Phil White, Mobico Group Executive Chairman, said:

“Mobico delivered further growth in 2025 and meaningful strategic progress, with Alsa achieving another record year of double-digit revenue growth. This offset a challenging trading environment in the UK and operational issues with the WMATA contract in WeDriveU, for which resolution plans are now in progress. Adjusted operating profit increased 9% to £198m, above recent guidance, largely due to strong end-of-year trading in Spain and commencement of the ‘Simplify for Success’ cost programme.

We continue to progress with our ‘Simplify, Strengthen, Succeed’ strategy to strengthen the business. Most notably, we announced in January an agreement in principle had been reached with the German Rail PTAs which delivers a sustainable business going forwards. UK Coach is also now largely integrated into Alsa which will reduce overheads and realign the business to a more competitive environment. Together with our other initiatives, we expect to deliver £100m of annualised cost savings for the Group by the end of 2026. As a result of these efforts, we expect further growth and progress in 2026 with Adjusted Operating Profit in the range of £195m - £210m.”

2025 highlights

• Group Revenue¹ growth of 6.2% to £2.76bn (2024: £2.60bn)
  • Double-digit growth to a new record in Alsa, with continued growth in WeDriveU
  • UK Coach revenue decreased following increased competition on key routes with the integration with Alsa to improve competitiveness
• Adjusted Operating Profit of £198.0m (2024: £181.1m)
  • Record performance in Alsa with strong end of year trading in Spain
  • Benefit of Group cost savings and monetisation of land and property within UK Bus
  • Morocco saw a reduced footprint resulting from changes to the operating environment
• Statutory Operating Profit of £21.9m (2024: £34.0m)
  • Impacted by one-off adjusting items, primarily driven by one off non-cash items
• Covenant gearing improved to 2.7x (2024: 2.8x), aided by proceeds from NASB disposal
  • Group maintains ample liquidity and has sufficient facilities to meet its 2027 and 2028 obligations
  • RCF facility of £600m remained undrawn at 31 December 2025 and net cash on hand of £265m
  • Free Cash Flow of £77.3m (2024: £210.2m), with the decrease mainly reflecting NASB prior to sale
• Improved cash generation and de-leveraging remains the priority
  • Agreement in principle reached with German Rail PTAs which delivers a sustainable business
  • Focus on cost reduction across the Group, targeting £100m run-rate by end of 2026
  • Strict controls on Capex, with improvement expected from 2026 given the impact of long-lead time orders
  • UK Bus asset monetisation to continue in preparation for franchising
  • Sale of NASB complete, raising de-leveraging proceeds of £273m
• Outlook
  • Group expects FY 2026 Adjusted Operating Profit to be in the range of £195m - £210m²

1. Adjusted Revenue

2. Adjusted Operating Profit guidance will be updated to reflect the positive impact of revised contract changes in Germany once legally binding agreements have been signed with the German PTAs

Financial Summary

1. Restated for a German Rail prior year restatement and to represent prior periods for discontinued operations, see notes 1 & 8 in the Financial Statements for further information.

2. To supplement IFRS reporting, we also present our results (including EBITDA) on an adjusted basis to show the performance of the business before adjusting items. These are detailed in note 5 to the Financial Statements and principally comprise intangible amortisation for acquired businesses, re-measurement of historic onerous contract provisions and impairments. In addition to performance measures directly observable in the Group financial statements (IFRS measures), alternative financial measures are presented that are used internally by management as key measures to assess performance.

3. Includes Profit/(Loss) from discontinued operations

4. These are alternative performance measures and include discontinued operations

Webcast presentation for institutional investors and analysts at 09:30am GMT today

Mobico’s Executive Chair, Phil White, Group CFO, Brian Egan, and Group COO, Francisco (“Paco”) Iglesias, will host a webcast for institutional investors and analysts to discuss these financial results.

To join online: https://streamstudio.world-television.com/1355-2498-42831/en

A recording will be made available later in the day on the website: https://www.mobicogroup.com/investors/   

Investor Meet Company webcast at 11.30am GMT today

Mobico’s Executive Chair, Phil White, Group CFO, Brian Egan, and Group COO, Francisco (“Paco”) Iglesias, will also present these results live on the Investor Meet Company platform.

 To join: https://www.investormeetcompany.com/mobico-group-plc/register-investor

About Mobico Group

Mobico is a leading, international shared mobility provider with bus, coach and rail services in the UK, North America, continental Europe, North Africa and the Middle East.

Notes

1. Legal Entity Identifier: 213800A8IQEMY8PA5X34
2. This announcement contains forward-looking statements with respect to the financial condition, results and business of Mobico Group. By their nature, forward-looking statements involve risk and uncertainty and there may be subsequent variations to estimates. Mobico's actual future results may differ materially from the results expressed or implied in these forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, Mobico does not undertake to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Forward-looking statements can be made in writing but also may be made verbally by members of the management of the Group (including without limitation, during management presentations to financial analysts) in connection with this announcement.

Download full release