)

FirstGroup (FGP) investor relations material
FirstGroup H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved strong growth and diversification, with adjusted revenue up 7% to £1.4bn and adjusted EPS up 16% to 19.4p year-over-year.
Board proposed a final dividend of 4.8p, full year dividend up 18% to 6.5p, and announced an additional £50m share buyback.
Significant progress in bus and open access rail, including the acquisition of RATP's London bus operations and new open access rail agreements.
Placed a £500m order for UK-manufactured Hitachi trains, supporting UK growth and decarbonization.
Achieved MSCI AAA ESG rating and published the first Climate Transition Plan.
Financial highlights
Adjusted operating profit up 9.1% to £222.8m; adjusted profit before tax up 18.8% to £165.1m.
Free cash flow before acquisitions and returns to shareholders more than doubled to £113.5m.
Adjusted net debt at £86.9m at year-end, compared to net cash of £64.1m prior year.
£126m returned to shareholders via dividends and buybacks; final dividend of 4.8p proposed.
£230m invested in capex and growth over the last 12 months.
Outlook and guidance
Expect to at least maintain adjusted EPS in FY2026 despite SWR nationalization, supported by a more diverse earnings base.
Bus business anticipates sequential operating profit growth, with margins lower due to London acquisition but higher annual revenues (~£1.4bn expected in FY2026).
Open Access Rail and additional services expected to deliver results ahead of FY2025, with new routes launching in 2026 and 2027.
CapEx guidance of ~£150m in First Bus, mainly for electrification; expect adjusted net debt of £120–130m at FY2026 year-end.
Next FirstGroup earnings date

Next FirstGroup earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage