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"ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00573": { "value": "-186200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00572": { "value": "-150900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00115": { "value": "24300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfOtherEquityInstruments", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00116": { "value": "16100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfOtherEquityInstruments", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00117": { "value": "50400000.0", "decimals": -5, "dimensions": { "concept": "fgp:SharesBoughtBackAndCosts", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00118": { "value": "91800000.0", "decimals": -5, "dimensions": { "concept": "fgp:SharesBoughtBackAndCosts", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00120": { "value": "38900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00119": { "value": "34200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00122": { "value": "6700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00121": { "value": "3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00144": { "value": "35000000.0", "decimals": -5, "dimensions": { "concept": "fgp:ProceedsFromTermLoanDrawdown", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00143": { "value": "65000000.0", "decimals": -5, "dimensions": { "concept": "fgp:ProceedsFromTermLoanDrawdown", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00422": { "value": "150000000.0", "decimals": -5, "dimensions": { "concept": "fgp:ProceedsFromRollingCreditFacility", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00421": { "value": "80000000.0", "decimals": -5, "dimensions": { "concept": "fgp:ProceedsFromRollingCreditFacility", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00457": { "value": "150000000.0", "decimals": -5, "dimensions": { "concept": "fgp:RepaymentOfRollingCreditFacility", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00456": { "value": "75000000.0", "decimals": -5, "dimensions": { "concept": "fgp:RepaymentOfRollingCreditFacility", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00514": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00515": { "value": "96200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00516": { "value": "411400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00517": { "value": "503500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00518": { "value": "21100000.0", "decimals": -5, "dimensions": { "concept": "fgp:RepaymentOfAssetBackedFinancialLiabilities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00519": { "value": "9800000.0", "decimals": -5, "dimensions": { "concept": "fgp:RepaymentOfAssetBackedFinancialLiabilities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00520": { "value": "57400000.0", "decimals": -5, "dimensions": { "concept": "fgp:ProceedsFromAssetBackedFinancialLiabilities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00521": { "value": "36700000.0", "decimals": -5, "dimensions": { "concept": "fgp:ProceedsFromAssetBackedFinancialLiabilities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00545": { "value": "7500000.0", "decimals": -5, "dimensions": { "concept": "fgp:NextgenFacilityDrawdown", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00546": { "value": "6800000.0", "decimals": -5, "dimensions": { "concept": "fgp:NextgenFacilityDrawdown", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00548": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "fgp:FeesForFinanceFacilities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_NegatedLabel_00549": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "fgp:FeesForFinanceFacilities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00551": { "value": "-453500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00550": { "value": "-641500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00165": { "value": "-24100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_TotalLabel_00166": { "value": "-38200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00167": { "value": "430700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00168": { "value": "468700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00234": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_Label_00233": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2024-03-31T00:00:00/2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00235": { "value": "406500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2026-03-29T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00236": { "value": "430700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "1 General information
FirstGroup plc is a company incorporated by shares and domiciled in the United Kingdom under the
Companies Act 2006. The address of the registered office is 395 King Street, Aberdeen, Scotland, United
Kingdom AB24 5RP. The nature of the Group\u2019s operations and its principal activities are set out in the Strategic
report on pages 04 to 71.
These financial statements are presented in pounds sterling. Foreign operations are included in accordance
with the accounting policies set out in note 2.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "FirstGroup plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "FirstGroup plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "395 King Street, Aberdeen, Scotland, United Kingdom AB24 5RP.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "The nature of the Group\u2019s operations and its principal activities are set out in the Strategic report on pages 04 to 71.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "2 Material accounting policies
Basis of accounting
The consolidated financial statements of FirstGroup plc comply with UK\u2011adopted international accounting
standards and with the requirements of the Companies Act 2006. There were no unendorsed standards
effective for the period ended 28 March 2026 affecting these consolidated and separate financial statements.
The financial statements have been prepared on the historical cost basis, except for the revaluation of
certain financial instruments, and on a going concern basis as described in the going concern statement
within the Strategic report on page 71.
As set out on page 70, the Group has undertaken detailed reviews of a range of severe but plausible financial
and operational scenarios using financial outlook modelling. Based on their review of the financial forecasts
and having regard to the risks and uncertainties to which the Group is exposed, the Directors believe that
the Company and the Group have adequate resources to continue in operational existence for at least a
12\u2011month period from the date on which the financial statements were approved. Accordingly, the financial
statements have been prepared on a going concern basis.
The financial statements for the 52 weeks ended 28 March 2026 include the results and financial position
of the First Rail businesses for the year ended 31 March 2026 and the results and financial position of all the
other businesses for the 52 weeks ended 28 March 2026. The financial statements for the 52 weeks ended
29 March 2025 include the results and financial position of the First Rail businesses for the year ended
31 March 2025 and the results and financial position of all the other businesses for the 52 weeks ended
29 March 2025.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company (its subsidiaries). Control exists when the Company has power over an investee
entity, exposure to variable returns from its involvement with the entity and the ability to use its power over
the entity to affect its returns.
Non\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity interest therein.
The present ownership interests of non\u2011controlling shareholders entitle their holders to a proportionate share
of net assets upon liquidation, and may initially be measured at fair value, or at the non\u2011controlling interests\u2019
proportionate share of their fair value of the acquiree\u2019s identifiable net assets. The choice of measurement
is made on an acquisition\u2011by\u2011acquisition basis. Other non\u2011controlling interests are initially measured at fair
value. Subsequent to acquisition, the carrying amount of non\u2011controlling interests is the amount of those
interests at initial recognition plus the non\u2011controlling interests\u2019 share of subsequent changes in equity. Total
comprehensive income is attributed to non\u2011controlling interests even if this results in the non\u2011controlling
interests having a deficit balance.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income
statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting
policies used into line with those used by the Group.
All intra\u2011group transactions, balances, income and expenses are eliminated on consolidation.
Business combinations
The acquisition of subsidiaries is accounted for using the acquisitions method. The consideration for
each acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given,
liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the
acquiree. Acquisition\u2011related costs are recognised in the income statement as incurred.
The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition
under IFRS 3 Business Combinations are recognised at their fair value at the acquisition date.
Assets and disposal groups held for sale and dis
continued
operations
Non\u2011current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is
highly probable that they will be recovered primarily through sale rather than through continuing use. This
condition is regarded as met only when the sale is highly probable and the asset is available for immediate
sale in its present condition. Management must be committed to the sale which should be expected to
qualify for recognition as a completed sale within one year of the date of classification.
Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs
to sell. Impairment losses on initial classification as held for sale and subsequent gains and losses on
remeasurement are recognised in profit or loss.
A disposal group qualifies as a discontinued operation if it is a component of an entity that either has been
disposed of, or is classified as held for sale, and:
\ue001
represents a separate major line of business or geographical area of operations; or
\ue001
is part of a single coordinated plan to dispose of a separate major line of business or geographical area
of operations; or
\ue001
is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented as a single
amount as profit or loss after tax from discontinued operations in the income statement.
Goodwill and intangible assets
Goodwill arising on consolidation is recognised as an asset at the date that control is acquired. Goodwill
is measured as the excess of the sum of the consideration transferred, the amount of any non\u2011controlling
interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest (if any) in the entity
over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units
(CGUs) which are tested for impairment annually, or more frequently where there is an indication that the
CGU may be impaired. If the recoverable amount of the CGU is less than the carrying amount of the CGU,
the impairment loss is allocated to the goodwill of the CGU and then to the other assets of the CGU pro\u2011rata
on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is
not reversed in a subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the
attributable amount of goodwill is included in the determination of the profit or loss on disposal.
Computer software is recognised separately as an intangible asset and is carried at cost less accumulated
amortisation and accumulated impairment losses. Costs include software licences, website development,
costs attributable to the development, design and implementation of the computer software and internal
costs directly attributable to the software. Software is amortised on a straight\u2011line basis over its useful
economic life (three to five years).
Revenue recognition
Under IFRS 15 revenue is recognised when control of a good or service transfers to the customer. The point at which
goods and services are transferred to the customer is based on the fulfilment of performance obligations.
As the Group has the right to consideration corresponding directly with the value of performance completed to
date, customer contract revenue is recognised consistent with the amount that the Group has a right to invoice.
The Group is therefore exercising the practical expedient not to explain transaction prices allocated to unsatisfied
performance obligations at the end of the reporting period.
Revenue principally comprises revenue from train passenger services, road passenger transport, and certain
management and maintenance services in the UK. Where appropriate, amounts are shown net of rebates and
sales taxes. An explanation of the types of revenue is set out below.
Note that revenues include contractual and direct fiscal support. This is covered in more detail further on
in this note.
Passenger revenues
Passenger revenues primarily relate to ticket sales through First Bus and the First Rail businesses. Passenger
revenue is recognised at both a point in time and over time. Ticket sales for journeys of less than one week\u2019s
duration are recognised on the first date of travel. Ticket sales for season tickets, travel cards and open\u2011return
tickets are initially deferred then recognised over the period covered by the relevant ticket. Concessionary
amounts are recognised in the period in which the service is provided. Where customers are due compensation
due to delays in their journeys, such payments are treated as a reduction in passenger revenue in line with IFRS 15
Revenue from Contracts with Customers.
Contract revenues
Contract revenues mainly relate to tenders and route contracts in First Bus. Revenues are recognised as the
services are provided over the length of the contract and based on a transaction price which is defined in the
terms of the contract.
Rail contract subsidy receipts
Revenue in the First Rail businesses includes subsidy receipts from the Department for Transport (DfT) for National
Rail Contracts (NRCs), with amounts receivable under these arrangements including certain funded operational
projects. Revenue also includes amounts attributable to the Train Operating Companies (TOCs), predominantly
based on models of route usage, by the Railway Settlement Plan in respect of passenger receipts. Revenue is
recognised over time as the performance obligations are met as agreed between the individual TOCs and the DfT.
Other revenue sources
Other revenue sources mainly relate to non\u2011rail subsidies, revenue arising from ancillary services to other rail and
road passenger service providers for maintenance, refuelling and other associated services and to sundry third
parties for the use of space at terminals and on\u2011board vehicles for other business activities, e.g. retail outlets, taxi
ranks, catering and advertising. Other revenues are recognised at both a point in time and over time.
Service agreement premium/subsidy
DfT TOCs are subject to fixed payments in the form of a premium paid to, or subsidy received from, the DfT. TOCs
are entitled to earn performance based fees and a contracted margin, and the service agreement premium/
subsidy is calculated to deliver this margin. It is calculated with direct reference to costs and revenues for each
annual accounting period, and there is no clawback mechanism for payments received, or linkage between
calculations from one annual period to the next, and as such the unit of account is deemed to be each annual
reporting period. Periodic payments are received from or made to the DfT. In annual periods where a net subsidy
is received from the DfT this is considered to be an IAS 20 government grant and is accounted for accordingly.
The grant is considered to provide for the contracted margin, the performance based fees, and compensates
for the excess of allowed costs over revenues, however it is not IFRS 15 revenue from a contract with a customer.
Where revenues exceed allowable costs, and the associated premium payment is made to the DfT, this is
considered to be an operating levy, and the payments are presented within operating costs.
Contractual and direct fiscal support
The principal direct fiscal support recognised during the year comprised \u00a3376.9m (2025: \u00a3347.8m) of NRC funding
in the First Rail businesses, and \u00a320.0m (2025: \u00a321.9m) of funding in First Bus. These are recognised within revenue
in accordance with IFRS 15 when control of the good or service is transferred to the customer and the Group is
entitled to the consideration.
First Bus
The English, Scottish and Welsh Governments have each supported bus operators, through a variety of
funding schemes since March 2020. In England, the BSOG+ scheme provides funding through enhanced
BSOG rates per litre and an additional payment per km operated for eligible miles. In addition to this the DfT
implemented a cap on all single fares across the country in January 2023, starting at \u00a32 and increasing to \u00a33
in January 2025, with operators being reimbursed for any revenue foregone as a result of the reduced ticket
prices, and funding being confirmed through to March 2027. In Scotland, funding is provided by the NSG
scheme which replaced their BSOG scheme. In Wales funding is provided through BSSG and the tendering
of routes which are no longer commercially viable.
First Rail
The DfT TOC NRCs transferred substantially all revenue and substantially all cost risk to the government and for
the current and prior periods our First Rail contracts were operated under the terms of these arrangements:
\ue001
GWR operated under an NRC to June 2028. On 7 May 2026, First Greater Western Railway Ltd received notice
from the Department for Transport that its National Rail Contract would expire on 13 December 2026, at which
point GWR will hand over to the DfT Operator.
\ue001
WCP/Avanti were awarded a nine\u2011year NRC in September 2023, with a minimum core three\u2011year term to
October 2026.
\ue001
SWR operated under an NRC which expired on 25 May 2025.
Under the arrangements, our franchised TOCs are paid a fixed management fee to continue to operate the
rail network at a service level agreed with the government. Performance\u2011based fees are earned through a
combination of scorecards and quantified target methodologies benchmarked off this agreed service level.
DfT funding including the management and performance fee is recognised as revenue in rail contracts subsidy
receipts, in line with the revenue recognition policy for contract subsidy receipts from the DfT.
Disaggregated revenue by operating segment is set out in note 5.
Leasing
Lease identification
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
Right of use asset
At the commencement date, the right of use asset is initially measured at cost, which comprises the initial amount
of the lease liability adjusted for any lease payments made at or before the commencement date, less any
incentives received, plus any initial direct costs incurred and an estimate of costs to be incurred by the Group
to dismantle and remove the underlying asset or restore the underlying asset or the site on which it is located.
The right of use asset is depreciated on a straight\u2011line basis over the shorter of the estimated useful life
of the asset, the lease term or current expected contract terms for rail TOCs at the balance sheet date. In
addition, the right of use asset is periodically reduced by impairment losses, if applicable, and adjusted
for certain remeasurements of the lease liability.
Lease liability
At the commencement date of the lease, the lease liability is initially measured at the present value of
lease payments to be made over the lease term. The lease payments include fixed payments (including
in\u2011substance fixed payments) less any lease incentives receivable, variable lease payments that depend
on an index or a rate, and amounts expected to be paid by the Group under residual value guarantees.
The lease payments also include the exercise price of a purchase option if the Group is reasonably certain
to exercise that option. Payments of penalties for terminating a lease, if the lease term reflects the Group
exercising the option to terminate the lease, are also included. The payments are discounted at the
incremental borrowing rate since the rates implicit in the leases are not readily available.
The lease liability is measured by increasing the carrying amount to reflect the interest on the lease liability
and reducing the carrying amount to reflect the lease payments made. The carrying value is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is a
change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee,
or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option.
Lease incentives
The Group assesses reimbursements from lessors, to establish whether these represent lease incentives.
Where a lease incentive is identified, the income is spread over the term of the related lease.
Short\u2011term leases and leases of low\u2011value assets
The Group applies the short\u2011term lease recognition exemption to selected leases that have a lease term
of 12 months or less from the commencement date and do not contain a purchase option and where it is
not reasonably certain that the lease term will be extended. It also applies the low\u2011value assets recognition
exemption to leases of assets of low value based on the value of the asset when it is new, regardless of the
age of the asset being leased. Lease payments on short\u2011term leases and leases of low\u2011value assets are
recognised as an expense on a straight\u2011line basis over the lease term.
On the balance sheet, right of use assets have been included in property, plant and equipment and lease
liabilities have been included in borrowings.
Foreign currencies
The individual financial statements of each Group company are presented in the currency of the primary
economic environment in which it operates (its functional currency). For the purpose of the consolidated
financial statements, the results and financial position of each Group company are expressed in pounds
sterling, which is the functional currency of the Company, and the presentation currency for the consolidated
financial statements.
In preparing the financial statements of the individual companies, transactions in currencies other than
the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions.
At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the balance sheet date. Non\u2011monetary assets and liabilities carried at
fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when
the fair value was determined. Non\u2011monetary items that are measured in terms of historical cost in a foreign
currency are not retranslated.
Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary
items, are included in profit or loss for the period. Exchange differences arising on the retranslation of
non\u2011monetary items carried at fair value are included in profit or loss for the period, except for differences
arising on the retranslation of non\u2011monetary items in respect of which gains and losses are recognised
within other comprehensive income. For such non\u2011monetary items, any exchange component of that gain
or loss is also recognised within other comprehensive income.
In order to hedge its exposure to certain foreign exchange risks, the Group holds currency swaps and borrowings
in foreign currencies (see note 22 for details of the Group\u2019s policies in respect of foreign exchange risks).
On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at the closing
exchange rates on the balance sheet date. Income and expense items are translated at the average exchange
rates for the period. Exchange differences arising from the average exchange rates used and the period
end rate, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such translation
differences are recognised as income or as expenses in the period in which the operation is disposed of.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Non\u2011GAAP measures and performance
In measuring the Group and divisional adjusted operating performance, additional financial measures
derived from the reported results have been used by management in order to eliminate factors which distort
year\u2011on\u2011year comparisons. The Group\u2019s adjusted performance is used to explain year\u2011on\u2011year changes
when the effect of certain items is significant, including strategic items (including material M&A and Group
restructuring projects), costs of acquisitions including aborted acquisitions, and impairment of assets. Other
items below \u00a35.0m would not normally be considered as adjusting items unless part of a larger strategic
project, but items which distort year\u2011on\u2011year comparisons that exceed this amount could potentially be
classified as an adjusting item and are assessed on a case\u2011by\u2011case basis. Such potential adjusting other
items may include: restructuring and reorganisation costs; property gains or losses; aged legal and
self\u2011insurance claims; movements on insurance discount rates; onerous contract provisions; pension
settlement gains or losses; and other items which management has determined as not being relevant to an
understanding of the Group\u2019s underlying business performance. Subsequent remeasurements of adjusting
items are also recognised as an adjusting item in the future period in which the remeasurement occurs.
Management considers that this overall basis supports year\u2011on\u2011year business performance comparisons,
to underpin planning and decision making on resource allocation. The Group does not consider the
non\u2011GAAP measures to be more important than, or superior to, IFRS measures. See note 4 for the
reconciliation to non\u2011GAAP measures and performance.
Retirement benefit costs
The Group operates or participates in a number of pension schemes, which include both defined benefit
schemes and defined contribution schemes.
Payments to defined contribution plans are charged as an expense as they fall due. There is no further
obligation to pay contributions into a defined contribution plan once the contributions specified in the plan
rules have been paid.
For defined benefit schemes, the cost of providing benefits is determined using the Projected Unit Credit
Method, with actuarial updates being carried out at each balance sheet date. Actuarial gains and losses are
recognised in full in the period in which they occur. They are recognised outside the income statement and
presented in the consolidated statement of other comprehensive income.
All past service costs are recognised immediately in the consolidated income statement.
Where changes to the benefits in payment on defined benefit pension schemes require a change in scheme
rules or ratification by the Trustees, the change is recognised as a past service charge or credit in the income
statement. Where changes in assumptions can be made without changing the Trustee agreement, these are
recognised as a change in assumptions in other comprehensive income.
The retirement benefit position recognised in the balance sheet represents the present value of the defined
benefit obligation as reduced by the fair value of scheme assets. Any residual asset resulting from this
calculation is limited to refunds economically available to the Company, in the form of either a public
sector payment or the present value of future service costs recognised via suspension of cash contributions.
Various TOCs in the First Rail business participate in the Railways Pension Scheme (RPS), which is an industry\u2011wide
defined benefit scheme. The Group is obligated to fund the relevant section of the scheme over the period for
which the contract is held. The full liability is recognised on the balance sheet, which is then reduced by a
\u2018contract adjustment\u2019 so that the net liability reflects the Group\u2019s obligations to fund the scheme over the
contract term, subject to any changes in the schedule of contributions following a statutory valuation.
Retirement benefits are also covered in the Key sources of estimation uncertainty section of note 2 below.
Tax
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the income statement because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by
the balance sheet date and includes an estimate of the tax which could be payable as a result of differing
interpretation of tax laws.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts
of assets and liabilities in the financial statements and the corresponding tax bases used in the computation
of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the
initial recognition of goodwill, or from the initial recognition (other than in a business combination) of other
assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries
and associates, and interests in joint ventures, except where the Group is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the
asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled
or the asset is realised and is based on the estimated tax consequences of items that are subject to differing
interpretations of tax laws. Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited in other comprehensive income or directly to equity, in which case
the deferred tax is also dealt with within other comprehensive income or directly in equity respectively.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to income taxes levied by the same tax authority
and the Group intends to settle its current tax assets and liabilities on a net basis.
The Group follows IFRIC 23 Uncertainty over Income Tax Treatments. IFRIC 23 sets out how to determine the
accounting tax position when there is uncertainty over income tax treatments. The interpretation requires
the Group to determine whether uncertain tax positions are assessed separately or as a Group, and
\ue001
Assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed
to be used, by an entity in its income tax filings:
\u2022
If yes, the Group should determine its accounting tax position consistently with the tax treatment used
or planned to be used in its income tax filings.
\u2022
If no, the Group should reflect the effect of uncertainty in determining its accounting tax position using
either the most likely amount or the expected value method.
Property, plant and equipment
Properties for provision of services or administrative purposes are carried at cost, less any recognised
impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in
accordance with the Group\u2019s accounting policy. Depreciation of these assets, on the same basis as other
property assets, commences when the assets are ready for their intended use.
Passenger carrying vehicles and other plant and equipment are stated at cost less accumulated
depreciation and any recognised impairment loss.
Depreciation is charged so as to write off the cost of assets, other than freehold land, the land element of
long leasehold properties or on assets in the course of construction, over their estimated useful lives, using
the straight\u2011line method, on the following bases:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
50 years straight\u2011line
Passenger carrying vehicles
seven to 17 years straight\u2011line
Other plant and equipment
three to 25 years straight\u2011line
\n
Assets specific to TOCs are depreciated over the lesser of their estimated useful lives or the rail contract term
expected at the balance sheet date.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the
sales proceeds and the carrying amount of the asset and is recognised in income.
Capital grants
Capital grants relating to property, plant and equipment are held in other payables and released to the
income statement over the expected useful lives of the assets concerned. Capital grants are not recognised
until there is a reasonable assurance that the Group will comply with the conditions attaching to them and
that the grants will be received.
Impairment of tangible and intangible assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where the asset does not generate cash flows that are independent from other
assets, the Group estimates the recoverable amount of the CGU to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre\u2011tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for which
the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of
the asset or CGU is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount
that would have been determined had no impairment loss been recognised for the asset or CGU in prior years.
A reversal of an impairment loss is recognised as income immediately.
Inventories
Inventories of spare parts and consumables are stated at the lower of cost and net realisable value, after making
appropriate allowances for obsolete and slow\u2011moving items. Cost comprises direct materials and, where applicable,
those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is
calculated using the weighted average cost method. Where the purchase of inventory was the hedged item in a cash
flow hedge relationship, the initial carrying amount of the recognised inventory is adjusted by the associated hedging
gain or loss transferred from the hedging reserve (a basis adjustment). There are no material inventory allowances.
Financial instruments
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group
becomes a party to the contractual provisions of the instrument.
Financial assets
Financial assets can be measured at amortised cost, fair value through profit or loss or fair value through
other comprehensive income. The measurement basis is determined by reference to both the business
model for managing the financial asset and the contractual cash flow characteristics of the financial asset.
Financial assets are classified into one of three primary categories:
Financial assets at amortised cost
Financial assets at amortised cost are non\u2011derivative financial assets held for collection of contractual cash flows
where those cash flows represent solely payments of principal and interest. Financial assets at amortised cost are
subsequently measured using the effective interest method and are subject to impairment. Gains and losses are
recognised in profit or loss when the asset is derecognised, modified or impaired.
Fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily
required to be measured at fair value. Financial assets are classified as held for trading if they are acquired
for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading
unless they are designated as effective hedging instruments.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the income statement within finance costs. Transaction
costs arising on initial recognition are expensed in the income statement.
Fair value through other comprehensive income
The Group does not have any financial assets held at fair value through other comprehensive income.
The Group also includes restricted cash balances within Financial assets, where balances are held as
collateral for third party arrangements and are not readily available for general use by the business.
Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the Group after deducting all of its liabilities. Equity instruments issued by the Company are
recorded at the proceeds received net of direct issue costs.
Financial liabilities
Bank borrowings
Interest\u2011bearing bank loans, asset backed financial liabilities and overdrafts are measured on an amortised cost basis.
Bonds and loan notes
These are measured either on an amortised cost basis or at fair value, if designated.
Trade payables
Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using
the effective interest rate method.
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate
and commodity risks. Use of such financial instruments is governed by policies and delegated authorities
approved by the Board. The Group does not hold or issue derivative financial instruments for trading purposes.
The main derivative financial instruments used by the Group are interest rate swaps, fuel swaps, and cross
currency interest rate swaps. Such instruments are initially recognised at fair value and subsequently
remeasured to fair value at the reported balance sheet date. The fair values are calculated by reference
to market exchange rates, interest rates and fuel prices at the period end, and supported by counterparty
confirmations. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement
are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being
hedged. At inception of designated hedging relationships, the Group documents the risk management
objective and strategy for undertaking the hedge, the nature of the risks being hedged and the economic
relationship between the item being hedged and the hedging instrument.
Fair value hedging
The fair value change on qualifying hedging instruments is recognised in profit or loss. The carrying amount
of a hedged item not already measured at fair value is adjusted for the fair value change attributable to the
hedged risk with a corresponding entry in profit or loss.
Cash flow hedging
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are
designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated
under the heading of hedging reserve, limited to the cumulative change in fair value of the hedged item from
inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in profit or
loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified
to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised
hedged item. However, when the hedged forecast transaction results in the recognition of a non\u2011financial item
such as inventory, the gains and losses previously recognised in other comprehensive income and accumulated
in equity are removed from equity and included as a basis adjustment in the initial measurement of the cost of
that item. This transfer does not affect other comprehensive income, however the hedging gains and losses that
will subsequently be transferred as basis adjustments are categorised as amounts that may be reclassified
subsequently to profit or loss, as such a reclassification may occur in the event that the hedged transaction is no
longer expected to occur. Furthermore, if the Group expects that some or all of the loss accumulated in the cash
flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
Net investment hedging
Derivative financial instruments are classified as net investment hedges when they hedge the Group\u2019s
net investment in an overseas operation. The effective element of any foreign exchange gain or loss
from remeasuring the derivative instrument is recognised directly in other comprehensive income and
accumulated in the foreign currency translation reserve. Any ineffective element is recognised immediately
in the Group income statement. Gains and losses accumulated in the foreign currency translation reserve
are included in the Group income statement on the disposal or partial disposal of the foreign operation.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event and it is
probable that the Group will be required to settle that obligation. Provisions are measured at the Directors\u2019
best estimate of the expenditure required to settle the obligation at the balance sheet date and are
discounted to present value where the effect is material.
Self\u2011insurance
The Group\u2019s policy is to self\u2011insure high\u2011frequency, low\u2011value claims within the businesses. In addition there
are typically a smaller number of major claims during a financial year for which cover is obtained through
third party insurance policies subject to an insurance deductible. Where the Group holds legacy self\u2011insurance
exposures related to disposed businesses, insurance and re\u2011insurance policies have been purchased to
de\u2011risk this exposure. Provision is made under IAS 37 Provisions, Contingent Liabilities and Contingent Assets
for the estimated cost of settling uninsured claims for incidents occurring prior to the balance sheet date.
The provision is discounted to appropriately reflect the timing of future cash claims settlements. Self\u2011insurance
is also covered in the Key sources of estimation uncertainty section of note 2 below.
Share\u2011based payments
The Group issues equity\u2011settled share\u2011based payments to certain employees. Equity\u2011settled share\u2011based
payments are measured at fair value at the date of grant. The fair value is expensed over the vesting period,
based on the Group\u2019s estimate of shares that will eventually vest and is adjusted for the effects of
non\u2011market\u2011based vesting conditions.
Fair value is measured by use of a Black\u2011Scholes or other appropriate valuation model. The expected life used
in the model has been adjusted, based on management\u2019s best estimate, for the effects of non\u2011transferability,
exercise restrictions and behavioural considerations.
Joint operations
Where the Group assesses a joint arrangement to be a joint operation, it recognises its direct right to the
assets, liabilities, revenue and expenses of the joint operation, and its share of any jointly held or incurred
assets, liabilities, revenue and expenses. These have been incorporated in the financial statements under
the appropriate headings.
Dividend distributions
Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial
statements in the period in which the dividends are approved by the Company\u2019s shareholders.
Adoption of new and revised standards
The accounting policies adopted are consistent with those of the previous financial year except for the
changes arising from new standards and amendments to existing standards which have been adopted
in the current year.
The following amended standards and interpretations were adopted by the Group during the year:
\ue001
Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates
There has been no material change as a result of applying this amendment. No significant impact is expected
from any of the future standards and amendments that are visible, with the exception of IFRS 18 Presentation
and Disclosure in Financial Statements, which is effective from 1 January 2027, and which is expected to
change the presentation of the consolidated financial statements.
The Group is currently in the process of determining the expected impact of applying IFRS 18. A transition plan
has been developed and an initial impact assessment has been undertaken, and the Group is on track to
report its first IFRS 18\u2011compliant interim financial statements for the period ending 25 September 2027, and
annual financial statements for the year ending 25 March 2028. The application of the new Standard will
change the presentation of the consolidated financial statements, most notably the categorisations within
the income statement and related disclosure detail, as well as classifications within the statement of cash
flows. It will also require the presentation of management\u2011defined performance measures to complement
the structured summary on the face of the income statement, and the Group is presently assessing the
appropriate measures to be reported under this definition.
Restatements
National Rail Contracts \u2013 premium payments
During the year, the Group has reassessed its accounting policy regarding DfT subsidy receipts and premium
payments under its NRCs. Subsidies received under the NRCs continue to represent amounts for lost passenger
revenues and the subsidy income from the DfT is therefore recognised within revenue in line with IAS 20
Government grants. When amounts are due to be paid back to the DfT (the obligating event being generation
of profits above contractual fixed profit margins), the Group has concluded that these do not represent a
refund of government grant amounts received in previous periods, instead per IAS 37 Provisions, Contingent
Liabilities and Contingent Assets and IFRIC 21 Levies the premium amounts above the contractual margin
should have previously been treated as a levy expense rather than as a deduction of revenue.
The Group has therefore restated its FY 2025 income statement to correct this classification. A levy expense of
\u00a3167.6m has been recognised, rather than a deduction from revenue, therefore increasing both revenue and
expenses by \u00a3167.6m. The restatement has no impact on any profitability measure or other primary statements.
Acquisition accounting adjustments relating to First Bus London
During the year, the Group finalised its IFRS 3 acquisition accounting adjustments in relation to the acquisition
on 28 February 2025 of London bus operator RATP Dev Transit Limited and its subsidiaries (First Bus London).
Provisional adjustments were reported in the FY 2025 Annual Report, and therefore the Group has now restated
the prior year comparative information to reflect these finalised adjustments. The final acquisition adjustments
are detailed in note 28. There is no material impact on the FY 2025 income statement as a result of the finalisation
exercise, and as such the prior year income statement has not been restated.
Deferred capital grant liabilities
The Group has restated the analysis between Current and Non\u2011current Other payables for the prior year, to
reflect the expected maturity of deferred capital grants previously classified as Current liabilities. This reduces
Current Other payables by \u00a3135.5m and increases Non\u2011current Other payables by the same amount.
Key sources of estimation uncertainty and significant judgements
The preparation of financial statements in conformity with generally accepted accounting principles requires
the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses during the reporting period.
Although these estimates are based on management\u2019s best knowledge, actual results may ultimately differ
from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only
that period, or in the period of revision and future periods if the revision affects both current and future periods.
The following are the critical estimates and judgements that the Directors have made in the process of
applying the Group\u2019s accounting policies and that have the most significant effect on the amounts
recognised in the financial statements.
Defined benefit pension arrangements
Railway Pension Scheme
As at the balance sheet date, the Group sponsored two sections of the Railway Pension Scheme (RPS), relating
to its obligations for its contracted TOCs, and a further section for Hull Trains, its open access operator. The RPS
is a defined benefit pension scheme which covers the whole of the UK rail industry. The RPS is partitioned into
sections and, for the sections that relate to contracts, the Group is responsible for the funding of these
sections only while it operates the relevant contract. In contrast to the pension schemes operated by most
businesses, the RPS is a shared cost scheme which means that costs are formally shared 60% employer and
40% employee. The Group only recognises amounts in relation to its share of costs in the income statement,
and for the contracted TOCs, those amounts are then reimbursed to the TOCs as part of the overall allowable
contracted operating expenses. Management of the RPS is not the responsibility of the Group, nor is it able to
benefit from any future surplus, or liable for any deficit, of those funds.
At the end of the contract term, responsibility for funding the relevant section of the scheme, and consequentially
any deficit or surplus existing at that date, is passed to the next contractor. At each balance sheet date a
contract adjustment is recognised against the IAS 19 net pension asset or liability to reflect that portion
expected to pass to the next contractor.
The Directors view this arrangement as analogous to the circumstances described in paragraphs 92\u201194 of
IAS 19 (Revised) with a third party taking on the obligation for future contributions. As there is no requirement
to make contributions to fund the current deficit, it is assumed that all of the current deficit will be funded by
another party and hence none of that deficit is attributable to the current contractor. In respect of the future
service costs, there is currently no pension obligation in respect of those costs. When the costs are recognised
in the income statement, the extent to which the committed contributions fall short determines the amount
that is to be covered by contributions of another party in future, which is recognised as an adjustment to
service cost in the income statement. Under circumstances where contributions are renegotiated, such as
following a statutory valuation, an adjustment will be recognised in the income statement, whilst changes
in actuarial assumptions continue to be recognised through other comprehensive income.
The Directors consider this judgement to be the most appropriate interpretation of IAS 19 to reflect the
specific circumstances of the RPS where the contract commitment is only to pay contributions during the
period in which we run the contract.
Actuarial assumptions
The UK schemes\u2019 retirement benefit obligations are discounted at a rate set by reference to market yields at
the end of the reporting period on high\u2011quality corporate bonds. Significant assumptions are made when
setting the criteria for bonds to be included in the population from which the yield curve is derived. The most
significant criteria considered for the selection of bonds include the issue size of the corporate bonds, quality
of the bonds and the identification of outliers which are excluded to align with the characteristics of each
scheme. Management follows actuarial advice from a third party when determining these judgements.
Other key estimates include the longevity of members, expected rates of salary increases and inflation.
We take specialist advice on these from our actuarial advisers which aims to consider the likely experience
taking into account each scheme\u2019s characteristics. Our approach is to review these assumptions for each
scheme following completion of their funding valuations, and more frequently only if appropriate to do so.
The majority of invested pension scheme assets are held in asset classes where a deep market exists and
therefore where market prices are readily available. Some of the more illiquid assets do not have such a
deep market, and so a discounted cash flow valuation methodology is adopted, using cash flows provided
by fund managers using their best estimates of the distributions from the investments. The critical estimate
in respect of these cash flows is the discount rate applied with reference to the yield on a government bond
of suitable duration, adjusted to take into account the relevant asset\u2011specific risks (primarily credit default
risk and liquidity risk). Both the quantum of the cash flows and the discount rate adopted require an element
of judgement, and changes to either could alter the valuation ascribed to the assets.
The carrying amount of the Group\u2019s continuing retirement benefit arrangements at 28 March 2026 was an
asset of \u00a319.9m (2025: asset of \u00a322.7m). Further details and sensitivities are set out in note 34.
Other areas of judgement and accounting estimates
The consolidated financial statements include other areas of judgement and accounting estimates, and
while these do not meet the IAS 1 definition of significant accounting estimates or critical accounting
judgements, the recognition and measurement of certain material assets and liabilities are based on
assumptions, or are subject to longer\u2011term uncertainties.
Acquisition accounting adjustments relating to First Bus London
On 28 February 2025, the Group completed its acquisition of London bus operator RATP Dev Transit London
Limited and its subsidiaries (First Bus London). The Group has now finalised the purchase price allocation
exercise for First Bus London, and this identified a number of adjustments to reflect the fair value of the assets
and liabilities acquired.
The key sources of estimation uncertainty and significant judgements resulting from the transaction relate to
the acquisition accounting exercise, and the recognition and measurement of assets acquired and liabilities
assumed. Key areas of judgement include, but are not limited to, the measurement of contract intangibles
and onerous contract provisions, the valuations of property, plant and equipment (including freehold land
and buildings), recognition of other liabilities and provisions, recognition and valuation of deferred tax assets,
and the resulting goodwill arising from the transaction. Note 28 provides more details on the finalised
acquisition accounting exercise.
Impairment of assets in CGUs
The key sources of estimation uncertainty in relation to the potential risk of impairment of assets in CGUs
relate to the cash flow forecasts including significant judgements in deciding what assumptions to make
regarding the future financial performance of the CGU, the ongoing macroeconomic uncertainty, and the
Group\u2019s future climate\u2011related targets and ambitions. This is covered in more detail in note 11.
Determining First Rail National Rail Contract expiry dates
On 28 November 2024, the Passenger Railway Services (Public Ownership) Act 2024 received Royal Assent,
allowing passenger train operators with contracts with the DfT to be brought into public ownership.
An initial timetable for this process was published in December 2024. The Group\u2019s South Western Railway NRC
expired in May 2025. The timetable published at that time indicated that other TOCs would be taken into
public ownership by October 2027, but with no dates then specified for Great Western Railway or West Coast
Partnership. At the FY 2026 balance sheet date, no NRC expiry dates had been announced for Great Western
Railway or West Coast Partnership. The Group was therefore required to make judgements to assess the
most likely expiry dates for these NRCs at the balance sheet date.
These expiry date judgements are then used to identify lease terms in certain situations and useful lives
of property, plant and equipment for TOCs. If there were to be a change in the judgement regarding lease
expiry dates, this would result in a reassessment of the right of use asset and lease liabilities. Similarly, a
change in useful lives for TOC property, plant and equipment would result in a change to the carrying value
of those assets. There were no changes during the year to the Group\u2019s judgements for NRC expiry dates.
On 7 May 2026, First Greater Western Railway Ltd received notice from the Department for Transport
that its NRC would expire on 13 December 2026, at which point GWR will hand over to the DfT Operator.
As this notification was received after the balance sheet date, the Group has concluded that it represents
a non\u2011adjusting event.
DfT TOCs \u2013 income statement classification
South Western Railway transferred to DfT ownership in May 2025 when its NRC expired, and Great Western
Railway\u2019s NRC will expire on 13 December 2026. A detailed timetable has yet to be announced for the Group\u2019s
West Coast Partnership TOCs, but the Government has indicated that all TOCs would be taken into public
ownership by October 2027. The Group has therefore reviewed the application of IFRS 5 Non\u2011current Assets
Held for Sale and Discontinued Operations in respect of its DfT TOCs.
The Group\u2019s DfT TOCs will no longer be a part of the Group when each TOC\u2019s individual NRC expires, whether at
their specified end dates, or when the appropriate contractual notice period is given by the DfT. However, the
Group does not consider that these contract expiries would represent discontinued operations per IFRS 5 as they
are not considered a disposal of operations. The contracts represent the vehicle for the Group\u2019s arrangements
with the DfT to provide rail passenger services, rather than a separate discontinued operation, and the contracts
expire upon their enforceable end point. Furthermore, the Group\u2019s First Rail operating segment will continue to run
passenger rail operations via its open access businesses and its contract to operate the London Overground rail
services, and the Group remains committed to investing in, and further expanding, its First Rail passenger rail
operations and services in the future. This is further evidenced by the acquisition of new open access licences
and further applications to operate open access passenger rail services.
Climate change
In the preparation of the Group\u2019s consolidated financial statements, management has considered the
potential impact of climate change, particularly in the context of the disclosures included in the Strategic
report (including the Task Force for Climate\u2011related Disclosures), and the Group\u2019s own climate\u2011related
ambitions and targets, including its stated Sustainability strategic pillar. This includes an assessment of how
the Group\u2019s accounting estimates and judgements are impacted by the Group\u2019s pathway to achieving its
stated ambitions and targets and delivering on its Sustainability strategic pillar, as well as by climate\u2011related
risks and opportunities for the Group.
Actions required to drive the Group\u2019s climate\u2011related ambitions and targets and to deliver on its Sustainability
strategic pillar, including their financial impacts, are factored into the longer\u2011term business planning cycles
of the Group. The following areas of estimation have been considered as part of these planning cycles, in
addition to those detailed in the Key sources of estimation uncertainty section. Management does not
believe that these areas will have a material impact on financial reporting estimates and judgements in
the next year. Owing to the inherent medium/longer\u2011term uncertainty with regard to climate\u2011related risks
and opportunities, it is not currently possible to assess whether in the future, these areas of estimation and
judgement may have a more material impact on carrying values of assets and liabilities. Management will
continue to regularly assess climate\u2011related risks in the context of the estimates and judgements made in
the preparation of the Group\u2019s financial statements.
Going concern and viability
There may be a risk of increased future costs and capital investment requirements to ensure compliance
with environmental regulatory requirements (for example carbon taxes/charges, or other emissions\u2011related
restrictions), and to achieve the Group\u2019s stated sustainability targets and ambitions. However, the Group
believes that there is likely to be an increasing modal shift towards public transport, as awareness grows
among customers of climate\u2011related issues, and with governmental support for transport decarbonisation,
which could create new opportunities for the Group.
Carrying value of non\u2011current assets
Environmental regulatory requirements, in parallel with the Group\u2019s climate\u2011related targets and ambitions,
may further accelerate the transition to electrification of vehicle fleets. Transitional risks relating to the
evolution of climate\u2011related technologies may alter the expected obsolescence profile of existing vehicle
fleets. These factors may impact the Group\u2019s estimates of the useful lives of existing assets, their residual
values, and the risk of asset impairment. The Group monitors closely the accounting estimates in relation
to its vehicle fleets to ensure they remain reasonable.
Provisions
Climate\u2011related legislative and regulatory changes may, in future, require the Group to assess whether
environmental provisions are necessary, for example the potential introduction of carbon taxes/charges. In
parallel with the work towards achieving its climate\u2011related ambitions and targets, the Group tracks such
legislative changes to ensure the impact on the business is well understood and managed effectively.
Other areas of the financial statements which may also be impacted by climate\u2011related risks and
opportunities include:
\ue001
Share\u2011based payments \u2013 certain of the Group\u2019s share\u2011based payments arrangements include a
sustainability target (see note 33), and the Group\u2019s ability to meet these targets may impact the amount
or timing of any share\u2011based payments.
\ue001
Deferred tax assets \u2013 recoverability of deferred tax assets is dependent on future profitability, which may
be impacted by climate\u2011related factors.
\ue001
Borrowing facilities \u2013 during the year, the Group has entered into innovative funding arrangements for the
future purchase of both electric bus batteries and electric bus bodies (chassis and drivetrain). The timing
of the utilisation of these facilities to support the Group\u2019s decarbonisation and sustainability targets may
impact levels of borrowing and finance costs for the Group.
Going concern
The Board carried out a review of the Group\u2019s financial projections for the 18 months to 30 September 2027
and evaluated whether it was appropriate to prepare the full year results on a going concern basis. In doing
so, the Board considered whether any material uncertainties exist that cast doubt on the Group\u2019s and the
Company\u2019s ability to continue as a going concern over the going concern period.
Consistent with prior years, the Board\u2019s going concern assessment is based on a review of future trading
projections, including whether banking covenants are likely to be met and whether there is sufficient
committed facility headroom to accommodate future cash flows for the going concern period.
Divisional management teams prepared detailed, bottom\u2011up projections for their businesses reflecting the
impact of macroeconomic considerations on the operating environment, assumptions on passenger volumes
and government support, as well as the impact of actions required to address the Group\u2019s climate\u2011related
targets and ambitions, and having regard to the risks and uncertainties to which the Group is exposed.
Base case scenario
The Board considered the annual budget to 31 March 2027 and medium\u2011term plan including the period to
September 2027 to be the base case scenario for the purpose of the going concern assessment for the FY
2026 year end. These projections were the subject of a series of executive management reviews and were
used to establish the base case scenario that was used for the purposes of the going concern assessment.
The Bus base case assumes a gradual net profit increase from passenger volumes and yields in FY 2027,
with some offset from cost inflation. The base case also reflects the impact of the acquisitions completed
in FY 2025 and FY 2026, including First Bus London and coaching businesses. The Rail base case reflects the
expected expiry of the Group\u2019s remaining NRCs, and the commencement of the London Overground contract
in May 2026. The macro projections in the updated base case assume that the UK operates in a low\u2011growth
economy with inflationary pressures. The annual budget and medium\u2011term plan also capture the expected
financial impact of the actions required to support the Group\u2019s climate\u2011related targets and ambitions, and
the cash flow impact of other capital allocation decisions which the Group may consider.
Downside scenario
In addition, a downside case was also modelled which assumes a more adverse macroeconomic recovery
profile, including the potential impacts of geopolitical instability. In First Bus the downside case assumes a
reduction in passenger volumes as well as the impact of other unexpected cost inflation, driving a 25%
reduction in Bus profitability. In First Rail, the downside case assumes TOC performance fee awards at 50%
of expected levels, volume and revenue reductions in Hull Trains and Lumo driving a 25% reduction in open
access profitability, and other unbudgeted cost and inflationary risks. The downside scenario also considers
potential impacts of a significant climate\u2011related event or unbudgeted decarbonisation costs, as well as the
risk of one\u2011off safety, regulatory non\u2011compliance or technology incidents. The downside scenario also takes
into account some controllable mitigating actions available to the Group.
Mitigating actions
If the performance of the Group were to be more adversely impacted than assumed in the base case or
downside case scenarios, the Group would reduce and defer planned growth capital expenditure and further
reduce costs in line with a lower\u2011volume operating environment to the extent that the essential services we
operate in First Bus are not required to be run for the governments and communities we support, as well as
further reviews of other Group capital allocation decisions.
Going concern statement
Based on the review of the financial forecasts for the period to September 2027 and having regard to the risks
and uncertainties to which the Group is exposed, the Directors have a reasonable expectation that the Group
has adequate resources to continue in operational existence for at least the 12\u2011month period from the date
on which the financial statements were approved, including compliance with banking covenants under both
the base case and downside scenarios. Accordingly, they continue to adopt a going concern basis of
accounting in preparing the consolidated financial statements in this full year report.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "Basis of accounting
The consolidated financial statements of FirstGroup plc comply with UK\u2011adopted international accounting
standards and with the requirements of the Companies Act 2006. There were no unendorsed standards
effective for the period ended 28 March 2026 affecting these consolidated and separate financial statements.
The financial statements have been prepared on the historical cost basis, except for the revaluation of
certain financial instruments, and on a going concern basis as described in the going concern statement
within the Strategic report on page 71.
As set out on page 70, the Group has undertaken detailed reviews of a range of severe but plausible financial
and operational scenarios using financial outlook modelling. Based on their review of the financial forecasts
and having regard to the risks and uncertainties to which the Group is exposed, the Directors believe that
the Company and the Group have adequate resources to continue in operational existence for at least a
12\u2011month period from the date on which the financial statements were approved. Accordingly, the financial
statements have been prepared on a going concern basis.
The financial statements for the 52 weeks ended 28 March 2026 include the results and financial position
of the First Rail businesses for the year ended 31 March 2026 and the results and financial position of all the
other businesses for the 52 weeks ended 28 March 2026. The financial statements for the 52 weeks ended
29 March 2025 include the results and financial position of the First Rail businesses for the year ended
31 March 2025 and the results and financial position of all the other businesses for the 52 weeks ended
29 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "The consolidated financial statements of FirstGroup plc comply with UK\u2011adopted international accounting standards and with the requirements of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company (its subsidiaries). Control exists when the Company has power over an investee
entity, exposure to variable returns from its involvement with the entity and the ability to use its power over
the entity to affect its returns.
Non\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity interest therein.
The present ownership interests of non\u2011controlling shareholders entitle their holders to a proportionate share
of net assets upon liquidation, and may initially be measured at fair value, or at the non\u2011controlling interests\u2019
proportionate share of their fair value of the acquiree\u2019s identifiable net assets. The choice of measurement
is made on an acquisition\u2011by\u2011acquisition basis. Other non\u2011controlling interests are initially measured at fair
value. Subsequent to acquisition, the carrying amount of non\u2011controlling interests is the amount of those
interests at initial recognition plus the non\u2011controlling interests\u2019 share of subsequent changes in equity. Total
comprehensive income is attributed to non\u2011controlling interests even if this results in the non\u2011controlling
interests having a deficit balance.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income
statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting
policies used into line with those used by the Group.
All intra\u2011group transactions, balances, income and expenses are eliminated on consolidation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "Business combinations
The acquisition of subsidiaries is accounted for using the acquisitions method. The consideration for
each acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given,
liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the
acquiree. Acquisition\u2011related costs are recognised in the income statement as incurred.
The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition
under IFRS 3 Business Combinations are recognised at their fair value at the acquisition date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "Business combinations
The acquisition of subsidiaries is accounted for using the acquisitions method. The consideration for
each acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given,
liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the
acquiree. Acquisition\u2011related costs are recognised in the income statement as incurred.
The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition
under IFRS 3 Business Combinations are recognised at their fair value at the acquisition date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "Assets and disposal groups held for sale and dis
continued
operations
Non\u2011current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is
highly probable that they will be recovered primarily through sale rather than through continuing use. This
condition is regarded as met only when the sale is highly probable and the asset is available for immediate
sale in its present condition. Management must be committed to the sale which should be expected to
qualify for recognition as a completed sale within one year of the date of classification.
Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs
to sell. Impairment losses on initial classification as held for sale and subsequent gains and losses on
remeasurement are recognised in profit or loss.
A disposal group qualifies as a discontinued operation if it is a component of an entity that either has been
disposed of, or is classified as held for sale, and:
\ue001
represents a separate major line of business or geographical area of operations; or
\ue001
is part of a single coordinated plan to dispose of a separate major line of business or geographical area
of operations; or
\ue001
is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented as a single
amount as profit or loss after tax from discontinued operations in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "Assets and disposal groups held for sale and dis
continued
operations
Non\u2011current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is
highly probable that they will be recovered primarily through sale rather than through continuing use. This
condition is regarded as met only when the sale is highly probable and the asset is available for immediate
sale in its present condition. Management must be committed to the sale which should be expected to
qualify for recognition as a completed sale within one year of the date of classification.
Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs
to sell. Impairment losses on initial classification as held for sale and subsequent gains and losses on
remeasurement are recognised in profit or loss.
A disposal group qualifies as a discontinued operation if it is a component of an entity that either has been
disposed of, or is classified as held for sale, and:
\ue001
represents a separate major line of business or geographical area of operations; or
\ue001
is part of a single coordinated plan to dispose of a separate major line of business or geographical area
of operations; or
\ue001
is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented as a single
amount as profit or loss after tax from discontinued operations in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "Assets and disposal groups held for sale and dis
continued
operations
Non\u2011current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is
highly probable that they will be recovered primarily through sale rather than through continuing use. This
condition is regarded as met only when the sale is highly probable and the asset is available for immediate
sale in its present condition. Management must be committed to the sale which should be expected to
qualify for recognition as a completed sale within one year of the date of classification.
Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs
to sell. Impairment losses on initial classification as held for sale and subsequent gains and losses on
remeasurement are recognised in profit or loss.
A disposal group qualifies as a discontinued operation if it is a component of an entity that either has been
disposed of, or is classified as held for sale, and:
\ue001
represents a separate major line of business or geographical area of operations; or
\ue001
is part of a single coordinated plan to dispose of a separate major line of business or geographical area
of operations; or
\ue001
is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented as a single
amount as profit or loss after tax from discontinued operations in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "Goodwill and intangible assets
Goodwill arising on consolidation is recognised as an asset at the date that control is acquired. Goodwill
is measured as the excess of the sum of the consideration transferred, the amount of any non\u2011controlling
interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest (if any) in the entity
over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units
(CGUs) which are tested for impairment annually, or more frequently where there is an indication that the
CGU may be impaired. If the recoverable amount of the CGU is less than the carrying amount of the CGU,
the impairment loss is allocated to the goodwill of the CGU and then to the other assets of the CGU pro\u2011rata
on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is
not reversed in a subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the
attributable amount of goodwill is included in the determination of the profit or loss on disposal.
Computer software is recognised separately as an intangible asset and is carried at cost less accumulated
amortisation and accumulated impairment losses. Costs include software licences, website development,
costs attributable to the development, design and implementation of the computer software and internal
costs directly attributable to the software. Software is amortised on a straight\u2011line basis over its useful
economic life (three to five years).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "Goodwill and intangible assets
Goodwill arising on consolidation is recognised as an asset at the date that control is acquired. Goodwill
is measured as the excess of the sum of the consideration transferred, the amount of any non\u2011controlling
interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest (if any) in the entity
over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units
(CGUs) which are tested for impairment annually, or more frequently where there is an indication that the
CGU may be impaired. If the recoverable amount of the CGU is less than the carrying amount of the CGU,
the impairment loss is allocated to the goodwill of the CGU and then to the other assets of the CGU pro\u2011rata
on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is
not reversed in a subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the
attributable amount of goodwill is included in the determination of the profit or loss on disposal.
Computer software is recognised separately as an intangible asset and is carried at cost less accumulated
amortisation and accumulated impairment losses. Costs include software licences, website development,
costs attributable to the development, design and implementation of the computer software and internal
costs directly attributable to the software. Software is amortised on a straight\u2011line basis over its useful
economic life (three to five years).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "Goodwill and intangible assets
Goodwill arising on consolidation is recognised as an asset at the date that control is acquired. Goodwill
is measured as the excess of the sum of the consideration transferred, the amount of any non\u2011controlling
interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest (if any) in the entity
over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash generating units
(CGUs) which are tested for impairment annually, or more frequently where there is an indication that the
CGU may be impaired. If the recoverable amount of the CGU is less than the carrying amount of the CGU,
the impairment loss is allocated to the goodwill of the CGU and then to the other assets of the CGU pro\u2011rata
on the basis of the carrying amount of each asset in the CGU. An impairment loss recognised for goodwill is
not reversed in a subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the
attributable amount of goodwill is included in the determination of the profit or loss on disposal.
Computer software is recognised separately as an intangible asset and is carried at cost less accumulated
amortisation and accumulated impairment losses. Costs include software licences, website development,
costs attributable to the development, design and implementation of the computer software and internal
costs directly attributable to the software. Software is amortised on a straight\u2011line basis over its useful
economic life (three to five years).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "Revenue recognition
Under IFRS 15 revenue is recognised when control of a good or service transfers to the customer. The point at which
goods and services are transferred to the customer is based on the fulfilment of performance obligations.
As the Group has the right to consideration corresponding directly with the value of performance completed to
date, customer contract revenue is recognised consistent with the amount that the Group has a right to invoice.
The Group is therefore exercising the practical expedient not to explain transaction prices allocated to unsatisfied
performance obligations at the end of the reporting period.
Revenue principally comprises revenue from train passenger services, road passenger transport, and certain
management and maintenance services in the UK. Where appropriate, amounts are shown net of rebates and
sales taxes. An explanation of the types of revenue is set out below.
Note that revenues include contractual and direct fiscal support. This is covered in more detail further on
in this note.
Passenger revenues
Passenger revenues primarily relate to ticket sales through First Bus and the First Rail businesses. Passenger
revenue is recognised at both a point in time and over time. Ticket sales for journeys of less than one week\u2019s
duration are recognised on the first date of travel. Ticket sales for season tickets, travel cards and open\u2011return
tickets are initially deferred then recognised over the period covered by the relevant ticket. Concessionary
amounts are recognised in the period in which the service is provided. Where customers are due compensation
due to delays in their journeys, such payments are treated as a reduction in passenger revenue in line with IFRS 15
Revenue from Contracts with Customers.
Contract revenues
Contract revenues mainly relate to tenders and route contracts in First Bus. Revenues are recognised as the
services are provided over the length of the contract and based on a transaction price which is defined in the
terms of the contract.
Rail contract subsidy receipts
Revenue in the First Rail businesses includes subsidy receipts from the Department for Transport (DfT) for National
Rail Contracts (NRCs), with amounts receivable under these arrangements including certain funded operational
projects. Revenue also includes amounts attributable to the Train Operating Companies (TOCs), predominantly
based on models of route usage, by the Railway Settlement Plan in respect of passenger receipts. Revenue is
recognised over time as the performance obligations are met as agreed between the individual TOCs and the DfT.
Other revenue sources
Other revenue sources mainly relate to non\u2011rail subsidies, revenue arising from ancillary services to other rail and
road passenger service providers for maintenance, refuelling and other associated services and to sundry third
parties for the use of space at terminals and on\u2011board vehicles for other business activities, e.g. retail outlets, taxi
ranks, catering and advertising. Other revenues are recognised at both a point in time and over time.
Service agreement premium/subsidy
DfT TOCs are subject to fixed payments in the form of a premium paid to, or subsidy received from, the DfT. TOCs
are entitled to earn performance based fees and a contracted margin, and the service agreement premium/
subsidy is calculated to deliver this margin. It is calculated with direct reference to costs and revenues for each
annual accounting period, and there is no clawback mechanism for payments received, or linkage between
calculations from one annual period to the next, and as such the unit of account is deemed to be each annual
reporting period. Periodic payments are received from or made to the DfT. In annual periods where a net subsidy
is received from the DfT this is considered to be an IAS 20 government grant and is accounted for accordingly.
The grant is considered to provide for the contracted margin, the performance based fees, and compensates
for the excess of allowed costs over revenues, however it is not IFRS 15 revenue from a contract with a customer.
Where revenues exceed allowable costs, and the associated premium payment is made to the DfT, this is
considered to be an operating levy, and the payments are presented within operating costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00423": { "value": "First Rail
The DfT TOC NRCs transferred substantially all revenue and substantially all cost risk to the government and for
the current and prior periods our First Rail contracts were operated under the terms of these arrangements:
\ue001
GWR operated under an NRC to June 2028. On 7 May 2026, First Greater Western Railway Ltd received notice
from the Department for Transport that its National Rail Contract would expire on 13 December 2026, at which
point GWR will hand over to the DfT Operator.
\ue001
WCP/Avanti were awarded a nine\u2011year NRC in September 2023, with a minimum core three\u2011year term to
October 2026.
\ue001
SWR operated under an NRC which expired on 25 May 2025.
Under the arrangements, our franchised TOCs are paid a fixed management fee to continue to operate the
rail network at a service level agreed with the government. Performance\u2011based fees are earned through a
combination of scorecards and quantified target methodologies benchmarked off this agreed service level.
DfT funding including the management and performance fee is recognised as revenue in rail contracts subsidy
receipts, in line with the revenue recognition policy for contract subsidy receipts from the DfT.
Disaggregated revenue by operating segment is set out in note 5.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFranchiseFeesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "Leasing
Lease identification
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
Right of use asset
At the commencement date, the right of use asset is initially measured at cost, which comprises the initial amount
of the lease liability adjusted for any lease payments made at or before the commencement date, less any
incentives received, plus any initial direct costs incurred and an estimate of costs to be incurred by the Group
to dismantle and remove the underlying asset or restore the underlying asset or the site on which it is located.
The right of use asset is depreciated on a straight\u2011line basis over the shorter of the estimated useful life
of the asset, the lease term or current expected contract terms for rail TOCs at the balance sheet date. In
addition, the right of use asset is periodically reduced by impairment losses, if applicable, and adjusted
for certain remeasurements of the lease liability.
Lease liability
At the commencement date of the lease, the lease liability is initially measured at the present value of
lease payments to be made over the lease term. The lease payments include fixed payments (including
in\u2011substance fixed payments) less any lease incentives receivable, variable lease payments that depend
on an index or a rate, and amounts expected to be paid by the Group under residual value guarantees.
The lease payments also include the exercise price of a purchase option if the Group is reasonably certain
to exercise that option. Payments of penalties for terminating a lease, if the lease term reflects the Group
exercising the option to terminate the lease, are also included. The payments are discounted at the
incremental borrowing rate since the rates implicit in the leases are not readily available.
The lease liability is measured by increasing the carrying amount to reflect the interest on the lease liability
and reducing the carrying amount to reflect the lease payments made. The carrying value is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is a
change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee,
or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option.
Lease incentives
The Group assesses reimbursements from lessors, to establish whether these represent lease incentives.
Where a lease incentive is identified, the income is spread over the term of the related lease.
Short\u2011term leases and leases of low\u2011value assets
The Group applies the short\u2011term lease recognition exemption to selected leases that have a lease term
of 12 months or less from the commencement date and do not contain a purchase option and where it is
not reasonably certain that the lease term will be extended. It also applies the low\u2011value assets recognition
exemption to leases of assets of low value based on the value of the asset when it is new, regardless of the
age of the asset being leased. Lease payments on short\u2011term leases and leases of low\u2011value assets are
recognised as an expense on a straight\u2011line basis over the lease term.
On the balance sheet, right of use assets have been included in property, plant and equipment and lease
liabilities have been included in borrowings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "Foreign currencies
The individual financial statements of each Group company are presented in the currency of the primary
economic environment in which it operates (its functional currency). For the purpose of the consolidated
financial statements, the results and financial position of each Group company are expressed in pounds
sterling, which is the functional currency of the Company, and the presentation currency for the consolidated
financial statements.
In preparing the financial statements of the individual companies, transactions in currencies other than
the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions.
At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the balance sheet date. Non\u2011monetary assets and liabilities carried at
fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when
the fair value was determined. Non\u2011monetary items that are measured in terms of historical cost in a foreign
currency are not retranslated.
Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary
items, are included in profit or loss for the period. Exchange differences arising on the retranslation of
non\u2011monetary items carried at fair value are included in profit or loss for the period, except for differences
arising on the retranslation of non\u2011monetary items in respect of which gains and losses are recognised
within other comprehensive income. For such non\u2011monetary items, any exchange component of that gain
or loss is also recognised within other comprehensive income.
In order to hedge its exposure to certain foreign exchange risks, the Group holds currency swaps and borrowings
in foreign currencies (see note 22 for details of the Group\u2019s policies in respect of foreign exchange risks).
On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated at the closing
exchange rates on the balance sheet date. Income and expense items are translated at the average exchange
rates for the period. Exchange differences arising from the average exchange rates used and the period
end rate, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Such translation
differences are recognised as income or as expenses in the period in which the operation is disposed of.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "The individual financial statements of each Group company are presented in the currency of the primary
economic environment in which it operates (its functional currency). For the purpose of the consolidated
financial statements, the results and financial position of each Group company are expressed in pounds
sterling, which is the functional currency of the Company, and the presentation currency for the consolidated
financial statements.
In preparing the financial statements of the individual companies, transactions in currencies other than
the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions.
At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the balance sheet date. Non\u2011monetary assets and liabilities carried at
fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when
the fair value was determined. Non\u2011monetary items that are measured in terms of historical cost in a foreign
currency are not retranslated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "Retirement benefit costs
The Group operates or participates in a number of pension schemes, which include both defined benefit
schemes and defined contribution schemes.
Payments to defined contribution plans are charged as an expense as they fall due. There is no further
obligation to pay contributions into a defined contribution plan once the contributions specified in the plan
rules have been paid.
For defined benefit schemes, the cost of providing benefits is determined using the Projected Unit Credit
Method, with actuarial updates being carried out at each balance sheet date. Actuarial gains and losses are
recognised in full in the period in which they occur. They are recognised outside the income statement and
presented in the consolidated statement of other comprehensive income.
All past service costs are recognised immediately in the consolidated income statement.
Where changes to the benefits in payment on defined benefit pension schemes require a change in scheme
rules or ratification by the Trustees, the change is recognised as a past service charge or credit in the income
statement. Where changes in assumptions can be made without changing the Trustee agreement, these are
recognised as a change in assumptions in other comprehensive income.
The retirement benefit position recognised in the balance sheet represents the present value of the defined
benefit obligation as reduced by the fair value of scheme assets. Any residual asset resulting from this
calculation is limited to refunds economically available to the Company, in the form of either a public
sector payment or the present value of future service costs recognised via suspension of cash contributions.
Various TOCs in the First Rail business participate in the Railways Pension Scheme (RPS), which is an industry\u2011wide
defined benefit scheme. The Group is obligated to fund the relevant section of the scheme over the period for
which the contract is held. The full liability is recognised on the balance sheet, which is then reduced by a
\u2018contract adjustment\u2019 so that the net liability reflects the Group\u2019s obligations to fund the scheme over the
contract term, subject to any changes in the schedule of contributions following a statutory valuation.
Retirement benefits are also covered in the Key sources of estimation uncertainty section of note 2 below.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "Tax
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the income statement because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by
the balance sheet date and includes an estimate of the tax which could be payable as a result of differing
interpretation of tax laws.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts
of assets and liabilities in the financial statements and the corresponding tax bases used in the computation
of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the
initial recognition of goodwill, or from the initial recognition (other than in a business combination) of other
assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries
and associates, and interests in joint ventures, except where the Group is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the
asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled
or the asset is realised and is based on the estimated tax consequences of items that are subject to differing
interpretations of tax laws. Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited in other comprehensive income or directly to equity, in which case
the deferred tax is also dealt with within other comprehensive income or directly in equity respectively.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to income taxes levied by the same tax authority
and the Group intends to settle its current tax assets and liabilities on a net basis.
The Group follows IFRIC 23 Uncertainty over Income Tax Treatments. IFRIC 23 sets out how to determine the
accounting tax position when there is uncertainty over income tax treatments. The interpretation requires
the Group to determine whether uncertain tax positions are assessed separately or as a Group, and
\ue001
Assess whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed
to be used, by an entity in its income tax filings:
\u2022
If yes, the Group should determine its accounting tax position consistently with the tax treatment used
or planned to be used in its income tax filings.
\u2022
If no, the Group should reflect the effect of uncertainty in determining its accounting tax position using
either the most likely amount or the expected value method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts
of assets and liabilities in the financial statements and the corresponding tax bases used in the computation
of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the
initial recognition of goodwill, or from the initial recognition (other than in a business combination) of other
assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries
and associates, and interests in joint ventures, except where the Group is able to control the reversal of the
temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the
asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled
or the asset is realised and is based on the estimated tax consequences of items that are subject to differing
interpretations of tax laws. Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited in other comprehensive income or directly to equity, in which case
the deferred tax is also dealt with within other comprehensive income or directly in equity respectively.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to income taxes levied by the same tax authority
and the Group intends to settle its current tax assets and liabilities on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "Property, plant and equipment
Properties for provision of services or administrative purposes are carried at cost, less any recognised
impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in
accordance with the Group\u2019s accounting policy. Depreciation of these assets, on the same basis as other
property assets, commences when the assets are ready for their intended use.
Passenger carrying vehicles and other plant and equipment are stated at cost less accumulated
depreciation and any recognised impairment loss.
Depreciation is charged so as to write off the cost of assets, other than freehold land, the land element of
long leasehold properties or on assets in the course of construction, over their estimated useful lives, using
the straight\u2011line method, on the following bases:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
50 years straight\u2011line
Passenger carrying vehicles
seven to 17 years straight\u2011line
Other plant and equipment
three to 25 years straight\u2011line
\n
Assets specific to TOCs are depreciated over the lesser of their estimated useful lives or the rail contract term
expected at the balance sheet date.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the
sales proceeds and the carrying amount of the asset and is recognised in income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "Passenger carrying vehicles and other plant and equipment are stated at cost less accumulated
depreciation and any recognised impairment loss.
Depreciation is charged so as to write off the cost of assets, other than freehold land, the land element of
long leasehold properties or on assets in the course of construction, over their estimated useful lives, using
the straight\u2011line method, on the following bases:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
50 years straight\u2011line
Passenger carrying vehicles
seven to 17 years straight\u2011line
Other plant and equipment
three to 25 years straight\u2011line
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "Impairment of tangible and intangible assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where the asset does not generate cash flows that are independent from other
assets, the Group estimates the recoverable amount of the CGU to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre\u2011tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for which
the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of
the asset or CGU is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount
that would have been determined had no impairment loss been recognised for the asset or CGU in prior years.
A reversal of an impairment loss is recognised as income immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "Impairment of tangible and intangible assets excluding goodwill
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where the asset does not generate cash flows that are independent from other
assets, the Group estimates the recoverable amount of the CGU to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre\u2011tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for which
the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of
the asset or CGU is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount
that would have been determined had no impairment loss been recognised for the asset or CGU in prior years.
A reversal of an impairment loss is recognised as income immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "Inventories
Inventories of spare parts and consumables are stated at the lower of cost and net realisable value, after making
appropriate allowances for obsolete and slow\u2011moving items. Cost comprises direct materials and, where applicable,
those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is
calculated using the weighted average cost method. Where the purchase of inventory was the hedged item in a cash
flow hedge relationship, the initial carrying amount of the recognised inventory is adjusted by the associated hedging
gain or loss transferred from the hedging reserve (a basis adjustment). There are no material inventory allowances.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "Financial instruments
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group
becomes a party to the contractual provisions of the instrument.
Financial assets
Financial assets can be measured at amortised cost, fair value through profit or loss or fair value through
other comprehensive income. The measurement basis is determined by reference to both the business
model for managing the financial asset and the contractual cash flow characteristics of the financial asset.
Financial assets are classified into one of three primary categories:
Financial assets at amortised cost
Financial assets at amortised cost are non\u2011derivative financial assets held for collection of contractual cash flows
where those cash flows represent solely payments of principal and interest. Financial assets at amortised cost are
subsequently measured using the effective interest method and are subject to impairment. Gains and losses are
recognised in profit or loss when the asset is derecognised, modified or impaired.
Fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily
required to be measured at fair value. Financial assets are classified as held for trading if they are acquired
for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading
unless they are designated as effective hedging instruments.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the income statement within finance costs. Transaction
costs arising on initial recognition are expensed in the income statement.
Fair value through other comprehensive income
The Group does not have any financial assets held at fair value through other comprehensive income.
The Group also includes restricted cash balances within Financial assets, where balances are held as
collateral for third party arrangements and are not readily available for general use by the business.
Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the Group after deducting all of its liabilities. Equity instruments issued by the Company are
recorded at the proceeds received net of direct issue costs.
Financial liabilities
Bank borrowings
Interest\u2011bearing bank loans, asset backed financial liabilities and overdrafts are measured on an amortised cost basis.
Bonds and loan notes
These are measured either on an amortised cost basis or at fair value, if designated.
Trade payables
Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using
the effective interest rate method.
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate
and commodity risks. Use of such financial instruments is governed by policies and delegated authorities
approved by the Board. The Group does not hold or issue derivative financial instruments for trading purposes.
The main derivative financial instruments used by the Group are interest rate swaps, fuel swaps, and cross
currency interest rate swaps. Such instruments are initially recognised at fair value and subsequently
remeasured to fair value at the reported balance sheet date. The fair values are calculated by reference
to market exchange rates, interest rates and fuel prices at the period end, and supported by counterparty
confirmations. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement
are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being
hedged. At inception of designated hedging relationships, the Group documents the risk management
objective and strategy for undertaking the hedge, the nature of the risks being hedged and the economic
relationship between the item being hedged and the hedging instrument.
Fair value hedging
The fair value change on qualifying hedging instruments is recognised in profit or loss. The carrying amount
of a hedged item not already measured at fair value is adjusted for the fair value change attributable to the
hedged risk with a corresponding entry in profit or loss.
Cash flow hedging
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are
designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated
under the heading of hedging reserve, limited to the cumulative change in fair value of the hedged item from
inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in profit or
loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified
to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised
hedged item. However, when the hedged forecast transaction results in the recognition of a non\u2011financial item
such as inventory, the gains and losses previously recognised in other comprehensive income and accumulated
in equity are removed from equity and included as a basis adjustment in the initial measurement of the cost of
that item. This transfer does not affect other comprehensive income, however the hedging gains and losses that
will subsequently be transferred as basis adjustments are categorised as amounts that may be reclassified
subsequently to profit or loss, as such a reclassification may occur in the event that the hedged transaction is no
longer expected to occur. Furthermore, if the Group expects that some or all of the loss accumulated in the cash
flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
Net investment hedging
Derivative financial instruments are classified as net investment hedges when they hedge the Group\u2019s
net investment in an overseas operation. The effective element of any foreign exchange gain or loss
from remeasuring the derivative instrument is recognised directly in other comprehensive income and
accumulated in the foreign currency translation reserve. Any ineffective element is recognised immediately
in the Group income statement. Gains and losses accumulated in the foreign currency translation reserve
are included in the Group income statement on the disposal or partial disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "Financial assets
Financial assets can be measured at amortised cost, fair value through profit or loss or fair value through
other comprehensive income. The measurement basis is determined by reference to both the business
model for managing the financial asset and the contractual cash flow characteristics of the financial asset.
Financial assets are classified into one of three primary categories:
Financial assets at amortised cost
Financial assets at amortised cost are non\u2011derivative financial assets held for collection of contractual cash flows
where those cash flows represent solely payments of principal and interest. Financial assets at amortised cost are
subsequently measured using the effective interest method and are subject to impairment. Gains and losses are
recognised in profit or loss when the asset is derecognised, modified or impaired.
Fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily
required to be measured at fair value. Financial assets are classified as held for trading if they are acquired
for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading
unless they are designated as effective hedging instruments.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the income statement within finance costs. Transaction
costs arising on initial recognition are expensed in the income statement.
Fair value through other comprehensive income
The Group does not have any financial assets held at fair value through other comprehensive income.
The Group also includes restricted cash balances within Financial assets, where balances are held as
collateral for third party arrangements and are not readily available for general use by the business.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "Fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily
required to be measured at fair value. Financial assets are classified as held for trading if they are acquired
for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading
unless they are designated as effective hedging instruments.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the income statement within finance costs. Transaction
costs arising on initial recognition are expensed in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the Group after deducting all of its liabilities. Equity instruments issued by the Company are
recorded at the proceeds received net of direct issue costs.
Financial liabilities
Bank borrowings
Interest\u2011bearing bank loans, asset backed financial liabilities and overdrafts are measured on an amortised cost basis.
Bonds and loan notes
These are measured either on an amortised cost basis or at fair value, if designated.
Trade payables
Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using
the effective interest rate method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "Bank borrowings Interest\u2011bearing bank loans, asset backed financial liabilities and overdrafts are measured on an amortised cost basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "Trade payables
Trade payables are initially measured at fair value, and are subsequently measured at amortised cost, using
the effective interest rate method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate
and commodity risks. Use of such financial instruments is governed by policies and delegated authorities
approved by the Board. The Group does not hold or issue derivative financial instruments for trading purposes.
The main derivative financial instruments used by the Group are interest rate swaps, fuel swaps, and cross
currency interest rate swaps. Such instruments are initially recognised at fair value and subsequently
remeasured to fair value at the reported balance sheet date. The fair values are calculated by reference
to market exchange rates, interest rates and fuel prices at the period end, and supported by counterparty
confirmations. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement
are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being
hedged. At inception of designated hedging relationships, the Group documents the risk management
objective and strategy for undertaking the hedge, the nature of the risks being hedged and the economic
relationship between the item being hedged and the hedging instrument.
Fair value hedging
The fair value change on qualifying hedging instruments is recognised in profit or loss. The carrying amount
of a hedged item not already measured at fair value is adjusted for the fair value change attributable to the
hedged risk with a corresponding entry in profit or loss.
Cash flow hedging
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are
designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated
under the heading of hedging reserve, limited to the cumulative change in fair value of the hedged item from
inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in profit or
loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified
to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised
hedged item. However, when the hedged forecast transaction results in the recognition of a non\u2011financial item
such as inventory, the gains and losses previously recognised in other comprehensive income and accumulated
in equity are removed from equity and included as a basis adjustment in the initial measurement of the cost of
that item. This transfer does not affect other comprehensive income, however the hedging gains and losses that
will subsequently be transferred as basis adjustments are categorised as amounts that may be reclassified
subsequently to profit or loss, as such a reclassification may occur in the event that the hedged transaction is no
longer expected to occur. Furthermore, if the Group expects that some or all of the loss accumulated in the cash
flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
Net investment hedging
Derivative financial instruments are classified as net investment hedges when they hedge the Group\u2019s
net investment in an overseas operation. The effective element of any foreign exchange gain or loss
from remeasuring the derivative instrument is recognised directly in other comprehensive income and
accumulated in the foreign currency translation reserve. Any ineffective element is recognised immediately
in the Group income statement. Gains and losses accumulated in the foreign currency translation reserve
are included in the Group income statement on the disposal or partial disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate
and commodity risks. Use of such financial instruments is governed by policies and delegated authorities
approved by the Board. The Group does not hold or issue derivative financial instruments for trading purposes.
The main derivative financial instruments used by the Group are interest rate swaps, fuel swaps, and cross
currency interest rate swaps. Such instruments are initially recognised at fair value and subsequently
remeasured to fair value at the reported balance sheet date. The fair values are calculated by reference
to market exchange rates, interest rates and fuel prices at the period end, and supported by counterparty
confirmations. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement
are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being
hedged. At inception of designated hedging relationships, the Group documents the risk management
objective and strategy for undertaking the hedge, the nature of the risks being hedged and the economic
relationship between the item being hedged and the hedging instrument.
Fair value hedging
The fair value change on qualifying hedging instruments is recognised in profit or loss. The carrying amount
of a hedged item not already measured at fair value is adjusted for the fair value change attributable to the
hedged risk with a corresponding entry in profit or loss.
Cash flow hedging
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are
designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated
under the heading of hedging reserve, limited to the cumulative change in fair value of the hedged item from
inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in profit or
loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified
to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised
hedged item. However, when the hedged forecast transaction results in the recognition of a non\u2011financial item
such as inventory, the gains and losses previously recognised in other comprehensive income and accumulated
in equity are removed from equity and included as a basis adjustment in the initial measurement of the cost of
that item. This transfer does not affect other comprehensive income, however the hedging gains and losses that
will subsequently be transferred as basis adjustments are categorised as amounts that may be reclassified
subsequently to profit or loss, as such a reclassification may occur in the event that the hedged transaction is no
longer expected to occur. Furthermore, if the Group expects that some or all of the loss accumulated in the cash
flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
Net investment hedging
Derivative financial instruments are classified as net investment hedges when they hedge the Group\u2019s
net investment in an overseas operation. The effective element of any foreign exchange gain or loss
from remeasuring the derivative instrument is recognised directly in other comprehensive income and
accumulated in the foreign currency translation reserve. Any ineffective element is recognised immediately
in the Group income statement. Gains and losses accumulated in the foreign currency translation reserve
are included in the Group income statement on the disposal or partial disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its exposure to foreign exchange, interest rate
and commodity risks. Use of such financial instruments is governed by policies and delegated authorities
approved by the Board. The Group does not hold or issue derivative financial instruments for trading purposes.
The main derivative financial instruments used by the Group are interest rate swaps, fuel swaps, and cross
currency interest rate swaps. Such instruments are initially recognised at fair value and subsequently
remeasured to fair value at the reported balance sheet date. The fair values are calculated by reference
to market exchange rates, interest rates and fuel prices at the period end, and supported by counterparty
confirmations. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement
are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being
hedged. At inception of designated hedging relationships, the Group documents the risk management
objective and strategy for undertaking the hedge, the nature of the risks being hedged and the economic
relationship between the item being hedged and the hedging instrument.
Fair value hedging
The fair value change on qualifying hedging instruments is recognised in profit or loss. The carrying amount
of a hedged item not already measured at fair value is adjusted for the fair value change attributable to the
hedged risk with a corresponding entry in profit or loss.
Cash flow hedging
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are
designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated
under the heading of hedging reserve, limited to the cumulative change in fair value of the hedged item from
inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in profit or
loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified
to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised
hedged item. However, when the hedged forecast transaction results in the recognition of a non\u2011financial item
such as inventory, the gains and losses previously recognised in other comprehensive income and accumulated
in equity are removed from equity and included as a basis adjustment in the initial measurement of the cost of
that item. This transfer does not affect other comprehensive income, however the hedging gains and losses that
will subsequently be transferred as basis adjustments are categorised as amounts that may be reclassified
subsequently to profit or loss, as such a reclassification may occur in the event that the hedged transaction is no
longer expected to occur. Furthermore, if the Group expects that some or all of the loss accumulated in the cash
flow hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss.
Net investment hedging
Derivative financial instruments are classified as net investment hedges when they hedge the Group\u2019s
net investment in an overseas operation. The effective element of any foreign exchange gain or loss
from remeasuring the derivative instrument is recognised directly in other comprehensive income and
accumulated in the foreign currency translation reserve. Any ineffective element is recognised immediately
in the Group income statement. Gains and losses accumulated in the foreign currency translation reserve
are included in the Group income statement on the disposal or partial disposal of the foreign operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event and it is
probable that the Group will be required to settle that obligation. Provisions are measured at the Directors\u2019
best estimate of the expenditure required to settle the obligation at the balance sheet date and are
discounted to present value where the effect is material.
Self\u2011insurance
The Group\u2019s policy is to self\u2011insure high\u2011frequency, low\u2011value claims within the businesses. In addition there
are typically a smaller number of major claims during a financial year for which cover is obtained through
third party insurance policies subject to an insurance deductible. Where the Group holds legacy self\u2011insurance
exposures related to disposed businesses, insurance and re\u2011insurance policies have been purchased to
de\u2011risk this exposure. Provision is made under IAS 37 Provisions, Contingent Liabilities and Contingent Assets
for the estimated cost of settling uninsured claims for incidents occurring prior to the balance sheet date.
The provision is discounted to appropriately reflect the timing of future cash claims settlements. Self\u2011insurance
is also covered in the Key sources of estimation uncertainty section of note 2 below.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "Share\u2011based payments
The Group issues equity\u2011settled share\u2011based payments to certain employees. Equity\u2011settled share\u2011based
payments are measured at fair value at the date of grant. The fair value is expensed over the vesting period,
based on the Group\u2019s estimate of shares that will eventually vest and is adjusted for the effects of
non\u2011market\u2011based vesting conditions.
Fair value is measured by use of a Black\u2011Scholes or other appropriate valuation model. The expected life used
in the model has been adjusted, based on management\u2019s best estimate, for the effects of non\u2011transferability,
exercise restrictions and behavioural considerations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "Joint operations Where the Group assesses a joint arrangement to be a joint operation, it recognises its direct right to the assets, liabilities, revenue and expenses of the joint operation, and its share of any jointly held or incurred assets, liabilities, revenue and expenses. These have been incorporated in the financial statements under the appropriate headings.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysRelationshipWithJointOperation", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "Dividend distributions
Dividend distributions to the Company\u2019s shareholders are recognised as a liability in the Group\u2019s financial
statements in the period in which the dividends are approved by the Company\u2019s shareholders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "Key sources of estimation uncertainty and significant judgements
The preparation of financial statements in conformity with generally accepted accounting principles requires
the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses during the reporting period.
Although these estimates are based on management\u2019s best knowledge, actual results may ultimately differ
from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only
that period, or in the period of revision and future periods if the revision affects both current and future periods.
The following are the critical estimates and judgements that the Directors have made in the process of
applying the Group\u2019s accounting policies and that have the most significant effect on the amounts
recognised in the financial statements.
Defined benefit pension arrangements
Railway Pension Scheme
As at the balance sheet date, the Group sponsored two sections of the Railway Pension Scheme (RPS), relating
to its obligations for its contracted TOCs, and a further section for Hull Trains, its open access operator. The RPS
is a defined benefit pension scheme which covers the whole of the UK rail industry. The RPS is partitioned into
sections and, for the sections that relate to contracts, the Group is responsible for the funding of these
sections only while it operates the relevant contract. In contrast to the pension schemes operated by most
businesses, the RPS is a shared cost scheme which means that costs are formally shared 60% employer and
40% employee. The Group only recognises amounts in relation to its share of costs in the income statement,
and for the contracted TOCs, those amounts are then reimbursed to the TOCs as part of the overall allowable
contracted operating expenses. Management of the RPS is not the responsibility of the Group, nor is it able to
benefit from any future surplus, or liable for any deficit, of those funds.
At the end of the contract term, responsibility for funding the relevant section of the scheme, and consequentially
any deficit or surplus existing at that date, is passed to the next contractor. At each balance sheet date a
contract adjustment is recognised against the IAS 19 net pension asset or liability to reflect that portion
expected to pass to the next contractor.
The Directors view this arrangement as analogous to the circumstances described in paragraphs 92\u201194 of
IAS 19 (Revised) with a third party taking on the obligation for future contributions. As there is no requirement
to make contributions to fund the current deficit, it is assumed that all of the current deficit will be funded by
another party and hence none of that deficit is attributable to the current contractor. In respect of the future
service costs, there is currently no pension obligation in respect of those costs. When the costs are recognised
in the income statement, the extent to which the committed contributions fall short determines the amount
that is to be covered by contributions of another party in future, which is recognised as an adjustment to
service cost in the income statement. Under circumstances where contributions are renegotiated, such as
following a statutory valuation, an adjustment will be recognised in the income statement, whilst changes
in actuarial assumptions continue to be recognised through other comprehensive income.
The Directors consider this judgement to be the most appropriate interpretation of IAS 19 to reflect the
specific circumstances of the RPS where the contract commitment is only to pay contributions during the
period in which we run the contract.
Actuarial assumptions
The UK schemes\u2019 retirement benefit obligations are discounted at a rate set by reference to market yields at
the end of the reporting period on high\u2011quality corporate bonds. Significant assumptions are made when
setting the criteria for bonds to be included in the population from which the yield curve is derived. The most
significant criteria considered for the selection of bonds include the issue size of the corporate bonds, quality
of the bonds and the identification of outliers which are excluded to align with the characteristics of each
scheme. Management follows actuarial advice from a third party when determining these judgements.
Other key estimates include the longevity of members, expected rates of salary increases and inflation.
We take specialist advice on these from our actuarial advisers which aims to consider the likely experience
taking into account each scheme\u2019s characteristics. Our approach is to review these assumptions for each
scheme following completion of their funding valuations, and more frequently only if appropriate to do so.
The majority of invested pension scheme assets are held in asset classes where a deep market exists and
therefore where market prices are readily available. Some of the more illiquid assets do not have such a
deep market, and so a discounted cash flow valuation methodology is adopted, using cash flows provided
by fund managers using their best estimates of the distributions from the investments. The critical estimate
in respect of these cash flows is the discount rate applied with reference to the yield on a government bond
of suitable duration, adjusted to take into account the relevant asset\u2011specific risks (primarily credit default
risk and liquidity risk). Both the quantum of the cash flows and the discount rate adopted require an element
of judgement, and changes to either could alter the valuation ascribed to the assets.
The carrying amount of the Group\u2019s continuing retirement benefit arrangements at 28 March 2026 was an
asset of \u00a319.9m (2025: asset of \u00a322.7m). Further details and sensitivities are set out in note 34.
Other areas of judgement and accounting estimates
The consolidated financial statements include other areas of judgement and accounting estimates, and
while these do not meet the IAS 1 definition of significant accounting estimates or critical accounting
judgements, the recognition and measurement of certain material assets and liabilities are based on
assumptions, or are subject to longer\u2011term uncertainties.
Acquisition accounting adjustments relating to First Bus London
On 28 February 2025, the Group completed its acquisition of London bus operator RATP Dev Transit London
Limited and its subsidiaries (First Bus London). The Group has now finalised the purchase price allocation
exercise for First Bus London, and this identified a number of adjustments to reflect the fair value of the assets
and liabilities acquired.
The key sources of estimation uncertainty and significant judgements resulting from the transaction relate to
the acquisition accounting exercise, and the recognition and measurement of assets acquired and liabilities
assumed. Key areas of judgement include, but are not limited to, the measurement of contract intangibles
and onerous contract provisions, the valuations of property, plant and equipment (including freehold land
and buildings), recognition of other liabilities and provisions, recognition and valuation of deferred tax assets,
and the resulting goodwill arising from the transaction. Note 28 provides more details on the finalised
acquisition accounting exercise.
Impairment of assets in CGUs
The key sources of estimation uncertainty in relation to the potential risk of impairment of assets in CGUs
relate to the cash flow forecasts including significant judgements in deciding what assumptions to make
regarding the future financial performance of the CGU, the ongoing macroeconomic uncertainty, and the
Group\u2019s future climate\u2011related targets and ambitions. This is covered in more detail in note 11.
Determining First Rail National Rail Contract expiry dates
On 28 November 2024, the Passenger Railway Services (Public Ownership) Act 2024 received Royal Assent,
allowing passenger train operators with contracts with the DfT to be brought into public ownership.
An initial timetable for this process was published in December 2024. The Group\u2019s South Western Railway NRC
expired in May 2025. The timetable published at that time indicated that other TOCs would be taken into
public ownership by October 2027, but with no dates then specified for Great Western Railway or West Coast
Partnership. At the FY 2026 balance sheet date, no NRC expiry dates had been announced for Great Western
Railway or West Coast Partnership. The Group was therefore required to make judgements to assess the
most likely expiry dates for these NRCs at the balance sheet date.
These expiry date judgements are then used to identify lease terms in certain situations and useful lives
of property, plant and equipment for TOCs. If there were to be a change in the judgement regarding lease
expiry dates, this would result in a reassessment of the right of use asset and lease liabilities. Similarly, a
change in useful lives for TOC property, plant and equipment would result in a change to the carrying value
of those assets. There were no changes during the year to the Group\u2019s judgements for NRC expiry dates.
On 7 May 2026, First Greater Western Railway Ltd received notice from the Department for Transport
that its NRC would expire on 13 December 2026, at which point GWR will hand over to the DfT Operator.
As this notification was received after the balance sheet date, the Group has concluded that it represents
a non\u2011adjusting event.
DfT TOCs \u2013 income statement classification
South Western Railway transferred to DfT ownership in May 2025 when its NRC expired, and Great Western
Railway\u2019s NRC will expire on 13 December 2026. A detailed timetable has yet to be announced for the Group\u2019s
West Coast Partnership TOCs, but the Government has indicated that all TOCs would be taken into public
ownership by October 2027. The Group has therefore reviewed the application of IFRS 5 Non\u2011current Assets
Held for Sale and Discontinued Operations in respect of its DfT TOCs.
The Group\u2019s DfT TOCs will no longer be a part of the Group when each TOC\u2019s individual NRC expires, whether at
their specified end dates, or when the appropriate contractual notice period is given by the DfT. However, the
Group does not consider that these contract expiries would represent discontinued operations per IFRS 5 as they
are not considered a disposal of operations. The contracts represent the vehicle for the Group\u2019s arrangements
with the DfT to provide rail passenger services, rather than a separate discontinued operation, and the contracts
expire upon their enforceable end point. Furthermore, the Group\u2019s First Rail operating segment will continue to run
passenger rail operations via its open access businesses and its contract to operate the London Overground rail
services, and the Group remains committed to investing in, and further expanding, its First Rail passenger rail
operations and services in the future. This is further evidenced by the acquisition of new open access licences
and further applications to operate open access passenger rail services.
Climate change
In the preparation of the Group\u2019s consolidated financial statements, management has considered the
potential impact of climate change, particularly in the context of the disclosures included in the Strategic
report (including the Task Force for Climate\u2011related Disclosures), and the Group\u2019s own climate\u2011related
ambitions and targets, including its stated Sustainability strategic pillar. This includes an assessment of how
the Group\u2019s accounting estimates and judgements are impacted by the Group\u2019s pathway to achieving its
stated ambitions and targets and delivering on its Sustainability strategic pillar, as well as by climate\u2011related
risks and opportunities for the Group.
Actions required to drive the Group\u2019s climate\u2011related ambitions and targets and to deliver on its Sustainability
strategic pillar, including their financial impacts, are factored into the longer\u2011term business planning cycles
of the Group. The following areas of estimation have been considered as part of these planning cycles, in
addition to those detailed in the Key sources of estimation uncertainty section. Management does not
believe that these areas will have a material impact on financial reporting estimates and judgements in
the next year. Owing to the inherent medium/longer\u2011term uncertainty with regard to climate\u2011related risks
and opportunities, it is not currently possible to assess whether in the future, these areas of estimation and
judgement may have a more material impact on carrying values of assets and liabilities. Management will
continue to regularly assess climate\u2011related risks in the context of the estimates and judgements made in
the preparation of the Group\u2019s financial statements.
Going concern and viability
There may be a risk of increased future costs and capital investment requirements to ensure compliance
with environmental regulatory requirements (for example carbon taxes/charges, or other emissions\u2011related
restrictions), and to achieve the Group\u2019s stated sustainability targets and ambitions. However, the Group
believes that there is likely to be an increasing modal shift towards public transport, as awareness grows
among customers of climate\u2011related issues, and with governmental support for transport decarbonisation,
which could create new opportunities for the Group.
Carrying value of non\u2011current assets
Environmental regulatory requirements, in parallel with the Group\u2019s climate\u2011related targets and ambitions,
may further accelerate the transition to electrification of vehicle fleets. Transitional risks relating to the
evolution of climate\u2011related technologies may alter the expected obsolescence profile of existing vehicle
fleets. These factors may impact the Group\u2019s estimates of the useful lives of existing assets, their residual
values, and the risk of asset impairment. The Group monitors closely the accounting estimates in relation
to its vehicle fleets to ensure they remain reasonable.
Provisions
Climate\u2011related legislative and regulatory changes may, in future, require the Group to assess whether
environmental provisions are necessary, for example the potential introduction of carbon taxes/charges. In
parallel with the work towards achieving its climate\u2011related ambitions and targets, the Group tracks such
legislative changes to ensure the impact on the business is well understood and managed effectively.
Other areas of the financial statements which may also be impacted by climate\u2011related risks and
opportunities include:
\ue001
Share\u2011based payments \u2013 certain of the Group\u2019s share\u2011based payments arrangements include a
sustainability target (see note 33), and the Group\u2019s ability to meet these targets may impact the amount
or timing of any share\u2011based payments.
\ue001
Deferred tax assets \u2013 recoverability of deferred tax assets is dependent on future profitability, which may
be impacted by climate\u2011related factors.
\ue001
Borrowing facilities \u2013 during the year, the Group has entered into innovative funding arrangements for the
future purchase of both electric bus batteries and electric bus bodies (chassis and drivetrain). The timing
of the utilisation of these facilities to support the Group\u2019s decarbonisation and sustainability targets may
impact levels of borrowing and finance costs for the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "value": "Key sources of estimation uncertainty and significant judgements The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge, actual results may ultimately differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The following are the critical estimates and judgements that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Defined benefit pension arrangements Railway Pension Scheme As at the balance sheet date, the Group sponsored two sections of the Railway Pension Scheme (RPS), relating to its obligations for its contracted TOCs, and a further section for Hull Trains, its open access operator. The RPS is a defined benefit pension scheme which covers the whole of the UK rail industry. The RPS is partitioned into sections and, for the sections that relate to contracts, the Group is responsible for the funding of these sections only while it operates the relevant contract. In contrast to the pension schemes operated by most businesses, the RPS is a shared cost scheme which means that costs are formally shared 60% employer and 40% employee. The Group only recognises amounts in relation to its share of costs in the income statement, and for the contracted TOCs, those amounts are then reimbursed to the TOCs as part of the overall allowable contracted operating expenses. Management of the RPS is not the responsibility of the Group, nor is it able to benefit from any future surplus, or liable for any deficit, of those funds. At the end of the contract term, responsibility for funding the relevant section of the scheme, and consequentially any deficit or surplus existing at that date, is passed to the next contractor. At each balance sheet date a contract adjustment is recognised against the IAS 19 net pension asset or liability to reflect that portion expected to pass to the next contractor. The Directors view this arrangement as analogous to the circumstances described in paragraphs 92\u201194 of IAS 19 (Revised) with a third party taking on the obligation for future contributions. As there is no requirement to make contributions to fund the current deficit, it is assumed that all of the current deficit will be funded by another party and hence none of that deficit is attributable to the current contractor. In respect of the future service costs, there is currently no pension obligation in respect of those costs. When the costs are recognised in the income statement, the extent to which the committed contributions fall short determines the amount that is to be covered by contributions of another party in future, which is recognised as an adjustment to service cost in the income statement. Under circumstances where contributions are renegotiated, such as following a statutory valuation, an adjustment will be recognised in the income statement, whilst changes in actuarial assumptions continue to be recognised through other comprehensive income. The Directors consider this judgement to be the most appropriate interpretation of IAS 19 to reflect the specific circumstances of the RPS where the contract commitment is only to pay contributions during the period in which we run the contract. Actuarial assumptions The UK schemes\u2019 retirement benefit obligations are discounted at a rate set by reference to market yields at the end of the reporting period on high\u2011quality corporate bonds. Significant assumptions are made when setting the criteria for bonds to be included in the population from which the yield curve is derived. The most significant criteria considered for the selection of bonds include the issue size of the corporate bonds, quality of the bonds and the identification of outliers which are excluded to align with the characteristics of each scheme. Management follows actuarial advice from a third party when determining these judgements. Other key estimates include the longevity of members, expected rates of salary increases and inflation. We take specialist advice on these from our actuarial advisers which aims to consider the likely experience taking into account each scheme\u2019s characteristics. Our approach is to review these assumptions for each scheme following completion of their funding valuations, and more frequently only if appropriate to do so. The majority of invested pension scheme assets are held in asset classes where a deep market exists and therefore where market prices are readily available. Some of the more illiquid assets do not have such a deep market, and so a discounted cash flow valuation methodology is adopted, using cash flows provided by fund managers using their best estimates of the distributions from the investments. The critical estimate in respect of these cash flows is the discount rate applied with reference to the yield on a government bond of suitable duration, adjusted to take into account the relevant asset\u2011specific risks (primarily credit default risk and liquidity risk). Both the quantum of the cash flows and the discount rate adopted require an element of judgement, and changes to either could alter the valuation ascribed to the assets. The carrying amount of the Group\u2019s continuing retirement benefit arrangements at 28 March 2026 was an asset of \u00a319.9m (2025: asset of \u00a322.7m). Further details and sensitivities are set out in note 34. Other areas of judgement and accounting estimates The consolidated financial statements include other areas of judgement and accounting estimates, and while these do not meet the IAS 1 definition of significant accounting estimates or critical accounting judgements, the recognition and measurement of certain material assets and liabilities are based on assumptions, or are subject to longer\u2011term uncertainties. Acquisition accounting adjustments relating to First Bus London On 28 February 2025, the Group completed its acquisition of London bus operator RATP Dev Transit London Limited and its subsidiaries (First Bus London). The Group has now finalised the purchase price allocation exercise for First Bus London, and this identified a number of adjustments to reflect the fair value of the assets and liabilities acquired. The key sources of estimation uncertainty and significant judgements resulting from the transaction relate to the acquisition accounting exercise, and the recognition and measurement of assets acquired and liabilities assumed. Key areas of judgement include, but are not limited to, the measurement of contract intangibles and onerous contract provisions, the valuations of property, plant and equipment (including freehold land and buildings), recognition of other liabilities and provisions, recognition and valuation of deferred tax assets, and the resulting goodwill arising from the transaction. Note 28 provides more details on the finalised acquisition accounting exercise. Impairment of assets in CGUs The key sources of estimation uncertainty in relation to the potential risk of impairment of assets in CGUs relate to the cash flow forecasts including significant judgements in deciding what assumptions to make regarding the future financial performance of the CGU, the ongoing macroeconomic uncertainty, and the Group\u2019s future climate\u2011related targets and ambitions. This is covered in more detail in note 11.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00547": { "value": "Going concern
The Board carried out a review of the Group\u2019s financial projections for the 18 months to 30 September 2027
and evaluated whether it was appropriate to prepare the full year results on a going concern basis. In doing
so, the Board considered whether any material uncertainties exist that cast doubt on the Group\u2019s and the
Company\u2019s ability to continue as a going concern over the going concern period.
Consistent with prior years, the Board\u2019s going concern assessment is based on a review of future trading
projections, including whether banking covenants are likely to be met and whether there is sufficient
committed facility headroom to accommodate future cash flows for the going concern period.
Divisional management teams prepared detailed, bottom\u2011up projections for their businesses reflecting the
impact of macroeconomic considerations on the operating environment, assumptions on passenger volumes
and government support, as well as the impact of actions required to address the Group\u2019s climate\u2011related
targets and ambitions, and having regard to the risks and uncertainties to which the Group is exposed.
Base case scenario
The Board considered the annual budget to 31 March 2027 and medium\u2011term plan including the period to
September 2027 to be the base case scenario for the purpose of the going concern assessment for the FY
2026 year end. These projections were the subject of a series of executive management reviews and were
used to establish the base case scenario that was used for the purposes of the going concern assessment.
The Bus base case assumes a gradual net profit increase from passenger volumes and yields in FY 2027,
with some offset from cost inflation. The base case also reflects the impact of the acquisitions completed
in FY 2025 and FY 2026, including First Bus London and coaching businesses. The Rail base case reflects the
expected expiry of the Group\u2019s remaining NRCs, and the commencement of the London Overground contract
in May 2026. The macro projections in the updated base case assume that the UK operates in a low\u2011growth
economy with inflationary pressures. The annual budget and medium\u2011term plan also capture the expected
financial impact of the actions required to support the Group\u2019s climate\u2011related targets and ambitions, and
the cash flow impact of other capital allocation decisions which the Group may consider.
Downside scenario
In addition, a downside case was also modelled which assumes a more adverse macroeconomic recovery
profile, including the potential impacts of geopolitical instability. In First Bus the downside case assumes a
reduction in passenger volumes as well as the impact of other unexpected cost inflation, driving a 25%
reduction in Bus profitability. In First Rail, the downside case assumes TOC performance fee awards at 50%
of expected levels, volume and revenue reductions in Hull Trains and Lumo driving a 25% reduction in open
access profitability, and other unbudgeted cost and inflationary risks. The downside scenario also considers
potential impacts of a significant climate\u2011related event or unbudgeted decarbonisation costs, as well as the
risk of one\u2011off safety, regulatory non\u2011compliance or technology incidents. The downside scenario also takes
into account some controllable mitigating actions available to the Group.
Mitigating actions
If the performance of the Group were to be more adversely impacted than assumed in the base case or
downside case scenarios, the Group would reduce and defer planned growth capital expenditure and further
reduce costs in line with a lower\u2011volume operating environment to the extent that the essential services we
operate in First Bus are not required to be run for the governments and communities we support, as well as
further reviews of other Group capital allocation decisions.
Going concern statement
Based on the review of the financial forecasts for the period to September 2027 and having regard to the risks
and uncertainties to which the Group is exposed, the Directors have a reasonable expectation that the Group
has adequate resources to continue in operational existence for at least the 12\u2011month period from the date
on which the financial statements were approved, including compliance with banking covenants under both
the base case and downside scenarios. Accordingly, they continue to adopt a going concern basis of
accounting in preparing the consolidated financial statements in this full year report.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "3 Revenue \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
\u00a0
2026
(restated
1
)
\u00a0
\u00a3m
\u00a3m
Services rendered
4,013.1
4,317.2
First Rail contract subsidy receipts
419.2
580.4
Other revenues
319.6
336.3
Revenue from continuing operations
4,751.9
5,233.9
Discontinued operations
\u2013
\u2013
Revenue
4,751.9
5,233.9
\n
1
The Group has identified certain funding mechanisms with the DfT where amounts due to the DfT have previously been treated as
deductions from revenue. Upon further review, the Group has judged that these amounts should instead be recognised as an expense in
the income statement. The prior year income statement comparative information has been re\u2011presented accordingly. The re\u2011
presentation is within the income statement and has no impact on profit measures or the other primary statements.
Disaggregated revenue by operating segment is set out in note 5.
Other revenues principally represent funding mechanisms in First Bus and the First Rail businesses.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "5 Business segments and geographical information
For management purposes, the Group is organised into three divisions \u2013 First Bus, First Rail and Group items. Greyhound Canada is categorised as a continuing operation, and sits within Group items as its trading operations
have ceased.
The divisions are managed separately in line with the differing services that they provide and the geographical markets in which they operate. There is a clear distinction between each division and no judgement is
required to identify each reportable segment.
The segment results for the 52 weeks ended 28 March 2026 are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Continuing operations
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Discontinued
\u00a0
\u00a0
First Bus
First Rail
Group items
1
Total
operations
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Passenger revenue
810.5
2,638.3
\u2013
3,448.8
\u2013
3,448.8
Contract revenue
583.6
\u2013
(19.3)
564.3
\u2013
564.3
Rail contract subsidy receipts
\u2013
419.2
\u2013
419.2
\u2013
419.2
Other
49.5
270.1
\u2013
319.6
\u2013
319.6
Revenue
1,443.6
3,327.6
(19.3)
4,751.9
\u2013
4,751.9
Rail TOC revenue adjustments
\u2013
(3,055.2)
19.0
(3,036.2)
\u2013
(3,036.2)
Adjusted revenue
2
1,443.6
272.4
(0.3)
1,715.7
\u2013
1,715.7
Adjusted EBITDA
3
200.8
510.7
(
10.7)
700.8
2.1
702.9
Depreciation
(107.8)
(450.4)
(2.2)
(560.4)
\u2013
(560.4)
Software amortisation
(1.8)
(2.5)
(0.4)
(4.7)
\u2013
(4.7)
Capital grant amortisation
11.6
72.1
\u2013
83.7
\u2013
83.7
Segment results
102.8
129.9
(13.3)
219.4
2.1
221.5
Other adjustments (note 4)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Operating profit/(loss)
4
102.8
129.9
(13.3)
219.4
2.1
221.5
Investment income
2.0
0.4
4.7
7.1
\u2013
7.1
Finance costs
(21.9)
(36.4)
(11.5)
(69.8)
\u2013
(69.8)
Profit/(loss) before tax
82.9
93.9
(20.1)
156.7
2.1
158.8
Tax
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(37.3)
Profit after tax
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
121.5
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Continuing operations
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Discontinued
\u00a0
\u00a0
First Bus
First Rail
Group Items
1
Total
operations
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital additions
206.8
52.6
\u2013
259.4
\u2013
259.4
\n
Capital additions comprises intangible asset additions and acquisitions (note 12) and property, plant and equipment acquisitions and additions (note 13).
\n \n
Net assets/
Total assets
Total liabilities
(liabilities)
Balance sheet
5
\u00a3m
\u00a3m
\u00a3m
Greyhound retained
22.9
(27.2)
(4.3)
First Bus
1,308.5
(351.8)
956.7
First Rail
1,187.8
(737.1)
450.7
2,519.2
(1,116.1)
1,403.1
Group items
125.8
(51.7)
74.1
Borrowings and cash
432.0
(1,157.3)
(725.3)
Taxation
24.4
(56.8)
(32.4)
Total
3,101.4
(2,381.9)
719.5
\n
1
Group items comprise central management and other items.
\n
2
Adjusted revenue is revenue excluding DfT TOC revenue, and related intercompany eliminations, where the Group takes substantially no revenue risk.
\n
3
EBITDA is adjusted operating profit less capital grant amortisation plus depreciation plus software amortisation.
\n
4
Although the segment results are used by management to measure performance, statutory operating profit by operating division is also disclosed for completeness.
\n
5
Segment assets and liabilities are determined by identifying the assets and liabilities that relate to the business of each segment but excluding intercompany balances, net debt and taxation.
\n
The segment results for the 52 weeks ended 29 March 2025 were as follows:
\n\n \n
Continuing operations
First Rail
Discontinued
First Bus
(restated
6
)
Group items
1
Total
operations
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Passenger revenue
785.6
3,310.7
\u2013
4,096.3
\u2013
4,096.3
Contract revenue
249.2
\u2013
(28.3)
220.9
\u2013
220.9
Rail contract subsidy receipts
\u2013
580.4
\u2013
580.4
\u2013
580.4
Other
46.7
289.6
\u2013
336.3
\u2013
336.3
Revenue
1,081.5
4,180.7
(28.3)
5,233.9
\u2013
5,233.9
Rail TOC revenue adjustments
\u2013
(3,891.9)
28.0
(3,863.9)
\u2013
(3,863.9)
Adjusted revenue
2
1,081.5
288.8
(0.3)
1,370.0
\u2013
1,370.0
Adjusted EBITDA
3
160.1
639.7
(19.4)
780.4
(0.6)
779.8
Depreciation
(77.0)
(541.1)
(2.1)
(620.2)
\u2013
(620.2)
Software amortisation
(0.9)
(1.3)
(0.5)
(2.7)
\u2013
(2.7)
Capital grant amortisation
13.8
51.5
\u2013
65.3
\u2013
65.3
Segment results
96.0
148.8
(22.0)
222.8
(0.6)
222.2
Other adjustments (note 4)
\u2013
\u2013
(0.2)
(0.2)
5.5
5.3
Operating profit/(loss)
4
96.0
148.8
(22.2)
222.6
4.9
227.5
Investment income
0.5
0.2
7.0
7.7
0.1
7.8
Finance costs
(9.5)
(47.8)
(8.1)
(65.4)
(0.3)
(65.7)
Profit/(loss) before tax
87.0
101.2
(23.3)
164.9
4.7
169.6
Tax
(31.3)
Profit after tax
138.3
\n\n \n
Continuing operations
Discontinued
First Bus
First Rail
Group items
1
Total
operations
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Capital additions (restated)
6
240.1
47.0
\u2013
287.1
\u2013
287.1
\n
Capital additions comprises intangible asset additions and acquisitions (note 12) and property, plant and equipment acquisitions and additions (note 13).
\n \n
Total
Total
Net assets/
assets
liabilities
(liabilities)
(restated
6
)
(restated
6
)
(restated
6
)
Balance sheet
5
\u00a3m
\u00a3m
\u00a3m
Greyhound retained
34.3
(44.8)
(10.5)
First Bus
1,198.8
(374.0)
824.8
First Rail
1,745.4
(947.0)
798.4
2,978.5
(1,365.8)
1,612.7
Group items
145.2
(54.1)
91.1
Borrowings and cash
487.1
(1,472.7)
(985.6)
Taxation
53.9
(59.6)
(5.7)
Total
3,664.7
(2,952.2)
712.5
\n
1
Group items comprise central management and other items.
2
Adjusted revenue is revenue excluding DfT TOC revenue, and related intercompany eliminations, where the Group takes substantially no revenue risk.
3
EBITDA is adjusted operating profit less capital grant amortisation plus depreciation plus software amortisation.
4
Although the segment results are used by management to measure performance, statutory operating profit by operating division is also disclosed for completeness.
5
Segment assets and liabilities are determined by identifying the assets and liabilities that relate to the business of each segment but excluding intercompany balances, net debt and taxation.
6
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
Geographical information
The Group\u2019s operations are located predominantly in the United Kingdom, with the prior year also including residual United States of America and Canada segment assets. The following table provides an analysis of the
Group\u2019s revenue by geographical market:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
\u00a0
2026
(restated
1
)
Revenue
\u00a3m
\u00a3m
United Kingdom/Republic of Ireland
4,751.9
5,233.9
Total continuing operations
4,751.9
5,233.9
United States of America \u2013 discontinued operations
\u2013
\u2013
Total discontinued operations
\u2013
\u2013
Total revenue
4,751.9
5,233.9
\n
1
The Group has identified certain funding mechanisms with the DfT where amounts due to the DfT have previously been treated as deductions from revenue. Upon further review, the Group has judged that these amounts should instead be recognised as an expense in the income
statement. The prior year income statement comparative information has been re\u2011presented accordingly. The re\u2011presentation is within the income statement and has no impact on profit measures or the other primary statements.
The following is an analysis of non\u2011current assets excluding financial instruments, deferred tax and pensions, the carrying amount of segment assets, and additions to property, plant and equipment and intangible assets,
analysed by the geographical area in which the assets are located:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Non\u2011current assets excluding financial
Additions to property, plant and
Carrying amount of
\u00a0
instruments deferred tax and pensions
equipment and intangible assets
segment total assets
\u00a0\u00a0
2025
\u00a0
2025
\u00a0
2025
\u00a0
2026
(restated
1
)
2026
(restated
1
)
2026
(restated
1
)
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
United Kingdom/Republic of Ireland
1,909.5
2,196.7
259.4
287.1
3,054.1
3,576.5
Canada \u2013 continuing operations
\u2013
\u2013
\u2013
\u2013
0.5
0.5
Unallocated corporate items
\u2013
\u2013
\u2013
\u2013
24.4
53.9
Total \u2013 continuing operations
1,909.5
2,196.7
259.4
287.1
3,079.0
3,630.9
USA \u2013 discontinued operations
2.3
2.6
\u2013
\u2013
22.4
33.8
Total \u2013 discontinued operations
2.3
2.6
\u2013
\u2013
22.4
33.8
\u00a0
1,911.8
2,199.3
259.4
287.1
3,101.4
3,664.7
\n
1
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "6 Operating profit
Operating profit has been arrived at after charging/(crediting):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
\u00a0
2026
(restated
1
)
\u00a0
\u00a3m
\u00a3m
Depreciation \u2013 owned assets
152.0
113.8
Depreciation \u2013 right of use assets
408.4
506.4
Operating commitments
360.8
505.8
Other intangible asset amortisation charges
4.7
2.7
Capital grant amortisation
(83.7)
(65.3)
Cost of inventories recognised as an expense
219.6
236.0
Employee costs (note 7)
1,704.1
1,710.7
Gain on disposal of property, plant and equipment
(9.4)
(0.2)
Impairment reversal
(0.9)
\u2013
Auditor\u2019s remuneration (see below)
3.9
3.6
Rail contract payments
208.5
168.2
Bus service operator grants and fuel duty rebates
46.0
40.9
Foreign exchange
0.1
0.3
Other operating costs
1,518.4
1,788.4
Operating costs \u2013 continuing operations
4,532.5
5,011.3
Operating income \u2013 discontinued operations
(2.1)
(4.9)
Operating costs \u2013 continuing and discontinued operations
4,530.4
5,006.4
\n
1
The Group has identified certain funding mechanisms with the DfT where amounts due to the DfT have previously been treated as deductions from revenue. Upon further review, the Group has judged that these amounts should instead be recognised as an expense in the income
statement. The prior year income statement comparative information for \u2018Rail contract payments\u2019 in the table above has been re\u2011presented accordingly. The re\u2011presentation is within the income statement and has no impact on profit measures or the other primary statements.
See note 1 Restatements section for more information.
Amounts payable to PricewaterhouseCoopers LLP and its associates by the Company and its subsidiary undertakings for continuing and discontinued operations in respect of audit and non\u2011audit services are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
0.3
0.2
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant to legislation
3.3
3.2
Total audit fees
3.6
3.4
Audit\u2011related assurance services
0.2
0.1
Other non\u2011audit services
0.1
0.1
Total non\u2011audit fees
0.3
0.2
\n
Fees payable to PricewaterhouseCoopers LLP and its associates for non\u2011audit services to the Company are not required to be disclosed because the consolidated financial statements are required to disclose such fees on
a consolidated basis.
Details of the Group\u2019s policy on the use of auditors for non\u2011audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded are set
out in the Corporate Governance report on page 90. No services were provided pursuant to contingent fee arrangements.
Non\u2011audit services principally reflect the review of the half yearly financial information and other regulatory reporting.29 Net cash from operating activities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Operating profit from:
\u00a0 \u00a0
Continuing operations
219.4
222.6
Discontinued operations
2.1
4.9
Total operations
221.5
227.5
Adjustments for:
\u00a0 \u00a0
Depreciation charges
560.4
620.2
Capital grant amortisation
(83.7)
(65.3)
Software and other intangible amortisation charges
4.7
2.7
Reversal of impairments
(0.9)
\u2013
Share\u2011based payments
10.4
10.5
Profit on disposal of property, plant and equipment
(9.4)
(0.2)
Operating cash flows before working capital and pensions
703.0
795.4
Decrease/(increase) in inventories
1.8
(2.4)
Decrease in receivables
188.0
109.4
Decrease in payables
(175.2)
(31.3)
Decrease/(increase) in financial assets
35.0
(1.0)
Decrease in provisions due within one year
(23.9)
(13.9)
Decrease in provisions due over one year
(23.8)
(14.0)
Defined benefit pension payments greater than income statement charge
(23.4)
(14.0)
Cash generated by operations
681.5
828.2
Tax paid
(0.9)
(6.0)
Interest paid\u00b9
(65.0)
(68.0)
Net cash from operating activities
2
615.6
754.2
\n
1
Interest paid includes \u00a348.1m relating to lease liabilities (2025: \u00a349.6m).
2
Net cash from operating activities is stated after an outflow of \u00a33.7m (2025: outflow of \u00a33.2m) in relation to financial derivative settlement.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "6 Operating profit
Operating profit has been arrived at after charging/(crediting):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
\u00a0
2026
(restated
1
)
\u00a0
\u00a3m
\u00a3m
Depreciation \u2013 owned assets
152.0
113.8
Depreciation \u2013 right of use assets
408.4
506.4
Operating commitments
360.8
505.8
Other intangible asset amortisation charges
4.7
2.7
Capital grant amortisation
(83.7)
(65.3)
Cost of inventories recognised as an expense
219.6
236.0
Employee costs (note 7)
1,704.1
1,710.7
Gain on disposal of property, plant and equipment
(9.4)
(0.2)
Impairment reversal
(0.9)
\u2013
Auditor\u2019s remuneration (see below)
3.9
3.6
Rail contract payments
208.5
168.2
Bus service operator grants and fuel duty rebates
46.0
40.9
Foreign exchange
0.1
0.3
Other operating costs
1,518.4
1,788.4
Operating costs \u2013 continuing operations
4,532.5
5,011.3
Operating income \u2013 discontinued operations
(2.1)
(4.9)
Operating costs \u2013 continuing and discontinued operations
4,530.4
5,006.4
\n
1
The Group has identified certain funding mechanisms with the DfT where amounts due to the DfT have previously been treated as deductions from revenue. Upon further review, the Group has judged that these amounts should instead be recognised as an expense in the income
statement. The prior year income statement comparative information for \u2018Rail contract payments\u2019 in the table above has been re\u2011presented accordingly. The re\u2011presentation is within the income statement and has no impact on profit measures or the other primary statements.
See note 1 Restatements section for more information.
Amounts payable to PricewaterhouseCoopers LLP and its associates by the Company and its subsidiary undertakings for continuing and discontinued operations in respect of audit and non\u2011audit services are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
0.3
0.2
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant to legislation
3.3
3.2
Total audit fees
3.6
3.4
Audit\u2011related assurance services
0.2
0.1
Other non\u2011audit services
0.1
0.1
Total non\u2011audit fees
0.3
0.2
\n
Fees payable to PricewaterhouseCoopers LLP and its associates for non\u2011audit services to the Company are not required to be disclosed because the consolidated financial statements are required to disclose such fees on
a consolidated basis.
Details of the Group\u2019s policy on the use of auditors for non\u2011audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded are set
out in the Corporate Governance report on page 90. No services were provided pursuant to contingent fee arrangements.
Non\u2011audit services principally reflect the review of the half yearly financial information and other regulatory reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "6 Operating profit
Operating profit has been arrived at after charging/(crediting):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
\u00a0
2026
(restated
1
)
\u00a0
\u00a3m
\u00a3m
Depreciation \u2013 owned assets
152.0
113.8
Depreciation \u2013 right of use assets
408.4
506.4
Operating commitments
360.8
505.8
Other intangible asset amortisation charges
4.7
2.7
Capital grant amortisation
(83.7)
(65.3)
Cost of inventories recognised as an expense
219.6
236.0
Employee costs (note 7)
1,704.1
1,710.7
Gain on disposal of property, plant and equipment
(9.4)
(0.2)
Impairment reversal
(0.9)
\u2013
Auditor\u2019s remuneration (see below)
3.9
3.6
Rail contract payments
208.5
168.2
Bus service operator grants and fuel duty rebates
46.0
40.9
Foreign exchange
0.1
0.3
Other operating costs
1,518.4
1,788.4
Operating costs \u2013 continuing operations
4,532.5
5,011.3
Operating income \u2013 discontinued operations
(2.1)
(4.9)
Operating costs \u2013 continuing and discontinued operations
4,530.4
5,006.4
\n
1
The Group has identified certain funding mechanisms with the DfT where amounts due to the DfT have previously been treated as deductions from revenue. Upon further review, the Group has judged that these amounts should instead be recognised as an expense in the income
statement. The prior year income statement comparative information for \u2018Rail contract payments\u2019 in the table above has been re\u2011presented accordingly. The re\u2011presentation is within the income statement and has no impact on profit measures or the other primary statements.
See note 1 Restatements section for more information.
Amounts payable to PricewaterhouseCoopers LLP and its associates by the Company and its subsidiary undertakings for continuing and discontinued operations in respect of audit and non\u2011audit services are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
0.3
0.2
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant to legislation
3.3
3.2
Total audit fees
3.6
3.4
Audit\u2011related assurance services
0.2
0.1
Other non\u2011audit services
0.1
0.1
Total non\u2011audit fees
0.3
0.2
\n
Fees payable to PricewaterhouseCoopers LLP and its associates for non\u2011audit services to the Company are not required to be disclosed because the consolidated financial statements are required to disclose such fees on
a consolidated basis.
Details of the Group\u2019s policy on the use of auditors for non\u2011audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded are set
out in the Corporate Governance report on page 90. No services were provided pursuant to contingent fee arrangements.
Non\u2011audit services principally reflect the review of the half yearly financial information and other regulatory reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "6 Operating profit
Operating profit has been arrived at after charging/(crediting):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
\u00a0
2026
(restated
1
)
\u00a0
\u00a3m
\u00a3m
Depreciation \u2013 owned assets
152.0
113.8
Depreciation \u2013 right of use assets
408.4
506.4
Operating commitments
360.8
505.8
Other intangible asset amortisation charges
4.7
2.7
Capital grant amortisation
(83.7)
(65.3)
Cost of inventories recognised as an expense
219.6
236.0
Employee costs (note 7)
1,704.1
1,710.7
Gain on disposal of property, plant and equipment
(9.4)
(0.2)
Impairment reversal
(0.9)
\u2013
Auditor\u2019s remuneration (see below)
3.9
3.6
Rail contract payments
208.5
168.2
Bus service operator grants and fuel duty rebates
46.0
40.9
Foreign exchange
0.1
0.3
Other operating costs
1,518.4
1,788.4
Operating costs \u2013 continuing operations
4,532.5
5,011.3
Operating income \u2013 discontinued operations
(2.1)
(4.9)
Operating costs \u2013 continuing and discontinued operations
4,530.4
5,006.4
\n
1
The Group has identified certain funding mechanisms with the DfT where amounts due to the DfT have previously been treated as deductions from revenue. Upon further review, the Group has judged that these amounts should instead be recognised as an expense in the income
statement. The prior year income statement comparative information for \u2018Rail contract payments\u2019 in the table above has been re\u2011presented accordingly. The re\u2011presentation is within the income statement and has no impact on profit measures or the other primary statements.
See note 1 Restatements section for more information.
Amounts payable to PricewaterhouseCoopers LLP and its associates by the Company and its subsidiary undertakings for continuing and discontinued operations in respect of audit and non\u2011audit services are shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
0.3
0.2
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant to legislation
3.3
3.2
Total audit fees
3.6
3.4
Audit\u2011related assurance services
0.2
0.1
Other non\u2011audit services
0.1
0.1
Total non\u2011audit fees
0.3
0.2
\n
Fees payable to PricewaterhouseCoopers LLP and its associates for non\u2011audit services to the Company are not required to be disclosed because the consolidated financial statements are required to disclose such fees on
a consolidated basis.
Details of the Group\u2019s policy on the use of auditors for non\u2011audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded are set
out in the Corporate Governance report on page 90. No services were provided pursuant to contingent fee arrangements.
Non\u2011audit services principally reflect the review of the half yearly financial information and other regulatory reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "Amounts payable to PricewaterhouseCoopers LLP and its associates by the Company and its subsidiary undertakings for continuing and discontinued operations in respect of audit and non\u2011audit services are shown below: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
0.3
0.2
Fees payable to the Company\u2019s auditor and its associates for the audit of the Company\u2019s subsidiaries pursuant to legislation
3.3
3.2
Total audit fees
3.6
3.4
Audit\u2011related assurance services
0.2
0.1
Other non\u2011audit services
0.1
0.1
Total non\u2011audit fees
0.3
0.2
\n
Fees payable to PricewaterhouseCoopers LLP and its associates for non\u2011audit services to the Company are not required to be disclosed because the consolidated financial statements are required to disclose such fees on
a consolidated basis.
Details of the Group\u2019s policy on the use of auditors for non\u2011audit services, the reasons why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity were safeguarded are set
out in the Corporate Governance report on page 90. No services were provided pursuant to contingent fee arrangements.
Non\u2011audit services principally reflect the review of the half yearly financial information and other regulatory reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "7 Employee costs
The average monthly number of employees including discontinued operations (including Executive Directors) was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Number
Number
Operational
27,768
27,698
Administration
3,227
3,065
\u00a0
30,995
30,763
\n
The aggregate remuneration including discontinued operations (including Executive Directors) comprised:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Wages and salaries
1,478.2
1,486.4
Social security costs
157.4
149.1
Pension costs (note 34)
68.5
75.2
\u00a0
1,704.1
1,710.7
\n
Wages and salaries include a charge in respect of share\u2011based payments of \u00a310.4m (2025: \u00a310.5m).
Disclosures on Directors\u2019 remuneration, share options, long\u2011term incentive schemes and pension entitlements required by the Companies Act 2006 and those specified for audit by the Financial Conduct Authority (FCA)
are contained in the tables/notes within the Annual report on remuneration on pages 92 to 108. Directors\u2019 emoluments in aggregate were \u00a36.0m (2025: \u00a36.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "8 Investment income and finance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
(4.9)
(7.2)
Interest on pensions
(2.2)
(0.6)
Total investment income (including discontinued operations)
(7.1)
(7.8)
Bonds
\u2013
3.1
Bank interest and facility fees
14.5
8.2
Finance charges payable in respect of lease liabilities
48.1
49.6
Finance charges payable in respect of asset backed financial liabilities
6.5
3.7
Interest on long\u2011term provisions
0.7
1.0
Interest on pensions
\u2013
0.1
Total finance costs (including discontinued operations)
69.8
65.7
\n
Finance costs are stated after charging fee expenses of \u00a31.6m (2025: \u00a31.1m). There was no interest capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a3nil (2025: \u00a30.1m) and finance costs of \u00a3nil (2025: \u00a30.3m) relate to discontinued operations (note 19). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "8 Investment income and finance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
(4.9)
(7.2)
Interest on pensions
(2.2)
(0.6)
Total investment income (including discontinued operations)
(7.1)
(7.8)
Bonds
\u2013
3.1
Bank interest and facility fees
14.5
8.2
Finance charges payable in respect of lease liabilities
48.1
49.6
Finance charges payable in respect of asset backed financial liabilities
6.5
3.7
Interest on long\u2011term provisions
0.7
1.0
Interest on pensions
\u2013
0.1
Total finance costs (including discontinued operations)
69.8
65.7
\n
Finance costs are stated after charging fee expenses of \u00a31.6m (2025: \u00a31.1m). There was no interest capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a3nil (2025: \u00a30.1m) and finance costs of \u00a3nil (2025: \u00a30.3m) relate to discontinued operations (note 19). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "8 Investment income and finance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
(4.9)
(7.2)
Interest on pensions
(2.2)
(0.6)
Total investment income (including discontinued operations)
(7.1)
(7.8)
Bonds
\u2013
3.1
Bank interest and facility fees
14.5
8.2
Finance charges payable in respect of lease liabilities
48.1
49.6
Finance charges payable in respect of asset backed financial liabilities
6.5
3.7
Interest on long\u2011term provisions
0.7
1.0
Interest on pensions
\u2013
0.1
Total finance costs (including discontinued operations)
69.8
65.7
\n
Finance costs are stated after charging fee expenses of \u00a31.6m (2025: \u00a31.1m). There was no interest capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a3nil (2025: \u00a30.1m) and finance costs of \u00a3nil (2025: \u00a30.3m) relate to discontinued operations (note 19). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "8 Investment income and finance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
(4.9)
(7.2)
Interest on pensions
(2.2)
(0.6)
Total investment income (including discontinued operations)
(7.1)
(7.8)
Bonds
\u2013
3.1
Bank interest and facility fees
14.5
8.2
Finance charges payable in respect of lease liabilities
48.1
49.6
Finance charges payable in respect of asset backed financial liabilities
6.5
3.7
Interest on long\u2011term provisions
0.7
1.0
Interest on pensions
\u2013
0.1
Total finance costs (including discontinued operations)
69.8
65.7
\n
Finance costs are stated after charging fee expenses of \u00a31.6m (2025: \u00a31.1m). There was no interest capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a3nil (2025: \u00a30.1m) and finance costs of \u00a3nil (2025: \u00a30.3m) relate to discontinued operations (note 19). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "8 Investment income and finance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
(4.9)
(7.2)
Interest on pensions
(2.2)
(0.6)
Total investment income (including discontinued operations)
(7.1)
(7.8)
Bonds
\u2013
3.1
Bank interest and facility fees
14.5
8.2
Finance charges payable in respect of lease liabilities
48.1
49.6
Finance charges payable in respect of asset backed financial liabilities
6.5
3.7
Interest on long\u2011term provisions
0.7
1.0
Interest on pensions
\u2013
0.1
Total finance costs (including discontinued operations)
69.8
65.7
\n
Finance costs are stated after charging fee expenses of \u00a31.6m (2025: \u00a31.1m). There was no interest capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a3nil (2025: \u00a30.1m) and finance costs of \u00a3nil (2025: \u00a30.3m) relate to discontinued operations (note 19). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "8 Investment income and finance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
(4.9)
(7.2)
Interest on pensions
(2.2)
(0.6)
Total investment income (including discontinued operations)
(7.1)
(7.8)
Bonds
\u2013
3.1
Bank interest and facility fees
14.5
8.2
Finance charges payable in respect of lease liabilities
48.1
49.6
Finance charges payable in respect of asset backed financial liabilities
6.5
3.7
Interest on long\u2011term provisions
0.7
1.0
Interest on pensions
\u2013
0.1
Total finance costs (including discontinued operations)
69.8
65.7
\n
Finance costs are stated after charging fee expenses of \u00a31.6m (2025: \u00a31.1m). There was no interest capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a3nil (2025: \u00a30.1m) and finance costs of \u00a3nil (2025: \u00a30.3m) relate to discontinued operations (note 19). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "8 Investment income and finance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Bank interest receivable
(4.9)
(7.2)
Interest on pensions
(2.2)
(0.6)
Total investment income (including discontinued operations)
(7.1)
(7.8)
Bonds
\u2013
3.1
Bank interest and facility fees
14.5
8.2
Finance charges payable in respect of lease liabilities
48.1
49.6
Finance charges payable in respect of asset backed financial liabilities
6.5
3.7
Interest on long\u2011term provisions
0.7
1.0
Interest on pensions
\u2013
0.1
Total finance costs (including discontinued operations)
69.8
65.7
\n
Finance costs are stated after charging fee expenses of \u00a31.6m (2025: \u00a31.1m). There was no interest capitalised into qualifying assets in either the current or prior period.
Investment income of \u00a3nil (2025: \u00a30.1m) and finance costs of \u00a3nil (2025: \u00a30.3m) relate to discontinued operations (note 19). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "9 Tax on profit on ordinary activities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Current tax charge
1.4
6.6
Adjustments with respect to prior years
1.2
(2.8)
Total current tax charge (including discontinued operations)
2.6
3.8
Origination and reversal of temporary differences
34.8
36.2
Adjustment in respect of prior years
(0.1)
(1.9)
Write\u2011back of previously unrecognised deferred tax assets
\u2013
(6.8)
Total deferred tax charge (note 23)
34.7
27.5
Total tax charge (including discontinued operations)
37.3
31.3
Tax charge attributable to:
\u00a0 \u00a0
Profit from continuing operations
37.3
31.3
Profit from discontinued operations
\u2013
\u2013
\n
UK corporation tax is calculated at 25% (2025: 25%) of the estimated assessable profit for the year. Tax for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. Deferred tax has been provided
at 25% on temporary differences at the balance sheet date.
As the Group\u2019s parent company is domiciled and listed in the UK, the Group uses the UK corporation tax rate to reconcile its effective tax rate. The tax charge for the year can be reconciled to the UK corporation tax rate as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2026
2025
2025
\u00a0
\u00a3m
%
\u00a3m
%
Profit from continuing operations before income tax expense
156.7
N/A
164.9
N/A
Profit from discontinued operations before income tax expense
2.1
N/A
4.7
N/A
Profit from total operations
158.8
100.0
169.6
100.0
Tax at the UK corporation tax rate of 25% (2025: 25%)
39.7
25.0
42.4
25.0
Non\u2011deductible expenditure
0.6
0.4
\u2013
\u2013
Non\u2011taxable income
(3.4)
(2.1)
\u2013
\u2013
Tax rates outside of the UK
(0.1)
(0.1)
0.1
0.1
Unrecognised losses
(0.6)
(0.4)
0.3
0.2
Non\u2011recurring historical tax refund
\u2013
\u2013
(3.0)
(1.8)
Other adjustments in relation to prior years
1.1
0.7
(1.7)
(1.0)
Write\u2011back of previously unrecognised deferred tax assets
\u2013
\u2013
(6.8)
(4.0)
Tax charge and effective tax rate for the year
37.3
23.5
31.3
18.5
\n
Future years\u2019 tax charges would be impacted if the final liability for currently open years is different from the amount currently provided for. The future tax charge may also be affected by the levels and mix of profits in the countries
in which we operate including differing foreign exchange rates that apply to those profits. Changes to the prevailing tax rates and tax rules in any of the countries in which we operate may also impact future tax charges.
In addition to the amount charged/(credited) to the income statement, deferred tax relating to actuarial gains/(losses) on defined benefit pension schemes of \u00a3(6.6)m (2025: \u00a37.5m) and cash flow hedges of \u00a35.8m
(2025: \u00a3(1.0)m) have been (credited)/charged to comprehensive income together with a further \u00a30.2m (2025: \u00a30.8m) on cash flow hedges and \u00a3nil (2025: \u00a30.1m) on share\u2011based payments taken directly to equity.
These amount to a total (credit)/charge of \u00a3(0.6)m (2025: \u00a37.2m) recognised in other comprehensive income and equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "10 Earnings per share (EPS)
EPS is calculated by dividing the profit/loss attributable to equity shareholders of \u00a3118.3m (2025: profit of \u00a3127.5m) by the weighted average number of ordinary shares of 553.4m (2025: 597.7m). The number of ordinary
shares used for the basic and diluted calculations is shown in the table below.
The difference in the number of shares between the basic calculation and the diluted calculation represents the weighted average number of potentially dilutive ordinary share options.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Number
Number
\u00a0
m
m
Weighted average number of shares used in basic calculation
553.4
597.7
Executive share options
21.6
25.0
Weighted average number of shares used in the diluted calculation
575.0
622.7
\n
The adjusted EPS is intended to highlight the recurring operating results of the Group before certain other adjustments as set out in note 4, and before IFRS 16 charges relating to the Group\u2019s management fee\u2011based Rail
operations. A reconciliation is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0 \u00a0
EPS
\u00a0
EPS
\u00a0
\u00a3m
(pence)
\u00a3m
(pence)
Basic profit/EPS
118.3
21.4
127.5
21.3
Management fee\u2011based Rail operations \u2013 IFRS 16 adjustments
(2.8)
(0.6)
0.5
0.1
Other adjustments (note 4)
\u2013
\u2013
(5.3)
(0.9)
Non\u2011controlling interest
(0.8)
(0.1)
2.1
0.4
Non\u2011recurring historical tax refund
\u2013
\u2013
(3.0)
(0.5)
Write\u2011back of previously unrecognised deferred tax assets
\u2013
\u2013
(6.8)
(1.1)
Adjusted profit/EPS attributable to the ordinary equity holders of the Company
114.7
20.7
115.0
19.3
Adjusted profit/(loss)/EPS from discontinued operations
2.1
0.4
(0.8)
(0.1)
Adjusted profit/EPS from continuing operations
112.6
20.3
115.8
19.4
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
pence
pence
Diluted EPS
20.6
20.5
Adjusted diluted EPS
19.9
18.5
\n
The adjusted EPS on a continuing basis is set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0 \u00a0
EPS
\u00a0
EPS
\u00a0
\u00a3m
(pence)
\u00a3m
(pence)
Basic profit/EPS
116.2
21.0
122.8
20.5
Management fee\u2011based Rail operations \u2013 IFRS 16 adjustments
(2.8)
(0.6)
0.5
0.1
Other adjustments (note 4)
\u2013
\u2013
0.2
\u2013
Non\u2011controlling interest
(0.8)
(0.1)
2.1
0.4
Non\u2011recurring historical tax refund
\u2013
\u2013
(3.0)
(0.5)
Write\u2011back of previously unrecognised deferred tax assets
\u2013
\u2013
(6.8)
(1.1)
Adjusted profit/EPS from continuing operations
112.6
20.3
115.8
19.4
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
pence
pence
Diluted EPS
20.2
19.7
Adjusted diluted EPS
19.6
18.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "11 Goodwill \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3m
Cost
\u00a0
At 29 March 2025 (restated
1
)
144.7
Additions (note 28)
12.3
At 28 March 2026
157.0
Accumulated impairment losses
\u00a0
At 29 March 2025
\u2013
At 28 March 2026
\u2013
Carrying amount
\u00a0
At 28 March 2026
157.0
At 29 March 2025 (restated
1
)
144.7
\n
1
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting
adjustments.
Impairment testing
At the year end, the carrying value of goodwill was reviewed for impairment in accordance with IAS 36
Impairment of Assets.
In carrying out this review, climate\u2011related impacts were considered, in line with the TCFD disclosures.
This work assessed FirstGroup\u2019s potential exposure to climate\u2011related transition and physical risks, across
different climate scenarios, over the short, medium and long term, and estimated cumulative Enterprise
Value at Risk over the period FY 2026 to FY 2030.
Transition risks included potential impacts from increased carbon prices and route constraints due to
new zero emission zones, as well as technology costs from an accelerated shift to a zero emission fleet
and the impairment of carbon\u2011intensive vehicles. Physical risks concentrated mainly on flooding as the
most material impact. Key findings are outlined on pages 50 to 54 of this report and focus on direct risks
to FirstGroup.
For impairment calculations, the 2.5\u00b0C (Stated Policy) scenario modelled by Marsh was used, which identified
technology risks as \u2018medium impact\u2019 and flooding risks as \u2018low impact\u2019 over the next four years.
The Group\u2019s stated CGUs and goodwill balances are First Bus (excluding London) (\u00a3135.7m); First Bus London
(\u00a37.2m); First Rail DfT TOCs (\u00a3nil); and First Rail (excluding DfT TOCs) (\u00a314.1m).
Full detailed impairment testing has been performed on a value in use basis on the First Bus (excluding
London) CGU. Following the finalisation of the First Bus London acquisition accounting adjustments,
impairment testing was also performed for the goodwill arising from that transaction, with no impairment
noted. The value of the DfT TOC asset base is protected by the passthrough and termination arrangements
of the respective NRCs, such that no impairment is expected to arise on these assets. Impairment testing was
undertaken for the First Rail (excluding DfT TOCs) CGU, with no impairment noted.
The Group prepares cash flow forecasts derived from the Board\u2011approved plan for 2026/27 to 2028/29 which
takes account of both past performance and expectations for future developments. Cash flows beyond the
plan period are extrapolated using estimated long\u2011term growth rates which do not exceed the long\u2011term
average growth rate for the market. Cash flows are discounted using a pre\u2011tax discount rate derived from
a market participant\u2019s weighted average cost of capital, benchmarked to externally available data.
Impairment testing \u2013 First Bus (excluding London)
First Bus (excluding London) value in use has been assessed based on the projected cash flows for FY 2027
to FY 2029 from the Board\u2011approved forecasts. These have been extrapolated to perpetuity cash flows and
discounted to a net present value based on the following assumptions.
First Bus (excluding London) has \u00a3278m of positive headroom at 28 March 2026 (29 March 2025: \u00a3277m)
based on a 1.9% long\u2011term growth rate assumption (2025: 1.9%), 11.7% discount rate (2025: 11.2%) and 9.8%
terminal margin (2025: 9.8%), which reflects the impact of expected future passenger volumes and yields,
as well as planned resizing of the network.
Break\u2011even would arise at:
\ue001
14.5% discount rate (with a 9.8% terminal margin);
\ue001
6.2% terminal operating margin (applying the cap to just the final year/terminal value) using a 11.7%
discount rate; or
\ue001
7.5% terminal operating margin throughout the forecast period and terminal margin (applying the cap
in all years at 7.5%, not just in the terminal years) using a 11.7% discount rate.
As the break\u2011even points lie outside management\u2019s range of reasonable expectation, no impairment of
First Bus is proposed.
12 Other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Customers
\u00a0\u00a0
\u00a0
contracts
\u00a0\u00a0
\u00a0
(restated
2
)
Software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0
At 31 March 2024
\u2013
41.0
41.0
Acquisitions
2.3
0.3
2.6
Additions
\u2013
5.7
5.7
Disposals
\u2013
(1.2)
(1.2)
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
2.3
43.1
45.4
At 30 March 2025
2.3
43.1
45.4
Additions
3
\u2013
11.2
11.2
Disposals
\u2013
(5.1)
(5.1)
Reclassifications
\u2013
0.3
0.3
At 28 March 2026
2.3
49.5
51.8
Accumulated amortisation and impairment
\u00a0\u00a0\u00a0
At 31 March 2024
\u2013
30.6
30.6
Charge for year
\u2013
2.7
2.7
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
\u2013
30.6
30.6
At 30 March 2025
\u2013
30.6
30.6
Charge for year
0.4
4.3
4.7
Disposals
\u2013
(5.1)
(5.1)
Reclassifications
1
\u2013
(0.3)
(0.3)
At 28 March 2026
0.4
29.5
29.9
Carrying amount
\u00a0\u00a0\u00a0
At 28 March 2026
1.9
20.0
21.9
At 29 March 2025
2.3
12.5
14.8
\n
1
As part of the Group\u2019s continuing efforts to streamline reporting processes it was identified that \u00a30.3m (2025: \u00a32.7m) had been incorrectly classified between cost and accumulated amortisation.
2
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
3
Additions in the year include \u00a31.3m of internally generated intangible assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "11 Goodwill \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3m
Cost
\u00a0
At 29 March 2025 (restated
1
)
144.7
Additions (note 28)
12.3
At 28 March 2026
157.0
Accumulated impairment losses
\u00a0
At 29 March 2025
\u2013
At 28 March 2026
\u2013
Carrying amount
\u00a0
At 28 March 2026
157.0
At 29 March 2025 (restated
1
)
144.7
\n
1
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting
adjustments.
Impairment testing
At the year end, the carrying value of goodwill was reviewed for impairment in accordance with IAS 36
Impairment of Assets.
In carrying out this review, climate\u2011related impacts were considered, in line with the TCFD disclosures.
This work assessed FirstGroup\u2019s potential exposure to climate\u2011related transition and physical risks, across
different climate scenarios, over the short, medium and long term, and estimated cumulative Enterprise
Value at Risk over the period FY 2026 to FY 2030.
Transition risks included potential impacts from increased carbon prices and route constraints due to
new zero emission zones, as well as technology costs from an accelerated shift to a zero emission fleet
and the impairment of carbon\u2011intensive vehicles. Physical risks concentrated mainly on flooding as the
most material impact. Key findings are outlined on pages 50 to 54 of this report and focus on direct risks
to FirstGroup.
For impairment calculations, the 2.5\u00b0C (Stated Policy) scenario modelled by Marsh was used, which identified
technology risks as \u2018medium impact\u2019 and flooding risks as \u2018low impact\u2019 over the next four years.
The Group\u2019s stated CGUs and goodwill balances are First Bus (excluding London) (\u00a3135.7m); First Bus London
(\u00a37.2m); First Rail DfT TOCs (\u00a3nil); and First Rail (excluding DfT TOCs) (\u00a314.1m).
Full detailed impairment testing has been performed on a value in use basis on the First Bus (excluding
London) CGU. Following the finalisation of the First Bus London acquisition accounting adjustments,
impairment testing was also performed for the goodwill arising from that transaction, with no impairment
noted. The value of the DfT TOC asset base is protected by the passthrough and termination arrangements
of the respective NRCs, such that no impairment is expected to arise on these assets. Impairment testing was
undertaken for the First Rail (excluding DfT TOCs) CGU, with no impairment noted.
The Group prepares cash flow forecasts derived from the Board\u2011approved plan for 2026/27 to 2028/29 which
takes account of both past performance and expectations for future developments. Cash flows beyond the
plan period are extrapolated using estimated long\u2011term growth rates which do not exceed the long\u2011term
average growth rate for the market. Cash flows are discounted using a pre\u2011tax discount rate derived from
a market participant\u2019s weighted average cost of capital, benchmarked to externally available data.
Impairment testing \u2013 First Bus (excluding London)
First Bus (excluding London) value in use has been assessed based on the projected cash flows for FY 2027
to FY 2029 from the Board\u2011approved forecasts. These have been extrapolated to perpetuity cash flows and
discounted to a net present value based on the following assumptions.
First Bus (excluding London) has \u00a3278m of positive headroom at 28 March 2026 (29 March 2025: \u00a3277m)
based on a 1.9% long\u2011term growth rate assumption (2025: 1.9%), 11.7% discount rate (2025: 11.2%) and 9.8%
terminal margin (2025: 9.8%), which reflects the impact of expected future passenger volumes and yields,
as well as planned resizing of the network.
Break\u2011even would arise at:
\ue001
14.5% discount rate (with a 9.8% terminal margin);
\ue001
6.2% terminal operating margin (applying the cap to just the final year/terminal value) using a 11.7%
discount rate; or
\ue001
7.5% terminal operating margin throughout the forecast period and terminal margin (applying the cap
in all years at 7.5%, not just in the terminal years) using a 11.7% discount rate.
As the break\u2011even points lie outside management\u2019s range of reasonable expectation, no impairment of
First Bus is proposed.
12 Other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Customers
\u00a0\u00a0
\u00a0
contracts
\u00a0\u00a0
\u00a0
(restated
2
)
Software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0
At 31 March 2024
\u2013
41.0
41.0
Acquisitions
2.3
0.3
2.6
Additions
\u2013
5.7
5.7
Disposals
\u2013
(1.2)
(1.2)
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
2.3
43.1
45.4
At 30 March 2025
2.3
43.1
45.4
Additions
3
\u2013
11.2
11.2
Disposals
\u2013
(5.1)
(5.1)
Reclassifications
\u2013
0.3
0.3
At 28 March 2026
2.3
49.5
51.8
Accumulated amortisation and impairment
\u00a0\u00a0\u00a0
At 31 March 2024
\u2013
30.6
30.6
Charge for year
\u2013
2.7
2.7
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
\u2013
30.6
30.6
At 30 March 2025
\u2013
30.6
30.6
Charge for year
0.4
4.3
4.7
Disposals
\u2013
(5.1)
(5.1)
Reclassifications
1
\u2013
(0.3)
(0.3)
At 28 March 2026
0.4
29.5
29.9
Carrying amount
\u00a0\u00a0\u00a0
At 28 March 2026
1.9
20.0
21.9
At 29 March 2025
2.3
12.5
14.8
\n
1
As part of the Group\u2019s continuing efforts to streamline reporting processes it was identified that \u00a30.3m (2025: \u00a32.7m) had been incorrectly classified between cost and accumulated amortisation.
2
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
3
Additions in the year include \u00a31.3m of internally generated intangible assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "Impairment testing
At the year end, the carrying value of goodwill was reviewed for impairment in accordance with IAS 36
Impairment of Assets.
In carrying out this review, climate\u2011related impacts were considered, in line with the TCFD disclosures.
This work assessed FirstGroup\u2019s potential exposure to climate\u2011related transition and physical risks, across
different climate scenarios, over the short, medium and long term, and estimated cumulative Enterprise
Value at Risk over the period FY 2026 to FY 2030.
Transition risks included potential impacts from increased carbon prices and route constraints due to
new zero emission zones, as well as technology costs from an accelerated shift to a zero emission fleet
and the impairment of carbon\u2011intensive vehicles. Physical risks concentrated mainly on flooding as the
most material impact. Key findings are outlined on pages 50 to 54 of this report and focus on direct risks
to FirstGroup.
For impairment calculations, the 2.5\u00b0C (Stated Policy) scenario modelled by Marsh was used, which identified
technology risks as \u2018medium impact\u2019 and flooding risks as \u2018low impact\u2019 over the next four years.
The Group\u2019s stated CGUs and goodwill balances are First Bus (excluding London) (\u00a3135.7m); First Bus London
(\u00a37.2m); First Rail DfT TOCs (\u00a3nil); and First Rail (excluding DfT TOCs) (\u00a314.1m).
Full detailed impairment testing has been performed on a value in use basis on the First Bus (excluding
London) CGU. Following the finalisation of the First Bus London acquisition accounting adjustments,
impairment testing was also performed for the goodwill arising from that transaction, with no impairment
noted. The value of the DfT TOC asset base is protected by the passthrough and termination arrangements
of the respective NRCs, such that no impairment is expected to arise on these assets. Impairment testing was
undertaken for the First Rail (excluding DfT TOCs) CGU, with no impairment noted.
The Group prepares cash flow forecasts derived from the Board\u2011approved plan for 2026/27 to 2028/29 which
takes account of both past performance and expectations for future developments. Cash flows beyond the
plan period are extrapolated using estimated long\u2011term growth rates which do not exceed the long\u2011term
average growth rate for the market. Cash flows are discounted using a pre\u2011tax discount rate derived from
a market participant\u2019s weighted average cost of capital, benchmarked to externally available data.
Impairment testing \u2013 First Bus (excluding London)
First Bus (excluding London) value in use has been assessed based on the projected cash flows for FY 2027
to FY 2029 from the Board\u2011approved forecasts. These have been extrapolated to perpetuity cash flows and
discounted to a net present value based on the following assumptions.
First Bus (excluding London) has \u00a3278m of positive headroom at 28 March 2026 (29 March 2025: \u00a3277m)
based on a 1.9% long\u2011term growth rate assumption (2025: 1.9%), 11.7% discount rate (2025: 11.2%) and 9.8%
terminal margin (2025: 9.8%), which reflects the impact of expected future passenger volumes and yields,
as well as planned resizing of the network.
Break\u2011even would arise at:
\ue001
14.5% discount rate (with a 9.8% terminal margin);
\ue001
6.2% terminal operating margin (applying the cap to just the final year/terminal value) using a 11.7%
discount rate; or
\ue001
7.5% terminal operating margin throughout the forecast period and terminal margin (applying the cap
in all years at 7.5%, not just in the terminal years) using a 11.7% discount rate.
As the break\u2011even points lie outside management\u2019s range of reasonable expectation, no impairment of
First Bus is proposed.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "12 Other intangible assets \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Customers
\u00a0\u00a0
\u00a0
contracts
\u00a0\u00a0
\u00a0
(restated
2
)
Software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0
At 31 March 2024
\u2013
41.0
41.0
Acquisitions
2.3
0.3
2.6
Additions
\u2013
5.7
5.7
Disposals
\u2013
(1.2)
(1.2)
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
2.3
43.1
45.4
At 30 March 2025
2.3
43.1
45.4
Additions
3
\u2013
11.2
11.2
Disposals
\u2013
(5.1)
(5.1)
Reclassifications
\u2013
0.3
0.3
At 28 March 2026
2.3
49.5
51.8
Accumulated amortisation and impairment
\u00a0\u00a0\u00a0
At 31 March 2024
\u2013
30.6
30.6
Charge for year
\u2013
2.7
2.7
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
\u2013
30.6
30.6
At 30 March 2025
\u2013
30.6
30.6
Charge for year
0.4
4.3
4.7
Disposals
\u2013
(5.1)
(5.1)
Reclassifications
1
\u2013
(0.3)
(0.3)
At 28 March 2026
0.4
29.5
29.9
Carrying amount
\u00a0\u00a0\u00a0
At 28 March 2026
1.9
20.0
21.9
At 29 March 2025
2.3
12.5
14.8
\n
1
As part of the Group\u2019s continuing efforts to streamline reporting processes it was identified that \u00a30.3m (2025: \u00a32.7m) had been incorrectly classified between cost and accumulated amortisation.
2
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
3
Additions in the year include \u00a31.3m of internally generated intangible assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Customers
\u00a0\u00a0
\u00a0
contracts
\u00a0\u00a0
\u00a0
(restated
2
)
Software
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0
At 31 March 2024
\u2013
41.0
41.0
Acquisitions
2.3
0.3
2.6
Additions
\u2013
5.7
5.7
Disposals
\u2013
(1.2)
(1.2)
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
2.3
43.1
45.4
At 30 March 2025
2.3
43.1
45.4
Additions
3
\u2013
11.2
11.2
Disposals
\u2013
(5.1)
(5.1)
Reclassifications
\u2013
0.3
0.3
At 28 March 2026
2.3
49.5
51.8
Accumulated amortisation and impairment
\u00a0\u00a0\u00a0
At 31 March 2024
\u2013
30.6
30.6
Charge for year
\u2013
2.7
2.7
Reclassifications
1
\u2013
(2.7)
(2.7)
At 29 March 2025
\u2013
30.6
30.6
At 30 March 2025
\u2013
30.6
30.6
Charge for year
0.4
4.3
4.7
Disposals
\u2013
(5.1)
(5.1)
Reclassifications
1
\u2013
(0.3)
(0.3)
At 28 March 2026
0.4
29.5
29.9
Carrying amount
\u00a0\u00a0\u00a0
At 28 March 2026
1.9
20.0
21.9
At 29 March 2025
2.3
12.5
14.8
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Passenger
\u00a0\u00a0
\u00a0
Land and
carrying vehicle
\u00a0\u00a0
\u00a0
buildings
fleet
Other plant and
Total
\u00a0
(restated
2
)
(restated
2
)
equipment
(restated
2
)
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0\u00a0
At 31 March 2024
235.1
828.3
689.6
1,753.0
Acquisitions (note 28)
48.3
56.0
14.0
118.3
Additions
31.4
60.0
69.1
160.5
Disposals
(1.4)
(44.1)
(10.9)
(56.4)
Reclassifications
1
16.3
\u2013
(13.6)
2.7
Transfers to right of use assets
\u2013
(2.3)
(8.4)
(10.7)
Foreign exchange movements
\u2013
(0.3)
\u2013
(0.3)
At 29 March 2025
329.7
897.6
739.8
1,967.1
At 30 March 2025
329.7
897.6
739.8
1,967.1
Acquisitions (note 28)
7.0
7.3
0.7
15.0
Additions
21.5
118.9
92.8
233.2
Disposals
(29.9)
(63.7)
(301.6)
(395.2)
Reclassifications
(12.3)
\u2013
12.3
\u2013
Transfers to right of use assets
(0.6)
\u2013
(5.6)
(6.2)
Foreign exchange movements
0.1
1.0
\u2013
1.1
At 28 March 2026
315.5
961.1
538.4
1,815.0
Accumulated depreciation and impairment
\u00a0\u00a0\u00a0\u00a0
At 31 March 2024
62.9
426.8
515.2
1,004.9
Charge for year
10.8
53.4
49.6
113.8
Disposals
(0.6)
(41.1)
(7.4)
(49.1)
Reclassifications
1
\u2013
\u2013
2.7
2.7
Foreign exchange movements
\u2013
(0.1)
\u2013
(0.1)
At 29 March 2025
73.1
439.0
560.1
1,072.2
At 30 March 2025
73.1
439.0
560.1
1,072.2
Charge for year
11.6
59.1
81.3
152.0
Disposals
(24.1)
(59.1)
(270.6)
(353.8)
Impairment reversal
\u2013
\u2013
(0.9)
(0.9)
Foreign exchange movements
0.1
0.5
\u2013
0.6
At 28 March 2026
60.7
439.5
369.9
870.1
Carrying amount
\u00a0\u00a0\u00a0\u00a0
At 28 March 2026
254.8
521.6
168.5
944.9
At 29 March 2025
256.6
458.6
179.7
894.9
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Passenger
\u00a0\u00a0
\u00a0\u00a0
Land and
carrying vehicle
\u00a0\u00a0
\u00a0\u00a0
buildings
fleet
Other plant and
Total
\u00a0
Rolling stock
(restated
1
)
(restated
1
)
equipment
(restated
1
)
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 March 2024
3,743.4
65.1
60.4
25.6
3,894.5
Additions
6.5
6.2
8.0
1.2
21.9
Acquisitions
\u2013
18.9
64.7
\u2013
83.6
Disposals
(75.5)
(3.3)
(10.0)
(1.5)
(90.3)
Reassessment
124.6
1.0
\u2013
\u2013
125.6
Transfers from owned assets
\u2013
\u2013
2.3
8.4
10.7
At 29 March 2025
3,799.0
87.9
125.4
33.7
4,046.0
At 30 March 2025
3,799.0
87.9
125.4
33.7
4,046.0
Additions
9.0
8.8
23.2
2.0
43.0
Acquisitions
\u2013
0.7
\u2013
\u2013
0.7
Disposals
(782.4)
(8.4)
(1.5)
(1.4)
(793.7)
Transfers from owned assets
\u2013
0.6
\u2013
5.6
6.2
At 28 March 2026
3,025.6
89.6
147.1
39.9
3,302.2
Accumulated depreciation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 March 2024
2,395.6
33.2
50.2
8.2
2,487.2
Charge for period
485.4
8.8
8.3
3.9
506.4
Disposals
(75.2)
(3.3)
(9.9)
(1.5)
(89.9)
At 29 March 2025
2,805.8
38.7
48.6
10.6
2,903.7
At 30 March 2025
2,805.8
38.7
48.6
10.6
2,903.7
Charge for period
370.0
11.5
23.3
3.6
408.4
Disposals
(782.4)
(7.4)
(1.2)
(1.1)
(792.1)
At 28 March 2026
2,393.4
42.8
70.7
13.1
2,520.0
Carrying amount
\u00a0\u00a0\u00a0\u00a0\u00a0
At 28 March 2026
632.2
46.8
76.4
26.8
782.2
At 29 March 2025
993.2
49.2
76.8
23.1
1,142.3
\n\n \n
2026
2025
Amounts recognised in income statement (including discontinued operations)
\u00a3m
\u00a3m
Depreciation expense on right of use assets
408.4
506.4
Interest expense on lease liabilities
48.1
49.6
Expense relating to leases of short\u2011term leases
0.3
\u2013
Expense relating to leases of low\u2011value assets
0.4
\u2013
457.2
556.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "13 Property, plant and equipment
Owned assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Passenger
\u00a0\u00a0
\u00a0
Land and
carrying vehicle
\u00a0\u00a0
\u00a0
buildings
fleet
Other plant and
Total
\u00a0
(restated
2
)
(restated
2
)
equipment
(restated
2
)
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0\u00a0
At 31 March 2024
235.1
828.3
689.6
1,753.0
Acquisitions (note 28)
48.3
56.0
14.0
118.3
Additions
31.4
60.0
69.1
160.5
Disposals
(1.4)
(44.1)
(10.9)
(56.4)
Reclassifications
1
16.3
\u2013
(13.6)
2.7
Transfers to right of use assets
\u2013
(2.3)
(8.4)
(10.7)
Foreign exchange movements
\u2013
(0.3)
\u2013
(0.3)
At 29 March 2025
329.7
897.6
739.8
1,967.1
At 30 March 2025
329.7
897.6
739.8
1,967.1
Acquisitions (note 28)
7.0
7.3
0.7
15.0
Additions
21.5
118.9
92.8
233.2
Disposals
(29.9)
(63.7)
(301.6)
(395.2)
Reclassifications
(12.3)
\u2013
12.3
\u2013
Transfers to right of use assets
(0.6)
\u2013
(5.6)
(6.2)
Foreign exchange movements
0.1
1.0
\u2013
1.1
At 28 March 2026
315.5
961.1
538.4
1,815.0
Accumulated depreciation and impairment
\u00a0\u00a0\u00a0\u00a0
At 31 March 2024
62.9
426.8
515.2
1,004.9
Charge for year
10.8
53.4
49.6
113.8
Disposals
(0.6)
(41.1)
(7.4)
(49.1)
Reclassifications
1
\u2013
\u2013
2.7
2.7
Foreign exchange movements
\u2013
(0.1)
\u2013
(0.1)
At 29 March 2025
73.1
439.0
560.1
1,072.2
At 30 March 2025
73.1
439.0
560.1
1,072.2
Charge for year
11.6
59.1
81.3
152.0
Disposals
(24.1)
(59.1)
(270.6)
(353.8)
Impairment reversal
\u2013
\u2013
(0.9)
(0.9)
Foreign exchange movements
0.1
0.5
\u2013
0.6
At 28 March 2026
60.7
439.5
369.9
870.1
Carrying amount
\u00a0\u00a0\u00a0\u00a0
At 28 March 2026
254.8
521.6
168.5
944.9
At 29 March 2025
256.6
458.6
179.7
894.9
\n
1
As part of the Group\u2019s continuing efforts to streamline reporting processes it was identified that \u00a316.3m of assets had been incorrectly classified between Land and buildings, and Other plant and equipment, and that \u00a32.7m had been incorrectly classified between cost and
accumulated depreciation.
2
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
An amount of \u00a385.0m (2025: \u00a358.0m) in respect of assets under construction is included in the carrying amount of land and buildings and other plant and equipment, mainly relating to development of electric charging
infrastructure in First Bus.
At 28 March 2026 the Group had entered into contractual capital commitments amounting to \u00a3365.2m (2025: \u00a3341.5m), principally representing purchase of passenger carrying vehicles, electrical infrastructure and DfT
TOC and open access operation commitments.
Right of use assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Passenger
\u00a0\u00a0
\u00a0\u00a0
Land and
carrying vehicle
\u00a0\u00a0
\u00a0\u00a0
buildings
fleet
Other plant and
Total
\u00a0
Rolling stock
(restated
1
)
(restated
1
)
equipment
(restated
1
)
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 March 2024
3,743.4
65.1
60.4
25.6
3,894.5
Additions
6.5
6.2
8.0
1.2
21.9
Acquisitions
\u2013
18.9
64.7
\u2013
83.6
Disposals
(75.5)
(3.3)
(10.0)
(1.5)
(90.3)
Reassessment
124.6
1.0
\u2013
\u2013
125.6
Transfers from owned assets
\u2013
\u2013
2.3
8.4
10.7
At 29 March 2025
3,799.0
87.9
125.4
33.7
4,046.0
At 30 March 2025
3,799.0
87.9
125.4
33.7
4,046.0
Additions
9.0
8.8
23.2
2.0
43.0
Acquisitions
\u2013
0.7
\u2013
\u2013
0.7
Disposals
(782.4)
(8.4)
(1.5)
(1.4)
(793.7)
Transfers from owned assets
\u2013
0.6
\u2013
5.6
6.2
At 28 March 2026
3,025.6
89.6
147.1
39.9
3,302.2
Accumulated depreciation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0
At 31 March 2024
2,395.6
33.2
50.2
8.2
2,487.2
Charge for period
485.4
8.8
8.3
3.9
506.4
Disposals
(75.2)
(3.3)
(9.9)
(1.5)
(89.9)
At 29 March 2025
2,805.8
38.7
48.6
10.6
2,903.7
At 30 March 2025
2,805.8
38.7
48.6
10.6
2,903.7
Charge for period
370.0
11.5
23.3
3.6
408.4
Disposals
(782.4)
(7.4)
(1.2)
(1.1)
(792.1)
At 28 March 2026
2,393.4
42.8
70.7
13.1
2,520.0
Carrying amount
\u00a0\u00a0\u00a0\u00a0\u00a0
At 28 March 2026
632.2
46.8
76.4
26.8
782.2
At 29 March 2025
993.2
49.2
76.8
23.1
1,142.3
\n
1
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
The discounted lease liability relating to the right of use assets included above is shown in note 21.
\n \n
Passenger
Land and
carrying vehicle
buildings
fleet
Other plant and
Total
Rolling stock
(restated
1
)
(restated
1
)
equipment
(restated
1
)
Owned assets and right of use assets
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying amount
At 28 March 2026
632.2
301.6
598.0
195.3
1,727.1
At 29 March 2025
993.2
305.8
535.4
202.8
2,037.2
\n
1
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
The maturity analysis of lease liabilities is presented in note 21.
\n \n
2026
2025
Amounts recognised in income statement (including discontinued operations)
\u00a3m
\u00a3m
Depreciation expense on right of use assets
408.4
506.4
Interest expense on lease liabilities
48.1
49.6
Expense relating to leases of short\u2011term leases
0.3
\u2013
Expense relating to leases of low\u2011value assets
0.4
\u2013
457.2
556.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "14 Investments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Other investments
2.3
2.6
Investments in associates
2.0
\u2013
\nIn August 2025, the Group announced a minority investment in Palmer Energy Technology to bring the latest, innovative battery storage units to its First Bus sites. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "15 Inventories \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Spare parts and consumables from continuing operations
29.3
30.8
\nIn the opinion of the Directors there is no material difference between the balance sheet value of inventories and their replacement cost. There was no material write\u2011down of inventories during the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "16 Trade and other receivables \n \n
2026
2025
Amounts due within one year (from continuing operations)
\u00a3m
\u00a3m
Trade receivables
255.2
364.1
Loss allowance
(0.4)
(10.6)
Trade receivables net
254.8
353.5
Other receivables
94.7
171.0
Amounts recoverable on contracts
33.7
57.5
Prepayments
54.8
37.2
Accrued income
148.4
142.4
586.4
761.6
\n\n \n
2026
2025
Amounts due over one year (from continuing operations)
\u00a3m
\u00a3m
Other receivables
1.5
\u2013
\n \n
2026
2025
Movement in accrued income:
\u00a3m
\u00a3m
Balance as at 30 March 2025/31 March 2024
142.4
229.0
Additions
241.8
382.1
Accrued income invoiced during the year
(235.8)
(468.7)
Balance as at 28 March 2026/29 March 2025
148.4
142.4
\n
The loss allowance is assessed against all receivables within the scope of IFRS 9, with the majority relating to credit loss allowances arising from contracts with customers.
Other receivables includes \u00a335.7m (2025: \u00a360.4m) of VAT receivables, \u00a319.8m (2025: \u00a313.8m) of receivables from government bodies for fuel duty rebates, and \u00a316.0m (2025: \u00a331.0m) of insurance recoveries.
Amounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
Accrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised as accrued income is reclassified to trade receivables at the point at which it is
invoiced to the customer.
Credit risk
Credit risk is the risk that financial loss arises from failure by a customer or counterparty to meet its obligations under a contract.
Credit risk exists in relation to the Group\u2019s financial assets, which comprise trade receivables, amounts recoverable on contracts and accrued income of \u00a3432.0m (2025: \u00a3564.0m), cash and cash equivalents of \u00a3432.0m
(2025: \u00a3487.1m) and derivative financial instruments of \u00a323.5m (2025: \u00a30.5m).
The Group\u2019s maximum exposure to credit risk for all financial assets at the balance sheet date was \u00a3892.8m (2025: \u00a31,051.6m). The exposure is spread over a large number of unconnected counterparties and the maximum
single concentration with any one counterparty was \u00a3192.0m (2025: \u00a3228.0m) at the balance sheet date.
The Group\u2019s credit risk is primarily attributable to its trade receivables, amounts recoverable on contracts and accrued income. The amounts presented in the balance sheet are net of credit loss allowances, estimated by
the Group\u2019s management based on prior experience and their assessment of the current economic environment. The credit loss allowance at the balance sheet date was \u00a30.4m (2025: \u00a310.6m).
Most trade receivables, amounts recoverable on contracts and accrued income are with public or quasi\u2011public bodies, principally the DfT, Network Rail and local authorities in the UK. The Group does not consider any of
these counterparties to be a significant risk. Each division within the Group has a policy governing credit risk management on receivables.
The counterparties for bank balances and derivative financial instruments are mainly represented by lending banks and large banks with a minimum of \u2018A\u2019 credit ratings assigned by international credit rating agencies.
These counterparties are subject to approval by the Board. Group Treasury policy limits the maximum deposit with any one counterparty to \u00a3150.0m and limits the maximum term to three months.
Impairment of trade receivables amounts recoverable on contracts and accrued income
The Group applies the IFRS 9 simplified approach to measuring expected credit losses for all trade receivables, amounts recoverable on contracts and accrued income at each reporting date.
Provision matrices are used to measure expected losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns, such as geographical region, service type,
and customer type and rating. The calculation reflects the probability\u2011weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and
forecasts of future economic conditions.
Trade receivables, amounts recoverable on contracts and accrued income are written off when there is no reasonable expectation of recovery.
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.
The majority of the Group\u2019s customers are governmental or similar bodies and hence there are not considered to be any issues with the recoverability of these receivables. Further there have not been any significant issues
with the recoverability of non\u2011governmental receivables.
The gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income for which the loss allowance is measured at an amount equal to the lifetime expected credit losses under the
simplified method, is analysed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Days past due:
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2026
\u00a0 \u00a0 \u00a0
\u00a0
Carrying amount
Current
Less than 30 days
30\u201190 days
90\u2011180 days
Over 180 days
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected credit loss rate
0.1%
\u2013
0.3%
\u2013
\u2013
0.3%
Gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income
437.3
293.3
76.8
22.3
13.7
31.2
Loss allowance (from continuing operations)
0.4
0.1
0.2
\u2013
\u2013
0.1
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Days past due:
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2025
\u00a0 \u00a0 \u00a0
\u00a0
Carrying amount
Current
Less than 30 days
30\u201190days
90\u2011180days
Over 180 days
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected credit loss rate
1.9%
\u2013
0.1%
\u2013
\u2013
19.8%
Gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income
564.0
354.3
98.3
44.1
14.2
53.1
Loss allowance (from continuing operations)
10.6
\u2013
0.1
\u2013
\u2013
10.5
\n
The table above is an aggregation of different provision matrices for each of the customer segment groupings, as outlined above. The expected loss rate for each ageing category is the weighted average loss rate across
these groupings. The \u2018current\u2019 category consists primarily of receivables from groupings for which, based on historical losses and both the current and forecast economic conditions, the expected credit losses are negligible,
resulting in the application of a close to 0% loss rate.
\n \n
2026
2025
Movement in the loss allowance for trade receivables
\u00a3m
\u00a3m
At 30 March 2025/31 March 2024
10.6
41.7
Amounts written\u2011off during the year
(0.3)
\u2013
Increase in allowance recognised in the income statement
0.2
2.5
Amounts recovered during the year
\u2013
(1.6)
Reversal of provision
(10.1)
(32.0)
At 28 March 2026/29 March 2025
0.4
10.6
\nThe Directors consider that the carrying amount of trade and other receivables approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "16 Trade and other receivables \n \n
2026
2025
Amounts due within one year (from continuing operations)
\u00a3m
\u00a3m
Trade receivables
255.2
364.1
Loss allowance
(0.4)
(10.6)
Trade receivables net
254.8
353.5
Other receivables
94.7
171.0
Amounts recoverable on contracts
33.7
57.5
Prepayments
54.8
37.2
Accrued income
148.4
142.4
586.4
761.6
\n\n \n
2026
2025
Amounts due over one year (from continuing operations)
\u00a3m
\u00a3m
Other receivables
1.5
\u2013
\n \n
2026
2025
Movement in accrued income:
\u00a3m
\u00a3m
Balance as at 30 March 2025/31 March 2024
142.4
229.0
Additions
241.8
382.1
Accrued income invoiced during the year
(235.8)
(468.7)
Balance as at 28 March 2026/29 March 2025
148.4
142.4
\n
The loss allowance is assessed against all receivables within the scope of IFRS 9, with the majority relating to credit loss allowances arising from contracts with customers.
Other receivables includes \u00a335.7m (2025: \u00a360.4m) of VAT receivables, \u00a319.8m (2025: \u00a313.8m) of receivables from government bodies for fuel duty rebates, and \u00a316.0m (2025: \u00a331.0m) of insurance recoveries.
Amounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
Accrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised as accrued income is reclassified to trade receivables at the point at which it is
invoiced to the customer.
Credit risk
Credit risk is the risk that financial loss arises from failure by a customer or counterparty to meet its obligations under a contract.
Credit risk exists in relation to the Group\u2019s financial assets, which comprise trade receivables, amounts recoverable on contracts and accrued income of \u00a3432.0m (2025: \u00a3564.0m), cash and cash equivalents of \u00a3432.0m
(2025: \u00a3487.1m) and derivative financial instruments of \u00a323.5m (2025: \u00a30.5m).
The Group\u2019s maximum exposure to credit risk for all financial assets at the balance sheet date was \u00a3892.8m (2025: \u00a31,051.6m). The exposure is spread over a large number of unconnected counterparties and the maximum
single concentration with any one counterparty was \u00a3192.0m (2025: \u00a3228.0m) at the balance sheet date.
The Group\u2019s credit risk is primarily attributable to its trade receivables, amounts recoverable on contracts and accrued income. The amounts presented in the balance sheet are net of credit loss allowances, estimated by
the Group\u2019s management based on prior experience and their assessment of the current economic environment. The credit loss allowance at the balance sheet date was \u00a30.4m (2025: \u00a310.6m).
Most trade receivables, amounts recoverable on contracts and accrued income are with public or quasi\u2011public bodies, principally the DfT, Network Rail and local authorities in the UK. The Group does not consider any of
these counterparties to be a significant risk. Each division within the Group has a policy governing credit risk management on receivables.
The counterparties for bank balances and derivative financial instruments are mainly represented by lending banks and large banks with a minimum of \u2018A\u2019 credit ratings assigned by international credit rating agencies.
These counterparties are subject to approval by the Board. Group Treasury policy limits the maximum deposit with any one counterparty to \u00a3150.0m and limits the maximum term to three months.
Impairment of trade receivables amounts recoverable on contracts and accrued income
The Group applies the IFRS 9 simplified approach to measuring expected credit losses for all trade receivables, amounts recoverable on contracts and accrued income at each reporting date.
Provision matrices are used to measure expected losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns, such as geographical region, service type,
and customer type and rating. The calculation reflects the probability\u2011weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and
forecasts of future economic conditions.
Trade receivables, amounts recoverable on contracts and accrued income are written off when there is no reasonable expectation of recovery.
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.
The majority of the Group\u2019s customers are governmental or similar bodies and hence there are not considered to be any issues with the recoverability of these receivables. Further there have not been any significant issues
with the recoverability of non\u2011governmental receivables.
The gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income for which the loss allowance is measured at an amount equal to the lifetime expected credit losses under the
simplified method, is analysed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Days past due:
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2026
\u00a0 \u00a0 \u00a0
\u00a0
Carrying amount
Current
Less than 30 days
30\u201190 days
90\u2011180 days
Over 180 days
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected credit loss rate
0.1%
\u2013
0.3%
\u2013
\u2013
0.3%
Gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income
437.3
293.3
76.8
22.3
13.7
31.2
Loss allowance (from continuing operations)
0.4
0.1
0.2
\u2013
\u2013
0.1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Days past due:
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2025
\u00a0 \u00a0 \u00a0
\u00a0
Carrying amount
Current
Less than 30 days
30\u201190days
90\u2011180days
Over 180 days
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected credit loss rate
1.9%
\u2013
0.1%
\u2013
\u2013
19.8%
Gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income
564.0
354.3
98.3
44.1
14.2
53.1
Loss allowance (from continuing operations)
10.6
\u2013
0.1
\u2013
\u2013
10.5
\n
The table above is an aggregation of different provision matrices for each of the customer segment groupings, as outlined above. The expected loss rate for each ageing category is the weighted average loss rate across
these groupings. The \u2018current\u2019 category consists primarily of receivables from groupings for which, based on historical losses and both the current and forecast economic conditions, the expected credit losses are negligible,
resulting in the application of a close to 0% loss rate.
\n \n
2026
2025
Movement in the loss allowance for trade receivables
\u00a3m
\u00a3m
At 30 March 2025/31 March 2024
10.6
41.7
Amounts written\u2011off during the year
(0.3)
\u2013
Increase in allowance recognised in the income statement
0.2
2.5
Amounts recovered during the year
\u2013
(1.6)
Reversal of provision
(10.1)
(32.0)
At 28 March 2026/29 March 2025
0.4
10.6
\nThe Directors consider that the carrying amount of trade and other receivables approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "\n \n
2026
2025
Amounts due within one year (from continuing operations)
\u00a3m
\u00a3m
Trade receivables
255.2
364.1
Loss allowance
(0.4)
(10.6)
Trade receivables net
254.8
353.5
Other receivables
94.7
171.0
Amounts recoverable on contracts
33.7
57.5
Prepayments
54.8
37.2
Accrued income
148.4
142.4
586.4
761.6
\nThe loss allowance is assessed against all receivables within the scope of IFRS 9, with the majority relating to credit loss allowances arising from contracts with customers.
Other receivables includes \u00a335.7m (2025: \u00a360.4m) of VAT receivables, \u00a319.8m (2025: \u00a313.8m) of receivables from government bodies for fuel duty rebates, and \u00a316.0m (2025: \u00a331.0m) of insurance recoveries.
Amounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
Accrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised as accrued income is reclassified to trade receivables at the point at which it is
invoiced to the customer.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "\n \n
2026
2025
Amounts due within one year (from continuing operations)
\u00a3m
\u00a3m
Trade receivables
255.2
364.1
Loss allowance
(0.4)
(10.6)
Trade receivables net
254.8
353.5
Other receivables
94.7
171.0
Amounts recoverable on contracts
33.7
57.5
Prepayments
54.8
37.2
Accrued income
148.4
142.4
586.4
761.6
\n\n \n
2026
2025
Amounts due over one year (from continuing operations)
\u00a3m
\u00a3m
Other receivables
1.5
\u2013
\n \n
2026
2025
Movement in accrued income:
\u00a3m
\u00a3m
Balance as at 30 March 2025/31 March 2024
142.4
229.0
Additions
241.8
382.1
Accrued income invoiced during the year
(235.8)
(468.7)
Balance as at 28 March 2026/29 March 2025
148.4
142.4
\n
The loss allowance is assessed against all receivables within the scope of IFRS 9, with the majority relating to credit loss allowances arising from contracts with customers.
Other receivables includes \u00a335.7m (2025: \u00a360.4m) of VAT receivables, \u00a319.8m (2025: \u00a313.8m) of receivables from government bodies for fuel duty rebates, and \u00a316.0m (2025: \u00a331.0m) of insurance recoveries.
Amounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
Accrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised as accrued income is reclassified to trade receivables at the point at which it is
invoiced to the customer.
Credit risk
Credit risk is the risk that financial loss arises from failure by a customer or counterparty to meet its obligations under a contract.
Credit risk exists in relation to the Group\u2019s financial assets, which comprise trade receivables, amounts recoverable on contracts and accrued income of \u00a3432.0m (2025: \u00a3564.0m), cash and cash equivalents of \u00a3432.0m
(2025: \u00a3487.1m) and derivative financial instruments of \u00a323.5m (2025: \u00a30.5m).
The Group\u2019s maximum exposure to credit risk for all financial assets at the balance sheet date was \u00a3892.8m (2025: \u00a31,051.6m). The exposure is spread over a large number of unconnected counterparties and the maximum
single concentration with any one counterparty was \u00a3192.0m (2025: \u00a3228.0m) at the balance sheet date.
The Group\u2019s credit risk is primarily attributable to its trade receivables, amounts recoverable on contracts and accrued income. The amounts presented in the balance sheet are net of credit loss allowances, estimated by
the Group\u2019s management based on prior experience and their assessment of the current economic environment. The credit loss allowance at the balance sheet date was \u00a30.4m (2025: \u00a310.6m).
Most trade receivables, amounts recoverable on contracts and accrued income are with public or quasi\u2011public bodies, principally the DfT, Network Rail and local authorities in the UK. The Group does not consider any of
these counterparties to be a significant risk. Each division within the Group has a policy governing credit risk management on receivables.
The counterparties for bank balances and derivative financial instruments are mainly represented by lending banks and large banks with a minimum of \u2018A\u2019 credit ratings assigned by international credit rating agencies.
These counterparties are subject to approval by the Board. Group Treasury policy limits the maximum deposit with any one counterparty to \u00a3150.0m and limits the maximum term to three months.
Impairment of trade receivables amounts recoverable on contracts and accrued income
The Group applies the IFRS 9 simplified approach to measuring expected credit losses for all trade receivables, amounts recoverable on contracts and accrued income at each reporting date.
Provision matrices are used to measure expected losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns, such as geographical region, service type,
and customer type and rating. The calculation reflects the probability\u2011weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and
forecasts of future economic conditions.
Trade receivables, amounts recoverable on contracts and accrued income are written off when there is no reasonable expectation of recovery.
Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.
The majority of the Group\u2019s customers are governmental or similar bodies and hence there are not considered to be any issues with the recoverability of these receivables. Further there have not been any significant issues
with the recoverability of non\u2011governmental receivables.
The gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income for which the loss allowance is measured at an amount equal to the lifetime expected credit losses under the
simplified method, is analysed below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Days past due:
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2026
\u00a0 \u00a0 \u00a0
\u00a0
Carrying amount
Current
Less than 30 days
30\u201190 days
90\u2011180 days
Over 180 days
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected credit loss rate
0.1%
\u2013
0.3%
\u2013
\u2013
0.3%
Gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income
437.3
293.3
76.8
22.3
13.7
31.2
Loss allowance (from continuing operations)
0.4
0.1
0.2
\u2013
\u2013
0.1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Days past due:
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
2025
\u00a0 \u00a0 \u00a0
\u00a0
Carrying amount
Current
Less than 30 days
30\u201190days
90\u2011180days
Over 180 days
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected credit loss rate
1.9%
\u2013
0.1%
\u2013
\u2013
19.8%
Gross carrying amount of trade receivables, amounts recoverable on contracts and accrued income
564.0
354.3
98.3
44.1
14.2
53.1
Loss allowance (from continuing operations)
10.6
\u2013
0.1
\u2013
\u2013
10.5
\n
The table above is an aggregation of different provision matrices for each of the customer segment groupings, as outlined above. The expected loss rate for each ageing category is the weighted average loss rate across
these groupings. The \u2018current\u2019 category consists primarily of receivables from groupings for which, based on historical losses and both the current and forecast economic conditions, the expected credit losses are negligible,
resulting in the application of a close to 0% loss rate.
\n \n
2026
2025
Movement in the loss allowance for trade receivables
\u00a3m
\u00a3m
At 30 March 2025/31 March 2024
10.6
41.7
Amounts written\u2011off during the year
(0.3)
\u2013
Increase in allowance recognised in the income statement
0.2
2.5
Amounts recovered during the year
\u2013
(1.6)
Reversal of provision
(10.1)
(32.0)
At 28 March 2026/29 March 2025
0.4
10.6
\nThe Directors consider that the carrying amount of trade and other receivables approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "The loss allowance is assessed against all receivables within the scope of IFRS 9, with the majority relating to credit loss allowances arising from contracts with customers.
Other receivables includes \u00a335.7m (2025: \u00a360.4m) of VAT receivables, \u00a319.8m (2025: \u00a313.8m) of receivables from government bodies for fuel duty rebates, and \u00a316.0m (2025: \u00a331.0m) of insurance recoveries.
Amounts recoverable on contracts relates to amounts due from governmental and similar bodies for agreed contractual changes.
Accrued income principally comprises amounts relating to contracts with customers billed each month. Any amount previously recognised as accrued income is reclassified to trade receivables at the point at which it is
invoiced to the customer.Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and season ticket deferred income principally comprises amounts relating to contracts with customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "Other receivables includes \u00a335.7m (2025: \u00a360.4m) of VAT receivables, \u00a319.8m (2025: \u00a313.8m) of receivables from government bodies for fuel duty rebates, and \u00a316.0m (2025: \u00a331.0m) of insurance recoveries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "Credit risk
Credit risk is the risk that financial loss arises from failure by a customer or counterparty to meet its obligations under a contract.
Credit risk exists in relation to the Group\u2019s financial assets, which comprise trade receivables, amounts recoverable on contracts and accrued income of \u00a3432.0m (2025: \u00a3564.0m), cash and cash equivalents of \u00a3432.0m
(2025: \u00a3487.1m) and derivative financial instruments of \u00a323.5m (2025: \u00a30.5m).
The Group\u2019s maximum exposure to credit risk for all financial assets at the balance sheet date was \u00a3892.8m (2025: \u00a31,051.6m). The exposure is spread over a large number of unconnected counterparties and the maximum
single concentration with any one counterparty was \u00a3192.0m (2025: \u00a3228.0m) at the balance sheet date.
The Group\u2019s credit risk is primarily attributable to its trade receivables, amounts recoverable on contracts and accrued income. The amounts presented in the balance sheet are net of credit loss allowances, estimated by
the Group\u2019s management based on prior experience and their assessment of the current economic environment. The credit loss allowance at the balance sheet date was \u00a30.4m (2025: \u00a310.6m).
Most trade receivables, amounts recoverable on contracts and accrued income are with public or quasi\u2011public bodies, principally the DfT, Network Rail and local authorities in the UK. The Group does not consider any of
these counterparties to be a significant risk. Each division within the Group has a policy governing credit risk management on receivables.
The counterparties for bank balances and derivative financial instruments are mainly represented by lending banks and large banks with a minimum of \u2018A\u2019 credit ratings assigned by international credit rating agencies.
These counterparties are subject to approval by the Board. Group Treasury policy limits the maximum deposit with any one counterparty to \u00a3150.0m and limits the maximum term to three months.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "17 Trade and other payables \n \n
2025
2026
(restated
1
)
Amounts falling due within one year (from continuing operations)
\u00a3m
\u00a3m
Trade payables
286.6
352.2
Other payables
138.7
157.4
Accruals
320.5
398.1
Deferred income
132.4
140.2
Season ticket deferred income \u2013 Rail
10.7
24.8
888.9
1,072.7
\nTrade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and season ticket deferred income principally comprises amounts relating to contracts
with customers.
Other payables includes \u00a315.9m (2025: \u00a332.0m) for the purchase of property, plant and equipment where increased payment terms have been agreed with the supplier due to the nature of the payable. Other payables also
include deferred capital grants from government or other public bodies of \u00a3201.8m (2025 restated: \u00a3245.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "17 Trade and other payables \n \n
2025
2026
(restated
1
)
Amounts falling due within one year (from continuing operations)
\u00a3m
\u00a3m
Trade payables
286.6
352.2
Other payables
138.7
157.4
Accruals
320.5
398.1
Deferred income
132.4
140.2
Season ticket deferred income \u2013 Rail
10.7
24.8
888.9
1,072.7
\n\n \n
2025
2026
(restated
1
)
Amounts falling due after one year (from continuing operations)
\u00a3m
\u00a3m
Other payables
120.5
135.5
120.5
135.5
\n\n \n
2026
2025
Movement in deferred income
\u00a3m
\u00a3m
Balance as at 30 March 2025/31 March 2024
140.2
129.0
Additions
173.3
208.2
Recognised during the period
(157.0)
(198.4)
Business acquisitions
\u2013
1.4
Expiry of SWR NRC
(24.1)
\u2013
Balance as at 28 March 2026/29 March 2025
132.4
140.2
\n
1
The Group has restated the analysis between Current and Non\u2011current Other payables for the prior year, to reflect the expected maturity of deferred capital grants previously classified as Current liabilities. This reduces Current Other payables by \u00a3135.5m and increases Non\u2011current
Other payables by the same amount.
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and season ticket deferred income principally comprises amounts relating to contracts
with customers.
Other payables includes \u00a315.9m (2025: \u00a332.0m) for the purchase of property, plant and equipment where increased payment terms have been agreed with the supplier due to the nature of the payable. Other payables also
include deferred capital grants from government or other public bodies of \u00a3201.8m (2025 restated: \u00a3245.3m).
The average credit period taken for trade purchases is 41 days (2025: 39 days). The Group has controls in place to ensure that all payments are paid within the appropriate credit timeframe. The Directors consider that the
carrying amount of trade and other payables approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "17 Trade and other payables \n \n
2025
2026
(restated
1
)
Amounts falling due within one year (from continuing operations)
\u00a3m
\u00a3m
Trade payables
286.6
352.2
Other payables
138.7
157.4
Accruals
320.5
398.1
Deferred income
132.4
140.2
Season ticket deferred income \u2013 Rail
10.7
24.8
888.9
1,072.7
\n\n \n
2025
2026
(restated
1
)
Amounts falling due after one year (from continuing operations)
\u00a3m
\u00a3m
Other payables
120.5
135.5
120.5
135.5
\n\n \n
2026
2025
Movement in deferred income
\u00a3m
\u00a3m
Balance as at 30 March 2025/31 March 2024
140.2
129.0
Additions
173.3
208.2
Recognised during the period
(157.0)
(198.4)
Business acquisitions
\u2013
1.4
Expiry of SWR NRC
(24.1)
\u2013
Balance as at 28 March 2026/29 March 2025
132.4
140.2
\n
1
The Group has restated the analysis between Current and Non\u2011current Other payables for the prior year, to reflect the expected maturity of deferred capital grants previously classified as Current liabilities. This reduces Current Other payables by \u00a3135.5m and increases Non\u2011current
Other payables by the same amount.
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and season ticket deferred income principally comprises amounts relating to contracts
with customers.
Other payables includes \u00a315.9m (2025: \u00a332.0m) for the purchase of property, plant and equipment where increased payment terms have been agreed with the supplier due to the nature of the payable. Other payables also
include deferred capital grants from government or other public bodies of \u00a3201.8m (2025 restated: \u00a3245.3m).
The average credit period taken for trade purchases is 41 days (2025: 39 days). The Group has controls in place to ensure that all payments are paid within the appropriate credit timeframe. The Directors consider that the
carrying amount of trade and other payables approximates to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "\n \n
2025
2026
(restated
1
)
Amounts falling due within one year (from continuing operations)
\u00a3m
\u00a3m
Trade payables
286.6
352.2
Other payables
138.7
157.4
Accruals
320.5
398.1
Deferred income
132.4
140.2
Season ticket deferred income \u2013 Rail
10.7
24.8
888.9
1,072.7
\n\n \n
2025
2026
(restated
1
)
Amounts falling due after one year (from continuing operations)
\u00a3m
\u00a3m
Other payables
120.5
135.5
120.5
135.5
\n\n \n
2026
2025
Movement in deferred income
\u00a3m
\u00a3m
Balance as at 30 March 2025/31 March 2024
140.2
129.0
Additions
173.3
208.2
Recognised during the period
(157.0)
(198.4)
Business acquisitions
\u2013
1.4
Expiry of SWR NRC
(24.1)
\u2013
Balance as at 28 March 2026/29 March 2025
132.4
140.2
\n
1
The Group has restated the analysis between Current and Non\u2011current Other payables for the prior year, to reflect the expected maturity of deferred capital grants previously classified as Current liabilities. This reduces Current Other payables by \u00a3135.5m and increases Non\u2011current
Other payables by the same amount.
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Deferred income and season ticket deferred income principally comprises amounts relating to contracts
with customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "18 Cash and cash equivalents \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Cash and cash equivalents
432.0
487.1
\n
The fair value of cash and cash equivalents approximates to the carrying value. Cash and cash equivalents includes ring\u2011fenced cash of \u00a3262.4m (2025: \u00a3315.7m). Ring\u2011fenced cash is cash held in the Group which has
restrictions around its use or distribution. The most significant ring\u2011fenced cash balances are held by the Group\u2019s First Rail subsidiaries. All non\u2011distributable cash in franchised Rail subsidiaries is considered ring\u2011fenced
under the terms of the NRC. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "ring\u2011fenced cash of \u00a3262.4m (2025: \u00a3315.7m). Ring\u2011fenced cash is cash held in the Group which has
restrictions around its use or distribution. The most significant ring\u2011fenced cash balances are held by the Group\u2019s First Rail subsidiaries. All non\u2011distributable cash in franchised Rail subsidiaries is considered ring\u2011fenced
under the terms of the NRC. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "19 Discontinued operations \n \n
2026
2025
Discontinued operations
\u00a3m
\u00a3m
Revenue
\u2013
\u2013
Operating income
2.1
4.9
Operating profit
2.1
4.9
Investment income
\u2013
0.1
Finance costs
\u2013
(0.3)
Profit before tax
2.1
4.7
Tax
\u2013
\u2013
Profit for the year after tax
2.1
4.7
Attributable to:
Equity holders of the parent
2.1
4.7
Non\u2011controlling interests
\u2013
\u2013
2.1
4. 7
\n\n \n
2026
2025
EPS
pence
pence
Basic EPS
0.4
0.8
Diluted EPS
0.4
0.8
\u00a0\n \n
2026
2025
Cash flow
\u00a3m
\u00a3m
Net cash outflow from operating activities
(5.7)
(8.0)
Net cash inflow from investing activities
\u2013
0.7
Net decrease in cash generated
(5.7)
(7.3)
\n\n \n
2026
2025
Other comprehensive income
\u00a3m
\u00a3m
Actuarial gain on defined benefit pension schemes
\u2013
1.9
Exchange differences on translation of discontinued operations
3.2
3.1
Total
3.2
5.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "20 Borrowings \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
\u00a0
\u00a0
2026
(restated
3
)
\u00a0
\u00a3m
\u00a3m
On demand or within one year
\u00a0\u00a0
Lease liabilities (note 21)
1,2
400.2
408.8
Asset backed financial liabilities (note 21)
2
21.4
16.2
Bank overdraft
25.5
56.4
\u00a0
Total current liabilities
447.1
481.4
Within one to two years
\u00a0\u00a0
Lease liabilities (note 21)
1,2
262.3
392.6
Asset backed financial liabilities (note 21)
2
19.9
12.9
NextGen battery debt
1.6
\u2013
Syndicated loan facilities
99.6
64.3
\u00a0
383.4
469.8
Within two to five years
\u00a0\u00a0
Lease liabilities (note 21)
1,2
135.5
362.5
NextGen battery debt
20.8
15.0
Asset backed financial liabilities (note 21)
2
67.4
39.8
Syndicated loan facilities
2.5
2.4
\u00a0
226.2
419.7
Over five years
\u00a0\u00a0
Lease liabilities (note 21)
1,2
52.0
50.5
NextGen battery debt
5.0
4.9
Asset backed financial liabilities (note 21)
2
43.6
46.4
\u00a0
100.6
101.8
Total non\u2011current liabilities at amortised cost
710.2
991.3
\n
1
The right of use assets relating to lease liabilities are shown in note 13.
2
The maturity analysis of lease liabilities and asset backed financial liabilities is presented in note 21.
3
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
Effective interest rates
The effective interest rates at the balance sheet dates were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
Maturity
2025
Maturity
Bank overdraft
SONIA +1%
\u2013
SONIA + 1%
\u2013
Revolving credit facility
SONIA +0.95%
January 2031
SONIA + 0.75%
January 2030
Term loan facility
SONIA +1.55%
March 2028
SONIA +1.35%
March 2027
\u00a0
Average fixed
\u00a0
Average fixed
\u00a0
Asset backed financial liabilities
rate of 4.8%
Various
rate of 4.6%
Various
\n
All borrowings are denominated in pounds sterling, except for \u00a37.2m (2025: \u00a30.2m), which are denominated in euro.
Borrowing facilities
The Group had \u00a3295.0m (2025: \u00a3295.0m) of undrawn committed borrowing available under its revolving credit facility as at March 2026. In addition there was \u00a343.0m (2025: \u00a392.4m) committed headroom available
under the Husk Finance facility and \u00a326.1m (2025: \u00a340.9m) under the NextGen Battery facility, and \u00a3nil (2025: \u00a385.0m) under the term loan facility. Total undrawn bank borrowing facilities at year end stood at \u00a3374.1m
(2025: \u00a3523.3m) of which \u00a3364.1m (2025: \u00a3513.3m) was committed and \u00a310.0m (2025: \u00a310.0m) was uncommitted.
Capital management
The Group aims to maintain an investment grade credit rating and appropriate balance sheet liquidity headroom. The Group has a net debt to EBITDA ratio of 1.0 times as at March 2026 for the continuing Group
(2025 (restated
1
): 1.3 times).
Liquidity within the Group has remained strong. At year end there was \u00a3508.2m (2025: \u00a3628.3m) of committed headroom and free cash. The Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom
at the year end and half year for the budget year, and \u00a3200m for year two of the three\u2011year plan. The Group\u2019s net debt at 28 March 2026, was \u00a3725.3m (2025 (restated
1
): \u00a3985.6m) as set out in the Financial review on page 28.
The Group\u2019s primary objectives of capital management is to ensure that the Group is able to continue as a going concern, to maintain an optimal capital structure and adequate liquidity headroom to deliver on
shareholder and stakeholder expectations. The Group\u2019s capital structure consists of equity and net debt. The Group actively manages its capital structure and will adjust it when appropriate should economic conditions
change. The Group\u2019s debt is monitored on the basis of a gearing ratio, being net debt divided by EBITDA, further details of which are provided in the Chief Financial Officer\u2019s review.
1
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "Capital management
The Group aims to maintain an investment grade credit rating and appropriate balance sheet liquidity headroom. The Group has a net debt to EBITDA ratio of 1.0 times as at March 2026 for the continuing Group
(2025 (restated
1
): 1.3 times).
Liquidity within the Group has remained strong. At year end there was \u00a3508.2m (2025: \u00a3628.3m) of committed headroom and free cash. The Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom
at the year end and half year for the budget year, and \u00a3200m for year two of the three\u2011year plan. The Group\u2019s net debt at 28 March 2026, was \u00a3725.3m (2025 (restated
1
): \u00a3985.6m) as set out in the Financial review on page 28.
The Group\u2019s primary objectives of capital management is to ensure that the Group is able to continue as a going concern, to maintain an optimal capital structure and adequate liquidity headroom to deliver on
shareholder and stakeholder expectations. The Group\u2019s capital structure consists of equity and net debt. The Group actively manages its capital structure and will adjust it when appropriate should economic conditions
change. The Group\u2019s debt is monitored on the basis of a gearing ratio, being net debt divided by EBITDA, further details of which are provided in the Chief Financial Officer\u2019s review.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "21 Lease liabilities and asset backed financial liabilities
The Group had the following lease liabilities and asset backed financial liabilities at the balance sheet dates, excluding liabilities relating to the discontinued operations:
\n \n
Asset backed
Asset backed
Lease liabilities
financial
financial
Lease liabilities
2025
liabilities
liabilities
2026
(restated
1
)
2026
2025
Maturity analysis
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Due in less than one year
432.3
451.1
22.4
16.9
Due in more than one year but not more than two years
279.2
418.8
21.9
14.2
Due in more than two years but not more than five years
155.3
382.7
81.2
47.8
Due in more than five years
71.2
68.4
61.5
68.7
938.0
1,321.0
187.0
147.6
Less future financing charges
(88.0)
(106.6)
(34.7)
(32.2)
850.0
1,214.4
152.3
115.4
\n
1
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
The total cash outflow for the lease liabilities and asset backed financial liabilities recorded on the balance sheet amounted to \u00a3459.5m and \u00a327.2m respectively (2025: \u00a3553.3m and \u00a313.8m).
The right of use assets related to the lease liabilities is presented in note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "22 Derivative financial instruments and financial assets
Non\u2011derivative financial assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Total non\u2011derivative financial assets
\u00a0 \u00a0
Total non\u2011current assets
71.6
104.2
Total current assets
0.4
\u2013
Total non\u2011derivative financial assets
72.0
104.2
\n
Certain pension partnership structures were implemented during 2023. These structures involved the creation of special purpose vehicles (SPVs) to hold cash to fund the Bus and Group pension schemes, if required, based
on a designated funding mechanism. Management have concluded that these amounts represent financial assets under IAS 32. During the year \u00a340.6m was redeemed from these entities, of which \u00a320.6m was returned to
the Bus section of the FirstGroup Pension Scheme as part settlement of the Group\u2019s funding obligations and \u00a320m was returned to the Group.
Derivative financial instruments
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Total derivatives
\u00a0\u00a0
Total non\u2011current assets
3.9
0.3
Total current assets
19.6
0.2
Total assets from continuing operations
23.5
0.5
Total current liabilities
0.6
3.0
Total non\u2011current liabilities
\u2013
1.0
Total liabilities from continuing operations
0.6
4.0
Derivatives designated and effective as hedging instruments carried at fair value
\u00a0\u00a0
Non\u2011current assets
\u00a0\u00a0
Fuel derivatives (cash flow hedge)
3.8
0.3
Currency forwards (cash flow hedge)
0.1
\u2013
\u00a0
3.9
0.3
Current assets
\u00a0\u00a0
Fuel derivatives (cash flow hedge)
19.3
0.2
Currency forwards (cash flow hedge)
0.3
\u2013
\u00a0
19.6
0.2
Current liabilities
\u00a0\u00a0
Fuel derivatives (cash flow hedge)
\u2013
2.1
Currency forwards (cash flow hedge)
0.6
0.9
\u00a0
0.6
3.0
Non\u2011current liabilities
\u00a0\u00a0
Fuel derivatives (cash flow hedge)
\u2013
0.4
Currency forwards (cash flow hedge)
\u2013
0.3
Interest rate swaps (NextGen)
\u2013
0.3
\u00a0
\u2013
1.0
\n
The Group enters into derivative transactions under International Swaps and Derivatives Association Master Agreements that allow for the related amounts to be set\u2011off in certain circumstances. The amounts set out
as Fuel derivatives and Currency forwards in the table above represent the derivative financial assets and liabilities of the Group that may be subject to the above arrangements and are presented on a gross basis.
Derivative liabilities of \u00a3nil (2025: \u00a3nil) were subject to netting arrangements. Total cash flow hedges are an asset of \u00a322.9m (2025: \u00a33.5m liability).
The following losses were transferred from equity into inventory as basis adjustments during the year:
\n \n
2026
2025
\u00a3m
\u00a3m
Operating losses
0.9
3.3
The estimated fair values of the Group\u2019s financial assets and financial liabilities (including trade and other receivables and trade and other payables) are a reasonable approximation to the carrying value of these items.
The estimated fair value of cash and cash equivalents, financial assets and bank overdrafts are a reasonable approximation to the carrying value of these items.
\n \n
Fair values at
Fair values at
28 March
29 March
2026
2025
Fair value
Financial assets/(liabilities)
\u00a3m
\u00a3m
hierarchy
Valuation technique(s) and key inputs
Derivative contracts
1) Fuel derivatives
23.1
(2.0)
Level 2
Discounted cash flow; future cash flows are estimated based on forward fuel prices and contract
rates and then discounted at a rate that reflects the credit risk of the various counterparties.
2) Currency forwards
(0.2)
(1.2)
Level 2
Discounted cash flow; future cash flows are estimated based on forward foreign exchange rates and
contract rates and then discounted at a rate that reflects the credit risk of the various counterparties.
3) Interest rate swaps
\u2013
(0.3)
Level 2
Future cash flows are estimated based on interest rates and then discounted at a rate that reflects the
credit risk of the various counterparties.
The following table illustrates the carrying value of all financial assets and liabilities held by the Group on a continuing basis:
\n \n
2026
Assets and
At fair value
liabilities at
through profit and
At fair value
Derivatives used
amortised costs
loss
through OCI
for hedging
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Cash and cash equivalents
432.0
\u2013
\u2013
\u2013
432.0
Trade receivables, amounts recoverable under contracts
and accrued income
437.3
\u2013
\u2013
\u2013
437.3
Non\u2011derivative financial instruments
72.0
\u2013
\u2013
\u2013
72.0
Derivative financial instruments
\u2013
\u2013
\u2013
23.5
23.5
941.3
\u2013
\u2013
23.5
964.8
Financial liabilities and derivatives
Interest bearing loans and borrowings
1
1,157.3
\u2013
\u2013
\u2013
1,157.3
Trade and other payables
807.5
\u2013
\u2013
\u2013
807.5
Derivative financial instruments
\u2013
\u2013
\u2013
0.6
0.6
1,964.8
\u2013
\u2013
0.6
1,965.4
1
Includes lease liabilities and asset backed financial liabilities as set out in note 21.
\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025 (restated
2
)
\u00a0
\u00a0
Assets and
At fair value
\u00a0\u00a0\u00a0
\u00a0
liabilities at
through profit and
At fair value
Derivatives used
\u00a0
\u00a0
amortised costs
loss
through OCI
for hedging
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents
487.1
\u2013
\u2013
\u2013
487.1
Trade receivables, amounts recoverable under contracts
\u00a0\u00a0\u00a0\u00a0\u00a0
and accrued income
564.0
\u2013
\u2013
\u2013
564.0
Non\u2011derivative financial instruments
104.2
\u2013
\u2013
\u2013
104.2
Derivative financial instruments
\u2013
\u2013
\u2013
0.5
0.5
\u00a0
1,155.3
\u2013
\u2013
0.5
1,155.8
Financial liabilities and derivatives
\u00a0\u00a0\u00a0\u00a0\u00a0
Interest bearing loans and borrowings
1
1,472.7
\u2013
\u2013
\u2013
1,472.7
Trade and other payables (restated
3
)
962.9
\u2013
\u2013
\u2013
962.9
Derivative financial instruments
\u2013
\u2013
\u2013
4.0
4.0
\u00a0
2,435.6
\u2013
\u2013
4.0
2,439.6
\n
1
Includes lease liabilities and asset backed financial liabilities as set out in note 21.
2
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
3
Deferred capital grants of \u00a381.9m had not been excluded from trade and other payables in the prior year.
\n \n
Commodity price
Electricity price
Foreign exchange
As at 28 March 2026
risk
risk
price risk
Nominal amount of hedging
0.72m bbls
118,336 MWh
$62.6m
< 1 year
048m bbls
61,320 MWh
$42.4m
1\u20132 years
0.24m bbls
57,016 MWh
$20.2m
2\u20135 years
\u2013
\u2013
\u2013
> 5 years
\u2013
\u2013
\u2013
Average hedged rate
$87.45/bbl
\u00a371.8/MWh
1.32
Apr 26 \u2013 Mar
Apr 26 \u2013 Mar
Apr 26 \u2013 Mar
Maturity
28
28
28
Carrying amount of hedging instruments
Assets \u2013 Derivatives (\u00a3m)
20.7
2.4
0.4
Liabilities \u2013 Derivatives (\u00a3m)
\u2013
\u2013
(0.6)
Liabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
Carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Accumulated amount of fair value hedging adjustments included in carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Changes in fair value of hedged item used for calculating hedge ineffectiveness
(21.4)
(2.1)
0.9
Changes in fair value of hedging instrument used in calculating hedge effectiveness
21.4
2.1
(0.9)
Changes in fair value of hedging instrument accumulated in cash flow hedge reserve
14.9
2.0
0.8
\n
No gains and losses on derivatives designated for hedge accounting have been charged through the consolidated income statement in either the current or prior year.
Financial risk management
The Group is exposed to financial risks including liquidity risk, credit risk and certain market\u2011based risks principally being the effects of changes in foreign exchange rates, interest rates and fuel prices. The Group manages
these risks within the context of a set of formal policies established by the Board. Certain risk management responsibilities are formally delegated by the Board, principally to a sub\u2011committee of the Board and to the Chief
Financial Officer and to the Treasury Committee. The Treasury Committee comprises the Chief Financial Officer and certain senior finance employees and is responsible for approving hedging transactions permitted
under Board\u2011approved policies, monitoring compliance against policy and recommending changes to existing policies.
Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in meeting obligations associated with financial liabilities. The objective of the Group\u2019s liquidity risk management is to ensure sufficient committed liquidity
resources exist. The Group has a diversified debt structure largely represented by medium\u2011term unsecured syndicated committed bank facilities, medium\u2011 to long\u2011term unsecured bond debt and finance leases. It is a
policy requirement that debt obligations must be addressed well in advance of their due dates.
The Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom at the year end and half year for the budget year, and \u00a3200m for year two of the three\u2011year plan. At year end, the total amount of these
facilities stood at \u00a3632.4m (2025: \u00a3682.4m), and committed headroom was \u00a3364.1m (2025: \u00a3513.3m), in addition to free cash balances of \u00a3144.1m (2025: \u00a3115.3m). The next material contractual expiry of revolver bank facilities
is in January 2031.
The average duration of net debt (excluding ring\u2011fenced cash) at 28 March 2026 was 4.1 years (2025: 4.1 years).
The following tables detail, on a continuing basis, the Group\u2019s expected maturity of payables for its borrowings, derivative financial instruments and trade and other payables. The amounts shown in these tables are
prepared on an undiscounted cash flow basis and include future interest payments in the years in which they fall due for payment.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
2026
\u00a0
< 1 year \u00a3m
1\u20112 years \u00a3m
2\u20115 years \u00a3m
> 5 years \u00a3m
Total \u00a3m
Borrowings
1
480.2
402.3
259.9
138.5
1,280.9
FX forwards
0.6
\u2013
\u2013
\u2013
0.6
Trade and other payables
807.5
\u2013
\u2013
\u2013
807.5
\u00a0
1,288.3
402.3
259.9
138.5
2,089.0
\u00a0
2025 (restated
2
)
\u00a0
< 1 year \u00a3m
1\u20112 years \u00a3m
2\u20115 years \u00a3m
> 5 years \u00a3m
Total \u00a3m
Borrowings
1
524.4
497.3
447.9
142.9
1,612.5
Fuel derivatives
2.1
0.4
\u2013
\u2013
2.5
FX forwards
0.9
0.3
\u2013
\u2013
1.2
Interest rate derivatives
\u2013
0.3
\u2013
\u2013
0.3
Trade and other payables
962.9
\u2013
\u2013
\u2013
962.9
\u00a0
1,490.3
498.3
447.9
142.9
2,579.4
\n
1
Includes lease liabilities and asset backed financial liabilities as set out in note 21.
2
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments, and adjustments to the current/non\u2011current analysis of deferred capital grants.
No derivative financial instruments had collateral requirements or were due on demand in any of the years. Derivative financial instruments are net settled.
Currency risk
\n
Currency risk is the risk of financial loss to foreign currency net assets, earnings and cash flows reported in pounds sterling due to movements in exchange rates.
\n
\u2018Certain\u2019 and \u2018highly probable\u2019 foreign currency transaction exposures may be hedged at the time the exposure arises for up to two years at specified levels, or longer if there is a very high degree of certainty. The Group is
\n
also exposed to currency risk relating to its UK fuel costs which are denominated in US dollars. This is hedged through entering a series of average rate forward contracts on a similar profile to our fuel hedging programme.
\n
Forward currency risk is designated in the cash flow hedges, however valuation movements arising from changes in currency\u2011basis spreads are excluded from the relationships as costs of hedging. At the balance sheet
\n
date the value to be recorded in a separate component of equity was immaterial, and as such no separate reserve has been shown within the primary financial statements.
\n
IFRS 7 requires the Group to show the impact on profit after tax and hedging reserve on financial instruments from a movement in exchange rates. The following analysis details the Group\u2019s sensitivity to a 10% strengthening
\n
in pounds sterling against the US dollar. A 10% weakening in pounds sterling against the US dollar would have an equal but opposite effect to that shown below. The analysis has been prepared based on the change taking
\n
place at the beginning of the financial year and being held constant throughout the reporting period. A positive number indicates an increase in earnings or equity where pounds sterling strengthens against the US dollar.
\n\n \n
2026
2025
\u00a3m
\u00a3m
Impact on profit after tax
0.3
0.4
Impact on hedging reserve
(1.2)
0.2
\n
Interest rate risk
\n
The Group has variable rate debt and cash and therefore net income is exposed to the effects of changes to interest rates. The Group Treasury policy objective is to maintain fixed interest rates at a minimum of 50% of
\n
on\u2011balance sheet net debt over the medium term, so that volatility is substantially reduced year\u2011on\u2011year to EPS. The policy objective is primarily achieved through fixed rate debt. The policy on interest rate risk within
\n
operating leases is to hedge 100% by agreeing fixed rentals with the lessors. The main floating rate benchmarks on variable rate debt is sterling SONIA.
\n
At 28 March 2026, 64% (2025: 87%) of gross debt (pre\u2011IFRS 16 and overdraft) was fixed. This fixed rate protection had an average duration of 4.1 years (2025: 4.0 years).
\n
Interest rate risk within operating leases is hedged 100% by agreeing fixed rentals with the lessors prior to inception of the lease contracts.
\n
The following sensitivity analysis details the Group\u2019s sensitivity to a 100 basis points (1%) increase in interest rates throughout the reporting period with all other variables held constant.
\n\n \n
2026
2025
\u00a3m
\u00a3m
Impact on profit after tax
(0.5)
(1.2)
\n
Diesel fuel price risk
\n
The Group purchases its fuel on a floating price basis and is therefore exposed to changes in diesel prices, primarily in relation to First Bus operations. The Group\u2019s policy objective is to maintain a significant degree of fixed
\n
price protection in the short term with lower levels of protection in the medium term, so that the businesses affected are protected from any sudden and significant increases and have time to prepare for potentially higher
\n
costs, whilst retaining some access for potentially lower costs over the medium term. To achieve this the Group operates a progressive hedging policy. The policy hedge target levels differ by division but are monitored
\n
monthly and appropriate actions taken to maintain satisfactory hedge levels. Diesel derivatives are used to hedge UK exposure. Risk component hedging has been adopted under IFRS 9, meaning that the hedged price
\n
risk component of the purchased diesel matches that of the underlying derivative commodity. The hedged risk component is considered to be separately identifiable and reliably measurable. Variances in pricing of the
\n
derivative commodities and the purchased fuel are primarily driven by further refinement of the fuel or the associated transportation costs which were excluded from the hedge relationship. Currently First Bus diesel
\n
exposure is hedged 88% to March 2027 and 53% to March 2028.
The Group has entered into swaps for periods from April 2026 to March 2028 with the majority of these swaps relating to the 52 weeks ending 31 March 2027. The swaps give rise to monthly cash flow exchanges with
counterparties to offset the underlying settlement of floating price costs, except where they have a deferred start date. Gains or losses on fuel derivatives are recycled from equity into inventory on qualifying hedges
to achieve fixed rate fuel costs within operating results.
The following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of diesel fuel had been $10 per barrel higher during the 52 weeks ending 29 March 2026 and at the year end:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Impact on profit after tax
(0.3)
(0.4)
Impact on hedging reserve
4.1
4.3
\n
Electricity price risk
The Group purchases electricity on a floating price basis and is therefore exposed to changes in electricity prices, primarily in relation to First Bus. The Group\u2019s policy objective is to maintain a significant degree of fixed
price protection in the short term, so that the businesses affected have time to prepare for prices after the current hedge period expires. To achieve this the Group uses cash flow hedge financial instruments to achieve
significant fixed price certainty.
The Group has entered into swaps for periods from April 2026 to March 2028, hedging 77% of \u2018at risk\u2019 exposure to March 2027 and 72% of \u2018at risk\u2019 exposure to March 2028. The swaps give rise to monthly cash flow exchanges
with counterparties to offset the underlying settlement of floating price costs, except where they have a deferred start date. Gains or losses on electricity derivatives will be recycled from equity to the income statement on
qualifying hedges to achieve fixed rate electricity costs within operating results.
During the year to 31 March 2026 the Group hedged 70% of electricity price risk in relation to First Bus.
The following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of electricity had been \u00a350 per MWh higher during the 52 weeks ending 29 March 2026 and at the year end:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Impact on profit after tax
(0.7)
(0.4)
Impact on hedging reserve
4.4
2.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "Derivative financial instruments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Total derivatives
\u00a0\u00a0
Total non\u2011current assets
3.9
0.3
Total current assets
19.6
0.2
Total assets from continuing operations
23.5
0.5
Total current liabilities
0.6
3.0
Total non\u2011current liabilities
\u2013
1.0
Total liabilities from continuing operations
0.6
4.0
Derivatives designated and effective as hedging instruments carried at fair value
\u00a0\u00a0
Non\u2011current assets
\u00a0\u00a0
Fuel derivatives (cash flow hedge)
3.8
0.3
Currency forwards (cash flow hedge)
0.1
\u2013
\u00a0
3.9
0.3
Current assets
\u00a0\u00a0
Fuel derivatives (cash flow hedge)
19.3
0.2
Currency forwards (cash flow hedge)
0.3
\u2013
\u00a0
19.6
0.2
Current liabilities
\u00a0\u00a0
Fuel derivatives (cash flow hedge)
\u2013
2.1
Currency forwards (cash flow hedge)
0.6
0.9
\u00a0
0.6
3.0
Non\u2011current liabilities
\u00a0\u00a0
Fuel derivatives (cash flow hedge)
\u2013
0.4
Currency forwards (cash flow hedge)
\u2013
0.3
Interest rate swaps (NextGen)
\u2013
0.3
\u00a0
\u2013
1.0
\n
The Group enters into derivative transactions under International Swaps and Derivatives Association Master Agreements that allow for the related amounts to be set\u2011off in certain circumstances. The amounts set out
as Fuel derivatives and Currency forwards in the table above represent the derivative financial assets and liabilities of the Group that may be subject to the above arrangements and are presented on a gross basis.
Derivative liabilities of \u00a3nil (2025: \u00a3nil) were subject to netting arrangements. Total cash flow hedges are an asset of \u00a322.9m (2025: \u00a33.5m liability).
The following losses were transferred from equity into inventory as basis adjustments during the year:
\n \n
2026
2025
\u00a3m
\u00a3m
Operating losses
0.9
3.3
The estimated fair values of the Group\u2019s financial assets and financial liabilities (including trade and other receivables and trade and other payables) are a reasonable approximation to the carrying value of these items.
The estimated fair value of cash and cash equivalents, financial assets and bank overdrafts are a reasonable approximation to the carrying value of these items.
\n \n
Fair values at
Fair values at
28 March
29 March
2026
2025
Fair value
Financial assets/(liabilities)
\u00a3m
\u00a3m
hierarchy
Valuation technique(s) and key inputs
Derivative contracts
1) Fuel derivatives
23.1
(2.0)
Level 2
Discounted cash flow; future cash flows are estimated based on forward fuel prices and contract
rates and then discounted at a rate that reflects the credit risk of the various counterparties.
2) Currency forwards
(0.2)
(1.2)
Level 2
Discounted cash flow; future cash flows are estimated based on forward foreign exchange rates and
contract rates and then discounted at a rate that reflects the credit risk of the various counterparties.
3) Interest rate swaps
\u2013
(0.3)
Level 2
Future cash flows are estimated based on interest rates and then discounted at a rate that reflects the
credit risk of the various counterparties.
The following table illustrates the carrying value of all financial assets and liabilities held by the Group on a continuing basis:
\n \n
2026
Assets and
At fair value
liabilities at
through profit and
At fair value
Derivatives used
amortised costs
loss
through OCI
for hedging
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Cash and cash equivalents
432.0
\u2013
\u2013
\u2013
432.0
Trade receivables, amounts recoverable under contracts
and accrued income
437.3
\u2013
\u2013
\u2013
437.3
Non\u2011derivative financial instruments
72.0
\u2013
\u2013
\u2013
72.0
Derivative financial instruments
\u2013
\u2013
\u2013
23.5
23.5
941.3
\u2013
\u2013
23.5
964.8
Financial liabilities and derivatives
Interest bearing loans and borrowings
1
1,157.3
\u2013
\u2013
\u2013
1,157.3
Trade and other payables
807.5
\u2013
\u2013
\u2013
807.5
Derivative financial instruments
\u2013
\u2013
\u2013
0.6
0.6
1,964.8
\u2013
\u2013
0.6
1,965.4
1
Includes lease liabilities and asset backed financial liabilities as set out in note 21.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025 (restated
2
)
\u00a0
\u00a0
Assets and
At fair value
\u00a0\u00a0\u00a0
\u00a0
liabilities at
through profit and
At fair value
Derivatives used
\u00a0
\u00a0
amortised costs
loss
through OCI
for hedging
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents
487.1
\u2013
\u2013
\u2013
487.1
Trade receivables, amounts recoverable under contracts
\u00a0\u00a0\u00a0\u00a0\u00a0
and accrued income
564.0
\u2013
\u2013
\u2013
564.0
Non\u2011derivative financial instruments
104.2
\u2013
\u2013
\u2013
104.2
Derivative financial instruments
\u2013
\u2013
\u2013
0.5
0.5
\u00a0
1,155.3
\u2013
\u2013
0.5
1,155.8
Financial liabilities and derivatives
\u00a0\u00a0\u00a0\u00a0\u00a0
Interest bearing loans and borrowings
1
1,472.7
\u2013
\u2013
\u2013
1,472.7
Trade and other payables (restated
3
)
962.9
\u2013
\u2013
\u2013
962.9
Derivative financial instruments
\u2013
\u2013
\u2013
4.0
4.0
\u00a0
2,435.6
\u2013
\u2013
4.0
2,439.6
\n
1
Includes lease liabilities and asset backed financial liabilities as set out in note 21.
2
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
3
Deferred capital grants of \u00a381.9m had not been excluded from trade and other payables in the prior year.
\n \n
Commodity price
Electricity price
Foreign exchange
As at 28 March 2026
risk
risk
price risk
Nominal amount of hedging
0.72m bbls
118,336 MWh
$62.6m
< 1 year
048m bbls
61,320 MWh
$42.4m
1\u20132 years
0.24m bbls
57,016 MWh
$20.2m
2\u20135 years
\u2013
\u2013
\u2013
> 5 years
\u2013
\u2013
\u2013
Average hedged rate
$87.45/bbl
\u00a371.8/MWh
1.32
Apr 26 \u2013 Mar
Apr 26 \u2013 Mar
Apr 26 \u2013 Mar
Maturity
28
28
28
Carrying amount of hedging instruments
Assets \u2013 Derivatives (\u00a3m)
20.7
2.4
0.4
Liabilities \u2013 Derivatives (\u00a3m)
\u2013
\u2013
(0.6)
Liabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
Carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Accumulated amount of fair value hedging adjustments included in carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Changes in fair value of hedged item used for calculating hedge ineffectiveness
(21.4)
(2.1)
0.9
Changes in fair value of hedging instrument used in calculating hedge effectiveness
21.4
2.1
(0.9)
Changes in fair value of hedging instrument accumulated in cash flow hedge reserve
14.9
2.0
0.8
\nNo gains and losses on derivatives designated for hedge accounting have been charged through the consolidated income statement in either the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "The estimated fair values of the Group\u2019s financial assets and financial liabilities (including trade and other receivables and trade and other payables) are a reasonable approximation to the carrying value of these items.
The estimated fair value of cash and cash equivalents, financial assets and bank overdrafts are a reasonable approximation to the carrying value of these items.
\n \n
Fair values at
Fair values at
28 March
29 March
2026
2025
Fair value
Financial assets/(liabilities)
\u00a3m
\u00a3m
hierarchy
Valuation technique(s) and key inputs
Derivative contracts
1) Fuel derivatives
23.1
(2.0)
Level 2
Discounted cash flow; future cash flows are estimated based on forward fuel prices and contract
rates and then discounted at a rate that reflects the credit risk of the various counterparties.
2) Currency forwards
(0.2)
(1.2)
Level 2
Discounted cash flow; future cash flows are estimated based on forward foreign exchange rates and
contract rates and then discounted at a rate that reflects the credit risk of the various counterparties.
3) Interest rate swaps
\u2013
(0.3)
Level 2
Future cash flows are estimated based on interest rates and then discounted at a rate that reflects the
credit risk of the various counterparties.
The following table illustrates the carrying value of all financial assets and liabilities held by the Group on a continuing basis:
\n \n
2026
Assets and
At fair value
liabilities at
through profit and
At fair value
Derivatives used
amortised costs
loss
through OCI
for hedging
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Cash and cash equivalents
432.0
\u2013
\u2013
\u2013
432.0
Trade receivables, amounts recoverable under contracts
and accrued income
437.3
\u2013
\u2013
\u2013
437.3
Non\u2011derivative financial instruments
72.0
\u2013
\u2013
\u2013
72.0
Derivative financial instruments
\u2013
\u2013
\u2013
23.5
23.5
941.3
\u2013
\u2013
23.5
964.8
Financial liabilities and derivatives
Interest bearing loans and borrowings
1
1,157.3
\u2013
\u2013
\u2013
1,157.3
Trade and other payables
807.5
\u2013
\u2013
\u2013
807.5
Derivative financial instruments
\u2013
\u2013
\u2013
0.6
0.6
1,964.8
\u2013
\u2013
0.6
1,965.4
1
Includes lease liabilities and asset backed financial liabilities as set out in note 21.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025 (restated
2
)
\u00a0
\u00a0
Assets and
At fair value
\u00a0\u00a0\u00a0
\u00a0
liabilities at
through profit and
At fair value
Derivatives used
\u00a0
\u00a0
amortised costs
loss
through OCI
for hedging
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents
487.1
\u2013
\u2013
\u2013
487.1
Trade receivables, amounts recoverable under contracts
\u00a0\u00a0\u00a0\u00a0\u00a0
and accrued income
564.0
\u2013
\u2013
\u2013
564.0
Non\u2011derivative financial instruments
104.2
\u2013
\u2013
\u2013
104.2
Derivative financial instruments
\u2013
\u2013
\u2013
0.5
0.5
\u00a0
1,155.3
\u2013
\u2013
0.5
1,155.8
Financial liabilities and derivatives
\u00a0\u00a0\u00a0\u00a0\u00a0
Interest bearing loans and borrowings
1
1,472.7
\u2013
\u2013
\u2013
1,472.7
Trade and other payables (restated
3
)
962.9
\u2013
\u2013
\u2013
962.9
Derivative financial instruments
\u2013
\u2013
\u2013
4.0
4.0
\u00a0
2,435.6
\u2013
\u2013
4.0
2,439.6
\n
1
Includes lease liabilities and asset backed financial liabilities as set out in note 21.
2
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
3
Deferred capital grants of \u00a381.9m had not been excluded from trade and other payables in the prior year.
\n \n
Commodity price
Electricity price
Foreign exchange
As at 28 March 2026
risk
risk
price risk
Nominal amount of hedging
0.72m bbls
118,336 MWh
$62.6m
< 1 year
048m bbls
61,320 MWh
$42.4m
1\u20132 years
0.24m bbls
57,016 MWh
$20.2m
2\u20135 years
\u2013
\u2013
\u2013
> 5 years
\u2013
\u2013
\u2013
Average hedged rate
$87.45/bbl
\u00a371.8/MWh
1.32
Apr 26 \u2013 Mar
Apr 26 \u2013 Mar
Apr 26 \u2013 Mar
Maturity
28
28
28
Carrying amount of hedging instruments
Assets \u2013 Derivatives (\u00a3m)
20.7
2.4
0.4
Liabilities \u2013 Derivatives (\u00a3m)
\u2013
\u2013
(0.6)
Liabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
Carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Accumulated amount of fair value hedging adjustments included in carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Changes in fair value of hedged item used for calculating hedge ineffectiveness
(21.4)
(2.1)
0.9
Changes in fair value of hedging instrument used in calculating hedge effectiveness
21.4
2.1
(0.9)
Changes in fair value of hedging instrument accumulated in cash flow hedge reserve
14.9
2.0
0.8
\nNo gains and losses on derivatives designated for hedge accounting have been charged through the consolidated income statement in either the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "The estimated fair values of the Group\u2019s financial assets and financial liabilities (including trade and other receivables and trade and other payables) are a reasonable approximation to the carrying value of these items.
The estimated fair value of cash and cash equivalents, financial assets and bank overdrafts are a reasonable approximation to the carrying value of these items.
\n \n
Fair values at
Fair values at
28 March
29 March
2026
2025
Fair value
Financial assets/(liabilities)
\u00a3m
\u00a3m
hierarchy
Valuation technique(s) and key inputs
Derivative contracts
1) Fuel derivatives
23.1
(2.0)
Level 2
Discounted cash flow; future cash flows are estimated based on forward fuel prices and contract
rates and then discounted at a rate that reflects the credit risk of the various counterparties.
2) Currency forwards
(0.2)
(1.2)
Level 2
Discounted cash flow; future cash flows are estimated based on forward foreign exchange rates and
contract rates and then discounted at a rate that reflects the credit risk of the various counterparties.
3) Interest rate swaps
\u2013
(0.3)
Level 2
Future cash flows are estimated based on interest rates and then discounted at a rate that reflects the
credit risk of the various counterparties.
The following table illustrates the carrying value of all financial assets and liabilities held by the Group on a continuing basis:
\n \n
2026
Assets and
At fair value
liabilities at
through profit and
At fair value
Derivatives used
amortised costs
loss
through OCI
for hedging
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
Cash and cash equivalents
432.0
\u2013
\u2013
\u2013
432.0
Trade receivables, amounts recoverable under contracts
and accrued income
437.3
\u2013
\u2013
\u2013
437.3
Non\u2011derivative financial instruments
72.0
\u2013
\u2013
\u2013
72.0
Derivative financial instruments
\u2013
\u2013
\u2013
23.5
23.5
941.3
\u2013
\u2013
23.5
964.8
Financial liabilities and derivatives
Interest bearing loans and borrowings
1
1,157.3
\u2013
\u2013
\u2013
1,157.3
Trade and other payables
807.5
\u2013
\u2013
\u2013
807.5
Derivative financial instruments
\u2013
\u2013
\u2013
0.6
0.6
1,964.8
\u2013
\u2013
0.6
1,965.4
1
Includes lease liabilities and asset backed financial liabilities as set out in note 21.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025 (restated
2
)
\u00a0
\u00a0
Assets and
At fair value
\u00a0\u00a0\u00a0
\u00a0
liabilities at
through profit and
At fair value
Derivatives used
\u00a0
\u00a0
amortised costs
loss
through OCI
for hedging
Total
Classification of financial instruments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and derivatives
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents
487.1
\u2013
\u2013
\u2013
487.1
Trade receivables, amounts recoverable under contracts
\u00a0\u00a0\u00a0\u00a0\u00a0
and accrued income
564.0
\u2013
\u2013
\u2013
564.0
Non\u2011derivative financial instruments
104.2
\u2013
\u2013
\u2013
104.2
Derivative financial instruments
\u2013
\u2013
\u2013
0.5
0.5
\u00a0
1,155.3
\u2013
\u2013
0.5
1,155.8
Financial liabilities and derivatives
\u00a0\u00a0\u00a0\u00a0\u00a0
Interest bearing loans and borrowings
1
1,472.7
\u2013
\u2013
\u2013
1,472.7
Trade and other payables (restated
3
)
962.9
\u2013
\u2013
\u2013
962.9
Derivative financial instruments
\u2013
\u2013
\u2013
4.0
4.0
\u00a0
2,435.6
\u2013
\u2013
4.0
2,439.6
\n
1
Includes lease liabilities and asset backed financial liabilities as set out in note 21.
2
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
3
Deferred capital grants of \u00a381.9m had not been excluded from trade and other payables in the prior year.
\n \n
Commodity price
Electricity price
Foreign exchange
As at 28 March 2026
risk
risk
price risk
Nominal amount of hedging
0.72m bbls
118,336 MWh
$62.6m
< 1 year
048m bbls
61,320 MWh
$42.4m
1\u20132 years
0.24m bbls
57,016 MWh
$20.2m
2\u20135 years
\u2013
\u2013
\u2013
> 5 years
\u2013
\u2013
\u2013
Average hedged rate
$87.45/bbl
\u00a371.8/MWh
1.32
Apr 26 \u2013 Mar
Apr 26 \u2013 Mar
Apr 26 \u2013 Mar
Maturity
28
28
28
Carrying amount of hedging instruments
Assets \u2013 Derivatives (\u00a3m)
20.7
2.4
0.4
Liabilities \u2013 Derivatives (\u00a3m)
\u2013
\u2013
(0.6)
Liabilities \u2013 Borrowings (\u00a3m)
\u2013
\u2013
\u2013
Carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Accumulated amount of fair value hedging adjustments included in carrying amount of hedged item
Liabilities \u2013 Borrowings (\u00a3m)
N/A
N/A
N/A
Changes in fair value of hedged item used for calculating hedge ineffectiveness
(21.4)
(2.1)
0.9
Changes in fair value of hedging instrument used in calculating hedge effectiveness
21.4
2.1
(0.9)
Changes in fair value of hedging instrument accumulated in cash flow hedge reserve
14.9
2.0
0.8
\nNo gains and losses on derivatives designated for hedge accounting have been charged through the consolidated income statement in either the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "Financial risk management
The Group is exposed to financial risks including liquidity risk, credit risk and certain market\u2011based risks principally being the effects of changes in foreign exchange rates, interest rates and fuel prices. The Group manages
these risks within the context of a set of formal policies established by the Board. Certain risk management responsibilities are formally delegated by the Board, principally to a sub\u2011committee of the Board and to the Chief
Financial Officer and to the Treasury Committee. The Treasury Committee comprises the Chief Financial Officer and certain senior finance employees and is responsible for approving hedging transactions permitted
under Board\u2011approved policies, monitoring compliance against policy and recommending changes to existing policies.
Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in meeting obligations associated with financial liabilities. The objective of the Group\u2019s liquidity risk management is to ensure sufficient committed liquidity
resources exist. The Group has a diversified debt structure largely represented by medium\u2011term unsecured syndicated committed bank facilities, medium\u2011 to long\u2011term unsecured bond debt and finance leases. It is a
policy requirement that debt obligations must be addressed well in advance of their due dates.
The Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom at the year end and half year for the budget year, and \u00a3200m for year two of the three\u2011year plan. At year end, the total amount of these
facilities stood at \u00a3632.4m (2025: \u00a3682.4m), and committed headroom was \u00a3364.1m (2025: \u00a3513.3m), in addition to free cash balances of \u00a3144.1m (2025: \u00a3115.3m). The next material contractual expiry of revolver bank facilities
is in January 2031.
The average duration of net debt (excluding ring\u2011fenced cash) at 28 March 2026 was 4.1 years (2025: 4.1 years).
The following tables detail, on a continuing basis, the Group\u2019s expected maturity of payables for its borrowings, derivative financial instruments and trade and other payables. The amounts shown in these tables are
prepared on an undiscounted cash flow basis and include future interest payments in the years in which they fall due for payment.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
2026
\u00a0
< 1 year \u00a3m
1\u20112 years \u00a3m
2\u20115 years \u00a3m
> 5 years \u00a3m
Total \u00a3m
Borrowings
1
480.2
402.3
259.9
138.5
1,280.9
FX forwards
0.6
\u2013
\u2013
\u2013
0.6
Trade and other payables
807.5
\u2013
\u2013
\u2013
807.5
\u00a0
1,288.3
402.3
259.9
138.5
2,089.0
\u00a0
2025 (restated
2
)
\u00a0
< 1 year \u00a3m
1\u20112 years \u00a3m
2\u20115 years \u00a3m
> 5 years \u00a3m
Total \u00a3m
Borrowings
1
524.4
497.3
447.9
142.9
1,612.5
Fuel derivatives
2.1
0.4
\u2013
\u2013
2.5
FX forwards
0.9
0.3
\u2013
\u2013
1.2
Interest rate derivatives
\u2013
0.3
\u2013
\u2013
0.3
Trade and other payables
962.9
\u2013
\u2013
\u2013
962.9
\u00a0
1,490.3
498.3
447.9
142.9
2,579.4
\n
1
Includes lease liabilities and asset backed financial liabilities as set out in note 21.
2
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments, and adjustments to the current/non\u2011current analysis of deferred capital grants.
No derivative financial instruments had collateral requirements or were due on demand in any of the years. Derivative financial instruments are net settled.
\n\n
Currency risk
\n
Currency risk is the risk of financial loss to foreign currency net assets, earnings and cash flows reported in pounds sterling due to movements in exchange rates.
\n
\u2018Certain\u2019 and \u2018highly probable\u2019 foreign currency transaction exposures may be hedged at the time the exposure arises for up to two years at specified levels, or longer if there is a very high degree of certainty. The Group is
\n
also exposed to currency risk relating to its UK fuel costs which are denominated in US dollars. This is hedged through entering a series of average rate forward contracts on a similar profile to our fuel hedging programme.
\n
Forward currency risk is designated in the cash flow hedges, however valuation movements arising from changes in currency\u2011basis spreads are excluded from the relationships as costs of hedging. At the balance sheet
\n
date the value to be recorded in a separate component of equity was immaterial, and as such no separate reserve has been shown within the primary financial statements.
\n
IFRS 7 requires the Group to show the impact on profit after tax and hedging reserve on financial instruments from a movement in exchange rates. The following analysis details the Group\u2019s sensitivity to a 10% strengthening
\n
in pounds sterling against the US dollar. A 10% weakening in pounds sterling against the US dollar would have an equal but opposite effect to that shown below. The analysis has been prepared based on the change taking
\n
place at the beginning of the financial year and being held constant throughout the reporting period. A positive number indicates an increase in earnings or equity where pounds sterling strengthens against the US dollar.
\n\n \n
2026
2025
\u00a3m
\u00a3m
Impact on profit after tax
0.3
0.4
Impact on hedging reserve
(1.2)
0.2
\n
Interest rate risk
\n
The Group has variable rate debt and cash and therefore net income is exposed to the effects of changes to interest rates. The Group Treasury policy objective is to maintain fixed interest rates at a minimum of 50% of
\n
on\u2011balance sheet net debt over the medium term, so that volatility is substantially reduced year\u2011on\u2011year to EPS. The policy objective is primarily achieved through fixed rate debt. The policy on interest rate risk within
\n
operating leases is to hedge 100% by agreeing fixed rentals with the lessors. The main floating rate benchmarks on variable rate debt is sterling SONIA.
\n
At 28 March 2026, 64% (2025: 87%) of gross debt (pre\u2011IFRS 16 and overdraft) was fixed. This fixed rate protection had an average duration of 4.1 years (2025: 4.0 years).
\n
Interest rate risk within operating leases is hedged 100% by agreeing fixed rentals with the lessors prior to inception of the lease contracts.
\n
The following sensitivity analysis details the Group\u2019s sensitivity to a 100 basis points (1%) increase in interest rates throughout the reporting period with all other variables held constant.
\n\n \n
2026
2025
\u00a3m
\u00a3m
Impact on profit after tax
(0.5)
(1.2)
\n
Diesel fuel price risk
\n
The Group purchases its fuel on a floating price basis and is therefore exposed to changes in diesel prices, primarily in relation to First Bus operations. The Group\u2019s policy objective is to maintain a significant degree of fixed
\n
price protection in the short term with lower levels of protection in the medium term, so that the businesses affected are protected from any sudden and significant increases and have time to prepare for potentially higher
\n
costs, whilst retaining some access for potentially lower costs over the medium term. To achieve this the Group operates a progressive hedging policy. The policy hedge target levels differ by division but are monitored
\n
monthly and appropriate actions taken to maintain satisfactory hedge levels. Diesel derivatives are used to hedge UK exposure. Risk component hedging has been adopted under IFRS 9, meaning that the hedged price
\n
risk component of the purchased diesel matches that of the underlying derivative commodity. The hedged risk component is considered to be separately identifiable and reliably measurable. Variances in pricing of the
\n
derivative commodities and the purchased fuel are primarily driven by further refinement of the fuel or the associated transportation costs which were excluded from the hedge relationship. Currently First Bus diesel
\n
exposure is hedged 88% to March 2027 and 53% to March 2028.
The Group has entered into swaps for periods from April 2026 to March 2028 with the majority of these swaps relating to the 52 weeks ending 31 March 2027. The swaps give rise to monthly cash flow exchanges with
counterparties to offset the underlying settlement of floating price costs, except where they have a deferred start date. Gains or losses on fuel derivatives are recycled from equity into inventory on qualifying hedges
to achieve fixed rate fuel costs within operating results.
The following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of diesel fuel had been $10 per barrel higher during the 52 weeks ending 29 March 2026 and at the year end:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Impact on profit after tax
(0.3)
(0.4)
Impact on hedging reserve
4.1
4.3
\n
Electricity price risk
The Group purchases electricity on a floating price basis and is therefore exposed to changes in electricity prices, primarily in relation to First Bus. The Group\u2019s policy objective is to maintain a significant degree of fixed
price protection in the short term, so that the businesses affected have time to prepare for prices after the current hedge period expires. To achieve this the Group uses cash flow hedge financial instruments to achieve
significant fixed price certainty.
The Group has entered into swaps for periods from April 2026 to March 2028, hedging 77% of \u2018at risk\u2019 exposure to March 2027 and 72% of \u2018at risk\u2019 exposure to March 2028. The swaps give rise to monthly cash flow exchanges
with counterparties to offset the underlying settlement of floating price costs, except where they have a deferred start date. Gains or losses on electricity derivatives will be recycled from equity to the income statement on
qualifying hedges to achieve fixed rate electricity costs within operating results.
During the year to 31 March 2026 the Group hedged 70% of electricity price risk in relation to First Bus.
The following analysis details the Group\u2019s sensitivity on profit after tax and equity if the price of electricity had been \u00a350 per MWh higher during the 52 weeks ending 29 March 2026 and at the year end:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Impact on profit after tax
(0.7)
(0.4)
Impact on hedging reserve
4.4
2.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "Financial risk management
The Group is exposed to financial risks including liquidity risk, credit risk and certain market\u2011based risks principally being the effects of changes in foreign exchange rates, interest rates and fuel prices. The Group manages
these risks within the context of a set of formal policies established by the Board. Certain risk management responsibilities are formally delegated by the Board, principally to a sub\u2011committee of the Board and to the Chief
Financial Officer and to the Treasury Committee. The Treasury Committee comprises the Chief Financial Officer and certain senior finance employees and is responsible for approving hedging transactions permitted
under Board\u2011approved policies, monitoring compliance against policy and recommending changes to existing policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "Liquidity risk
Liquidity risk is the risk that the Group may encounter difficulty in meeting obligations associated with financial liabilities. The objective of the Group\u2019s liquidity risk management is to ensure sufficient committed liquidity
resources exist. The Group has a diversified debt structure largely represented by medium\u2011term unsecured syndicated committed bank facilities, medium\u2011 to long\u2011term unsecured bond debt and finance leases. It is a
policy requirement that debt obligations must be addressed well in advance of their due dates.
The Group\u2019s Treasury policy requires a minimum of \u00a3250m of committed headroom at the year end and half year for the budget year, and \u00a3200m for year two of the three\u2011year plan. At year end, the total amount of these
facilities stood at \u00a3632.4m (2025: \u00a3682.4m), and committed headroom was \u00a3364.1m (2025: \u00a3513.3m), in addition to free cash balances of \u00a3144.1m (2025: \u00a3115.3m). The next material contractual expiry of revolver bank facilities
is in January 2031.
The average duration of net debt (excluding ring\u2011fenced cash) at 28 March 2026 was 4.1 years (2025: 4.1 years).
The following tables detail, on a continuing basis, the Group\u2019s expected maturity of payables for its borrowings, derivative financial instruments and trade and other payables. The amounts shown in these tables are
prepared on an undiscounted cash flow basis and include future interest payments in the years in which they fall due for payment.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
2026
\u00a0
< 1 year \u00a3m
1\u20112 years \u00a3m
2\u20115 years \u00a3m
> 5 years \u00a3m
Total \u00a3m
Borrowings
1
480.2
402.3
259.9
138.5
1,280.9
FX forwards
0.6
\u2013
\u2013
\u2013
0.6
Trade and other payables
807.5
\u2013
\u2013
\u2013
807.5
\u00a0
1,288.3
402.3
259.9
138.5
2,089.0
\u00a0
2025 (restated
2
)
\u00a0
< 1 year \u00a3m
1\u20112 years \u00a3m
2\u20115 years \u00a3m
> 5 years \u00a3m
Total \u00a3m
Borrowings
1
524.4
497.3
447.9
142.9
1,612.5
Fuel derivatives
2.1
0.4
\u2013
\u2013
2.5
FX forwards
0.9
0.3
\u2013
\u2013
1.2
Interest rate derivatives
\u2013
0.3
\u2013
\u2013
0.3
Trade and other payables
962.9
\u2013
\u2013
\u2013
962.9
\u00a0
1,490.3
498.3
447.9
142.9
2,579.4
\n
1
Includes lease liabilities and asset backed financial liabilities as set out in note 21.
2
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments, and adjustments to the current/non\u2011current analysis of deferred capital grants.
No derivative financial instruments had collateral requirements or were due on demand in any of the years. Derivative financial instruments are net settled.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "23 Deferred tax
The major deferred tax (assets)/liabilities recognised by the Group and movements thereon during the current and prior reporting periods are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Accelerated tax
Retirement benefit
Other temporary
\u00a0\u00a0
\u00a0
depreciation
schemes
differences
Tax losses
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 30 March 2024
32.4
(4.6)
(27.4)
(40.0)
(39.6)
Charge/(credit) to income statement
(0.1)
1.9
16.6
9.1
27.5
Charge/(credit) to other comprehensive income and equity
\u2013
7.5
(0.3)
\u2013
7.2
Acquisitions and disposals of subsidiaries (restated
1
)
12.3
(0.3)
(5.8)
(47.8)
(41.6)
At 29 March 2025 (restated
1
)
44.6
4.5
(16.9)
(78.7)
(46.5)
Charge/(credit) to income statement
27.3
6.2
(0.4)
1.6
34.7
Charge/(credit) to other comprehensive income and equity
\u2013
(6.6)
6.0
\u2013
(0.6)
Acquisitions and disposals of subsidiaries
2.0
\u2013
(0.8)
(7.0)
(5.8)
At 28 March 2026
73.9
4.1
(12.1)
(84.1)
(18.2)
\n
1
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
With respect to the total net deferred tax asset of \u00a318.2m, net deferred tax assets of \u00a317.3m have been recognised in the UK and Ireland as the Group forecasts sufficient taxable profits in future periods and a deferred tax
asset of \u00a30.9m relating to the US is recognised because it is probable that book gains will arise on the remaining US property portfolio.
No deferred tax has been recognised on tax losses of \u00a3352.3m (2025: tax losses of \u00a3413.9m) as there are insufficient future profits forecast in North America.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "24 Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Onerous contracts
Insurance claims
Legal and other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 29 March 2025
36.5
94.3
79.4
210.2
First Bus London acquisition accounting adjustments
1
(9.9)
1.0
1.8
(7.1)
At 29 March 2025 (restated
1
)
26.6
95.3
81.2
203.1
Charged to the income statement
4.2
16.8
11.1
32.1
Utilised in the year
(21.3)
(36.8)
(8.9)
(67.0)
Notional interest
\u2013
0.7
\u2013
0.7
Expiry of SWR NRC
\u2013
\u2013
(12.0)
(12.0)
Foreign exchange movements
\u2013
(1.0)
(0.2)
(1.2)
At 28 March 2026
9.5
75.0
71.2
155.7
Current liabilities
9.5
23.7
35.3
68.5
Non\u2011current liabilities
\u2013
51.3
35.9
87.2
At 28 March 2026
9.5
75.0
71.2
155.7
Current liabilities
16.6
32.6
42.9
92.1
Non\u2011current liabilities
10.0
62.7
38.3
111.0
At 29 March 2025 (restated
1
)
26.6
95.3
81.2
203.1
\n
1
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
The insurance claims provision arises from estimated exposures for incidents occurring prior to the balance sheet date. It is anticipated that the majority of such claims will be settled within the next four years although
certain liabilities in respect of lifetime obligations of \u00a31.1m (2025: \u00a31.0m) can extend for more than 25 years. The utilisation of \u00a336.8m (2025: \u00a334.9m) represents payments made against the current liability of the preceding
year as well as the settlement of claims resulting from incidents occurring in the current year.
The insurance claims provisions, of which \u00a319.2m (2025: \u00a334.7m) relates to legacy Greyhound claims, includes \u00a316.0m (2025: \u00a331.0m) which is recoverable from insurance companies and a receivable is included within other
receivables in note 16.
Legal and other provisions relate to estimated exposures for cases filed or thought highly likely to be filed for incidents that occurred prior to the balance sheet date. It is anticipated that most of these items will be settled
within ten years. Also included are provisions in respect of costs anticipated on the exit of surplus properties which are expected to be settled over the remaining terms of the respective leases and dilapidation, other
provisions in respect of contractual obligations under rail franchises and restructuring costs. The dilapidation provisions are expected to be settled at the end of the respective franchise.
The onerous contract provision of \u00a328.1m was recognised on acquisition of London bus operator RATP Dev Transit London Limited and its subsidiaries in the prior year. The provision recognises that a number of contracts between
the acquired business and TfL are loss making and therefore the Group has provided for the expected shortfall in these contracts, where the unavoidable costs of fulfilling these contracts outweigh the expected benefits.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "The utilisation of \u00a336.8m (2025: \u00a334.9m) represents payments made against the current liability of the preceding
year as well as the settlement of claims resulting from incidents occurring in the current year.
The insurance claims provisions, of which \u00a319.2m (2025: \u00a334.7m) relates to legacy Greyhound claims, includes \u00a316.0m (2025: \u00a331.0m) which is recoverable from insurance companies and a receivable is included within other
receivables in note 16.", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "25 Called up share capital \n \n
Number of shares
Allotted, called up and fully paid (ordinary shares of 5p each)
million
\u00a3m
Balance as at 29 March 2025
750.7
37.5
Cancellation of treasury shares
(180.0)
(9.0)
Balance as at 28 March 2026
570.7
28.5
\n
The Company has one class of ordinary shares which carries no right to fixed income.
On 10 June 2025, the Company announced a share buyback programme to purchase up to \u00a350m of ordinary shares. This buyback programme completed on 3 October 2025 having repurchased 22,439,652 shares for
a total consideration of \u00a350.4m including transaction costs.
On 26 January 2026, the Company announced that 180,000,000 shares held in treasury were cancelled. The nominal value of these shares was \u00a39.0m.
The Board is proposing that a final dividend of 5.0p per share, resulting in a total dividend payment of c.\u00a327m, be paid on 7 August 2026 to shareholders on the register at 3 July 2026, subject to approval by shareholders
at the 2026 AGM.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "25 Called up share capital \n \n
Number of shares
Allotted, called up and fully paid (ordinary shares of 5p each)
million
\u00a3m
Balance as at 29 March 2025
750.7
37.5
Cancellation of treasury shares
(180.0)
(9.0)
Balance as at 28 March 2026
570.7
28.5
\n
The Company has one class of ordinary shares which carries no right to fixed income.
On 10 June 2025, the Company announced a share buyback programme to purchase up to \u00a350m of ordinary shares. This buyback programme completed on 3 October 2025 having repurchased 22,439,652 shares for
a total consideration of \u00a350.4m including transaction costs.
On 26 January 2026, the Company announced that 180,000,000 shares held in treasury were cancelled. The nominal value of these shares was \u00a39.0m.
The Board is proposing that a final dividend of 5.0p per share, resulting in a total dividend payment of c.\u00a327m, be paid on 7 August 2026 to shareholders on the register at 3 July 2026, subject to approval by shareholders
at the 2026 AGM.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "26 Reserves
The share premium account represents the premium on shares issued since 1999 and arose principally on the rights issue on the Ryder acquisition in 1999 and the share placings in 2007 and 2008. The reserve is
non\u2011distributable. The hedging reserve records the movement on designated hedging items. The own shares reserve represents the cost of shares in FirstGroup plc purchased in the market and either held as treasury
shares or held in trust to satisfy the exercise of share options.
Hedging reserve
The movements in the hedging reserve were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Balance at 29 March 2025/30 March 2024
(2.2)
(1.8)
Transfer to hedging reserve through consolidated statement of comprehensive income
\u00a0 \u00a0
Diesel derivatives
21.4
(4.3)
Electricity derivatives
2.1
1.2
Interest rate swaps \u2013 NextGen
0.3
0.2
Currency forwards
(0.9)
(1.1)
\u00a0
22.9
(4.0)
Tax on derivative hedging instrument movements through statement of comprehensive income
(5.8)
1.0
Transfer from hedging reserve to the balance sheet:
\u00a0 \u00a0
Diesel derivatives
(1.6)
0.9
Electricity derivatives
0.5
1.6
Currency forwards
2.0
0.9
\u00a0
0.9
3.4
Tax on derivative hedging instrument movements to the balance sheet
(0.2)
(0.8)
\u00a0
15.6
(2.2)
Cumulative loss on hedging instruments reclassified to the income statement
\u2013
\u2013
Balance at 28 March 2026/29 March 2025
15.6
(2.2)
\n
Own shares
The number of own shares held by the Group at the end of the year was 28,086,318 (2025: 185,125,956) FirstGroup plc ordinary shares of 5p each. Of these, 19,922,152 (2025: 19,401,442) were held by the FirstGroup plc Employee
Benefit Trust and 157,229 (2025: 157,229) were held as treasury shares, with a further 8,006,937 (2025: 165,567,285) held as treasury shares as a result of the share buyback programmes. Both trusts and treasury shares have
waived the rights to dividend income from the FirstGroup plc ordinary shares. The market value of the shares at 28 March 2026 was \u00a347.4m (2025: \u00a3303.6m).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Capital
\u00a0 \u00a0
\u00a0
redemption
Capital
Total other
\u00a0
reserve
reserve
reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
At 29 March 2025
19.7
2.7
22.4
Cancellation of treasury shares
9.0
\u2013
9.0
At 28 March 2026
28.7
2.7
31.4
\n
The capital redemption reserve represents the cumulative par value of all shares bought back and cancelled, less the associated transaction costs and stamp duty. The capital reserve arose on acquisitions made in 2000.
Neither reserve is distributable.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "26 Reserves
The share premium account represents the premium on shares issued since 1999 and arose principally on the rights issue on the Ryder acquisition in 1999 and the share placings in 2007 and 2008. The reserve is
non\u2011distributable. The hedging reserve records the movement on designated hedging items. The own shares reserve represents the cost of shares in FirstGroup plc purchased in the market and either held as treasury
shares or held in trust to satisfy the exercise of share options.
Hedging reserve
The movements in the hedging reserve were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Balance at 29 March 2025/30 March 2024
(2.2)
(1.8)
Transfer to hedging reserve through consolidated statement of comprehensive income
\u00a0 \u00a0
Diesel derivatives
21.4
(4.3)
Electricity derivatives
2.1
1.2
Interest rate swaps \u2013 NextGen
0.3
0.2
Currency forwards
(0.9)
(1.1)
\u00a0
22.9
(4.0)
Tax on derivative hedging instrument movements through statement of comprehensive income
(5.8)
1.0
Transfer from hedging reserve to the balance sheet:
\u00a0 \u00a0
Diesel derivatives
(1.6)
0.9
Electricity derivatives
0.5
1.6
Currency forwards
2.0
0.9
\u00a0
0.9
3.4
Tax on derivative hedging instrument movements to the balance sheet
(0.2)
(0.8)
\u00a0
15.6
(2.2)
Cumulative loss on hedging instruments reclassified to the income statement
\u2013
\u2013
Balance at 28 March 2026/29 March 2025
15.6
(2.2)
\n
Own shares
The number of own shares held by the Group at the end of the year was 28,086,318 (2025: 185,125,956) FirstGroup plc ordinary shares of 5p each. Of these, 19,922,152 (2025: 19,401,442) were held by the FirstGroup plc Employee
Benefit Trust and 157,229 (2025: 157,229) were held as treasury shares, with a further 8,006,937 (2025: 165,567,285) held as treasury shares as a result of the share buyback programmes. Both trusts and treasury shares have
waived the rights to dividend income from the FirstGroup plc ordinary shares. The market value of the shares at 28 March 2026 was \u00a347.4m (2025: \u00a3303.6m).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Capital
\u00a0 \u00a0
\u00a0
redemption
Capital
Total other
\u00a0
reserve
reserve
reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
At 29 March 2025
19.7
2.7
22.4
Cancellation of treasury shares
9.0
\u2013
9.0
At 28 March 2026
28.7
2.7
31.4
\n
The capital redemption reserve represents the cumulative par value of all shares bought back and cancelled, less the associated transaction costs and stamp duty. The capital reserve arose on acquisitions made in 2000.
Neither reserve is distributable.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "Own shares
The number of own shares held by the Group at the end of the year was 28,086,318 (2025: 185,125,956) FirstGroup plc ordinary shares of 5p each. Of these, 19,922,152 (2025: 19,401,442) were held by the FirstGroup plc Employee
Benefit Trust and 157,229 (2025: 157,229) were held as treasury shares, with a further 8,006,937 (2025: 165,567,285) held as treasury shares as a result of the share buyback programmes. Both trusts and treasury shares have
waived the rights to dividend income from the FirstGroup plc ordinary shares. The market value of the shares at 28 March 2026 was \u00a347.4m (2025: \u00a3303.6m).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Capital
\u00a0 \u00a0
\u00a0
redemption
Capital
Total other
\u00a0
reserve
reserve
reserves
\u00a0
\u00a3m
\u00a3m
\u00a3m
At 29 March 2025
19.7
2.7
22.4
Cancellation of treasury shares
9.0
\u2013
9.0
At 28 March 2026
28.7
2.7
31.4
\n
The capital redemption reserve represents the cumulative par value of all shares bought back and cancelled, less the associated transaction costs and stamp duty. The capital reserve arose on acquisitions made in 2000.
Neither reserve is distributable.", "dimensions": { "concept": "fgp:DisclosureOfOwnSharesExplanatoryTextBlock", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "27 Translation reserve \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
At 29 March 2025/30 March 2024
(21.9)
(22.9)
Movement for the financial year
0.4
1.0
At 28 March 2026/29 March 2025
(21.5)
(21.9)
\n
The translation reserve records exchange differences arising from the translation of the balance sheets of foreign currency denominated subsidiaries offset by movements on loans used to hedge the net investment in
those foreign subsidiaries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "28 Acquisition of businesses and subsidiary undertakings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Tetley\u2019s Motor
London and Bath
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Services
Sightseeing
J& B Travel
Keane Travel
Hills Coaches
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Provisional fair value of net assets acquired
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Property, plant and equipment
2.0
10.0
1.8
\u2013
1.9
15.7
Deferred tax
(0.3)
6.9
(0.4)
\u2013
(0.4)
5.8
Inventories
\u2013
0.3
\u2013
\u2013
\u2013
0.3
Trade and other receivables
2.7
0.9
1.7
\u2013
0.3
5.6
Cash and cash equivalents
2.1
0.4
0.6
\u2013
0.3
3.4
Trade and other payables
(0.1)
(3.5)
(0.7)
\u2013
(0.1)
(4.4)
Taxation
(0.2)
\u2013
(0.1)
\u2013
(0.1)
(0.4)
Provisions
\u2013
(0.5)
\u2013
\u2013
\u2013
(0.5)
Lease liabilities
\u2013
(0.7)
\u2013
\u2013
\u2013
(0.7)
Asset backed financial liabilities
\u2013
(0.3)
(0.1)
\u2013
\u2013
(0.4)
Net identifiable assets acquired
6.2
13.5
2.8
\u2013
1.9
24.4
Goodwill
5.0
2.4
2.2
0.5
2.2
12.3
Net assets acquired
11.2
15.9
5.0
0.5
4.1
36.7
Satisfied by:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash consideration
11.2
15.9
5.0
0.5
4.1
36.7
Less: cash and cash equivalents acquired
(2.1)
(0.4)
(0.6)
\u2013
(0.3)
(3.4)
Net cash outflow in respect of acquisitions
9.1
15.5
4.4
0.5
3.8
33.3
\n
Acquisitions in 52 weeks to 28 March 2026
On 27 July 2025, the Group announced the acquisition of Tetley\u2019s Motor Services Limited, a Leeds\u2011based coach and bus business which has been in operation for more than 75 years.
On 29 August 2025, the Group purchased the business of Keane Travel Limited, an Essex\u2011based coach operator.
On 11 December 2025, the Group announced the acquisition of RATP Dev\u2019s sightseeing operations in London and Bath. Currently operating under the brand Tootbus. The acquisition strengthens FirstGroup\u2019s presence across
London and the south\u2011west of England. Entering the sightseeing market in London and Bath will further diversify FirstGroup\u2019s business, and the additional depots will provide operational and cost efficiencies and create
opportunities for future expansion.
On 18 December 2025, the Group acquired J&B Travel Limited, a Leeds\u2011based coach operator with a fleet of 15 coaches. The acquisition will further strengthen the Group\u2019s position in the UK coach market and enhance its
presence in key UK regions.
On 27 January 2026, the Group acquired Hills Coaches of Wolverhampton. Hills Coaches operates a fleet of 22 coaches and provides a range of services including private hire, day excursions and long\u2011term contracts.
The acquisition underlines the Group\u2019s commitment to growing the coach divisions and expands the Group\u2019s operational footprint into the West Midlands.
The businesses acquired during the year contributed \u00a36.7m to Group revenue and \u00a3(1.7)m of losses to Group operating profit from the date of acquisition, with the losses mainly from the London Sightseeing business.
If the acquisitions had been completed on the first day of the financial year, revenue from the acquisitions for the year would have been \u00a322.4m and operating losses from the acquisitions would have been \u00a3(4.2)m,
with the losses mainly from the London Sightseeing business.
Acquisitions in 52 weeks to 29 March 2025
On 21 October 2024, the Group announced its acquisition of Anderson Travel, a coach operator providing contracted school, private hire, mini coach and tour services in and around London.
On 25 October 2024, the Group announced its acquisition of Lakeside Group, a Shropshire and Cheshire\u2011based company that provides school, B2B and B2C private hire services, with a fleet of around 145 buses and coaches.
On 4 February 2025, the Group announced its acquisition of Matthews Coach Hire Limited, a coach and bus operator in Ireland with a fleet of more than 40 vehicles.
On 28 February 2025, the Group announced the acquisition of London bus operator RATP Dev Transit London Limited and its subsidiaries (First Bus London).
On 19 August 2024, the Group acquired Grand Union Trains WCML Holdings Limited and its subsidiary companies, which owns the open access track access rights for the London Euston to Stirling route. On 4 December 2024,
the Group acquired Grand Union Trains GWML Holdings Limited and its subsidiary companies, which owns the open access track access right for the London Paddington to Carmarthen route.
The businesses acquired during FY 2025 contributed \u00a334.6m to Group revenue and \u00a32.2m profit to Group operating profit from the date of acquisition.
If the acquisitions had been completed on the first day of FY 2025, revenue from the acquisitions for the year would have been \u00a3315.7m and operating losses from the acquisitions would have been \u00a3(17.7)m.
First Bus London \u2013 finalisation of acquisition accounting adjustments
During the year, the Group finalised its IFRS 3 acquisition accounting adjustments in relation to the acquisition on 28 February 2025 of London bus operator RATP Dev Transit Limited and its subsidiaries (First Bus London).
Provisional adjustments were reported in the FY 2025 Annual Report, and therefore the Group has now restated the prior year comparative information to reflect these finalised adjustments. There is no material impact on
the FY 2025 income statement as a result of the finalisation exercise, and as such the prior year income statement has not been restated.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Provisional
Adjustments
Final
\u00a0
\u00a3m
\u00a3m
\u00a3m
First Bus London \u2013 fair value of net assets acquired
\u00a0 \u00a0 \u00a0
Intangible assets
3.9
(1.3)
2.6
Property, plant and equipment
169.9
9.2
179.1
Deferred tax
44.3
(0.6)
43.7
Inventories
2
\u2013
2
Trade and other receivables
12
\u2013
12
Cash and cash equivalents
0.4
\u2013
0.4
Trade and other payables
(24.7)
\u2013
(24.7)
Taxation
(3.9)
\u2013
(3.9)
Provisions
(54.2)
7.1
(47.1)
Lease liabilities
(69.9)
(10.8)
(80.7)
Asset backed financial liabilities
(43.3)
\u2013
(43.3)
Net identifiable assets acquired
36.5
3.6
40.1
Goodwill
10.8
(3.6)
7.2
Net assets acquired
47.3
\u2013
47.3
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "29 Net cash from operating activities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Operating profit from:
\u00a0 \u00a0
Continuing operations
219.4
222.6
Discontinued operations
2.1
4.9
Total operations
221.5
227.5
Adjustments for:
\u00a0 \u00a0
Depreciation charges
560.4
620.2
Capital grant amortisation
(83.7)
(65.3)
Software and other intangible amortisation charges
4.7
2.7
Reversal of impairments
(0.9)
\u2013
Share\u2011based payments
10.4
10.5
Profit on disposal of property, plant and equipment
(9.4)
(0.2)
Operating cash flows before working capital and pensions
703.0
795.4
Decrease/(increase) in inventories
1.8
(2.4)
Decrease in receivables
188.0
109.4
Decrease in payables
(175.2)
(31.3)
Decrease/(increase) in financial assets
35.0
(1.0)
Decrease in provisions due within one year
(23.9)
(13.9)
Decrease in provisions due over one year
(23.8)
(14.0)
Defined benefit pension payments greater than income statement charge
(23.4)
(14.0)
Cash generated by operations
681.5
828.2
Tax paid
(0.9)
(6.0)
Interest paid\u00b9
(65.0)
(68.0)
Net cash from operating activities
2
615.6
754.2
\n
1
Interest paid includes \u00a348.1m relating to lease liabilities (2025: \u00a349.6m).
2
Net cash from operating activities is stated after an outflow of \u00a33.7m (2025: outflow of \u00a33.2m) in relation to financial derivative settlement.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "30 Analysis of changes in net debt \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
At
\u00a0\u00a0\u00a0\u00a0
\u00a0
29 March
\u00a0
Foreign
\u00a0
At
\u00a0
2025
Cash
exchange
\u00a0
28 March
\u00a0
(restated
4
)
flow
movements
Other
3
2026
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Components of financing activities:
\u00a0\u00a0\u00a0\u00a0\u00a0
Bank loans
(66.7)
(35.0)
\u2013
(0.4)
(102.1)
Lease liabilities
1
(1,214.4)
459.5
\u2013
(95.1)
(850.0)
Asset backed financial liabilities
2
(115.3)
(30.2)
\u2013
(6.8)
(152.3)
NextGen battery debt
(19.9)
(7.5)
\u2013
\u2013
(27.4)
Total components of financing activities
(1,416.3)
386.8
\u2013
(102.3)
(1,131.8)
Cash
171.4
(1.8)
\u2013
\u2013
169.6
Bank overdrafts
(56.4)
30.9
\u2013
\u2013
(25.5)
Ring\u2011fenced cash
315.7
(53.3)
\u2013
\u2013
262.4
Cash and cash equivalents
430.7
(24.2)
\u2013
\u2013
406.5
Net debt (including held for sale \u2013 discontinued operations)
(985.6)
362.6
\u2013
(102.3)
(725.3)
\n
1
Lease liabilities \u2018other\u2019 includes \u00a395.1m net inception of new leases and interest charges. Net inception of leases comprises \u00a348.6m inception of new leases, being \u00a34.4m of rolling stock leases, \u00a323.2m of passenger carrying vehicle leases and \u00a321.0m of property and other leases,
offset by \u00a31.6m termination of leases. Termination of leases includes \u00a30.3m of passenger carrying vehicle leases and \u00a31.3m of property and other leases. Interest charges are \u00a348.1m.
2
Asset backed financial liabilities \u2018other\u2019 of \u00a36.8m comprises of interest charges of \u00a36.5m and fee amortisation of \u00a30.7m, offset by the capitalisation of new facility set up costs of \u00a3(0.4)m.
3
The \u2018other\u2019 column for debt items consists of the net inception/acquisition of new leases, as well as interest charges. The \u2018cash flow\u2019 column consists of repayments of principal and interest (financing activities and operating activities respectively in the consolidated cash flow
statement).
4
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
At
\u00a0
Foreign
\u00a0
At
\u00a0
30 March
Cash
exchange
Other
3
29 March
\u00a0
2024
flow
movements
(restated
4
)
2025 (restated
4
)
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Components of financing activities:
\u00a0\u00a0\u00a0\u00a0\u00a0
Bank loans
\u2013
(70.0)
\u2013
3.3
(66.7)
Bonds
(96.2)
102.8
\u2013
(6.6)
\u2013
Lease liabilities
1
(1,458.5)
553.3
\u2013
(309.2)
(1,214.4)
Asset backed financial liabilities
2
(45.6)
(22.9)
\u2013
(46.8)
(115.3)
Share of NextGen battery debt
(13.2)
(6.8)
\u2013
0.1
(19.9)
Total components of financing activities
(1,613.5)
556.4
\u2013
(359.2)
(1,416.3)
Cash
246.9
(75.7)
0.2
\u2013
171.4
Bank overdrafts
(27.8)
(28.1)
\u2013
(0.5)
(56.4)
Ring\u2011fenced cash
249.6
66.1
\u2013
\u2013
315.7
Cash and cash equivalents
468.7
(37.7)
0.2
(0.5)
430.7
Net debt (including held for sale \u2013 discontinued operations)
(1,144.8)
518.7
0.2
(359.7)
(985.6)
\n
1
Lease liabilities \u2018other\u2019 of \u00a3309.2m comprises \u00a3125.6m from lease term reassessments and \u00a30.4m termination of leases. In addition there is \u00a350.8m inception of new leases, being \u00a324.7m of rolling stock leases, \u00a310.3m of passenger carrying vehicle leases and \u00a315.8m of property and
other leases, and interest charges of \u00a349.6m. A further \u00a380.7m of lease liabilities were recognised as a result of the First Bus London acquisition and \u00a32.9m as a result of other acquisitions.
2
Asset backed financial liabilities \u2018other\u2019 of \u00a346.8m comprises \u00a343.3m passenger carrying vehicle asset backed financial liabilities on acquisition of First Bus London, and interest charges of \u00a33.5m.
3
The \u2018other\u2019 column for debt items consists of the net inception/acquisition of new leases, as well as interest charges. The \u2018cash flow\u2019 column consists of repayments of principal and interest (financing activities and operating activities respectively in the consolidated cash flow statement).
4
See note 28 for details on the prior year restatement, which arises from the finalisation of the First Bus London acquisition accounting adjustments.
Accrued interest of \u00a3nil (2025: \u00a3nil) is excluded from the values above and derivative valuations are presented as the clean values.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "31 Contingent liabilities
To support subsidiary undertakings in their normal course of business, FirstGroup plc and certain subsidiaries have indemnified certain banks and insurance companies who have issued performance bonds for \u00a358.4m
(2025: \u00a347.2m) and letters of credit for \u00a3111.3m (2025: \u00a3123.3m). The performance bonds primarily relate to First Rail franchise operations of \u00a356.4m (2025: \u00a347.1m), UK Bus operations of \u00a32.0m (2025: \u00a3nil) and residual North
American obligations of \u00a3nil (2025: \u00a30.1m). The letters of credit relate substantially to insurance arrangements in the UK and North America. The parent company has committed further support facilities of up to \u00a380.1m to
First Rail TOCs of which \u00a364.5m remains undrawn. Letters of credit remain in place to provide collateral for legacy Greyhound insurance and pension obligations.
The Group is party to certain unsecured guarantees granted to banks for overdraft and cash management facilities provided to itself and subsidiary undertakings. The Company has given certain unsecured guarantees
for the liabilities of its subsidiary undertakings arising under certain operating arrangements, HP contracts, finance leases, operating leases and certain pension scheme arrangements. It also provides unsecured cross
guarantees to certain subsidiary undertakings as required by VAT legislation. First Bus subsidiaries have provided unsecured guarantees on a joint and several basis to the FirstGroup Pension Scheme Trustee.
In its normal course of business the Group has ongoing contractual negotiations with government and other organisations. The Group is party to legal proceedings and claims which arise in the normal course of business,
including but not limited to employment and safety claims. The Group takes legal advice as to the likelihood of success of claims and counterclaims. No provision is made where due to inherent uncertainties, no accurate
quantification of any cost, or timing of such cost, which may arise from any of the legal proceedings can be determined.
The Group\u2019s operations are required to comply with a wide range of regulations, including environmental and emissions regulations. Failure to comply with a particular regulation could result in a fine or penalty being
imposed on that business, as well as potential ancillary claims rooted in non\u2011compliance.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "31 Contingent liabilities
To support subsidiary undertakings in their normal course of business, FirstGroup plc and certain subsidiaries have indemnified certain banks and insurance companies who have issued performance bonds for \u00a358.4m
(2025: \u00a347.2m) and letters of credit for \u00a3111.3m (2025: \u00a3123.3m). The performance bonds primarily relate to First Rail franchise operations of \u00a356.4m (2025: \u00a347.1m), UK Bus operations of \u00a32.0m (2025: \u00a3nil) and residual North
American obligations of \u00a3nil (2025: \u00a30.1m). The letters of credit relate substantially to insurance arrangements in the UK and North America. The parent company has committed further support facilities of up to \u00a380.1m to
First Rail TOCs of which \u00a364.5m remains undrawn. Letters of credit remain in place to provide collateral for legacy Greyhound insurance and pension obligations.
The Group is party to certain unsecured guarantees granted to banks for overdraft and cash management facilities provided to itself and subsidiary undertakings. The Company has given certain unsecured guarantees
for the liabilities of its subsidiary undertakings arising under certain operating arrangements, HP contracts, finance leases, operating leases and certain pension scheme arrangements. It also provides unsecured cross
guarantees to certain subsidiary undertakings as required by VAT legislation. First Bus subsidiaries have provided unsecured guarantees on a joint and several basis to the FirstGroup Pension Scheme Trustee.
In its normal course of business the Group has ongoing contractual negotiations with government and other organisations. The Group is party to legal proceedings and claims which arise in the normal course of business,
including but not limited to employment and safety claims. The Group takes legal advice as to the likelihood of success of claims and counterclaims. No provision is made where due to inherent uncertainties, no accurate
quantification of any cost, or timing of such cost, which may arise from any of the legal proceedings can be determined.
The Group\u2019s operations are required to comply with a wide range of regulations, including environmental and emissions regulations. Failure to comply with a particular regulation could result in a fine or penalty being
imposed on that business, as well as potential ancillary claims rooted in non\u2011compliance.
32 Operating commitments
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Minimum payments made under contractual terms recognised in the income statement for the year:
\u00a0 \u00a0
Plant and machinery
0.9
5.6
Track and station access
356.3
481.3
Other assets
3.6
18.9
\u00a0
360.8
505.8
\n
At the balance sheet dates, the Group had outstanding commitments for future payments under non\u2011cancellable operating contracts, which fall due as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Within one year
268.0
355.6
In the second to fifth years inclusive
73.9
175.3
After five years
171.9
198.1
\u00a0
513.8
729.0
\nIncluded in the above commitments are contracts held by the First Rail businesses with Network Rail for access to the railway infrastructure, track, stations and depots of \u00a3270.0m (2025: \u00a3481.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "31 Contingent liabilities
To support subsidiary undertakings in their normal course of business, FirstGroup plc and certain subsidiaries have indemnified certain banks and insurance companies who have issued performance bonds for \u00a358.4m
(2025: \u00a347.2m) and letters of credit for \u00a3111.3m (2025: \u00a3123.3m). The performance bonds primarily relate to First Rail franchise operations of \u00a356.4m (2025: \u00a347.1m), UK Bus operations of \u00a32.0m (2025: \u00a3nil) and residual North
American obligations of \u00a3nil (2025: \u00a30.1m). The letters of credit relate substantially to insurance arrangements in the UK and North America. The parent company has committed further support facilities of up to \u00a380.1m to
First Rail TOCs of which \u00a364.5m remains undrawn. Letters of credit remain in place to provide collateral for legacy Greyhound insurance and pension obligations.
The Group is party to certain unsecured guarantees granted to banks for overdraft and cash management facilities provided to itself and subsidiary undertakings. The Company has given certain unsecured guarantees
for the liabilities of its subsidiary undertakings arising under certain operating arrangements, HP contracts, finance leases, operating leases and certain pension scheme arrangements. It also provides unsecured cross
guarantees to certain subsidiary undertakings as required by VAT legislation. First Bus subsidiaries have provided unsecured guarantees on a joint and several basis to the FirstGroup Pension Scheme Trustee.
In its normal course of business the Group has ongoing contractual negotiations with government and other organisations. The Group is party to legal proceedings and claims which arise in the normal course of business,
including but not limited to employment and safety claims. The Group takes legal advice as to the likelihood of success of claims and counterclaims. No provision is made where due to inherent uncertainties, no accurate
quantification of any cost, or timing of such cost, which may arise from any of the legal proceedings can be determined.
The Group\u2019s operations are required to comply with a wide range of regulations, including environmental and emissions regulations. Failure to comply with a particular regulation could result in a fine or penalty being
imposed on that business, as well as potential ancillary claims rooted in non\u2011compliance.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "Letters of credit remain in place to provide collateral for legacy Greyhound insurance and pension obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "32 Operating commitments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Minimum payments made under contractual terms recognised in the income statement for the year:
\u00a0 \u00a0
Plant and machinery
0.9
5.6
Track and station access
356.3
481.3
Other assets
3.6
18.9
\u00a0
360.8
505.8
\n
At the balance sheet dates, the Group had outstanding commitments for future payments under non\u2011cancellable operating contracts, which fall due as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Within one year
268.0
355.6
In the second to fifth years inclusive
73.9
175.3
After five years
171.9
198.1
\u00a0
513.8
729.0
Included in the above commitments are contracts held by the First Rail businesses with Network Rail for access to the railway infrastructure, track, stations and depots of \u00a3270.0m (2025: \u00a3481.0m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "33 Share\u2011based payments
Equity\u2011settled share option plans
\n
The Group recognised total expenses of \u00a310.4m (2025: \u00a310.5m) related to equity\u2011settled share\u2011based payment transactions.
\n
All Employee Plans
\n
(a) Save As You Earn (SAYE)
\n
The Group operates an HMRC\u2011approved savings\u2011related share option scheme. The scheme is based on eligible employees being granted options and their agreement to opening a sharesave account with a nominated
\n
savings carrier and to save weekly or monthly over a three\u2011year period. Sharesave accounts are held with Computershare. The right to exercise the option is at the employee\u2019s discretion in the six months following the end
\n
of the three\u2011year period. The plan rules set out the treatment of those who leave employment before the end of the savings contract. The scheme was offered in FY 2024, FY 2025 and FY 2026. During FY 2026, 2,522 employees
\n
accepted the invitation to join the scheme and just over 6.1 million options were granted at a price of 178 pence per share. Further information is provided in the table below.
SAYE 2023
SAYE 2024
SAYE 2025
Options
Options
Options
Number
Number
Number
Outstanding at the beginning of the year
13,364,629
9,326,957
\u2013
Granted during the year
\u2013
\u2013
6,105,523
Exercised during the year
(1,985,048)
(504,488)
(1,825)
Lapsed during the year
(2,110,747)
(2,349,333)
(443,989)
Outstanding at the end of the year
9,268,834
6,473,136
5,659,709
Exercisable at the end of the year
78,870
32,512
8,244
Weighted average exercise price (pence)
111.0
123.0
178.0
Weighted average share price at date of exercise (pence)
202.0
203.0
190.0
\n
(b) Buy As You Earn (BAYE)
\n
BAYE enables eligible employees to purchase shares from their gross income. If the shares are held in trust for five years or more, no income tax and National Insurance will be payable. Since August 2023 no matching
\n
shares have been offered with the Company preferring to allocate the cost to support a larger number of options under the SAYE plan. The matching shares will be forfeited if the corresponding partnership shares are
\n
removed from trust within three years of award.
\n
In March 2026 there were 2,061 (March 2025: 2,655) participants who purchased shares during the month through the BAYE scheme. During the year, scheme participants have purchased 884,524 shares.
\n
Discretionary plans
\n
Prior to FY 2022 the discretionary awards were structured as nil cost options. Since that date the awards have been granted as conditional shares; there is no economic difference for the Company or participants following
\n
this change.
\n
(c) Deferred bonus shares (DBS)
\n
DBS awards vest over a three\u2011year period following the financial year that they relate to and are typically settled by equity.
DBS 2015
DBS 2016
DBS 2017
DBS 2018
DBS 2019
DBS 2020
DBS 2021
Options
Options
Options
Options
Options
Options
Options
Number
Number
Number
Number
Number
Number
Number
Outstanding at the beginning of the year
36,546
26,796
6,538
14,254
29,291
37,031
129,268
Granted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Forfeited during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exercised/released during the year
(26,085)
\u2013
\u2013
(6,594)
(17,334)
(15,860)
(102,105)
Lapsed during the year
(10,461)
\u2013
\u2013
\u2013
\u2013
\u2013
(1,354)
Outstanding at the end of the year
\u2013
26,796
6,538
7,660
11,957
21,171
25,809
Exercisable at the end of the year
\u2013
26,796
6,538
7,660
11,957
21,171
25,809
Weighted average share price at date of exercise (pence)
186.5
N/A
N/A
223.0
204.1
207.1
195.9
\n \n
DBS 2022
DBS 2023
DBS 2024
DBS 2025
Conditional
Conditional
Conditional
Conditional
Shares Number
Shares Number
Shares Number
Shares Number
Outstanding at the beginning of the year
1,360,526
831,260
795,978
\u2013
Granted during the year
\u2013
\u2013
\u2013
546,037
Forfeited during the year
\u2013
\u2013
\u2013
\u2013
Exercised/released during the year
(1,357,790)
\u2013
\u2013
\u2013
Lapsed during the year
(2,736)
\u2013
\u2013
\u2013
Outstanding at the end of the year
\u2013
831,260
795,978
546,037
Exercisable at the end of the year
\u2013
\u2013
\u2013
\u2013
Weighted average share price at date of exercise (pence)
210.8
N/A
N/A
N/A
\n
(d) Long\u2011Term Incentive Plan (LTIP)
\n
The LTIP awards granted in 2021 through to 2025 have relative TSR, EPS and sustainability targets. Where the threshold measures are exceeded, the awards are settled by equity.
\n\n \n
LTIP 2021
LTIP 2022
LTIP 2023
LTIP 2024
LTIP 2025
Options
Conditional
Conditional
Conditional
Conditional
Number
Shares Number
Shares Number
Shares Number
Shares Number
Outstanding at the beginning of the year
31,241
7,223,320
7,090,438
6,711,864
\u2013
Granted during the year
\u2013
\u2013
\u2013
\u2013
5,129,273
Forfeited during the year
\u2013
(72,944)
(271,825)
(492,499)
(82,695)
Lapsed during the year
\u2013
\u2013
\u2013
\u2013
\u2013
Exercised during the year
(31,241)
(7,150,376)
\u2013
\u2013
\u2013
Outstanding at the end of the year
\u2013
\u2013
6,818,613
6,219,365
5,046,578
Exercisable at the end of the year
\u2013
\u2013
\u2013
\u2013
\u2013
Weighted average share price at date of exercise (pence)
183.4
225.7
N/A
N/A
N/A
\n
(e) Executive Share Plan (ESP)
\n
ESP awards vest over a three\u2011year period following the financial year that they relate to and are typically settled by equity.
\n\n \n
ESP 2015
ESP 2016
ESP 2017
ESP 2018
ESP 2019
ESP 2020
ESP 2021
Options
Options
Options
Options
Options
Options
Options
Number
Number
Number
Number
Number
Number
Number
Outstanding at the beginning of the year
38,167
41,444
17,308
63,657
250,881
14,718
350,832
Granted during the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Forfeited/lapsed during the year
(21,285)
\u2013
\u2013
\u2013
\u2013
\u2013
(6,854)
Exercised/released during the year
(16,882)
\u2013
(4,282)
(21,063)
(88,757)
\u2013
(210,255)
Outstanding at the end of the year
\u2013
41,444
13,026
42,594
162,124
14,718
133,723
Exercisable at the end of the year
\u2013
41,444
13,026
42,594
162,124
14,718
133,723
Weighted average share price at date of exercise/release (pence)
192.4
N/A
217.8
219.0
226.6
N/A
211.4
ESP 2022
ESP 2023
ESP 2024
ESP 2025
Conditional
Conditional
Conditional
Conditional
Shares Number
Shares Number
Shares Number
Shares Number
Outstanding at the beginning of the year
16,001
7,972
467,304
\u2013
Granted during the year
\u2013
\u2013
\u2013
6,352
Forfeited/lapsed during the year
\u2013
\u2013
\u2013
\u2013
Exercised/released during the year
(16,001)
(3,986)
(2,874)
\u2013
Outstanding at the end of the year
\u2013
3,986
464,430
6,352
Exercisable at the end of the year
\u2013
\u2013
\u2013
\u2013
Weighted average share price at date of exercise/release (pence)
225.7
225.2
225.2
N/A
The fair values of the awards granted during the last two years were measured using a Black\u2011Scholes model
except for the TSR element of the LTIPs which were measured using a Monte Carlo model. The inputs into the
models were as follows:
\u00a0
2026
2025
\u00a0
pence
pence
Weighted average share price at grant date (pence)
\u00a0 \u00a0
\u2013 DBS
217.8
164.8
\u2013 LTIP
217.8
164.5
\u2013 ESP
182.0
164.4
Weighted average exercise price at grant date (pence)
\u00a0 \u00a0
\u2013 DBS
\u2013
\u2013
\u2013 LTIP
\u2013
\u2013
\u2013 ESP
\u2013
\u2013
Expected volatility (%)
\u00a0 \u00a0
\u2013 DBS
N/A
N/A
\u2013 LTIP
38
59
\u2013 ESP
N/A
N/A
Expected life (years)
\u00a0 \u00a0
\u2013 DBS
3.0
3.0
\u2013 SAYE schemes
N/A
N/A
\u2013 LTIP
3.0
3.0
\u2013 ESP
3.0
3.0
Rate of interest (%)
\u00a0 \u00a0
\u2013 DBS
N/A
N/A
\u2013 LTIP
\u2013
\u2013
\u2013 ESP
\u2013
\u2013
Expected dividend yield (%)
\u00a0 \u00a0
\u2013 DBS
3.0
3.3%
\u2013 LTIP
3.0
3.3%
\u2013 ESP
3.0
3.3%
\n
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the
previous five years. The expected life used in the model has been adjusted based on management\u2019s best
estimate, for the effects of non\u2011transferability, exercise restrictions and behavioural considerations.
Allowances have been made for the SAYE schemes for the fact that, amongst a group of recipients some
are expected to leave before an entitlement vests. The accounting charge is then adjusted over the vesting
period to take account of actual forfeitures, so although the total charge is unaffected by the pre\u2011vesting
forfeiture assumption, the timing of the recognition of the expense will be sensitive to it. Fair values for the
SAYE include a 10% per annum pre\u2011vesting leaver assumption whereas the Executive, LTIP and deferred share
plans exclude any allowance for pre\u2011vesting forfeitures.
\u00a0
2026
2025
\u00a0
pence
pence
Weighted average fair value of options at grant date
\u00a0 \u00a0
\u2013 DBS
205.2
154.4
\u2013 LTIP
158.8
116.3
\u2013 ESP
172.1
154.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "34 Retirement benefit schemes
The Group supports defined contribution (DC) and defined benefit (DB) schemes for the benefit of employees
across the following business areas:
First Bus
DB schemes: The FirstGroup Pension Scheme.
DC schemes: The First Bus Retirement Savings Plan and the Enhanced Lifetime Savings Plan.
Employees in Group corporate functions participate in the First Bus pension arrangements.
First Rail
DB schemes: Railways Pension Scheme (RPS) Shared Cost Sections. As at the balance sheet date, the Group
sponsored two sections of the RPS in respect of TOCs operating under NRCs. Since the obligations to the TOC
arrangements are considered to be limited to contributions during the period of the contract, these are
fundamentally different to the obligations to the other pension arrangements. Additionally, the Group
sponsors a section for its open access Hull Trains business, which closed to new entrants in March 2024.
DC schemes: RPS Industry\u2011Wide Defined Contribution (IWDC) Section. Hull Trains employees who are not
eligible for the DB section, and Tram Operations employees, are enrolled into the IWDC Section.
North America
The Group is winding up legacy schemes from operations which have now been sold. During the year, the
liabilities of the Greyhound Canada Retirement Income Plan were bought out with an insurer, removing
obligations from the balance sheet. There remains a modest surplus, which will be distributed to Plan
participants before the Plan is fully wound up. During the prior year, the remaining liabilities in the US were
bought out, and winding up of the legacy Greyhound US pension plan was completed in December 2024.
Each of these groups of arrangements have therefore been shown separately.
Overall, the duration of the Company\u2019s obligations is approximately 14 years although the durations of the
individual schemes tend to vary.
The pension schemes in the UK are operated independently of the Group by the relevant pension scheme\u2019s
trustee. All pension scheme assets are held separately from FirstGroup\u2019s assets. The managers or trustees
(as appropriate) of the pension schemes are responsible for the investment policy, although the sponsor
is consulted.
The market value of the assets as at 28 March 2026 for all DB schemes (excluding RPS in respect of DfT TOCs)
totalled \u00a3982m (2025: \u00a31,135m). The present value of scheme liabilities for all non\u2011contract rail operation
defined benefit schemes totalled \u00a3963m (2025: \u00a31,112m).
(a) First Bus and Group (including open access rail operators)
\n
DC plans (shown on a continuing basis)
\n
Payments to DC plans are charged as an expense as they fall due. There is no further obligation to pay
\n
contributions into a DC plan once the contributions specified in the plan rules have been paid. The total
\n
expense recognised in the consolidated income statement of \u00a348.6m (2025: \u00a336.0m) represents
\n
contributions payable to these plans by the Group at rates specified in the rules of the plans.
\n
The Group operates DC plans for all Group and First Bus employees, and First Rail employees who are not
\n
eligible to join a DB arrangement. They receive a company match to their contributions, which varies by
\n
salary and/or service.
\n
DB plans (shown on a continuing basis)
\n
The Group has full responsibility for the retirement benefits for former and current employees of Group, First
\n
Bus and Hull Trains who are members of the schemes described in the following paragraphs, bearing all the
\n
risks and responsibilities of sponsorship of these schemes. These comprise two funded DB plans across its
\n
First Bus and Group operations (including Hull Trains which, unlike the majority of First Rail operations, is
\n
operated under open access), covering approximately 24,700 former and current employees. All of these
\n
schemes are closed to new entrants.
\n
Triennial valuations assess the cost of future service (where relevant) and the funding position. The employer
\n
and trustees are required to agree on assumptions for the valuations and to agree the contributions that
\n
result from these. Deficit recovery contributions may be required in addition to future service contributions.
\n
In agreeing contribution rates, reference must be made to the affordability of contributions by the employer.
\n
At their last valuations, the DB schemes had funding levels between 74% and 108% (2025: 74% and 94%).
\n
Surplus after benefits have been paid/secured can be repaid to the employer, in line with the rules
\n
of the schemes.
\n
The FirstGroup Pension Scheme
\n
The FirstGroup Pension Scheme is a legacy DB scheme that is closed to benefit accrual. It now comprises two
\n
sections \u2013 a Group Section (members already of the FirstGroup Pension Scheme prior to merging with The First
\n
UK Bus Pension Scheme) and a Bus Section (members transferring from The First UK Bus Pension Scheme).
\n
The rules governing both these schemes grant the employer influence over the allocation of any residual
\n
surplus once the beneficiaries\u2019 rights have been secured. Accordingly, the net surplus/deficit is recognised
\n
in full for these schemes.
\n
The Hull Trains Shared Cost Section of the Railways Pension Scheme
\n
Hull Trains participates in its own Section of the Railways Pension Scheme. This scheme closed to new
\n
entrants in March 2024, but remains open to the accrual of salary\u2011related benefits for employees who
\n
became members before March 2024. Costs relating to accrual and to any deficit are shared with members.
\n
Any deficit is now fully borne by the sponsor \u2013 the impact of this currently has a negligible impact on the
\n
accounting balance sheet.
The table below is set out to show the movements in the fair value of schemes\u2019 assets (Assets) along with the movements in the present value of Defined Benefit Obligations (DBO) (Liabilities) for the DB schemes described above:
\n\n \n
2026
2025
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At beginning of period
992.5
970.1
1,147.8
1,161.8
Income statement
Operating
\u2013 Current service cost
\u2013
4.1
\u2013
5.9
\u2013 Settlement in relation to winding\u2011up lump sums
(3.9)
(4.2)
(21.3)
(24.1)
Total operating
(3.9)
(0.1)
(21.3)
(18.2)
Interest income/cost
55.7
53.7
54.8
53.8
Total income statement
51.8
53.6
33.5
35.6
Amounts paid to/(from) scheme
Employer contributions
25.9
\u2013
8.6
\u2013
Employee contributions
0.2
0.2
0.4
0.4
Benefits paid
(67.4)
(67.4)
(70.6)
(70.6)
Total
(41.3)
(67.2)
(61.6)
(70.2)
Expected closing position
1,003.0
956.5
1,119.7
1,127.2
Change in financial assumptions
\u2013
(23.8)
\u2013
(108.9)
Change in demographic assumptions
\u2013
(8.7)
\u2013
(2.5)
Employee share of changes
\u2013
\u2013
\u2013
\u2013
Return on assets in excess of discount rate
(25.1)
\u2013
(127.2)
\u2013
Experience
\u2013
34.3
\u2013
(45.7)
Total
(25.1)
1.8
(127.2)
(157.1)
At end of period
977.9
958.3
992.5
970.1
\n\n \n
2026
2025
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Surplus in schemes
\u2013
19.6
\u2013
22.4
The amount is presented in the consolidated balance sheet as follows:
\u2013
\u2013
Non\u2011current assets
\u2013
21.7
\u2013
27.0
Non\u2011current liabilities
\u2013
(2.1)
\u2013
(4.6)
Asset allocation
\n\n \n
Quoted
Unquoted
Total
At March 2026
\u00a3m
\u00a3m
\u00a3m
Equity
5.6
127.3
132.9
Other return seeking assets
\u2013
4.5
4.5
Real estate
\u2013
1.0
1.0
Fixed income/liability driven
537.1
228.1
765.2
Other income generating
\u2013
26.2
26.2
Cash and cash equivalents
48.1
\u2013
48.1
590.8
387.1
977.9
\n\n \n
Quoted
Unquoted
Total
At March 2025
\u00a3m
\u00a3m
\u00a3m
Equity
17.0
159.3
176.3
Other return seeking assets
\u2013
20.1
20.1
Real estate
\u2013
1.6
1.6
Fixed income/liability driven
553.9
219.9
773.8
Other income generating
\u2013
0.8
0.8
Cash and cash equivalents
19.9
\u2013
19.9
590.8
401.7
992.5
\n
(b) North America
\n
Greyhound pension arrangements
\n
The Group has retained certain responsibilities for the provision of retirement benefits for some legacy schemes.
\n
The Group no longer operates a pension plan in the US (2025: none), while in Canada, there is a legacy plan with a DB and a DC section that is currently being wound up \u2013 the majority of the benefits have been secured
\n
through a buyout with an insurer, and all that remains is a modest surplus, which will be distributed to plan participants.
\n
In the prior year, the Group agreed terms with an insurance company to buy out the remaining liabilities of the legacy Greyhound US pension plan, with the plan being terminated thereafter. Following a Group net
\n
contribution of $5.3m, gross liabilities of $155m (\u00a3123m) at the FY 2024 year end were removed from the Group\u2019s balance sheet and the Group recognised a net settlement gain after related costs of \u00a35.1m in the Group\u2019s
\n
FY 2025 income statement as an adjusting item.
The table below is set out to show the movements in the fair value of schemes\u2019 assets (Assets) along with the movements in the present value of DBO (Liabilities) for the North American DB schemes:
\n\n \n
2026
2025
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At beginning of period (including held for sale)
142.6
142.3
264.8
276.1
Income statement
Operating
\u2013 Current service cost
\u2013
\u2013
\u2013
1.8
\u2013 Past service gain including curtailments and settlements
(132.8)
(132.8)
(106.7)
(113.2)
Total operating
(132.8)
(132.8)
(106.7)
(111.4)
Interest income/cost
3.7
3.7
8.4
8.6
Total income statement
(129.1)
(129.1)
(98.3)
(102.8)
Amounts paid to/(from) scheme
Employer contributions
\u2013
\u2013
4.1
\u2013
Benefits paid
(7.6)
(7.6)
(23.4)
(23.4)
Total
(7.6)
(7.6)
(19.3)
(23.4)
Expected closing position
5.9
5.6
147.2
149.9
Change in financial assumptions
\u2013
(0.3)
\u2013
4.8
Change in demographic assumptions
\u2013
(1.5)
\u2013
2.0
Return on assets in excess of discount rate
(1.8)
\u2013
9.8
\u2013
Experience
\u2013
\u2013
\u2013
0.3
Total
(1.8)
(1.8)
9.8
7.1
Currency gain/loss
0.9
0.9
(14.4)
(14.7)
At end of period
5.0
4.7
142.6
142.3
\n
Asset allocation
\n\n \n
Quoted
Unquoted
Total
At March 2026
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents
5.0
\u2013
5.0
5.0
\u2013
5.0
\n \n
Quoted
Unquoted
Total
At March 2025
\u00a3m
\u00a3m
\u00a3m
Annuities
\u2013
135.7
135.7
Cash and cash equivalents
6.9
\u2013
6.9
6.9
135.7
142.6
(c) Rail contracts
\n
The Railways Pension Scheme (RPS)
\n
The Group is responsible for collecting and paying contributions for a number of sections of the RPS as
\n
part of its obligations under the contracts which it holds for its TOCs. These responsibilities continue for the
\n
periods of the TOCs and are passed to future contract holders when those TOCs terminate. Management
\n
of the RPS is not the responsibility of the Group, nor is it liable to benefit from any future surplus or fund any
\n
deficit of those funds. The RPS is managed by the Railways Pension Trustee Company Limited and is subject
\n
to regulation from The Pensions Regulator and relevant UK legislation.
\n
The RPS is a shared cost arrangement. All costs, and any deficit or surplus, are shared 60% by the employer
\n
and 40% by the members.
\n
As at the balance sheet date, the Group sponsored two sections of the RPS, relating to its contracting
\n
obligations for its TOCs. In line with Government policy to take TOCs into public ownership, sponsorship
\n
of these remaining sections is expected to transfer to new ownership in due course.
\n
For the TOC sections, under the contractual arrangements with the DfT, the employer\u2019s responsibility is to
\n
pay the contributions following triennial funding valuations while it operates the contracted services. These
\n
contributions are subject to change on consideration of future statutory valuations, though the Group is fully
\n
protected from any such changes through its contracts with the DfT. At the end of the contract, any deficit or
\n
surplus in the scheme section passes to the subsequent TOC with no compensating payments from or to
\n
the outgoing TOC.
\n
The statutory funding valuations of the various Rail Pension Scheme sections in which the Group is involved
\n
(last finalised with an effective date of 31 December 2022) and the IAS 19 actuarial valuations are carried out
\n
for different purposes and may result in materially different results. The IAS 19 valuation is set out in the
\n
disclosures below.
\n
The accounting treatment for the time\u2011based risk\u2011sharing feature of the Group\u2019s participation in the RPS
\n
is not explicitly considered by IAS 19 Employee Benefits (Revised). The contributions currently committed to
\n
being paid to each TOC section are lower than the share of the service cost (for current and future service)
\n
that would normally be calculated under IAS 19 (Revised) and the Group does not account for uncommitted
\n
contributions towards the sections\u2019 current or expected future deficits. Therefore, the Group does not need
\n
to reflect any deficit on its balance sheet. A TOC adjustment (asset) exists that exactly offsets any section
\n
deficit that would otherwise remain after reflecting the cost sharing with the members. This reflects the legal
\n
position that some of the existing deficit and some of the service costs in the current year will be funded in
\n
future years beyond the term of the current contract and committed contributions. The TOC adjustment on
\n
the balance sheet date reflects the extent to which the Group is not currently committed to fund the deficit.
\n
Movements in the TOC contract adjustment in a period arise from and are accounted for as follows:
\n
Any service costs for the period for which the contribution schedule requires no contributions from the entity
\n
are reflected as an adjustment to the service cost in the income statement, which is considered to be in line
\n
with paragraphs 92\u201194 of IAS 19 (Revised).
\n
Under circumstances where contributions are renegotiated, such as following a statutory valuation, any
\n
adjustment necessary to reflect an obligation to fund past service cost will be recognised in the income
\n
statement.
\n
The disclosed information has been set out to illustrate the effect of this on the costs borne by FirstGroup.
\n
In particular, 40% of the costs, gains or losses and any deficit are attributed to the members. In addition, the
\n
total surplus or deficit is adjusted by way of a \u2018contract adjustment\u2019 which includes an assessment of the
\n
changes that will arise from contracted future contributions and which is the portion of the deficit or surplus
\n
projected to exist at the end of the contract which the Group will not be required to fund or benefit from.
\n \n
Adjustment for
employee share of
Contract
Assets
Liabilities
RPS deficits (40%)
adjustment
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 April 2025
3,658.0
(3,070.4)
(235.0)
(352.6)
\u2013
Impact of expiry of SWR NRC
(1,277.4)
1,088.1
75.7
113.6
\u2013
Revised opening position, excluding SWR
2,380.6
(1,982.3)
(159.3)
(239.0)
\u2013
Income statement
Operating
\u2013 Service cost
\u2013
(78.3)
31.3
12.3
(34.7)
\u2013 Admin cost
\u2013
(2.5)
1.0
\u2013
(1.5)
Total operating
\u2013
(80.8)
32.3
12.3
(36.2)
Financing
137.7
(112.0)
(10.3)
(15.4)
\u2013
Total income statement
137.7
(192.8)
22.0
(3.1)
(36.2)
Amounts paid to/(from) scheme
Employer contributions
36.2
\u2013
(14.5)
14.5
36.2
Employee contributions
24.0
\u2013
(9.6)
(14.4)
\u2013
Benefits paid
(99.5)
99.5
\u2013
\u2013
\u2013
Total
(39.3)
99.5
(24.1)
0.1
36.2
Expected closing position
2,479.0
(2,075.6)
(161.4)
(242.0)
\u2013
Change in financial assumptions
\u2013
45.3
(18.1)
(27.2)
\u2013
Change in demographic assumptions
\u2013
(12.6)
5.0
7.6
\u2013
Return on assets in excess of discount rate
70.3
\u2013
(28.1)
(42.2)
\u2013
Experience
\u2013
(11.2)
4.5
6.7
\u2013
Total
70.3
21.5
(36.7)
(55.1)
\u2013
At 31 March 2026
2,549.3
(2,054.1)
(198.1)
(297.1)
\u2013
\n\n \n
Adjustment for
employee share of
Contract
Assets
Liabilities
RPS deficits (40%)
adjustment
Net
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 April 2024
3,722.4
(3,588.7)
(53.4)
(80.3)
\u2013
Income statement
Operating
\u2013 Service cost
\u2013
(135.2)
54.1
34.4
(46.7)
\u2013 Admin cost
\u2013
(6.5)
2.6
\u2013
(3.9)
Total operating
\u2013
(141.7)
56.7
34.4
(50.6)
Financing
180.6
(169.6)
(4.4)
(6.6)
\u2013
Total income statement
180.6
(311.3)
52.3
27.8
(50.6)
Amounts paid to/(from) scheme
Employer contributions
50.6
\u2013
(20.2)
20.2
50.6
Employee contributions
33.4
\u2013
(13.4)
(20.0)
\u2013
Benefits paid
(157.1)
157.1
\u2013
\u2013
\u2013
Total
(73.1)
157.1
(33.6)
0.2
50.6
Expected closing position
3,829.9
(3,742.9)
(34.7)
(52.3)
\u2013
Change in financial assumptions
\u2013
604.0
(241.6)
(362.4)
\u2013
Change in demographic assumptions
\u2013
9.7
(3.9)
(5.8)
\u2013
Return on assets in excess of discount rate
(171.9)
\u2013
68.7
103.2
\u2013
Experience
\u2013
58.8
(23.5)
(35.3)
\u2013
Total
(171.9)
672.5
(200.3)
(300.3)
\u2013
At 31 March 2025
3,658.0
(3,070.4)
(235.0)
(352.6)
\u2013
During the year \u00a32.5m (2025: \u00a36.5m) of gross administrative expenses were incurred, included in benefits paid above.
\n
Finance costs above include interest income of \u00a382.6m (2025: \u00a3108.4m) and employee share of interest on assets of \u00a355.1m (2025: \u00a372.2m).
\n
Income statement charges on liabilities above of \u00a3192.8m (2025: \u00a3311.3m) represent:
\n\n \n
2026
2025
\u00a3m
\u00a3m
Current service costs
47.0
85.0
Interest costs
67.2
101.8
Employee share of change in DBO (not attributable to contract adjustment)
78.6
124.5
192.8
311.3
\n
Asset allocation
\n\n \n
Quoted
Unquoted
Total
At 28 March 2026/31 March 2026
\u00a3m
\u00a3m
\u00a3m
Equity
\u2013
1,159.3
1,159.3
Other return seeking assets
\u2013
696.3
696.3
Real estate
\u2013
240.7
240.7
Fixed income/liability driven
\u2013
442.9
442.9
Cash and cash equivalents
10.2
\u2013
10.2
10.2
2,539.2
2,549.4
\n\n \n
Quoted
Unquoted
Total
At 29 March 2025/31 March 2025
\u00a3m
\u00a3m
\u00a3m
Equity
\u2013
1,630.1
1,630.1
Other return seeking assets
\u2013
1,027.2
1,027.2
Real estate
\u2013
335.0
335.0
Fixed income/liability driven
\u2013
654.1
654.1
Cash and cash equivalents
11.6
\u2013
11.6
11.6
3,646.4
3,658.0
\n
The Rail contracts\u2019 assets are invested in pooled funds created specifically for the Rail schemes. As such, these assets have been categorised as unquoted.
\n
(d) Valuation assumptions
\n
The valuation assumptions used for accounting purposes have been made uniform to Group standards, as appropriate, when each scheme is actuarially valued.
\n\n \n
First Bus
First Rail
North America
First Bus
First Rail
North America
2026
2026
2026
2025
2025
2025
At 28 March 2026/29 March 2025
%
%
%
%
%
%
Key assumptions used:
Discount rate
6.22 \u2013 6.30
6.26
N/A
5.78 \u2013 5.83
5.87
4.50
Expected rate of salary increases
N/A
3.07 \u2013 3.32
N/A
N/A
2.83 \u2013 3.12
N/A
Inflation \u2013 CPI
2.84 \u2013 2.85
2.86
N/A
2.61 \u2013 2.62
2.60
2.00
Future pension increases
2.51
2
2.86
N/A
2.37
2
2.60
N/A
Post\u2011retirement mortality (life expectancy in years)
1
Current pensioners at 65:
19.7
20.5
N/A
19.3
20.1
21.7
Future pensioners at 65 aged 45 now:
20.5
21.9
N/A
19.7
21.5
22.7
\n
1
Life expectancies reflect the largest underlying plans in each region.
\n
2
Weighted average for principal scheme.
\n
The Group reviews its longevity assumptions for each scheme following completion of funding valuations. The assumptions adopted reflect recent scheme experience and views on future longevity which may include
\n
industry\u2011specific adjustment where appropriate. The Group obtains specialist actuarial advice before agreeing longevity assumptions.
(e) Sensitivity of retirement benefit obligations to changes in assumptions (excluding Rail Pension Scheme)
The method used to derive the sensitivities is the same as that used to calculate the main disclosures. The exception is longevity where we have instead applied a general rule that one year\u2019s extra life expectancy adds
c.3% to the DBO (with resultant impacts on rail and irrecoverable surplus adjustments). This is consistent with the method applied to deriving last year\u2019s sensitivities.
A 1.0% movement in the discount rate would impact the DBO balance sheet position by approximately \u00a310m. A 1.0% movement in the inflation rate would impact the DBO balance sheet position by approximately \u00a36m.
A one\u2011year movement in life expectancy would impact the DBO balance sheet position by approximately \u00a329m.
Management considers that the figures provide a suitable indication of the potential impact of reasonably possible changes in the financial assumptions and one\u2011year change in the mortality assumption. No allowance
has been made for any consequent change in the value of assets held. Sensitivities do not include the Rail Pension Scheme owing to the contract adjustment mechanism detailed above.
(f) Consolidated statement of comprehensive income
Amounts presented in the consolidated statement of comprehensive income comprise:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Actuarial gain on DBO
30.5
822.9
Actuarial gain/(loss) on assets
30.1
(289.6)
Actuarial (loss) on contract adjustments
(87.5)
(500.4)
Actuarial gains/(losses) on defined benefit schemes
(26.9)
32.9
\n
(g) Cash contributions
The estimated amounts of employer contributions expected to be paid to the DB schemes during the 52 weeks ending 27 March 2027 is \u00a333.8m based on current contributions schedules in force (28 March 2026: \u00a364.6m).
(h) Risks associated with DB plans
Other than for the First Rail TOCs, the number of employees in defined benefit plans is reducing rapidly, as these plans are closed to new entrants, and plans are being terminated. This will serve to limit the risks associated
with DB pension provision by the Group.
Despite remaining open to new entrants and future accrual, the risks posed by the RPS are limited, as under the contractual arrangements with DfT, the First Rail TOCs are not responsible for any residual deficit at the end of
a contract. Furthermore, under these contractual arrangements with the DfT, the First Rail TOCs are indemnified against any short\u2011term cash flow risks arising from future triennial valuations.
The key risks relating to the other DB pension arrangements and the steps taken by the Group to mitigate them are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Risk
Description
Mitigation
Asset volatility
The liabilities are calculated using a discount rate set with reference to corporate bond
Asset liability modelling has been undertaken to ensure that any risks taken are expected
\u00a0
yields; if assets underperform this yield, this will create a deficit. The assets held in the
to be rewarded and, in relation to the Company\u2019s largest pension exposures, further work is
\u00a0
DB arrangements are intended to meet the long\u2011term funding objectives of those
being undertaken to ensure that the investment strategy remains the most appropriate.
\u00a0
arrangements, and therefore results in some risk in the short term and has the potential for
\u00a0
\u00a0
material adverse movements relative to the liabilities as valued for accounting purposes.
\u00a0
Inflation risk
A significant proportion of the UK benefit obligations are linked to inflation and higher
Investment strategy reviews have led to increased inflation hedging, mainly through swaps
\u00a0
inflation will lead to higher liabilities.
or holding Index Linked Gilts in the UK schemes.
Uncertainty over level of future
Contributions to DB schemes can be unpredictable and volatile as a result of changes
The Group engages with the trustees to consider how contribution requirements can be
contributions
in the funding level revealed at each valuation.
made more stable. The level of volatility and the Group\u2019s ability to control contribution
\u00a0 \u00a0
levels varies between arrangements.
Life expectancy
The majority of the scheme\u2019s obligations are to provide benefits for the life of the
Linking retirement age to State Pension Age (as in The FirstGroup Pension Scheme) has
\u00a0
member, so increases in life expectancy will result in an increase in the liabilities.
mitigated this risk to some extent.
Legislative risk
Future legislative changes are uncertain. In the past these have led to increases in
The Group receives professional advice on the impact of legislative changes.
\u00a0
obligations, through introducing pension increases, vesting of deferred pensions,
\u00a0
\u00a0
equalisation of certain benefits for men and women or reduced investment return
\u00a0
\u00a0
through the ability to reclaim advance corporation tax.
\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "35 Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated
on consolidation and are not disclosed in this note.
Remuneration of key management personnel
The remuneration of the Directors, which comprise the plc Board who are the key management personnel
of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party
Disclosures. Further information about the remuneration of individual Directors is provided in the Annual
report on remuneration on pages 97 to 108.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Basic salaries
1
1.7
1.8
Fees
0.7
0.6
Post\u2011employment benefits
0.1
0.1
Share\u2011based payment
3.5
3.6
\u00a0
6.0
6.1
\n
1
Basic salaries include cash emoluments in lieu of retirement benefits, bonuses and car allowances.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "Remuneration of key management personnel
The remuneration of the Directors, which comprise the plc Board who are the key management personnel
of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party
Disclosures. Further information about the remuneration of individual Directors is provided in the Annual
report on remuneration on pages 97 to 108.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3m
\u00a3m
Basic salaries
1
1.7
1.8
Fees
0.7
0.6
Post\u2011employment benefits
0.1
0.1
Share\u2011based payment
3.5
3.6
\u00a0
6.0
6.1
\n
1
Basic salaries include cash emoluments in lieu of retirement benefits, bonuses and car allowances.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "36 Events after the reporting period
On 2 April 2026, the Group announced its acquisition of Eagle Coaches, a coaching business based in Bristol
with a fleet of 19 vehicles, operating private hire, school transport and group travel services.
On 10 April 2026, the Group announced its acquisition of Wilfreda Luxury Coaches Limited (Wilfreda Beehive),
a Doncaster\u2011based coaching business operating a fleet of 45 vehicles to provide private hire, school
contracts, contracted workplace shuttle services and holiday programmes.
Owing to the timing of these acquisitions, it has not been practical for the Group to yet undertake a detailed
assessment of the acquired assets and liabilities. A provisional assessment will be undertaken during the year.
On 3 May 2026, the Group\u2019s First Rail London Limited (FRL) subsidiary commenced the operation of the
London Overground rail contract on behalf of Transport for London (TfL). FRL\u2019s contract is for an initial
eight\u2011year period, with an option to extend for a further two years at TfL\u2019s discretion. Under the terms
of the contract, TfL retains all revenue risk and will specify the service levels, with FRL responsible for
the delivery of train services, management of stations and customer service.
On 7 May 2026, First Greater Western Railway Ltd received notice from the DfT that its NRC would expire
on 13 December 2026, at which point GWR will hand over to the DfT Operator.
On 25 May 2026, the Group\u2019s new Lumo West Coast open access rail operator commenced services between
London Euston and Stirling.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "37 Information about related undertakings
In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted
investments as at 28 March 2026 is disclosed below. Unless otherwise stated, the Group\u2019s shareholding
represents ordinary shares held indirectly by FirstGroup plc. The entities are unlisted, and have one type
of ordinary share capital. The year end is 28 March. The Group\u2019s interest in the voting share capital is 100%
unless otherwise stated. No subsidiary undertakings have been excluded from the consolidation:
Subsidiaries \u2013 wholly owned and incorporated in the United Kingdom
Anderson Tours Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Tours Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Travel Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Travel Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Airporter Limited,
5
21 Arthur Street, Belfast, BT1 4GA
A.T. Brown (Coaches) Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Bath Bus Company Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
CCB Holdings Limited,
3
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
CentreWest Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
East Coast Trains Limited,
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Ensign Bus Company Limited,
3,7
The Rifle Range, Juliette Close, Purfleet Industrial Park, Aveley,
South Ockendon, Essex, RM15 4YF
Evolutionary Rail Limited,
3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FB Canada Holdings Limited,
5
395 King Street, Aberdeen, AB24 5RP
FG Canada Investments Limited,
5
395 King Street, Aberdeen, AB24 5RP
FG Properties Limited,
3,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FGI Canada Holdings Limited,
3,4
395 King Street, Aberdeen, AB24 5RP
First Aberdeen Limited,
3,7
395 King Street, Aberdeen, AB24 5RP
First Beeline Buses Limited,
3,7
Hoeford, Gosport Road, Fareham, Hampshire, PO16 0ST
First Bus Central Services Limited,
3,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Holdings Limited,
1,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus London Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Pension GP Limited,
4,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Retirement Savings Plan Trustee Limited,
5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Capital Connect Limited,
5,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Capital East Limited,
5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
First Customer Contact Limited,
8,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Cymru Buses Limited,
\n
3,7
\n
Heol Gwyrosydd, Penlan, Swansea, SA5 7BN
\n
First Eastern Counties Buses Limited,
\n
3,7
\n
Davey House, 7b Castle Meadow, Norwich, Norfolk, NR1 3DE
\n
First Essex Buses Limited,
\n
3,7
\n
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
\n
First Glasgow (No.1) Limited,
\n
7
\n
100 Cathcart Road, Glasgow, G42 7BH
\n
First Glasgow (No.2) Limited,
\n
3,7
\n
100 Cathcart Road, Glasgow, G42 7BH
\n
First Greater Western Limited,
\n
7,9
\n
Milford House, 1 Milford Street, Swindon, Wiltshire SN1 1HL
\n
First Hampshire & Dorset Limited,
\n
3,7
\n
Hoeford, Gosport Road, Fareham, Hampshire, PO16 0ST
\n
First International (Holdings) Limited),
\n
1,3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First International No.1 Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First London Cableway Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Manchester Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Midland Red Buses Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First North West Limited,
\n
3,4
\n
Wallshaw Street, Oldham, OL1 3TR
\n
First Northern Ireland Limited,
\n
3,7
\n
21 Arthur Street, Belfast, BT1 4GA
\n
First Potteries Limited,
\n
3,7
\n
Abbey Lane, Leicester, England, LE4 0DA
\n
First Rail Holdings Limited,
\n
1,4,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail London Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Open Access Holdings Limited,
\n
1,3,4,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Procurement Limited,
\n
1,3,8,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Stirling Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Stirling Holdings Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Wales and Western Limited,
\n
3,7
\n
Heol Gwyrosydd, Penlan, Swansea SA5 7BN
\n
First Rail Wales and Western Holdings Limited,
\n
3,4
\n
Heol Gwyrosydd, Penlan, Swansea SA5 7BN
\n
First ScotRail Limited,
\n
5,9
\n
395 King Street, Aberdeen, AB24 5RP
\n
First South West Limited,
\n
3,7
\n
Union Street, Camborne, Cornwall, TR14 8HF
\n
First South Yorkshire Limited,
\n
3,7
\n
Olive Grove, Sheffield, South Yorkshire, S2 3GA
\n
First Student UK Limited,
\n
5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First TransPennine Express Limited,
\n
7,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Travel Solutions Limited,
\n
7
\n
Unit 5 Petre Court, Petre Road Clayton Business Park,
\n
Clayton Le Moors, Accrington, BB5 5HY
\n
First West of England Limited,
\n
7
\n
Enterprise House, Easton Road, Bristol, BS5 0DZ
\n
First West Yorkshire Limited,
\n
7
\n
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
\n
First York Limited,
\n
3,7
\n
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
\n
FirstBus (North) Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstBus Investments Limited,
\n
1,3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup American Investments,
\n
3,4
\n
395 King Street, Aberdeen, AB24 5RP
\n
FirstGroup Canadian Finance Limited,
\n
1,3,6
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup Energy Limited,
\n
4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup Holdings Limited,
\n
1,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup Pension GP Limited,
\n
4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup US Finance Limited,
\n
1,3,6
\n
395 King Street, Aberdeen, AB24 5RP
\n
FirstGroup US Holdings,
\n
5
\n
395 King Street, Aberdeen, AB24 5RP
\n
GRT Bus Group Limited,
\n
1,3,4
\n
395 King Street, Aberdeen, AB24 5RP
\n
Hall and Davies Limited,
\n
3,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Hills Coaches Limited,
\n
7
\n
Canal Side Hordern Rd, Whitmore Reans, Wolverhampton, West Midlands, WV6 0HS
\n
Hull Trains Company Limited,
\n
7,9
\n
The Point, 8th Floor, 37 North Wharf Road, London, England, W2 1AF
\n
J & B Travel Limited,
\n
7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
JR Davies & Son Holdings Limited,
\n
3
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Lakeside Coaches Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Lakeside Property Portfolio Limited,
\n
3,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Leicester CityBus Limited,
\n
3,7
\n
Abbey Lane, Leicester, England, LE4 0DA
\n
London Mini Coaches Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
London Mini Coaches Holdings Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
London Sovereign Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road, London W4 1SY
\n
London Transit Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road, London W4 1SY
\n
London United Busways Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road, London W4 1SY
\n
Mistral Data Limited,
\n
8,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Rider Holdings Limited,
\n
3,4
\n
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
\n
Scott\u2019s Hospitality Limited,
\n
3,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Southampton CityBus Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Specialist Passenger Solutions Ltd,
\n
3,7
\n
J24 Hinkley Point C, Park and Ride, Huntworth Business Park, Bridgwater, TA6 6TS
\n
The FirstGroup Pension Scheme Trustee Limited,
\n
5,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
The First UK Bus Pension Scheme Trustee Limited,
5,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
The Original Tour London,
7
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road, London W4 1SY
Tetley\u2019s Motor Services Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Totaljourney Limited,
1,3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Tram Operations Limited,
3,7,9
Tramlink Depot, Coomber Way, Croydon, CR0 4TQ
Transportation Claims Limited,
8
Aquis House, 49\u201151 Blagrave Street, Reading, RG1 1PL
Truronian Limited,
5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
York Pullman Bus Company Limited,
3,7
2 Clifton Moor Business Village, York, North Yorkshire, YO30 4XG
YPBC Limited,
3,4
2 Clifton Moor Business Village, York, North Yorkshire, YO30 4XG
Subsidiaries \u2013 wholly owned and incorporated in the United States of America
FirstGroup Management,
8
Inc. 112 S French Street Suite 105, Wilmington, Delaware 19801
FirstGroup Services,
8
Inc. 112 S French Street Suite 105, Wilmington, Delaware 19801
Laidlaw Transportation Holdings,
4
Inc. 112 S French Street Suite 105, Wilmington, Delaware 19801
Transportation Realty Income Partners LP (50%),
8
600 Vine Street Suite 1400, Cincinnati, Ohio 45202
Subsidiaries \u2013 wholly owned and incorporated in Ireland
Aeroporto Limited,
4
25\u201128 North Wall Quay, Dublin
First Bus Ireland Limited,
7
25\u201328 North Wall Quay, Dublin
Matthews Coach Hire Limited,
7
Callenberg, Inniskeen, Co. Monaghan, Monaghan
Subsidiaries \u2013 wholly owned and incorporated in Panama
First Transit de Panama, Inc.
5
Morgan & Morgan, Costa del Este, MMG Tower, 23rd Floor, Panama City
Subsidiaries \u2013 wholly owned and incorporated in Canada
GCT Holdings Ltd,4 Blake, Cassels & Graydon LLP, 3500, 855 \u2013 2 Street SW, Calgary, Alberta, T2P 4J8
GCT Investment Limited Partnership,4 Blake, Cassels & Graydon LLP, 3500, 855 \u2013 2 Street SW, Calgary, Alberta,
T2P 4J8
Greyhound Canada Transportation ULC,7 Blake, Cassels & Graydon LLP, 855 \u2013 2 Street SW, Calgary, Alberta, T2P 4J8
Other entities \u2013 not wholly owned but incorporated in the United Kingdom
First/Keolis Holdings Limited (55%),
1,3,4,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First/Keolis TransPennine Holdings Limited (55%),
3,4,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First/Keolis TransPennine Limited (55%),
3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First MTR South Western Trains Limited (70%),
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Trenitalia West Coast Rail Limited (70%),
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
NextGen AssetCo Limited (50%),
8,10
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
NextGen MidCo Limited (50%),
6
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Palmer Energy Technology Limited (20%), 2 Pavilion Court, 600 Pavilion Drive, Northampton, United Kingdom,
NN4 7SL
1
Directly owned by FirstGroup plc.
2
All shares held in subsidiary undertakings are ordinary shares.
3
For the year ending 28 March 2026 these subsidiaries are exempt from audit of individual accounts under S479A of the UK Companies
Act 2006.
4
Primary business is a holding company.
5
Primary business is a dormant company.
6
Primary business is an intra\u2011group financing company.
7
Primary business is the provision of transportation services.
8
Primary business is an administrative or support services company.
9
Rail companies with 31 March year end.
10
The Group has assessed its arrangement with NextGen AssetCo Limited as a joint operation with Hitachi Zerocarbon Battery Holdings
Limited, to develop and finance an intelligent fleet decarbonisation business. The company is responsible for procuring and financing
batteries for use by First Bus operating companies. The key financial effects of the joint operation are the Group\u2019s share of the company\u2019s
leased assets and associated debt.
Certain pension partnership structures (FirstBus Pension Limited Partnership and FirstGroup Pension Limited
Partnership) were implemented during the 52 weeks ending 26 March 2022. These structures involved the
creation of special purpose vehicles (SPVs) to hold cash to fund the Bus and Group pension schemes if
required, based on a designated funding mechanism. The first accounting period end for these SPVs was
31 March 2023. The SPVs are consolidated into FirstGroup plc\u2019s consolidated accounts, and therefore under
Partnership (Accounts) Regulations 2008, Regulation 7, the SPVs are exempt from the requirement to prepare
individual entity annual accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "37 Information about related undertakings
In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted
investments as at 28 March 2026 is disclosed below. Unless otherwise stated, the Group\u2019s shareholding
represents ordinary shares held indirectly by FirstGroup plc. The entities are unlisted, and have one type
of ordinary share capital. The year end is 28 March. The Group\u2019s interest in the voting share capital is 100%
unless otherwise stated. No subsidiary undertakings have been excluded from the consolidation:
Subsidiaries \u2013 wholly owned and incorporated in the United Kingdom
Anderson Tours Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Tours Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Travel Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Travel Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Airporter Limited,
5
21 Arthur Street, Belfast, BT1 4GA
A.T. Brown (Coaches) Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Bath Bus Company Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
CCB Holdings Limited,
3
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
CentreWest Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
East Coast Trains Limited,
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Ensign Bus Company Limited,
3,7
The Rifle Range, Juliette Close, Purfleet Industrial Park, Aveley,
South Ockendon, Essex, RM15 4YF
Evolutionary Rail Limited,
3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FB Canada Holdings Limited,
5
395 King Street, Aberdeen, AB24 5RP
FG Canada Investments Limited,
5
395 King Street, Aberdeen, AB24 5RP
FG Properties Limited,
3,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FGI Canada Holdings Limited,
3,4
395 King Street, Aberdeen, AB24 5RP
First Aberdeen Limited,
3,7
395 King Street, Aberdeen, AB24 5RP
First Beeline Buses Limited,
3,7
Hoeford, Gosport Road, Fareham, Hampshire, PO16 0ST
First Bus Central Services Limited,
3,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Holdings Limited,
1,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus London Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Pension GP Limited,
4,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Retirement Savings Plan Trustee Limited,
5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Capital Connect Limited,
5,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Capital East Limited,
5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
First Customer Contact Limited,
8,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n\n
First Cymru Buses Limited,
\n
3,7
\n
Heol Gwyrosydd, Penlan, Swansea, SA5 7BN
\n
First Eastern Counties Buses Limited,
\n
3,7
\n
Davey House, 7b Castle Meadow, Norwich, Norfolk, NR1 3DE
\n
First Essex Buses Limited,
\n
3,7
\n
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
\n
First Glasgow (No.1) Limited,
\n
7
\n
100 Cathcart Road, Glasgow, G42 7BH
\n
First Glasgow (No.2) Limited,
\n
3,7
\n
100 Cathcart Road, Glasgow, G42 7BH
\n
First Greater Western Limited,
\n
7,9
\n
Milford House, 1 Milford Street, Swindon, Wiltshire SN1 1HL
\n
First Hampshire & Dorset Limited,
\n
3,7
\n
Hoeford, Gosport Road, Fareham, Hampshire, PO16 0ST
\n
First International (Holdings) Limited),
\n
1,3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First International No.1 Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First London Cableway Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Manchester Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Midland Red Buses Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First North West Limited,
\n
3,4
\n
Wallshaw Street, Oldham, OL1 3TR
\n
First Northern Ireland Limited,
\n
3,7
\n
21 Arthur Street, Belfast, BT1 4GA
\n
First Potteries Limited,
\n
3,7
\n
Abbey Lane, Leicester, England, LE4 0DA
\n
First Rail Holdings Limited,
\n
1,4,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail London Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Open Access Holdings Limited,
\n
1,3,4,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Procurement Limited,
\n
1,3,8,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Stirling Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Stirling Holdings Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Wales and Western Limited,
\n
3,7
\n
Heol Gwyrosydd, Penlan, Swansea SA5 7BN
\n
First Rail Wales and Western Holdings Limited,
\n
3,4
\n
Heol Gwyrosydd, Penlan, Swansea SA5 7BN
\n
First ScotRail Limited,
\n
5,9
\n
395 King Street, Aberdeen, AB24 5RP
\n
First South West Limited,
\n
3,7
\n
Union Street, Camborne, Cornwall, TR14 8HF
\n
First South Yorkshire Limited,
\n
3,7
\n
Olive Grove, Sheffield, South Yorkshire, S2 3GA
\n
First Student UK Limited,
\n
5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First TransPennine Express Limited,
\n
7,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Travel Solutions Limited,
\n
7
\n
Unit 5 Petre Court, Petre Road Clayton Business Park,
\n
Clayton Le Moors, Accrington, BB5 5HY
\n
First West of England Limited,
\n
7
\n
Enterprise House, Easton Road, Bristol, BS5 0DZ
\n
First West Yorkshire Limited,
\n
7
\n
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
\n
First York Limited,
\n
3,7
\n
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
\n
FirstBus (North) Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstBus Investments Limited,
\n
1,3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup American Investments,
\n
3,4
\n
395 King Street, Aberdeen, AB24 5RP
\n
FirstGroup Canadian Finance Limited,
\n
1,3,6
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup Energy Limited,
\n
4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup Holdings Limited,
\n
1,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup Pension GP Limited,
\n
4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup US Finance Limited,
\n
1,3,6
\n
395 King Street, Aberdeen, AB24 5RP
\n
FirstGroup US Holdings,
\n
5
\n
395 King Street, Aberdeen, AB24 5RP
\n
GRT Bus Group Limited,
\n
1,3,4
\n
395 King Street, Aberdeen, AB24 5RP
\n
Hall and Davies Limited,
\n
3,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Hills Coaches Limited,
\n
7
\n
Canal Side Hordern Rd, Whitmore Reans, Wolverhampton, West Midlands, WV6 0HS
\n
Hull Trains Company Limited,
\n
7,9
\n
The Point, 8th Floor, 37 North Wharf Road, London, England, W2 1AF
\n
J & B Travel Limited,
\n
7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
JR Davies & Son Holdings Limited,
\n
3
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Lakeside Coaches Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Lakeside Property Portfolio Limited,
\n
3,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Leicester CityBus Limited,
\n
3,7
\n
Abbey Lane, Leicester, England, LE4 0DA
\n
London Mini Coaches Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
London Mini Coaches Holdings Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
London Sovereign Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road, London W4 1SY
\n
London Transit Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road, London W4 1SY
\n
London United Busways Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road, London W4 1SY
\n
Mistral Data Limited,
\n
8,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Rider Holdings Limited,
\n
3,4
\n
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
\n
Scott\u2019s Hospitality Limited,
\n
3,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Southampton CityBus Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Specialist Passenger Solutions Ltd,
\n
3,7
\n
J24 Hinkley Point C, Park and Ride, Huntworth Business Park, Bridgwater, TA6 6TS
\n
The FirstGroup Pension Scheme Trustee Limited,
\n
5,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
The First UK Bus Pension Scheme Trustee Limited,
5,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
The Original Tour London,
7
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road, London W4 1SY
Tetley\u2019s Motor Services Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Totaljourney Limited,
1,3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Tram Operations Limited,
3,7,9
Tramlink Depot, Coomber Way, Croydon, CR0 4TQ
Transportation Claims Limited,
8
Aquis House, 49\u201151 Blagrave Street, Reading, RG1 1PL
Truronian Limited,
5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
York Pullman Bus Company Limited,
3,7
2 Clifton Moor Business Village, York, North Yorkshire, YO30 4XG
YPBC Limited,
3,4
2 Clifton Moor Business Village, York, North Yorkshire, YO30 4XG
Subsidiaries \u2013 wholly owned and incorporated in the United States of America
FirstGroup Management,
8
Inc. 112 S French Street Suite 105, Wilmington, Delaware 19801
FirstGroup Services,
8
Inc. 112 S French Street Suite 105, Wilmington, Delaware 19801
Laidlaw Transportation Holdings,
4
Inc. 112 S French Street Suite 105, Wilmington, Delaware 19801
Transportation Realty Income Partners LP (50%),
8
600 Vine Street Suite 1400, Cincinnati, Ohio 45202
Subsidiaries \u2013 wholly owned and incorporated in Ireland
Aeroporto Limited,
4
25\u201128 North Wall Quay, Dublin
First Bus Ireland Limited,
7
25\u201328 North Wall Quay, Dublin
Matthews Coach Hire Limited,
7
Callenberg, Inniskeen, Co. Monaghan, Monaghan
Subsidiaries \u2013 wholly owned and incorporated in Panama
First Transit de Panama, Inc.
5
Morgan & Morgan, Costa del Este, MMG Tower, 23rd Floor, Panama City
Subsidiaries \u2013 wholly owned and incorporated in Canada
GCT Holdings Ltd,4 Blake, Cassels & Graydon LLP, 3500, 855 \u2013 2 Street SW, Calgary, Alberta, T2P 4J8
GCT Investment Limited Partnership,4 Blake, Cassels & Graydon LLP, 3500, 855 \u2013 2 Street SW, Calgary, Alberta,
T2P 4J8
Greyhound Canada Transportation ULC,7 Blake, Cassels & Graydon LLP, 855 \u2013 2 Street SW, Calgary, Alberta, T2P 4J8
Other entities \u2013 not wholly owned but incorporated in the United Kingdom
First/Keolis Holdings Limited (55%),
1,3,4,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First/Keolis TransPennine Holdings Limited (55%),
3,4,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First/Keolis TransPennine Limited (55%),
3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First MTR South Western Trains Limited (70%),
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Trenitalia West Coast Rail Limited (70%),
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
NextGen AssetCo Limited (50%),
8,10
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
NextGen MidCo Limited (50%),
6
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Palmer Energy Technology Limited (20%), 2 Pavilion Court, 600 Pavilion Drive, Northampton, United Kingdom,
NN4 7SL
1
Directly owned by FirstGroup plc.
2
All shares held in subsidiary undertakings are ordinary shares.
3
For the year ending 28 March 2026 these subsidiaries are exempt from audit of individual accounts under S479A of the UK Companies
Act 2006.
4
Primary business is a holding company.
5
Primary business is a dormant company.
6
Primary business is an intra\u2011group financing company.
7
Primary business is the provision of transportation services.
8
Primary business is an administrative or support services company.
9
Rail companies with 31 March year end.
10
The Group has assessed its arrangement with NextGen AssetCo Limited as a joint operation with Hitachi Zerocarbon Battery Holdings
Limited, to develop and finance an intelligent fleet decarbonisation business. The company is responsible for procuring and financing
batteries for use by First Bus operating companies. The key financial effects of the joint operation are the Group\u2019s share of the company\u2019s
leased assets and associated debt.
Certain pension partnership structures (FirstBus Pension Limited Partnership and FirstGroup Pension Limited
Partnership) were implemented during the 52 weeks ending 26 March 2022. These structures involved the
creation of special purpose vehicles (SPVs) to hold cash to fund the Bus and Group pension schemes if
required, based on a designated funding mechanism. The first accounting period end for these SPVs was
31 March 2023. The SPVs are consolidated into FirstGroup plc\u2019s consolidated accounts, and therefore under
Partnership (Accounts) Regulations 2008, Regulation 7, the SPVs are exempt from the requirement to prepare
individual entity annual accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "37 Information about related undertakings
In accordance with Section 409 of the Companies Act 2006, a full list of subsidiaries and equity accounted
investments as at 28 March 2026 is disclosed below. Unless otherwise stated, the Group\u2019s shareholding
represents ordinary shares held indirectly by FirstGroup plc. The entities are unlisted, and have one type
of ordinary share capital. The year end is 28 March. The Group\u2019s interest in the voting share capital is 100%
unless otherwise stated. No subsidiary undertakings have been excluded from the consolidation:
Subsidiaries \u2013 wholly owned and incorporated in the United Kingdom
Anderson Tours Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Tours Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Travel Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Anderson Travel Holdings Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Airporter Limited,
5
21 Arthur Street, Belfast, BT1 4GA
A.T. Brown (Coaches) Limited,
3,7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Bath Bus Company Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
CCB Holdings Limited,
3
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
CentreWest Limited,
3,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
East Coast Trains Limited,
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Ensign Bus Company Limited,
3,7
The Rifle Range, Juliette Close, Purfleet Industrial Park, Aveley,
South Ockendon, Essex, RM15 4YF
Evolutionary Rail Limited,
3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FB Canada Holdings Limited,
5
395 King Street, Aberdeen, AB24 5RP
FG Canada Investments Limited,
5
395 King Street, Aberdeen, AB24 5RP
FG Properties Limited,
3,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
FGI Canada Holdings Limited,
3,4
395 King Street, Aberdeen, AB24 5RP
First Aberdeen Limited,
3,7
395 King Street, Aberdeen, AB24 5RP
First Beeline Buses Limited,
3,7
Hoeford, Gosport Road, Fareham, Hampshire, PO16 0ST
First Bus Central Services Limited,
3,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Holdings Limited,
1,4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus London Limited,
4
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Pension GP Limited,
4,5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Bus Retirement Savings Plan Trustee Limited,
5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Capital Connect Limited,
5,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Capital East Limited,
5
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
First Customer Contact Limited,
8,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n\n
First Cymru Buses Limited,
\n
3,7
\n
Heol Gwyrosydd, Penlan, Swansea, SA5 7BN
\n
First Eastern Counties Buses Limited,
\n
3,7
\n
Davey House, 7b Castle Meadow, Norwich, Norfolk, NR1 3DE
\n
First Essex Buses Limited,
\n
3,7
\n
Bus Depot, Westway, Chelmsford, Essex, CM1 3AR
\n
First Glasgow (No.1) Limited,
\n
7
\n
100 Cathcart Road, Glasgow, G42 7BH
\n
First Glasgow (No.2) Limited,
\n
3,7
\n
100 Cathcart Road, Glasgow, G42 7BH
\n
First Greater Western Limited,
\n
7,9
\n
Milford House, 1 Milford Street, Swindon, Wiltshire SN1 1HL
\n
First Hampshire & Dorset Limited,
\n
3,7
\n
Hoeford, Gosport Road, Fareham, Hampshire, PO16 0ST
\n
First International (Holdings) Limited),
\n
1,3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First International No.1 Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First London Cableway Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Manchester Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Midland Red Buses Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First North West Limited,
\n
3,4
\n
Wallshaw Street, Oldham, OL1 3TR
\n
First Northern Ireland Limited,
\n
3,7
\n
21 Arthur Street, Belfast, BT1 4GA
\n
First Potteries Limited,
\n
3,7
\n
Abbey Lane, Leicester, England, LE4 0DA
\n
First Rail Holdings Limited,
\n
1,4,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail London Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Open Access Holdings Limited,
\n
1,3,4,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Procurement Limited,
\n
1,3,8,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Stirling Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Stirling Holdings Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Rail Wales and Western Limited,
\n
3,7
\n
Heol Gwyrosydd, Penlan, Swansea SA5 7BN
\n
First Rail Wales and Western Holdings Limited,
\n
3,4
\n
Heol Gwyrosydd, Penlan, Swansea SA5 7BN
\n
First ScotRail Limited,
\n
5,9
\n
395 King Street, Aberdeen, AB24 5RP
\n
First South West Limited,
\n
3,7
\n
Union Street, Camborne, Cornwall, TR14 8HF
\n
First South Yorkshire Limited,
\n
3,7
\n
Olive Grove, Sheffield, South Yorkshire, S2 3GA
\n
First Student UK Limited,
\n
5
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First TransPennine Express Limited,
\n
7,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
First Travel Solutions Limited,
\n
7
\n
Unit 5 Petre Court, Petre Road Clayton Business Park,
\n
Clayton Le Moors, Accrington, BB5 5HY
\n
First West of England Limited,
\n
7
\n
Enterprise House, Easton Road, Bristol, BS5 0DZ
\n
First West Yorkshire Limited,
\n
7
\n
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
\n
First York Limited,
\n
3,7
\n
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
\n
FirstBus (North) Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstBus Investments Limited,
\n
1,3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup American Investments,
\n
3,4
\n
395 King Street, Aberdeen, AB24 5RP
\n
FirstGroup Canadian Finance Limited,
\n
1,3,6
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup Energy Limited,
\n
4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup Holdings Limited,
\n
1,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup Pension GP Limited,
\n
4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
FirstGroup US Finance Limited,
\n
1,3,6
\n
395 King Street, Aberdeen, AB24 5RP
\n
FirstGroup US Holdings,
\n
5
\n
395 King Street, Aberdeen, AB24 5RP
\n
GRT Bus Group Limited,
\n
1,3,4
\n
395 King Street, Aberdeen, AB24 5RP
\n
Hall and Davies Limited,
\n
3,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Hills Coaches Limited,
\n
7
\n
Canal Side Hordern Rd, Whitmore Reans, Wolverhampton, West Midlands, WV6 0HS
\n
Hull Trains Company Limited,
\n
7,9
\n
The Point, 8th Floor, 37 North Wharf Road, London, England, W2 1AF
\n
J & B Travel Limited,
\n
7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
JR Davies & Son Holdings Limited,
\n
3
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Lakeside Coaches Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Lakeside Property Portfolio Limited,
\n
3,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Leicester CityBus Limited,
\n
3,7
\n
Abbey Lane, Leicester, England, LE4 0DA
\n
London Mini Coaches Limited,
\n
3,7
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
London Mini Coaches Holdings Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
London Sovereign Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road, London W4 1SY
\n
London Transit Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road, London W4 1SY
\n
London United Busways Limited,
\n
7
\n
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road, London W4 1SY
\n
Mistral Data Limited,
\n
8,9
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Rider Holdings Limited,
\n
3,4
\n
Hunslet Park Depot, Donisthorpe Street, Leeds, West Yorkshire, LS10 1PL
\n
Scott\u2019s Hospitality Limited,
\n
3,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Southampton CityBus Limited,
\n
3,4
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
\n
Specialist Passenger Solutions Ltd,
\n
3,7
\n
J24 Hinkley Point C, Park and Ride, Huntworth Business Park, Bridgwater, TA6 6TS
\n
The FirstGroup Pension Scheme Trustee Limited,
\n
5,8
\n
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
The First UK Bus Pension Scheme Trustee Limited,
5,8
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
The Original Tour London,
7
Garrick House, Stamford Brook Bus Garage, 74 Chiswick High Road, London W4 1SY
Tetley\u2019s Motor Services Limited,
7
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Totaljourney Limited,
1,3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Tram Operations Limited,
3,7,9
Tramlink Depot, Coomber Way, Croydon, CR0 4TQ
Transportation Claims Limited,
8
Aquis House, 49\u201151 Blagrave Street, Reading, RG1 1PL
Truronian Limited,
5
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
York Pullman Bus Company Limited,
3,7
2 Clifton Moor Business Village, York, North Yorkshire, YO30 4XG
YPBC Limited,
3,4
2 Clifton Moor Business Village, York, North Yorkshire, YO30 4XG
Subsidiaries \u2013 wholly owned and incorporated in the United States of America
FirstGroup Management,
8
Inc. 112 S French Street Suite 105, Wilmington, Delaware 19801
FirstGroup Services,
8
Inc. 112 S French Street Suite 105, Wilmington, Delaware 19801
Laidlaw Transportation Holdings,
4
Inc. 112 S French Street Suite 105, Wilmington, Delaware 19801
Transportation Realty Income Partners LP (50%),
8
600 Vine Street Suite 1400, Cincinnati, Ohio 45202
Subsidiaries \u2013 wholly owned and incorporated in Ireland
Aeroporto Limited,
4
25\u201128 North Wall Quay, Dublin
First Bus Ireland Limited,
7
25\u201328 North Wall Quay, Dublin
Matthews Coach Hire Limited,
7
Callenberg, Inniskeen, Co. Monaghan, Monaghan
Subsidiaries \u2013 wholly owned and incorporated in Panama
First Transit de Panama, Inc.
5
Morgan & Morgan, Costa del Este, MMG Tower, 23rd Floor, Panama City
Subsidiaries \u2013 wholly owned and incorporated in Canada
GCT Holdings Ltd,4 Blake, Cassels & Graydon LLP, 3500, 855 \u2013 2 Street SW, Calgary, Alberta, T2P 4J8
GCT Investment Limited Partnership,4 Blake, Cassels & Graydon LLP, 3500, 855 \u2013 2 Street SW, Calgary, Alberta,
T2P 4J8
Greyhound Canada Transportation ULC,7 Blake, Cassels & Graydon LLP, 855 \u2013 2 Street SW, Calgary, Alberta, T2P 4J8
Other entities \u2013 not wholly owned but incorporated in the United Kingdom
First/Keolis Holdings Limited (55%),
1,3,4,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First/Keolis TransPennine Holdings Limited (55%),
3,4,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First/Keolis TransPennine Limited (55%),
3,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First MTR South Western Trains Limited (70%),
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
First Trenitalia West Coast Rail Limited (70%),
7,9
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
NextGen AssetCo Limited (50%),
8,10
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
NextGen MidCo Limited (50%),
6
8th Floor, The Point, 37 North Wharf Road, London, W2 1AF
Palmer Energy Technology Limited (20%), 2 Pavilion Court, 600 Pavilion Drive, Northampton, United Kingdom,
NN4 7SL
1
Directly owned by FirstGroup plc.
2
All shares held in subsidiary undertakings are ordinary shares.
3
For the year ending 28 March 2026 these subsidiaries are exempt from audit of individual accounts under S479A of the UK Companies
Act 2006.
4
Primary business is a holding company.
5
Primary business is a dormant company.
6
Primary business is an intra\u2011group financing company.
7
Primary business is the provision of transportation services.
8
Primary business is an administrative or support services company.
9
Rail companies with 31 March year end.
10
The Group has assessed its arrangement with NextGen AssetCo Limited as a joint operation with Hitachi Zerocarbon Battery Holdings
Limited, to develop and finance an intelligent fleet decarbonisation business. The company is responsible for procuring and financing
batteries for use by First Bus operating companies. The key financial effects of the joint operation are the Group\u2019s share of the company\u2019s
leased assets and associated debt.
Certain pension partnership structures (FirstBus Pension Limited Partnership and FirstGroup Pension Limited
Partnership) were implemented during the 52 weeks ending 26 March 2022. These structures involved the
creation of special purpose vehicles (SPVs) to hold cash to fund the Bus and Group pension schemes if
required, based on a designated funding mechanism. The first accounting period end for these SPVs was
31 March 2023. The SPVs are consolidated into FirstGroup plc\u2019s consolidated accounts, and therefore under
Partnership (Accounts) Regulations 2008, Regulation 7, the SPVs are exempt from the requirement to prepare
individual entity annual accounts.", "dimensions": { "concept": "fgp:DisclosureOfInformationAboutRelatedUndertakingsExplanatoryTextBlock", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "Company balance sheet
As at 28 March 2026/29 March 2025
\n \n
2026
2025
Notes
\u00a3m
\u00a3m
Non\u2011current assets
Trade and other receivables
3
434.0
425.4
Derivative financial instruments
4
0.1
\u2013
Investments
5
873.5
759.3
1,307.6
1,184.7
Current assets
Cash and cash equivalents
33.7
64.0
Trade and other receivables
3
0.5
1.8
Derivative financial instruments
4
0.3
\u2013
34.5
65.8
Total assets
1,342.1
1,250.5
Current liabilities
Trade and other payables
7
203.4
244.4
Derivative financial instruments
4
0.6
0.9
204.0
245.3
Net current liabilities
(169.5)
(179.5)
Non\u2011current liabilities
Trade and other payables
7
101.6
65.7
Derivative financial instruments
4
\u2013
0.3
101.6
66.0
Total liabilities
305.6
311.3
Net assets
1,036.5
939.2
Equity
Share capital
8
28.5
37.5
Share premium
693.3
693.3
Other reserves
125.6
115.8
Own shares
9
(37.5)
(31.1)
Retained earnings
226.6
123.7
Total equity
1,036.5
939.2
The Company reported a profit for the 52 weeks ending 28 March 2026 of \u00a3202.0m (2025: profit of \u00a314.4m).
Ryan Mangold
17 June 2026
Company number SC157176
Company statement of changes in equity
For the 52 weeks ended 28 March 2026/29 March 2025
\n \n
Capital
Share
Share
Own
Hedging reserve
Merger
Capital
redemption
Retained
Total
capital
premium
shares
reserve
reserve
reserve
earnings
equity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 31 March 2024
37.5
693.3
(20.4)
(11.5)
13.9
93.8
19.7
188.8
1,015.1
Profit for the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
14.4
14.4
Other comprehensive loss for the year
\u2013
\u2013
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
Total comprehensive gain/(loss) for the year
\u2013
\u2013
\u2013
(0.1)
\u2013
\u2013
\u2013
14.4
14.3
Transactions with owners in their capacity as owners
Shares bought back but not yet cancelled
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(50.4)
(50.4)
Movement in EBT and treasury shares
\u2013
\u2013
(10.7)
\u2013
\u2013
\u2013
\u2013
(5.4)
(16.1)
Share\u2011based payments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
10.5
10.5
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(34.2)
(34.2)
Balance at 29 March 2025
37.5
693.3
(31.1)
(11.6)
13.9
93.8
19.7
123.7
939.2
Balance at 30 March 2025
37.5
693.3
(31.1)
(11.6)
13.9
93.8
19.7
123.7
939.2
Profit for the year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
202.0
202.0
Other comprehensive profit for the year
\u2013
\u2013
\u2013
0.8
\u2013
\u2013
\u2013
\u2013
0.8
Total comprehensive gain for the year
\u2013
\u2013
\u2013
0.8
\u2013
\u2013
\u2013
202.0
202.8
Transactions with owners in their capacity as owners
Shares bought back but not yet cancelled
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(50.4)
(50.4)
Cancellation of treasury shares
(9.0)
\u2013
\u2013
\u2013
\u2013
\u2013
9.0
\u2013
\u2013
Movement in EBT and treasury shares
\u2013
\u2013
(6.4)
\u2013
\u2013
\u2013
\u2013
(20.2)
(26.6)
Share\u2011based payments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
10.4
10.4
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(38.9)
(38.9)
Balance at 28 March 2026
28.5
693.3
(37.5)
(10.8)
13.9
93.8
28.7
226.6
1,036.5
Merger reserves relating to disposal of investments for qualifying consideration, and those relating to the extent related investments are impaired are considered realised and transferred to retained earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300DEJZCPWA4HKM93", "period": "2025-03-30T00:00:00/2026-03-29T00:00:00" } } } }