The second quarter was characterized by the continued execution of our Rail Exit, solid operational performance in Bus and continued growth in UCplus. While the delayed completion of the Rail Exit impacted timing-related financial metrics and resulted in Rail remaining consolidated throughout the quarter, the overall strategic direction of the Group remains unchanged.
Key Highlights
Rail Exit successfully secured and entering final execution phase • Addendum 20 was signed in June 2026, providing a binding framework for the early termination of the Rail contract and the transfer of approximately €83m of assets, including rolling stock valued at approximately €64m.
• An additional compensation payment of €8m was agreed as part of the revised handover timetable.
• Handover was successfully completed on 1 September 2026, whereafter the structural loss-making Rail operation left the Group.
Bus continues to perform • All newly awarded electric bus contracts are fully mobilized and operational, contributing significantly to revenue growth.
• Q2 EBITDA operating reached €2.1m, exceeding PY by €3.2m, supported by strong operational execution, bus handovers and disciplined cost management.
UCplus delivered continued growth • Revenue increased versus prior year, supported by strong activity in the Danish language segment and robust student intake.
• The recently secured Copenhagen contract provides long-term visibility and secures approximately one-third of UCplus' business with a 6+2-year contract duration.
Financial Performance
For Q2 2026, Group revenue and other operating income amounted to €63.5m, while EBITDA operating was -€0.6m. The result reflects the continued consolidation of Rail following the delayed handover. Rail contributed an operating EBITDA loss of €3.0m during the quarter, which more than offset the positive performance delivered in Bus and UCplus.
Year-to-date EBITDA operating amounted to -€4.5m, thereof -€7.0m related to Rail. The main driver remain the prolonged Rail ownership period.
Outlook
With the Rail Exit completed on 1 September 2026, GoCollective now enters a new phase focused entirely on its Bus and UCplus businesses. The completion of the transaction significantly simplifies the Group structure, removes a structurally loss-making operation and enables the planned deleveraging initiatives, including the early repayment of the outstanding bond.