Good morning, everyone. Welcome to our 12-month unaudited results presentation.

As I'm Phil White, I'm executive chair of Mobico. Introducing to my colleagues, we've got Brian Egan, who is our CFO, and Paco Iglesias, who's our COO.

You've met all three of us before at our half-year results. You can remember at that time, we weren't really in the best of places.

We at that time you you will recall that only one of our five divisions was then was really making any real money. Today, we are here to talk to you about the stability we've brought to the business, as well as the momentum being gradually built up as we implement our Simplify for Success program.

An apology first. I'm sorry that the results we are presenting today are unaudited, but as we were left without an a an an auditor late in the day last year, but I'm really pleased to say that we now have KPMG on board.

That's a big win, believe it or not, getting an auditor. I know I'll probably be canceled by our advisors for saying this, but please forgive me.

I will only use the word unaudited once because I can't use it in every sentence as we go along. I think the same applies to the word adjusted.

Forgive me on that, because I don't want to be here all day, and I'm sure you don't want to be here all day, too. The reporting schedule again for this year is quite complex, and we'll we'll spend most of 2026, would you believe, in closed periods, but Brian will explain the schedule in more detail.

As is usual, I'll start with the highlights, Brian will follow on the finance review, and then Paco will do the all the operational stuff. Let's start with the highlights first, guys.

As you can see, we've delivered significant progress in 2025. Revenue increased by 6% to £2.8 billion, while adjusted operating profit increased by 9% to nearly £200 million.

Operationally, we achieved nearly 25 billion passenger Ks and secured new contracts worth over a billion. Our German rail business provided a full service in December, would you believe, for the first time in in 2 years.

Importantly, as you've seen, we've reached an agreement with the five German PTAs in North Rhine-Westphalia on the restructuring of all our rail contracts. This de-risks the business and ensures that our rail operations are sustainable in the long term.

All of this has been achieved while making solid progress on safety across the whole business, something, as is absolutely integral to the way we operate. In business, we all know that not all contracts are perfect, and we've inherited a few difficult ones.

In business, you also have to deal with the unexpected. When this happens, I always believe it's better to be totally transparent and to be very open, too open, some people will say, but that's my style.

In 2025, as we experienced some issues with certain contracts, and we've fully recognized this in the year, whilst at the same time demonstrating the strength of our underlying business. Honestly, we would prefer the scale of the adjusted items to be much smaller, and that certainly is our ambition going forward.

Before we dive into the numbers, I just want to remind you of our strategy that we announced at our H1 results for '25. Our roadmap roadmap is unchanged, and we remain focused on stripping away complexity to reveal the high-performing businesses that we know are there.

While continuing to cut that through the noise, it means really streamlining our management structure and aggressively attacking overheads. We are removing, as what I call, the corporate glue, the scour and scourge of large and listed companies, the duplication of functions and processes, going through procedures waiting for yes and nos.

It takes a hell amount of time to do this and slows us slows us down in the past. By being smarter and integrating our operations where it makes sense, we are becoming a leaner, faster, and more effective organization.

Our financial health is absolutely paramount. We are very focused on generating cash, improving liquidity, and reducing debt.

Every pound of capex is now being scrutinized to ensure maximum value, and we are leveraging ALSA's operational excellence to unlock synergies group-wide. Through simplifying and strengthening, we are putting the business back on the path to success, just like where we used to be.

The financial impact of actions across the group already already visible, with operating profit £198 million for '25. After a challenging start to the year, we delivered a record H2 performance of £138 million, and I'm pleased to say that in H2, all our divisions were profitable.

In Germany, we've taken the necessary steps to make our rail rail business sustainable for the long term by eliminating the significant cash flows over the remaining life of the contracts. Once the agreement is formally signed, we'll be able to provide you guys with a more detailed breakdown of the figures.

Until then, I would ask you to please bear with us in respect to the amount of detail we can give you today. We're aggressively reducing costs, with some savings delivered in '25, and we're announcing today that we will deliver £75 million of cost savings in '26, with an annual run rate of £100 million by the end of the year.

We have largely integrated UK Coach into ALSA to create a more robust business, one that will meet the challenges of increased competition. We have also completed our exit of loss-making businesses in NXTS in our coach division and the loss-making charter contracts in WeDriveU.

Despite the progress to date, we do recognize the challenges ahead. Our priorities for '26 are very clear.

As I said said, our strategy is indeed simple: simplify, strengthen, and let's succeed. While whilst our operational story today is one of transition, this should not take away the the fact that ALSA has delivered another record year.

This was driven by growth in Spain and further revenue diversification. In Morocco, we have faced and resolved several challenges, and this has led us to a reduced operating footprint in the country.

WeDriveU completed its first year as a standalone entity, and we are applying lessons learned there to improve operational and financial performance. We exited early the loss-making charter contract at the start of this year, '26.

This contract had lost over $33 million in 2025. You'll see from our RNS that we've provisioned £52 million for WMATA.

We aren't waiting for a miracle there. As I said, we want to be open and transparent.

We are pursuing legal redress with our client, but we are ensuring this no longer distracts from our profitable core business. In the UK, the integration of UK Coach into ALSA is now largely complete, with operational and functional benefits starting to be seen from the start of this year.

In bus, preparations continue for franchising. In Germany, as mentioned previously, we are now operating a full service.

This result was achieved through our investment in driver training and increase increase recruitment. Sounds pretty easy, really.

It's pretty obvious, anyway. Across the group, we have maintained strong momentum, securing 25 new contracts with a total value of £450 million whilst maintaining a disciplined conversion rate of 28% on new deals.

This compares to 23% last year. It's really worth noting that these contracts exclude non-consolidated stuff like joint ventures and joint operations.

Most notably, the project of in Qiddiya in Saudi Arabia and the Guadalajara health bid will bring the total value of new contracts secured in '25 to in excess of £1 billion. We also expect to be awarded two key contracts in Spain shortly.

These include a retention of one of ALSA's largest regional contracts and the expansion of our business in Ibiza, where we'll become the largest operator on the island. A key highlight is the ongoing growth in ALSA passenger volumes, which reached a new milestone of 640 million passengers.

This was largely driven by a growth of 10% in Spanish domestic demand, mainly regional and urban results. As you can see from the charts, we're witnessing consistent upward growth in passenger numbers across Spain.

This isn't merely a seasonal trend; it's a fundamental shift towards public transport and one that has been supported and driven by the Spanish government across the whole country. We do expect this momentum to continue in 2026 as a Spanish single ticket, which offers unlimited travel for a flat monthly rate, becomes embedded in consumer behavior.

I will now hand over to Brian, who will take you through the numbers in more detail. Okay.

Thank you very much, Phil, for that, and good morning, everyone. Before going into the 2025 figures, I want to mention the 2024 numbers have been restated for a £0.8 million EBIT impact in Germany.

They also reflect the discontinued operations of NASB and NXTS. This ensures a clean and like-for-like comparison for the performance we are discussing today.

Revenue of £2.8 billion represents a 6.2% increase from 2024, driven primarily by ALSA's strong growth at 12.8%, and ALSA's now reached £1.5 billion in revenue, reflecting the continued diversification in addition to a great performance in both regional and urban. We've also enjoyed good revenue growth in WeDriveU of 4.7% from new contracts wins, both in shuttle and in transit business.

Revenue growth helped deliver a 9.3% increase in operating profit, noting second-half performance was significantly better at £138 million versus £60 million in the first half. It also, if you look on the very right-hand side, shows the improvement in performance this year versus the same period for last year.

This reflects the improved underlying operational performance and the benefits of cost savings arising from the restructuring and efficiency improvements that we've been making. Free cash flow was £77.3 million.

This was lower than last year, but that was mainly caused by cash outflows related to the school bus business, which were made prior to its sale in July, in the first half of the year. Covenant gearing improved by 0.1 from the end of 2024, and again, this has been helped by the proceeds from the school bus sale.

In terms of statutory results, operating profit from continuing operations decreased from £12 to £21.9 million. To understand the bridge between our adjusted statutory operating profit, there are several non-operating charges that I'll walk you through.

There were no charges to the German rail onerous contract provisions in the period. However, we did utilize £56 million in the provision during the year, leaving the remaining provision at £133 million.

This provision will be reviewed in detail for the 15-month audited results, it's reviewed in detail once a year. Moving to WeDriveU, we have made a £52 million onerous contract provision in respect of the WMATA contract.

We are seeking legal redress, which Phil has mentioned, in order to recover ongoing losses. We expect the outcome of these legal proceedings to be successful and the contract losses significantly reduced.

However, the benefit of this legal settlement is not included in the provision calculation. We are confident of a favorable outcome.

However, the process is expected to take 18 to 24 months. It's a long process.

In the year, the utilization of the provision was just over £4 million. It's worth also taking a moment to say that we have learned from the WMATA contract.

We have overhauled our North American bidding process to include rigorous review procedures. A £38.5 million charge has been recognized in the income statement for retained legal liabilities tied to open insurance claims from the NASB school bus sale.

The charge stems largely from material adverse developments in more significant individual cases. The year-end cash impact from settled claims was just under £19 million.

In Morocco, following a rapid change in local operating environment, we have taken a £27 million charge. This reflects a combination of price concessions we made in Casablanca, which enabled outstanding debts to be settled, and also a non-cash impairment charge following the abrupt transfer of our Marrakech and Tangier contracts in December.

To put this adjustment in perspective, on an adjusted basis, Morocco contributed an operating profit of €8 million, compared to just under €13 million in 2024. Amortization of intangibles with acquired businesses from continuing operations increased by £2.8 million during the period.

This represents the annual charge for intangibles such as acquired brands and customer contracts. This happens every year.

Finally, as part of our strategic initiatives to stabilize and improve the group's performance, we invested £35 million on restructuring and streamlining costs and also some transaction fees related to the school bus disposal. The year-end cash impact for restructuring was £29.8 million.

Overall, there was a cash outflow due to adjusting items in the period. This figure includes adjusting items for discontinued operations.

Now turning to our balance sheet, provisions at the bottom of the slide, we currently have £133 million remaining on the German OCP. We will reevaluate the provision for our 15-month audited results as it will depend upon the finalization of the legally binding agreements with the PTAs, which are due to be signed before the 30th of June.

Of the 47 remaining provision for WeDriveU, we expect to utilize £8 million in 2026, and again, as I mentioned, this is still subject to the legal process. Moving to our divisional breakdown, ALSA was our most significant growth driver, with revenue increasing by just under 13% to reach the £1.5 billion mark, and operating profit increased by 14% to £212 million.

As I've already mentioned, underpinning these numbers is strong underlying demand in Spain. Both regional and long-distance sectors are performing well, supported by a better-expected trading environment, particularly towards the end of the year.

In WeDriveU, revenue increased by just under 5% to £432 million, driven by new contract wins, and again as I mentioned, both in shuttle and in transit businesses. However, the full-year profit remained below 2024 levels due to challenges with WMATA contract and the charter contract, which has now been exited, which Phil mentioned in his presentation.

We saw a meaningful change in the second half of the WMATA performance, with WeDriveU improving to a £17.6 million profit in H2. This recovery is expected to continue in 2026.

On the other hand, the UK business continues to face a very challenging environment, but has shown great resilience, with revenue decreasing only 4.6% to £587 million despite intense competition in the coach business. Breaking this down, UK Coach contributed £315 million in revenue, while UK Bus delivered £272 million.

Given the separation of the UK Coach as it has moved under ALSA, a profit split isn't available in these financial results. However, a breakdown will be provided in the full 15-month results ending the 31st of March.

With ongoing competition on key routes, it has been a very difficult year for UK Coach, with revenues declining by 6.2%. However, passenger numbers only fell by 3.8%.

On a positive note, the market appears to be growing and growing quite strongly. Within UK Bus, revenues rose by 2.4%, and this is largely due to the fare increases that we implemented towards the end of June.

The decline in passenger numbers reflects the wider problem right across the industry in the UK. During the period, we also sold Acocks Green depot and Oak Road.

This resulted in a £4.3 million increase in adjusted operating profit for the 12 months. Overall, the UK reported a £4.6 million operating loss, as I said, largely due to the competitive pressures in UK Coach, also combined with rise in employer National Insurance costs.

We expect to see this performance improve as we move into 2026, along with the benefits of integration into ALSA. In Germany, revenue decreased by 1.6% to £253 million.

Whilst the RME adjusted operating profit increased to £15.6 million due to improved operational performance, and this actually was very significant, we recovered from a loss to a profit-making position. The in-year losses on the RRX contract were £56 million, and this is a cash outflow, this is the significance of the German contracts that were in the process of finalizing.

Central function costs increased by £2.3 million, principally due to higher costs related to professional services, including a higher audit fee. However, this sort of hides the underlying cost savings that have been made during the year.

Looking forward to 2026, we expect ALSA to maintain current levels of performance. For WeDriveU, we expect continued underlying recovery whilst we continue to redress WMATA through the legal process.

By integrating UK Coach into ALSA, the business is becoming more competitive. Nevertheless, we expect 2026 to be a challenging year.

UK Bus is expected to be at breakeven, subject to finalization of funding discussions with Transport for West Midlands. In Germany, our rail business is benefiting from operational improvements and will be de-risked once we have the PTA agreement signed by the 30th of June.

By the way, it's important to mention that the revised contracts will be backdated and effective from the 1st of January 2026. In respect of central functions, we expect further cost reductions.

Moving to our cash flow performance for the period, the most important point to highlight is the impact of school bus, which is shown in the middle column. In 2025, school bus was a significant drag on group liquidity prior to its disposal.

The school bus cash outflow was driven by substantial investment in capex and working capital, requirements that were committed into 2024. Excluding school bus, the group free cash flow was £76 million.

Key year-on-year movements include a working capital net inflow due to the timing of cash collections in ALSA. The increase in tax is due to a one-off refund because of the change in tax law, which significantly reduced our cash tax payments in 2024.

We have an ongoing project just to look at managing our tax burden, as one of the problems we have is that our debt is sitting in the UK, most of our profits are in Spain, and therefore we don't have an offset for interest. We are targeting a total capex of £120 million for 2026.

This reflects our commitment to disciplined spending, maximizing cash conversion as we move forward. Phil has mentioned this in his presentation, and Paco is also going to mention it in his, there is very, very strict capex control now in the organization.

However, despite the strong capex control, we are able to pursue new growth opportunities, focusing on capex-light contracts. In terms of net debt, we saw a £286 million inflow, reflecting the cash proceeds from the school bus disposal.

We recorded a cash outflow of £180 million related to items excluded from our adjusted results, and I talked through these earlier in the presentation. It should be noted that we have paid the hybrid coupon for 2025, which is the last payment at £21 million.

The next payment due is £40 million, which is in February 2027. There was a £9.6 million outflow from other items, primarily driven by exchange movements and derivative settlements.

This is partly offset by the sale of an investment. When we pull all of this together, the group achieved total net funds inflow of £127 million for the period.

The funds inflow has offset the loss of school bus EBITDA, resulting in a covenant gearing improving to 2.7. I should mention that the covenant gearing for the 15 months would be dependent on a number of factors, including the German rail agreement, which has quite complicated accounting implications.

However, we can confirm that we will be within the covenant requirement. In terms of debt maturity, at the 31st of December 2025, the RCFs were all undrawn, and we had nearly £900 million in total between cash and undrawn committed facilities available to us.

The majority of our RCF will only expire in 2029. Notably, the interest rates on our instruments are relatively attractive, and we have significantly reduced our exposure to interest rate volatility, with over 90% of our debt now at fixed rates, in fact 94%.

We have sufficient liquidity to meet our debt maturities arising in 2027. Almost finally, I want to briefly walk through our financial calendar for 2026.

As you may have noticed, we have adjusted our 2025 and '26 accounting periods following the appointment of KPMG as our new auditor, which took place in November. These changes are designed to provide KPMG with sufficient time to complete their audit work.

However, we do plan to return to a December 31st year-end in 2026. Our current financial year will be for a period of 15 months to the 31st of March 2026, and we expect to release our audit results in late June, early July.

Looking into the second half, we will report 6-month interim results for the period ending September the 30th, and expect to release those in late November. Finally, to bring us back into alignment with the standard calendar year, the final accounting period for 2026 will be a shortened 9-month period ending the 31st of December '26.

Results for the period are expected to be released in March of 2027, making a return to a normal 12-month December year-end. In terms of financial imperatives, the focus remains on ensuring our strong top-line growth translates into sustainable value creation.

As such, we've implemented a disciplined approach to cost control. Specifically, we are implementing controls over capital expenditure and working capital to maximize cash generation and reduce debt.

As Phil mentioned, the mission is to simplify to succeed. Behind this, we have our Simplify for Success cost program, which is currently targeting £75 million of cost savings in 2026, with a run rate of £100 million from the end of 2026.

We are targeting an adjusted operating profit of £195 to £210 million in 2026. I note, and this is quite important, that this does not include the positive impact of the revised contract changes from the German rail businesses.

Once these agreements become legally binding, which we expect will happen by 30th of June of this year, we will update our guidance. In summary, ALSA remains an engine of growth, WeDriveU is on a recovery path, and our UK and German businesses are leaner and more resilient, with £75 million in targeted savings and an operating profit guidance of £195 million to £210 million, and positive net cash in 2026.

I'll now hand over to Paco, who will go through the operational review.

Thank you. Thank you, Brian.

Thank you, Phil. Thank you all of you for being here.

For me, it's the first time I'm in the floor, and it's an honor to share some words with you. Just as you have noticed, I'm Spanish, but what you probably don't know is I'm from the south of Spain, and that means that my accent is a little bit poor, apologies for that, but I hope you can understand me better.

I'll try to give you a more view on the operational side after all the numbers that Brian, and the strategy from Phil. I would like to say something a little bit different on that.

This is ALSA, and you know that I know ALSA a little bit. I've been working for ALSA for 34 years, and I'm very proud, and the last 10 years as CEO.

I would like to explain what is behind the figures of ALSA, and I think it's important you to know what's the portfolio of the business that ALSA maintains at the moment. You probably know that long haul is like a jewel of the crown, long haul is 17% of the company, it's just 17.

Where we are growing more at the moment, what we are growing a lot in international, that was almost zero 5 years ago because Morocco is there, and also in the diversification area that we are also improving. The largest part of the company right now is the regional one that is also under a concession, under franchising process.

If you see the figures, we have managed to keep growing in two digits in terms of revenue, and also in terms of profit. The margin, to be honest, is unbelievable.

I think it's to achieve 14% margin is a challenging for the future. I would like to convey that it's been a record year for ALSA, but not only in terms of revenue or profit or margin, but also number of passengers, customer satisfaction index, safety target, digital sales.

It's a mix, a combination of all the factors that we are working in to get the strategy and the numbers done. A couple of points regarding the environment that ALSA, especially in Spain, are now involved.

One is very important, is there is no direct impact in the figures, that is the approval of the Mobility Law in Spain, just for you to know that the former Mobility Law took place in, if I'm not wrong, '87. That means that it's a new law after 40 years.

Why is important that? Mobility is now a right for the citizens in Spain.

It's not only a word, it's something that is like a new pillar of the well-being of the society in Spain. As the healthy or the pensions, we have also now mobility on the top of the priorities of the government, and this is very important.

Also, this new law secured the system of franchising and concession for long haul in Spain. I think it's very important.

Something that has been very controversial in the past regarding if it's going to be deregulated or liberalized. Now with the new law, it's secured that.

The other point is the strong support from the government, from this government, to the public transport, not only by the law, but also because it's not subsidies to the companies, it's to reduce price for the passenger to use more public transport. I think the current government has put on the table million of euros to support all kind of transport: rail, coach, buses, and the rest.

I think it's important you to know. My view on '26 is very positive.

In the first 2 months, I cannot show you the figures, but the starting of the year 2026, ALSA is performing very well. Let me give you an example of growth in this is Qiddiya, the Saudi city, on that how can we growth in that contract.

It's a €5 million, €500 million contract in 8-year plus a potential extension of 2 more. It fits exactly with the strategy of ALSA, this asset-light, it's low risk, and is a project that is absolutely scalable because it's the first megaproject that the Saudi government is building in the country, but the plan is to have 10 10 projects like Qiddiya in the next years.

We have been awarded in the first one, we are well-positioned for the rest of the tendering processes that will take place. It's also remarkable that we have won this contract competing in what I call the Champions League, because we were competing there with a French state-owned company, the Italian one, the Singaporean one.

The top of the top of the company, and ALSA, that is ALSA is not that high, as you can imagine, as some of our competitors we won. We won the contract through technology and through innovation.

For example, you cannot see very well, but it's one of the strong points in our offer is to build what we call the station for the future, that is a new concept of how people are going to move in the country. I think it's key that it's not a question of price, not only price, it's a question of technology, where we are the technical support for the government as well.

If we move to WeDriveU, as Brian mentioned, I think it's, despite the total figures, the figures from H2 has been very, very positive. We have managed to change the trend that we had in the past.

That from H1, we had the separation process with the school bus, that had some cost. Now, once the separation has been made, we are focused on the strategy of cost and also to improve operation and to have better margins on that.

Also, as Brian and Phil mentioned, one of the main points is to get rid of the loss-making contract. We don't have much.

We manage in the States almost 100 contracts, and there are three, four of them that are negative, and we are in the process of avoiding all this risk for the future, because that will make directly an improvement in the final figures. Also to say that it's in the States, where I passed a lot of times in the last year, there is a lot of room for improvement.

Our market share in the States is very, very little. For example, one of our competitor have 10 times the size of WeDriveU.

That means we have a lot of place. We are now entering some new areas of the industry, like universities, where I see very interesting through technology and through good performance.

I'm quite happy about the future as well in 2026. If we go to UK, I think it's we cannot share the figures from bus and coach, but I can give you some lights on that.

On the bus, we slight increase on revenue, but it's true that the passengers are going down, not that much, but I think it's in the same trend that all the urban industry in UK are suffering right now. I think positive news is we have managed with the authority to secure the fundings in order to have at least, I would say, breakeven in '25, and of course in '26.

Also very important in the coach that I would define that the integration UK Coach and ALSA is a completely success. Now here I can see Javier, who is in charge of UK Coach in Birmingham.

In just less than 6 months, we have changed a lot of things. Again, if we go to the numbers, the decline on passengers in long haul has been less than 4%.

If you consider that our competitor, our main competitor in long haul, has double the size of the flights and the routes that they are operating, our less in passenger is very, very little. We still have the majority market share in long haul by far to our competitor.

We have also a very clear strategy on focusing on specific routes with the new pricing tool on technology that we have completely changed, a new structure that we have put in place, leaner, more close to the ground to know the problems and to have several areas depending on the different products that Javier is running there. For example, we have a clear vision that we need to grow in airports, in the overall figures we are growing a lot.

Of course, we are tackling with massive savings, with no impact on safety, not impact at all in the operational excellence. I'm also very optimistic regarding '26, that we can manage to reverse the situation that we have.

Finally, Germany, Phil mentioned several milestones. For the first time, we are running 100% of the services after years.

What is even more important, we have achieved the number of drivers that we need. That we have a shortfall in drivers in the last year that made us some penalties with the PTA.

Now we have all the drivers, and what is more important, we have all the drivers with a lower cost, because you know that part of the driver that we were using in the past came from third parties, from agencies, now and with a higher cost. Now we are running all the operation with our own drivers.

For '26, I think it's very important because it's the year not only because of the agreement with the PTA, that they are doing extremely well, but also because they are going to start the new process of bidding there. I think we are now in a very good position after the agreement and with the drivers, with good KPIs in operation to try to keep growing in that market, that I see also very interesting for the future.

This is my final slide. I would like to say that this is after 1 year working throughout the group, five things that I have identified that we are working in the same page.

This are facts. This not only narrative, there is facts behind all this statement.

First, all the division are performing better than last year, it's these numbers. Second is we have a huge opportunities all around the world.

I mentioned Saudi, I mentioned States, but we have also some other opportunities in some other places. The massive cost reduction that we are implementing all around the divisions, including ALSA, but also the rest of the divisions.

We are right now working in the present with a leaner and more efficiency base of cost. That gives the opportunity to be more profitable.

That is linked with the next point, that we are improving the margin of every single contract. Avoiding totally loss-making contract.

This is a process that we're going to finish in the next months, and we are trying to get a little bit more of every single contract, to gain 1% in every single contract, you can imagine that has a huge impact on profit. Finally, probably this is a fact, but is not a number behind that, I've been working, as I said, with National Express in the past for the last 20 years, and for the first time, and thanks to these guys, we are working as a group.

Now it's not there are four CEOs, or vice president, or whatever. We have the same protocols, we have the same capex view, we have the same procedure for safety, we have everything.

I think it's very important in order to get synergies from one part of the world to other. For example, UK Coach, we are using the pricing technology of ALSA, but we have also exported some from the States in terms of shuttle to the business of transit, the business that we have started in Spain, for example.

That's all. I would like to end thanking all of you.

Any question after Phil's conclusion, but I want to convey that we as a team are strong, we are excited with the present and the future, and myself very, very optimistic with '26. We will see you in the next months again for a new presentation, you can check if I was right or wrong.

Hope I was right. Thank you.

Just to conclude, special thanks to my buddies over here, Paco and Brian. Let me say, Paco, you have no need at all to apologize for your English.

People can probably understand

Not me!

I'm not mentioning you. Paco, your accent from the south of Spain is much easier for people to understand than my accent from the north of England, I can assure you that.

Done, that was a great presentation. Let's conclude.

We're not going to keep you much longer with the presentations, but I suppose to conclude the first half of the year, compared to that, we're in a much better position in the H2, and there's been a significant turnaround throughout the business, especially coming up in 2026. We've streamlined our business by getting rid of the corporate glue, as I say, and exiting loss-making operations.

No point in running them if you're not making money. We are streamlining and simplifying, removing unnecessary layers and complexity.

We're working smarter, becoming leaner, more agile, and better able to respond positively to market trends and opportunities. There's still lots and lots of opportunities out there for us.

As Brian mentioned, costs and cash flow are now the key priorities for strengthening the business. Of course, we continue to seek every opportunity to deleverage.

Everything we've discussed today is about creating a sustainable business. I spent the first 6 months of my tenure looking backwards, trying to fix things that had happened probably years ago.

We now no longer just looking backwards to manage challenges. We're rewiring and rebuilding our business to deliver long-term profitable growth for our shareholders.

For our millions of customers, we are committed to delivering what they deserve, and that's the best possible service we can provide. We are here for them.

They are not here for us, and that's important. In summary, we're fixing the businesses that need our focus, we are simplifying and integrating where it counts.

Importantly, we are taking our people with us on this journey, retaining the brilliant talent that we have in our business. I can tell you, we have some brilliant talent.

I'm not just saying that. That's easy to say, but working with these guys since I've joined, they're very young, and they make me feel young, too, and I love that.

From the board up to the guys who turn out every day to run our buses, to run our coaches, and run our trains, whose jobs can be both very difficult and dangerous, we owe a hell of a lot to these guys, the thousands of them who do this on a regular basis. Couple of thank-yous.

Thank you for coming along today, and thanks for the patience you've given us over the last 12 months or so. A very special thanks to our advisors over there, who support us all the time, give us a nudge when we need it, pull us back when we need it, and stop us for saying silly things, which is mainly me when I'm feeling a bit crazier.

Now, we couldn't do it without you guys, and we really, really appreciate it. Thanks for turning up today.

I can tell you I'm very looking forward to a number of site visits in Ibiza, right, where I can show you our late-night and early-morning services, and I'm sure you'll enjoy it. Thanks very much for everything.

Thank you. Over to Q&A.

Gemma, are you going to manage this? Gerald, you want to kick off?

Gerald, be nice.

Morning, everyone. Gerald Khoo from Panmure Liberum.

I'll start with three if I can. Morocco, can you talk us through what's gone wrong, when did it go wrong, and why has it led to such a large exceptional charge?

On the topic of exceptionals, can you talk through how much of those turn into cash? Let's assume WMATA does, I know you're confident that it won't.

Then again on the exceptionals, you've talked about sort of more cost reductions, what exceptionals should be expected associated with that? Finally, on UK Bus asset monetization, I think you sold two depots, you gave us the gain, are you able to give us the proceeds from those two sales?

How many depots have you got left? Right.

Can you do the operational stuff in Morocco first, explain what happened there? Brian, can you deal with the exceptional stuff?

Okay. Thank

you. Let's see if your mic's working here, Paco.

Sorry.

All right.

Morocco, we started, just to put you in context, we started Morocco 1999, it's 27 years ago. We reached six operations in Morocco in 5 years ago.

Until more than 20 years, we didn't reach the size of the business that we had. Now we are running four four cities, and we are running the first and the second cities in Morocco, that is Casablanca and Rabat, as you know.

I think it's part of our bidding process. Sometimes you win, sometimes you lose.

This is nothing to be at fault. We are still the largest urban operator in Morocco.

What we have done with exceptional is just to all the asset we have and the staff that we need to be out of the company because of the process of losing Tangier and Marrakech, this is the cost. If you ask me, are you optimistic in Morocco?

We are making money in Morocco. We will make money in Morocco '26.

We have some opportunities in the future to keep growing. As the largest operator there, it will be more difficult, because now there are more big companies competing with us that we don't have in the past.

We have also some areas that I cannot say, but some areas of diversification where we can enter in the Moroccan market. My view is of course, I prefer to win rather to lose, but I think it's part of the normal business, and I'm not especially worried, and I'm optimistic for the future in Morocco.

I think when you're operating a successful business, and you grow it to the extent that we did, there's always a lot of people, a lot of competitors who want a share of it. They'll come in and take it, whatever business you're in, whatever profits you're making, and I think that's what's happened to us in Morocco.

On the numbers, Brian. Yeah.

In Morocco, we had a provision of just roughly £20 million at the half year. Then in the second half of the year, we had this issue where the authorities ended the contract, and we had to impair some of the assets.

In terms of the other questions, the sales of the depots, we sold two depots, just over £4 million, the proceeds from those. Then we look to monetize the rest of the UK bus business.

That was all that we had at the end of the year. On the exceptionals for the cost restructuring, we don't have a number for this year at the moment.

We're working through more cost takeout. We'll give more guidance on that at the 15-month stage.

We'll have a better handle on that. Then the final one was the adjustments.

Very quickly go through them. Obviously, the WeDriveU contract provision which you mentioned, we do absolutely expect to be successful with litigation.

There will be a cash cost if we were unsuccessful, but that certainly is not what we expect, and the legal advice is very solid. On the legal claims, that will end up being cash, because it's a provision for settlements.

On the intangibles, that's non-cash, the write-down. The restructuring cost, that is mainly cash.

Morocco.

In terms of going forward, that isn't an impact, because that's a provision, in other words, we're not going to recover that debt. That debt is now gone.

The debt has disappeared, effectively.

Gerald, on the West Midlands depots, one is a depot, Acocks Green, it's very old, in need of a lot of maintenance, and the other property was a bit of car parking land. It's one bus garage and a bit of land.

Sounds like it was in the books at virtually nil.

Yeah.

Yeah.

It was a little bit more than that.

There was no write-down, was there?

No, we made a profit of £4 million. I think what was in the books was about £7 £7 million.

Yeah, £7 million was what was in the books.

Muneeba Kayani, Bank of America. Firstly just on your guidance, the low end implies a decline in profits at EBIT.

Can you explain how you've thought about that and the range, like the bottom and top end scenarios? Secondly on ALSA, if I understand your outlook, you are saying kind of maintain profitability, is that a comment on the margin, given a strong margin that you saw last year?

You still expect top-line growth? If you could just clarify kind of the moving parts between the top-line and the margin outlook on ALSA for '26, as you've thought about it.

I might ask Paco for some help on the second one. For the first question, we've taken a view on the guidance for next year.

We felt it was right to start at the more or less where we ended this year, I guess, or very slightly below. We certainly hope to do better than the minimum, but that is where we felt being sensible about guidance was the right place to be.

What we don't want to do, which has been a constant theme in the past, is where we give guidance and then miss it. We want to give guidance that we're very firmly believe that we can achieve.

Then on the margins, ALSA had an extraordinarily strong performance this year. Again, maintaining that performance, and there are some challenges, for example, Morocco, we've just discussed, making sure that we can maintain that level of profitability going forward, I think is what we believe is achievable.

There are quite a lot of challenges within the mix of ALSA. I don't know whether you've anything to add?

Yeah. Of course.

I said in the presentation that 14 is unbelievable. It's something that, even if you have asked me 1 year ago, I would say that that's very, very difficult to achieve 14%.

What I can say is the trend in ALSA that we are growing in terms of revenue through business-as-usual, passengers that are growing even two digits thanks to a lot of things, but also because we are winning new contracts. For example, in that figures is not included the Qiddiya contract, or is not included the new contract that we are going to start in Ibiza or some other places or Guadalajara.

To be honest, I don't know if we can reach 14% of margin, but what I can say is that we are still growing. There is room for improvement in terms of revenue, in terms of passengers, and even in terms of profit.

I'm not obsessed that I need to reach 14% of margin. I'm obsessed that we need to keep growing in all the opportunities we have.

If the margin is 12, it's fine for me. If the margin is 20, much better.

I think you might think we're a bit cautious. I think we think we're being realistic, and we've got to rebuild a lot of trust with you guys and with our shareholders.

I think by being open and realistic than putting figures out that end up to be meaningless is the best way to go, rather than totally failing and failing to hit guidance year on year. I don't think that's the best way to go.

Thank you. If I may ask a third question on the Qiddiya project in Saudi Arabia.

We've heard in other projects there, there've been many delays. Kind of as you think about this project and other projects in Saudi, how do you factor in kind of timing of these projects and impacts from your perspective?

My experience with that, you know that we run the three contracts in Middle East, two in Saudi and one in Bahrain. This Qiddiya project, this is a fact, we were awarded, and we need to start in 45 days after the sign of the contract.

My experience is they are doing very quickly, because they need to have this cities running. For example, they are now launching a project with rail that we are not in, and we have been asked the timeline to us that we can manage a second project there.

I'm not worried about that. Also to say that in the first month of operation, it was like a quiet operation, we made profits from the day number one, because it's not a risk contract, this is a gross cost.

If I have to bet, I would say that this is something that is going to happen quite quickly.

Thank you.

Good morning. Jack Cummings at Berenberg.

Three questions, please. The first one's just on the cost savings program.

I was wondering if you could just flesh out a little bit more. I know you mentioned kind of corporate glue, but what specifically you are taking out of the business and in what divisions?

The second is on the pipeline. Obviously, you've won a decent amount of revenue and contracts, both outside of the joint venture and including it.

What's the pipeline looking like for full-year '26? Then, just finally, on covenant leverage, I think 2.7 times at year-end.

How should we think about how that's going to trend over the next 12 months? Will it tick up a little bit in the next 3 to 6 when North America School Bus comes out and then fall?

Just any more color there would be great. Thank you.

I'll do the corporate glue one because it's my theme, this one. It's quite easy, really.

It's what Paco said. It's the first time we've been really operating as a team properly since I left a long time ago.

We worked together. We've got a strong GEC, our group executives, but importantly, it's how you deal with requests, either for approvals or for help.

We deal with them quickly. If it's a no, we tell them no straight away.

We don't just ask them, "Can you give me more information? Can you give me more information?

Give me more." Then tell them no.

If it's a yes, we're pretty positive about that. It's all about the speed of things, that you tend in these big corporates where we've all worked before, the nimbleness goes.

The slower they are on making decisions and getting bogged down, more chance that opportunities disappear. We've had one already.

An acquisition in another country in Europe. We delayed it and deferred it and messed about with it in the past, and it's gone away.

There's a danger. By being so bloody slow, you can miss such a lot by being too careful.

"Oh, we've got this governance." I know you guys think governance is important, and I appreciate that, but governance doesn't make you any money.

It makes you do things right, and you know the difference between right and wrong, but there's a balance between good governance and good and quick decision-making, and that's getting rid of that glue that's sticking us everywhere.

Let me add something. We're now as Mobico running 12 countries.

If you compare 12 countries with our main competitors in the Champions League, they are running in 40, 50 countries. That means that there is a lot of room for places to go.

Let me not release the exact pipeline, but it's also is a fact that we submit roughly 30 3-0 bidding process in a year. I would say less than half in Spain, for is the lion of the share, but more than 50% out of Spain.

In the other 11 countries that we run, we are preparing something to go. Not only that, we are also having a look, or not a footprint, but some researches and some ongoing negotiation in at least five more countries where we are not in at the moment.

Let me say that I'm not going to say you the opportunity

because

they are competitors. I can assure you that we have a lot of opportunity.

I'm not saying that we are going to win all of them. That the ratio of winning contract is about 30%.

If

you can imagine that if we have this size of opportunities, one, two, three, we will win, I hope. If not, he has to fire me.

Brian, can you do the cost stuff? Yeah.

Just in terms of cost savings, £75 million, that is spread right across the group. Head office, just in very rough terms, it's about £15 million at head office.

The big focus, as we've mentioned in really all the presentations, has been on UK Coach, which is about £25 [million], and then it's £10 [million] out of the other divisions, Germany, ALSA, and WeDriveU. Really is right across the business.

On the covenant, it's a little bit complicated because of the German settlement, because that's going to influence the ratios very significantly. In fact, the accounting is quite complicated.

In fact, even KPMG are getting technical advice as to how it's treated. Without Germany, it would be below obviously the covenant ratio, but probably in the 3s.

I'm probably getting stared at, and I'm not supposed to say this, it would be in the 3s excluding Germany. With Germany, and that again depends on accounting, it would be lower, and by the year-end, it will be below 3.

Any more questions, guys?

Yeah. Ruairi Cullinane, RBC.

The first question on ALSA concession renewal, what percentage of ALSA's revenues are up for renewal in full-year '27? Is there anything else coming in the years after that, if you could even give us an indicator of what percentage of earnings would be even better?

Then, secondly, on the provisions on the balance sheet, you've helpfully quantified that there'll be an £8 million of utilization from the WeDriveU onerous contract provision. You may not be able to comment on German rail, but if you can, that would be appreciated.

Then is there anything else we should be thinking about? I'll leave it at that.

Thank you.

Thanks, Ruairi. Can you talk a bit about concessions coming up, Paco,

in

this year and next year?

Yes. The franchise process is ongoing.

It's true that it's been a general delay, but it's something, for example, right now, there is one one or two contracts on the table. We are not incumbent, but in Spain, in March we need to submit at least two offers in the process.

We will have the process. I don't expect that we will have, of course, not all of them, because if I'm not wrong, we manage 21 contracts in long haul in Spain.

Probably it's a process that will take at least a couple of years to finish. After that, you know that there is a process of mobilization, claims, and so on.

I don't have the crystal ball, but I think it's something that for sure is not going to impact '26. It's strange that could impact in '27, or at least in the first half of '27.

It's something that is happening. Of course, we haven't lost a single contract in long haul in the history in Spain.

As I show, the revenue of long haul is 17% of the company. It's a good margin, and of course after a bidding process, you usually lose a bit of margins, but because you have to reduce price, but after that, there is a recovery coming from the increase on passengers.

It's a process like a peak on that, I don't know if that answer your question or not, but this is my expectation.

On German rail, I'm sorry I can't give you any more because that's a commitment we've made to the local authorities there until we get the contract signed. They're a different organization to, as they're political organization, and they've got a lot of people with their reports, who include in their elected members and officers and also central government.

We did say in the announcement that we're reducing the length of our loss-making contract, we're increasing the length of our profit-making contract, and we're also changing the basis of our profit-making contract to gross cost rather than net cost, and that takes away a load of revenue risk. All I can say, there've been long negotiations, and we're very happy with the outcome.

There's a lot of tricky accounting I can't understand, but as Brian says, we're seeking help there, but we are very satisfied with the outcome.

I think the important one is, when you put the three contracts together, the cash leakage is going to stop. That's the intention.

Brian, on provisions and stuff?

They're the only two provisions. On WMATA, it'll be £8 million will be released next year, and then on the German one, we just have to finalize the contracts, and we'll disclose that.

Hopefully, again, with the full-year results.

Okay. Any more questions, guys?

Are we done? I think we are.

Thank you very much for coming along. Really enjoyed meeting, as usual.

We'll be seeing a lot of you in the future, particularly in this year. Please, please don't get too bored with us.

I know we're not the most exciting people, but we do our best. Thank you very much.

Thank you.