Directorate Change

David Martin, Chairman, has decided that he intends to retire from the Board of FirstGroup plc (`FirstGroup' or `the Group'). A further announcement on timing will be made in due course.

The transition and appointment of a new Chairman will be led by Peter Lynas, the Senior Independent Director.

David Martin was appointed Chairman of FirstGroup in August 2019, serving as Executive Chairman following the departure of Chief Executive Officer Matthew Gregory in September 2021, until the appointment of the current Chief Executive Officer Graham Sutherland in May 2022.

During his tenure, David has undertaken a refresh of the skills and experience on the Board and successfully overseen a significant change of strategy amidst the challenging pandemic period, repositioning the Group to a leading public transport business with a strong balance sheet and delivering significant realisation of value for shareholders:

Sale of the North American First Transit, First Student and Greyhound businesses

A subsequent £500m tender offer to shareholders and a significant de-risking of the balance sheet and a reduction in pension liabilities including a £220m contribution to the First Bus pension scheme

Reinstatement of dividend payments from the end of FY 2023

Returning £190m to shareholders via two share buyback programmes

In FY 2024, the Group delivered a material increase in profit driven by continued progress in both First Bus and First Rail, further underpinning the Group's strong balance sheet and diversification in earnings.

Graham Sutherland, Chief Executive Officer said, "I thank David for his contribution to the Group and the strategic progress that he has overseen. I also thank David for his wise counsel in my first two years with the business and for helping to build a strong platform for the next stage."

David Martin, said,

"I am proud of the progress that we have made at FirstGroup over the last five years under my Chairmanship. I will enjoy continuing to work with the team until my retirement from the Board. I wish the team the very best for the future."

Notes