FirstGroup
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FirstGroup (FGP) investor relations material

FirstGroup Trading update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Trading update summary26 Mar, 2026

Trading performance

  • Bus and rail divisions are trading in line with expectations, supported by growth in business and coach operations and successful cost mitigation actions.

  • Recent acquisitions of J & B Coaches in Leeds and Hills Coaches in Wolverhampton have expanded the operational footprint and contract portfolio in key markets.

  • Lumo has launched extended services between Edinburgh and Glasgow, with new London Euston to Stirling service on track for July 2026.

  • London Overground contract mobilisation is progressing ahead of the May 2026 start date.

Financial guidance and risk management

  • Modest growth in adjusted earnings per share is anticipated for FY 2026.

  • Adjusted net debt at year-end FY 2026 is expected to be £135-145m, reflecting recent acquisitions and network optimisation.

  • Fuel and electricity hedging covers approximately 88% of FY 2027 fuel needs and 77% of electricity, with significant coverage for FY 2028 as well.

Strategic initiatives and outlook

  • Focus remains on executing a UK growth strategy, expanding open access rail services, and delivering on commitments for FY 2026.

  • Continued investment in operational and asset footprint to support positive earnings trajectory.

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