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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
FirstGroup
FirstGroup (FGP) investor relations material
FirstGroup H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary18 Jun, 2026
Executive summary
Achieved strong earnings momentum with adjusted revenue up 25% to £1,716m and adjusted EPS up 5% to 20.3p, driven by a U.K.-focused growth and diversification strategy.
Strategic progress included portfolio growth, diversification, and a robust pipeline of UK growth opportunities.
Announced a further £100m share buyback and increased full-year dividend by 11% to 7.2p.
Adjusted EPS increase supported by a 22 million share buyback.
Proposed full-year dividend of £0.072 per share, up 11% year-over-year.
Financial highlights
Adjusted operating profit was £219.4m, broadly flat year-over-year, with First Bus profit up £7m and First Rail down £19m.
Free cash flow was £73.8m, ending the year with £137.7m in adjusted net debt and leverage at 0.6x.
Return on Invested Capital improved to 10.7%, up 80bps and above WACC.
Dividend per share: 7.2p, up 10.8% year-over-year.
Adjusted earnings totaled £112.6m, with robust cash generation.
Outlook and guidance
FY 2027 expected to maintain adjusted EPS and progressive dividend from a higher quality earnings base.
Bus operating profit anticipated to grow sequentially, with revenues above £1.5bn.
Open access rail revenues expected to reach £130–£150m in FY 2027, with margins in the mid-teens by FY 2029.
CapEx in First Bus to normalize at £80–£100m from FY 2028, after accelerated decarbonization investment.
DfT TOCs and Rail Services expected to provide £90m cash inflow over three years as contracts transition.
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Latest events from FirstGroup
- Trading and financial guidance remain on track, with growth supported by acquisitions and new services.FGP
Trading update - Adjusted revenue up 30% and EPS up 16%, driven by acquisitions and electrification investment.FGPH1 2026
- £90m acquisition secures 12% London bus market share and targets electrification-led growth.FGPM&A Announcement
- Strong H1 2025 results, margin gains, buybacks, and electrification drive positive outlook.FGPH1 2025
- Adjusted EPS up 44% and electrification advances, driving strong growth and margins.FGPH2 2024
- Adjusted revenue up 7%, EPS up 16%, and dividend up 18% with strong growth outlook.FGPH2 2025
Next FirstGroup earnings date
H1 202717 Nov, 2026
FirstGroup
Next FirstGroup earnings date
H1 202717 Nov, 2026
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Frequently asked questions
FirstGroup plc provides public transport services in the United Kingdom and the United States. The company operates through First Bus and First Rail segments. The First Rail segment operates a passenger rail network that provides long-distance, commuter, regional, and sleeper services through a portfolio of Great Western Railway, South Western Railway, TransPennine Express, and Avanti West Coast franchises; passenger rail services; and hull trains and Lumos. The First Bus segment offers local bus services with a fleet of approximately 4,900 buses in the United Kingdom.