FirstGroup Plc - Completion of RATP London acquisition

FIRSTGROUP PLC

completion of RATP London acquisition

FirstGroup plc (the `Group') is pleased to announce that it has completed its acquisition of London bus operator RATP Dev Transit London Limited and its subsidiaries (`RATP London') (the `Acquisition').

The Acquisition has facilitated the Group's entry into the London bus market with a strong position and supports the Group's strategy of growing and diversifying its revenue base.

As detailed in the Group's announcement on 10 December 2024, RATP London is one of the principal bus operators in London, with a c.12% market share. The operator has ten depots in Central and West London, a fleet of c.1,000 buses, a third of which are fully electric, and c.3,700 employees.

RATP London currently operates 83 Transport for London (`TfL') route contracts and as the contract portfolio evolves over the next five years annual revenues are expected to grow to £300-350m, with operating margins in line with historical London levels of c. 6-7%.

The Group anticipates a FY 2025 year-end adjusted net debt position of c.£130-135m reflecting the completion of the RATP London and Matthews Coach Hire acquisitions and the execution of the Group's £50m share buyback programme that is now expected to be substantially complete by the year end.

Notes

Legal Entity Identifier (LEI): 549300DEJZCPWA4HKM93. Classification as per DTR 6 Annex 1R: 3.1.

Forward-looking statements

Certain statements included or incorporated by reference within this announcement may constitute 'forward-looking statements' with respect to the business, strategy and plans of the Group and our current goals, assumptions and expectations relating to our future financial condition, performance and results. By their nature, forward-looking statements involve known and unknown risks, assumptions, uncertainties and other factors that cause actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. No statement in this announcement should be construed as a profit forecast for any period. Shareholders are cautioned not to place undue reliance on the forward-looking statements. Except as required by the UK Listing Rules and applicable law, the Group does not undertake any obligation to update or change any forward-looking statements to reflect events occurring after the date of this announcement.

About FirstGroup

FirstGroup plc (LSE: FGP.L) is a leading private sector provider of public transport services. With £4.7 billion in revenue and around 30,000 employees, we transported almost 2m passengers a day in FY 2024. We create solutions that reduce complexity, making travel smoother and life easier. Our businesses are at the heart of our communities and the essential services we provide are critical to delivering wider economic, social and environmental goals. Each of our divisions is a leader in its field: First Bus is one of the largest regional bus operators in the UK, serving more than 20% of the population in the UK with a fleet of around c.4,800 buses, and carrying more than a million passengers a day. First Rail is one of the UK's largest rail operators, with many years of experience running long-distance, commuter, regional and sleeper rail services. We operate a fleet of c.3,700 locomotives and rail carriages through three DfT contracted train operating companies: WCP (incorporating Avanti West Coast and West Coast Partnership Development), GWR and SWR) and two open access routes (Hull Trains and Lumo). We are formally committed to operating a zero-emission First Bus fleet by 2035, and First Rail will help support the UK Government's goal to remove all diesel-only trains from service by 2040. During FY 2024 FirstGroup was named as one of the world's cleanest 200 public companies for the fifth consecutive year and achieved Industry Top-Rated status for the first time with Sustainalytics. We provide easy and convenient mobility, improving quality of life by connecting people and communities. Visit our website at www.firstgroupplc.com and follow us @firstgroupplc on X.