Keolis reports a solid financial performance for 2025

·      In 2025, Keolis posted a very robust financial performance. The Group significantly improved its profitability, with recurring operating profit (recurring EBIT) amounting to €201 million, up 19% on the previous year, reflecting a sharp improvement in the EBIT margin standing at 2.8% compared with 2.2% in 2024.

·      Revenue of €7.1 billion, down 7.1% compared with 2024, reflects a year of commercial success and a double portfolio effect: on the one hand, the impact of the expiry of the Melbourne tramway and Lyon heavy transport contracts, and on the other, major [recent] successes – such as the DSP 9 and 47 contracts or the Stretto contracts (Tram-Train T11/T4 and tramway T14) in Île-de-France – which will take full effect in the 2026 financial year.

·      Recurring net profit[1][1] attributable to the Group was positive for the fifth consecutive year, at €33 million, a two-and-a-half-fold increase compared with 2024 thanks to continued financial discipline.

·      Free cash flow rose sharply to €170 million in 2025, remaining positive for the fifth consecutive year. Net financial debt stands at €893 million at the end of 2025, down by €56 million, despite a significant level of organic investment and external growth. The Group thus reinforced its balance sheet structure, with a leverage ratio of 2.8x.

·      On the commercial front, Keolis won back major contracts such as those in Rennes, Tours and Stockholm city, strengthening its position in the markets where it operates. In France, business was driven by a significant number of contract re-awards, particularly in urban networks (100% renewal rate) and other regions (89% renewal rate). In the Île-de-France region, following the gains from the inner-suburb bus contracts, Keolis held a 24% market share at the end of 2025. Abroad, 2025 marked a decisive milestone in the development of heavy transport modes, with the award of the Pune metro contract in India and the conclusion of transformative partnerships, notably in Canada (Alto, the high-speed rail project between Toronto and Quebec) and the United Arab Emirates (joint venture with Etihad Rail).

[1] Net profit attributable to the Group, restated for goodwill impairment

In 2025, Keolis continued to implement its community, social and environmental responsibility policy:

·      Health & Safety:

-              Deployment of road‑safety “Must‑Haves”

-              Rollout of ISO 45001 and ISO 39001 certifications

·      Continued decline in GHG emissions:

 – 5% Group-wide 2024

 – 13 % in France

 – 17 % in Europe

·      Financing of the transition:

 39 % of Capex dedicated to electric vehicles (compared with 25% in 2024)

·      Recognition of our commitments:

Awarded a B score in the Carbon Disclosure Project (CDP).

ISO certifications covering 64% of revenue, with 11 newly certified subsidiaries.

·      Social action:

In France, Keolis became nationwide chair of the PIMMS mediation network.

The Group has started 2026 with particularly promising commercial momentum in France and abroad.

In France, Keolis has won the concession for Vichy, won back the Île-de-France PAM contract (for people with reduced mobility) and expanded its presence in active mobility by securing the Nantes Métropole bicycle services contract through its subsidiary Cykleo.

Outside France, the year kicked off with several significant achievements: the award of the Dublin light rail contract, another contract for the longtime-operated Virginia Rail Express line in the United States, and extended bus contracts in Florida, Virginia and Nevada.

Several operational challenges lie ahead this year, among which the commissioning of several landmark projects: the opening of Line 18 of the Grand Paris Express metro, the launch of the Pune Metro in India and the start-up of the first passenger rail services in the United Arab Emirates, as well as transporting supporters to Boston’s Gillette Stadium during the 2026 FIFA World Cup.