Trainline (TRN) H1 2026 earnings summary

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—demonstrated growth, with strategic focus on digital innovation, B2B expansion, and aggregation in liberalizing European markets.

• Launched digital Pay-As-You-Go trial in the UK, leveraging proprietary geolocation technology and enhancing service for commuters.

• Enhanced share buyback program announced, reflecting confidence in outlook and strong cash generation.

• Europe’s most downloaded rail app, with 27 million active customers and continued B2B and international expansion.

Financial highlights

• Net ticket sales grew 8% year-over-year to £3.25 billion; revenue up 2% to £235 million; gross profit up 6% to £193 million.

• Adjusted EBITDA increased 14% to £93 million, exceeding prior guidance; adjusted EPS up 27% to 12.6p.

• Adjusted free cash flow for the half was £79 million.

• Cost optimization delivered up to £12 million in annualized savings, offsetting UK commission rate reduction.

• Basic EPS climbed 54% to 11.6p; operating profit surged 38% to £68 million.

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 impact of TFL contactless ticketing rollout.

• Continued focus on cost discipline and marketing optimization, especially in international markets.