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

  FY2025A FY2026F FY2027F FY2028F
         
Net ticket sales (£m)        
UK Consumer 3,912 4,204 4,436 4,680
International Consumer 1,055 1,115 1,217 1,349
Trainline Solutions 941 1,019 1,103 1,119
Group 5,907 6,338 6,757 7,149
         
Revenue (£m)        
UK Consumer 208 198 207 215
International Consumer 53 56 62 68
Trainline Solutions 181 196 209 220
Group 442 450 477 504
         
Adjusted EBITDA (£m)1        
UK Consumer 88 84 87 89
International Consumer (20) (18) (18) (17)
Trainline Solutions 91 105 113 120
Group 159 170 182 192


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

Last updated 08 July 2025. Based on estimates from 12 analysts who have published post FY2025 results.

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
Deutsche Bank Numis* Gareth Davies
Investec Alastair Reid
JP Morgan Lara Simpson
Morgan Stanley* Ed Young
Peel Hunt James Lockyer
Shore Capital Katie Cousins
Stifel Peter McNally

UBS

Ivar Billfalk-Kelly
*Corporate Broker to Trainline plc