Recommended Cash Acquisition for Mobico Group PLC

(LSE:MCG) Mobico Group PLC has agreed to a recommended cash acquisition by Leita Mobility Limited, a wholly-owned indirect subsidiary of Autobuses de León, S.L., which is jointly held by the CMC Group and Asterion Industrial Infra Fund III, FCR. Under the terms of the acquisition, each Mobico shareholder will receive 46 pence in cash per Mobico share. The acquisition values the entire issued and to be issued ordinary share capital of Mobico at approximately £308 million, with an implied enterprise value of approximately £2,323 million. The offer represents a premium of approximately 55.1% to the closing price of 29.7 pence per Mobico share on 20 October 2026, a premium of 93.3% to the closing price of 23.8 pence per Mobico share on 3 August 2026, a premium of 82.8% to the three-month volume weighted average price of 25.2 pence to 20 October 2026, and a premium of 89.3% to the six-month volume weighted average price of 24.3 pence to 20 October 2026. The implied enterprise value multiple is approximately 11.7 times Mobico Group's adjusted EBIT of £198 million for the twelve months ended 31 December 2025. The acquisition is intended to be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, though Bidco reserves the right to proceed by way of a takeover offer. The CMC Group currently holds approximately 26% of Mobico's issued share capital. AdL holds operating bus concession businesses in Malta and Cyprus, which generated consolidated revenues of approximately €187 million in financial year 2025. Mobico operates in 40 key cities in 11 countries, including Spain, Ireland, Morocco, Portugal, Switzerland, Saudi Arabia, Bahrain, Germany, Cyprus, and the US, with approximately 30,000 employees and 13,400 vehicles. Its passengers travelled a combined total of approximately 27 billion kilometres in the 15 months ending March 2026. Irrevocable undertakings to vote in favour of the scheme have been received from Mobico Independent Directors holding 1,191,255 Mobico shares (approximately 0.2% of shares in issue), and from Non-Voting Scheme Shareholders holding 160,731,982 Mobico shares (approximately 26.2% of shares in issue), totaling 161,923,237 Mobico shares (approximately 26.4% of shares in issue). Asterion manages approximately $10 billion across three infrastructure funds and related co-investment vehicles, with its latest fund, Asterion Industrial Infra Fund III, FCR, closing in 2025 with total commitments of €3.4 billion. The Mobico Independent Directors, advised by BofA Securities, consider the terms of the acquisition to be fair and reasonable and intend to recommend shareholders vote in favour of the scheme. Jorge Cosmen Menéndez-Castañedo, a director of Mobico, is not considered independent for the purposes of the acquisition and has not participated in the recommendation. The acquisition is subject to the conditions and further terms set out in the full announcement.

Q2 Trading Update

(LSE:MCG) Mobico Group PLC reported that Group revenue grew 5.0% year-on-year in Q2 2026, reflecting continued strong momentum in Alsa and the ongoing recovery in German Rail. Alsa revenue increased 8.0% year-on-year versus Q2 2025, or 13.7% excluding UK Coach. Long Haul revenue increased 7.0%, driven by sustained demand and a 4.2% increase in yield. Regional revenue increased 10.5%, driven by a 14.3% increase in passenger volumes across variable passenger demand contracts. Urban revenue increased 6.4% with passenger volumes up 10.8%. International and diversified revenue increased 21.3%, with the reduction in operating footprint in Morocco at the end of 2025 more than offset by strong growth in other regions. UK Coach revenue decreased 16.7%, reflecting reduced passenger numbers and yields, as well as the targeted reduction of unprofitable routes. WeDriveU revenue decreased 11.8% year-on-year, primarily reflecting the exit of loss-making contracts. German Rail revenue increased 19.3% year-on-year, reflecting a return to full operations and business stabilisation following the signing of revised rail contracts. UK Bus revenue decreased 1.8% year-on-year due to lower commercial patronage. On 18 August 2026, the Group announced an agreement in principle to sell the net assets and operations of UK Bus to the West Midlands Combined Authority, with completion expected in November 2026. The transaction monetises the UK Bus assets and substantially de-risks the Group from the forthcoming uncertainty of franchising in the area over the coming years. Guidance for the year remains unchanged.

Proposed Sale of UK Bus

(LSE:MCG) Mobico Group PLC announces that it has reached an agreement in principle for the sale of the net assets and operations of its West Midlands bus business to the West Midlands Combined Authority for expected upfront residual proceeds of approximately £24 million after deductions for transferred liabilities. The headline asset value is approximately £102 million, comprising primarily of the UK Bus depots and diesel fleet, and £6.5 million of cash retained for operating purposes. Total value deductions are approximately £78 million for the transfer of UK Bus liabilities, including primarily the UK Bus pension and the transfer of the electric vehicle contracts, as well as additional recruitment and fuel hedging costs. Further deferred consideration of £5.5 million is payable, with half at the end of 2027 and half on vacant possession of the Birmingham Central depot expected at the end of 2029. For the 15 months to 31 March 2026, UK Bus generated revenue of £338 million, Adj. EBITDA of £23 million and Adj. Operating Profit of £2 million. The net assets of the business as at 31 March 2026 were approximately £31 million, including the retained cash and pension liability, which had an IAS19 net deficit of £53 million as at 31 March 2026. The Transaction is expected to close around November 2026.

Signing of revised German Rail contracts

(LSE:MCG) Mobico Group PLC announced that formal contracts have been signed with the five German Public Transport Authorities in North Rhine-Westphalia and adjacent regions, implementing structural changes to the RME and RRX contracts as set out in the announcement dated 29 January 2026. The Rhein-Münsterland Express (RME) contract, covering lines RE 7 and RB 48, has converted to a gross contract structure from 1 January 2026, removing revenue risk from National Express. The revised gross contract terms will meet current industry norms, and the contract term will be extended by two years to 2032. The Rhein-Ruhr-Express (RRX) contracts, covering lines RE 1, RE 5, RE 6, RE 11 and RE 4, will be shortened by 3 years and will end in 2030. Further details will be contained in the Group's audited results for the 15-month period ending 31 March 2026, which are expected to be published in July 2026. The Legal Entity Identifier is 213800A8IQEMY8PA5X34.