Mobico Group (MCG) H1 2026 TU earnings summary

Executive summary

• Group revenue grew 5.0% year-over-year in Q2 2026, driven by strong performance in Alsa and recovery in German Rail.

• The business is refocusing on margin expansion, cash generation, and asset-light growth after exiting loss-making contracts and planning the sale of UK Bus.

• Full-year guidance remains unchanged.

Financial highlights

• Alsa revenue increased 8.0% year-over-year (13.7% excluding UK Coach).

• German Rail revenue rose 19.3% year-over-year, reflecting a return to full operations.

• UK Coach revenue declined 16.7% year-over-year due to reduced passenger numbers and targeted route reductions.

• WeDriveU revenue fell 11.8% year-over-year, mainly from exiting loss-making contracts.

• UK Bus revenue decreased 1.8% year-over-year, impacted by lower commercial patronage.

Outlook and guidance

• Guidance for the year remains unchanged, with a focus on margin expansion and cash generation.