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FirstGroup
FirstGroup (FGP) investor relations material
FirstGroup H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary18 Nov, 2025
Executive summary
Adjusted revenue rose 30% year-over-year to £834m, driven by FirstBus growth, FirstBus London acquisition, and open access and Rail Services progress.
Adjusted EPS increased 16% to 9.9p, supported by share buybacks and cost efficiencies.
Interim dividend of 2.2p per share, up 29% year-over-year.
Strategic focus on operational delivery, U.K. growth, diversification, and sustainability, with significant investment in decarbonisation and fleet electrification.
£76m returned to shareholders via buybacks and dividends in the half-year.
Financial highlights
Group-adjusted operating profit up 2.8% to £103.6m; adjusted profit before tax up 7.8% to £76.3m.
EBITDA of £181.4m generated before DfT TUX cash inflows.
Adjusted net debt at period end was £207.6m, with a year-end forecast of £125–135m.
Free cash flow was an outflow of £35.6m, mainly due to accelerated bus electrification CapEx and government funding utilization.
Interim dividend increased 29% to 2.2p per share.
Outlook and guidance
Modest adjusted EPS growth expected for FY 2026, with at least maintenance of this level in FY 2027.
Bus business anticipates sequential operating profit growth, with annual revenue expected above £1.4bn in FY26, including £300m from First Bus London.
H2 EBIT margin in regional bus expected to normalize to around 10%, with further efficiencies offsetting inflation and higher NI contributions.
CapEx in bus to normalize around £100m per annum, with current elevated levels due to electrification and grant funding; FY 2026 net capex expected at £180m.
Adjusted net debt forecasted at £125–135m by year-end, before further M&A.
Regional bus margin to normalise to 10% in H2. How?
New open access services: expected returns?
Reconcile H1 cash outflow to FY26 net debt forecast.
Bus franchising: capital release potential
Why CapEx up but net debt guidance stable?
Open access rail: capacity doubling drivers
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Next FirstGroup earnings date
H2 20269 Jun, 2026
FirstGroup
Next FirstGroup earnings date
H2 20269 Jun, 2026
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Frequently asked questions
FirstGroup plc provides public transport services in the United Kingdom and the United States. The company operates through First Bus and First Rail segments. The First Rail segment operates a passenger rail network that provides long-distance, commuter, regional, and sleeper services through a portfolio of Great Western Railway, South Western Railway, TransPennine Express, and Avanti West Coast franchises; passenger rail services; and hull trains and Lumos. The First Bus segment offers local bus services with a fleet of approximately 4,900 buses in the United Kingdom.
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