Mobico - comment

Mobico H1 revenues released this morning reveal little news to move any instruments that are focused on recapitalisation. We are not sure that sullying ALSA results with UK Coach is helpful at this time, but the 8% growth is right on target. Germany outperformed our expectations by almost €20m (+13%) in the half-year, after full-service provision and timetable stability had been restored since late 2025, eliminating the penalties and agency driver costs that had dragged the division for two years. The loss of the WMATA and CARTA contracts at WeDriveU, by contrast, translated more quickly into the accounts than we had modelled then, after the Washington contract was cancelled with immediate effect. In the first calendar half, the US division now falls almost £50m short in revenue. UK Bus is on target, if not slightly ahead of expectations. We remain short the Perps in anticipation of a proposal from the company sometime in H2 of this year.