Trainline PLC, Europes leading rail app, reported strong financial and operational performance for the six months ended August 31, 2025. Here’s a summary of the key highlights
### **Financial Performance**
**Net Ticket Sales**Increased by 8% year-on-year (YoY) to £3.25 billion, driven by strong leisure travel and market recovery in commuter travel.
**Revenue**Grew by 2% to £235 million, despite a previously announced commission rate reduction in the UK.
**Adjusted EBITDA**Rose by 14% to £93 million, with cost savings offsetting the impact of the commission rate reduction.
**Operating Profit**Surged by 38% to £68 million.
**Earnings Per Share (EPS)**Basic EPS increased by 54% to 11.6p, while adjusted basic EPS grew by 27% to 12.6p.
**Adjusted Free Cash Flow**Increased by 2% to £79 million.
### **Strategic Highlights**
**Market Leadership**Trainline remains Europes most downloaded rail app with 27 million active customers.
**UK Market**Strengthened position as the UKs #1 travel app, with a 44% share of 16-30 railcard users and record brand consideration scores.
**European Expansion**
34% growth in Q2 on the SE French high-speed network, positioning Trainline as a key aggregator in the €11 billion French market.
#1 rail aggregator in Spainbalancing growth and profitability.
**B2B Growth**Trainline Solutions B2B Distribution business saw net ticket sales grow by 36%, with international sales up 55%. Expanded partnership with AMEX GBT, the worlds largest TMC.
**Innovation**Launched data and AI-driven features to navigate rail disruptions, including a Travel Forecast and AI Travel Assistant.
**DPAYG Trial**Launched a digital pay-as-you-go (DPAYG) trial in the UK, with positive early feedback.
### **Future Outlook**
**FY2026 Guidance**
Net ticket sales growth of 6%-9%.
Revenue growth of 0%-3%.
Adjusted EBITDA growth of 10%-13%up from the original 6%-9% guidance.
**Share Repurchase Programme**Launched an enhanced £150 million share repurchase programme, with £15 million repurchased as of October 2025.
### **Management Commentary**
CEO Jody Ford emphasized Trainlines leadership in Europe, expansion in business travel, and innovation in making travel simpler, better value, and more sustainable. The company raised its EBITDA guidance for FY2026 based on strong H1 performance.
### **Conclusion**
Trainline delivered robust H1 FY2026 results, driven by operational efficiency, strategic market expansion, and technological innovation. The company is well-positioned for continued growth, with improved profitability expectations and a focus on enhancing customer experience and market leadership.
| Metric | H1 FY2026 | H1 FY2025 | YoY Change |
|---|---|---|---|
| Net Ticket Sales (£m) | 3,250 | 3,001 | +8% |
| Revenue (£m) | 235 | 229 | +2% |
| Adjusted EBITDA (£m) | 93 | 82 | +14% |
| Operating Profit (£m) | 68 | 49 | +38% |
| Net Debt (£m) | 111 | 83 | +34% |
| Leverage Ratio (x) | 0.7 | 0.5 | +0.2 |
Key Observations:
- Net ticket sales increased by 8% YoY, driven by strong operating performance in Europe.
- Revenue grew by 2% YoY, despite a commission rate reduction in the UK.
- Adjusted EBITDA increased by 14% YoY, due to cost savings and operating leverage.
- Net debt increased by 34% YoY, primarily due to share repurchases and a new office lease.
- Leverage ratio increased from 0.5x to 0.7x, still within covenant limits.