Mobico Group (MCG): Leverage reduction options review
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MCG Mobico Group
29 Jul 2026 · Advisers evaluating options; update in H2 2026 · +36% since
We are working closely with our advisers to evaluate all our available strategic and financial options to accelerate leverage reduction, and expect to provide an update in the second half of the year.
Leverage reduction options review
Advisers evaluating options; update in H2 2026
Next: Update on strategic and financial options
Every step · 1
- 29 Jul 2026 Advisers evaluating options; update in H2 2026 – We are working closely with our advisers to evaluate all our available strategic and financial options to accelerate leverage reduction, and expect to... ↗
What is happening
Mobico Group: Leverage reduction options review – Advisers evaluating options; update in H2 2026. ['Advisers evaluating options; update in H2 2026']
- In short
- Covenant gearing rose to 2.9x and cash outflows from legacy liabilities constrain net debt reduction. The Board says debt reduction is its key priority and is working with advisers on all strategic and financial options, with an update expected in the second half of 2026.
- Announced
- 29 Jul 2026 · Advisers evaluating options; update in H2 2026
- Covenant gearing
- 2.9x at 31 March 2026 (Dec 2025: 2.7x)
- Liquidity
- £0.8bn: £242m net cash and undrawn £600m RCF
- Net debt
- £1,133.6m
- Next milestone
- Update expected in second half of 2026
What comes next
Update on strategic and financial options.
From the company's own announcements. Not investment advice.
Briefing
Mobico Group in 4 minutes
Mobico runs buses, coaches and trains in Spain, the UK, the US, Germany, North Africa and the Middle East. Its Spanish business, Alsa, keeps setting records, while UK coach, US contracts and German rail have cost it...
- Act 1Sales grew, profit did not
- Act 2Selling the school buses to cut debt
- Act 3Two bad contracts, one fixed
Also at Mobico Group 4 open
Takeover targetPossible offer – approach
Disposal of a part (break-up)UK Bus asset monetisation – Agreement in principle; completion expected November 2026
Turnaround plan with targetsGroup cost reduction programme – On track; target now £100m annualised savings
Legal & regulatoryWMATA contract dispute – WMATA terminated contract 12 May; litigation ongoing
Insider conviction1 director buying – £95k in 1 buy · closed
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