Trading update for the three-months ending 30 June 2026 (Q2 2026)

Group revenue grew 5.0% YoY in Q2 2026, reflecting continued strong momentum in Alsa and the ongoing recovery in German Rail. Following the exit of loss-making contracts in WeDriveU and the proposed sale of UK Bus, the Group is moving forward with a simplified business focused on margin expansion, cash generation and select asset-light growth opportunities. Guidance for the year remains unchanged.

Alsa (including UK Coach)

Alsa revenue increased 8.0% YoY vs. Q2 2025 (13.7% excluding UK Coach).

Long Haul revenue increased 7.0%, driven by sustained demand and a 4.2% increase in yield.

Regional revenue increased 10.5%, driven by a 14.3% increase in passenger volumes across variable passenger demand contracts. Urban revenue increased 6.4% with passenger volumes up 10.8%.

International and diversified revenue increased 21.3%, with the reduction in operating footprint in Morocco at the end of 2025 more than offset by strong growth in other regions.

UK Coach revenue decreased 16.7%, reflecting reduced passenger numbers and yields, as well as the targeted reduction of unprofitable routes.

WeDriveU

WeDriveU revenue decreased 11.8% YoY, primarily reflecting the exit of loss-making contracts. While operational execution challenges impacted performance in Q2 2026, corrective action and improved controls have stabilised operations.

German Rail

German Rail revenue increased 19.3% YoY, reflecting a return to full operations and business stabilisation following the signing of revised rail contracts.

UK Bus

UK Bus revenue decreased 1.8% YoY due to lower commercial patronage. On 18 August 2026, the Group announced an agreement in principle to sell the net assets and operations of UK Bus to the West Midlands Combined Authority with completion expected in November 2026. The transaction monetises the UK Bus assets and substantially de-risks the Group from the forthcoming uncertainty of franchising in the area over the coming years.

Enquiries

Headland

Legal Entity Identifier: 213800A8IQEMY8PA5X34.

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