Trainline (TRN) H1 2025 earnings summary

Executive summary

• Net ticket sales rose 14% year-over-year to £3 billion, with revenue up 17% to £229 million, both ahead of guidance.

• Adjusted EBITDA increased 44% to £82 million, reflecting strong operating leverage.

• Processed over 110 million transactions in H1, up 18% year-over-year, with strong digital adoption in the U.K. and international growth led by Spain and Italy.

• U.K. e-ticket penetration reached 51%, and commuter segment share grew to 24%.

• International net ticket sales in Spain and Italy rose 23% year-over-year, while France and Germany slowed due to paused marketing and search engine changes.

Financial highlights

• Gross profit increased 20% year-over-year, reaching £197 million.

• Operating free cash flow reached £100 million, with leverage reduced to 0.2x EBITDA.

• Share buybacks totaled £83 million, about 6% of issued share capital.

• Cost-to-income ratio reduced by five percentage points year-over-year.

• Ancillary revenue from hotels and insurance tripled year-over-year.

Outlook and guidance

• Upgraded FY2025 guidance: net ticket sales growth of 12%-14%, revenue growth of 11%-13%, and adjusted EBITDA margin of ~2.6%.

• FY2026 adjusted EBITDA margin guided to 2.6%-2.7%.

• Cost optimisation in H2 to generate £12 million annual cash savings, with £8 million in operating expenses.