Positive earnings trajectory underpinned by further portfolio growth and improving quality and diversification of earnings in a period of transition; on course to deliver modest growth in adjusted EPS for the full year, with H2 2026 set to benefit from completed business restructuring
- Adjusted revenue up 30% to £833.6m (H1 2025 £639.6m) reflecting growth in bus revenues, the contribution of First Bus London and progress in First Rail open access and Rail services
- Group adjusted operating profit of £103.6m (H1 2025: £100.8m) with growth from recent acquisitions and some cost efficiencies in H1 2026 offset by higher employers’ National Insurance contributions and conclusion of SWR NRC
- Good progress on business restructuring with savings of c.£6m of £15m target delivered in H1 2026
- Adjusted EPS increased by 16% to 9.9p (H1 2025: 8.5p) with growth supported by the repurchase of 22m shares during H1 2026
- c.£10m growth investment and H1 weighted net capex of c.£105m, principally on electrification in bus
- c.£76m returned to shareholders; includes £49m through the £50m buyback programme completed in October 2025 and the FY 2025 final dividend paid during the period
- Free cash outflow of £(35.6)m before acquisitions and returns due to accelerated First Bus investment
- Adjusted net debt at period end of £207.6m; FY 2026 year end adjusted net debt forecast to be £125m-135m, before deployment of any growth capital
- Interim dividend of 2.2p per share (H1 2025: 1.7p per share) in line with progressive policy
- Completion of Bus Section pension scheme valuation with £20m cash returned to the Group in November. c.£65m remains in escrow, with the outcome to be reviewed with the 2030 valuation