Mobico posts better-than-expected FY profit, shares surge
By Michele Maatouk
Date: Thursday 26 Feb 2026
(Sharecast News) - Mobico shares rocketed on Thursday after the National Express owner posted better-than-expected full-year adjusted operating profit, mainly due to a record performance in Alsa, with strong end of year trading in Spain.
In the 12 months to the end of December 2025, adjusted operating profit rose to £198m - above recent guidance - from £181.1m the year before. Group adjusted pre-tax profit increased to £122.3m from £103.7m and revenue grew 6.2% to £2.76bn.
On a statutory basis, however, operating profit fell to £21.9m from £34m a year earlier, impacted by one-off adjusting items, primarily driven by one off non-cash items.
Mobico highlighted strong growth in Alsa, where passenger figures in most businesses increased, including by 9.8% in Spain. Revenues at the business grew 12.1% to £1.49bn and adjusted operating profit was 13.9% higher at £212m.
Meabwhile, the WeDriveU segment also saw revenue growth driven by new contracts in corporate, university shuttle and paratransit operations.
In the UK, revenue fell due to further pressure on yields in UK Coach, offset by a small net revenue increase in UK Bus following the 8.6% fare rise.
For 2026, Mobico expects adjusted operating profit of between £195m and £210m. It added that guidance will be updated to reflect the positive impact of revised contract changes in Germany once legally binding agreements have been signed with the German public transport authorities.
Chief executive Phil White said: "Mobico delivered further growth in 2025 and meaningful strategic progress, with Alsa achieving another record year of double-digit revenue growth. This offset a challenging trading environment in the UK and operational issues with the WMATA contract in WeDriveU, for which resolution plans are now in progress.
"Adjusted operating profit increased 9% to £198m, above recent guidance, largely due to strong end-of-year trading in Spain and commencement of the 'Simplify for Success' cost programme."
At 0925 GMT, Mobico shares were up 31% at 28.90p.
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