary travel as a result of cost-of-living pressures. \n KPIs \n \n \n \n \n UK Bus \n \n \n 15m 2026 \n \n \n 15m 2025 \n \n \n % \n \n \n 12m 2024 \n \n \n \n \n PAX (000's) \n \n \n 236,276 \n \n \n  248,889 \n \n \n (5.1)% \n \n \n 199,341 \n \n \n \n \n   \n Commentary \n   \n Revenue for 15m 2026 increased 1.5% to £337.8m (15m 2025: £332.7m). Macroeconomic headwinds drove a 5.1% decline in passenger volumes, offset by the 8.6% fare increase implemented in June 2025. Concessionary passenger volumes continued their structural recovery, expanding by 1.5% over the 15-month period. \n   \n Adjusted Operating Profit for 15m 2026 was £2.4m, a decrease of 14.3% or £0.4m relative to 15m 2025. Profitability during 15m 2026 includes a £4.5m gain arising from the strategic disposal of the Acocks Green depot and ancillary land on Oak Road in 2025, reflecting the initial steps towards de-risking and asset monetisation ahead of franchising. \n   \n Within the underlying operations (excluding disposals), cost inflation, led by localised driver pay awards and increases in employer National Insurance contributions, outpaced revenue expansion and enhanced local authority network support. \n   \n Franchising \n   \n The business maintains an active and collaborative engagement with TfWM in preparation for the transition to franchising which will be rolled out in three phases starting late 2027. \n   \n Ahead of the transition to franchising, the Group continues to explore options to structurally de-risk the business and monetise its operational assets. As an initial step, the Acocks Green depot and associated land on Oak Road in Birmingham were sold in December 2025. \n   \n The next phase of the strategy relates to the division's fleet, which comprises of both Group-owned diesel vehicles and ZEVs secured via long-term availability contracts. The transition to regional franchising means these vehicles will no longer be required to be owned for the Group's ongoing operations. While the owned diesel fleet presents a potential value opportunity, the Group is targeting a commercial transfer of ZEV availability contracts, which currently incur an annual operating expenditure of approximately £20m, as a means of de-risking the Group's future cost base. \n   \n Management expects to complete its asset monetisation strategy as soon as possible and ahead of the transition to franchising. \n   \n Outlook \n   \n Management continues to anticipate that the UK Bus division will deliver break even profitability for calendar year 2026. \n   \n Following the shift toward franchising in the West Midlands and nationwide, the Group is leveraging Alsa's extensive experience in running franchised bus networks to pursue new opportunities with a focus on sustainable returns. \n   \n German Rail \n National Express is the second largest rail operator in North Rhine-Westphalia and one of the top five operators in Germany, with three contracts: RME, RRX 1 and RRX 2/3. \n \n \n \n \n   \n \n \n 15m 2026 \n \n \n 15m 2025 \n \n \n Change \n \n \n 3m 2026 \n \n \n 3m 2025 \n \n \n Change \n \n \n 12m 2025 \n \n \n 12m 2024 \n \n \n Change \n \n \n \n \n Reporting currency (£m) \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Adjusted Revenue \n \n \n £333.0 \n \n \n £314.7 \n \n \n 5.8% \n \n \n £80.6 \n \n \n £58.7 \n \n \n 37.3% \n \n \n £252.4 \n \n \n £256.0 \n \n \n (1.4)% \n \n \n \n \n Adjusted Operating Profit \n \n \n £17.0 \n \n \n £(11.9) \n \n \n N/A \n \n \n £10.4 \n \n \n £(1.8) \n \n \n N/A \n \n \n £6.6 \n \n \n £(10.1) \n \n \n N/A \n \n \n \n \n Local currency (€m) \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Adjusted Revenue \n \n \n €387.8 \n \n \n €372.8 \n \n \n 4.0% \n \n \n €93.0 \n \n \n €70.4 \n \n \n 32.1% \n \n \n €294.8 \n \n \n €302.4 \n \n \n (2.5)% \n \n \n \n \n Adjusted Operating Profit \n \n \n €19.8 \n \n \n €(14.1) \n \n \n N/A \n \n \n €12.1 \n \n \n € (1.7) \n \n \n N/A \n \n \n €7.7 \n \n \n €(12.4) \n \n \n N/A \n \n \n \n \n Adjusted Operating Margin \n \n \n 5.1% \n \n \n (3.8)% \n \n \n 8.9pp \n \n \n 13.0% \n \n \n (2.4)% \n \n \n 15.4pp \n \n \n 2.6% \n \n \n (4.1)% \n \n \n 6.7pp \n \n \n \n \n FX rates: 15m2026: €1.16:£1; 12m2025: €1.17:£1; 12m2024: €1.18:£1 \n   \n OCP utilisation during the 15-months in relation to the RRX contracts amounted to £72.2m (12m 2024: £45.8m). The remaining OCP as at 31 March 2026 is £112.9m. \n   \n Operating highlights \n ·      Significant improvement in driver availability, with 58 new drivers trained and qualified over the last 15-months. \n ·      Full-service provision and timetable stability restored since late 2025, eliminating the operational and financial impact of a reduced service. \n ·      In June 2026, revised rail contracts were signed with the five German PTAs to implement structural changes to RME and RRX contracts. \n   \n Commentary \n   \n Adjusted Revenue increased 5.8% to £333.0m (15m 2025: £314.7m). On a constant currency basis, revenue increased 4.0% to €387.8m (15m 2025: €372.8m). \n   \n Adjusted Operating Profit of £17.0m, a £28.9m increase against the £11.9m loss recorded for 15m 2025 . On a constant currency basis , Adjusted Operating Profit increased by €33.9m to €19.8m (15m 2025: Loss of €14.1m), delivering an adjusted operating margin of 5.1%. Profitability during 3m 2026 was supported by a final settlement of £6.3m related to the historical RRX emergency award contract which was operated from December 2021 to 2023. \n   \n The remaining improvement in profitability was driven by workforce stabilisation and improved operational delivery. However, the underlying operating environment remains heavily constrained by widespread track and infrastructure works across the German rail network. The sector faced approximately 2,600 construction sites in 2025 and 2,300 are anticipated in 2026. This level of infrastructure constraint continues to pressure network punctuality and operational cost structures. \n   \n Statutory Operating Loss of £21.4m, reflects a £41.3m non-cash impairment recognised against the RME IFRS 15 contract asset as at 31 March 2026. This reflects a material worsening of future performance expectations under the original contract due to public authority farebox revenue changes and forecast higher penalties from increased future construction works. As the signing of revised contracts is a post-balance-sheet event, the improved RME terms from 1 January 2026 are not reflected as at 31 March 2026. \n   \n Revisions to the German rail contracts \n   \n A key priority in 2025 and 2026 was a comprehensive renegotiation of commercial and contractual terms with the relevant PTAs across the German rail portfolio. Following an agreement in principle reached in January 2026, revised binding contracts were signed in June 2026 with all amendments backdated to 1 January 2026. \n   \n As this definitive agreement was finalised after the period-end, the resulting financial benefits and contract adjustments are not reflected in the Financial Statements for the 15-months ending 31 March 2026 and will be recognised in future results. \n   \n Following the successful execution of the revised terms, all operating contracts within the German division have transitioned to a gross cost structure. Consequently, the division no longer carries direct passenger volume or fare revenue risk across its network. \n   \n Rhine-Münsterland-Express (RME) contract: Formally converted from a 'net contract' (where the Group bore fare revenue risk) to a 'gross contract' (where fare revenue risk is now borne by the PTAs). Additionally, the RME contract has been extended by two-years to align with the major timetable change in 2032. \n   \n The revised RME contract also benefits from improved cost protections, including adjustments to indices which better reflect changes in costs, as well as: \n ·      Staff cost subsidies: An enhanced subsidy mechanism is now in place to protect against significantly elevated labour and wage inflation; \n ·      Balanced penalty regime: Retrospective to 1 January 2021, the penalty framework has been rebalanced to differentiate by cause. Lower penalty rates apply to disruptions stemming from external infrastructure issues, while higher percentages apply to self-caused cancellations; and \n ·      Engineering works and replacement services: Costs resulting from infrastructure engineering works will now be fully borne by the PTAs. \n   \n Rhine-Ruhr-Express (RRX) contracts: The loss-making RRX contracts have been shortened by three-years and will now conclude in 2030. These contracts remain onerous and losses incurred during 15-month period were offset by a £72.2m utilisation of the OCP. As of 31 March 2026, the remaining OCP stands at £112.9m. \n   \n In addition, the Group is in discussions with the PTAs to agree a repayment profile to settle approximately £130m of cumulative historical advances primarily related to operational penalties and subsidies, of which the largest values relate to the 2023 to 2025 period. Expectations are that these advances will be repayable over the lives of the respective contracts. \n   \n Outlook \n   \n The revised contract structures significantly de-risk and ensure the long-term financial sustainability of the German Rail business. On a combined basis, the rail contracts are expected to operate on a cash-neutral basis over their remaining lifespan with the potential for a small positive benefit, excluding the repayment of advances to the PTAs. \n   \n As part of the focus on cost and efficiency improvements across the Group, the German rail business is reducing overheads and improving the structure of the business. This is expected to deliver incremental financial benefits through a focus on automation, process efficiency and sustainable reduction of the cost base. \n   \n Discontinued operations \n North America School Bus (NASB) \n   \n On 25 April 2025, we announced an agreement to sell the NASB business to I Squared Capital for an enterprise value of up to $608m (circa £457m) and, following approval by the relevant authorities, the sale was completed on 14 July 2025. The associated assets and liabilities were consequently presented as held for sale in the 30 June 2025 interim financial statements. The business was sold on 14 July 2025 and is presented as a discontinued operation for the 15-month period ending 31 March 2026. \n   \n NASB performance to July 2025 \n   \n \n \n \n \n   \n \n \n 15m 2026 1 \n \n \n 12m 2024 \n \n \n Change \n \n \n Change \n \n \n \n \n Reporting currency (£m) \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Revenue \n \n \n £440.1 \n \n \n £792.6 \n \n \n £(352.5) \n \n \n (44.5)% \n \n \n \n \n Adjusted operating Profit \n \n \n £14.7 \n \n \n £8.9 \n \n \n £5.8 \n \n \n 65.2% \n \n \n \n \n Statutory operating Profit/(Loss) 2 \n \n \n £(433.7) \n \n \n £(550.1) \n \n \n £116.4 \n \n \n 21.2% \n \n \n \n \n 1 Performance up until sale in July 2025 \n 2 See note 10 for further details of the sale. \n   \n National Express Transport Solutions (NXTS) \n As part of the 'Simplify for Success' cost programme, the Group made a strategic decision to focus on core scheduled coach services business and to dispose of the loss-making NXTS business. \n The NXTS business experienced significant losses following the COVID-19 pandemic which prompted a comprehensive restructuring and rationalisation programme that began in late 2023. Following a thorough review, it was determined that divesting the business offered the most effective path to reducing losses within the Group. \n   \n The sale of the remaining NXTS businesses to The Coach Travel Group Limited completed on 17 October 2025. Prior to the divestment, the NXTS business had in-year Operating Losses of £1.8m. \n   \n \n \n \n \n \n \n \n 15m 2026 \n \n \n 12m 2024 \n \n \n Change \n \n \n Change \n \n \n \n \n Reporting currency (£m) \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Revenue \n \n \n £13.1 \n \n \n £21.8 \n \n \n £(8.7) \n \n \n (39.9)% \n \n \n \n \n Adjusted Operating Loss \n \n \n £(1.8) \n \n \n £(3.2) \n \n \n £1.4 \n \n \n 43.8% \n \n \n \n \n Statutory Operating Loss 1 \n \n \n £(1.8) \n \n \n £(4.7) \n \n \n £2.9 \n \n \n 61.7% \n \n \n \n \n 1 See note 10 for further details of the sale. \n   \n Group Chief Financial Officer's review \n   \n The Group recorded Adjusted Revenue of £3,419.9m and an Adjusted Operating Profit of £231.0m in the 15-months ending 31 March 2026. Statutory operating profit was £11.7m. The results for the current period are for the 15-months ending 31 March 2026, with the comparative information being for the 12-months ending 31 December 2024. To aid comparability, pro-forma results for the 15-months ending 31 March 2025 have also been presented below. The Group's previously released unaudited results for the 12-months ending 31 December 2025 provides a like-for like-comparison to full year 2024. \n   \n Adjusting items of £399.6m for the period included non-cash movements comprising £184.1m arising from the disposal of North America School Bus (NASB) and National Express Transport Solutions (NXTS), a £41.3m impact from the RME IFRS 15 contract asset in German Rail, a £38.6m remeasurement of onerous contract provisions (OCPs) in WeDriveU and the impact of changes to the operating environment in Morocco of £26.6m. \n   \n Adjusted net debt has reduced when compared to the prior year, with £115.0m net funds inflow during the period. This was aided by proceeds received and debt disposed of relating to NASB. As a result, covenant gearing was 2.9x at 31 March 2026. \n   \n Group Performance \n   \n \n \n \n \n \n \n \n Adjusted result 1 \n 15-months ending 31 March 2026 \n£m \n \n \n Adjusting items \n 15-months ending 31 March 2026 \n £m \n \n \n Statutory total \n 15-months ending 31 March 2026 \n £m \n \n \n Adjusted result 1and2 \n 12-months ending 31 December 2024 \n£m \n \n \n Adjusting items 2 \n 12-months ending 31 December 2024 \n £m \n \n \n Statutory total 2 \n 12-months ending 31 December 2024 \n £m \n \n \n \n \n Continuing operations \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 3,419.9 \n \n \n (61.9) \n \n \n 3,358.0 \n \n \n 2,597.5 \n \n \n - \n \n \n 2,597.5 \n \n \n \n \n Operating costs \n \n \n (3,188.9) \n \n \n (157.4) \n \n \n (3,346.3) \n \n \n (2,418.1) \n \n \n (147.1) \n \n \n (2,565.2) \n \n \n \n \n Group operating profit/(loss) \n \n \n 231.0 \n \n \n (219.3) \n \n \n 11.7 \n \n \n 179.4 \n \n \n (147.1) \n \n \n 32.3 \n \n \n \n \n Share of results from associates \n \n \n 0.1 \n \n \n - \n \n \n 0.1 \n \n \n (0.3) \n \n \n - \n \n \n (0.3) \n \n \n \n \n Net finance costs \n \n \n (95.0) \n \n \n (6.0) \n \n \n (101.0) \n \n \n (79.6) \n \n \n (2.8) \n \n \n (82.4) \n \n \n \n \n Profit/(loss) before tax \n \n \n 136.1 \n \n \n (225.3) \n \n \n (89.2) \n \n \n 99.5 \n \n \n (149.9) \n \n \n (50.4) \n \n \n \n \n Tax (charge)/credit \n \n \n (65.0) \n \n \n 18.8 \n \n \n (46.2) \n \n \n (50.8) \n \n \n (43.2) \n \n \n (94.0) \n \n \n \n \n Profit/(loss) for the period from continuing operations \n \n \n 71.1 \n \n \n (206.5) \n \n \n (135.4) \n \n \n 48.7 \n \n \n (193.1) \n \n \n (144.4) \n \n \n \n \n Profit/(loss) for the period from discontinued operations \n \n \n (0.1) \n \n \n (193.1) \n \n \n (193.2) \n \n \n 6.0 \n \n \n (662.7) \n \n \n (656.7) \n \n \n \n \n Profit/(loss) for the period \n \n \n 71.0 \n \n \n (399.6) \n \n \n (328.6) \n \n \n 54.7 \n \n \n (855.8) \n \n \n (801.1) \n \n \n \n \n   \n   \n Pro-forma comparative information - continuing operations \n \n \n \n \n \n \n \n Adjusted result 1 \n 15-months ending 31 March 2026 \n£m \n \n \n Adjusting items \n 15-months ending 31 March 2026 \n £m \n \n \n Statutory total \n 15-months ending 31 March 2026 \n £m \n \n \n (Proforma) \n Adjusted result 1 \n 15-months ending 31 March 2025 \n£m \n \n \n (Proforma) \n Adjusting items \n 15-months ending 31 March 2025 \n £m \n \n \n (Proforma) \n Statutory total \n 12-months ending 31 March 2025 \n £m \n \n \n \n \n Revenue \n \n \n 3,419.9 \n \n \n (61.9) \n \n \n 3,358.0 \n \n \n 3,230.1 \n \n \n - \n \n \n 3,230.1 \n \n \n \n \n Operating costs \n \n \n (3,188.9) \n \n \n (157.4) \n \n \n (3,346.3) \n \n \n (3,033.6) \n \n \n (154.0) \n \n \n (3,187.6) \n \n \n \n \n Group operating profit/(loss) \n \n \n 231.0 \n \n \n (219.3) \n \n \n 11.7 \n \n \n 196.5 \n \n \n (154.0) \n \n \n 42.5 \n \n \n \n \n Share of results from associates \n \n \n 0.1 \n \n \n - \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Net finance costs \n \n \n (95.0) \n \n \n (6.0) \n \n \n (101.0) \n \n \n (100.0) \n \n \n (2.8) \n \n \n (102.8) \n \n \n \n \n Profit/(loss) before tax \n \n \n 136.1 \n \n \n (225.3) \n \n \n (89.2) \n \n \n 96.5 \n \n \n (156.8) \n \n \n (60.3) \n \n \n \n \n   \n 1: To supplement IFRS reporting, we also present our results on an adjusted basis which shows the performance of the business before adjusting items, principally comprising amortisation of intangibles for acquired businesses, remeasurement of OCPs and restructuring costs. Treatment as an adjusting item provides users of the accounts with additional useful information to assess the year-on-year trading performance of the Group. Further explanation in relation to these measures, together with cross-references to reconciliations to statutory equivalents where relevant, can be found in the Alternative Performance Measures section below. \n 2: Restated for prior period restatements and to represent prior periods for discontinued operations, see Notes 1 and 10 in the Financial Statements for further information. \n   \n Group Adjusted Revenue of £3,419.9m increased by £189.8m (5.9%) on a pro-forma 15-month like-for-like basis. Revenue growth was led by Alsa, driven by double-digit growth in Urban and Regional segments; and WeDriveU, driven by new contract wins across all areas of the business. 2024 full year revenue was £2,597.5m. \n   \n Group Adjusted Operating Profit of £231.0m increased £34.5m (17.6%) on a pro-forma 15-month like-for-like basis, largely driven by Alsa, a greatly improved performance in German Rail and the benefits of the commencement of the cost reduction programme. Segmental performance is explained further below. 2024 full year Adjusted Operating Profit was £179.4m (restated). \n   \n After £219.3m (2024: £147.1m) of adjusting items, statutory operating profit was £11.7m (2024 restated: £32.3m). Adjusting items are detailed in the following section. \n   \n Adjusted net finance costs for the period were £95.0m (2024: £79.6m). Interest rates on the floating rate portion of the Group's debt reduced during the period and the proportion of Group debt at floating rate also decreased following the maturity of interest rate swaps in November 2025. \n   \n The Group recorded an Adjusted Profit before tax of £136.1m (2024 restated: £99.5m). \n   \n The adjusted effective tax rate of 47.8% (2024 restated: 51.1%), reflects the combination of business performance across the Group's portfolio, restricted deductibility of finance costs and derecognised deferred tax assets. This adjusted effective rate resulted in an adjusted tax charge of £65.0m (2024 restated: £50.8m charge). The statutory tax charge was £46.2m (2024 restated: £94.0m), with an adjusting tax credit of £18.8m (2024 restated: £43.2m charge) consisting of a £4.9m tax credit on adjusting intangible amortisation, a £2.7m credit in relation to deferred tax asset recognition on goodwill tax relief, a £20.8m tax credit on tax deductible adjusting items, a £9.3m credit in relation to the recognition (2024: derecognition) of deferred tax assets, which is considered adjusting as it is material in size and non-recurring in nature, and an £18.9m charge in relation to an uncertain tax position. \n   \n Discontinued operations reflect the results of NASB and NXTS (in the UK) up to the dates of disposal on 14 July 2025 and 17 October 2025, respectively. Adjusting items are detailed in the following section. \n   \n The statutory loss for the period for the Group was £328.6m (2024 restated: £801.1m loss). \n   \n Adjusting items \n Adjusting items in the period were £399.6m (2024 restated: £855.8m), of which £206.5m related to continuing operations (2024 restated: £193.1m) and £193.1m related to discontinued operations (2024 restated: £662.7m). Cash outflows in the period related to adjusting items were £158.4m (2024 restated: £99.2m). \n   \n \n \n \n \n Adjusting items \n \n \n Income statement \n 15-months ending 31 March 2026 \n£m \n \n \n Income statement \n 12-months ending 31 December 2024 1 \n£m \n \n \n Cash \n 15-months ending 31 March 2026 \n£m \n \n \n Cash \n 12-months ending 31 December 2024 1 \n£m \n \n \n \n \n Adjusting items from continuing operations: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Intangible amortisation / impairment for acquired businesses \n \n \n (26.8) \n \n \n (20.7) \n \n \n - \n \n \n - \n \n \n \n \n Remeasurements of onerous contracts and impairments resulting from the Covid-19 pandemic \n \n \n - \n \n \n 4.1 \n \n \n - \n \n \n (1.4) \n \n \n \n \n Remeasurement of German Rail RME IFRS 15 contract asset \n \n \n (41.3) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Remeasurement of German Rail RRX OCPs \n \n \n 4.7 \n \n \n (86.4) \n \n \n (72.2) \n \n \n (45.8) \n \n \n \n \n Final remeasurement of the Rabat put liability \n \n \n 0.8 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Remeasurement of WeDriveU OCPs \n \n \n (38.6) \n \n \n 0.7 \n \n \n (11.6) \n \n \n (1.8) \n \n \n \n \n Repayment of UK Coronavirus Job Retention Scheme grant ('Furlough') \n \n \n - \n \n \n - \n \n \n - \n \n \n (8.9) \n \n \n \n \n Costs in relation to the legacy School Bus claims provision \n \n \n (46.2) \n \n \n - \n \n \n (27.4) \n \n \n - \n \n \n \n \n Impairments and other costs associated with Morocco contract changes \n \n \n (26.6) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Restructuring and other costs \n \n \n (45.3) \n \n \n (44.8) \n \n \n (40.8) \n \n \n (36.3) \n \n \n \n \n Adjusting operating items from continuing operations \n \n \n (219.3) \n \n \n (147.1) \n \n \n (152.0) \n \n \n (94.2) \n \n \n \n \n Finance costs: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Unwind of discounting of provisions \n \n \n (6.0) \n \n \n (2.8) \n \n \n - \n \n \n - \n \n \n \n \n Total adjusting operating items from continuing operations before tax \n \n \n (225.3) \n \n \n (149.9) \n \n \n (152.0) \n \n \n ( 94.2 ) \n \n \n \n \n Tax credit/(charge) on adjusting items \n \n \n 18.8 \n \n \n (43.2) \n \n \n - \n \n \n - \n \n \n \n \n Total adjusting operating items after tax from continuing operations \n \n \n (206.5) \n \n \n (193.1) \n \n \n (152.0) \n \n \n (94.2) \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusting items from discontinued operations: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Intangible amortisation / impairment for acquired businesses \n \n \n (2.2) \n \n \n (7.0) \n \n \n - \n \n \n - \n \n \n \n \n Disposal of NASB and NXTS \n \n \n (184.1) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Goodwill impairment on NASB \n \n \n - \n \n \n (547.7) \n \n \n - \n \n \n - \n \n \n \n \n Restructuring and other costs \n \n \n (6.1) \n \n \n (5.8) \n \n \n (6.4) \n \n \n (5.0) \n \n \n \n \n Adjusting operating items before tax from discontinued operations \n \n \n (192.4) \n \n \n (560.5) \n \n \n (6.4) \n \n \n (5.0) \n \n \n \n \n Tax charge on adjusting items \n \n \n (0.7) \n \n \n (102.2) \n \n \n - \n \n \n - \n \n \n \n \n Total adjusting operating items after tax from discontinued operations \n \n \n (193.1) \n \n \n (662.7) \n \n \n (6.4) \n \n \n (5.0) \n \n \n \n \n 1 Restated to represent prior periods for discontinued operations, see note 10 in the Financial Statements for further information \n   \n During the period two significant disposals were completed, being NASB and NXTS in the UK. For NASB, a £233.8m impairment loss on remeasurement to fair value less cost to sell was recorded in the period; on disposal this was partly offset by £87.3m of exchange differences and £1.8m of net investment hedge reserve being recycled to the Income Statement. For NXTS, a £39.4m impairment loss on remeasurement to fair value less cost to sell was incurred. \n   \n Amortisation on intangibles within acquired businesses from continuing operations was £26.8m in the period (2024: £20.7m). Amortisation on intangibles within acquired businesses from discontinued operations fell by £4.8m as a result of the sale of NASB during the year. \n   \n There was a non-cash impairment of the RME IFRS 15 contract asset of £41.3m (2024: £nil) due to a material worsening in future performance expectations under the original contract, primarily from a combination of farebox revenue changes implemented by the public authorities and forecasted higher penalties from increased future construction works. The benefit of the renegotiated contract entered into after the period-end cannot be reflected in the accounting for the RME IFRS 15 contract asset as at 31 March 2026. \n   \n There was a £4.7m credit relating to remeasurement of German Rail RRX OCPs in the period (2024: £86.4m charge). A £38.6m charge relating to the remeasurement of OCPs in WeDriveU was recorded in the period (2024 restated: £0.7m credit), with the current year charge mostly relating to the WMATA contract which became onerous in the period. The Group is seeking legal redress with the customer to recover the losses. We expect the outcome of the legal proceedings to be successful and the contract losses significantly reduced; however, any future legal settlement cannot currently be assumed in the provision calculation. \n   \n The final remeasurement of the Rabat put liability, which had been originally estimated at December 2023 and the final amount settled in June 2025, amounted to a £0.8m credit (2024: £nil). \n   \n As a result of part of the sale agreement of the NASB business, the Group retained the legal liability for substantial open insurance claims that existed at the date of disposal, along with the corresponding insurance claim provision. The retained claims relate to employee injuries, automotive claims and general liability claims that arose prior to the sale. The provision related to these claims has been increased by £46.2m in the period, reflective of adverse movements in the claims environment. \n   \n As a result of a change to the operating environment in Morocco, the Group has witnessed the renegotiation and retender of several of its contracts in major urban centres across Morocco. In September 2025, the Group was required to negotiate a price concession and a change in contractual terms to receive a settlement for outstanding debts in Casablanca. The price concession has been treated as a reduction to revenue in the current period. \n   \n In addition, during 2025 the Group's contracts in Marrakesh and Tangier were retendered. In the case of the Marrakesh and Tangier contracts, these were terminated and transferred to successor operators, at short notice in December 2025, along with staff and assets. This has led to the impairment of assets where the net book value is no longer deemed to be recoverable along with other one-off costs incurred or expected to be incurred as a result of the contract changes. \n   \n Restructuring and other costs of £45.3m (2024: £44.8m) includes the impact of Groupwide strategic initiatives and restructuring, including costs relating to the disposal of the School Bus business. \n   \n Segmental performance \n   \n \n \n \n \n Adjusted Operating Profit \n \n \n 15-months ending 31 March 2026 \nLocal currency m \n \n \n 12-months ending 31 December 2024 1 \nLocal currency m \n \n \n 15-months ending 31 March 2026 \n£m \n \n \n 12-months ending 31 December 2024 1 \n£m \n \n \n \n \n Alsa \n \n \n 290.0 \n \n \n 219.8 \n \n \n 249.0 \n \n \n 186.1 \n \n \n \n \n WeDriveU \n \n \n 33.1 \n \n \n 37.5 \n \n \n 25.0 \n \n \n 29.3 \n \n \n \n \n UK Bus \n \n \n   \n \n \n \n \n \n 2.4 \n \n \n 3.4 \n \n \n \n \n UK Coach \n \n \n   \n \n \n \n \n \n (22.9) \n \n \n 4.6 \n \n \n \n \n German Rail \n \n \n 19.8 \n \n \n (12.4) \n \n \n 17.0 \n \n \n (10.1) \n \n \n \n \n Central functions \n \n \n   \n \n \n \n \n \n (39.5) \n \n \n (33.9) \n \n \n \n \n Group adjusted operating profit from continuing operations \n \n \n   \n \n \n \n \n \n 231.0 \n \n \n 179.4 \n \n \n \n \n 1 Restated for a prior period restatements, see note 1 in the Financial Statements for further information. \n   \n \n \n \n \n Pro-forma comparative information \n Adjusted Operating Profit \n \n \n 15-months ending 31 March 2026 \nLocal currency m \n \n \n (Proforma) \n 15-months ending 31 March 2025 \nLocal currency m \n \n \n 15-months ending 31 March 2026 \n £m \n \n \n (Proforma) \n 15-months ending 31 March 2025 \n£m \n \n \n \n \n Alsa \n \n \n 290.0 \n \n \n 257.5 \n \n \n 249.0 \n \n \n 217.4 \n \n \n \n \n WeDriveU \n \n \n 33.1 \n \n \n 38.6 \n \n \n 25.0 \n \n \n 30.3 \n \n \n \n \n UK Bus \n \n \n   \n \n \n \n \n \n 2.4 \n \n \n 2.8 \n \n \n \n \n UK Coach \n \n \n   \n \n \n \n \n \n (22.9) \n \n \n (2.0) \n \n \n \n \n German Rail \n \n \n 19.8 \n \n \n (14.1) \n \n \n 17.0 \n \n \n (11.9) \n \n \n \n \n Central functions \n \n \n   \n \n \n \n \n \n (39.5) \n \n \n (40.1) \n \n \n \n \n Group adjusted operating profit from continuing operations \n \n \n   \n \n \n \n \n \n 231.0 \n \n \n 196.5 \n \n \n \n \n   \n   \n Alsa's Adjusted Revenue increased by 11.4% to €2,141.7m on a constant currency pro-forma 15-month like-for-like basis as a result of strong passenger demand in Alsa's domestic market (including Long Haul, Urban and Regional operations). This led to Alsa delivering an Adjusted Operating Profit of €290.0m; an increase of 12.6% on a constant currency pro-forma 15-month like-for-like basis. \n   \n WeDriveU Adjusted Operating Profit reduced on a constant currency pro-forma 15-month like-for-like basis by $5.5m to $33.1m as a result of operational challenges on some of its key contracts. \n   \n In UK Bus, passenger volumes fell in line with broader industry trends resulting in a reduced Adjusted Operating Profit of £2.4m in the current period. UK Coach continues to face passenger demand and yield pressure due to market conditions, including increased competition, with a (£22.9m) Adjusted Operating Loss compared to a (£2.0m) loss in the pro-forma 15-month period. \n   \n German Rail Adjusted Operating Profit of €19.8m, versus a (€14.1m) loss in the pro-forma comparative 15-month period represents a significant improvement, reflective of lower disruption and the business achieving full operational status for the first time in two years. The RRX 1 and RRX 2/3 contracts remain onerous with in-period losses being offset by a £72.2m utilisation of the OCP. \n   \n Central Functions costs have decreased slightly by £0.6m against the pro-forma comparative 15-month period, with cost savings achieved being mostly offset by higher accrued costs in relation to professional services, including a higher audit fee. The impact of cost saving initiatives is expected to reduce Central Functions costs in the future. \n   \n Adjusting items relating to each of these segments are described in detail in the previous section. \n   \n Treasury and cash management \n   \n \n \n \n \n Funds flow \n \n \n 15-months ending 31 March 2026 \n £m \n \n \n 12-months ending 31 December 2024 1,2 \n £m \n \n \n \n \n Adjusted Operating Profit from continuing operations \n \n \n 231.0 \n \n \n 179.4 \n \n \n \n \n Adjusted Operating Profit from discontinued operations \n \n \n 12.9 \n \n \n 5.7 \n \n \n \n \n Depreciation and other non-cash items \n \n \n 220.9 \n \n \n 249.0 \n \n \n \n \n Adjusted EBITDA \n \n \n 464.8 \n \n \n 434.1 \n \n \n \n \n Net maintenance capital expenditure 1 \n \n \n (187.8) \n \n \n (161.9) \n \n \n \n \n Working capital movement \n \n \n (4.9) \n \n \n 52.6 \n \n \n \n \n Pension contributions above normal charge \n \n \n (11.7) \n \n \n (7.6) \n \n \n \n \n Operating cash flow \n \n \n 260.4 \n \n \n 317.2 \n \n \n \n \n Net interest paid \n \n \n (90.8) \n \n \n (86.3) \n \n \n \n \n Tax paid \n \n \n (37.8) \n \n \n (15.0) \n \n \n \n \n Free cash flow \n \n \n 131.8 \n \n \n 215.9 \n \n \n \n \n Growth capital expenditure 1 \n \n \n (73.5) \n \n \n  (59.3) \n \n \n \n \n Acquisitions of businesses (net of cash and debt acquired) \n \n \n (18.7) \n \n \n (57.9) \n \n \n \n \n Disposals of businesses (net of cash and debt disposed) \n \n \n 286.4 \n \n \n - \n \n \n \n \n Adjusting items \n \n \n (158.4) \n \n \n (99.2) \n \n \n \n \n Payment on hybrid instrument \n \n \n (42.5) \n \n \n (21.3) \n \n \n \n \n Other, including foreign exchange \n \n \n (10.1) \n \n \n 26.7 \n \n \n \n \n Net funds flow \n \n \n 115.0 \n \n \n 4.9 \n \n \n \n \n Adjusted net debt \n \n \n (1,133.6) \n \n \n (1,248.6) \n \n \n \n \n   \n 1 Net maintenance capital expenditure and growth capital expenditure are defined in the glossary of Alternative Performance Measures \n 2 Restated for prior period restatements and to represent prior periods for discontinued operations, see Notes 1 and 10 in the Financial Statements for further information. \n   \n The Group generated Adjusted EBITDA of £464.8m in the period (2024 restated: £434.1m), with an improvement in profitability in the continuing businesses being offset by a reduction driven by the loss of School Bus EBITDA following its disposal in July 2025. \n   \n £187.8m of maintenance capital expenditure mainly relates to fleet capex within NASB (prior to its disposal) and Alsa. \n   \n Working capital net outflow of £4.9m in the period largely reflecting the timing of cash collections in Alsa and a net outflow in School Bus prior to disposal. This working capital movement also drove a reduction in free cash inflow in the period to £131.8m (2024 restated: £215.9m). \n   \n Growth capital expenditure of £73.5m is a result of contract wins in prior and current periods, in particular in NASB prior to its disposal. \n   \n Acquisitions outflow of £18.7m (2024: £57.9m) relates primarily to the deferred consideration payment relating to the CanaryBus acquisition in Alsa which completed last year. \n   \n Disposals inflow of £286.4m (2024: £nil) mostly reflects the cash inflow and lease and other debt extinguished on the School Bus disposal. \n   \n A cash outfl ow of £158.4m was recorded in respect of the items excluded from adjusted results as explained in the section above. \n   \n £42.5m of coupon payments on the hybrid instrumen t were made in the period, being the annual coupon payments made in February 2025 and February 2026. Other outflows of £10.1m, principally reflect the movement in exchange rates and settlement of foreign exchange derivatives, partly offset by an inflow on sale of the Group's investment in Transit Technologies Holdco which was sold in the period. \n   \n Net funds inflow for the period of £115.0m (2024: £4.9m) resulted in adjusted net debt of £1,133.6m (2024 restated: £1,248.6m). \n   \n Please see the Supporting Reconciliations section below for a reconciliation to the Statutory Cash Flow Statement. \n   \n The Group has two key bank covenant tests; a <3.5x test for gearing and a >3.5x test for interest cover. At 31 March 2026, covenant gearing was 2.9x (31 December 2024: 2.8x) and interest cover was 4.7x (31 December 2024: 4.6x). At 31 March 2026, the Group had utilised £1.3bn of debt capital and committed facilities, with an average maturity of 4.1 years. The weighted average interest rate for the bonds and private placements is 3.5%. \n   \n At 31 March 2026, the Group's £600m RCF facility was undrawn and it had £242m of net cash and cash equivalents. The table below sets out the composition of these facilities. \n   \n   \n \n \n \n \n Funding facilities \n \n \n Facility \n   \n £m \n \n \n Utilised at 31 March 2026 \n £m \n \n \n Headroom at 31 March 2026 \n £m \n \n \n Maturity year \n \n \n \n \n Core RCFs 1 \n \n \n 600 \n \n \n - \n \n \n 600 \n \n \n 2028-2029 1 \n \n \n \n \n 2028 bond \n \n \n 250 \n \n \n 250 \n \n \n - \n \n \n 2028 \n \n \n \n \n 2031 bond \n \n \n 437 \n \n \n 437 \n \n \n - \n \n \n 2031 \n \n \n \n \n Private placements 2 \n \n \n 405 \n \n \n 405 \n \n \n - \n \n \n 2027-2032 \n \n \n \n \n Divisional bank loans \n \n \n 30 \n \n \n 30 \n \n \n - \n \n \n various \n \n \n \n \n Leases \n \n \n 195 \n \n \n 195 \n \n \n - \n \n \n various \n \n \n \n \n Funding facilities excluding cash \n \n \n 1,917 \n \n \n 1,317 \n \n \n 600 \n \n \n   \n \n \n \n \n Net cash and cash equivalents \n \n \n   \n \n \n (242) \n \n \n 242 \n \n \n   \n \n \n \n \n Total \n \n \n   \n \n \n 1,075 \n \n \n 842 \n \n \n   \n \n \n \n \n   \n 1 £571m of the facility matures in 2029 with £29m maturing in 2028 \n 2 The portion of Private placements that mature in 2027 is £233m maturing May and June 2027. The remainder matures in 2030 and 2032. \n   \n   \n At 31 March 2026, the Group had foreign currency debt and swaps held as net investment hedges. These help mitigate volatility in the foreign currency translation of our overseas net assets. The Group also hedges its exposure to interest rate movements to maintain an appropriate balance between fixed and floating interest rates on borrowings. At 31 March 2026, the proportion of Group debt at floating rates was 14% (31 December 2024: 21%); with the reduction in the floating portion from last year driven by the maturity in November 2025 of a set of interest rate swaps attached to the 2028 bond. The interest rate on this bond is now fixed until maturity. \n   \n The Group hedges its exposure to fuel prices in order to provide a level of certainty as to its cost in the short-term and to reduce the year-on-year impact of price fluctuations over the medium-term. Fuel cost represents approximately 9% of revenue (2024: 8%). At 31 March 2026, t he Group is around 57% hedged for 2027 at an average price of 45.3p per litre and around 23% hedged for 2028 at an average price of 40.1p per litre. This compares to an average hedged price in 2026 (calendar year) of 50.7p per litre. \n   \n Adjusted Return on capital employed \n The Adjusted Return on capital employed at the end of the period was 21.5% (2024 restated: 10.0%). \n   \n Dividend \n A final dividend has not been proposed for the current period (2024: £nil). \n   \n Pensions \n The Group's principal defined benefit pension scheme is in the UK. The combined deficit under IAS 19 at 31 March 2026 was £53.2m (31 December 2024: £11.5m), with the IAS 19 deficit for the Group's main scheme in the UK Bus division being £53.3m (31 December 2024: £11.3m). The significance increase in the deficit is the result of the new contribution schedule implemented as part of the recent triennial valuation, reflecting increased maturity of the scheme membership profile and the West Midlands Pension Fund updating the funding approach towards a low risk basis as a result. \n   \n Going concern \n The Financial Statements have been prepared on a going concern basis as the Directors are satisfied that the Group has adequate resources to continue in operational existence for a period of not less than 12-months from the date of approva...

View stock analysis, news, and events for Mobico Group Plc