Trainline (TRN) Investor presentation summary

Market position and scale

• Leading rail app in Europe with over 27 million customers and more than £6 billion in net ticket sales in FY2026.

• App rated 4.9/5 on iOS and is the most downloaded rail app in Europe.

• Integrates with over 270 rail and coach companies, offering travel across more than 40 countries.

• Holds a strong brand presence in the UK, with 90% of UK transactions via the mobile app.

• Significant market share in UK (65% of FY26 net ticket sales), with growing international and B2B segments.

Business units and growth opportunities

• Three main business units: UK Consumer, International Consumer, and Trainline Solutions (B2B).

• UK Consumer generated over £4 billion in FY2026 net ticket sales; International and Solutions each over £1 billion.

• International focus on liberalising markets in France, Italy, and Spain, targeting a €23 billion TAM by 2030.

• Trainline Solutions serves over 35,000 business clients, with strong growth in international B2B distribution.

• Strategic priorities include growing supply, enhancing customer experience, building demand, and increasing customer lifetime value.

Technology and AI strategy

• AI-powered features help customers navigate disruptions and provide real-time travel info.

• Proprietary data and AI enhance customer experience, drive demand, and accelerate innovation.

• Digital ticketing, multi-carrier journey planning, and seamless in-app experience create barriers to disintermediation.

• Ongoing integration of new carrier inventory as European rail markets liberalise.