IN BRIEF: Mobico announces revised German rail contracts
Mobico Group PLC - Birmingham, England-based transportation company - Signs formal contracts with five German Public Transport Authorities in North Rhine-Westphalia and the adjacent regions. Says these implement structural changes to the Rhein-Munsterland Express and Rhein-Ruhr-Express contracts, as announced on January 29. At the time, it said the comprehensive agreement in principle, reached via its subsidiary National Express Rail GmbH, would enable the material reset and derisking of its German rail business.
Says on Friday that the RME contract, which covers the RE 7 and RB 48, has converted to a gross contract structure from January 1 to remove National Express’ revenue risk. The new gross contract terms will meet current industry norms, and the contract term has been extended by two years to 2032. The RRX contracts, meanwhile, cover lines RE 1, RE 5, RE 6, RE 11 and RE 4. Mobico says they are currently loss-making and will be shortened by three years, ending in 2030. Says this will enable a coordinated retendering aligned with North Rhine-Westphalia’s regional transport plan. Mobico intends to provide further details on the revised deals in its results for the 15 months ended March 31, which it expects to publish in July.
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