REG - Trainline PLC - TRADING STATEMENT AND NOTICE OF HALF YEAR RESULTS

TrainlineAnnouncement

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RNS Number : 8660Y  Trainline PLC  11 September 2025

 

TRAINLINE PLC TRADING STATEMENT

11(th) September 2025

Robust first half performance, improved profitability guidance and
announcement of an enhanced £150 million share buyback programme

Trainline plc ("Trainline", the "Company" or the "Group"), the leading
independent rail and coach travel platform selling tickets to millions of
customers worldwide, today provides an update on its trading performance for
the first six months of the financial year ended 2026 (1(st) March 2025 to
31(st) August 2025).

H1 FY2026 trading performance:

                         Six months to end of August

                         H1 FY2026  H1 FY2025  % YoY    % YoY CCY(1)
 Net ticket sales (£m)
 UK Consumer             2,127      1,969      +8%      +8%
 International Consumer  594        583        +2%      +2%
 Trainline Solutions     529        449        +18%     +18%
 Total Group             3,250      3,001      +8%      +8%

 Revenue (£m)
 UK Consumer             107        106        -        -
 International Consumer  34         33         +2%      +2%
 Trainline Solutions     94         90         +5%      +5%
 Total Group             235        229        +2%      +2%

 

1.      Constant Currency ("CCY") YoY growth calculated for
International Consumer and Trainline Solutions using the prior period average
€/£ exchange rate applied to current year reported numbers.

 

Jody Ford, CEO of Trainline said:

"Trainline has delivered robust performance in the first half and today
announces improved guidance for the full-year alongside an enhanced £150
million share buyback programme. Rail liberalisation in Europe continues to
demonstrate the value Trainline brings as the preeminent domestic aggregator,
most recently in Southeast France where increased carrier competition between
Paris, Lyon and Marseille has driven Q2 sales growth of 34%. At the same time,
Trainline Solutions has become a £1 billion sales business as we help more
clients of all sizes, from SMEs to the world's largest travel management
companies, ramp up business travel sales across Europe."

 

H1 FY2026 trading performance summary(2):

Group net ticket sales increased to £3.2 billion, 8% higher YoY, tracking
towards the upper end of Trainline's FY2026 guidance range for growth of
between 6% to 9%.

Group revenue was £235 million, growing 2% YoY, tracking towards the upper
end of Trainline's FY2026 guidance range for growth of between 0% to 3%.

UK Consumer net ticket sales were £2.1 billion, 8% higher YoY given continued
strength in leisure travel sales, commuter market recovery and the lapping of
strike action in the prior year. As expected, Trainline's growth was partly
offset by the first phase of Project Oval, TFL's expansion of its contactless
payment network. UK Consumer revenue was flat YoY at £107 million, primarily
reflecting the reduction in the headline commission rate in the UK in April
2025 (from 5.0% to 4.5%, as previously announced in 2022), plus the mix effect
of growing faster in on-the-day travel, which generates relatively lower rates
of revenue than longer-distance travel.

International Consumer net ticket sales were £594 million, up 2% YoY as
Trainline actively focused its marketing investment on European high-speed
routes with emerging carrier competition. This notably included the French
Southeast network, where Trainline's sales were up 34% YoY in Q2 as Trenitalia
expanded its services in the region. The ongoing impact from changes to
Google's search results page and to demand from US tourists continued to weigh
on foreign travel sales, which were down 2% YoY. International Consumer
revenue was £34 million, 2% higher than prior year. This reflected lower
foreign travel sales, which typically generate higher revenue per transaction
than sales to domestic customers, mitigated by Trainline's continued progress
in growing ancillary revenue (e.g. insurance).

Trainline Solutions net ticket sales were £529 million, 18% higher than prior
year. B2B Distribution was the fastest growing sub-segment, up 36% YoY,
reflecting strengthening business travel sales from travel management company
clients. This was particularly evident in Europe, where international B2B
sales through Trainline's Global API(3) were up 55%. Trainline Solutions
revenue increased by 5% YoY to £94 million, with the majority of its revenue
generated by the internal transaction fee paid by UK Consumer and
International Consumer(4).

Group EBITDA in H1 is expected to track above the top end of Trainline's
FY2026 guidance range of growth between 6% to 9%, reflecting the benefit of
Trainline's operating leverage and the cost optimisation exercise (executed by
Q4 FY2025).

Improved profitability guidance for FY2026:

For FY2026, Trainline reconfirms its year-on-year growth expectations for
Group net ticket sales (of between +6% and +9%) and Group revenue (of between
0% and +3%).

However, the Company now expects adjusted EBITDA to grow at the top end of its
previous guidance range (of between +6% and +9%).

Enhanced share buyback programme:

As at 5th September 2025, Trainline had acquired £71 million shares from its
existing £75 million share repurchase programme, supported by strong cash
generation. Since it launched its first buyback programme in September 2023,
Trainline has bought back and cancelled £196 million worth of shares
(representing 13% of issued share capital(5)).

Trainline has today announced that, once its existing repurchase programme
ends, it intends to launch an enhanced repurchase programme to buy up to an
additional £150 million shares within 12 months. If completed in full, it
would imply £350 million of shares being bought back and cancelled over a
three-year period.

Notice of half-year results:

The Company will publish its results for the first half of the financial year
2026 (the six-month period running from 1st March 2025 to 31st August 2025) on
Wednesday 5th November 2025.

The Half Year results will be published at 07.00am (UK time) through the
regulatory news service (RNS) and on the Company's website, followed by an
analyst presentation at 8.30am (UK time) which will also be accessible through
the Company's website.

 

Footnotes:

2.     Year-on-year (YoY) growth comparatives are on a constant currency
basis unless otherwise stated.

3.     More information on Trainline's Global API can be found here:
https://tps.thetrainline.com/our-products/global-api/
(https://tps.thetrainline.com/our-products/global-api/)

4.     The internal transaction fee is recorded as a contra-revenue in
segmental reporting for UK Consumer and International Consumer, and eliminated
on consolidation so does not form part of total Group revenues. This fee is
charged to UK Consumer and International Consumer businesses by Trainline
Solutions in order to access Platform One.

5.     Calculated by reference to the original number of shares in issue at
the start of Trainline's first share buyback programme in September 2023 (481
million shares).

 

 

Enquiries

For investor enquiries, Andrew Gillian
investors@trainline.com (mailto:investors@trainline.com)

For media enquiries, Hollie Conway
  press@trainline.com (mailto:press@trainline.com)

 

Brunswick Group

Simone Selzer
                                +44 207 404
5959 / trainline@brunswickgroup.com (mailto:trainline@brunswickgroup.com)

 

About Trainline:

Trainline (www.trainline.com) is the leading independent rail and coach travel
platform selling rail and coach tickets to millions of travellers worldwide,
enabling them to seamlessly search, book and manage their journeys all in one
place via its highly rated website and mobile app. Trainline is a one-stop
shop for rail and coach travel bringing together millions of routes, fares and
journey times from rail and coach carriers across Europe.

 

Unaudited figures:

All figures in this document are unaudited.

 

This announcement includes forward-looking statements. These forward-looking
statements involve known and unknown risks and uncertainties, many of which
are beyond the Group’s control and all of which are based on the
Directors’ current beliefs and expectations about future events.
Forward-looking statements are sometimes identified by the use of
forward-looking terminology such as “guidance”, “believe”,
“expects”, “may”, “will”, “could”, “should”, “shall”,
“risk”, “intends”, “estimates”, “aims”, “plans”,
“predicts”, “continues”, “assumes”, “positioned”,
“targets” or “anticipates” or the negative thereof, other variations
thereon or comparable terminology. These forward-looking statements include
all matters that are not historical facts and include statements regarding the
intentions, beliefs or current expectations of the Directors or the Group
concerning, among other things, the results of operations, financial
condition, prospects, growth, strategies, and dividend policy of the Group and
the industry in which it operates. No assurance can be given that such future
results will be achieved; actual events or results may differ materially as a
result of risks and uncertainties facing the Group. Such risks and
uncertainties could cause actual results to vary materially from the future
results indicated, expressed, or implied in such forward-looking statements.
Such forward-looking statements contained in this announcement speak only as
of the date of this announcement.

 

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