Trainline (TRN) Q2 2027 TU earnings summary

Executive summary

• Delivered robust first half performance for H1 FY2027, with group net ticket sales flat year-over-year at £3.3 billion and underlying revenue down 1% to £233 million.

• Announced a new £100 million share buyback programme, following completion of a previous £350 million buyback representing 28% of issued share capital.

• CEO transition announced, with Jody Ford handing over to Ian Brown.

Financial highlights

• UK Consumer net ticket sales were flat at £2.1 billion, supported by strong rail demand and lower refunds, but offset by fare freeze, weather disruptions, and strikes.

• International Consumer net ticket sales declined 4% year-over-year to £579 million, impacted by rail accidents in Spain, geopolitical tensions, and reduced marketing spend.

• Trainline Solutions net ticket sales grew 3% to £548 million, driven by strong B2B distribution, especially international B2B up 45%.

• Group Adjusted EBITDA as a percentage of net ticket sales for H1 FY2027 is expected to be slightly ahead of the full year guidance of approximately 2.9%.

Outlook and guidance

• FY2027 guidance reconfirmed: group net ticket sales expected between £6.2 billion and £6.45 billion, underlying revenue between £440 million and £455 million, and Adjusted EBITDA at approximately 2.9% of net ticket sales.

• International Consumer expected to breakeven on an Adjusted EBITDA basis for FY2027.