Trainline (TRN) H1 2026 TU earnings summary

Executive summary

• Delivered robust first half performance with group net ticket sales up 8% year-over-year to £3.2 billion, and revenue up 2% to £235 million for the six months ending August 2025.

• Improved full-year profitability guidance and announced an enhanced £150 million share buyback programme.

Financial highlights

• UK Consumer net ticket sales rose 8% year-over-year to £2.1 billion, with revenue flat at £107 million due to a reduced commission rate and travel mix.

• International Consumer net ticket sales increased 2% to £594 million, with revenue also up 2% to £34 million.

• Trainline Solutions net ticket sales surged 18% to £529 million, with revenue up 5% to £94 million.

• Group EBITDA for H1 expected to exceed the top end of guidance (6%-9% growth), reflecting operating leverage and cost optimisation.

Outlook and guidance

• Full-year guidance reconfirmed: group net ticket sales growth of 6%-9% and revenue growth of 0%-3%.

• Adjusted EBITDA now expected at the top end of the previous 6%-9% growth range.