Trainline plc (LON:TRN) has announced its results for the twelve months ended 28 February 2025.
Record operating performance from Europe’s number one rail app
FY2025 financial summary:
| £m unless otherwise stated: | FY2025 | FY2024 | % YoY | % YoY CCY5 |
| Net ticket sales1 | 5,907 | 5,295 | +12% | +12% |
| Revenue | 442 | 397 | +11% | +12% |
| Adjusted EBITDA2 | 159 | 122 | +30% | |
| Operating profit | 86 | 56 | +54% | |
| Adjusted basic earnings per share (pence)3 | 19.2 | 12.3 | +56% | |
| Basic earnings per share (pence)3 | 13.1 | 7.3 | +80% | |
| Operating free cash flow4 | 110 | 91 | +20% |
Financial highlights:
· Group net ticket sales up 12% year on year5 to £5.9 billion; revenue up 12%5 to £442 million
· Adjusted EBITDA up 30% to £159 million (2.69% of Group net ticket sales vs. 2.31% in FY2024) reflecting operating leverage and cost management; operating profit up 54% to £86 million
· Basic earnings per share of 13.1p up 80%; adjusted basic earnings per share of 19.2p, up 56%; Operating free cashflow up 20% to £110 million
Strategic highlights:
· Europe’s most downloaded rail app6; total active customer base of 27 million7
· Driving digitisation of UK rail with 18 million active customers7:
o Eticket penetration8 of industry ticket sales increased from 47% to 52%
o Digital railcard customers up 9% to 2.3 million, with share of 16-25 and 26-30 railcard users at 43%
o New App homepage reducing time to purchase by 36%
o Supercharging user experience with AI, launching in-app AI Travel Assistant
· Pursuing significant long-term opportunity in Europe; successfully honing aggregation playbook in Spain, to deploy in France & Italy as those markets liberalise:
o €12 billion projected industry sales9 by 2030 on liberalised high-speed routes in France, Italy & Spain expected to provide catalyst for Trainline to scale in Europe
o Net ticket sales in Spain almost tripled in two years to €199 million, with our share on top five aggregated routes increasing from 5% to 12%10
o Scaled brand awareness in Spain from 8% to 31% in less than three years
o Positive sales performance on French South-East network ahead of Trenitalia expanding services this summer
· Scaling International B2B Distribution through our Global API, with net ticket sales up 63%11
Capital allocation:
· Launched new £75 million share repurchase programme on 17th March 2025, following the completion of previous £75 million programme
· As at the end of April 2025, £29 million shares repurchased under the new £75 million programme; £154 million shares repurchased in total since launching first buyback programme in September 2023
Jody Ford, CEO of Trainline said:
“Our sustained investment in tech innovation over the last three decades is delivering for customers, driving industry growth and is reflected in our performance with net ticket sales up 12% year-on-year to £6 billion. Spain offers a powerful blueprint for Europe, where net ticket sales have nearly tripled in two years. Looking ahead, liberalised routes across Europe will be worth €12 billion by 2030, almost three times their size today. In the UK we remain the number one travel app and continue to innovate, including leveraging AI, to shift more people towards greener, digital-first rail travel, which now represents over 50% of industry ticket sales.”
Presentation of results
There will be a live webcast presentation of the results to analysts and investors at 09:00am GMT today (7 May 2025). Please register to participate at Trainline’s investor website: https://webcast.openbriefing.com/trainline-fy25/
