Outlook

For our customers

First Bus

First Rail

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Current trading and the Group’s outlook for FY 2025 is slightly ahead of our expectations as set out at the full year results in June:
- First Bus: we expect to make further progress in H2 2025, reaching a 10% adjusted operating margin for the half, driven by operational improvements, efficiency initiatives and the newer fleet
- First Rail: the division’s financial performance in H2 2025 is anticipated to be slightly ahead of our prior expectations, reflecting growth in open access and a normal level of variable fee awards in the DfT TOCs (approximately two thirds of the maximum available)
- Marginal adjusted net debt position expected at the end of FY 2025, assuming net cash capex of £125m in First Bus and after the deployment of announced growth capital and progression of the £50m buyback programme
The Group expects to maintain its adjusted EPS in FY 2026 as we grow earnings in First Bus and open access rail

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