Highlights

  • Group net ticket sales rose 8% YoY to GBP 3.25bn; revenue increased 2% to GBP 235m.
  • Adjusted EBITDA reached GBP 93m, up 14%, while operating profit rose 38% to GBP 68m.
  • B2B Distribution sales grew 36%, with international sales up 55% across UK and Europe.

Trainline plc (LSE:TRN) reported its results for the six months ended 31 August 2025, with net ticket sales increasing 8% YoY to GBP 3.25bn. Revenue grew 2% to GBP 235m, reflecting the previously announced UK commission rate reduction.

Adjusted EBITDA rose 14% to GBP 93m, with cost savings offsetting the impact of the commission adjustment. Operating profit increased 38% to GBP 68m. Basic earnings per share were 11.6p, up 54% YoY, while adjusted basic EPS was 12.6p, up 27%. Adjusted free cash flow reached GBP 79m, a 2% increase, with working capital movements offsetting EBITDA growth.

Market Position and Strategic Initiatives

Trainline remained Europe’s most downloaded rail app, with 27 million active customers. The company highlighted the launch of AI- and data-driven features aimed at managing rail disruption. Digital railcard customers rose 12% to 2.5 million, with 44% of 16–30 railcard users choosing Trainline. Brand consideration scores reached record levels, above other online retailers.

On European high-speed rail networks, Trainline reported 34% Q2 growth on the SE French network, providing future access to the €11bn French market as carrier competition expands. In Spain, Trainline is the leading rail aggregator, focusing on balancing growth and profitability.

B2B Distribution Growth

Trainline Solutions’ B2B Distribution business showed continued growth, with net ticket sales up 36% and international sales up 55%. The company expanded its partnership with AMEX GBT, supporting European business travel sales. The UK DPAYG trial launched in September, with early feedback described as positive.

Updated FY2026 Guidance

Based on H1 performance, Trainline expects FY2026 net ticket sales growth of 6–9% YoY, revenue growth of 0–3% YoY, and adjusted EBITDA growth of 10–13%, up from previous guidance of 6–9%.

Share Repurchase Programme

Trainline launched an enhanced share repurchase programme of up to GBP 150m on 22 September 2025. As of October 2025, GBP 15m of shares had been repurchased under the new programme, with a total of GBP 215m repurchased since September 2023, representing 15% of issued share capital.

Share performance of TRN

TRN’s shares traded at GBX 267.80 per share on 05 November 2025, up by 5.27% from its previous close of GBX 254.40.