Trainline (TRN) Trading Update summary

Trading performance highlights

• Net ticket sales reached £5.9 billion, up 12% year-on-year, with UK Consumer sales rising 13% and International Consumer up 4% at constant currency.

• Revenue grew 12% to £442 million, with UK Consumer revenue up 12% and International Consumer revenue up 12% at constant currency.

• Trainline Solutions saw net ticket sales increase 20% to £941 million, driven by strong B2B distribution and white label carrier sales.

• Digital ticket adoption in the UK rose to 52%, and digital railcard customers increased 9% to 2.3 million.

• On-the-day bookings now represent 69% of UK Consumer transactions, up from 66% last year.

Strategic and operational developments

• Share buyback programme expanded, with £119 million of shares repurchased to date and a new £75 million programme announced.

• Adjusted EBITDA as a percentage of net ticket sales expected to be marginally ahead of 2.6%, with FY2026 guidance at 2.6–2.7%.

• UK market growth supported by reduced strike impact and increased digital engagement, including a partnership with Monzo.

• International growth led by mobile app usage (69% of transactions) and strong performance in Spain (+41% YoY).

• B2B Global API sales grew about 60% YoY, supporting international expansion.

Regulatory and market environment

• UK Government launched consultation on establishing Great British Rail (GBR), considering a public sector retail platform.

• GBR retailing not expected before 2027; government committed to fair, open, and competitive markets.

• Trainline actively engaging with government to ensure competitive safeguards for independent retailers.

• Ongoing investment in generative AI to enhance customer experience and maintain market leadership.