Trainline (TRN) H2 2025 earnings summary

Executive summary

• Achieved record net ticket sales of £6 billion and revenue of £442 million, both up 12% year-over-year.

• Adjusted EBITDA increased 30% to £159 million, reflecting strong top-line growth and operating leverage.

• U.K. net ticket sales grew 13%, driven by digital ticket adoption and e-ticket penetration reaching 52%.

• International B2B distribution sales grew 63% year-over-year, with strong momentum in Spain.

• Continued product innovation, including AI-powered travel assistant and enhanced app features.

Financial highlights

• Net ticket sales: £6 billion (+12% YoY); Revenue: £442 million (+12% YoY); Gross profit: £397 million (+15% YoY).

• Adjusted EBITDA: £159 million (+30% YoY); Adjusted EPS: £0.19, up 56% YoY.

• Operating free cash flow: £110 million; £154 million of shares repurchased since September 2023.

• Cost-to-income ratio improved to 64% in FY2025 from 69% in FY2024.

• CapEx: £43 million, with next year expected at £50 million including London office relocation.

Outlook and guidance

• Net ticket sales expected to grow 6%-9% in the coming year.

• Revenue growth expected between 0%-3% due to a reduction in U.K. commission rates and TFL contactless rollout.

• Adjusted EBITDA projected to grow in line with net ticket sales (6%-9%).

• Continued investment in product, tech, and international expansion.