Based on our discussions with the sell-side analysts who publish research on Trainline shares, our understanding of current market consensus is as follows:

  FY2024A FY2025F FY2026F FY2027F
Net ticket sales (£m)        
UK Consumer 3,469 3,743 3,989 4,246
International Consumer 1,041 1,183 1,354 1,564
Trainline Solutions 785 885 972 1,051
Group 5,295 5,812 6,315 6,862
Revenue (£m)        
UK Consumer 209 218 214 226
International Consumer 53 63 74 86
Trainline Solutions 135 148 160 173
Group 397 429 448 486
Adjusted EBITDA (£m)1        
UK Consumer 86 90 89 96
International Consumer (17) (11) (7) (2)
Trainline Solutions 53 62 67 75
Group 122 141 150 168

1 Adjusted EBITDA excludes exceptional items and share-based payment charges.

Last updated 6 June 2024. Based on the nine analysts that have published numbers post post Trainline's full year results announcement on 3 May 2024 and correctly accounted for the commission rate adjustment in UK Consumer from FY26 onwards. 

The financial forecasts presented above have not been prepared by and are not endorsed in any way by Trainline plc (“Trainline”). Trainline has not verified or commented on any individual estimates, nor does it intend to do so in the future. Trainline assumes no responsibility to update, revise or otherwise comment on any of the information contained in these forecasts. It should be noted that financial forecasts are, by definition, forward looking, and are therefore subject to various risks and uncertainties which are subject to change at any time.

Analysts covering Trainline

Sell-side house Analyst
Barclays Andrew Ross
Berenberg Ciarán Donnelly
BNP Paribas Exane Alistair Johnson
Canaccord Karl Burns
JP Morgan Marcus Diebel
Morgan Stanley Miriam Josiah
Numis Gareth Davies
Panmure Gordon Lena Thakker
Peel Hunt James Lockyer
Shore Capital Katie Cousins
Stifel Mark Irvine-Fortescue
UBS Ivar Billfalk-Kelly