English – Transdev, the mobility company

A 4% increase in Group revenue, which reached €10.44 billion, and a 5% increase in adjusted EBITDA (¹), reaching €691 million.
Current operating result² (COR) rose to €244 million.
Net income reached €96 million.
A 9% increase in operating investments (CAPEX³) to €691 million, notably to support the vehicle energy transition and service quality, with stable net financial debt.
Successful debt refinancing in the first half of 2025.
Sustained commercial momentum, particularly in Europe and North America, confirming the Group’s growth trajectory, strengthening the visibility of its future revenues, and ensuring operational excellence across all its operations. A large number of regions are recording business growth, with commercial successes in many markets.
A large part of the Group’s activity is carried out with and for public authorities. Supporting the daily lives of residents, across all territories and in the 19 countries where the Group operates public transport networks, is at the very core of its strategy.
An average of 14⁴ million passengers transported daily across all its networks.
Two landmark network launches in France illustrating the Group’s focus on sustainable mobility and heavy transport modes: the Marseille–Nice rail line, the first regional line opened to competition in France, and the Cable C1, the first urban cable car in the Greater Paris region, and the longest in Europe.
A stabilization of the shareholder structure: on July 1, 2025, Caisse des Dépôts and the Rethmann Group formalized the latter’s acquisition of 32% of the company’s capital, thereby becoming the majority shareholder with a 66% stake. The Rethmann Group’s investment in Transdev, alongside Caisse des Dépôts, strengthens the Group’s long-term stability, the continuity of its governance, and its ability to invest sustainably, particularly in international markets, which accounted for over 72% of revenue in 2025.

[1] Earnings before interest, taxes, depreciation, and amortization.

[²] Including net income from equity-accounted entities.

[³] Capital Expenditure: the company’s capitalized investment expenditures on the balance sheet.

[⁴] Indicator calculated by dividing the annual passenger volume by a base of 230 equivalent working days, within the operational scope, which corresponds to the financial consolidation scope, expanded to include joint ventures and semi-public companies (SEM) in France.

Press Release

“2025 reflects a trend of commercial success across all regions where Transdev operates, particularly in France and the United States, and across all modes of transportation, including heavy-modes. With the support of our two long-term shareholders, we remain committed to delivering the best mobility services to ensure social and territorial cohesion and the implementation of our energy transition plan,” said

Thierry Mallet, Chairman and CEO of Transdev Group.

“Transdev’s performance in 2025 reflects the remarkable commitment of our teams around the world, as well as the consistency of our operational excellence and financial discipline. These results confirm the relevance of the strategy implemented to sustainably support the Group’s development,” emphasized

Marcos Garcia, Group Legal Affairs, Finance, Risk and Compliance Officer of Transdev Group.

1- 2025 Financial Results

In 2025, Transdev recorded solid business growth, with revenue at €10.44 billion, up 4% compared to 2024, and 6% on a constant currency and scope basis. This performance reflects sustained commercial momentum across all of the Group’s geographic regions, driven by contract wins and renewals as well as the ramp-up of several recently launched contracts (89% of revenue from defensive contracts put out to tender or subject to extension by the transit authorities were renewed).

In €M	2025	2024	Change in €M
Revenue*	10,444	10,049	+395
EBITDA	691	655	+36
Current Operating Result **	244	229	+15
EBIT**	196	163	+33
Net Income	96	43	+53
Net debt	1,272	1,228	+44
Capital expenditures (CAPEX)	691	633	+58

The Group’s EBITDA rose by 5% to €691 million, and current operating result (COR)** reached €244 million, reflecting continued improvement in operating performance.

Net income stood at €96 million. It was notably supported by an increased contribution from equity-accounted companies.

The Group’s performance reflects realized operational efficiency gains, improvements in certain contractual performance metrics, the gradual easing of labor market tensions in several regions, and an overall neutral energy impact for the fiscal year.

Significant commercial successes marked 2025 across all of its markets, resulting in particular in strong revenue in its five main countries[⁵] :

In France: €2.9 billion, representing 27.8% of revenue.
In the United States: €2.88 billion, or 27.5% of revenue.
In Germany: €1.55 billion, or 14.9% of revenue.
In the Netherlands: €825 million, or 7.9% of revenue.
In Sweden: €708 million, or 6.8% of revenue.

[5] Equivalent to 85% of revenue.

*Not including the equity-accounted entities (Yarra Trams, Colombia)

** Including net income from equity-accounted entities.

Regarding investments in 2025, the Group allocated €691 million to operational investments, focused on asset modernization, accelerating decarbonization, and continuously improving service offerings. France, Germany, and the Netherlands accounted respectively for €222 million, €148 million, and €137 million of this budget.

Net financial debt remained stable at €1.272 billion. The Group also has a solid cash position of over €2.0 billion.

The fiscal year was also marked by the Group’s successful refinancing, and in May 2025, by a €800 million bond issuance in two listed tranches—a three-year tranche of €300 million and a seven-year tranche of €500 million—both of which were heavily oversubscribed.

This financial discipline enables the Group to continue financing its growth and investments over the long term. In this context, Moody’s confirmed its rating (Baa2, stable outlook) on December 10, 2025.

With over 95% of its revenue generated through long-term public contracts, Transdev benefits from strong visibility into its business and relies on a resilient business model. The Group enters 2026 with clearly defined priorities: disciplined growth, margin improvement, and continued commitment to sustainable mobility.

2- Transdev, a major player in heavy transport modes

In 2025, the Group continued its strong growth in heavy transport modes, both in France and internationally:

Rail:

On June 29, 2025, Transdev launched the historic commercial operation of the first regional rail line operated by a private operator since the opening of the market to competition in France, on the Marseille–Nice route, with a significant increase in train-kilometers. Over the first six months of operation in 2025, the very positive results were marked by twice as many trains running, at the same cost to the Region. Punctuality has improved by five percentage points since the end of June 2025: 97.2% operator-reported punctuality in 2025 (81.4% overall), and 98.5% since 2026.
In Germany, in July, Transdev Germany renewed two major regional rail contracts: in Lower Saxony, NordWestBahn will continue to operate the Weser-Ems network (€100 million/year) for a period of 9 years, starting in December 2026. In Bavaria, Bayerische Regiobahn is extending its operation of the Rosenheim network (€132 million/year) on the route to Salzburg and Kufstein in Austria by 14 years, starting in December 2029, through 2043. These two wins thus confirm Transdev as the leading private rail operator in Germany.

Light-rail:

In Australia, the Group has been operating Yarra Trams in Melbourne for over a year (since December 2024), the world’s largest tram network with 25 lines, and carried 160 million passengers in 2025. Services show improved reliability (98.5%) and punctuality (83.7%) scores versus 2024.

Cable car:

In France, on December 13, 2025, Transdev began operating the Cable C1, the first urban cable car in the Île-de-France region and the longest in Europe (4.5 km). It is operated on behalf of Île-de-France Mobilités. The Cable C1 carries some 10,000 passengers daily.

3- Main commercial successes in France

In France, the Group’s primary market, Transdev has won or renewed several flagship contracts, strengthening its position as a trusted partner for local communities:

With Ile-de-France Mobilités, its first French client representing a business volume of €600 million in 2025 (20% of French revenue), notably including the award in April 2025 of a six-year public service delegation (DSP), known as DSP 44.
With Métropole Rouen Normandie, Transdev was awarded a nine-year contract (€134 million/year) in September 2025 to continue managing the “Astuce” network, a landmark contract for the Group. This new contract, which began in January 2026, marks a major milestone for the Rouen metropolitan area. Among the new developments: expansion of the network (tramway known as the “metro,” TEOR, buses) and a doubling of the long-term bike rental fleet (Lovélo).

4- Main international commercial successes

In the United States, Transdev continued its strong commercial momentum in the country, for example:

In Nevada, the launch in April 2025 of the Las Vegas paratransit contract (€103 million/year) for five years.
In Houston, Texas, the 5-year urban contract (€71 million/year) with Houston METRO, which includes a depot representing approximately 20% of Houston Metro Transit’s bus fleet, with nearly 200 buses and 530 employees. The bus fleet will be fully converted to CNG (compressed natural gas) by 2027 to reduce its carbon footprint.

In the Netherlands, Transdev continued its expansion with, for example:

Arnhem–Nijmegen–Foodvalley: Transdev was selected to operate public transportation services for 10 years (starting in June 2026). Awarded in July 2025, this new contract (€173 million/year) merges two existing contracts already operated by Transdev and will rely on a new fleet of over 300 zero-emission electric buses, as well as 50 electric trolleybuses.
In Utrecht, Transdev began a 10‑year commercial operation of public transport under a multimodal concession (€131 million per year) covering the bus and tram network of central Utrecht and its surrounding areas. The fleet of roughly 300 buses will eventually be operated exclusively with electric buses.

5- Continued rollout of the decarbonization strategy

In line with its “Moving Green” strategy, Transdev currently operates a fleet of nearly 3,900 electric vehicles across 14 countries – a 17% increase year-over-year – and continues to roll out solutions based on biofuels and renewable biogas (with a fleet of 5,884 gas/biogas buses and coaches).

Sustainability remains at the heart of Transdev’s strategy. Between 2018 and 2025, greenhouse gas (GHG) emissions from our global vehicle fleet decreased by 21% in intensity (target: -30% by 2030). At the same time, the intensity of NOx emissions⁶ has decreased by 50%, reaching the 2030 target as early as 2025.

6- Transdev Key Figures for 2025

Revenue: €10.444 billion (+€395 million vs. 2024)

EBITDA: €691 million (+€36 million vs. 2024)

Current Operating Result (COR): €244 million (+€15 million vs. 2024)

Net income Group share: €96 million

Net financial debt: €1.272 billion (+€44 million vs. 2024)

Gross capital expenditure: €691 million (+€58 million vs. 2024)

Number of vehicles in operation: 60,885

Employees (in 19 countries): 107,048, of whom 26% are women

Group payroll: €5.9 billion

Employees with permanent contracts: 93%

Percentage of drivers: 70%

Number of job roles: Over 150

[6] NOx: nitrogen oxides.

The services entrusted to Transdev across the entire rail network include delivering and coordinating rail operations services, delivering and coordinating maintenance services for trains, as well as related support activities such as site maintenance and equipment provision.

The network consists of five lines, 52 stations, and more than 225 km of tracks, offering 95 daily connections and ensuring transfers with Montréal’s metro and the Réseau Express Métropolitain (REM). In 2024, more than seven million passengers traveled on these lines.

Press Release

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“Transdev is extremely proud to be entrusted with the operation of this strategic network serving Montreal’s outer suburbs, which fully aligns with the company’s growth trajectory in Canada and the diversification of our services toward an increasingly multimodal offering. This achievement reflects the recognition of our know how in heavy modes and rail,” said

Antoine Colas, CEO International, Transdev Group.

“We are honored by this partnership with exo, which supports Transdev Canada’s long term vision for mobility in the region. Through this mandate, we intend to contribute responsibly to the public transit ecosystem, relying on our expertise as well as the know how of the teams who work in the field every day,” said

Arthur Nicolet, CEO, Transdev Canada.

“This partnership represents a key milestone for exo. The recognized expertise of Transdev Canada will allow us to continue improving the reliability, quality, and efficiency of our services, while ensuring long-term savings aligned with our 2026–2028 optimization plan. We look forward to working together to better meet the current and future needs of our users,” said

Marc Rousseau, CEO of exo.

Operations will be carried out daily by a team of more than 260 employees, supported by 51 locomotives and 226 carriages, and two maintenance centers located in Lachine and Pointe Saint Charles.

Transdev has been present in Canada for more than 50 years and operates in six provinces (Ontario, Manitoba, Quebec, Alberta, Saskatchewan, British Columbia) as well as the Northwest Territories. With more than 6,500 employees, Transdev Canada provides a wide range of services: urban, intercity, rail, school transport, paratransit, BtoB services, and more. The Group generates annual revenues of more than €350 million in Canada.

The contract, signed on February 28, 2026, provides for the operation of the cable car for a ten-year period starting July 13, 2026.

TransMiCable serves the Ciudad Bolívar district and its over 800,000 inhabitants. With 163 cabins, four stations and a 3.4 km route, it carries 24,000 passengers every day, 70% of whom travel during peak hours. Its capacity exceeds 7,000 passengers per hour. Transdev and Fanalca previously jointly operated this cable car system, between December 2018 and the end of 2023

Press release

Download the press release

“We are extremely proud to have been chosen again, together with our trusted partner Fanalca, to operate this cable car system that we know very well, as we had been operating it for five years following its initial launch. It is a true instrument for territorial development and social cohesion, that has helped unlock the district and revitalize an entire neighborhood. We will be bringing our recognized expertise in cable car operations, which we have also demonstrated, for example, in France with the C1 cable inaugurated last December”, states

Antoine Colas, CEO International of Transdev Group.

“For our Colombian teams, winning back this contract is an impressive and convincing example of modern mobility of people serving people; we are grateful for the renewed trust from our client, TransMilenio”, underlines

Santiago Cucalón, CEO of Transdev Fanalca, Colombia.

The TransMiCable cable system is interconnected with the TransMilenio BRT network, largely operated by Transdev-Fanalca, ensuring seamless connectivity with the rest of Bogotá’s public transport system, using the same fare card regardless of the mode of transport used.

In France, in the Greater Paris region, since December 13, 2025, Transdev operates the C1 cable car line, Europe’s longest urban cable car, a 4.5 km line between Créteil and Villeneuve-Saint-Georges, on behalf of Île-de-France Mobilités. In Germany, Transdev has also just been selected by the city of Herne to design and operate its future urban cable car named “Blumenthal Airline”.

Taking over a rail contract is one of the most demanding challenges in the transport sector. New teams, new processes, new organisation the first weeks are decisive. On the Östgötapendeln network, Transdev Sweden not only rose to the challenge but, from day one, positioned the line as the most punctual rail system in Sweden.

Within the first months of operation, Östgötapendeln reached a punctuality level well above the national average of around 87%, demonstrating a rapid and well‑controlled performance ramp‑up.

Ambitious targets… exceeded within the first months

When Transdev took over the operation of Östgötapendeln this summer, the incentive levels defined in the contract were considered particularly ambitious. These objectives focused on two strategic pillars:

reducing traction energy consumption
improving service punctuality

The outcome: within just a few months, both indicators were achieved, and the contractual incentives were activated much earlier than expected.

“This is the result of a close and efficient collaboration with Östgötatrafiken, combined with the collective commitment of our teams to quality, operational stability and a reliable service for our passengers.”

Frida Ukmar, Division Director, Transdev Sweden

In a national context where average rail punctuality hovers around 87%, reaching the top of the ranking is no coincidence: it reflects rigorous methodology and a shared culture of operational excellence.

Punctuality as a commitment, not just a target

In a rail network, punctuality is more than a performance indicator it is a daily promise to passengers. An on‑time train means a successful connection, an honoured appointment, and a relationship of trust reinforced day after day.

“Punctuality does not happen by chance. Thanks to outstanding colleagues and a structured, determined working approach, we have achieved excellent results despite the challenges of a start‑up phase.”

Joakim Alsén, Commercial Director, Östgötapendeln

A fully integrated responsibility, mastered end‑to‑end

Under this contract, Transdev assumes full operational responsibility, covering:

the day‑to‑day operation of passenger services
vehicle maintenance
network operational management

From the very first day, performance has been strong. One of the most telling indicators: not a single train has been cancelled due to a maintenance issue. This result reflects the robustness of the technical processes and the dedication of the teams.

A partnership supporting sustainable regional mobility

This success is built on a strong collaboration with Östgötatrafiken, the regional public transport authority. Beyond a formal contract, it is a daily cooperation, a continuous dialogue and a shared alignment on performance and service quality objectives.

It is this combination operational expertise and a solid partnership that delivers sustainable performance.

A performance aligned with the Group’s strategy

The success of Östgötapendeln fits perfectly within Transdev’s strategy: to deliver reliable, sustainable and people‑centred public mobility.
Reducing traction energy consumption one of the contract’s core pillars is a clear example: using less energy means operating a service that is more efficient, more sustainable and more resilient.

By making Östgötapendeln the most punctual rail network in Sweden, Transdev demonstrates its ability to combine operational excellence, sustainable performance and strong local presence. This achievement reflects our ambition: to provide mobility that is reliable, responsible and meaningful to travellers’ daily lives. Together with Östgötatrafiken, we will continue to strengthen the attractiveness of public transport and support the long‑term transition toward more sustainable mobility.

Last year, over 55 million passenger journeys were made on Luas.

That’s not just a number — it’s a daily vote of confidence from the people who rely on us to get to work, school, appointments, nights out, and everything in between.

So why do so many people choose Luas?

Reliability you can plan your day around.
Our focus on operational excellence means services run when people expect them to — consistently and safely.

Local knowledge that makes a difference.
With decades of experience working in Dublin, we understand the city’s rhythms, peak flows, and passenger needs.

Partnership that delivers value.
Close collaboration with other transport operators ensures the Luas numbers keep growing as more of us hop on and off different services.

A culture of improvement.
We don’t stand still, every year we optimise the service, so passengers keep choosing Luas.

Finally, 55 million journeys mean millions of individual stories, and we’re proud to be part of them every day.

Here’s to keeping Dublin moving.

Since June 29, 2025, Transdev has been operating the regional Marseille–Toulon–Nice line on behalf of the Région Sud, following a tender won in 2021.

THE MARSEILLE–TOULON–NICE LINE

This is the first time a regional train service has been entrusted to an operator other than SNCF.
The birth of a new railway company:
68 employees in January 2025, 218 as of December 31, 2025, including 190 new hires and internal mobility.
Obtaining the Single Safety Certificate.
Implementation of a social framework, with the first employee representative elections held in December 2025.

QUALITY OF SERVICE DELIVERED

More than 2.5 million passengers transported since launch.
Continuous improvement in punctuality: an overall punctuality rate of 97.2% since July.
Continuous improvement in punctuality: over the last three months of the year, punctuality reached 98.5% on average — a 5‑percentage‑point increase compared to the start.
A doubled service offering: 14 round trips per weekday (vs. 7 previously) and 16 round trips on weekends.
Extended service hours.
A 22% increase in ridership by the end of December.
More modern and comfortable Alstom trains: air conditioning, Wi-Fi, USB ports, snacks, coffee machines, accessibility, bicycle spaces.
Customer service agents onboard.
Results praised by the Région Sud and FNAUT, the users’ federation.

DEVELOPMENT AND OPPORTUNITIES FOR THE LOCAL ECONOMY

NGE has built a new maintenance center (a €36 million investment), with an extension planned for early 2026.

IN 2026

Additional driving staff, with new train drivers currently in training.
A new organization for trainset entries and exits at the maintenance center, which will further improve fleet availability.
Everything Changes Except the View, an Original Documentary on the Marseille–Toulon–Nice Line.

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In this excerpt from our documentary Everything Changes Except the View, we highlight the evolution of a key role on board our trains: the Customer Relations Agent. In the Southern Region, we are shaping a more human, more versatile and more supportive approach to passenger service.

A Human Transformation at the Heart of Public Rail Service

We are redefining the way we support passengers. This shift begins with words but is above all a matter of posture and purpose.
We no longer speak of “ticket inspectors”, but of Customer Relations Agents true ambassadors of the regional transport service who embody a new way of engaging with travellers.

Our ambition is clear: to change the relationship between passengers and on‑board staff.
Every gesture, every interaction, every form of assistance contributes to making the journey smoother and more reassuring.

A Versatile Role Supporting Every Passenger

As highlighted by Christelle Lamour, Commercial and Marketing Manager at Transdev Rail Sud, the Customer Relations Agent is a true “Swiss Army knife” on board.
We built this role around four essential missions:

Welcome: being the first point of contact, offering a warm and reassuring presence as soon as passengers board.
Support: providing immediate and concrete assistance throughout the journey.
Sell: facilitating access to travel tickets directly on board.
Check: ensuring compliance, regularity and safety during the trip.

This versatility strengthens our human presence and reinforces the quality of our public service.

Supporting Passengers in Every Situation

Our Customer Relations Agents are trained to respond accurately to all kinds of questions: fares, onward journeys, transport options at destination…

In the event of disruptions, they become trusted points of reference, offering the information needed to help passengers continue their journey in the best possible conditions.

We want every traveller to feel supported, informed and guided whatever circumstances may arise.

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In this sequence from our documentary Everything Changes Except the View, we highlight how we are building our position within the French rail landscape. From Brittany to the Marseille-Nice line, our progress is driven by the commitment and adaptability of our teams.

People at the Heart of Our Success

In this excerpt, Alix Lecadre shares a conviction we deeply believe in: our transformation in the rail sector can only succeed through the women and men working on the ground.
Day after day, our teams demonstrate remarkable agility. They adapt, manage unexpected situations, and maintain a high level of service for passengers.

From Brittany to Marseille-Nice: A Growing Expertise

These images remind us of our early operations in Brittany, where we built the foundations of our rail expertise.
This experience has allowed us to take a major step forward: operating the Marseille-Nice line, the first regional rail service in France to open to competition.
A milestone made possible by the knowledge we have gained and the collective effort of our teams.

Learning, Sharing, Progressing Together

The excerpt also reflects our continuous improvement mindset.
We learn, we exchange best practices, and we seek expertise wherever it exists including from our colleagues in Germany.
This shared learning strengthens our ability to deliver on our promise.

As Alix Lecadre reminds us:

Now we have to deliver on our promise every day. And that’s a real challenge.

Alix Lecadre, Rail Director at Transdev in France

A challenge we take on together, serving passengers and the communities of the Southern Region.

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In this new excerpt from our documentary Everything Changes Except the View, we follow the inspiring journey of Mélissa Vinckier, now a train driver on the Marseille–Nice line. Through her testimony and the insights of our leadership, we highlight how we train and support the talents who are building the future of regional rail mobility.

Revealing Vocations and Supporting New Careers

Every career path is a story of learning, transmission and purpose.
Mélissa’s journey embodies this spirit: after five years in retail, she chose to take a new direction and join our teams.

“I really love this job,” she explains as she discovers her new machine and her new “office” on a line she describes as “magnificent.”

Melissa Vinckier, Line Driver

We are proud to help people reinvent their careers while contributing to essential public service.

Training as the Foundation of Our Rail Culture

For us, safety and operational excellence go hand in hand with rigorous learning.
Mélissa completed nine months of training, including:

Railway signalling,
Train operation fundamentals,
Incident and anomaly management.

“In Germany, we have always trained our drivers, mechanics and teams. We have developed a true Transdev rail culture.”

Thierry Mallet, President and CEO of the Transdev Group

This culture is reinforced by our own training centre a key asset supporting our long‑term expertise.

We Are a Fully‑Fledged Rail Company

Training and supporting our teams enables us to act as a true rail operator.

“We created our own training centre, which means we are now a fully‑fledged rail company.”

Édouard Hénaut, CEO of Transdev France

We are already operational in the Southern Region and preparing our development in the Grand Est region.

This investment in people strengthens our ability to deliver reliable, sustainable and meaningful mobility for communities.

A Job with Purpose… and Exceptional Landscapes

Beyond the technical learning, Mélissa reminds us of the beauty of the job:

“A 2h45 line with three different landscapes… it’s sublime, and you never get tired of it.”

Melissa Vinckier, Line Driver

We want each team member to experience this sense of pride driving a train, supporting passengers and contributing to tomorrow’s mobility in an exceptional working environment.

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Transdev Sweden expands its “Ride the Future” program for four additional years

Transdev reaffirms its pioneering role in autonomous mobility in Sweden by extending the operation of the autonomous vehicles within the “Ride the Future” project in Linköping. Launched in 2019, this collaborative research program tests intelligent and sustainable mobility solutions at the heart of Linköping University’s campus.

With this extension, Transdev and its partners continue to pursue their ambition: developing innovative technologies capable of improving safety, efficiency and sustainability in public transport.

A Living Lab for Autonomous Mobility

The “Ride the Future” platform is now one of the most advanced environments in the country for testing autonomous shuttles in real-life conditions. The project makes it possible to assess the performance of new technologies applied to public transportation.

“The extension of the project allows us to test not only a new generation of autonomous vehicles but also electrification solutions, driver assistance technologies and digitalization tools in a secure environment,”

Christian Monstein, Innovation Director at Transdev Sweden.

This initiative enables Transdev to deepen its understanding of user habits, behaviors and interactions between autonomous vehicles and passengers.

New Autonomous Vehicles to Be Deployed in 2026

To ensure continuity of the program and incorporate the latest technological advancements, the project partners have decided to acquire new autonomous vehicles, scheduled to enter service in 2026. They will replace the current fleet reaching the end of its lifecycle.

This new fleet will allow the project to:
• Strengthen operational safety testing,
• Analyze campus–city mobility scenarios,
• Improve the precision of autonomous technologies,
• Evaluate system performance under diverse traffic conditions.

A Dedicated Consortium Driving the Mobility of Tomorrow

Since 2019, Transdev co-founder of the project has been responsible for the operational deployment of the autonomous vehicles. The program is built on a solid ecosystem bringing together key players in research, innovation and public transportation:

• Östgötatrafiken,
• VTI (Swedish National Road and Transport Research Institute),
• The Municipality of Linköping,
• Linköping University,
• RISE,
• Akademiska Hus.

This unique partnership combines scientific expertise, technological innovation and on-the-ground experience, making Linköping a flagship site for autonomous mobility testing in Northern Europe.

“This extension gives us the opportunity to continue learning and understanding how autonomous vehicles can evolve and integrate into the transport networks of the future,”

Christian Monstein

Accelerating the Transition to Sustainable Mobility

In Sweden and internationally, Transdev is investing in innovative mobility solutions to support the energy transition and offer services adapted to tomorrow’s needs.

This new phase of the “Ride the Future” project is fully aligned with the Group’s strategy: developing sustainable, inclusive, connected and environmentally friendly mobility.

Transdev – The Mobility Company

With more than 80 years of experience in Sweden and over 10 million daily trips worldwide, Transdev continues to deploy cutting‑edge technologies to transform mobility and offer everyone the freedom to move.

This new edition of the Women ExCom Mentoring program paves the way for more inclusive leadership by connecting nine talented women from eight countries with Executive Committee mentors to share experiences, perspectives, and ambitions.

On December 17th and 18th, 2025, our Executive Committee launched the 4th edition of the Women ExCom Mentoring program — a key initiative that reflects our strong commitment to diversity and inclusion at the highest level of leadership. Alongside other initiatives focused on career development, leadership training, and diversity, the Women ExCom Mentoring program further strengthens our ambition to create equal opportunities and inspire future role models.

This year’s edition brings together nine mentees with diverse backgrounds from Portugal, Germany, France, Sweden, the Netherlands, Canada, the United Kingdom, and the United States. Throughout the year, they will engage in a privileged exchange with their mentor — an Executive Committee member revealed during the launch event. This program is designed to encourage participants to step into key leadership roles, offering strategic guidance and personalised support.

This program has been an incredible human experience. It makes me feel much more confident and stronger in my leadership skills.

Marcela, a participant from the 2024 edition and now Procurement Director for France.

This program is a powerful lever to boost skills and careers, while giving Executive Committee members a fresh perspective rooted in concrete challenges. It is a reciprocal learning experience that benefits both mentees and mentors alike.

Stay tuned for upcoming testimonials from Joana, Marcela, Anne-Sophie, and Audrey on our social media channels, where they will share their journey and ambitions. And don’t miss our end-of-year 2026 review to measure the impact of this inspiring program!

Two recently awarded contracts

Arnhem–Nijmegen–Foodvalley (ANF)

Transdev has been selected to operate public transport (bus) services in the Arnhem–Nijmegen–Foodvalley concession in Gelderland Province for 10 years, from June 2026 to June 2036. Awarded in July 2025, this new concession merges two existing contracts in Arnhem–Nijmegen and Veluwe Zuid, already operated by Transdev, for a total contract value of over €1.5 billion. Operations will be delivered under the province’s RRReis brand and will rely on a brand-new fleet of over 300 zero-emission electric buses (including Yutong, MAN and Solaris models), as well as 50 electric trolley buses.

Valys 2026

Transdev subsidiary ‘Connexxion Taxi Services’ has been provisionnally selected to operate the Valys service on behalf of the Dutch Ministry of Health, Welfare and Sport. Valys provides nationwide on-demand transport for people with reduced mobility, for social and recreational travel across the Netherlands and also includes sports transport. The contract represents a total value of nearly €0.5 billion over a six-year period starting in October 2026, with up to two two-year extensions. The awarded contract remains subject to appeal.

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Transdev’s growth in the Netherlands reflects the confidence of public authorities in our ability to deliver reliable, sustainable and people-centered mobility. From high-capacity urban networks to inclusive on-demand services, we are proud to support regions that are accelerating the shift to zero-emission transport while improving daily life for residents.

Antoine Grange, CEO Europe of Transdev Group.

Two major urban networks launches, effective December 14, 2025

Utrecht Binnen (U-OV bus & tram)

Awarded in June 2024, the Utrecht Binnen contract covers bus and tram services in and around Utrecht city center under the U-OV brand for 10 years, and represents a total value of around €1.7 billion. As part of the program, Transdev is currently replacing the entire current bus fleet with zero-emission, including 228 new electric buses from Solaris, Yutong, Volvo and VDL, alongside the reuse of 69 existing electric buses.

The network comprises 50 bus lines, carrying over 30 million passengers a year. The tram network covers three lines over 18.3 km, with 54 CAF trainsets, carrying around 10 million passengers a year. Daily operations are supported by a dedicated team of around 1,000 staff members, including approximately 850 drivers and technicians and 150 staff in support, operations and management functions.

Throughout the 18-month transition process, we witnessed a high level of professionalism, which created confidence and a sense of calmness. We want to congratulate the passengers, as we are fully convinced that they will benefit from this punctual and tailor-made public transport service within the Province.

André van Schie, Deputy Representative in charge of Mobility, Economy & Digitalization for Province of Utrecht.

HWGO (Hoeksche Waard–Goeree-Overflakkee, South Holland)

In the HWGO region of the Province of South Holland, Transdev has started its renewed contract under the Transdev brand, with a focus on improved service, zero-emission mobility and social inclusion. Awarded in November 2024, the new 13-year contract (until end 2038) is valued at close to €0.5 billion over its duration and carries around 4 million passengers per year.

The program includes an increase of 20% in services by 2028 using a bus fleet which will ultimately be fully electric and zero-emission, including 67 new Volvo and VDL battery-electric buses and 20 existing Solaris hydrogen fuel cell electric buses.

The start of Utrecht Binnen and the renewed HWGO concession on the same day is a powerful signal of our teams’ commitment and readiness. We are grateful for the trust placed in us by the Provinces of Utrecht and South Holland, and we will focus from day one on reliability, passenger experience and implementing cleaner mobility across both networks.

Manu Lageirse, CEO of Transdev Nederland.

Note: At the end of 2024, Transdev operated in the Netherlands a zero-emission fleet composed of some 1,350 vehicles, of which more than 600 electric buses, more than 600 electric taxis and more than 150 electric support vehicles.

Damien began his career as a journalist at Agence France-Presse (AFP) in London and then Paris (2005-2009), before moving into political communications at the City of Paris (2010-2013) and then at the office of the Minister of the Budget, Bernard Cazeneuve (2013-2014). He then held positions in communications and public affairs at Total Energies (2014-2019) and Deliveroo France (2020-2022). In November 2022, he became chief of staff at Réseau Canopé, a public operator under the supervision of the Ministry of National Education, until June 2025. After a four-month assignment at Amazon France in the summer of 2025, he joins Transdev group.

Damien Stéffan holds a master's degree in history from Sorbonne Paris IV university and a postgraduate degree in journalism from the Institut français de presse (IFP, Paris II).

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I am thrilled to be joining Transdev group, an operator which takes concrete action to improve people's lives through safe and innovative mobility solutions. I am very eager to contribute to promoting this leading brand, stated Damien Stéffan.

Event Management & Accessibility challenges for Public Transport

This month, Transdev Ireland hosted its annual Safety Conference in Dublin, bringing together industry experts, partners, and colleagues to explore how transport providers can plan, respond, and innovate to ensure the safe movement of people and promote inclusion for every passenger.

We were honoured to welcome Professor Brian Caulfield from Trinity College Dublin, whose keynote addressed the timely approval of Dublin’s Metrolink, a major milestone in Dublin’s journey toward a more sustainable transport future. Drawing lessons from international examples, Professor Caulfield called for a consistent pipeline of transport projects, reminding us that investing in transport is investing in people, productivity, and our shared future, a message that strongly reflects Transdev’s Purpose.

Sean Ward, Consultant in Emergency and Evacuation Planning, delivered an insightful session on the vital role of public transport in managing major events. He outlined the 4 Cs of event safety, communication, coordination, cooperation, and competence. He emphasised the power of teamwork: Together, Everyone Achieves More. Sean also acknowledged Transdev’s contribution in Dublin and our close collaboration with other operators, including Dublin Bus, Irish Rail, and Go-Ahead Ireland.

A huge thank you to all our speakers, including Gareth Doran, Nikki Farrell, and Shane Lindsay from Transport Infrastructure Ireland (TII), who provided an update on the ongoing works at Dublin’s George’s Dock. And of course, to all our teams who keep Luas safe, accessible, and reliable – delivering over 55 million journeys this year.

We’re proud to share with the wider Transdev group the important work happening here in Dublin driving progress in safety, collaboration, and sustainable mobility every day.

Aaron Paramedical Services has been a trusted partner in delivering safe and reliable NEMT solutions across the province. The company’s services include stretcher and accessible transportation, non-emergency inter-facility transfers, EMS training, and event standby for some of Calgary’s largest events, including the Calgary Stampede and Calgary Flames games.

With a specialized fleet and a team skilled paramedics and attendants, Aaron Paramedical Services brings deep expertise and community knowledge that will now be supported by Transdev’s national network and resources.

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We are proud to welcome Aaron Paramedical Services in our team. Their strong reputation and dedication to patient-centered care perfectly align with our mission to provide safe, reliable, and accessible mobility solutions. This acquisition allows us to expand our medical transportation offering in Alberta and continue supporting the health and wellbeing of communities we serve.

Arthur Nicolet, CEO of Transdev Canada

Safer, Smarter, Stronger: Delivering the Next Chapter for Dublin’s Luas

Big changes are happening on the Luas network. Changes designed to make Dublin’s light rail system safer, more inclusive, and more resilient for its customers.

At the annual UK Tram light rail summit in Birmingham, Dave Rooney, Director of Operations at Transdev Ireland, shared how the Transdev team has been driving progress towards a Safer, Smarter, Stronger Luas through transformative initiatives including:

Immersive accessibility training with Vision Ireland at the Wayfinding Centre.
Delivering Ireland’s first geo-redundant control centre, ensuring uninterrupted passenger service.
Revamping the Luas timetable to meet growing demand, especially at weekends.

These initiatives are already enhancing the customer experience and building a stronger, more sustainable Luas for Dublin.

At Transdev Ireland, we believe innovation and collaboration are the keys to shaping the future of urban mobility. We are proud to be driving that future forward.

Attending the Light Rail Summit are Kevin Voelkin, Fergal Stranney, Lindsay Bermingham, Dave Rooney.

It is with great pleasure that we welcome Jérôme Lesne, Transdev’s Group Health and Safety Director, together with 45 + delegates from our Executive and Health and Safety teams worldwide, to Dublin for this year’s Global Safety Seminar.

This annual gathering serves as a cornerstone for advancing our shared mission: embedding a culture of accountability where safety is not only our highest priority, but also a defining hallmark of Transdev’s operations across the globe. Safety is both our responsibility and our pride, shaping the way we serve communities and build trust with the millions of passengers who rely on us every day.

Throughout the seminar, keynote speakers will share insights on the latest safety protocols and innovations across our 19 operations, which collectively deliver more than 2.2 billion passenger journeys each year. Here in Dublin, we are proud to contribute 55 million of those journeys on Luas, one of Europe’s busiest and most dynamic light rail networks.

In his opening remarks, Gareth Doran, Head of Safety for Transdev Dublin Light Rail, extended a heartfelt Céad Míle Fáilte a hundred thousand welcomes to all participants. He underscored the importance of learning from one another’s experiences, highlighting the opportunity to exchange knowledge with global experts on safety cultures and best practices. He also reaffirmed Dublin’s commitment to advancing Human Factors initiatives and the successful rollout of the Transdev Golden Safety Rules here in Ireland.

This seminar is more than an event it is a testament to the power of collaboration, the strength of shared purpose, and the unwavering belief that safety is the foundation upon which Transdev builds excellence.

This week, we are proud to celebrate European Mobility Week at Transdev. This year’s event is under a powerful theme ‘Mobility for Everyone’: ensuring accessibility, safety and sustainability for each and every person using transportation services.

It’s the opportunity to deep dive into what drives Transdev to empower freedom to move every day across European countries, through a new series of videos.

Discover how we design mobility for all passengers and make it inclusive, digitally accessible and safe in France, Portugal and Germany.

In France, we’re driving inclusion through improved accessibility for visually impaired people with Ezymob.
In Portugal the Mobiave application and website offer easy journey planning and tracking.
In Germany our new trains are designed for safe, comfortable journeys.

Find out in this video how we serve all communities and make mobility diverse, affordable and reliable in Sweden, France and Ireland.

In Sweden we’re showcasing multimodal networks which improve efficiency, equity and sustainability.
In France the focus is on affordability with Dunkerque’s DK’Bus Etoile free transport-on-demand service for elderly people.
Transdev Ireland’s operations are rewarded for reliability with the 2024 Light Rail Global Operator of the Year award.

Here, we look at how we involve all our stakeholders: whether it is with community, international cooperation or extended infrastructures in the Netherlands, Czech Republic and Spain.

Transdev in the Netherlands has a strong community focus with Regiotaxi regional on demand services for the elderly, disabled and vulnerable communities.
Czech Republic exemplifies cooperation with the European Union co-financing of electric buses and infrastructure.
In Spain we’re focusing on infrastructure through Trambesòs line extension for +24,000 daily journeys in Barcelona.

Find out more about Regiotaxi transport on demand services in the Netherlands in the video below:

Football, Kids, Laughs & Loaded Burgers – Transdev Knows How to Throw a Party!

Football, Kids, Laughs & Loaded Burgers – Transdev Dublin Light Rail Knows How to Throw a Party!

Last weekend, the Ballyogan community and the Samuel Beckett Community Centre on the Green Line were sizzling and not just from the BBQ!
Transdev teamed up with DLRCC and the amazing crew at the community centre to host the annual Family Fun Day, and what a day it was.

The morning kicked off with the Luas Mini World Cup Finals, followed by drum lessons, chats at the mobile petting zoo, magic shows, and face painting. Shout-out to the BBQ, the burgers just keep getting better (and bigger!) and of course, the ice cream. A summer’s day would not be complete without a ‘99.

It’s days like this that remind us “Luas brings people and communities together.”

Transdev would like to extend a massive thanks to everyone who showed up, literally pitched in, danced, played, volunteered, tidied up, and helped make it all happen. We’re already looking forward to doing it all again next year!
Here’s to lots more days like this across the Luas network. 💛

Solid growth for Transdev's half-year results in an uncertain environment, demonstrating the relevance of its business model as a public transportation group with a strong presence in France and internationally

Historic launch of the first regional rail line operated by a private operator in France.
Finalization of the evolution of the Transdev Group shareholding structure.
Significant commercial successes, particularly in France, the United States and Germany.
Revenue increasing to €5.24 billion.
EBITDA[1] reaching €308 million.
EBIT up €36 million to €94 million.
Net financial debt down compared to June 2024 to €1.25 billion and stable compared to December 2024 (+€21 million)

[1]Earnings Before Interest, Taxes, Depreciation, and Amortization

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Issy-les-Moulineaux, August 4, 2025 – The first half of 2025 is a unique moment for Transdev, with a historic launch and an evolution in its shareholding structure:

On June 29, 2025, Transdev launched the first regional rail line managed by a private operator since the opening of the market to competition in France, between Marseille, Toulon, and Nice, with a significant increase in train kilometers offered, aiming for more reliable, punctual, and carbon-free mobility.
On July 1, the process of the evolution of Transdev group’s shareholding structure was finalized. The Rethmann Group acquired an additional stake in Transdev, bringing its total staketo 66%. Alongside it, Caisse des Dépôts, with 34%, confirmed its position as a long-term partner. Through this transaction, Transdev’s two long-standing shareholders reaffirm their commitment and confidence in Transdev’s sustainable growth strategy and management.

Business activity was very positive at the start of the year, with significant contract wins, particularly in France, the United States, and Germany.

In France:

On April 10, 2025, Île-de-France Mobilités awarded Transdev the contract to operate bus lines in the Ourcq sector (DSP No. 44), a sector mainly covering the department of Seine-Saint-Denis. The Vexin region, a sector in the wider outskirts, was also re-awarded to Transdev.
On May 20, 2025, Île-de-France Mobilités announced that Transdev will operate four express bus lines (two existing and two new) to Paris-Charles-de-Gaulle. This contract will begin on December 1, 2025, progressively introducing the lines, for a period of six years.
On July 1, Métropole Rouen Normandie renewed its confidence in the Transdev group to continue operating its Astuce mobility network, starting January 1, 2026, for a period of nine years. Transdev will continue to deliver on its key commitments to improve the daily lives of the 500,000 residents of the 71 municipalities in the metropolitan area.

In the United States:

On April 10, Transdev launched its paratransit contract in Las Vegas, Nevada. Valued at $580 million over five years, the contract is supported by an operational team of more than 850 employees and includes a fleet of 400 vehicles.

In Germany:

On July 7, 2025, Transdev Germany announced that it would retain two major regional rail contracts: NordWestBahn will continue to operate the Weser-Ems network in Lower Saxony for nine years starting in December 2026, while Bayerische Regiobahn will extend its contract for 14 years, starting in December 2029, operating the Rosenheim network in Bavaria (with its connection to Salzburg and Kufstein in Austria) until 2043, thus confirming Transdev as the leading private rail operator in Germany.

Transdev’s 2025 half-year results were characterized by:

Solid growth of 5.4% (6.2% at constant exchange rates and scope) in revenue reaching €5.24 billion, thanks in particular to the commercial launch of the paratransit contract in Las Vegas and the start of operations of regional rail lines for Östgötapendeln in the south-west of Stockholm.
EBITDA up 2% to €308 million
EBIT up 61% to €93.6 million
Net financial debt down compared to June 2024 to €1.25 billion, stable compared to December 2024 (+€21 million).

The company successfully completed an inaugural bond issue of €800 million, with a 3-year tranche of €300 million and a 7-year tranche of €500 million, which was significantly oversubscribed.

In million €	June 2025	June 2024	Variation
Revenue	5.237	4.968	+269
EBITDA	+308	+302	+6
Current Operating Result (COR) and result from equity-accounted companies	+98	+89	+9
EBIT	+94	+58	+36
Net financial debit	+1.250	+1.353	(103)

About Transdev

Operator and leading independent private mobility group, Transdev empowers freedom to move every day thanks to safe, reliable and innovative solutions that serve the common good. Transdev transports an average of 12.8 million passengers daily, operating all transportation modes and resolutely committed to the ecological transition.

The Group employs more than 105,000 women and men serving its passengers, consolidating its position as the world leader in public transportation. Transdev advises and supports local authorities and companies in a long-term partnership. Transdev is jointly owned by Rethmann Group (66%) and the Caisse des Dépôts Group (34%).

In 2024, present in 19 countries, Transdev reported sales of €10.05 billion. For more information:

www.transdev.com

Groupe

Americas

Europe

Oceania

[⁴] Indicator calculated by dividing the annual passenger volume by a base of 230 equivalent working days, within the operational scope, which corresponds to the financial consolidation scope, expanded to include joint ventures and semi-public companies (SEM) in France.

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1- 2025 Financial Results

[5] Equivalent to 85% of revenue.

*Not including the equity-accounted entities (Yarra Trams, Colombia)

** Including net income from equity-accounted entities.

2- Transdev, a major player in heavy transport modes

3- Main commercial successes in France

4- Main international commercial successes

5- Continued rollout of the decarbonization strategy

6- Transdev Key Figures for 2025

[6] NOx: nitrogen oxides.

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Since June 29, 2025, Transdev has been operating the regional Marseille–Toulon–Nice line on behalf of the Région Sud, following a tender won in 2021.

QUALITY OF SERVICE DELIVERED

DEVELOPMENT AND OPPORTUNITIES FOR THE LOCAL ECONOMY

IN 2026

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Event Management & Accessibility challenges for Public Transport

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Safer, Smarter, Stronger: Delivering the Next Chapter for Dublin’s Luas

This week, we are proud to celebrate European Mobility Week at Transdev. This year’s event is under a powerful theme ‘Mobility for Everyone’: ensuring accessibility, safety and sustainability for each and every person using transportation services.

Football, Kids, Laughs & Loaded Burgers – Transdev Knows How to Throw a Party!

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