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Trainline (TRN) investor relations material
Trainline H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered robust first-half performance with 8% net ticket sales growth to £3.25 billion, improved profitability, and strong cash generation, leading to upgraded full-year profit guidance.
All three business units—UK Consumer, International Consumer, and Trainline Solutions—are market leaders and demonstrated growth, with strategic focus on digital innovation, AI, and expansion in liberalizing European rail markets.
Launched digital PayAsYouGo trial in the UK, leveraging proprietary geolocation technology to enhance service for commuters and on-the-day travelers.
The company remains Europe's most downloaded rail app, with 27 million active customers and continued expansion in B2B and international markets.
Financial highlights
Net ticket sales rose 8% year-over-year to £3.25 billion in H1 FY2026.
Revenue increased 2% to £235 million, with gross profit up 6% to £193 million.
Adjusted EBITDA grew 14% to £93 million, exceeding prior guidance.
Adjusted EPS up 27% to 12.6p; basic EPS up 54% to 11.6p.
Adjusted free cash flow was £79 million, up 2% year-over-year.
Outlook and guidance
Full-year FY2026 guidance: net ticket sales growth of 6%-9%, revenue growth of 0%-3%, and adjusted EBITDA growth of 10%-13%, raised from previous 6%-9%.
Guidance reflects strong H1 performance, improved profitability, and the impact of TFL contactless ticketing rollout in the UK.
Continued focus on cost discipline and marketing optimization, especially in international markets.
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