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, and adjusted EBITDA increased 44% to £82 million.

• Over 110 million transactions processed in H1, up 18%, with strong digital adoption in the U.K. and international growth led by Spain and Italy, where net ticket sales rose 23%.

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

• Strategic focus on supply aggregation, user experience, demand generation, and customer lifetime value across all markets.

• Basic EPS surged 160% to 7.5p, and adjusted basic EPS rose 80% to 9.9p.

Financial highlights

• Gross profit increased 20% year-over-year, reaching £197 million, outpacing revenue growth due to lower fulfilment fees.

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

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

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

• Capital expenditure was £22 million, focused on product and technology investment.

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 EBITDA margin expected to widen to 2.6%-2.7%.

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