Panmure Liberum acts as Sole Financial Adviser on FirstGroup plc’s agreed sale of Mistral Data Services Limited to Tracsis plc for an enterprise value of £48 million on a cash-free, debt-free basis

Formerly a wholly owned subsidiary and part of the First Rail division, Mistral Data was established to develop and provide complementary software solutions to the rail industry. These solutions integrate data from multiple sources including customer-facing websites and apps and real-time data from Train Operating Companies and control centres, improving both passenger experience and operational performance.

Proceeds from the sale are expected to further strengthen the Group’s balance sheet, supporting continued investment in UK growth and meaningful returns to shareholders.

FirstGroup plc is a leading private sector provider of public transport services. With around 30,000 employees, the Group reported revenue of £1.72 billion and transported almost 1.5m passengers a day in FY 2026. Each of FirstGroup’s divisions is a leader in its field: First Bus is one of the largest bus operators in the UK, serving more than 20% of the population in the UK with a fleet of c.6,000 buses and coaches, and carrying more than a million passengers a day. First Rail is one of the UK’s most experienced rail operators, with many years of experience running long-distance, commuter, regional and sleeper rail services. The Group operates a fleet of c.320 trains through two DfT contracted train operating companies: WCP (incorporating Avanti West Coast and West Coast Partnership Development) and GWR, and three open access routes (Hull Trains and two under the Lumo brand).

A further announcement is expected to confirm completion of the Disposal by 31 October 2026.

Panmure Liberum Team

Investment Banking – Nick How, Izzy Trow

M&A – Tim Medak, Euan Brown, Matthew Fourie

Investor Relations – Connie Owens