Investment case

Driving our business forward in sustainable and growing markets

Investment Case Video

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

Planning long-term

We have long-term, 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 customer propositions to leverage this growth opportunity from modal shift

Read more

1. Reinvigorate public transport: grow use of public transport in cities suffering congestion by building partnerships with stakeholders who want sustainable solutions.

2. Multi-modal expansion: build more modal capability and city hubs from existing locations where we already have a physical footprint.

3. Operational transformation: application of our processes and know-how to drive efficiency, operational improvement and lower costs.

4. Fill the transit gap: encouraging modal shift away from private cars in areas that are not well served by public mass transit.

5. Consolidate & compound: consolidate fragmented markets and create ‘at scale’ operations to drive operating efficiencies and better customer solutions.

Read more about these in our Evolve strategy

Customer propositions

Best-in-class operator

A focus on continuous improvement in everything we do

Read more

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

  • The most reliable: leading the industry in reliability by striving for ever increasing levels of punctuality, and driving down cancelled services and lost miles 
  • The safest: continually driving down accidents 
  • The environmental leader: leading the transition to zero emission vehicles 
  • The highest rated by our customers 
  • The employer of choice: a high performance culture that attracts and retains the best people

All underpinned by sophisticated technology and passionate and committed teams.

Read more about our KPIs

We are diversified and balanced

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 by 2030 
    • UK Coach and ALSA bus by 2035 
    • ALSA coach, Morocco and North America by 2040 
  • We have committed to never buy another diesel bus in the UK
  • Emissions targets are built into senior management incentives

Read more about our Environment work

We have a strong track record of delivering superior financial outcomes

In the 10 years prior to the pandemic, National Express delivered a revenue and profit compound annual growth rate of 6% and 7% respectively

Read more

Growing revenue...

Strong organic growth potential through modal shift opportunity as well as attractive pipeline of new contract and M&A opportunities

converting it to cash…

Industry-leading margins driven by a focus on operational excellence. Diversity and scale are an important factor in managing indirect costs, enabling us to optimise cost and quality across the Group’s supply base

and delivering cash flow…

The Group delivered an average of over £150 million of free cash flow each year prior to the pandemic and is targeting £1.25 billion of free cash flow from 2022 to 2027 inclusive

to fund returns and investment

We invest cash back into the operations to grow, having invested over £800 million* both organically and inorganically since 2015. In addition, over the five years prior to 2020, the Group returned £327 million* through dividends

Delivering for our stakeholders

Through this approach, we deliver for all our stakeholder groups.

*Five years to 2019 - proir 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

Our businesses

National Express operates transportation services in 11 countries.

Our strategy

Driving our business forward through our three strategic priorities.


ESG is part of our integrated strategy.