Mobico - comment

Francisco Paco’s appointment strikes us as positive news for Mobico. The head of ALSA and COO of the group made a very solid operator impression on the last call. We note that he is not a restructuring choice and that the appointment of a permanent CEO with operating background does not suggest that shareholders are expecting a restructuring to take priority over the coming two years. It was he who denied any plans of asset sales and pointed to growth opportunities in the various divisions. We are awaiting a formalisation of the German settlement, but it’s getting later than we thought. The 15 month FY25/26 closes on Tuesday next week.