Trainline (TRN) H2 2026 earnings summary

Executive summary

• Delivered robust operating performance with double-digit EBITDA growth, significant EPS increase, and strong cash generation, supported by ongoing share buybacks.

• Maintained leadership in the U.K. rail app market, expanded international aggregation, and grew B2B sales, particularly in Europe.

• Advanced AI strategy, integrating AI-powered features and digital railcards to enhance customer experience and operational efficiency.

• Navigated regulatory changes in the U.K., engaging with government on fair market access and preparing for the GBR online retail transition.

• Strategic focus on scaling three market-leading business units: UK Consumer, International Consumer, and Trainline Solutions.

Financial highlights

• Group net ticket sales grew 7% to £6.3 billion year-over-year; revenue up 2% to £453 million; gross profit increased 6%.

• Adjusted EBITDA rose 11% to £177 million, with cost-to-income ratio reduced by 4 points to 70%.

• EPS has more than quadrupled over three years, reaching 19.4p in FY2026, with a CAGR of 62%.

• Share buybacks totaled £294 million since September 2023, representing 23% of issued share capital.

Outlook and guidance

• FY2027 guidance: net ticket sales expected at £6.2–£6.45 billion, revenue at £440–£455 million, and adjusted EBITDA margin at ~2.9%, with International Consumer expected to reach breakeven.

• Near-term headwinds include self-preferencing by operators, Project Oval, and macro uncertainties in international travel.

• Anticipate further growth as regulatory headwinds unwind and new market opportunities emerge, especially with upcoming liberalization in France and Italy.