Trainline plc (LON:TRN) has announced its results for the six months ended 31 August 2025
Strong operating performance from Europe’s number one rail app
H1 FY2026 financial summary:
| £m unless otherwise stated: | H1 FY2026 | H1 FY2025 | % YoY | % YoY CCY5 |
| Net ticket sales1 | 3,250 | 3,001 | +8% | +8% |
| Revenue | 235 | 229 | +2% | +2% |
| Adjusted EBITDA2 | 93 | 82 | +14% | |
| Operating profit | 68 | 49 | +38% | |
| Adjusted basic earnings per share (pence)3 | 12.6 | 9.9 | +27% | |
| Basic earnings per share (pence)3 | 11.6 | 7.5 | +54% | |
| Adjusted free cash flow4 | 79 | 77 | +2% |
Financial highlights:
· Group net ticket sales up 8% year on year (YoY) to £3.2 billion; revenue up 2% to £235 million given previously announced commission rate reduction in UK6
· Adjusted EBITDA up 14% to £93 million, with cost savings more than offsetting impact from commission rate reduction6; operating profit up 38% to £68 million
· Basic earnings per share of 11.6p up 54%; adjusted basic earnings per share of 12.6p, up 27%
· Adjusted free cash flow of £79 million up 2%, with working capital movements offsetting growth in adjusted EBITDA
Strategic highlights:
· Europe’s most downloaded rail app7; total active customer base of 27 million8
· Extending market leadership and deepening the competitive moat of UK’s #1 travel app9:
o Launching flagship set of data and AI-driven features to navigate rail disruption
o Digital railcard customers up 12% to 2.5 million; share of 16-30 railcard users at 44%
o Brand consideration score at record level, significantly above other online retailers10
· Deploying aggregation playbook on liberalising European high-speed rail routes:
o 34% Q2 growth on SE French high-speed network11; provides future aggregation gateway to €11 billion French market12 once carrier competition expands nationwide
o #1 rail aggregator in Spain; now evolving balance between growth and profitability
· Scaling Trainline Solutions’ sales across UK & Europe through our B2B Distribution business:
o B2B Distribution net ticket sales up 36%, with International sales up 55%
o Recently expanded partnership with AMEX GBT, the world’s largest TMC
· DPAYG trial went live in September in UK – early feedback highly positive and encouraging
Further improved profitability expectations14:
In FY2026, we expect Trainline to generate:
· Net ticket sales growth YoY of between +6% and +9%
· Revenue growth YoY of between 0% and +3%
· Adjusted EBITDA growth YoY of between +10% and +13%, up from our original guidance of +6% to +9%.
Share repurchase programme:
· Launched enhanced share repurchase programme on 22nd September 2025 of up to £150 million, following the completion of previous £75 million programme.
· As at the end of October 2025, repurchased £15 million shares under the new £150 million programme and £215 million shares in total since launching first buyback programme in September 2023 (15% of issued share capital15)
Jody Ford, CEO of Trainline said:
“We are already Europe’s number one most downloaded rail App and now we are expanding our business travel sales too, with Trainline Solutions Distribution business growing 55% in Europe. Each of our businesses are leaders in their respective markets with significant scope for future growth as we innovate to make travel simpler, better value and more sustainable for millions of people. Given the strength of our first half performance, we are again raising our EBITDA guidance for the full year.”
Presentation of results
There will be a live audiocast presentation of the results to analysts and investors at 08:30am GMT today (5 November 2025). Please register to participate: https://webcast.openbriefing.com/trainline-hy26/
If participants wish to ask a question, they can register to dial into the telephone conference call using the details below:
United Kingdom (Local): +44 20 3936 2999
United Kingdom (Toll-Free): +44 808 189 0158
Global Dial-In Numbers
Access Code: 479413
