Mobico Group (MCG) investor relations material

Executive summary

• Delivered strong results for 2025 and a robust start to 2026, with significant progress on simplifying and restructuring the group.

• Achieved strong trading momentum with a focus on cash flow generation, operational simplification, and cost savings.

• Alsa delivered record performance, German Rail stabilised, and UK Bus monetisation advanced.

• Major disposals included North America School Bus (NASB) and National Express Transport Solutions (NXTS), both now classified as discontinued operations.

• The 'Simplify for Success' programme is on track to deliver £100m annualised cost savings by 2027.

Financial highlights

• Adjusted Revenue for the 15 months to March 2026 rose 5.9% to £3.42bn, driven by Alsa and improved German Rail performance.

• Adjusted Operating Profit increased 17.6% to £231m; Statutory Operating Profit was £11.7m, impacted by significant non-recurring items.

• Free Cash Flow was £131.8m, down from £215.9m, mainly due to NASB-related outflows.

• Adjusted EBITDA reached £464.8m, up from £434.1m year-over-year.

• Adjusted net debt reduced to £1,133.6m, with covenant gearing at 2.9x.

Outlook and guidance

• Operating Profit guidance for 2026 raised to £215–230m, reflecting improved cost visibility and operating stability.

• Alsa expected to maintain strong growth; German Rail to remain cash neutral; UK Coach losses to reduce.

• UK Bus asset monetisation is progressing ahead of franchising transition.

• 100% fuel hedged for 2026 and nearly fully hedged for 2027 at prices below 2025.