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

  FY2021A FY2022F FY2023F
Net ticket sales (£m)      
UK Consumer 473 1,793 2,557
Trainline Partner Solutions 75 277 544
Total UK 548 2,071 3,101
International 235 416 717
Total Group 783 2,487 3,818
Revenue (£m)      
UK Consumer 44 148 209
Trainline Partner Solutions 12 14 25
Total UK 56 162 234
International 11 21 37
Total Group 67 183 271

Adjusted EBITDA (£m)1
Total Group




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

Last updated 15 March 2022. Based on the eleven analysts that have published numbers post the H1 FY2022 results announcement.

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 Owen Shirley
Deutsche Bank Simon Davies
JP Morgan Marcus Diebel
Liberum Ciaran Donnelly
Morgan Stanley Miriam Adisa, Navina Rajan
Numis Gareth Davies
Panmure Gordon Alex Chatterton
Peel Hunt James Lockyer
Stifel Mark Irvine-Fortescue
UBS Ivar Billfalk-Kelly