Results for the six months ended 30 June 2025

About this update from Mobico Group Plc

[{"type":"text","content":"\n \n Mobico Group PLC \n Results for the six months ended 30 June 2025 \n            Continued revenue growth - Full year adjusted operating profit guidance unchanged \n   \n Phil White, Mobico Group Executive Chairman, said: \n \"Mobico has delivered a solid performance in the first half of 2025, with revenue growth supported by continuing positive passenger demand, further contract win momentum and another record performance at ALSA. Although our operating profit performance in the first half was mainly impacted by the under-performance of two contracts in WeDriveU, due to operational issues and a competitive trading environment in the UK, we remain confident of achieving our full year adjusted operating profit guidance of between £180m and £195m. In July we also successfully completed the sale of our North America School Bus business, which strengthens our liquidity and is an important first step in our continued focus on deleveraging. Our new management team has been focused on closely evaluating each of our business divisions, and we see significant opportunities to simplify and strengthen the Group and are taking decisive action to sharpen our operational and financial performance, including additional cost reduction plans and further leveraging ALSA's best practice across the business.\" \n   \n H1 2025 highlights \n ▪       Group revenue 1 growth of 7.0% \n o  Double digit growth to record revenue in both ALSA and WeDriveU, with continued contract win momentum and further improvement in ALSA's customer satisfaction index \n ▪       Adjusted Operating Profit 1 of £59.9m (H1 24 of £68.6m, both excluding NA School Bus) \n o  Temporary operational challenges in two WeDriveU contracts impacted HY performance \n o  Statutory Loss for the period including discontinued operations of £(254.7m), mainly due to £(238.0m) non-cash impairment on classification of NA School Bus as Held for Sale (as noted in prior announcements) \n •      Covenant gearing of 3.0x, prior to NA School Bus proceeds - expecting c.2.5x by year-end \n o  Free Cash Flow of £57.8m (£96.3m in H1 24) with first half impacted by working capital timings \n o  Ample liquidity with no significant maturities until May 2027, with NA School Bus proceeds covering these \n ▪       Sale of North America School Bus for enterprise value of up to $608m (c.£457m) completed post the half year \n o  Net upfront proceeds of $364m (£273m) 2 \n o  First step in continued focus on deleveraging also enabling reallocation of cash flows from capital-intensive NA School Bus business \n o  Non-cash impairment charge to be partially offset by a c. £100m non-cash release of foreign exchange reserves on disposal \n ▪       No change to FY 25 operating profit guidance: \n o  Group continues to expect FY 25 Adjusted Operating Profit from continuing operations to be £180m - £195m excluding NA School Bus \n ▪       Strategic update - Initial actions: \n o  Disciplined focus on cost reduction across the Group \n o  UK Coach operations will be integrated with ALSA to create a pan-European coach powerhouse, exploiting our market leading positions in both Spain and UK driving operating synergies and further cost efficiencies \n o  Discussions with German PTAs progressing constructively, working hard on resolution over the coming months \n o  An update is planned, focused on ALSA's track record and full potential as well as cost and efficiency actions, for before year end \n   \n 1 The results for the six months ended 30 June 2024 have been restated for a correction to the German Rail onerous contract provision and to represent prior periods for discontinued operations. \n 2 Net upfront proceeds for covenant deleveraging.  Translated illustratively at a GBP/USD rate of approximately 1.33 based on the rate as at close of business on 24 April 2025. Final GBP proceeds will be dependent on the unwinding of associated hedges, with the Group well hedged for GBP/USD movements. \n \n \n \n Financial Summary \n   \n \n \n \n \n Continuing operations \n \n \n H1 25 \n \n \n H1 24 1 \n \n \n Change (Constant -FX) \n \n \n Change (Reported) \n \n \n \n \n Group revenue \n \n \n £1.32bn \n \n \n £1.24bn \n \n \n 8.6% \n \n \n 7.0% \n \n \n \n \n Group adjusted 2 EBITDA \n \n \n £131.8m \n \n \n £140.6m \n \n \n (7.1)% \n \n \n (6.3)% \n \n \n \n \n Group adjusted 2 operating profit \n \n \n £59.9m \n \n \n £68.6m \n \n \n (4.8)% \n \n \n (12.7)% \n \n \n \n \n Group adjusted 2 profit before tax \n \n \n £19.8m \n \n \n £28.8m \n \n \n \n \n \n \n \n \n \n \n Group Adjusted 2 profit for the period 3 \n \n \n £20.4m \n \n \n £19.4m \n \n \n \n \n \n \n \n \n \n \n Return on capital employed 4 \n \n \n 11.6% \n \n \n 8.1% \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 operating profit \n \n \n £35.1m \n \n \n £12.3m \n \n \n \n \n \n \n \n \n \n \n Group loss before tax \n \n \n £(7.1)m \n \n \n £(29.3)m \n \n \n \n \n \n \n \n \n \n \n Group loss for the period 3 \n \n \n £(254.7)m \n \n \n £(37.6)m \n \n \n \n \n \n \n \n \n \n \n Basic EPS \n \n \n (5.9)p \n \n \n (7.9)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 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Free cash flow 4 \n \n \n £57.8m \n \n \n £96.3m \n \n \n \n \n \n \n \n \n \n \n Net debt 4 \n \n \n £1,292.5m \n \n \n £1,236.4m \n \n \n \n \n \n \n \n \n \n \n Covenant gearing 4 \n \n \n 3.0x \n \n \n 2.8x \n \n \n \n \n \n \n \n \n \n \n 1 The results for the six months ended 30 June 2024 have been restated for a correction to the German Rail onerous contract provision and to represent prior periods for discontinued operations \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 1 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 4These are alternative performance measures and include discontinued operations \n   \n For further information, please contact:  \n Mobico Group PLC \n \n \n \n \n   Brian Egan/ Michael Barker \n \n \n +44 (0)121 803 2580 \n \n \n \n \n Headland \n \n \n \n \n   Stephen Malthouse \n \n \n    +44 (0)7734 956201 \n \n \n \n \n   Matt Denham \n \n \n    +44(0)7551 825496 \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, North America, continental Europe, North Africa and the Middle East. \n Notes \n 1.   Legal Entity Identifier: 213800A8IQEMY8PA5X34 \n 2.   Classification: 3.1 (with reference to DTR6 Annex 1R) \n A live webcast of the analyst meeting taking place today at 10:00am (BST) will be available on the investor page of the Group's website: www.mobicogroup.com.   \n Results overview \n In the first half of 2025, the Group delivered strong revenue performance in ALSA and WeDriveU. The Adjusted Operating Profit performance for H1 has been impacted by the operating environment for the UK and operational issues on two contracts in WeDriveU. However, we are confident of an improved performance in H2 and the H1 outcome is consistent with our full year expectations. \n \n \n \n \n   \n \n \n Adjusted \n \n \n   \n \n \n Statutory \n \n \n   \n \n \n Adjusted \n \n \n \n \n £m \n \n \n H1 25 \n \n \n H1 24 1 \n \n \n Change \n \n \n H1 25 \n \n \n H1 24 1 \n \n \n Change \n \n \n FY 24 \n \n \n \n \n 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 ALSA \n \n \n 687.4 \n \n \n 617.1 \n \n \n 11.4% \n \n \n 687.4 \n \n \n 617.1 \n \n \n 11.4% \n \n \n 1,327.6 \n \n \n \n \n WeDriveU                                      \n \n \n 218.0 \n \n \n 192.6 \n \n \n 13.2% \n \n \n 218.0 \n \n \n 192.6 \n \n \n 13.2% \n \n \n 412.6 \n \n \n \n \n UK and Germany \n \n \n 418.1 \n \n \n 427.5 \n \n \n (2.2)% \n \n \n 418.1 \n \n \n 427.5 \n \n \n (2.2)% \n \n \n 879.6 \n \n \n \n \n Group from continuing operations \n \n \n 1,323.5 \n \n \n 1,237.2 \n \n \n 7.0% \n \n \n 1,323.5 \n \n \n 1,237.2 \n \n \n 7.0% \n \n \n 2,619.8 \n \n \n \n \n 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 ALSA                                                           \n \n \n 82.0 \n \n \n 82.5 \n \n \n (0.6)% \n \n \n 74.1 \n \n \n 79.8 \n \n \n (7.1)% \n \n \n 186.1 \n \n \n \n \n WeDriveU  \n \n \n 2.6 \n \n \n 13.0 \n \n \n (80.0)% \n \n \n (2.1) \n \n \n 9.6 \n \n \n (121.9)% \n \n \n 29.3 \n \n \n \n \n UK and Germany \n \n \n (9.1) \n \n \n (11.9) \n \n \n 23.5% \n \n \n (11.9) \n \n \n (51.8) \n \n \n 77.0% \n \n \n (2.8) \n \n \n \n \n Central Functions \n \n \n (15.6) \n \n \n (15.0) \n \n \n (4.0)% \n \n \n (25.0) \n \n \n (25.3) \n \n \n 1.2% \n \n \n (33.9) \n \n \n \n \n Operating profit from continuing operations \n \n \n 59.9 \n \n \n 68.6 \n \n \n (12.7)% \n \n \n 35.1 \n \n \n 12.3 \n \n \n 185.4% \n \n \n 178.7 \n \n \n \n \n Operating margin from continuing operations \n \n \n 4.5% \n \n \n 5.5% \n \n \n (1.0)% \n \n \n 2.7% \n \n \n 1.0% \n \n \n 1.7% \n \n \n 6.8% \n \n \n \n \n Profit/(Loss) before tax \n \n \n 19.8 \n \n \n 28.8 \n \n \n (31.3)% \n \n \n (7.1) \n \n \n (29.3) \n \n \n 75.8% \n \n \n 101.0 \n \n \n \n \n Tax (charge) \n \n \n (16.0) \n \n \n (10.9) \n \n \n \n \n \n (15.3) \n \n \n (5.5) \n \n \n \n \n \n \n \n \n \n \n Profit/(Loss) for the period from continuing \n \n \n 3.8 \n \n \n 17.9 \n \n \n \n \n \n (22.4) \n \n \n (34.8) \n \n \n \n \n \n \n \n \n \n \n Profit/(Loss) for the period from discontinued \n \n \n 16.6 \n \n \n 1.5 \n \n \n \n \n \n (232.3) \n \n \n (2.8) \n \n \n \n \n \n \n \n \n \n \n Profit/(Loss) for the period \n \n \n 20.4 \n \n \n 19.4 \n \n \n \n \n \n (254.7) \n \n \n (37.6) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1 Restated for correction to the German Rail onerous contract provision, see note 1 in the Financial Statements for further information \n Continuing Operations \n Revenue grew by £86.3m (7.0%) on a reported basis, and by 8.6% on a constant currency basis. This principally reflects strong growth in ALSA where passenger figures in most businesses increased (including by 11.5% in Spain). WeDriveU also saw strong revenue growth driven by new contracts in corporate, university shuttle and paratransit operations. \n Adjusted Operating Profit fell by £8.7m to £59.9m (whilst Statutory Operating Profit increased to £35.1m from £12.3m). We expect a robust H2 following the extension of voucher schemes in ALSA and contract performance improvements in WeDriveU. \n ALSA continued strong performance saw revenues increase 11.4% to £687.4m (13.1% on a constant currency basis). Adjusted Operating profit was in line with H1 24 (growing 0.9% in local currency) and the strong performance is expected to continue into H2. There was particularly good momentum in regional, urban and long-distance markets in Spain where revenue grew 10.6% and operating profit grew 8.0% \n Whilst WeDriveU has seen revenue growth of 13.2%, operating profit is below H1 expectations, a result of operational challenges in the WMATA and CARTA contracts. \n In the  UK and Germany revenues fell 2.2%, primarily as a result of increased competition in UK Coach and the restructuring of the NXTS business. \n In the UK Bus steps continue to return the business to sustainable profitability whilst preparations for franchising continue. UK Coach continues to operate in a difficult market environment with the consolidation with ALSA seeking to further sharpen operational performance. German Rail continues to focus on improving network performance and narrowing the driver gap. Discussions with the local PTAs are ongoing and we are working hard on reaching an equitable solution for both parties over the coming months. There was no change on the German RRX onerous contract provision in the first half as performance stabilises. \n Discontinued Operations \n NA School Bus performance saw the benefits from increased pricing earlier in School Year 24/25 being realised in the form of a 10.8% growth in revenue to £441.5m and operating profit of £28.3m, of which £15.6m was a result of the reduction in depreciation following the classification NA School Bus as held for sale. With the successful completion of the sale on 14 July 2025, circa. 6.5 months of performance will be recognised in the FY 25 results as a discontinued operation. \n Details of adjusting items for both continuing and discontinued operations have been included in the Group Chief Financial Officer's review. \n Balance Sheet \n At 30 June 2025, the Group had £0.7bn of cash and undrawn, committed facilities and a covenant gearing ratio of 3.0x (FY 24: 2.8x). Covenant Gearing at FY 25 is expected to be c.2.5x following receipt of NA School Bus proceeds. The Group continues to benefit from strong liquidity having extended the vast majority of its Core RCF facility to 2029 and having completed the sale of North America School Bus. The earliest debt maturities are in May 2027 and the Group has sufficient liquidity to cover these maturities. The Hybrid Bond's call window expires in February 2026 and the Group will make a decision on its options, including whether to call or roll the bond, prior to this date. \n As rates stand today, the anticipated net interest charge in FY 25 will be c.£90m (£92.6m in 2024). c.75% of our debt is fixed, with the majority of the floating portion due to revert to fixed in 2025. Mobico has made clear its commitment to debt and leverage reduction and continues to consider all options to de-lever. \n Outlook \n Based on current market conditions, the group continues to expect FY 25 Adjusted Operating Profit from continuing operations (excluding NA School Bus) to be in the range £180m - £195m, with FY 25 covenant gearing expected to be around 2.5x. \n Strategic Commentary \n Key Priorities \n Although the Group continues to maintain a healthy liquidity position, with the ability to meeting all upcoming maturities until 2028, the Board's priority remains debt and leverage reduction and we continue to consider all options to meet this objective. The sale of North America School Bus was an important first step and provides us with a platform to de-leverage. \n The Group continues to seek opportunities to improve our efficiency, increase cost reductions, improve our profitability and accelerate our de-leveraging. \n German Rail discussions \n Discussions with the PTAs are progressing constructively. The parties have signed a joint exploratory paper on this matter and have exchanged drafts of possible supplementary agreements. The aim is to press ahead with the finalisation of these agreements to have the supplementary agreements become legally effective over the coming months. \n Leadership changes \n Since the end of FY 24, Mobico has strengthened its Executive Team with the appointment of Phil White as Executive Chair and Brian Egan as Group CFO. Phil has over 40 years' experience in the transport sector and has held a range of non-executive roles across different industries. Brian has over 25 years' experience as CFO at international organisations including Jefferson Smurfit, Petropavlovsk, Dangote Cement, and Coca-Cola. Brian also joins as an executive member of the Board. \n With Francisco (Paco) Iglesias also joining the Exec team as COO we now have a good balance of public transport and industry experience needed for us to drive the business forward. \n Key contract wins \n To date we have won 12 new contracts across the Group with annual revenue of £68m p.a, and total contract values of £371m. These contracts have an average ROCE of 42%. The conversion rate on bids submitted and awarded was 33%, up from 23% in prior year. \n Divisional Results overview - Continuing Operations \n The following section describes the performance of the Group's continuing businesses for the six month period to 30th June 2025, compared to the same period in 2024. \n ALSA \n ALSA is the leading company in the Spanish bus and coach sector. It has significantly diversified its portfolio away from predominantly Long-Haul services to having a multi-modal offering, which today spans Regional and Urban Bus and Coach services across Spain, Morocco, Switzerland, Portugal, Bahrain and Saudi Arabia. \n   \n \n \n \n \n   \n \n \n H1 25 \n \n \n H1 24 \n \n \n Change \n \n \n Change \n \n \n \n \n   \n \n \n m \n \n \n m \n \n \n m \n \n \n % \n \n \n \n \n Reporting currency (£) \n \n \n £ \n \n \n £ \n \n \n £ \n \n \n   \n \n \n \n \n Revenue \n \n \n 687.4 \n \n \n 617.1 \n \n \n 70.3 \n \n \n 11.4 \n \n \n \n \n Adjusted operating profit \n \n \n 82.0 \n \n \n 82.5 \n \n \n (0.5) \n \n \n (0.6) \n \n \n \n \n Statutory operating profit \n \n \n 74.1 \n \n \n 79.8 \n \n \n (5.7) \n \n \n (7.1) \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Local Currency (€) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 816.3 \n \n \n 722.0 \n \n \n 94.3 \n \n \n 13.1 \n \n \n \n \n Adjusted operating profit \n \n \n 97.4 \n \n \n 96.5 \n \n \n 0.9 \n \n \n 0.9 \n \n \n \n \n Adjusted operating margin \n \n \n 11.9% \n \n \n 13.4% \n \n \n (1.5)% \n \n \n \n \n \n \n \n Statutory operating profit \n \n \n 88.0 \n \n \n 93.3 \n \n \n (5.3) \n \n \n (5.7) \n \n \n \n \n Statutory operating margin \n \n \n 10.8% \n \n \n 12.9% \n \n \n (2.1)% \n \n \n \n \n \n \n \n FX rates: H1 25: €1.19:£1; H1 24: €1.17:£1 \n   \n Highlights \n ALSA continues to grow across a diverse portfolio delivering another strong result in the first half of the year: \n ·      ALSA achieved a new record with revenues of £687.4m, driven by positive Long-haul performance and contributions from diverse regional contracts \n ·      Passenger Demand shows solid evolution: Strong demand in the nine main Long-haul corridors drove a 9.5% passenger growth, reflecting an ongoing positive trend in key performance indicators \n ·      Successful Easter campaign delivering outstanding results: €16.6m in revenue and 724k passengers for the nine main Long-Haul corridors, representing increases of +18.7% and +15.6%, respectively, vs H1 24 \n ·      Profit margin in line with H1 2024, when accounting for one-off settlements in regional and urban in the prior period \n ·      Maintained strong customer satisfaction with CSI (Customer Satisfaction Index) of 7.83 up 1% from H1 24 \n ·      Significant improvement in key safety KPIs with FWI falling by c. 57% year-on-year, driven by new Drivecam technology incorporating AI and the launch of a new safety platform \n ·      Strategic Contract Successes: The Madrid Consortium contract saw high retention with an extension until end 2026. This, alongside renewed urban transport contracts in Spain (Torrelavega, Ditra Army, Barajas Airport) and an extension in Bahrain, positions ALSA to pursue new international opportunities \n ·      Notable growth in the health transport segment with major contract wins in Basque Country and Catalonia \n Commentary \n   \n ALSA delivered another strong H1 with Revenue of £687.4m up 13.1% (at constant currency) and 11.4% on a reported basis when compared to H1 24. Adjusted Operating profit for H1 25 is €97.4m a 0.9% increase in local currency). In reported currency adjusted operating profit fell to £82.0m, a 0.6% decrease. \n Revenue growth driven by robust Business-as-Usual trading and the extended multi-voucher schemes in H1 25 (2.6m Passengers vs 2.1m in H1 24). This was notably driven by a significant 9.1% increase in revenue across the nine primary Long-haul corridors, directly correlated with a 9.5% growth in passenger numbers. Regional contracts similarly experienced a 10.8% uplift in revenue and a 6.7% rise in passengers, while urban operations also saw revenue increase by 16.3% and passenger volumes by 16.4%. \n While growth remains strong, ALSA actively manages competition from High-Speed Rail (HSR) liberalisation, which impacts a growing number of routes. To compete effectively and retain customer loyalty, the quality of ALSA's service and the overall experience delivered remains paramount. Reflecting this strategic focus on enhancing customer experience and improving retention, digital sales notably closed H1 25 at 72.7% up from 68.6% last year. \n ALSA continues to diversify, with the revenue from its Health Transport business more than doubling compared to the same period last year. This includes a major emergency contract win for health transport in Basque country and a large contract win in Catalonia in Q1 25. Growth in its Portuguese and Middle Eastern businesses was 14% compared to H1 2024. \n In Morocco, ALSA has agreed a variation to the existing contract in Rabat which will improve profitability going forward, related to an increase in fleet to deliver network enhancements. Contracts in Marrakesh, Tangiers and Agadir are due for renewal in Q4 of this year and preparations for the tenders are underway. \n Looking forward, the extended Young Summer initiative (July 1st-Sept 30th for 18-30-year-olds) is anticipated to drive strong Long-haul performance. Although the free vouchers were not extended into H2, they have been replaced by alternatives such as the \"Share Voucher\" and age-based discounts. While we expect these new offerings to have a lower sales impact compared to H1, ALSA is committed to maximising this opportunity and any other available opportunities. \n ALSA's strategic activity continues with bids for new contracts following a successful first half in retention. We are also making progress on key international opportunities in Saudi Arabia and supporting the UK Bus team with the Liverpool Bus franchising bid. Long-haul tenders are now expected in 2026/2027, with a possibility of some being tendered in 2028. \n   \n WeDriveU \n   \n WeDriveU provides Transit and Shuttle services in North America, Transit focuses predominantly on Paratransit (the transportation of passengers with special needs) and Urban Bus. Shuttle offers corporate employee shuttle services to a range of sectors including Technology, Biotechnology, Manufacturing and Universities such that we now have a stronger, diversified portfolio of sectors and customers . \n   \n \n \n \n \n   \n \n \n H1 25 \n \n \n H1 24 \n \n \n Change \n \n \n Change \n \n \n \n \n   \n \n \n m \n \n \n m \n \n \n m \n \n \n % \n \n \n \n \n Reporting currency (£) \n \n \n £ \n \n \n £ \n \n \n £ \n \n \n   \n \n \n \n \n Revenue \n \n \n 218.0 \n \n \n 192.6 \n \n \n 25.4 \n \n \n 13.2% \n \n \n \n \n Adjusted operating profit \n \n \n 2.6 \n \n \n 13.0 \n \n \n (10.4) \n \n \n (80.0)% \n \n \n \n \n Statutory operating profit/(Loss) \n \n \n (2.1) \n \n \n 9.6 \n \n \n (11.7) \n \n \n (121.9)% \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Local currency ($) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 283.0 \n \n \n 243.7 \n \n \n 39.3 \n \n \n 16.1% \n \n \n \n \n Adjusted operating profit \n \n \n 3.4 \n \n \n 16.5 \n \n \n (13.1) \n \n \n (79.4)% \n \n \n \n \n Adjusted operating margin \n \n \n 1.2% \n \n \n 6.8% \n \n \n (5.6)% \n \n \n \n \n \n \n \n Statutory operating profit/(Loss) \n \n \n (2.7) \n \n \n 12.1 \n \n \n (14.8) \n \n \n (122.2)% \n \n \n \n \n Statutory operating margin \n \n \n (1.0)% \n \n \n 5.0% \n \n \n (5.9)% \n \n \n \n \n \n \n \n FX rates: H1 25: $1.30:£1; H1 24: $1.27:£1 \n Highlights \n   \n WeDriveU, continues to see strong revenue growth and success on its contract bids. Operating Profit for H1 has been suppressed by inherited operational issues at its largest location, Washington Metro Area Transit Association, in Washington, DC (WMATA) as well as continued driver staffing challenges with Charleston Area Regional Transit Authority (CARTA) in Charleston, SC, with remediation plans implemented on both contracts. \n ·      Strong growth with H1 25 revenues up 13.2% vs H1 2024 \n ·      Strong contract momentum: Contracts won or mobilised in late 2024 and new H1 2025 launches further enhance WeDriveU's position in the US corporate shuttle space \n ·      Further expansion in the University Shuttle market with contract wins at both University of Rochester and Rochester Institute of Technology \n ·      Transit & Shuttle systems, processes, and reporting are now unified under WeDriveU \n ·      Streamlined business processes, systems, and technology will drive long-term efficiency and help to identify opportunities for cost improvements in H2 25 \n Commentary \n   \n WeDriveU focused on newly developed business processes in H1 25, leading the way for future operational efficiencies and cost savings. These processes are being paired with new business systems and technology that will enhance scalability, improve efficiency, and streamline business analytics.  \n Revenue grew by 13.2% on a reported currency basis, or 16.1% in constant currency. This growth was driven by the significant revenue generated from new contracts secured in H2 24, including Longwood, University at Buffalo, and WMATA and consistent service growth from existing clients in H1 25. Additionally, new contracts with Netflix, Amazon, and CharterUp in Los Angeles during H1 25 also began to contribute substantial annual revenue.  \n As the business grows, WeDriveU is committed to improving safety and operations. This commitment yielded significant results in H1 25. Missed Trips reduced by 72% year-over-year, speeding incidents fell by nearly 20%, and Preventable Accident Frequency improved by 7%. Our commitment to efficiency and safety is a key factor that attracts new business.  \n Adjusted Operating profit of £2.6m is a reduction of 80.0% compared to the same period last year. This reduction is primarily the result of operational challenges at both WMATA and CARTA. Due to actions undertaken to improve driver staffing we are close to hitting full establishment across the business. A renewed focus on driver training programs and onboarding is being introduced to close the remaining gap. \n While we anticipate ongoing market pressures as public and private agencies focus on cost savings in the current political and economic climate, WeDriveU maintains a strong pipeline of contracts and is actively pursuing new growth opportunities. Concurrently, we continue to review existing contracts to ensure long-term profitability and sustainable growth. \n   \n UK & Germany \n   \n Overall revenue declined by £9.4m for the division, due to reductions in revenue in UK Coach. German Rail continues to perform in line with our revised forecasts for the business. Whilst the overall division continued to report an overall Adjusted Operating Loss of £9.1m, this was an improvement on the £11.9m Adjusted Operating Loss in the first six months of 2024 - a result of actions taken in NXTS & NEAT and the improved settlement between UK Bus and Transport for West Midlands. \n   \n UK \n UK Bus is the market leader in the West Midlands bus sector, the largest UK urban bus market outside London. Our Coach business is the largest provider of scheduled coach services with a UK-wide network. In the UK, ALSA will now take control of UK Coach operations to create a pan-European coach powerhouse, as well as collaborating on UK Bus franchise bids across the UK \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 H1 25 \n \n \n H1 24 \n \n \n Change \n \n \n Change \n \n \n \n \n   \n \n \n m \n \n \n m \n \n \n m \n \n \n % \n \n \n \n \n Reported / Local currency (£) \n \n \n £ \n \n \n £ \n \n \n £ \n \n \n \n \n \n \n \n Revenue \n \n \n 297.3 \n \n \n 307.3 \n \n \n (10.0) \n \n \n (3.3) \n \n \n \n \n Adjusted operating (loss) \n \n \n (9.6) \n \n \n (12.6) \n \n \n 3.0 \n \n \n 23.8 \n \n \n \n \n Adjusted operating margin \n \n \n (3.2)% \n \n \n (4.1)% \n \n \n 0.9% \n \n \n \n \n \n \n \n Statutory operating (loss) \n \n \n (11.8) \n \n \n (15.5) \n \n \n 3.7 \n \n \n 23.9 \n \n \n \n \n Statutory operating margin \n \n \n (4.0)% \n \n \n (5.0)% \n \n \n 1.1% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n UK Bus \n Highlights \n ·      UK Bus revenue increased by 2%, driven by price changes in 2024 and the removal of the £2 fare cap in January 2025, being partially offset by lower demand \n ·      Revenue growth was supported by concession passenger growth of 2.9% \n ·      To optimise operations, a 2% network reduction commenced in May, with 1% already delivered \n ·      Safety performance continued to be industry leading \n ·      Following the Mayor's franchising decision and subsequent announcement, UK Bus has continued preparations to optimise our shift to franchising in the region, seeking to leverage our strong operational experience and track record in the area \n ·      Growing EV fleet with 349 vehicles in H1 25 compared to 218 at H1 24 exit \n Revenue growth of 2% Year-on-year due to price increases and strong concession passenger growth. Overall growth has been partially offset by commercial passenger numbers decreasing by 2.3%, a result of the removal of £2 fare cap in January 2025.  \n Reported operating profit increased by £2.5m year-on-year, this was supported by TfWM funding increases. \n Initiatives are on-going to improve profitability including an agreed price change of 8.6% effective 16th June-25 and the completion of the 2% network reduction initiative. \n Looking forward, the focus remains on preparing for franchising and delivering a bid for Liverpool franchises with ALSA.  \n   \n UK Coach \n Highlights \n ·      Reported revenue was down 7.2% year-on-year \n ·      Excluding the impact of rail disruption in 2024, NEL (the main white coach business) revenues remained flat year-on-year despite increased competition \n ·      Adjusted Operating margin improved by 0.6%, resulting in operating profit £1.5m higher year-on-year \n ·      Underlying performance improved by £3.3m (28.3%) year on year after adjusting for rail disruption, as network adjustments have improved utilisation rates and improved margins \n   \n The competitive landscape in the UK coach sector has undergone significant change, marked by increasing competitive intensity. Additionally, modal competition is increasing from other sectors including rail as it recovers from industrial action and staff shortage issues. \n Revenue declined by £12.6m on a reported basis, primarily due to a reduction of £12.5m in ongoing revenue following the restructuring of loss making NXTS & NEAT businesses. Despite the increased competition, revenue in NEL remained flat after accounting for £2.5m of H1 24 rail disruption benefit. Passenger volumes fell by 2.9% (4.6% before accounting for rail strikes). This volume reduction was, in part, offset by yield improvements of 2.6%. Revenue grew strongly in Ireland, increasing by £2.7m, a rise of 40.1% from the prior year. \n Overall, UK Coach operating margin improved by 0.6% as a result of managing the network to optimise utilisation, actions which included the introduction of seasonal timetables. This resulted in operating profit being £1.5m (14.7%) higher year-on-year on a reported basis, and £3.3m higher after adjusting for rail disruption. The remainder of the reduction in loss for the Coach business was driven by the restructuring and exit of contracts across NXTS. \n The business continues to invest in a number of key areas: in enhancements to its Web & App customer interface to drive an improved customer offer; in dynamic pricing to ensure optimisation of pricing across the network, in our Coach stations to enhance customer experience, and targeted marketing investment to address strengthening competition in the market. \n By January 2026, control of UK Coach operations will be integrated within ALSA. It is expected that this transfer will lead to operational synergies through sharing of best-practice, and further cost efficiencies. ALSA will also continue to assist UK Bus with bidding for bus franchises across the UK. \n Germany \n In Germany, National Express is the second-largest rail operator in North Rhine-Westphalia and one of the top five operators in Germany. \n   \n \n \n \n \n   \n \n \n H1 25 \n \n \n H1 24 1 \n \n \n Change \n \n \n Change \n \n \n \n \n   \n \n \n m \n \n \n m \n \n \n m \n \n \n % \n \n \n \n \n Reporting currency (£) \n \n \n £ \n \n \n £ \n \n \n £ \n \n \n   \n \n \n \n \n Revenue \n \n \n 120.8 \n \n \n 120.2 \n \n \n 0.6 \n \n \n 0.5% \n \n \n \n \n Adjusted operating Profit \n \n \n 0.5 \n \n \n 0.7 \n \n \n (0.2) \n \n \n (28.6)% \n \n \n \n \n Statutory operating (Loss) 1 \n \n \n (0.1) \n \n \n (36.3) \n \n \n 36.2 \n \n \n 99.7% \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Local currency (€) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 143.4 \n \n \n 140.7 \n \n \n 2.7 \n \n \n 1.9% \n \n \n \n \n Adjusted operating profit \n \n \n 0.6 \n \n \n 0.8 \n \n \n (0.2) \n \n \n (23.7)% \n \n \n \n \n Adjusted operating margin \n \n \n 0.4% \n \n \n 0.6% \n \n \n (0.2)% \n \n \n \n \n \n \n \n Statutory operating (loss) 1 \n \n \n 0.0 \n \n \n (42.5) \n \n \n 42.5 \n \n \n 100.0% \n \n \n \n \n Statutory operating margin 1 \n \n \n 0.0% \n \n \n (30.2)% \n \n \n 30.2% \n \n \n \n \n \n \n \n FX rates: H1 25: €1.19:£1; H1 24: €1.17:£1 \n 1 Restated for correction to the German Rail onerous contract provision \n Highlights \n   \n Germany performed in line with expectations, delivering H1 turnover of £120.8m, up 0.5% (on a reported currency basis) and 1.9% in local currency when compared to H1 24. As stated at FY 24, the RRX 1 and RRX 2/3 contracts are both onerous contracts with in-year losses being offset by a £26.5m utilisation of the onerous contract provision and therefore have no impact on Operating Profit. Adjusted Operating profit for RME was £0.5m, a £0.2m decrease in reported currency compared to restated H1 24.  \n ·      Continued efforts on driver training and recruitment are now starting to show benefits with increasing employed driver levels and associated benefits in service reliability \n ·      Challenges across the rail network continue to persist due to increasing levels of construction and engineering works disrupting the network and operations, negatively impacting on contract performance \n ·      Contract discussions with the PTAs are ongoing with discussions with the relevant authorities progressing constructively with the aim of reaching an agreement over the coming months \n ·      The increase in statutory profit of £36.2m is primarily driven by the restatement of the Onerous Contract Provision in H1 24 \n Commentary \n Revenue growth of 0.5% in reported currency and 1.9% in local currency Year on year due to increased subsidy income, offset by a small increase in penalties incurred due to cancellations and performance deductions. \n Overall passenger volumes increased slightly due to the €58 German Government monthly travel initiative.   However, this increase does not have an impact on RME contract revenue, where revenue is part of an agreed (fixed) compensation mechanism under the Deutschland ticket mechanism. \n Following a sustained period, we are beginning to see improvements in the industry-wide labour market shortage. This is as a result of the continued efforts of NX and other operators to invest in training new drivers and a softening of demand in the market. Our investment in driver training is paying off with an increase of 22 drivers since 31st December 2024. Demand for drivers has also decreased due to reduced timetables. As a result, services have been more reliable, incurring lower penalties than they would have had no action been taken. \n However, despite the improvement in driver numbers, performance under the contracts continues to suffer due to the on-going issues arising from the poor and deteriorating rail infrastructure in the region.  The level of infrastructure works, and disruption continues to impact on the operation and results in higher penalties under the contract. The number of construction works has increased significantly (389 in HY25 v 246 in HY24), challenging network performance. \n There are lower cost-volatility and inflation impacts across the contract, but uncertainty remains around energy costs given the current international environment. Initiatives are on-going to improve network performance. \n Looking forward we expect a continued high level of construction works in our network, making train scheduling and driver workforce planning a demanding challenge for our operations. Driver recruitment and significantly increased training course capacity, 121% year on year, will help narrow the driver gap, with the full positive impact expected to unfold in 2026.  \n Contract discussions with the PTAs are ongoing with discussions with the relevant authorities progressing constructively with the aim of reaching an agreement over the coming months. \n   \n NA School Bus Summary (Discontinued Operations) \n   \n Completion of Sale and Impairment \n   \n On 25 April 2025 we announced the agreement to sell the North America School Bus business (\"School Bus\") to I Squared Capital for an enterprise value of up to $608m (c.£457m) (the \"Transaction\"). \n On 8 July 2025 the US Surface Transportation Board (\"STB\") approved and authorized the Transaction. The STB approval was the last condition to closing so on 14 July 2025 the Transaction closed. \n Net upfront proceeds received on closing were $364m (£273m) and will be used to reduce the Group's debt (including various leasing obligations). In addition, there is a $70m earn out arrangement contingent on School Bus achieving certain revenue, EBITDA and free cash flow related targets. \n Adjusting items for the period included a £238.0m non-cash impairment charge to impair the School Bus net assets to the lower of carrying value and fair value less costs to sell, now that it is newly classified as held for sale at the balance sheet date. The final loss on disposal will also reflect the reclassification of the relevant foreign exchange and net investment hedge reserves to the Income Statement, a likely non-cash gain in the order of £100m; which will partially reduce the loss on disposal. \n   \n   \n   \n NA School performance in the first six months of the year \n   \n \n \n \n \n   \n \n \n H1 25 \n \n \n H1 24 \n \n \n Change \n \n \n Change \n \n \n \n \n   \n \n \n m \n \n \n m \n \n \n m \n \n \n % \n \n \n \n \n Reporting currency (£) \n \n \n £ \n \n \n £ \n \n \n £ \n \n \n   \n \n \n \n \n Revenue \n \n \n 441.5 \n \n \n 416.7 \n \n \n 24.8 \n \n \n 6.0% \n \n \n \n \n Adjusted operating Profit \n \n \n 28.3 \n \n \n 8.4 \n \n \n 19.9 \n \n \n 236.9% \n \n \n \n \n Statutory operating Profit 1 \n \n \n 22.3 \n \n \n 2.5 \n \n \n 19.8 \n \n \n 792.0% \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Local currency ($) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 573.1 \n \n \n 528.9 \n \n \n 44.2 \n \n \n 8.4% \n \n \n \n \n Adjusted operating profit \n \n \n 36.7 \n \n \n 10.6 \n \n \n 26.1 \n \n \n 246.2% \n \n \n \n \n Adjusted operating margin \n \n \n 6.4% \n \n \n 2.0% \n \n \n 4.4% \n \n \n \n \n \n \n \n Statutory operating profit 1 \n \n \n 29.0 \n \n \n 3.2 \n \n \n 25.8 \n \n \n \n \n \n \n \n Statutory operating margin 1 \n \n \n 6.6% \n \n \n 0.8% \n \n \n 5.8% \n \n \n \n \n \n \n \n FX rates: H1 25: $1.30:£1; H1 24: $1.27:£1 \n 1 Excludes the impact of the £238.0m impairment loss on remeasurement to fair value less cost to sell in H1 25 which sits below operating profit. \n   \n Highlights \n   \n ●    Revenue increased 8.4% year over year in local currency \n ●    Adjusted operating profit increased by £19.9m over the same period, reflecting a £15.6m reduction in depreciation as a result of assets being classified as held for sale from the end of April 2025 \n ●    Route count increased c.3% throughout the School Year \n   \n Commentary \n   \n The £28.3m profit in NA School Bus reflects a £15.6m reduction in depreciation as a result of assets being classified as held for sale from the end of April 2025. \n Excluding the accounting impact of being an asset held for sale, School Bus performance reflects volume and rate improvements agreed during 2024. \n   \n Group Chief Financial Officer's review \n   \n The Group has benefitted from continuing positive passenger demand across most of the business, with revenue performance up 7.0% year on year. Adjusted Operating Profit performance reduced by £8.7m year on year, largely a result of reduced profitability in WeDriveU because of operational issues on two contracts but also included a £2.3m FX headwind. \n   \n Net debt and covenant gearing have increased since the year-end, as a result of the £90.0m net funds outflow related to working capital. However, this is before the benefit of the School Bus disposal proceeds and covenant deleveraging being realised, which will materially improve the Group's net debt and covenant gearing position at 31 December 2025. \n   \n Adjusting items for the period included a £238.0m impairment charge to impair the School Bus net assets to fair value less costs to sell, now that it is newly classified as held for sale at the balance sheet date. \n   \n The Group remains on track to deliver FY25 Adjusted Operating Profit in the range £180m to £195m (which excludes any contribution from School Bus for the period of the Group's ownership in FY25). \n   \n   \n Group Performance \n   \n \n \n \n \n \n \n \n Six months to 30 June \n \n \n \n \n \n \n \n Adjusted result 1 \n 2025 \n£m \n \n \n Adjusting items \n 2025 \n £m \n \n \n Statutory total \n 2025 \n £m \n \n \n Adjusted result 1&2 \n 2024 \n£m \n \n \n Adjusting items 2 \n 2024 \n £m \n \n \n Statutory total 2 \n 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 1,323.5 \n \n \n - \n \n \n 1,323.5 \n \n \n 1,237.2 \n \n \n - \n \n \n 1,237.2 \n \n \n \n \n Operating costs \n \n \n (1,263.6) \n \n \n (24.8) \n \n \n (1,288.4) \n \n \n (1,168.6) \n \n \n (56.3) \n \n \n (1,224.9) \n \n \n \n \n Group operating profit/(loss) \n \n \n 59.9 \n \n \n (24.8) \n \n \n 35.1 \n \n \n 68.6 \n \n \n (56.3) \n \n \n 12.3 \n \n \n \n \n Net finance costs \n \n \n (40.1) \n \n \n (2.1) \n \n \n (42.2) \n \n \n (39.8) \n \n \n (1.8) \n \n \n (41.6) \n \n \n \n \n Profit/(loss) before tax \n \n \n 19.8 \n \n \n (26.9) \n \n \n (7.1) \n \n \n 28.8 \n \n \n (58.1) \n \n \n (29.3) \n \n \n \n \n Tax (charge)/credit \n \n \n (16.0) \n \n \n 0.7 \n \n \n (15.3) \n \n \n (10.9) \n \n \n 5.4 \n \n \n (5.5) \n \n \n \n \n Profit/(loss) for the period from continuing operations \n \n \n 3.8 \n \n \n (26.2) \n \n \n (22.4) \n \n \n 17.9 \n \n \n (52.7) \n \n \n (34.8) \n \n \n \n \n Profit/(loss) for the period from discontinued operations \n \n \n 16.6 \n \n \n (248.9) \n \n \n (232.3) \n \n \n 1.5 \n \n \n (4.3) \n \n \n (2.8) \n \n \n \n \n Profit/(loss) for the period \n \n \n 20.4 \n \n \n (275.1) \n \n \n (254.7) \n \n \n 19.4 \n \n \n (57.0) \n \n \n (37.6) \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 onerous contract provisions 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 a correction to the German Rail onerous contract provision and to represent prior periods for discontinued operations, see notes 1 & 8 in the Financial Statements for further information. \n   \n Group Revenue increased by £86.3m (7.0%) year-on-year to £1,323.5m (H1 2024: £1,237.2m). Overall, passenger growth was strong, particularly in ALSA, and WDU, driven by new contracts in corporate, university shuttle and paratransit operations. \n   \n Group profitability has decreased with Adjusted Operating Profit down £8.7m (12.7%) from £68.6m to £59.9m, with a £10.4m reduction in WeDriveU profitability year on year being the key driver, together with a £2.3m FX headwind. This more than offset the £3.0m reduction in operating losses in the UK (£9.6m for the period compared to £12.6m in H1 2024). \n   \n After £24.8m (H1 2024 restated: £56.3m) of adjusting items, statutory operating profit increased to £35.1m (H1 2024 restated: £12.3m). \n   \n Adjusted net finance costs increased slightly by £0.3m to £40.1m (H1 2024: £39.8m). \n   \n The Group recorded an Adjusted Profit Before Tax of £19.8m (H1 2024 restated: £28.8m). \n   \n The adjusted effective tax rate of 80.8% (H1 2024 restated: 37.8%), reflects the combination of seasonality and 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 £16.0m (H1 2024 restated: £10.9m charge). The statutory tax charge was £15.3m (H1 2024 restated: £5.5m), with an adjusting tax credit of £0.7m (H1 2024 restated: £5.4m credit) consisting of a £2.2m tax credit (H1 2024 restated: £2.8m credit) on adjusting intangible amortisation, a £0.3m tax credit (H1 2024 restated: £2.6m credit) on tax deductible operating costs, and an additional £1.8m tax charge (H1 2024 restated: £nil) in relation to the derecognition of deferred tax assets. \n   \n The School Bus business is shown as a discontinued operation with prior periods represented for comparative purposes. The loss after adjusting items was (£232.3m) largely as a result of an impairment charge of £238.0m to impair the net assets of the School Bus to fair value less costs to sell. The sale of School Bus was completed on 14 th July 2025, after the end of the reporting period. The final loss on disposal for FY25 is subject to confirmation following the customary post-close completion accounts mechanism which is still ongoing, as well as future USD:GBP exchange rate movements which will change the Sterling amounts recorded in the Group Consolidated Financial Statements. \n   \n The final loss on disposal will also reflect the reclassification of the relevant foreign exchange and net investment hedge reserves to the Income Statement. This reclassification is currently projected to comprise an Income Statement gain in the order of £100m which will partially reduce the loss on disposal. \n   \n The statutory loss for the period for the Group was £254.7m (H1 2024 restated: £37.6m loss). \n   \n Adjusting items \n Adjusting items in the period were £275.1m (H1 2024 restated: £57.0m), of which £26.2m related to continuing operations (H1 2024 restated: £52.7m) and £248.9m related to discontinued operations (H1 2024 restated: £4.3m). Cash outflows in the period related to adjusting items were £44.1m (H1 2024 restated: £44.5m). \n   \n \n \n \n \n Adjusting items \n \n \n Income statement \n Six months to 30 June 2025 \n£m \n \n \n Income statement \n Six months to 30 June 2024 1 \n£m \n \n \n Cash \n Six months to 30 June 2025 \n£m \n \n \n Cash \n Six months to 30 June 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 (13.8) \n \n \n (10.7) \n \n \n - \n \n \n - \n \n \n \n \n Re-measurements of onerous contracts and impairments resulting from the Covid-19 pandemic \n \n \n - \n \n \n 3.9 \n \n \n - \n \n \n (0.9) \n \n \n \n \n Re-measurement of the Rhine-Ruhr onerous contract provision \n \n \n - \n \n \n (36.5) \n \n \n (26.5) \n \n \n (18.7) \n \n \n \n \n Final re-measurement of the Rabat put liability \n \n \n 1.0 \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Re-measurement of onerous contract provision charges and impairments in respect of North America driver shortages \n \n \n - \n \n \n 0.7 \n \n \n - \n \n \n (1.0) \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 Restructuring and other costs \n \n \n (12.0) \n \n \n (13.7) \n \n \n (15.1) \n \n \n (12.6) \n \n \n \n \n Adjusting operating items from continuing operations \n \n \n (24.8) \n \n \n (56.3) \n \n \n (41.6) \n \n \n (42.1) \n \n \n \n \n Finance costs: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Unwinding of discount of the Rhine-Ruhr onerous contract provision \n \n \n (2.1) \n \n \n (1.8) \n \n \n - \n \n \n - \n \n \n \n \n Total adjusting operating from continuing operations before tax \n \n \n (26.9) \n \n \n (58.1) \n \n \n (41.6) \n \n \n (42.1) \n \n \n \n \n Tax credit on adjusting items \n \n \n 0.7 \n \n \n 5.4 \n \n \n - \n \n \n - \n \n \n \n \n Total adjusting operating items after tax from continuing operations \n \n \n (26.2) \n \n \n (52.7) \n \n \n (41.6) \n \n \n (42.1) \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 (3.0) \n \n \n (3.5) \n \n \n - \n \n \n - \n \n \n \n \n Impairment loss on remeasurement of School Bus disposal group to fair value less costs to sell \n \n \n (238.0) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Restructuring and other costs \n \n \n (3.0) \n \n \n (2.4) \n \n \n (2.5) \n \n \n (2.4) \n \n \n \n \n Adjusting operating items before tax from discontinued operations \n \n \n (244.0) \n \n \n (5.9) \n \n \n (2.5) \n \n \n (2.4) \n \n \n \n \n Tax (charge)/credit on adjusting items \n \n \n (4.9) \n \n \n 1.6 \n \n \n - \n \n \n - \n \n \n \n \n Total adjusting operating items after tax from discontinued operations \n \n \n (248.9) \n \n \n (4.3) \n \n \n (2.5) \n \n \n (2.4) \n \n \n \n \n   \n   \n \n   \n 1 Restated for correction to the German Rail onerous contract provision, see note 1 in the Financial Statements for further information. \n   \n An impairment charge of £238.0m was recognised on remeasurement of the School Bus disposal group to fair value less costs to sell, upon the business being classified as held for sale as at the 30 June 2025. \n   \n Amortisation on intangibles within acquired businesses increased by £2.6m in the period. \n   \n No movements relating to re-measurement of onerous contract provisions were booked in the period (H1 2024 restated: £31.9m charge). £26.5m of the onerous contract provision was released in H1 2025. \n   \n The final re-measurement of the Rabat put liability amounted to a £1.0m credit (H1 2024: £nil). \n   \n Restructuring and other costs of £15.0m (H1 2024: £16.1m) includes the impact of Group wide strategic initiatives and restructuring including costs relating to the disposal of the School Bus business. \n   \n   \n Segmental performance \n   \n \n \n \n \n Adjusted Operating Profit \n \n \n Six months to 30 June 2025 \nLocal currency m \n \n \n Six months to 30 June 2024 1 \nLocal currency m \n \n \n Six months to 30 June 2025 \n£m \n \n \n Six months to 30 June 2024 1 \n£m \n \n \n \n \n ALSA \n \n \n 97.4 \n \n \n 96.5 \n \n \n 82.0 \n \n \n 82.5 \n \n \n \n \n WeDriveU \n \n \n 3.4 \n \n \n 16.5 \n \n \n 2.6 \n \n \n 13.0 \n \n \n \n \n UK \n \n \n   \n \n \n \n \n \n (9.6) \n \n \n (12.6) \n \n \n \n \n German Rail \n \n \n 0.6 \n \n \n 0.8 \n \n \n 0.5 \n \n \n 0.7 \n \n \n \n \n Central functions \n \n \n   \n \n \n \n \n \n  (15.6) \n \n \n (15.0) \n \n \n \n \n Group adjusted operating profit from continuing operations \n \n \n   \n \n \n \n \n \n 59.9 \n \n \n 68.6 \n \n \n \n \n 1 Restated for correction to the German Rail onerous contract provision, see note 1 in the Financial Statements for further information. \n   \n ALSA's revenue increased by 13.1% to €816.3m on a constant currency basis as a result of strong passenger demand in ALSA's domestic market (including long haul, urban and regional operations). ALSA delivered adjusted operating profit of €97.4m, with an Adjusted Operating Profit increase of 0.9% on a constant currency basis. The reported result in sterling reduced by £0.5m year on year due to unfavourable exchange rate movements. \n   \n WeDriveU Adjusted Operating Profit reduced by $13.1m to $3.4m, a result of operational challenges on the Washington Metro Area Transit Association contract, in Washington, DC (WMATA) and the Charleston Area Regional Transit Authority (CARTA) contract in Charleston, SC. \n   \n In the UK, Adjusted Operating Loss reduced by £3.0m to (£9.6m). Despite an increase in competitive intensity, UK Coach profitability improved due to management actions to optimise the utilisation of the network and to exit loss making contracts. In UK Bus, steps continue to return the business to sustainable profitability whilst preparations for franchising continue. \n   \n German Rail Adjusted Operating Profit of €0.6m, is broadly flat year on year and represents purely the result from the RME contract alone. The RRX 1 and RRX 2/3 contracts are deemed to be onerous with in-year losses being offset by a £26.5m utilisation of an onerous contract provision. \n   \n Central Functions costs have increased £0.6m, principally due to wage inflation and investment in supporting critical group functions. \n   \n Adjusting items relating to each of these segments are described in detail in the previous section. \n   \n   \n Treasury & cash management \n   \n \n \n \n \n Funds flow \n \n \n Six months to 30 June 2025 \n £m \n \n \n Six months to 30 June 2024** \n £m \n \n \n \n \n Adjusted Operating Profit from continuing operations \n \n \n 59.9 \n \n \n 68.6 \n \n \n \n \n Adjusted Operating Profit from discontinued operations \n \n \n 28.3 \n \n \n 8.4 \n \n \n \n \n Depreciation and other non-cash items \n \n \n 97.6 \n \n \n 112.6 \n \n \n \n \n EBITDA \n \n \n 185.8 \n \n \n 189.6 \n \n \n \n \n Net maintenance capital expenditure* \n \n \n (85.4) \n \n \n (89.7) \n \n \n \n \n Working capital movement \n \n \n (9.0) \n \n \n 23.9 \n \n \n \n \n Pension contributions above normal charge \n \n \n (3.8) \n \n \n (3.8) \n \n \n \n \n Operating cash flow \n \n \n 87.6 \n \n \n 120.0 \n \n \n \n \n Net interest paid \n \n \n (21.0) \n \n \n (23.7) \n \n \n \n \n Tax paid \n \n \n (8.8) \n \n \n - \n \n \n \n \n Free cash flow \n \n \n 57.8 \n \n \n 96.3 \n \n \n \n \n Growth capital expenditure* \n \n \n (61.7) \n \n \n  (28.1) \n \n \n \n \n Acquisitions (net of cash acquired/disposed) \n \n \n (14.9) \n \n \n (41.6) \n \n \n \n \n Adjusting items \n \n \n (44.1) \n \n \n (44.5) \n \n \n \n \n Payment on hybrid instrument \n \n \n (21.3) \n \n \n (21.3) \n \n \n \n \n Other, including foreign exchange \n \n \n (5.8) \n \n \n 4.5 \n \n \n \n \n Net funds flow \n \n \n (90.0) \n \n \n (34.7) \n \n \n \n \n Net Debt \n \n \n (1,292.5) \n \n \n (1,236.4) \n \n \n \n \n   \n   \n \n * Net maintenance capital expenditure and growth capital expenditure are defined in the glossary of Alternative Performance Measures \n ** Restated for correction to the German Rail onerous contract provision, see note 1 in the Financial Statements for further information. \n   \n The Group generated EBITDA of £185.8m in the period (H1 2024 restated: £189.6m); with the year-on-year reduction in line with the reduction in Adjusted Operating Profit from continuing operations explained above. \n   \n £85.4m of maintenance capital expenditure is broadly consistent year on year and mainly relates to fleet capex within North America School Bus and ALSA. \n   \n Working capital net outflow of £9.0m in the period largely reflecting the timing of cash collections in ALSA. This working capital movement also drove a reduction in free cash inflow in the period to £57.8m (H1 2024 restated: £96.3m). \n   \n Growth capital expenditure of £61.7m has increased by £33.6m (H1 2024: £28.1 outflow). This increase is a result of contract wins in prior and current periods, in particular in North America School Bus. \n   \n Acquisitions cash outflow of £14.9m (H1 2024: £41.6m) relate primarily to the planned deferred consideration payment relating to the CanaryBus acquisition in ALSA which completed last year. \n   \n A cash outfl ow of £44.1m was recorded in respect of the items excluded from adjusted results as explained above. £21.3m of coupon payments on the hybrid instrumen t were made in the period, in line with prior period s. Other outflows of £5.8m 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 outflow for the period of £90.0m (H1 2024: £34.7m outflow) resulted in adjusted net debt of £1,292.5m (H1 2024: £1,236.4m). \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 30 June 2025, covenant gearing was 3.0x (31 December 2024: 2.8x) and interest cover was 4.6x (31 December 2024: 4.6x). The calculations are based on covenant net debt as at 30 June 2025 and therefore do not yet reflect the benefit of the School Bus disposal of which proceeds and net debt reduction will be realised in H2; as such, an improvement in covenant gearing is anticipated by the end of the year. \n   \n At 30 June 2025, the Group had utilised £1.2 billion of debt capital and committed facilities, with an average maturity of 5.0 years. \n   \n At 30 June 2025, the Group's RCFs were undrawn and the Group had available a total of £0.7 billion in cash and undrawn committed facilities excluding cash held by the School Bus business. The table below sets out the composition of these facilities. \n   \n   \n   \n \n \n \n \n Funding facilities \n \n \n Facility \n   \n £m \n \n \n Utilised at 30 June 2025 \n £m \n \n \n Headroom at 30 June 2025 \n £m \n \n \n Maturity year \n \n \n \n \n Core RCFs* \n \n \n 600 \n \n \n - \n \n \n 600 \n \n \n 2028-2029* \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 429 \n \n \n 429 \n \n \n - \n \n \n 2031 \n \n \n \n \n Private placement \n \n \n 399 \n \n \n 399 \n \n \n - \n \n \n 2027-2032 \n \n \n \n \n Divisional bank loans** \n \n \n 43 \n \n \n 43 \n \n \n - \n \n \n various \n \n \n \n \n Leases** \n \n \n 167 \n \n \n 167 \n \n \n - \n \n \n various \n \n \n \n \n Funding facilities excluding cash \n \n \n 1,888 \n \n \n 1,288 \n \n \n 600 \n \n \n   \n \n \n \n \n Net cash and cash equivalents** \n \n \n   \n \n \n (99) \n \n \n 99 \n \n \n   \n \n \n \n \n Total \n \n \n   \n \n \n 1,189 \n \n \n 699 \n \n \n   \n \n \n \n \n   \n * £571m of the facility matures in 2029 with £29m maturing in 2028 \n ** Excludes amounts classified in the Group Balance Sheet as assets held for sale, which relate to the School Bus business \n   \n To ensure sufficient liquidity, the Board requires the Group to maintain a minimum of £300 million in cash and undrawn committed facilities at all times. This does not include factoring facilities which allow the without-recourse sale of receivables. These arrangements provide the Group with more economic alternatives to early payment discounts for the management of working capital, and as such are not included in (or required for) liquidity forecasts. \n   \n At 30 June 2025, 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 30 June 2025, the proportion of Group debt at floating rates was 27% (31 December 2024: 21%). \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 (HY 2024: 8%). At 30 June 2025 t he Group is fully hedged for 2025 at an average price of 52.1p per litre; around 65% hedged for 2026 at an average price of 46.6p per litre; and around 26% hedged for 2027 at an average price of 44.4p per litre. This compares to an average hedged price in 2023 and 2024 of 48.5p per litre and 51.6p per litre respectively. \n   \n   \n Return on capital employed \n The return on capital employed at the end of the period was 11.6% (31 December 2024: 10.2%; 30 June 2024 restated: 8.1%). \n   \n Dividend \n An interim dividend has not been proposed for the current period (2024 interim: £nil). \n   \n Pensions \n The Group's principal defined benefit pension scheme is in the UK. The combined deficit under IAS 19 on 30 June 2025 was £7.6m (31 December 2024: £11.5m), with the IAS 19 deficit for the Group main's scheme, West Midlands Bus being £7.7m (31 December 2024: £11.3m). \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 approval of the financial statements. Details of the Board's assessment of the Group's 'base case', 'reasonable worse case', and 'reverse stress tests' are detailed in note 1 of the Financial Statements. \n   \n Risks and uncertainties \n In the 2024 Annual Report and Accounts the Board sets out what it considers to be the principal risks and uncertainties. Having subsequently reviewed these again the Board considers them to remain relevant. The principal risks are summarised below: \n   \n ·      Unprecedented external factors \n ·      Adverse economic conditions affecting our speed of recovery \n ·      Adverse political and policy environment affecting funding \n ·      Regulatory landscape and ability to comply \n ·      Climate changes (physical) \n ·      Climate changes (transitional) \n ·      Implications of new technology in our business model (ZEV transformation) \n ·      Competition and market dynamics in a digital world \n ·      Shortages of drivers and frontline employees \n ·      Industrial action \n ·      Cyber attack \n ·      Safety incidents, litigation and claims \n ·      Credit/financing \n ·      Attraction and retention of talent and succession planning \n   \n For a full summary of the Principal Risks and Uncertainties facing the Group, please refer to the 2024 Annual Report and Accounts pages 44 to 51 at https://www.mobicogroup.com/media/izrhscsr/mobico-group-plc-annual-report-and-accounts-2024.pdf. \n   \n   \n   \n   \n Brian Egan \n Group Chief Financial Officer \n 8 September 2025 \n   \n Alternative performance measures \n In the reporting of financial information, the Group has adopted various Alternative Performance Measures (\"APMs\"). APMs should be considered in addition to IFRS measurements. The Directors believe that these APMs assist in providing useful information on the Adjusted performance of the Group, enhance the comparability of information between reporting periods, and are used internally by the Directors to measure the Group's performance. The key APMs that the Group focuses on are as follows: \n \n \n \n \n Measure \n \n \n Closest IFRS measure \n \n \n Definition and reconciliation \n \n \n Purpose \n \n \n \n \n Adjusted EBITDA \n \n \n Operating profit 1 \n \n \n Adjusted Earnings Before Interest and Tax plus Depreciation and Amortisation. It is calculated by taking Adjusted Operating Profit and adding back depreciation, fixed asset grant amortisation, and share-based payments. \n \n \n Adjusted EBITDA is used as a key measure to understand profit and cash generation before the impact of investments (such as capital expenditure and working capital). It is also used to derive the Group's gearing ratio. \n \n \n \n \n Gearing & Covenant EBITDA \n \n \n No direct \n equivalent \n \n \n Gearing is defined as the ratio of Covenant net debt to Covenant EBITDA over the last 12 months. Covenant EBITDA is calculated by making the following amendments to Adjusted EBITDA (which is defined above): including any pre-acquisition Adjusted EBITDA generated in that 12-month period by businesses acquired by the Group during that period; the reversal of IFRS 16 accounting; the exclusion of the profit or loss from associates; the exclusion of the profit or loss attributable to minority interest; and the add back of interest costs arising from the unwind of the discount on provisions. \n \n \n The gearing ratio is considered a key measure of balance sheet strength and financial stability by which the Group and interested stakeholders assess its financial position. \n Covenant EBITDA is used for the purpose of calculating he Group's two key bank covenant tests: being gearing and interest cover. \n \n \n \n \n Free cash flow \n \n \n Net cash generated from operating activities \n \n \n The cash flow equivalent of Adjusted Profit After Tax. \n A reconciliation of Adjusted Operating Profit and net cash flow from operating activities to free cash flow is set out in the supporting tables below. \n \n \n Free cash flow allows us and external parties to evaluate the cash generated by the Group's operations and is also a key performance measure for the Executive Directors' annual bonus structure and management remuneration. \n \n \n \n \n Net maintenance \ncapital expenditure \n \n \n No direct \n equivalent \n \n \n Comprises the purchase of property, plant and equipment and intangible assets, other than growth capital expenditure, less proceeds from their disposal. It excludes capital expenditure arising from discontinued operations. It includes the capitalisation of leases initiated in the year in respect of existing business. \n A reconciliation of capital expenditure in the statutory cash flow statement to net maintenance capital expenditure (as presented in the Group Chief Financial Officer's Report) is set out in the supporting tables below. \n \n \n Net maintenance capital expenditure is a measure by which the Group and interested stakeholders assesses the level of investment in new/existing capital assets to maintain the Group's profit. \n \n \n \n \n Growth capital expenditure \n \n \n No direct \n equivalent \n \n \n Growth capital expenditure represents the cash investment in new or nascent parts of the business, including new contracts and concessions, which drive enhanced profit growth. It includes the capitalisation of leases initiated in the year in respect of new business. \n \n \n Growth capital expenditure is a measure by which the Group and interested stakeholders assesses the level of capital investment in new capital assets to drive profit growth. \n \n \n \n \n Adjusted net debt \n \n \n Borrowings less cash and related hedges \n \n \n Cash and cash equivalents (cash overnight deposits, other short-term deposits) and other debt receivables, offset by borrowings (loan notes, bank loans and finance lease obligations) and other debt payable (excluding accrued interest). \n The components of adjusted net debt as they reconcile to the primary financial statements and notes to the accounts is disclosed in note 16. \n \n \n Net debt is the measure by which the Group and interested stakeholders assess its level of overall indebtedness. \n   \n   \n \n \n \n \n Covenant net debt \n \n \n Borrowings less cash and related hedges \n \n \n Adjusted net debt adjusted for certain items agreed with the Group's lenders as being excluded for the purposes of calculating Net Debt for covenant assessment. The adjustments principally comprise the exclusion of IFRS 16 liabilities, the exclusion of amounts owing under arrangements to factor advance subsidy payments, the add back of trapped cash, and an adjustment to retranslate any borrowing denominated in foreign currency to the average foreign currency exchange rates over the preceding 12 months. \n \n \n Covenant net debt is the measure that is applicable in the covenant gearing test. \n \n \n \n \n Adjusted earnings \n \n \n Profit after tax \n \n \n Adjusted earnings is Profit attributable to equity shareholders for the period, excluding Adjusting items (as described below) and can be found on the face of the Group Income Statement in the first column. \n \n \n Adjusted earnings is a key measure used in the calculation of Adjusted earnings per share. \n \n \n \n \n Adjusted earnings \nper share \n \n \n Basic earnings per share \n \n \n Is Adjusted earnings divided by the weighted average number of shares in issue, excluding those held in the Employee Benefit Trust which are treated as cancelled. \n \n \n Adjusted earnings per share is widely used by external stakeholders, particularly in the investment community. \n \n \n \n \n Adjusted Operating Profit \n \n \n Operating profit 1 \n \n \n Statutory operating profit excluding Adjusting items (as described below), and can be found on the face of the Group Income Statement in the first column. \n \n \n Adjusted Operating Profit is a key performance measure for the Executive Directors' annual bonus structure and management remuneration. It also allows for ongoing trends and performance of the Group to be measured by the Directors, management and interested stakeholders. \n \n \n \n \n Adjusting Items \n \n \n No direct equivalent \n \n \n Adjusting items are items that are considered significant in nature and value, not in the normal course of business, or are consistent with items that were treated as Adjusting items in prior periods. \n \n \n 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. \n \n \n \n \n Adjusted Operating Margin \n \n \n Operating profit 1 divided by revenue \n \n \n Adjusted Operating Profit/(Loss) divided by revenue \n \n \n Adjusted Operating Margin is a measure used to assess and compare profitability. It also allows for ongoing trends and performance of the Group to be measured by the Directors, management and interested stakeholders. \n \n \n \n \n Adjusted Profit Before Tax \n \n \n Profit before tax \n \n \n Statutory profit before tax excluding Adjusting Items can be found on the face of the Group Income Statement in the first column. \n \n \n Adjusted Profit before tax allows a view of the profit before tax after taking account of the Adjusting items. \n \n \n \n \n Return on capital employed (ROCE) \n \n \n Operating profit 1 and net assets \n \n \n Adjusted Operating Profit divided by average capital employed. Capital employed is net assets excluding Net Debt and derivative financial instruments, and for the purposes of this calculation is translated using average exchange rates. \n The calculation of ROCE is set out in the reconciliation tables below. \n \n \n ROCE gives an indication of the Group's capital efficiency and is a key performance measure for the Executive Directors' remuneration. \n \n \n \n \n 1  Operating profit is presented on the Group income statement. It is not defined per IFRS, however is a generally accepted profit measure. \n   \n   \n Supporting reconciliations \n   \n \n \n \n \n Reconciliation of net cash flow from operating activities to free cash flow \n \n \n Six months to 30 June 2025 \n            £m \n \n \n    Six months to 30 June 2024 \n      £m \n \n \n \n \n Net cash flow from operating activities \n \n \n 98.9 \n \n \n 140.6 \n \n \n \n \n Cash expenditure in respect of adjusting items \n \n \n 44.1 \n \n \n 44.5 \n \n \n \n \n Net maintenance capital expenditure \n \n \n (85.4) \n \n \n (89.7) \n \n \n \n \n Other non-cash movements \n \n \n (1.3) \n \n \n (0.8) \n \n \n \n \n Profit on disposal of fixed assets \n \n \n 1.5 \n \n \n 1.7 \n \n \n \n \n Free cash flow \n \n \n 57.8 \n \n \n 96.3 \n \n \n \n \n   \n \n \n \n \n Reconciliation of capital expenditure in statutory cash flow to funds flow \n \n \n    Six months \n to 30 June 2025 \n £m \n \n \n Six months \n to 30 June 2024 \n £m \n \n \n \n \n Purchase of property, plant and equipment \n \n \n (110.5) \n \n \n (97.7) \n \n \n \n \n Proceeds from disposal of property, plant and equipment \n \n \n 2.6 \n \n \n 6.8 \n \n \n \n \n Payments to acquire intangible assets \n \n \n (3.4) \n \n \n (3.3) \n \n \n \n \n Proceeds from disposal of intangible assets \n \n \n 0.5 \n \n \n 0.7 \n \n \n \n \n Net capital expenditure in statutory cash flow statement \n \n \n (110.8) \n \n \n (93.5) \n \n \n \n \n Profit on disposal of fixed assets \n \n \n (1.5) \n \n \n (1.7) \n \n \n \n \n Capitalisation of leases initiated in the year, less disposals \n \n \n (34.8) \n \n \n (22.6) \n \n \n \n \n Net capital expenditure in the funds flow (presented in the Group Chief Financial Officer's Report) \n \n \n (147.1) \n \n \n (117.8) \n \n \n \n \n Split as: \n \n \n   \n \n \n   \n \n \n \n \n Net maintenance capital expenditure \n \n \n (85.4) \n \n \n (89.7) \n \n \n \n \n Growth capital expenditure \n \n \n (61.7) \n \n \n (28.1) \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Reconciliation of ROCE \n \n \n 12 months \n to 30 June 2025 \n£m \n \n \n (Restated) \n 12 months \n to 30 June 2024 1 \n£m \n \n \n \n \n Group statutory operating profit/(loss) \n \n \n (715.3) \n \n \n (19.2) \n \n \n \n \n Add back: adjusting items \n \n \n 914.2 \n \n \n 207.3 \n \n \n \n \n Return - Adjusted Group Operating Profit \n \n \n 198.9 \n \n \n 188.1 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Average net assets \n \n \n 466.4 \n \n \n 1,113.5 \n \n \n \n \n Average net debt \n \n \n 1,264.4 \n \n \n 1,202.6 \n \n \n \n \n Average derivatives, excluding amounts within net debt \n \n \n 11.6 \n \n \n 11.0 \n \n \n \n \n Foreign exchange adjustment \n \n \n (25.1) \n \n \n (3.8) \n \n \n \n \n Average capital employed \n \n \n 1,717.3 \n \n \n 2,323.3 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Return on capital employed \n \n \n 11.6% \n \n \n 8.1% \n \n \n \n \n \n \n \n \n \n \n 1 Restated for correction to the German Rail onerous contract provision, see note 1 in the Financial Statements for further information. \n   \n   \n   \n \n \n \n \n Reconciliation of depreciation and other non-cash items \n \n \n Six months to 30 June 2025 \n£m \n \n \n Six months to 30 June 2024 \n£m \n \n \n \n \n Depreciation charge \n \n \n 85.5 \n \n \n 101.0 \n \n \n \n \n Amortisation charge (excluding amortisation from intangibles from acquired businesses) \n \n \n 11.9 \n \n \n 10.8 \n \n \n \n \n Share-based payments \n \n \n 2.1 \n \n \n 1.7 \n \n \n \n \n Amortisation of fixed asset grants \n \n \n (1.9) \n \n \n (0.9) \n \n \n \n \n Depreciation and other non-cash items \n \n \n 97.6 \n \n \n 112.6 \n \n \n \n \n \n \n \n \n \n \n   \n   \n Directors' Responsibility Statement \n   \n   \n   \n   \n  Directors confirm that, to the best of their knowledge: \n   \n ·      the condensed Financial Statements of the Company have been prepared in accordance with IAS 34; and \n ·      the interim management report of the Company includes: \n o  a fair review of important events during the first six months of the year and their impact on the condensed Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the year, as required by DTR 4.2.7R; and \n o  a fair review of related party transactions and changes therein, as required by DTR 4.2.8R. \n   \n On behalf of the Board \n   \n   \n   \n   \n Phil White                                                                              Brian Egan \n Group Executive Chairman                                                  Group Chief Financial Officer \n   \n 8 September 2025 \n   \n   \n MOBICO GROUP PLC \n CONDENSED GROUP INCOME STATEMENT \n For the six months ended 30 June 2025 \n \n \n \n \n \n \n \n   \n   \n \n \n Unaudited six months to 30 June \n \n \n \n \n \n \n \n   \n \n \n Note \n \n \n Adjusted result \n 2025 \n £m \n \n \n Adjusting \n items \n (note 5) \n 2025 \n £m \n \n \n Total \n 2025 \n £m \n \n \n (Restated) \n Adjusted result \n 2024 \n £m \n \n \n (Restated) \n Adjusting \n items \n (note 5) \n 2024 1 \n £m \n \n \n (Restated) \n Total \n 2024 1 \n £m \n \n \n Unaudited \n (Restated) \n Year to 31 \n December \n Total \n 2024 1 \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 \n \n \n \n \n \n Revenue \n \n \n 3 \n \n \n 1,323.5 \n \n \n - \n \n \n 1,323.5 \n \n \n 1,237.2 \n \n \n - \n \n \n 1,237.2 \n \n \n 2,619.8 \n \n \n \n \n Operating costs \n \n \n \n \n \n (1,263.6) \n \n \n (24.8) \n \n \n (1,288.4) \n \n \n (1,168.6) \n \n \n (56.3) \n \n \n (1,224.9) \n \n \n (2,589.6) \n \n \n \n \n Group operating profit/(loss) \n \n \n 3 \n \n \n 59.9 \n \n \n (24.8) \n \n \n 35.1 \n \n \n 68.6 \n \n \n (56.3) \n \n \n 12.3 \n \n \n 30.2 \n \n \n \n \n Share of results from associates \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n \n \n Finance income \n \n \n 4 \n \n \n 1.6 \n \n \n - \n \n \n 1.6 \n \n \n 1.2 \n \n \n - \n \n \n 1.2 \n \n \n 2.2 \n \n \n \n \n Finance costs \n \n \n 4 \n \n \n (41.7) \n \n \n (2.1) \n \n \n (43.8) \n \n \n (41.0) \n \n \n (1.8) \n \n \n (42.8) \n \n \n (82.4) \n \n \n \n \n Profit/(loss) before tax \n \n \n \n \n \n 19.8 \n \n \n (26.9) \n \n \n (7.1) \n \n \n 28.8 \n \n \n (58.1) \n \n \n (29.3) \n \n \n (50.3) \n \n \n \n \n Tax (charge)/credit \n \n \n 6 \n \n \n (16.0) \n \n \n 0.7 \n \n \n (15.3) \n \n \n (10.9) \n \n \n 5.4 \n \n \n (5.5) \n \n \n (106.6) \n \n \n \n \n Profit/(loss) for the period from continuing operations \n \n \n \n \n \n 3.8 \n \n \n (26.2) \n \n \n (22.4) \n \n \n 17.9 \n \n \n (52.7) \n \n \n (34.8) \n \n \n (156.9) \n \n \n \n \n Profit/(loss) for the period from discontinued operations \n \n \n 8 \n \n \n 16.6 \n \n \n (248.9) \n \n \n (232.3) \n \n \n 1.5 \n \n \n (4.3) \n \n \n (2.8) \n \n \n (636.9) \n \n \n \n \n Profit/(loss) for the period \n \n \n \n \n \n 20.4 \n \n \n (275.1) \n \n \n (254.7) \n \n \n 19.4 \n \n \n (57.0) \n \n \n (37.6) \n \n \n (793.8) \n \n \n \n \n Profit/(loss) attributable to equity shareholders \n \n \n \n \n \n 17.2 \n \n \n (275.1) \n \n \n (257.9) \n \n \n 16.3 \n \n \n (57.0) \n \n \n (40.7) \n \n \n (802.8) \n \n \n \n \n Profit attributable to non-controlling interests \n \n \n \n \n \n 3.2 \n \n \n - \n \n \n 3.2 \n \n \n 3.1 \n \n \n - \n \n \n 3.1 \n \n \n 9.0 \n \n \n \n \n \n \n \n \n \n \n 20.4 \n \n \n (275.1) \n \n \n (254.7) \n \n \n 19.4 \n \n \n (57.0) \n \n \n (37.6) \n \n \n (793.8) \n \n \n \n \n Earnings per share: \n \n \n 9 \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 Earnings per share from 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 \n \n \n \n \n \n - basic earnings per share \n \n \n \n \n \n   \n \n \n   \n \n \n (5.9)p \n \n \n \n \n \n \n \n \n (7.9)p \n \n \n (30.6)p \n \n \n \n \n - diluted earnings per share \n \n \n \n \n \n   \n \n \n   \n \n \n (5.9)p \n \n \n \n \n \n \n \n \n (7.9)p \n \n \n (30.6)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 \n \n \n \n \n \n Earnings per share from continuing and discontinued operations \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 - basic earnings per share \n \n \n \n \n \n   \n \n \n   \n \n \n (44.0)p \n \n \n \n \n \n \n \n \n (8.4)p \n \n \n (134.8)p \n \n \n \n \n - diluted earnings per share \n \n \n \n \n \n   \n \n \n   \n \n \n (44.0)p \n \n \n \n \n \n \n \n \n (8.4)p \n \n \n (134.8)p \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n 1 The results for the six months ended 30 June 2024 have been restated for a correction to the German Rail onerous contract provision and to represent prior periods for discontinued operations. The results for the year to 31 December 2024 have been restated to represent prior periods for discontinued operations; see notes 1 & 8 respectively for further information. \n   \n   \n MOBICO GROUP PLC \nCONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME \nFor the six months ended 30 June 2025 \n \n \n \n \n \n \n \n   \n Unaudited \n six months to \n 30 June \n 2025 \n £m \n \n \n (Restated) \n Unaudited \n six months to \n 30 June \n 2024 1 \n £m \n \n \n   \n Audited \n Year to \n 31 December \n 2024 \n £m \n \n \n \n \n Loss for the period \n \n \n (254.7) \n \n \n (37.6) \n \n \n (793.8) \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Items that will not be reclassified subsequently to profit or loss: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Actuarial (losses)/gains on defined benefit pension plans \n \n \n (0.4) \n \n \n 10.9 \n \n \n 11.2 \n \n \n \n \n Deferred tax credit/(charge) on actuarial losses/(gains) \n \n \n 0.1 \n \n \n (2.7) \n \n \n (2.8) \n \n \n \n \n Gains on financial assets at fair value through Other Comprehensive Income \n \n \n 0.3 \n \n \n - \n \n \n 9.1 \n \n \n \n \n \n \n \n - \n \n \n 8.2 \n \n \n 17.5 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Items that may be reclassified subsequently to profit or loss:         \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Exchange differences on retranslation of foreign operations \n \n \n (3.1) \n \n \n (14.9) \n \n \n (31.6) \n \n \n \n \n Exchange differences on retranslation of non-controlling interests \n \n \n 1.4 \n \n \n (0.7) \n \n \n (1.5) \n \n \n \n \n (Losses)/gains on net investment hedges \n \n \n (1.0) \n \n \n 13.5 \n \n \n 21.3 \n \n \n \n \n (Losses)/gains on cash flow hedges \n \n \n (26.5) \n \n \n 16.3 \n \n \n 3.8 \n \n \n \n \n Cost of hedging \n \n \n 0.1 \n \n \n (0.1) \n \n \n 0.2 \n \n \n \n \n Hedging losses/(gains) reclassified to Income Statement \n \n \n 5.6 \n \n \n (0.7) \n \n \n (1.6) \n \n \n \n \n Deferred tax (charge)/credit on foreign exchange differences \n \n \n (5.5) \n \n \n 0.3 \n \n \n (0.5) \n \n \n \n \n Deferred tax credit/(charge) on cash flow hedges \n \n \n 5.2 \n \n \n (2.7) \n \n \n (0.7) \n \n \n \n \n \n \n \n (23.8) \n \n \n 11.0 \n \n \n (10.6) \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Other comprehensive (expense)/income for the period \n \n \n (23.8) \n \n \n 19.2 \n \n \n 6.9 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Total comprehensive expense for the period \n \n \n (278.5) \n \n \n (18.4) \n \n \n (786.9) \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Total comprehensive (expenditure)/income attributable to: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Equity shareholders \n \n \n (283.1) \n \n \n (20.8) \n \n \n (794.4) \n \n \n \n \n Non-controlling interests \n \n \n 4.6 \n \n \n 2.4 \n \n \n 7.5 \n \n \n \n \n \n \n \n (278.5) \n \n \n (18.4) \n \n \n (786.9) \n \n \n \n \n 1 See note 1 for further information. \n MOBICO GROUP PLC \nCONDENSED GROUP BALANCE SHEET \n At 30 June 2025                                                                                                                                   \n \n \n \n \n \n \n \n  Note \n \n \n Unaudited \n 30 June \n 2025 \n £m \n \n \n (Restated) Unaudited \n 30 June \n 2024 1 \n £m \n \n \n Audited \n 31 December \n 2024 \n £m \n \n \n \n \n Non-current assets \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Intangible assets \n \n \n \n \n \n 984.1 \n \n \n 1,566.6 \n \n \n 986.2 \n \n \n \n \n Property, plant and equipment \n \n \n 12 \n \n \n 713.2 \n \n \n 1,205.6 \n \n \n 1,193.6 \n \n \n \n \n Derivative financial instruments \n \n \n 13 \n \n \n - \n \n \n 1.3 \n \n \n 0.2 \n \n \n \n \n Financial assets at fair value though Other Comprehensive Income \n \n \n \n \n \n 8.5 \n \n \n 15.8 \n \n \n 25.0 \n \n \n \n \n Investments accounted for using the equity method \n \n \n \n \n \n 4.0 \n \n \n 10.0 \n \n \n 6.5 \n \n \n \n \n Other non-current receivables \n \n \n \n \n \n 145.5 \n \n \n 139.9 \n \n \n 169.7 \n \n \n \n \n Finance lease receivable \n \n \n \n \n \n 16.1 \n \n \n 8.7 \n \n \n 14.8 \n \n \n \n \n Deferred tax assets \n \n \n \n \n \n 0.7 \n \n \n 183.3 \n \n \n - \n \n \n \n \n Defined benefit pension assets \n \n \n 14 \n \n \n 0.1 \n \n \n 0.2 \n \n \n 0.1 \n \n \n \n \n Total non-current assets \n \n \n \n \n \n 1,872.2 \n \n \n 3,131.4 \n \n \n 2,396.1 \n \n \n \n \n Current assets \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Inventories \n \n \n \n \n \n 18.7 \n \n \n 35.5 \n \n \n 34.0 \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n 504.3 \n \n \n 593.9 \n \n \n 547.5 \n \n \n \n \n Finance lease receivable \n \n \n \n \n \n 4.5 \n \n \n 2.4 \n \n \n 3.2 \n \n \n \n \n Derivative financial instruments \n \n \n 13 \n \n \n 23.3 \n \n \n 11.3 \n \n \n 12.6 \n \n \n \n \n Current tax assets \n \n \n \n \n \n 1.9 \n \n \n - \n \n \n 0.6 \n \n \n \n \n Cash and cash equivalents \n \n \n 10 \n \n \n 197.8 \n \n \n 244.7 \n \n \n 244.5 \n \n \n \n \n Assets classified as held for sale \n \n \n 8 \n \n \n 374.1 \n \n \n 24.8 \n \n \n - \n \n \n \n \n Total current assets \n \n \n \n \n \n 1,124.6 \n \n \n 912.6 \n \n \n 842.4 \n \n \n \n \n Total assets \n \n \n \n \n \n 2,996.8 \n \n \n 4,044.0 \n \n \n 3,238.5 \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Borrowings \n \n \n \n \n \n (1,228.4) \n \n \n (1,273.0) \n \n \n (1,258.8) \n \n \n \n \n Derivative financial instruments \n \n \n 13 \n \n \n (16.2) \n \n \n (13.5) \n \n \n (3.4) \n \n \n \n \n Deferred tax liabilities \n \n \n \n \n \n (54.0) \n \n \n (45.9) \n \n \n (46.8) \n \n \n \n \n Other non-current liabilities \n \n \n \n \n \n (117.9) \n \n \n (120.5) \n \n \n (116.9) \n \n \n \n \n Defined benefit pension liabilities \n \n \n 14 \n \n \n (7.7) \n \n \n (17.1) \n \n \n (11.6) \n \n \n \n \n Provisions \n \n \n \n \n \n (164.8) \n \n \n (170.5) \n \n \n (172.2) \n \n \n \n \n Total non-current liabilities \n \n \n \n \n \n (1,589.0) \n \n \n (1,640.5) \n \n \n (1,609.7) \n \n \n \n \n Current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Trade and other payables \n \n \n \n \n \n (856.6) \n \n \n (1,035.1) \n \n \n (1,029.0) \n \n \n \n \n Borrowings \n \n \n \n \n \n (252.9) \n \n \n (229.2) \n \n \n (208.9) \n \n \n \n \n Derivative financial instruments \n \n \n 13 \n \n \n (30.3) \n \n \n (25.7) \n \n \n (44.7) \n \n \n \n \n Current tax liabilities \n \n \n   \n \n \n (18.0) \n \n \n (12.5) \n \n \n (9.5) \n \n \n \n \n Provisions \n \n \n   \n \n \n (111.4) \n \n \n (95.8) \n \n \n (115.8) \n \n \n \n \n Liabilities directly associated with assets classified as held for sale \n \n \n 8 \n \n \n (207.0) \n \n \n (4.2) \n \n \n - \n \n \n \n \n Total current liabilities \n \n \n   \n \n \n (1,476.2) \n \n \n (1,402.5) \n \n \n (1,407.9) \n \n \n \n \n Total liabilities \n \n \n   \n \n \n (3,065.2) \n \n \n (3,043.0) \n \n \n (3,017.6) \n \n \n \n \n Net (liabilities)/assets \n \n \n   \n \n \n (68.4) \n \n \n 1,001.0 \n \n \n 220.9 \n \n \n \n \n Shareholders' equity \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Share capital \n \n \n \n \n \n 30.7 \n \n \n 30.7 \n \n \n 30.7 \n \n \n \n \n Share premium \n \n \n \n \n \n 533.6 \n \n \n 533.6 \n \n \n 533.6 \n \n \n \n \n Own shares \n \n \n \n \n \n (4.2) \n \n \n (4.5) \n \n \n (4.3) \n \n \n \n \n Hybrid reserve \n \n \n \n \n \n 502.2 \n \n \n 502.2 \n \n \n 513.0 \n \n \n \n \n Other reserves \n \n \n \n \n \n 369.1 \n \n \n 404.5 \n \n \n 396.7 \n \n \n \n \n Retained earnings \n \n \n \n \n \n (1,541.9) \n \n \n (497.2) \n \n \n (1,284.9) \n \n \n \n \n Total shareholders' equity \n \n \n \n \n \n (110.5) \n \n \n 969.3 \n \n \n 184.8 \n \n \n \n \n Non-controlling interest in equity \n \n \n \n \n \n 42.1 \n \n \n 31.7 \n \n \n 36.1 \n \n \n \n \n Total equity \n \n \n \n \n \n (68.4) \n \n \n 1,001.0 \n \n \n 220.9 \n \n \n \n \n 1 Restated for a correction to the German Rail onerous contract provision, see note 1 for further information. \n   \n MOBICO GROUP PLC \nCONDENSED GROUP STATEMENT OF CHANGES IN EQUITY \n For the six months ended 30 June 2025 \n \n \n \n \n   \n Unaudited \n \n \n Share \n capital \n £m \n \n \n Share \n premium \n £m \n \n \n Own \n shares \n £m \n \n \n Hybrid \n reserve \n £m \n \n \n Other \n Reserves 1 \n £m \n \n \n Retained \n earnings \n £m \n \n \n Total \n £m \n \n \n Non- \n controlling \n interests \n £m \n \n \n Total equity \n £m \n \n \n \n \n At 1 January 2025 \n \n \n 30.7 \n \n \n 533.6 \n \n \n (4.3) \n \n \n 513.0 \n \n \n 396.7 \n \n \n (1,284.9) \n \n \n 184.8 \n \n \n 36.1 \n \n \n 220.9 \n \n \n \n \n (Loss)/profit for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (257.9) \n \n \n (257.9) \n \n \n 3.2 \n \n \n (254.7) \n \n \n \n \n Other comprehensive (expense)/income for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (33.9) \n \n \n 8.7 \n \n \n (25.2) \n \n \n 1.4 \n \n \n (23.8) \n \n \n \n \n Total comprehensive    (expense)/income \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (33.9) \n \n \n (249.2) \n \n \n (283.1) \n \n \n 4.6 \n \n \n (278.5) \n \n \n \n \n Own shares released to equity employee share schemes \n \n \n - \n \n \n - \n \n \n 0.1 \n \n \n - \n \n \n - \n \n \n (0.1) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.1 \n \n \n 2.1 \n \n \n - \n \n \n 2.1 \n \n \n \n \n Deferred tax charge on share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.4) \n \n \n (0.4) \n \n \n - \n \n \n (0.4) \n \n \n \n \n Accrued payments on hybrid instrument \n \n \n - \n \n \n - \n \n \n - \n \n \n 10.5 \n \n \n - \n \n \n (10.5) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Payments on hybrid instrument \n \n \n - \n \n \n - \n \n \n - \n \n \n (21.3) \n \n \n - \n \n \n - \n \n \n (21.3) \n \n \n - \n \n \n (21.3) \n \n \n \n \n Deferred tax credit on hybrid bond payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.7 \n \n \n 2.7 \n \n \n - \n \n \n 2.7 \n \n \n \n \n Purchase of subsidiary shares from non-controlling interest \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (1.6) \n \n \n (1.6) \n \n \n 1.6 \n \n \n - \n \n \n \n \n Hedging gains and losses and costs of hedging transferred to the cost of inventory \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 6.3 \n \n \n - \n \n \n 6.3 \n \n \n - \n \n \n 6.3 \n \n \n \n \n Dividends to non-controlling interests \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.2) \n \n \n (0.2) \n \n \n \n \n At 30 June 2025 \n \n \n 30.7 \n \n \n 533.6 \n \n \n (4.2) \n \n \n 502.2 \n \n \n 369.1 \n \n \n (1,541.9) \n \n \n (110.5) \n \n \n 42.1 \n \n \n (68.4) \n \n \n \n \n   \n   \n   \n 1 Other reserves includes £103.9m within the translation reserve that relates to School Bus. \n   \n   \n \n \n \n \n   \n Unaudited \n \n \n Share \n capital \n £m \n \n \n Share \n premium \n £m \n \n \n Own \n shares \n £m \n \n \n Hybrid \n reserve \n £m \n \n \n (Restated) \n Other \n Reserves 1 \n £m \n \n \n (Restated) \n Retained \n Earnings 1 \n £m \n \n \n (Restated)Total 1 \n £m \n \n \n Non- \n controlling \n interests \n £m \n \n \n (Restated) Total equity 1 \n £m \n \n \n \n \n At 1 January 2024 \n \n \n 30.7 \n \n \n 533.6 \n \n \n (3.6) \n \n \n 513.0 \n \n \n 397.6 \n \n \n (457.0) \n \n \n 1,014.3 \n \n \n         30.2 \n \n \n 1,044.5 \n \n \n \n \n (Loss)/profit for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (40.7) \n \n \n (40.7) \n \n \n 3.1 \n \n \n (37.6) \n \n \n \n \n Other comprehensive income/(expense) for the period \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 11.9 \n \n \n 8.0 \n \n \n 19.9 \n \n \n (0.7) \n \n \n 19.2 \n \n \n \n \n Total comprehensive    income/(expense) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 11.9 \n \n \n (32.7) \n \n \n (20.8) \n \n \n 2.4 \n \n \n (18.4) \n \n \n \n \n Shares purchased \n \n \n - \n \n \n - \n \n \n (2.0) \n \n \n - \n \n \n - \n \n \n - \n \n \n (2.0) \n \n \n - \n \n \n (2.0) \n \n \n \n \n Own shares released to equity employee share schemes \n \n \n - \n \n \n - \n \n \n 1.1 \n \n \n - \n \n \n - \n \n \n (1.1) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 1.7 \n \n \n 1.7 \n \n \n - \n \n \n 1.7 \n \n \n \n \n Deferred tax charge on share-based payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n (0.3) \n \n \n - \n \n \n (0.3) \n \n \n \n \n Accrued payments on hybrid instrument \n \n \n - \n \n \n - \n \n \n - \n \n \n 10.5 \n \n \n - \n \n \n (10.5) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Payments on hybrid instrument \n \n \n - \n \n \n - \n \n \n - \n \n \n (21.3) \n \n \n - \n \n \n - \n \n \n (21.3) \n \n \n - \n \n \n (21.3) \n \n \n \n \n Deferred tax credit on hybrid bond payments \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 2.7 \n \n \n 2.7 \n \n \n - \n \n \n 2.7 \n \n \n \n \n Hedging gains and losses and costs of hedging transferred to the cost of inventory \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (5.0) \n \n \n - \n \n \n (5.0) \n \n \n - \n \n \n (5.0) \n \n \n \n \n Dividends to non-controlling interests \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.9) \n \n \n (0.9) \n \n \n \n \n At 30 June 2024 \n \n \n 30.7 \n \n \n 533.6 \n \n \n (4.5) \n \n \n 502.2 \n \n \n 404.5 \n \n \n (497.2) \n \n \n 969.3 \n \n \n 31.7 \n \n \n 1,001.0 \n \n \n \n \n   \n   \n     \n 1 See note 1 for further inform...

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