Half year results FY2027

Results for the six months ended 31 August 2026

Robust first half performance, International profitable, confident in outlook

4 November 2026

H1 FY2027 financial summary:

Ian Brown, CEO of Trainline said:

Trainline is a business with real strengths and structural advantages that are hard to replicate. Millions of customers come back to us because we take the complexities out of rail, saving them time, money and uncertainty. We have a talented team and culture that I am proud to be part of, with significant opportunities across the UK and Europe. Those strengths showed in the first half, despite multiple headwinds, and today we are reconfirming our full-year guidance. Rail is entering a new era with GBR, and the ORR’s draft Retail Code of Practice is an important step forward. It confirms fair, transparent and non-discriminatory access to fares, products, systems and data, and is a positive foundation for a fair and open retail market. But it needs further strengthening, and we are maintaining our assertive stance, actively engaging through the consultation and with Government. In the coming months I will be spending time with our key stakeholders and working with the team and the Board on our priorities, and I look forward to sharing my perspective.

Financial highlights:

• Group net ticket sales broadly flat year-on-year (YoY) at £3.3 billion; Group revenue 1% lower at £233 million, as expected, due to the impact of UK refund fees arising from a tightening of industry refund rules

• Adjusted EBITDA up 7% to £100 million, with International Consumer segment turning profitable5; operating profit down 5% at £64 million

• Basic earnings per share of 11.5p down 1%; adjusted basic earnings per share of 13.8p, up 10%, including the impact of share buyback programme

• New £100 million share buyback programme announced in September 2026

Strategic highlights:

• Maintained UK net ticket sales despite a regulated fare freeze and ongoing TOC self-preferencing, with UK revenue impacted by fare reform. Continuing to strengthen our UK proposition:

  • Over three million in-app active railcard holders, up 26% year-on-year6, delivering savings and deepening loyalty among our most valuable customers

  • Customers increasingly relying on Trainline to navigate disruption and plan smarter journeys; 91% of eligible travellers now see disruption features

  • Ancillary revenue up 22%, driven by new unique products, including insurance revenue up more than 100%

  • Trainline remains the UK’s most trusted rail brand7 as we continually expand our reach to a wider audience

• International Consumer profitable for the first time5, with continued confidence in future European aggregation opportunity:

  • France's South-East network continues to deliver double-digit net ticket sales growth, following Trenitalia’s expansion on routes last year

  • Progress on Channel Tunnel route liberalisation; on track for 2029-30

• Scaling Trainline Solutions: B2B Distribution net ticket sales up 22%, with international B2B distribution driving the growth up 45%

  • Four major EU Travel Management Company wins in H1

• Draft Retail Code of Practice published, establishing for the first time a framework for how third-party retailers interact with GBR

• Embedding AI across the business: agentic automation completing certain workflows, lead and cycle times across the business down 10% and more than one million customers using AI product features

FY2027 guidance maintained:

• Group net ticket sales of £6.2 billion to £6.45 billion

• Group underlying revenue8 of £440 million to £455 million

• Adjusted EBITDA as a % of net ticket sales at c.2.9%, with International Consumer now expected to be above breakeven⁵

Share buyback programme:

• Announced a new share buyback programme of up to £100 million in September to run over the subsequent 12-month period, following the completion of the previous £150 million share buyback programme

• As at 31 October 2026, repurchased £356 million shares in total since launching first buyback programme in September 2023 (28% of issued share capital9)

Unaudited figures:

All figures in this document are unaudited.

Footnotes

1. Please refer to the Non-GAAP Measures note for definition of net ticket sales.

2. Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) excludes share-based payment charges and exceptional items.

3. Please refer to Note 6 for definitions of adjusted basic earnings per share, basic earnings per share and diluted earnings per share.

4. Constant currency (“CCY”) YoY growth calculated for International Consumer and Trainline Solutions using prior period average €/£ exchange rate applied to current year reported numbers.

5. International Consumer Adjusted EBITDA on a post transaction fee basis.

6. Year-on-year growth of Trainline’s digital railcard user base in the United Kingdom to August 2026.

7. Brand consideration reflects the proportion of survey respondents, as sourced by YouGov, selecting Trainline as the brand from whom they would most likely consider buying a train ticket.

8. On 19 August, the Competition and Markets Authority (CMA) announced the opening of an investigation into the presentation of certain UK fees throughout the booking flow at Trainline. The investigation is at an early stage, and there are many variables involved in predicting the possible range of outcomes of the investigation and therefore to quantify any potential financial impact. Underlying revenue excludes any potential non-recurring revenue adjustments on statutory revenue that may arise as an outcome of this investigation.

9. 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).

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