Mobico - comment

This morning’s FY25 reporting did not contain further news on the German negotiation, which should conclude and therefore lead to positive adjustments on FY26 outlook by March (soon / before 15-month FY25/26 year-end). While the call is ongoing, we are calculating medium-term ALSA EBITDA headwind as €1.7bn x 17% Long Haul Revenues x 20% margin headwind from incoming legislation = €60m EBITDA headwind to manage. Otherwise, we are impressed with the stabilisation of the situation so far and are looking forward to hearing more about the treatment of the Perps in due course.