Highlights

  • Trainline received buy ratings from both Berenberg and Panmure Liberum, accompanied by target prices of GBX 500 and GBX 480, respectively.
  • The company reported an 8% rise in group net ticket sales to GBP 3.2 billion and a 38% increase in operating profit for the half-year period.
  • Trainline upgraded its full-year adjusted EBITDA growth expectations to a range of 10% to 13% and continued its GBP 150 million share repurchase programme.

Trainline plc (LSE:TRN) has attracted positive attention from analysts after reporting improved profitability and continued growth in its half-year results for the period ended 31 August 2025. Berenberg issued a buy rating on the company with a target price of GBX 500, while Panmure Liberum also assigned a buy rating with a target price of GBX 480. The dual endorsements come as Trainline advances its position in the UK and European rail ticketing markets, supported by rising ticket sales, operational efficiencies and an expanding customer base.

Growth in Ticket Sales and Revenue

For the first half of FY2026, Trainline delivered an 8% YoY increase in group net ticket sales, reaching GBP 3.2 billion. Revenue rose 2% YoY to GBP 235 million, progressing toward the upper end of the company’s FY2026 guidance of 0% to 3% growth. While revenue growth was moderated by a previously disclosed commission rate reduction in the UK, the platform continued to see positive demand across domestic and international routes.

Gross profit increased 6% to GBP 193 million, supported by step reductions in central system costs and lower ticket fulfilment expenses. Trainline’s operating leverage and cost optimisation measures contributed to the financial performance during the period.

Profitability Improves in First Half

Trainline recorded a 14% rise in adjusted EBITDA to GBP 93 million, while operating profit increased 38% to GBP 68 million. Basic earnings per share rose sharply to 11.6 pence, up 54% year on year, and adjusted basic earnings per share reached 12.6 pence, an increase of 27%.

Adjusted free cash flow rose 2% to GBP 79 million, with working-capital movements balancing the growth in adjusted EBITDA. Marketing expenditure increased by 15% as the company concentrated on brand investment across European regions and supported customer acquisition initiatives in South-East France.

Strategic Expansion Across Europe

Trainline continued to expand its digital footprint, maintaining its position as Europe’s most downloaded rail app and growing its active customer base to 27 million. The company advanced its data-driven product rollouts in the UK, supporting navigation during rail disruption and increasing digital railcard adoption, which rose 12% to 2.5 million users.

In continental Europe, Trainline improved its presence on liberalising high-speed routes. Net ticket sales on South-East France’s high-speed network increased 34% in Q2, providing a foundation for future growth as competition expands across the broader French market. The business also sustained its leadership in Spain, balancing expansion with efficiency improvements.

The company’s B2B division, Trainline Solutions, delivered significant growth, with net ticket sales increasing 36% and international sales up 55%. The expansion of its partnership with AMEX GBT further supported traction within the corporate travel segment.

Guidance and Capital Management

Trainline expects net ticket sales growth of 6% to 9% for FY2026 and adjusted EBITDA growth of 10% to 13%, an upgrade to earlier guidance. The company continued its capital-return program, launching an enhanced GBP 150 million share repurchase initiative in September 2025. By the end of October, Trainline had repurchased GBP 15 million in shares under the new scheme, adding to the GBP 215 million acquired since 2023.