Trainline PLC (TRN) has published its results for the six months ended 31 August 2026, reporting adjusted EBITDA up 7% to £100 million on group net ticket sales of £3.3 billion. A landmark milestone was reached as the International Consumer segment turned profitable for the first time. The company has reconfirmed its full-year FY2027 guidance and announced a new £100 million share buyback programme, while continuing to engage with an ongoing CMA investigation into the presentation of booking fees.

Key Points

  • Trainline PLC (TRN) — UK-listed rail ticketing platform operating across the UK and Europe
  • Adjusted EBITDA rose 7% to £100 million; group revenue fell 1% to £233 million due to UK refund fee rule changes
  • International Consumer segment profitable for the first time; adjusted basic EPS up 10% to 13.8p; FY2027 guidance reconfirmed
  • Investors will be watching progress on the CMA investigation, GBR retail framework consultation, and Channel Tunnel route liberalisation

Trainline's UK Consumer Segment Delivers Resilience Amid Fare Reform and TOC Self-Preferencing

UK Consumer net ticket sales reached £2,136 million in H1 FY2027, broadly flat year-on-year despite a regulated fare freeze and the phased roll-out of single leg pricing, which reduced average transaction values. Group revenue fell 1% to £233 million, an outcome the company states was expected and attributable to changes in industry refund rules. Ancillary revenue grew 22%, driven by new products including insurance revenue, which more than doubled. Active digital railcard holders in the app surpassed three million, up 26% year-on-year, with Trainline now representing 36% of all UK railcard users. The company retained its position as the UK's most trusted rail brand by brand consideration, according to YouGov survey data cited in the announcement.

International Consumer Profitable for the First Time as France and B2B Distribution Drive Growth

The International Consumer segment reaching profitability on a post-transaction-fee adjusted EBITDA basis represents a significant strategic milestone for Trainline. France's South-East high-speed network delivered continued double-digit net ticket sales growth, more than a year after Trenitalia expanded services between Paris and Marseille. French railcard sales grew over 70% year-on-year. Meanwhile, Trainline Solutions' B2B Distribution net ticket sales grew 22%, with international B2B distribution up 45%, supported by four major EU travel management company wins in the half. International B2B sales are on track to overtake the UK business by year end, the announcement states.

CMA Investigation and GBR Retail Code of Practice Remain Key Regulatory Risks for Trainline

The Competition and Markets Authority opened a formal investigation in August 2026 into the presentation of certain UK booking fees throughout Trainline's checkout flow. The company states it is engaging proactively with the CMA and ORR seeking swift resolution, but acknowledges it cannot quantify the potential financial impact. Separately, the ORR published a draft Retail Code of Practice in October 2026 establishing how third-party retailers will interact with Great British Railways. Trainline welcomes the framework as a positive foundation but states it requires further strengthening, particularly around equivalence of treatment with GBR's own online retail operation, and is maintaining what it describes as an assertive engagement stance.

FY2027 Guidance Reconfirmed and £100 Million Buyback Programme Under Way

Trainline has reconfirmed full-year FY2027 guidance of group net ticket sales between £6.2 billion and £6.45 billion, with group underlying revenue of £440 million to £455 million, and adjusted EBITDA as a percentage of net ticket sales at approximately 2.9%. International Consumer is now expected to be above breakeven for the full year. A new £100 million share buyback programme announced in September 2026 follows the completion of a previous £150 million programme. As at 31 October 2026, Trainline had repurchased £356 million in shares in total since launching its first buyback in September 2023, equating to 28% of the original issued share capital.