Trainline (TRN) Trading Update summary

Trading performance highlights

• Group net ticket sales rose 14% YoY to £3.0 billion, surpassing guidance of 8–12% growth.

• Group revenue increased 17% YoY to £229 million, above the 7–11% guidance range.

• UK Consumer net ticket sales grew 15% YoY to £2.0 billion, with digital ticket penetration reaching 51%.

• International Consumer net ticket sales rose 6% YoY to £583 million, with Spain and Italy up 23% combined.

• Trainline Solutions net ticket sales increased 19% YoY to £449 million, driven by strong white label carrier sales.

Guidance and outlook

• Full-year net ticket sales and revenue growth now expected at the top end of guidance ranges.

• Adjusted EBITDA is anticipated to exceed the previously stated guidance range.

• Improved performance attributed to innovation, increased digital adoption, and reduced strike impact.

Operational and market trends

• UK digital ticket adoption increased, with eticket penetration up from 46% to 51% YoY.

• International app transactions grew to 67% of sales, up from 62% last year.

• Web sales in International Consumer subdued due to changes in Google search result presentation.

• Spain saw net ticket sales triple over two years, with over one million customers in the last 12 months.