National Express Group

What National Express Group does

Mobico Group PLC, formerly National Express Group, is a UK-headquartered (Birmingham), London-listed international transport operator founded in 1972. Following the 2023 parent rebrand and the 2025 divestiture of the North America School Bus business, the group today runs bus, coach, rail and shuttle services across 11 countries under a portfolio of regional brands: National Express Coaches, West Midlands Bus and Coventry Bus in the UK; Dublin Express and Touromo in Ireland; ALSA across Spain, Portugal and Morocco; National Express Germany (rail and coach); Alpybus in Switzerland; and WeDriveU in North America for transit and corporate shuttles. The group employs over 30,800 people and delivers 26.7bn passenger kilometres annually, making it one of Europe's larger multi-modal public transport platforms.

The revenue model is hybrid. A substantial portion of revenue comes from managed-services contracts with government Public Transport Authorities (PTAs) — including UK municipal bus concessions (West Midlands, Coventry, Princeton Loop), German rail concessions, and Spanish regional concessions — typically structured as multi-year frameworks. The remaining revenue is generated through B2C transaction-fee ticket sales on National Express and ALSA coach and bus networks, distributed via digital platforms, mobile apps, ticket offices and contactless on-board payments, with ancillary revenue from charter, corporate hire and private-hire services. Core technology is fleet management and passenger transportation services, with strategic emphasis on sustainable mobility (electric and hydrogen vehicles) and a proprietary FIA RSI Road Safety Certification held by ALSA.

For the 12 months ended 31 December 2025, Mobico reported Group Adjusted Revenue of £2.76bn (up 6.2% year-on-year) and Adjusted Operating Profit of £198m (up 9%). Year-end 2025 net debt stood at £1.0757bn with covenant gearing improved to 2.7x, supported by £273m of de-leveraging proceeds from the NASB sale, an undrawn £600m RCF and £265m of cash on hand. The group is executing a 'Simplify, Strengthen, Succeed' transformation targeting £100m of annualised cost savings by end-2026 under a newly appointed CEO (Francisco Iglesias, March 2026) and CFO (Brian Egan, June 2025).

Name

National Express Group

Legal name

Mobico Group PLC

Website

https://nationalexpressgroup.com

Company type

Public

Founded year

1972

Operating status

Operating

Short description

Mobico Group PLC (formerly National Express Group) is a UK-listed international transport operator running bus, coach, rail, and shuttle services across 11 countries under brands including National Express, ALSA, and WeDriveU, serving government transit authorities and individual consumers.

Ownership category

akta.pro rank

Product category

Public Transportation Services

NAICS

Interurban and Rural Bus Transportation (48521), Transit and Ground Passenger Transportation (485)

akta.pro primary industry

National Intercity Coach Operators (Scheduled Network) (THAIADAA)

akta.pro secondary industries

Public Transit Bus Operators (Municipal/Regional) (TLAFAAAI), Private/Concession Commuter Rail Operators (THAIACAB)

Keywords

• Public transportation services
• Coach services
• Bus transit services
• Rail services
• Shuttle and paratransit services

Headquarters

HQ city

Birmingham

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Coach Services Revenue: Revenue from scheduled coach services in the UK including airport transfers, intercity routes, and leisure travel. Ticket sales to individual consumers and corporate clients.
2. Bus Services Revenue: Revenue from urban and regional bus operations in the UK (West Midlands, Coventry) and Europe (Spain/ALSA, Morocco, Portugal, Switzerland). Includes both commercial routes and contracted services.
3. Transit and Shuttle Services: Contracted transit and shuttle services in North America through WeDriveU, including municipal bus systems (Princeton Loop), corporate shuttles, campus transportation, and paratransit services for government transit authorities.
4. School Bus Services: Student transportation services in North America and Canada through subsidiaries including Durham School Services, Stock Transportation, and others. Contracted services for school districts.
5. German Rail Operations: Rail services in Germany operated under contract with public transport authorities (PTAs). Agreement in principle reached with German Rail PTAs for sustainable business operations.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

National Express Group, operating as Mobico Group, is an international transport provider offering scheduled and contracted bus, coach, rail, and shuttle services across 11 countries. It operates passenger transportation through distinct consumer-facing brands (National Express Coaches, Alsa, Dublin Express, Touromo) and through contracted services for government transit authorities, school districts, and corporate clients (WeDriveU, German Rail, Alpybus).

Product overview

National Express Group, now trading as Mobico Group, operates as a diversified international transport provider offering bus, coach, and rail services across multiple regions. The portfolio consists of distinct brands organized by geography: UK operations (National Express Coaches, West Midlands bus, Coventry bus, Dublin Express, Touromo), North American operations (WeDriveU for transit/shuttle services), and Continental European/Moroccan operations (Alsa in Spain/Portugal/Morocco, Alpybus in Switzerland, National Express Germany). Additional services include charter operations, corporate solutions, and private hire. The company formerly operated North America School Bus (sold in 2025) and continues through partnerships like Stock Transportation in Canada.

Differentiator

Problem solved

Functional benefit

Brands

• National Express Coaches: UK coach services
• National Express West Midlands
• National Express Coventry
• Alsa
• WeDriveU
• Dublin Express
• Touromo

Products and services

• National Express Coaches UK and Ireland scheduled coach services operating intercity routes, airport transfers, and leisure travel services for individual passengers.
• National Express West Midlands Bus Services Urban bus services in the West Midlands region of England, including Birmingham and surrounding areas, for individual passengers.
• National Express Coventry Bus Services Local bus services in Coventry, England.
• Dublin Express Coach Services Coach and bus services in the Republic of Ireland, including airport and intercity routes.
• Touromo Coach Tours Coach tour services in Ireland for leisure travellers and tour groups.
• WeDriveU Transit and Shuttle Services Contracted transit and shuttle services in North America for municipalities, corporate campuses, universities, and paratransit users.
• Alsa Spain Coach and Bus Services

Quantifiable outcome

• Group Revenue growth of 6.2% to £2.76bn in 2025
• +5 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Seven partnerships are on record, tiered flagship, core and minor.

• FIA (Fédération Internationale de l'Automobile)flagshipStrategic or Co-development Partner · 10 April 2026Alsa became the first road passenger transport company in the world to obtain the FIA RSI (Road Safety Certificate). The certification evaluates fleet safety, driver performance, and organisational management. This is a flagship partnership demonstrating safety leadership globally.
• NJ TransitcoreStrategic or Co-development Partner · 1 January 2026New Jersey Transit partnership for regional transit connections as part of the expanded Princeton Loop system
• Princeton UniversityminorStrategic or Co-development Partner · 1 January 2026University partnership for campus connectivity as part of Princeton Loop municipal transit system
• German Public Transport Authorities (PTAs)flagshipStrategic or Co-development Partner · 1 January 2026Agreement in principle reached with German Rail PTAs to deliver a sustainable business going forward for rail operations in Germany. This is a critical partnership for the company's German Rail division.
• Kingdom of Saudi Arabia Transit AuthoritiescoreStrategic or Co-development Partner · 1 October 2025Major contract win announced in Saudi Arabia for mobility services through ALSA
• Fundación DiversidadcoreStrategic or Co-development Partner · 1 January 2025Alsa became the first Spanish mobility company to join Fundación Diversidad as a benefactor partner, advancing commitment to diversity, equity, and inclusion. Partnership builds on 2013 Diversity Charter signing under the European Commission programme.
• Municipality of PrincetoncoreStrategic or Co-development Partner · 1 January 2021WeDriveU has operated Princeton's municipal bus system (Princeton Loop) since 2021. The service expanded in 2026 to include both Loop Local and Loop Express services, offering free, ADA-compliant, wheelchair-accessible transport across Princeton. This is a core municipal transit partnership providing fare-free community transportation.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Keolis: SNCF-subsidiary global operator of urban and intercity transit (bus, tram, metro, rail) under contract to public authorities across Europe, North America and Asia-Pacific. A broader, well-capitalised incumbent in the same contracted public transport space as Mobico's transit authority business.
• Deutsche Bahn: German state-owned national rail operator and parent of Arriva, running long-distance passenger rail, freight and a portfolio of contracted regional services through DB Regio. Comparable as a broad incumbent in German contracted passenger rail, where Mobico's German Rail division competes for PTA contracts.

Direct peers

• Arriva: Deutsche Bahn-owned international bus and rail operator across the UK, continental Europe and beyond. Comparable to Mobico's mix of contracted regional bus services, franchised rail operations, and pan-European footprint.
• Go-Ahead Group: UK-listed bus and rail operator (now part of Kinetic Group) with regulated bus operations and rail franchises including Govia and Southeastern. Directly comparable to Mobico's contracted UK bus franchises and German Rail franchise model.
• RATP Dev: International subsidiary of Paris's RATP Group, operating urban bus, tram and metro networks on contract to public authorities worldwide. Comparable to Mobico in operating contracted urban transit systems (akin to West Midlands, Coventry, and Princeton Loop) and in securing new international franchises.
• Stagecoach Group: UK-listed bus and coach operator with regulated and contracted UK regional bus services and a long-distance coach business. Closely comparable to Mobico's National Express West Midlands, Coventry and National Express Coach franchises in geography, customer mix, and operating model.
• FlixBus: European long-distance intercity coach operator (also operating FlixTrain in selected markets). Most direct comparable to Mobico's National Express UK and ALSA intercity coach networks on the consumer-facing scheduled coach side of the business.
• Transdev: French-headquartered international public transport operator running bus, coach and rail networks on contract to public authorities across Europe, North America and Australia. Comparable to Mobico in reliance on long-term transit authority contracts, multi-country presence, and bus-plus-rail modal mix.
• FirstGroup: UK-listed operator of regulated bus services, contracted rail franchises (Avanti, GWR, TPE), and First Student school bus operations in North America. Directly comparable to Mobico in multi-modal UK bus/rail and US student transport, and a natural peer on both sides of the Atlantic.
• ComfortDelGro: Singapore-listed international multi-modal transport group operating taxi, bus, rail and coach services across Asia, Australia, the UK and Europe. Comparable to Mobico in multi-country, multi-mode public transport delivery under both consumer and contract models.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Express Group