Launch of £50 million share buyback programme

Earlier today, FirstGroup plc (“FirstGroup” or the “Group”) announced an on-market share buyback programme to purchase up to £50m of ordinary shares of 5p (the “£50m Programme”).

The £50m Programme will commence tomorrow and it is anticipated that it will end no later than 13 November 2025, subject to market conditions. Notwithstanding the authority granted at its AGM on 26 July 2024, the Group confirms the £50m Programme will be limited to 92,258,761 shares, being 14.99% of the Group’s current issued share capital.

The Group has entered into a non-discretionary arrangement with Panmure Liberum Limited (“Panmure Liberum”) and RBC Europe Limited (“RBC”) which will enable the purchase of ordinary shares for the £50m Programme to continue through close periods.

The £50m Programme will be undertaken in two tranches of up to £25m, with RBC undertaking the first tranche and Panmure Liberum undertaking the second tranche, both acting severally as riskless principal. The second tranche will commence following completion of the first tranche.

The sole purpose of the £50m Programme is to reduce the issued share capital of the Group and therefore the repurchased shares will initially be held in Treasury, before being cancelled at a later date. Treasury shares are not entitled to dividends and have no voting rights at general meetings.

Any purchase of Ordinary Shares pursuant to the £50m Programme will be announced no later than 7:30 a.m. on the business day following the day on which the purchase occurs.

The £50m Programme will be conducted within certain pre-set parameters including those prescribed by the Market Abuse Regulation 596/2014 (as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended)) and Chapter 9 of the Listing Rules.

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