Mobico, a British transportation company controlled by the Cosmen family, announced the departure of its CEO, Ignacio Garat. This follows the announcement of record losses of £794 million (€935 million) in 2024, primarily due to accounting adjustments related to the sale of its North American school bus business.
Despite the significant losses, Mobico reported an 8% increase in revenue and a 10% increase in adjusted EBITDA. The company highlighted that its operating income (EBIT) was within the guidance given to the market, albeit at the lower end. Free cash flow increased by almost 30%, and net debt to EBITDA decreased from 3x to 2.8x.
Alsa, the Spanish subsidiary of Mobico, remained a key driver of performance, reporting a 14% increase in revenue and a 46% increase in operating profit. Mobico plans to reduce debt and focus on Alsa's growth.
With the sale of its North American school bus business and the CEO change, Mobico is focusing on accelerating operational and financial improvements. Phil White will serve as interim CEO.
The changes signal a more assertive approach by the Cosmen family, with the promotion of Francisco Iglesias to chief operating officer and the departure of Garat highlighting a shift towards a greater influence of Alsa's culture within Mobico. The family's significant shareholding in Mobico makes them consider the possibility of a takeover.