Investment case

Driving our business forward in sustainable and growing markets

Our investment case has six key components that drive sustainable growth and create value.

Planning long-term

We have long-term, sustainable structural growth opportunities from modal shift to public transport

Modal shift is the single most important driver of reduced emissions and congestion and Government policy around the world is increasingly committed to public transport - promoting modal shift away from cars onto buses, driving passenger growth for years to come.

A rapidly changing market
Customer propositions

We have five compelling, hard-to-replicate customer propositions to leverage this growth opportunity

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1. We reinvigorate public transport by offering high-quality operations that passengers want to use

2. We drive multi-modal expansion in the cities in which we operate

3. We deliver operational transformation by focusing on processes enabled by technology; we drive value delivering transport solutions more efficiently than the competition.

4. We bridge the 'Transit Gap' for businesses and cities that need to find solutions to transition from the private car in places that are not well served by existing mass public transit

5. We consolidate & compound – we professionalise and bring scale and operating efficiencies through the consolidation of fragmented markets

Read more about these in our Evolve strategy

5 customer propositions - Strategy diagram

We are the best-in-class operator

With a focus on continuous improvement in everything we do, we strive to be:

  • The safest 
  • The most reliable
  • The environmental leader
  • With the most satisfied customers
  • The employer of choice
We are uniquely diversified and balanced

National Express is a leading international public transport operator, diversified internationally and by business area; with operations in North America, continental Europe, the UK and North Africa.

We hold market-leading positions where we choose to compete and with around half of Group revenues anchored in long-term contracts.

We hold the largest market share for long haul coach transport in both Spain and the UK, and are the second largest school bus provider in North America. We are the largest bus operator in Morocco.

We are taking environmental leadership

Our ambition is to be the world's greenest mass transit operator. To deliver our ambition we target:

  • Industry leadership on the shift to solely zero emission vehicles
    • UK bus to be zero emission by 2030
    • UK coach to be zero emission by 2035
    • ALSA Bus to be zero emission by 2035
    • ALSA Coach to be zero emission by 2040
    • ALSA Morocco to be zero emission by 2040
    • North America to be zero emission by 2040

Read more about our Environment work

We have a strong track record of delivering superior financial outcomes

Prior to Covid-19, National Express had a strong track record for delivering superior financial performance.

Five year compound annual growth rates

*Five years to 2019 - prior to Covid-19

Our Markets

Our Purpose and Vision

At National Express we share a fundamental belief that driving modal shift from cars to high quality mass transit is fundamental to a safe, green and prosperous future. There is growing recognition by policy makers around the world that public transport is critical in achieving climate targets and in making cities better places to live.

Public transport has always played a key role in social mobility and in these unprecedented times it is ever more important in enabling economic recovery by providing safe access to work, education, retail and leisure. We believe that the Group has created a number of value drivers that differentiate us from our peers as a leading operator in this critical sector.

Read more about our purpose, vision and values

Coventry Electric Bus

How we create value

Business model

Value drivers that differentiate us from our peers as a leading operator in this critical sector.

Our strategy

Driving our business forward through our three strategic priorities.


ESG is part of our integrated strategy.