Unaudited results for 12 months ended 31 Dec 2025

About this update from Mobico Group Plc

[{"type":"text","content":"\n \n   Mobico Group PLC \n Unaudited results for the 12 months ended 31 December 2025 \n Turnaround underway with momentum building \n   \n Phil White, Mobico Group Executive Chairman, said: \n \"Mobico delivered further growth in 2025 and meaningful strategic progress, with Alsa achieving another record year of double-digit revenue growth. This offset a challenging trading environment in the UK and operational issues with the WMATA contract in WeDriveU, for which resolution plans are now in progress. Adjusted operating profit increased 9% to £198m, above recent guidance, largely due to strong end-of-year trading in Spain and commencement of the 'Simplify for Success' cost programme. \n We continue to progress with our 'Simplify, Strengthen, Succeed' strategy to strengthen the business. Most notably, we announced in January an agreement in principle had been reached with the German Rail PTAs which delivers a sustainable business going forwards. UK Coach is also now largely integrated into Alsa which will reduce overheads and realign the business to a more competitive environment. Together with our other initiatives, we expect to deliver £100m of annualised cost savings for the Group by the end of 2026. As a result of these efforts, we expect further growth and progress in 2026 with Adjusted Operating Profit in the range of £195m - £210m.\" \n   \n 2025 highlights \n ▪       Group Revenue [1] growth of 6.2% to £2.76bn (2024: £2.60bn) \n o  Double-digit growth to a new record in Alsa, with continued growth in WeDriveU \n o  UK Coach revenue decreased following increased competition on key routes with the integration with Alsa to improve competitiveness \n ▪       Adjusted Operating Profit of £198.0m (2024: £181.1m) \n o  Record performance in Alsa with strong end of year trading in Spain \n o  Benefit of Group cost savings and monetisation of land and property within UK Bus \n o  Morocco saw a reduced footprint resulting from changes to the operating environment \n ▪       Statutory Operating Profit of £21.9m (2024: £34.0m) \n o  Impacted by one-off adjusting items, primarily driven by one off non-cash items \n ▪       Covenant gearing improved to 2.7x (2024: 2.8x), aided by proceeds from NASB disposal \n o  Group maintains ample liquidity and has sufficient facilities to meet its 2027 and 2028 obligations \n o  RCF facility of £600m remained undrawn at 31 December 2025 and net cash on hand of £265m \n o  Free Cash Flow of £77.3m (2024: £210.2m), with the decrease mainly reflecting NASB prior to sale \n ▪      Improved cash generation and de-leveraging remains the priority \n o  Agreement in principle reached with German Rail PTAs which delivers a sustainable business \n o  Focus on cost reduction across the Group, targeting £100m run-rate by end of 2026 \n o  Strict controls on Capex, with improvement expected from 2026 given the impact of long-lead time orders \n o  UK Bus asset monetisation to continue in preparation for franchising \n o  Sale of NASB complete, raising de-leveraging proceeds of £273m \n   \n ▪       Outlook \n o  Group expects FY 2026 Adjusted Operating Profit to be in the range of £195m - £210m [2] \n   \n   \n   \n Financial Summary \n   \n \n \n \n \n Continuing operations \n \n \n 2025 \n \n \n 2024 1 \n \n \n Change (Constant FX) \n \n \n Change (Reported) \n \n \n \n \n Group Adjusted 2 Revenue \n \n \n £2.76bn \n \n \n £2.60bn \n \n \n 6.0% \n \n \n 6.2% \n \n \n \n \n Group Adjusted 2 EBITDA \n \n \n £342.9m \n \n \n £329.7m \n \n \n 3.0% \n \n \n 3.9% \n \n \n \n \n Group Adjusted 2 Operating Profit \n \n \n £198.0m \n \n \n £181.1m \n \n \n 8.1% \n \n \n 9.3% \n \n \n \n \n Group Adjusted 2 Profit before Tax \n \n \n £122.3m \n \n \n £103.7m \n \n \n \n \n \n \n \n \n \n \n Group Adjusted 2 Profit for the Period 3 \n \n \n £78.8m \n \n \n £58.9m \n \n \n \n \n \n \n \n \n \n \n Return on Capital Employed 4 \n \n \n 18.3% \n \n \n 10.2% \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Statutory \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Group Revenue \n \n \n £2.74bn \n \n \n £2.60bn \n \n \n \n \n \n \n \n \n \n \n Group Operating Profit \n \n \n £21.9m \n \n \n £34.0m \n \n \n \n \n \n \n \n \n \n \n Group Loss before Tax \n \n \n £(58.5)m \n \n \n £(46.2)m \n \n \n \n \n \n \n \n \n \n \n Group Loss for the Period 3 \n \n \n £(287.3)m \n \n \n £(794.6)m \n \n \n \n \n \n \n \n \n \n \n Basic EPS \n \n \n (51.8)p \n \n \n (135.0)p \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Free Cash Flow 4 \n \n \n £77.3m \n \n \n £210.2m \n \n \n \n \n \n \n \n \n \n \n Net Debt 4 \n \n \n £1,075.7m \n \n \n £1,202.5m \n \n \n \n \n \n \n \n \n \n \n Covenant Gearing 4 \n \n \n 2.7x \n \n \n 2.8x \n \n \n \n \n \n \n \n \n \n \n 1 Restated for a German Rail prior year restatement and to represent prior periods for discontinued operations, see notes 1 & 8 in the Financial Statements for further information. \n 2 To supplement IFRS reporting, we also present our results (including EBITDA) on an adjusted basis to show the performance of the business before adjusting items. These are detailed in note 5 to the Financial Statements and principally comprise intangible amortisation for acquired businesses, re-measurement of historic onerous contract provisions and impairments. In addition to performance measures directly observable in the Group financial statements (IFRS measures), alternative financial measures are presented that are used internally by management as key measures to assess performance. \n 3 Includes Profit/(Loss) from discontinued operations \n 4 These are alternative performance measures and include discontinued operations \n   \n   \n Webcast presentation for institutional investors and analysts at 09:30am GMT today \n Mobico's Executive Chair, Phil White, Group CFO, Brian Egan, and Group COO, Francisco (\"Paco\") Iglesias, will host a webcast for institutional investors and analysts to discuss these financial results. \n To join online:  https://streamstudio.world-television.com/1355-2498-42831/en \n A recording will be made available later in the day on the website:  https://www.mobicogroup.com/investors/     \n Investor Meet Company webcast at 11.30am GMT today \n Mobico's Executive Chair, Phil White, Group CFO, Brian Egan, and Group COO, Francisco (\"Paco\") Iglesias, will also present these results live on the Investor Meet Company platform. \n  To join:  https://www.investormeetcompany.com/mobico-group-plc/register-investor \n   \n For further information, please contact:  \n Mobico Group PLC \n \n \n \n \n Investor Relations \n \n \n [email protected] \n \n \n \n \n Headland \n \n \n \n \n Matt Denham \n \n \n +44 (0)7551 825496 \n \n \n \n \n Antonia Pollock \n \n \n +44 (0)7789 954 356 \n \n \n \n \n   \n About Mobico Group \n Mobico is a leading, international shared mobility provider with bus, coach and rail services in the UK, North America, continental Europe, North Africa and the Middle East. \n Notes \n 1.   Legal Entity Identifier: 213800A8IQEMY8PA5X34 \n 2.  This announcement contains forward-looking statements with respect to the financial condition, results and business of Mobico Group. By their nature, forward-looking statements involve risk and uncertainty and there may be subsequent variations to estimates. Mobico's actual future results may differ materially from the results expressed or implied in these forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, Mobico does not undertake to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Forward-looking statements can be made in writing but also may be made verbally by members of the management of the Group (including without limitation, during management presentations to financial analysts) in connection with this announcement. \n   \n   \n \n \n   \n Results overview \n The Group's strong 2025 performance was driven by Alsa which delivered record results and continued to develop internationally. Across the rest of the Group, action is being taken to address areas of underperformance. \n   \n   \n \n \n \n \n   \n \n \n Adjusted \n \n \n   \n \n \n Statutory \n \n \n   \n \n \n \n \n £m \n \n \n 2025 \n \n \n 2024 1 \n \n \n Change \n \n \n 2025 \n \n \n 2024 \n \n \n Change \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 Alsa \n \n \n 1,488.3 \n \n \n 1,327.6 \n \n \n 12.1% \n \n \n 1,466.6 \n \n \n 1,327.6 \n \n \n 10.5% \n \n \n \n \n WeDriveU                                      \n \n \n 432.2 \n \n \n 412.7 \n \n \n 4.7% \n \n \n 432.2 \n \n \n 412.7 \n \n \n 4.7% \n \n \n \n \n UK and Germany \n \n \n 839.3 \n \n \n 857.2 \n \n \n (2.1)% \n \n \n 839.3 \n \n \n 857.2 \n \n \n (2.1)% \n \n \n \n \n Group from continuing operations \n \n \n 2,759.8 \n \n \n 2,597.5 \n \n \n 6.2% \n \n \n 2,738.1 \n \n \n 2,597.5 \n \n \n 5.4% \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 Alsa                                                           \n \n \n 212.0 \n \n \n 186.1 \n \n \n 13.9% \n \n \n 168.6 \n \n \n 176.9 \n \n \n (4.7)% \n \n \n \n \n WeDriveU  \n \n \n 20.2 \n \n \n 29.3 \n \n \n (31.3)% \n \n \n (36.5) \n \n \n 18.5 \n \n \n N/A \n \n \n \n \n UK and Germany \n \n \n 2.0 \n \n \n (0.4) \n \n \n N/A \n \n \n (12.2) \n \n \n (105.2) \n \n \n 88.4% \n \n \n \n \n Central Functions \n \n \n (36.2) \n \n \n (33.9) \n \n \n (6.8)% \n \n \n (98.0) \n \n \n (56.2) \n \n \n (74.4)% \n \n \n \n \n Operating Profit from continuing operations \n \n \n 198.0 \n \n \n 181.1 \n \n \n 10.7% \n \n \n 21.9 \n \n \n 34.0 \n \n \n (35.6)% \n \n \n \n \n Operating Margin from continuing operations \n \n \n 7.2% \n \n \n 7.0% \n \n \n 0.2% \n \n \n 0.8% \n \n \n 1.3% \n \n \n (0.5)% \n \n \n \n \n Profit/(Loss) before tax \n \n \n 122.3 \n \n \n 103.7 \n \n \n \n \n \n (58.5) \n \n \n (46.2) \n \n \n \n \n \n \n \n Tax (charge) \n \n \n (45.2) \n \n \n (50.8) \n \n \n \n \n \n (30.4) \n \n \n (91.7) \n \n \n \n \n \n \n \n Profit/(Loss) for the period from continuing \n \n \n 77.1 \n \n \n 52.9 \n \n \n \n \n \n (88.9) \n \n \n (137.9) \n \n \n \n \n \n \n \n Profit/(Loss) for the period from discontinued operations \n \n \n 1.7 \n \n \n 6.0 \n \n \n \n \n \n (198.4) \n \n \n (656.7) \n \n \n \n \n \n \n \n Profit/(Loss) for the period \n \n \n 78.8 \n \n \n 58.6 \n \n \n \n \n \n (287.3) \n \n \n (794.6) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1 Restated for a German Rail prior year restatement and to represent prior periods for discontinued operations, see notes 1 & 8 in the Financial Statements for further information. \n Group financial and operating performance \n Continuing operations \n Group Revenue [3] grew by £162.3m (6.2%) on a reported basis. This principally reflects strong growth in Alsa where passenger figures in most businesses increased, including by 9.8% in Spain. WeDriveU also saw revenue growth driven by new contracts in corporate, university shuttle and paratransit operations. Revenue decreased in the UK due to further pressure on yields in UK Coach , offset by a small net revenue increase in UK Bus following the 8.6% fare rise. \n Adjusted Operating Profit increased by £16.9m to £198.0m, whilst Statutory Operating Profit of £21.9m decreased by £12.1m. \n Alsa's record performance saw revenue increase 12.1% to £1,488.3m (10.8% on a constant currency basis). Alsa's Adjusted Operating Profit increased 13.9% to £212.0m (12.6% on a constant currency basis). There was strong momentum in regional, urban and long-distance markets in Spain where revenue grew 9.5% and Operating Profit grew 14.1%. Statutory Operating Profit fell 4.7% to £168.6m due to significant one-off adjusting items related to Morocco. \n While WeDriveU achieved revenue growth of 4.7%, operating profit was below 2024 levels due to operational challenges in the WMATA and CARTA contracts, with the CARTA contract exited early at the start of 2026. Operating and financial performance improved significantly in the second half, with Adjusted Operating Profit rising to £17.6m from £2.6m in H1 2025. This includes the impact of the onerous contract provision made in WMATA, the remainder of the business has performed well in 2025. \n Revenues in the  UK and Germany decreased by 2.1%, driven by increased competition on key routes in UK Coach . UK Bus revenue increased by 2.4% due to the 8.6% fare rise implemented in June 2025 and revenue in Germany decreased by 1.4%. \n Operating Profit in the UK and Germany improved by £2.4m, driven by a £15.9m improvement in Germany and the sale of depot and land in UK Bus at the end of 2025. Increased competition in UK Coach and weaker UK Bus performance offset this improvement. \n   \n Adjusting items \n   \n The variance between the Adjusted Operating Profit (£198.0m) and Statutory Operating Profit (£21.9m) for continuing operations is driven by non-recurring adjusting items totalling £176.1m. Key adjusting items are: \n   \n WeDriveU Onerous Contract Provisions (£52.4m) : As previously stated, following a rapid expansion in July 2024, the WMATA contract turned unprofitable due to lower-than-projected volumes compared to the initial bid. While losses initially narrowed in 2025 due to operational improvements, these increased again due to reductions in volume made by the local authority which we consider contrary to our contract. As a result, whilst an onerous contract provision has been booked to cover anticipated future losses, the Group is seeking legal redress with the client to recover the ongoing losses. Any future legal settlement cannot be assumed in the provision calculation. The process is expected to take 18 to 24 months and WeDriveU will continue to be committed to delivering services during this time. £4.5m of the provision was utilised as of 31 December 2025. \n   \n Moroccan operating environment (£27.3m) : Alsa's Moroccan operations faced a significant shift in 2025 following changes in the operating environment. This led to a strategic settlement in Casablanca and a transfer of staff and assets in Marrakech and Tangier. The resulting £27.3m charge has been classified as an adjusting item to reflect its exceptional and non-recurring nature. \n   \n Restructuring and Efficiency Costs (£35.4m) : To realise and make progress towards our £100m cost-saving target (run-rate by the end of 2026) we incurred £35.4m in one-off restructuring costs in 2025. This figure also includes costs relating to the disposal of the School Bus business. \n   \n North America School Bus (\"NASB\") Retained Liabilities (£38.5m) : As part of the disposal of NASB, the Group retained legal liabilities relating to open insurance claims that existed at the date of sale. A £38.5m charge has been recognised in the Income Statement in 2025, primarily due to material adverse developments on more significant individual claims. \n   \n A full list of adjusting items has been provided in the CFO review section. \n   \n Discontinued Operations \n North America School Bus \n On 25 April 2025, the Group announced the sale of its NASB business to I Squared Capital. The associated assets and liabilities were consequently presented as held for sale in the 30 June 2025 interim financial statements. The business was sold on 14 July 2025 and is presented as a discontinued operation for the 12 month period to 31 December 2025. \n National Express Transport Solutions (NXTS) \n The NXTS business experienced significant losses following the COVID-19 pandemic, which prompted a comprehensive restructuring and rationalisation programme in late 2023. Following this thorough review, it was determined that divesting these businesses offered the most effective path to reducing losses within the Group. Prior to divestment, the NXTS business had Operating Losses of £1.8m in 2025. \n Balance sheet \n As at 31 December 2025, the Group had £0.9bn of cash and undrawn committed facilities and a covenant gearing ratio of 2.7x (H1 25: 3.0x and 2024: 2.8x). 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 NASB. The Group has sufficient liquidity to cover maturities in 2027 and 2028. \n The Group elected not to exercise its voluntary option to redeem the Hybrid on the first call date and has paid the coupon for February 2026. In line with the terms of the Hybrid's prospectus, the coupon reset in February 2026 to a new rate derived from the five-year gilt plus the initial spread of 413.5bps. The first payment of the coupon at the higher rate will be in February 2027. \n Key priorities \n Although the Group continues to maintain a healthy liquidity position with the ability to meet upcoming maturities in 2027 and 2028, debt and leverage reduction remains the Board's priority, and we continue to consider all options to meet this objective. The sale of NASB and reaching an agreement with the German PTAs are significant steps towards de-risking and de-leveraging. \n The Group also continues to seek opportunities to improve efficiency, reduce costs, improve profitability and de-leverage. \n Simplify for Success cost programme \n Launched at the H1 25 results, the 'Simplify for Success' programme commenced delivering, initial cost savings in 2025. Together with further cost savings and improved efficiencies to be implemented in the current year, we expect £75m of in-year cost savings in 2026 reaching a £100m run-rate by the end of 2026. \n German rail agreement \n Post period-end, the Group reached a comprehensive agreement in principle with five German PTAs to realign contract terms for its rail service in North Rhine-Westphalia and adjacent regions. The agreement, approved by the relevant governing bodies of the PTAs and Mobico, enables a material reset and de-risking of its German rail business and will support a sustainable business going forward. \n Key contract wins \n In 2025, the group won 25 new contracts with annualised revenue of £84m and total contract values of £437m. These contracts have an average ROCE of 45%. The conversion rate on bids submitted and awarded was 28%, up from 23% in the prior year. \n While these consolidated figures demonstrate robust progress, they exclude major non-consolidated Joint Venture and Joint Operation (JV/JO) successes, most notably the Qiddiya project in the Middle East and the Guadalajara health transport bid. On a pro-forma basis, including these strategic JV/JO wins, the total value of new contracts secured in 2025 exceeded £1 billion. \n Additionally, Alsa is in the process of securing a five-year extension of its Andalusia contract. This is one of the largest contracts in the regional business with annual revenues of circa €75m. \n   \n 2026 calendar year guidance \n Adjusted Operating Profit for 2026 is expected to be between £195m - £210m. Guidance will be updated to reflect the positive impact of revised contract changes in Germany once legally binding agreements have been signed with the German PTAs. \n Strategic commentary \n 2025 reflects a year of meaningful positive change across the Group, with each of the businesses embracing the 'Simplify for Success' cost programme. The underlying momentum in demand for low emission and mass transit mobility solutions is likely to provide long-term structural support across our key markets. In the meantime, focus remains on simplifying and strengthening our business and on increased cash flow generation. \n Divisional results overview - continuing operations \n The following section describes the performance of the Group's continuing businesses for the 12-month period to 31st December 2025, compared to 2024. \n   \n Alsa \n Alsa is the leading bus and coach operator in Spain with an increasingly diversified portfolio of domestic and international transport businesses. Operations span Regional, Urban and diversified transport services across Spain and in Morocco, Switzerland, Portugal, Bahrain and Saudi Arabia. Alsa has largely integrated the UK Coach business into its operations, with the benefits expected through 2026. \n   \n This strategy of diversification has seen the contribution of its core Long Haul services fall. \n   \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 \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 Adjusted Revenue \n \n \n £1,488.3 \n \n \n £1,327.6 \n \n \n £160.7 \n \n \n 12.1% \n \n \n \n \n Adjusted Operating Profit \n \n \n £212.0 \n \n \n £186.1 \n \n \n £25.9 \n \n \n 13.9% \n \n \n \n \n Statutory Operating Profit \n \n \n £168.6 \n \n \n £176.9 \n \n \n £(8.3) \n \n \n (4.7)% \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 Adjusted Revenue \n \n \n €1,737.9 \n \n \n €1,568.5 \n \n \n €169.4 \n \n \n 10.8% \n \n \n \n \n Adjusted Operating Profit \n \n \n €247.6 \n \n \n €219.8 \n \n \n €27.8 \n \n \n 12.6% \n \n \n \n \n Adjusted Operating Margin \n \n \n 14.2% \n \n \n 14.0% \n \n \n 0.2% \n \n \n 0.2% \n \n \n \n \n Statutory Operating Profit \n \n \n €196.9 \n \n \n €209.0 \n \n \n €(12.1) \n \n \n (5.8)% \n \n \n \n \n Statutory Operating Margin \n \n \n 11.5% \n \n \n 13.3% \n \n \n (1.8)% \n \n \n (1.8)% \n \n \n \n \n FX rates: CY25: €1.17:£1; FY24: €1.18:£1 \n   \n Highlights \n Alsa continues to grow across a diverse portfolio, delivering a record result in 2025. \n ·      Record revenue of £1,488.3m, driven by double-digit growth in Urban and Regional segments \n ·      Adjusted Operating Profit of £212.0m, an increase of £25.9m from 2024 \n ·      Total passengers reached 640.7m, supported by a 9.8% increase in Spanish domestic demand \n ·      Long Haul passenger numbers grew 4.6% year on year, despite the change in multi-voucher initiatives from H1 25 \n ·      A \"Single Ticket\" initiative, sponsored by the Spanish Government, is now live for 2026 which allows for unlimited travel at a flat rate \n Commentary \n Alsa had another strong year with adjusted revenues of £1,488.3m in reported currency, an increase of £160.7m or 12.1% from 2024. In constant currency terms, revenue was €1,737.9m, an increase of €169.4m or 10.8% from 2024. \n   \n Adjusted Operating Profit increased by £25.9m or 13.9% in reported currency terms and €27.8m or 12.6% in constant currency. While statutory Operating Profit was affected by significant reduction in Alsa's Moroccan footprint, Alsa continues to expand its leading position in Spain and internationally. \n   \n Spain \n Spain remains Alsa's core market, generating €1,298.8m (74.7% of Alsa revenue) with contributions primarily from four pillars: Regional (€531.5m), Long-Haul (€284.1m), Urban (€206.9m) and Other Transport (€213.7m). \n   \n The Regional (and Metropolitan) lines performed exceptionally well, with revenues increasing 8.7% in constant currency terms, underpinned by strong passenger growth of 8.1%. Similarly, Urban revenues climbed by 11.5%, driven by a significant 12.7% increase in passenger volume which offset a marginal decrease in passenger yield. Alsa is in the process of securing a 5-year extension of its Andalusia contract. This is one of the largest contracts within the regional business with annual revenues of circa €75m. \n   \n Long Haul delivered revenues of €284.1m, a 3.4% increase over the prior year and was supported by the Government's \"Multi-Voucher\" scheme in 2025 and the \"Young Summer\" initiative from June to September. The new \"Single Ticket\" initiative will boost Long-Haul in 2026. Overall passenger numbers increased by 4.5%, while the nine main corridors saw a 3.7% increase. Despite the decrease in discount of the multi-vouchers, occupancy remained remarkably resilient, closing 2025 in-line with last year's figure. \n   \n The Tourism and Other Transport segment continues to demonstrate strong growth momentum, building on the successful integration of CanaryBus. Alsa has recently been named the preferred bidder for a €230m, 10-year contract in Ibiza. With the formal award expected in the coming weeks, this will establish Alsa as the island's leading operator. Growth is further bolstered by the four-year renewal of its Madrid sightseeing services which is expected to secure €5.8m in annual revenue and reinforce Alsa's footprint in Spain's most vital tourism centres. \n   \n International and diversified \n Revenue from international markets and diversified Spanish business units totalled €412.8m. The main contributors were Morocco at €151.6m, Other International at €111.3m and Diversified transport operations at €149.9m. \n Wider diversification activities continue, with the revenue from Health Transport businesses doubling since 2024 and Operating Profit having increased by circa 35%. Growth in this sector continued with the award of two large health transport contract in Guadalajara and a new contract in Catalonia effective from April 2026. \n   \n Moroccan impact \n In 2025, Alsa's Moroccan operations faced a shift in the local operating environment. This necessitated a strategic settlement in Casablanca and resulted in the transfer of staff and assets in Marrakech and Tangier. The impact of which is covered in the 'Adjusting items' section. \n   \n Adjusted Operating Profit from Morocco in 2025 was €8.0m, a €4.7m decrease from 2024. Going forward, Alsa will manage a focused portfolio, including the revised Casablanca contract through to 2029 and the Rabat contract through to 2034 which benefits from an agreed fare increase implemented in July 2025. \n   \n Spain's Sustainable Mobility Law and future tender process \n The Sustainable Mobility Law (published 4 December 2025) prioritises low carbon public-focussed transport and offers the potential to unlock EU green funding. Alsa is actively managing the associated compliance costs and the complexity of coordinating with local authorities. \n   \n The passing of the new law means the state network concessional map is being redrawn in preparation for the renewal of existing contracts. The new map, which is expected to be approved in late 2026, will simplify the network by significantly reducing the number of concessions, whilst increasing their size. As the largest operator in Spain, Alsa's presence and scale should prove beneficial in the tender process for the enlarged concessions. Expectations remain that Alsa will retain most of its existing routes. \n   \n We continue to expect contract renewals to occur in 2027 and 2028, with the financial impact expected from 2028. \n   \n Competition \n Competitive pressure remains in Long Haul due to aggressive high-speed rail pricing. Alsa is countering this with a 360º fares project and dynamic pricing to protect margins. Competition in the Regional and Urban businesses remains stable and primarily focused on the public tendering process. \n   \n To compete effectively and retain customer loyalty, the quality of Alsa's service and the overall experience delivered is paramount. The focus on enhancing customer experience and improving retention is evidenced by the share of digital sales increasing to 74.1% (up from 71.3% in 2024), while customer sentiment continues to improve from its already high standard. \n   \n 2026 priorities and outlook \n Our priorities for 2026 are underpinned by the Sustainable Mobility Law and the rollout of the \"Single Ticket\" initiative to further drive the modal shift towards public transport. Alsa's strategic focus remains on replicating performance in 2025, preparing for key retentions in Spain as well as continuing to diversify operationally and internationally. \n   \n Overall, strong underlying performance is expected to be maintained in 2026. \n   \n WeDriveU \n WeDriveU provides Transit and Shuttle services in North America. Transit focuses predominantly on Paratransit (the transportation of passengers with additional needs) and Urban Bus. Shuttle offers corporate employee shuttle services to a range of sectors including Technology, Biotechnology, Manufacturing and Universities which ensures a strong, diversified portfolio of sectors and customers . \n   \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 \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 £432.2 \n \n \n £412.7 \n \n \n £19.5 \n \n \n 4.7% \n \n \n \n \n Adjusted Operating Profit \n \n \n £20.2 \n \n \n £29.3 \n \n \n £(9.1) \n \n \n (31.1)% \n \n \n \n \n Statutory Operating Profit/(Loss) \n \n \n £(36.5) \n \n \n £18.5 \n \n \n £(55.0) \n \n \n (297.3)% \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 $570.2 \n \n \n $527.4 \n \n \n $42.8 \n \n \n 8.1% \n \n \n \n \n Adjusted Operating Profit \n \n \n $26.7 \n \n \n $37.5 \n \n \n $(10.8) \n \n \n (28.8)% \n \n \n \n \n Adjusted Operating Margin \n \n \n 4.7% \n \n \n 7.1% \n \n \n (2.4)% \n \n \n (2.4)% \n \n \n \n \n Statutory Operating Profit/(Loss) \n \n \n $(54.7) \n \n \n $23.6 \n \n \n $(78.3) \n \n \n (331.8)% \n \n \n \n \n Statutory Operating Margin \n \n \n (9.6)% \n \n \n 4.5% \n \n \n (14.1)% \n \n \n (14.1)% \n \n \n \n \n FX rates: CY25: $1.32:£1;  FY24: $1.28:£1 \n   \n Highlights \n WeDriveU continued to secure significant contract wins, particularly within the University Shuttle sector, maintaining strong market momentum. While overall performance in 2025 was impacted by isolated challenges at WMATA, the increase in H2 25 Operating Profit demonstrates the underlying strength of the business. \n   \n Commentary \n Revenue grew by 4.7% on a reported basis and 8.1% at constant currency. The revenue growth normalised in H2 25 as H2 24 contracts matured into their second year. Adjusted Operating Profit reduced by £9.1m to £20.2m, driven largely by an £8.7m impact from operational headwinds in the WMATA and CARTA contracts. The adjusted Operating Profit excludes losses of £4.5m incurred on the WMATA contract since July, as these losses are covered by the onerous contract provision. \n   \n Statutory results were impacted by the WMATA onerous contract provision. See the 'Adjusting items' section for full details on the provision. \n   \n In February 2026, WeDriveU successfully exited the CARTA contract early which will improve margins through avoiding future annual losses of circa $3.5m. \n   \n A focus on operating improvements saw a 26% reduction in missed trips in H2 25 and the launch of the 'WeDriveUniversity' platform in June 2025 has improved driver staffing across the business markets to near-optimal levels. \n   \n Growth remains robust across high-value segments, highlighted by strategic new wins in the University Shuttle sector, notably the University of Rochester and RIT, alongside the successful retention of key transit contracts such as GoDurham and paratransit expansions in Greater Peoria and Burlington. \n   \n WMATA \n Following a rapid expansion in July 2024, the WMATA contract turned unprofitable due to lower-than-projected volumes compared to the initial bid. While WeDriveU made steady progress in narrowing these losses throughout 2025, significant volume changes were implemented by the client in Q4 2025 which increased losses and we consider contrary to our contract. As a result, WeDriveU has commenced legal proceedings with a resolution anticipated within 18-24 months. In the interim, service levels are expected to stabilise and the level of losses diminish as WeDriveU adapts to the operational changes. \n   \n 2026 priorities and outlook \n While market pressures for cost-efficiency persist, WeDriveU maintains a healthy pipeline of new opportunities and is focussed on reviewing existing contracts to ensure long-term sustainability. \n   \n Overall, we expect WeDriveU to deliver improved underlying performance in 2026 when excluding the circa £9m impact of WMATA and CARTA on 2025 underlying performance. \n   \n UK & Germany \n Overall revenue declined by £17.9m for the division due to reductions in revenue in UK Coach and German Rail. The division reported an adjusted Operating Profit of £2.0m, an improvement on the £(0.4)m loss in 2024. This was a result of significant improvement in Operating Profit in Germany offset slightly by decline in UK Coach. \n   \n UK \n UK Bus is the market leader in the West Midlands bus sector, the largest UK urban bus market outside London. UK Coach is the largest provider of scheduled coach services with a UK-wide network and is in the process of being integrated into Alsa to create a pan-European coach powerhouse. Given its extensive experience, Alsa is also collaborating with UK Bus on franchise opportunities 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 \n 2025 \n \n \n 2024 \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 / Local currency (£) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n £586.9 \n \n \n £601.2 \n \n \n £(14.3) \n \n \n (2.4)% \n \n \n \n \n Adjusted Operating Profit/(Loss) \n \n \n £(4.6) \n \n \n £9.7 \n \n \n £(14.3) \n \n \n \n \n \n \n \n Adjusted Operating Margin \n \n \n (0.8)% \n \n \n 1.6% \n \n \n (2.4)% \n \n \n (2.4)% \n \n \n \n \n Statutory Operating Loss \n \n \n £(17.2) \n \n \n £(7.6) \n \n \n £(9.6) \n \n \n (126.3)% \n \n \n \n \n Statutory Operating Margin \n \n \n (2.9)% \n \n \n (1.3)% \n \n \n (1.6)% \n \n \n (1.6)% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1 Excludes NXTS revenue which is reported under Discontinued Operations. \n   \n UK Bus \n Highlights \n ·      Punctuality improved to 84% (2024: 82%) driven by a focus on operational discipline \n ·      Enhanced operational KPIs delivered a 15% year-on-year reduction in customer complaints during H2 25 \n Commentary \n Revenue grew by £6.4m to £271.9m, an increase of 2.4%, mainly due to an 8.6% fare rise implemented in June 2025, partially offset by commercial passenger numbers decreasing 4% in 2025 and 6% in H2 25 in-line with the industry. Concessionary, tender and other revenue all increased. \n   \n The business sought to manage the impact on margin caused by the reduction in passenger numbers through a 2% network reduction in H2 25, securing five new tender contracts and increasing frequencies on high-demand routes. \n   \n Operating Profit grew by £0.6m over the year benefitting from £4.3m of profit from the sale of the Acocks Green depot and land on Oak Road. For the underlying business, operating costs inflation, increases in pay and a £3.9m increase in employer national insurance contributions outpaced revenue growth and increased local authority funding. \n   \n As part of the 'Simplify for Success' cost programme, structural changes were implemented towards the end of 2025 which resulted in reduced staff overhead costs. \n   \n Funding agreement \n Funding has been secured at enhanced levels until 31 March 2026 to mitigate the impact of the current economic climate on commercial patronage. A two-month extension is currently being finalised, while discussions continue regarding a longer-term funding package for the 2026/27 financial year. \n   \n Franchising \n The business maintains an active and collaborative engagement with Transport for the West Midlands (TfWM) in preparation for the transition to franchising during 2027-2029. Ahead of franchising, the Group continues to explore further options to monetise the assets of the business. In late 2025 the Acocks Green depot and land on Oak Road were monetised as part of the preparation. \n   \n Following the shift toward franchising nationwide, we are leveraging Alsa's extensive experience in running franchised bus opportunities to pursue new opportunities, with a focus on balancing service quality with sustainable returns. \n   \n 2026 priorities and outlook \n Depending on the outcome of the ongoing funding discussions, UK Bus is expected to deliver a small positive performance in 2026, with further benefit dependent on the pace and outcome of further asset monetisation (including the remaining fleet and depots). \n   \n UK Coach \n Highlights \n ·      Challenging operating environment in the UK due to increased competition on key routes \n ·      Ongoing growth in Ireland \n ·      Integration into Alsa progressing well, with benefits expected in 2026 \n   \n Commentary \n Revenue, excluding the NXTS business, declined £20.7m on a reported basis to £315.0m. The 6.2% decrease in reported revenue was largely in the core coach business, partially offset by further growth in Ireland. The UK business experienced high levels of competition with period-on-period declines accentuated by the end of disruptions to the rail sector which boosted revenues in 2024. \n   \n Adjusting for rail disruption, passenger numbers were down just 2.7% (3.8% before adjusting) with yield also showing a slight decline of 1.8%. Occupancy was broadly flat year-on-year, with a 2.2% improvement in H2 25 versus H1 25. \n   \n Operating profit declined by £11.6m, reflecting lower revenues and increased employer national insurance charges. These losses were partly offset by revenue growth and improved operating margins in Ireland. \n   \n Several strategic initiatives were implemented in H2 25, including divesting the loss-making NXTS business, enabling the Group to focus on its core business segments with the aim of improving margins. To optimise utilisation, we refined our network by implementing seasonal timetables, further increasing weekend capacity and reducing midweek services. We also streamlined our core London-Stansted network which improved efficiency while maintaining volumes. These changes boosted punctuality, operator performance and customer satisfaction. \n   \n Alsa integration and 2026 outlook \n UK Coach will report under Alsa from 1 January 2026, which will be reflected in the 15m 2025 audited accounts. As part of the integration, there has been a strong focus on cost synergies, technology improvements and alignment of processes. \n   \n The focus in 2026 remains on driving profitable growth, achieving the cost savings plan, delivering on our transformation programmes and building on the operating platform created at the end of 2025. \n   \n We expect UK Coach to be more competitive and deliver an improvement in performance in 2026, however high levels of competition and pressure on yields are expected to continue. \n   \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, with three contracts RME, RRX 1 and RRX 2/3. \n   \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 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 £252.4 \n \n \n £256.0 \n \n \n £(3.6) \n \n \n (1.4)% \n \n \n \n \n Adjusted operating Profit/(Loss) \n \n \n £6.6 \n \n \n £(10.1) \n \n \n £16.7 \n \n \n \n \n \n \n \n Statutory operating Profit/(Loss) 1 \n \n \n £5.0 \n \n \n £(97.6) \n \n \n £102.6 \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 Local currency (€) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n €294.8 \n \n \n €302.4 \n \n \n €(7.6) \n \n \n (2.5)% \n \n \n \n \n Adjusted Operating Profit/(Loss) \n \n \n €7.7 \n \n \n €(12.4) \n \n \n €20.1 \n \n \n \n \n \n \n \n Adjusted Operating Margin \n \n \n 2.6% \n \n \n (4.1)% \n \n \n 6.7% \n \n \n 6.7% \n \n \n \n \n Statutory operating (loss) 1 \n \n \n €5.9 \n \n \n €(115.8) \n \n \n €121.7 \n \n \n \n \n \n \n \n Statutory Operating Margin 1 \n \n \n 2.0% \n \n \n (37.8)% \n \n \n 40.3% \n \n \n 40.3% \n \n \n \n \n FX rates: CY25: €1.17:£1; FY24: €1.18:£1 \n 1 Restated for a German Rail prior year restatement, see notes 1 Financial Statements for further information. \n Highlights \n Reported revenue of £252.4m decreased 1.4% from 2024 (2.5% in constant currency) from 2024, with RME adjusted Operating Profit increasing by £15.9m. \n   \n Operations in North Rhine-Westphalia (NRW) returned to full-service levels in December 2025. This follows two years of operating an agreed reduced timetable whilst German Rail executed a recovery plan. The return to full operations means we expect improved financial performance going forwards. \n   \n A key priority for 2025 was the renegotiation of our contractual and commercial position across the rail contracts in Germany. In January 2026, we announced an agreement in principle with the Public Transport Authorities (PTAs) which will support a long-term sustainable German Rail business. Formalisation of the changes to the contracts is expected to be concluded by 30 June 2026 . \n   \n The RME contract will convert to a gross contract structure from 2026, removing revenue risk from our German rail business, with the new contract terms meeting current industry standards. The contract term will also be extended by two years to 2032. Adjusted Operating Profit for the RME contract in 2025 was £6.6m, a £15.9m increase on 2024, and is expected to improve looking ahead with the changes to the contract structure. \n   \n The loss making RRX contracts will be shortened by 3 years and end in 2030. The contracts are both onerous and are expected to remain so, with losses in 2025 being offset by a £56.1m utilisation of the onerous contract provision (now £133m as at 31 December 2025). \n   \n On a combined basis, these contracts are expected to be sustainable going forwards over the full contract duration. \n   \n Commentary \n   \n The return to full service is a critical step for the stabilisation of the NRW rail network. We have addressed the skilled worker shortage by modernising our training strategy and implementing digital learning tools. Integrating an additional 72 drivers this year provides the operational cushion required to manage a high-utilisation network. \n   \n Despite the improvement in driver numbers and the optimisation of technology, issues outside the Company's control due to increasing levels of construction and engineering work negatively impacted contractual performance. The new agreement with the PTAs will help to mitigate these impacts going forward, significantly de-risking the business. \n   \n Looking ahead, a focus on operational efficiency is expected to deliver additional financial benefits and help the business meet operational targets. \n   \n Discontinued Operations \n North American School Bus (NASB) \n   \n On 25 April 2025, we announced an agreement to sell the NASB business to I Squared Capital for an enterprise value of up to $608m (circa £457m) and, following approval by the relevant authorities, the sale was completed on 14 July 2025. \n   \n NASB performance to July 2025 \n   \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 \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 £441.9 \n \n \n £792.6 \n \n \n £(350.7) \n \n \n (44.2)% \n \n \n \n \n Adjusted operating Profit \n \n \n £14.8 \n \n \n £8.9 \n \n \n £5.9 \n \n \n 66.3% \n \n \n \n \n Statutory operating Profit/(Loss) 1 \n \n \n £6.5 \n \n \n £(550.1) \n \n \n £556.6 \n \n \n 101.2% \n \n \n \n \n   \n See note 8 for details of the sale. \n   \n NXTS \n   \n As part of the Simplify for Success programme, we made the strategic decision to focus on our core scheduled coach services business and to dispose of the loss-making NTXS business. The sale of the remaining NXTS businesses to The Coach Travel Group Limited was completed on 17 October 2025. \n   \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 \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 £13.1 \n \n \n £21.8 \n \n \n £(8.7) \n \n \n (39.9)% \n \n \n \n \n Adjusted Operating Loss \n \n \n £(1.8) \n \n \n £(3.2) \n \n \n £1.4 \n \n \n 43.8% \n \n \n \n \n Statutory Operating Loss 1 \n \n \n £(1.8) \n \n \n £(4.7) \n \n \n £(2.9) \n \n \n 61.7% \n \n \n \n \n   \n   See note 8 for further details of the sale. \n   \n \n \n   \n Group Chief Financial Officer's review \n   \n The Group has seen further growth from its continuing operations in 2025, with adjusted revenue performance up 6.2% year on year. Adjusted Operating Profit increased by £16.9m year on year to £198.0m, largely a result of strong trading in ALSA, and the commencement of the 'Simplify for Success' cost programme. \n   \n Adjusted net debt and covenant gearing have reduced when compared to the prior year, with £126.8m net funds inflow during the 12 month period. This was aided by proceeds received and debt disposed of relating to North America School Bus and National Express Transport Solutions. Covenant gearing was 2.7x at 31 December 2025. \n   \n Adjusting items of £366.1m for the period includes non-cash movements including the £185.0m arising from the disposal of North America School Bus and National Express Transport Solutions, a £52.4m re-measurement of onerous contract provisions in WeDriveU and the impact of changes to the operating environment in Morocco (£27.3m). \n   \n Group Performance \n   \n \n \n \n \n \n \n \n 12 months to 31 December \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 2,759.8 \n \n \n (21.7) \n \n \n 2,738.1 \n \n \n 2,597.5 \n \n \n - \n \n \n 2,597.5 \n \n \n \n \n Operating costs \n \n \n (2,561.8) \n \n \n (154.4) \n \n \n (2,716.2) \n \n \n (2,416.4) \n \n \n (147.1) \n \n \n (2,563.5) \n \n \n \n \n Group operating profit/(loss) \n \n \n 198.0 \n \n \n (176.1) \n \n \n 21.9 \n \n \n 181.1 \n \n \n (147.1) \n \n \n 34.0 \n \n \n \n \n Share of results from associates \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.3) \n \n \n - \n \n \n (0.3) \n \n \n \n \n Net finance costs \n \n \n (75.7) \n \n \n (4.7) \n \n \n (80.4) \n \n \n (77.1) \n \n \n (2.8) \n \n \n (79.9) \n \n \n \n \n Profit/(loss) before tax \n \n \n 122.3 \n \n \n (180.8) \n \n \n (58.5) \n \n \n 103.7 \n \n \n (149.9) \n \n \n (46.2) \n \n \n \n \n Tax (charge)/credit \n \n \n (45.2) \n \n \n 14.8 \n \n \n (30.4) \n \n \n (50.8) \n \n \n (40.9) \n \n \n (91.7) \n \n \n \n \n Profit/(loss) for the period from continuing operations \n \n \n 77.1 \n \n \n (166.0) \n \n \n (88.9) \n \n \n 52.9 \n \n \n (190.8) \n \n \n (137.9) \n \n \n \n \n Profit/(loss) for the period from discontinued operations \n \n \n 1.7 \n \n \n (200.1) \n \n \n (198.4) \n \n \n 6.0 \n \n \n (662.7) \n \n \n (656.7) \n \n \n \n \n Profit/(loss) for the period \n \n \n 78.8 \n \n \n (366.1) \n \n \n (287.3) \n \n \n 58.9 \n \n \n (853.5) \n \n \n (794.6) \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 German Rail prior year restatement and to represent prior periods for discontinued operations, see notes 1 & 8 in the Financial Statements for further information. \n   \n Group Revenue increased by £140.6m (5.4%) year-on-year to £2,738.1m (2024: £2,597.5m). Revenue growth was led by ALSA, and WeDriveU, the latter driven by new contracts in corporate, university shuttle and paratransit operations. \n   \n Group profitability has increased with Adjusted Operating Profit up £16.9m (9.3%) from £181.1m to £198.0m, largely driven by ALSA. Segmental performance is explained further below. \n   \n After £176.1m (2024: £147.1m) of adjusting items, statutory operating profit decreased to £21.9m (2024 restated: £34.0m). Adjusting items are detailed in the following section. \n   \n Adjusted net finance costs decreased slightly by £1.4m to £75.7m (2024: £77.1m); with reduced interest rates on the floating rate portion of the Group's debt. \n   \n The Group recorded an Adjusted Profit before tax of £122.3m (2024: £103.7m). \n   \n The adjusted effective tax rate of 37.0% (2024 restated: 49.0%), reflects the combination of business performance across the group's portfolio, restricted deductibility of finance costs and derecognised deferred tax assets. This adjusted effective rate resulted in an adjusted tax charge of £45.2m (2024 restated: £50.8m charge). The statutory tax charge was £30.4m (2024 restated: £91.7m), with an adjusting tax credit of £14.8m (2024 restated: £40.9m charge) consisting of a £3.6m tax credit on adjusting intangible amortisation, a £4.3m tax credit on tax deductible operating costs, and a £6.9m credit in relation to the recognition of deferred tax assets in respect of the changing operating environment in Morocco. During 2024 the tax charge on adjusting items from continuing operations of £40.9m was made up of a £47.7m charge on deferred tax asset derecognition and a £6.8m tax credit on adjusting intangible amortisation. \n   \n Discontinued operations reflect the results of North America School Bus and National Express Transport Solutions (in the UK) up to the dates of disposal in July 2025 and October 2025 respectively. \n   \n Adjusting items within discontinued operations of £200.1m mainly resulted from disposal of the North America School Bus and National Express Transport Solutions businesses of £185.0m, as detailed in the next section. \n   \n The statutory loss for the period for the Group was £287.3m (2024 restated: £794.6m loss). \n   \n Adjusting items \n Adjusting items in the period were £366.1m (2024 restated: £853.5m), of which £166.0m related to continuing operations (2024 restated: £190.8m) and £200.1m related to discontinued operations (2024 restated: £662.7m). Cash outflows in the period related to adjusting items were £118.7m (2024 restated: £99.2m). \n   \n \n \n \n \n Adjusting items \n \n \n Income statement \n 12 months to 31 December 2025 \n£m \n \n \n Income statement \n 12 months to 31 December 2024 1 \n£m \n \n \n Cash \n 12 months to 31 December 2025 \n£m \n \n \n Cash \n 12 months to 31 December 2024 1 \n£m \n \n \n \n \n Adjusting items from continuing operations: \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Intangible amortisation / impairment for acquired businesses \n \n \n (23.5) \n \n \n (20.7) \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 4.1 \n \n \n - \n \n \n (1.4) \n \n \n \n \n Re-measurement of German Rail onerous contract provisions \n \n \n - \n \n \n (86.4) \n \n \n (56.1) \n \n \n (45.8) \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 WeDriveU onerous contract provisions \n \n \n (52.4) \n \n \n 0.7 \n \n \n (4.5) \n \n \n (1.8) \n \n \n \n \n Repayment of UK Coronavirus Job Retention Scheme grant ('Furlough') \n \n \n - \n \n \n - \n \n \n - \n \n \n (8.9) \n \n \n \n \n Costs in relation to the legacy School Bus legal claims provision \n \n \n (38.5) \n \n \n - \n \n \n (18.9) \n \n \n - \n \n \n \n \n Impairments and other costs associated with Morocco contract changes \n \n \n (27.3) \n \n \n - \n \n \n (2.9) \n \n \n - \n \n \n \n \n Restructuring and other costs \n \n \n (35.4) \n \n \n (44.8) \n \n \n (29.8) \n \n \n (36.3) \n \n \n \n \n Adjusting operating items from continuing operations \n \n \n (176.1) \n \n \n (147.1) \n \n \n (112.2) \n \n \n (94.2) \n \n \n \n \n Finance costs: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Unwind of discounting of provisions \n \n \n (4.7) \n \n \n (2.8) \n \n \n - \n \n \n - \n \n \n \n \n Total adjusting operating items from continuing operations before tax \n \n \n (180.8) \n \n \n (149.9) \n \n \n (112.2) \n \n \n ( 94.2 ) \n \n \n \n \n Tax credit/(charge) on adjusting items \n \n \n 14.8 \n \n \n (40.9) \n \n \n - \n \n \n - \n \n \n \n \n Total adjusting operating items after tax from continuing operations \n \n \n (166.0) \n \n \n (190.8) \n \n \n (112.2) \n \n \n (94.2) \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusting items from discontinued operations: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Intangible amortisation / impairment for acquired businesses \n \n \n (2.2) \n \n \n (7.0) \n \n \n - \n \n \n - \n \n \n \n \n Disposal of School Bus and National Express Transport Solutions \n \n \n (185.0) \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Goodwill impairment on North America School Bus \n \n \n - \n \n \n (547.7) \n \n \n - \n \n \n - \n \n \n \n \n Restructuring and other costs \n \n \n (6.1) \n \n \n (5.8) \n \n \n (6.5) \n \n \n (5.0) \n \n \n \n \n Adjusting operating items before tax from discontinued operations \n \n \n (193.3) \n \n \n (560.5) \n \n \n (6.5) \n \n \n (5.0) \n \n \n \n \n Tax charge on adjusting items \n \n \n (6.8) \n \n \n (102.2) \n \n \n - \n \n \n - \n \n \n \n \n Total adjusting operating items after tax from discontinued operations \n \n \n (200.1) \n \n \n (662.7) \n \n \n (6.5) \n \n \n (5.0) \n \n \n \n \n   \n   \n \n   \n   \n   \n \n   \n   \n 1 Restated to represent prior periods for discontinued operations, see note 8 in the Financial Statements for further information \n   \n During the period two significant disposals were completed, being North America School Bus, and National Express Transport Solutions in the UK. For North America School Bus a £234.7m impairment loss on remeasurement to fair value less cost to sell was recorded in the period; on disposal this was partly offset by £87.3m of exchange differences and £1.8m of net investment hedge reserve being recycled to the Income Statement. For National Express Transport Solutions a £39.4m impairment loss on remeasurement to fair value less cost to sell was incurred. \n   \n Amortisation on intangibles within acquired businesses from continuing operations increased by £2.8m in the period. Amortisation on intangibles within acquired businesses from discontinued operations fell by £4.8m as a result of the sale of North America School Bus during the year. \n   \n There was no movement relating to re-measurement of German Rail onerous contract provisions in the period (2024 restated: £86.4m charge). A £52.4m charge relating to the re-measurement of onerous contract provisions in WeDriveU was recorded in the period (2024 restated: £0.7m credit), with the current year charge mostly relating to the WMATA contract which became onerous in the period. The Group is seeking legal redress with the customer to recover the ongoing losses. We expect the outcome of the legal proceedings to be successful and the contract losses significantly reduced; however any future legal settlement cannot currently be assumed in the provision calculation. \n   \n The final re-measurement of the Rabat put liability, which had been originally estimated at December 2023 and the final amount settled in June 2025, amounted to a £1.0m credit (2024 restated: £nil). \n   \n As a result of part of the sale agreement of the North America School Bus business, the Group retained the legal liability for substantial open insurance claims that existed at the date of disposal, along with the corresponding insurance claim provision. The retained claims relate to employee injuries, automotive claims, and general liability claims that arose prior to the sale. The provision related to these claims has been increased by £38.5m in the period. \n   \n As a result of a changing operating environment in Morocco, the Group has witnessed the renegotiation and retender of several of its contracts in major urban centres across Morocco. In September 2025, the Group was required to negotiate a price concession and a change in contractual terms to receive a settlement for outstanding debts in Casablanca. The price concession has been treated as a reduction to revenue in the current period. \n   \n In addition, during 2025 the Group's contracts in Marrakesh, Agadir and Tangier were retendered. In the case of the Marrakesh and Tangier contracts; these were terminated and transferred to successor operators at short notice in December 2025, along with staff and assets. This has led to the impairment of assets where the net book value is no longer deemed to be recoverable along with other one-off costs incurred or expected to be incurred as a result of the contract changes including fuel hedging. \n   \n Restructuring and other costs of £41.5m (2024 restated: £50.6m) includes the impact of Group wide strategic initiatives and restructuring, including costs relating to the disposal of the School Bus business. \n   \n Segmental performance \n   \n \n \n \n \n Adjusted Operating Profit \n \n \n 12 months to 31 December 2025 \nLocal currency m \n \n \n 12 months to 31 December 2024 1 \nLocal currency m \n \n \n 12 months to 31 December 2025 \n£m \n \n \n 12 months to 31 December 2024 1 \n£m \n \n \n \n \n ALSA \n \n \n 247.6 \n \n \n 219.8 \n \n \n 212.0 \n \n \n 186.1 \n \n \n \n \n WeDriveU \n \n \n 26.7 \n \n \n 37.5 \n \n \n 20.2 \n \n \n 29.3 \n \n \n \n \n UK \n \n \n   \n \n \n \n \n \n (4.6) \n \n \n 9.7 \n \n \n \n \n German Rail \n \n \n 7.7 \n \n \n (12.4) \n \n \n 6.6 \n \n \n (10.1) \n \n \n \n \n Central functions \n \n \n   \n \n \n \n \n \n  (36.2) \n \n \n (33.9) \n \n \n \n \n Group adjusted operating profit from continuing operations \n \n \n   \n \n \n \n \n \n 198.0 \n \n \n 181.1 \n \n \n \n \n 1 Restated for a German Rail prior year restatement, see note 1 in the Financial Statements for further information. \n   \n ALSA's revenue increased by 10.8% to €1,737.9m on a constant currency basis (excluding adjusting items) as a result of strong passenger demand in ALSA's domestic market (including long haul, urban and regional operations). This led to ALSA delivering a record Adjusted Operating Profit of €247.6m; an increase of 12.6% on a constant currency basis. \n   \n WeDriveU Adjusted Operating Profit reduced by $10.8m to $26.7m, a result of operational challenges on some of its key contracts. \n   \n In the UK an Adjusted Operating Loss of (£4.6m) was recorded, against a £9.7m profit in the prior year. In UK Bus, passenger volumes fell by 4%, in line with broader industry trends. UK Coach continues to face passenger demand and yield pressure due to market conditions, including increased competition. \n   \n German Rail Adjusted Operating Profit of €7.7m, versus a (€12.4m) loss in the prior year represents a significant improvement reflective of lower disruption and the business achieving full operational status for the first time in two years. The RRX 1 and RRX 2/3 contracts remain onerous with in-year losses being offset by a £56.1m utilisation of the onerous contract provision. \n   \n Central Functions costs have increased £2.3m, principally due to higher accrued costs in relation to professional services, including a higher audit fee. The impact of cost saving initiatives is expected to reduce Central Functions costs in the future. \n   \n Adjusting items relating to each of these segments are described in detail in the previous section. \n   \n Treasury & cash management \n   \n \n \n \n \n Funds flow \n \n \n 12 months to 31 December 2025 \n £m \n \n \n Year to 31 December 2024** \n £m \n \n \n \n \n Adjusted Operating Profit from continuing operations \n \n \n 198.0 \n \n \n 181.1 \n \n \n \n \n Adjusted Operating Profit from discontinued operations \n \n \n 13.0 \n \n \n 5.7 \n \n \n \n \n Depreciation and other non-cash items \n \n \n 170.9 \n \n \n 238.5 \n \n \n \n \n EBITDA \n \n \n 381.9 \n \n \n 425.3 \n \n \n \n \n Net maintenance capital expenditure* \n \n \n (155.6) \n \n \n (157.8) \n \n \n \n \n Working capital movement \n \n \n (27.1) \n \n \n 48.9 \n \n \n \n \n Pension contributions above normal charge \n \n \n (7.8) \n \n \n (7.6) \n \n \n \n \n Operating cash flow \n \n \n 191.4 \n \n \n 308.8 \n \n \n \n \n Net interest paid \n \n \n (76.9) \n \n \n (83.6) \n \n \n \n \n Tax paid \n \n \n (37.2) \n \n \n (15.0) \n \n \n \n \n Free cash flow \n \n \n 77.3 \n \n \n 210.2 \n \n \n \n \n Growth capital expenditure* \n \n \n (69.4) \n \n \n  (59.3) \n \n \n \n \n Acquisitions of businesses (net of cash & debt acquired) \n \n \n (18.2) \n \n \n (57.9) \n \n \n \n \n Disposals of businesses (net of cash & debt disposed) \n \n \n 286.6 \n \n \n - \n \n \n \n \n Adjusting items \n \n \n (118.7) \n \n \n (99.2) \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 (9.5) \n \n \n 26.7 \n \n \n \n \n Net funds flow \n \n \n 126.8 \n \n \n (0.8) \n \n \n \n \n Adjusted net debt \n \n \n (1,075.7) \n \n \n (1,202.5) \n \n \n \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 a German Rail prior year restatement and to represent prior periods for discontinued operations, see notes 1 & 8 in the Financial Statements for further information. \n   \n The Group generated EBITDA of £381.9m in the period (2024 restated: £425.3m); with the year-on-year reduction driven by the loss of School Bus EBITDA in the second half of the year following its disposal; partly offset by an improvement in profitability in the continuing businesses. \n   \n £155.6m of maintenance capital expenditure is broadly consistent year on year and mainly relates to fleet capex within North America School Bus (prior to its disposal) and ALSA. \n   \n Working capital net outflow of £27.1m in the period largely reflecting the timing of cash collections in ALSA and a net outflow in School Bus prior to disposal. This working capital movement also drove a reduction in free cash inflow in the period to £77.3m (2024 restated: £210.2m). \n   \n Growth capital expenditure of £69.4m has increased by £10.1m (2024: £59.3m outflow). This increase is a result of contract wins in prior and current periods, in particular in North America School Bus prior to its disposal. \n   \n Acquisitions outflow of £18.2m (2024: £57.9m) relates primarily to the planned deferred consideration payment relating to the CanaryBus acquisition in ALSA which completed last year. \n   \n Disposals inflow of £286.6m (2024: £nil) mostly reflects the cash inflow and lease and other debt extinguished on the School Bus disposal. \n   \n A cash outfl ow of £118.7m was recorded in respect of the items excluded from adjusted results as explained in the section above. \n   \n £21.3m of coupon payments on the hybrid instrumen t were made in the period, in line with prior period s. Other outflows of £9.5m principally reflect the movement in exchange rates and settlement of foreign exchange derivatives, partly offset by an inflow on sale of the Group's investment in Transit Technologies Holdco which was sold in the period. \n   \n Net funds inflow for the period of £126.8m (2024: £0.8m outflow) resulted in adjusted net debt of £1,075.7m (2024: £1,202.5m). \n   \n Please see the Supporting Reconciliations section below for a reconciliation to the Statutory Cash Flow Statement. \n   \n The Group has two key bank covenant tests; a <3.5x test for gearing and a >3.5x test for interest cover. At 31 December 2025, covenant gearing was 2.7x (31 December 2024: 2.8x) and interest cover was 4.5x (31 December 2024: 4.6x). At 31 December 2025, the Group had utilised £1.3 billion of debt capital and committed facilities, with an average maturity of 4.1 years. \n   \n At 31 December 2025, the Group's £600m RCF facility was undrawn. The Group had a total of £0.9 billion in cash and undrawn committed facilities available to it. 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 31 December 2025 \n £m \n \n \n Headroom at 31 December 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 436 \n \n \n 436 \n \n \n - \n \n \n 2031 \n \n \n \n \n Private placements** \n \n \n 403 \n \n \n 403 \n \n \n - \n \n \n 2027-2032 \n \n \n \n \n Divisional bank loans \n \n \n 31 \n \n \n 31 \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 1,887 \n \n \n 1,287 \n \n \n 600 \n \n \n   \n \n \n \n \n Net cash and cash equivalents \n \n \n   \n \n \n (265) \n \n \n 265 \n \n \n   \n \n \n \n \n Total \n \n \n   \n \n \n 1,022 \n \n \n 865 \n \n \n   \n \n \n \n \n   \n * £571m of the facility matures in 2029 with £29m maturing in 2028 \n ** The portion of Private placements that mature in 2027 is £231.2m maturing May and June 2027. The remainder matures in 2030 and 2032. \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 31 December 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 31 December 2025, the proportion of Group debt at floating rates was 6% (31 December 2024: 21%); with the reduction in the floating portion from last year driven by the maturity in November 2025 of a set of interest rate swaps attached to the 2028 bond. The interest rate on this bond is now fixed until maturity. \n   \n The Group hedges its exposure to fuel prices in order to provide a level of certainty as to its cost in the short term and to reduce the year-on-year impact of price fluctuations over the medium term. Fuel cost represents approximately 9% of revenue (2024: 8%). At 31 December 2025 t he Group is 82% hedged for 2026 at an average price of 50.2p per litre; around 39% hedged for 2027 at an average price of 44.5p per litre; and around 16% hedged for 2028 at an average price of 39.9p per litre. This compares to an average hedged price in 2024 and 2025 of 51.6p per litre and 51.8p per litre respectively. \n   \n Return on capital employed \n The return on capital employed at the end of the period was 18.3% (2024: 10.2%). \n   \n Dividend \n An interim dividend has not been proposed for the current period (2024: £nil). \n   \n   \n Pensions \n The Group's principal defined benefit pension scheme is in the UK. The combined deficit under IAS 19 at 31 December 2025 was £3.8m (31 December 2024: £11.5m), with the IAS 19 deficit for the Group's main scheme in the UK Bus division being £3.9m (31 December 2024: £11.3m). \n   \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/f1djgmn2/mobico-group-plc-annual-report-2024.pdf \n   \n   \n   \n   \n Brian Egan \n Group Chief Financial Officer \n 25 February 2026 \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. \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 Revenue \n \n \n Revenue \n \n \n Statutory revenue 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 Revenue 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 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 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. \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 Supporting reconciliations \n   \n \n \n \n \n Reconciliation of net cash flow from operating activities to free cash flow \n \n \n 12 months to 31 December 2025 \n            £m \n \n \n       12 months to 31 December 2024 \n      £m \n \n \n \n \n Net cash flow from operating activities \n \n \n 109.6 \n \n \n 259.0 \n \n \n \n \n Cash expenditure in respect of adjusting items \n \n \n 118.7 \n \n \n 99.2 \n \n \n \n \n Net maintenance capital expenditure \n \n \n (155.6) \n \n \n (157.8) \n \n \n \n \n Other non-cash movements \n \n \n (2.4) \n \n \n (2.0) \n \n \n \n \n Profit on disposal of fixed assets \n \n \n 7.0 \n \n \n 11.8 \n \n \n \n \n Free cash flow \n \n \n 77.3 \n \n \n 210.2 \n \n \n \n \n   \n \n \n \n \n Reconciliation of capital expenditure in statutory cash flow to funds flow \n \n \n    12 months \n to 31 December 2025 \n £m \n \n \n 12 months \n to 31 December 2024 \n £m \n \n \n \n \n Purchase of property, plant and equipment \n \n \n (169.3) \n \n \n (195.6) \n \n \n \n \n Proceeds from disposal of property, plant and equipment \n \n \n 10.4 \n \n \n 47.4 \n \n \n \n \n Payments to acquire intangible assets \n \n \n (6.3) \n \n \n (6.4) \n \n \n \n \n Proceeds from disposal of intangible assets \n \n \n 2.1 \n \n \n 3.6 \n \n \n \n \n Net capital expenditure in statutory cash flow statement \n \n \n (163.1) \n \n \n (151.0) \n \n \n \n \n Profit on disposal of fixed assets \n \n \n (7.0) \n \n \n (11.8) \n \n \n \n \n Capitalisation of leases initiated in the year, less disposals \n \n \n (54.9) \n \n \n (54.3) \n \n \n \n \n Net capital expenditure in the funds flow (presented in the Group Chief Financial Officer's Report) \n \n \n (225.0) \n \n \n (217.1) \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 (155.6) \n \n \n (157.8) \n \n \n \n \n Growth capital expenditure \n \n \n (69.4) \n \n \n (59.3) \n \n \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 31 December 2025 \n£m \n \n \n (Restated) \n 12 months \n To 31 December 2024 1 \n£m \n \n \n \n \n Group statutory operating profit/(loss) from continuing operations \n \n \n 21.9 \n \n \n 34.0 \n \n \n \n \n Add back: adjusting items from continuing operations \n \n \n 176.1 \n \n \n 147.1 \n \n \n \n \n Add back: Adjusted Operating Profit from discontinued operations \n \n \n 13.0 \n \n \n 5.7 \n \n \n \n \n Return - Adjusted Group Operating Profit from continuing & discontinued operations \n \n \n 211.0 \n \n \n 186.8 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Average net assets \n \n \n (3.4) \n \n \n 614.9 \n \n \n \n \n Average net debt \n \n \n 1,139.1 \n \n \n 1,202.1 \n \n \n \n \n Average derivatives, excluding amounts within net debt \n \n \n 21.9 \n \n \n 21.3 \n \n \n \n \n Foreign exchange adjustment \n \n \n (2.9) \n \n \n (2.3) \n \n \n \n \n Average capital employed \n \n \n 1,154.7 \n \n \n 1,836.0 \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Return on capital employed \n \n \n 18.3% \n \n \n 10.2% \n \n \n \n \n \n \n \n \n \n \n 1 Restated for a German Rail prior year restatement and to represent prior periods for discontinued operations, see notes 1 & 8 in the Financial Statements for further information. Note whilst the inputs to the calculation have changed as a result of the restatement, the Return on capital employed of 10.2% remains the same as originally reported. \n   \n   \n \n \n \n \n Reconciliation of depreciation and other non-cash items \n \n \n 12 months to 31 December 2025 \n£m \n \n \n 12 months to 31 December 2024 \n£m \n \n \n \n \n Depreciation charge \n \n \n 146.1 \n \n \n 213.4 \n \n \n \n \n Amortisation charge (excluding amortisation from intangibles from acquired businesses) \n \n \n 23.2 \n \n \n 22.5 \n \n \n \n \n Share-based payments \n \n \n 5.4 \n \n \n 4.6 \n \n \n \n \n Amortisation of fixed asset grants \n \n \n (3.8) \n \n \n (2.0) \n \n \n \n \n Depreciation and other non-cash items \n \n \n 170.9 \n \n \n 238.5 \n \n \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 twelve months of the financial year and their impact on the condensed financial statements and a description of the principal risks and uncertainties for the remaining three months of the financial 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 25 February 2026 \n \n \n   \n MOBICO GROUP PLC \n CONDENSED GROUP INCOME STATEMENT \n For the 12 months ended 31 December 2025 \n \n \n \n \n \n \n \n   \n   \n \n \n 12 months to 31 December (unaudited) \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 1 \n £m \n \n \n    \n (Restated) 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 \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 Revenue \n \n \n 3 \n \n \n 2,759.8 \n \n \n (21.7) \n \n \n 2,738.1 \n \n \n 2,597.5 \n \n \n - \n \n \n 2,597.5 \n \n \n \n \n Operating costs \n \n \n \n \n \n (2,561.8) \n \n \n (154.4) \n \n \n (2,716.2) \n \n \n (2,416.4) \n \n \n (147.1) \n \n \n (2,563.5) \n \n \n \n \n Group operating profit/(loss) \n \n \n 3 \n \n \n 198.0 \n \n \n (176.1) \n \n \n 21.9 \n \n \n 181.1 \n \n \n (147.1) \n \n \n 34.0 \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 (0.3) \n \n \n - \n \n \n (0.3) \n \n \n \n \n Finance income \n \n \n 4 \n \n \n 5.0 \n \n \n - \n \n \n 5.0 \n \n \n 2.2 \n \n \n - \n \n \n 2.2 \n \n \n \n \n Finance costs \n \n \n 4 \n \n \n (80.7) \n \n \n (4.7) \n \n \n (85.4) \n \n \n (79.3) \n \n \n (2.8) \n \n \n (82.1) \n \n \n \n \n Profit/(loss) before tax \n \n \n \n \n \n 122.3 \n \n \n (180.8) \n \n \n (58.5) \n \n \n 103.7 \n \n \n (149.9) \n \n \n (46.2) \n \n \n \n \n Tax (charge)/credit \n \n \n 6 \n \n \n (45.2) \n \n \n 14.8 \n \n \n (30.4) \n \n \n (50.8) \n \n \n (40.9) \n \n \n (91.7) \n \n \n \n \n Profit/(loss) for the period from continuing operations \n \n \n \n \n \n 77.1 \n \n \n (166.0) \n \n \n (88.9) \n \n \n 52.9 \n \n \n (190.8) \n \n \n (137.9) \n \n \n \n \n Profit/(loss) for the period from discontinued operations \n \n \n 8 \n \n \n 1.7 \n \n \n (200.1) \n \n \n (198.4) \n \n \n 6.0 \n \n \n (662.7) \n \n \n (656.7) \n \n \n \n \n Profit/(loss) for the period \n \n \n \n \n \n 78.8 \n \n \n (366.1) \n \n \n (287.3) \n \n \n 58.9 \n \n \n (853.5) \n \n \n (794.6) \n \n \n \n \n Profit/(loss) attributable to equity shareholders \n \n \n \n \n \n 71.8 \n \n \n (366.1) \n \n \n (294.3) \n \n \n 49.9 \n \n \n (853.5) \n \n \n (803.6) \n \n \n \n \n Profit attributable to non-controlling interests \n \n \n \n \n \n 7.0 \n \n \n - \n \n \n 7.0 \n \n \n 9.0 \n \n \n - \n \n \n 9.0 \n \n \n \n \n \n \n \n \n \n \n 78.8 \n \n \n (366.1) \n \n \n (287.3) \n \n \n 58.9 \n \n \n (853.5) \n \n \n (794.6) \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 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 - basic earnings per share \n \n \n \n \n \n   \n \n \n   \n \n \n (19.2)p \n \n \n \n \n \n \n \n \n (27.6)p \n \n \n \n \n - diluted earnings per share \n \n \n \n \n \n   \n \n \n   \n \n \n (19.2)p \n \n \n \n \n \n \n \n \n (27.6)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 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 - basic earnings per share \n \n \n \n \n \n   \n \n \n   \n \n \n (51.8)p \n \n \n \n \n \n \n \n \n (135.0)p \n \n \n \n \n - diluted earnings per share \n \n \n \n \n \n   \n \n \n   \n \n \n (51.8)p \n \n \n \n \n \n \n \n \n (135.0)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 1 The results for the year to 31 December 2024 have been restated to represent prior periods for discontinued operations and German Rail prior year restatement; see notes 1 & 8 respectively for further information. \n   \n   \n \n \n MOBICO GROUP PLC \nCONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME \nFor the 12 months ended 31 December 2025 \n \n \n \n \n \n \n \n Note \n \n \n   \n Unaudited \n 12 months to \n 31 December \n 2025 \n £m \n \n \n   \n Unaudited \n (Restated) \n Year to \n 31 December \n 2024 1 \n £m \n \n \n \n \n Loss for the period \n \n \n   \n \n \n (287.3) \n \n \n (794.6) \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   \n \n \n (0.8) \n \n \n 11.2 \n \n \n \n \n Deferred tax credit/(charge) on actuarial losses/(gains) \n \n \n   \n \n \n 0.2 \n \n \n (2.8) \n \n \n \n \n Gains on financial assets at fair value through Other Comprehensive Income \n \n \n   \n \n \n - \n \n \n 9.1 \n \n \n \n \n \n \n \n   \n \n \n (0.6) \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   \n \n \n 7.5 \n \n \n (30.8) \n \n \n \n \n Exchange differences on retranslation of non-controlling interests \n \n \n   \n \n \n 2.1 \n \n \n (1.5) \n \n \n \n \n (Losses)/gains on net investment hedges \n \n \n   \n \n \n (16.7) \n \n \n 21.3 \n \n \n \n \n (Losses)/gains on cash flow hedges \n \n \n   \n \n \n (24.5) \n \n \n 3.8 \n \n \n \n \n Cost of hedging \n \n \n   \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   \n \n \n 4.2 \n \n \n (1.6) \n \n \n \n \n Deferred tax charge on foreign exchange differences \n \n \n   \n \n \n - \n \n \n (0.5) \n \n \n \n \n Deferred tax charge on cash flow hedges \n \n \n   \n \n \n - \n \n \n (0.7) \n \n \n \n \n Net investment hedges recycled to the income statement on disposal of subsidiary \n \n \n 8 \n \n \n (1.8) \n \n \n - \n \n \n \n \n Foreign exchange reclassified to income statement on disposal of subsidiary \n \n \n 8 \n \n \n (87.3) \n \n \n - \n \n \n \n \n \n \n \n   \n \n \n (116.4) \n \n \n (9.8) \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   \n \n \n (117.0) \n \n \n 7.7 \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   \n \n \n (404.3) \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   \n \n \n (413.4) \n \n \n (794.4) \n \n \n \n \n Non-controlling interests \n \n \n   \n \n \n 9.1 \n \n \n 7.5 \n \n \n \n \n \n \n \n   \n \n \n (404.3) \n \n \n (786.9) \n \n \n \n \n 1 Restated for German Rail prior year restatement, see note 1 for further information. \n \n MOBICO GROUP PLC \nCONDENSED GROUP BALANCE SHEET \n At 31 December 2025                                                                                                                           \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n  Note \n \n \n Unaudited \n 31 December \n 2025 \n £m \n \n \n Unaudited \n (Restated) \n 31 December \n 2024 1 \n £m \n \n \n Unaudited \n (Restated) \n 31 December \n 2023 1 \n £m \n \n \n \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 \n \n \n \n \n \n \n \n \n Intangible assets \n \n \n \n \n \n \n \n \n \n \n \n 938.3 \n \n \n 986.2 \n \n \n 1,551.8 \n \n \n \n \n \n \n \n Property, plant and equipment \n \n \n \n \n \n \n \n \n 12 \n \n \n 723.4 \n \n \n 1,193.6 \n \n \n 1,164.5 \n \n \n \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n \n \n \n 13 \n \n \n - \n \n \n 0.2 \n \n \n 0.1 \n \n \n \n \n \n \n \n Financial assets at fair value though Other Comprehensive Income \n \n \n \n \n \n \n \n \n \n \n \n 8.6 \n \n \n 25.0 \n \n \n 15.2 \n \n \n \n \n \n \n \n Investments accounted for using the equity method \n \n \n \n \n \n \n \n \n \n \n \n 3.6 \n \n \n 6.5 \n \n \n 11.1 \n \n \n \n \n \n \n \n Other non-current receivables \n \n \n \n \n \n \n \n \n \n \n \n 109.7 \n \n \n 155.2 \n \n \n 139.1 \n \n \n \n \n \n \n \n Finance lease receivable \n \n \n \n \n \n \n \n \n \n \n \n 14.2 \n \n \n 14.8 \n \n \n 6.5 \n \n \n \n \n \n \n \n Deferred tax assets \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n - \n \n \n 164.4 \n \n \n \n \n \n \n \n Defined benefit pension assets \n \n \n \n \n \n \n \n \n 14 \n \n \n 0.1 \n \n \n 0.1 \n \n \n 0.2 \n \n \n \n \n \n \n \n Total non-current assets \n \n \n \n \n \n \n \n \n \n \n \n 1,797.9 \n \n \n 2,381.6 \n \n \n 3,052.9 \n \n \n \n \n \n \n \n Current assets \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 Inventories \n \n \n \n \n \n \n \n \n \n \n \n 18.6 \n \n \n 34.0 \n \n \n 33.7 \n \n \n \n \n \n \n \n Trade and other receivables \n \n \n \n \n \n \n \n \n \n \n \n 494.1 \n \n \n 547.5 \n \n \n 573.1 \n \n \n \n \n \n \n \n Finance lease receivable \n \n \n \n \n \n \n \n \n \n \n \n 4.4 \n \n \n 3.2 \n \n \n 2.7 \n \n \n \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n \n \n \n 13 \n \n \n 2.0 \n \n \n 12.6 \n \n \n 11.1 \n \n \n \n \n \n \n \n Current tax assets \n \n \n \n \n \n \n \n \n \n \n \n 0.4 \n \n \n 0.6 \n \n \n 12.4 \n \n \n \n \n \n \n \n Cash and cash equivalents \n \n \n \n \n \n \n \n \n 10 \n \n \n 406.8 \n \n \n 244.5 \n \n \n 356.3 \n \n \n \n \n \n \n \n Assets held for resale \n \n \n \n \n \n \n \n \n \n \n \n - \n \n \n - \n \n \n 18.2 \n \n \n \n \n \n \n \n Total current assets \n \n \n \n \n \n \n \n \n \n \n \n 926.3 \n \n \n 842.4 \n \n \n 1,007.5 \n \n \n \n \n \n \n \n Total assets \n \n \n \n \n \n \n \n \n \n \n \n 2,724.2 \n \n \n 3,224.0 \n \n \n 4,060.4 \n \n \n \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 \n \n \n \n \n \n \n \n \n Borrowings \n \n \n \n \n \n \n \n \n \n \n \n (1,229.7) \n \n \n (1,258.8) \n \n \n (1,290.6) \n \n \n \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n \n \n \n 13 \n \n \n (10.0) \n \n \n (3.4) \n \n \n (15.3) \n \n \n \n \n \n \n \n Deferred tax liabilities \n \n \n \n \n \n \n \n \n \n \n \n (47.8) \n \n \n (46.8) \n \n \n (46.8) \n \n \n \n \n \n \n \n Other non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n (121.3) \n \n \n (116.9) \n \n \n (115.2) \n \n \n \n \n \n \n \n Defined benefit pension liabilities \n \n \n \n \n \n \n \n \n 14 \n \n \n (3.9) \n \n \n (11.6) \n \n \n (32.8) \n \n \n \n \n \n \n \n Provisions \n \n \n \n \n \n             \n \n \n \n \n \n (198.8) \n \n \n (172.2) \n \n \n (158.2) \n \n \n \n \n \n \n \n Total non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n (1,611.5) \n \n \n (1,609.7) \n \n \n (1,658.9) \n \n \n \n \n \n \n \n Current liabilities \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 Trade and other payables \n \n \n \n \n \n \n \n \n \n \n \n (887.7) \n \n \n (1,032.5) \n \n \n (963.9) \n \n \n \n \n \n \n \n Borrowings \n \n \n \n \n \n \n \n \n \n \n \n (278.8) \n \n \n (208.9) \n \n \n (271.2) \n \n \n \n \n \n \n \n Derivative financial instruments \n \n \n \n \n \n \n \n \n 13 \n \n \n (16.2) \n \n \n (44.7) \n \n \n (31.6) \n \n \n \n \n \n \n \n Current tax liabilities \n \n \n   \n \n \n   \n \n \n   \n \n \n (10.9) \n \n \n (9.5) \n \n \n - \n \n \n \n \n \n \n \n Provisions \n \n \n   \n \n \n   \n \n \n   \n \n \n (129.0) \n \n \n (115.8) \n \n \n (108.3) \n \n \n \n \n \n \n ...

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