Trainline Plc

Latest Results (02.12.2025):

Trainline Plc — FY2025 (full year / twelve months ended 28 February 2025): the company reported a record operating performance with group net ticket sales of £5.9bn (+12% YoY), revenue of £442m (+12% YoY CCY), adjusted EBITDA of £159m (+30%), operating profit of £86m (+54%) and basic EPS of 13.1p (adjusted EPS 19.2p). Operating free cash flow was £110m and net debt was £83m at year end. Results reflect strong UK performance, rapid Spanish growth and ongoing investment in its app and AI capabilities.

Financial headlines

Net ticket sales £5.9bn (+12% YoY); revenue £442m (+11% reported / +12% CCY); adjusted EBITDA £159m (+30%); operating profit £86m (+54%); basic EPS 13.1p (+80%), adjusted basic EPS 19.2p (+56%).

Profitability & margins

Adjusted EBITDA margin improved to 2.69% of net ticket sales (FY2024: 2.31%), reflecting operating leverage and cost discipline; operating profit up sharply after £9m exceptional cost-optimisation one-offs.

Cash flow & balance sheet

Operating free cash flow £110m (+20% YoY) after c.£43m capex; net debt £83m (leverage 0.5x adjusted EBITDA); capex mainly on product & technology investment across the last three years.

Capital allocation & buybacks

New £75m share repurchase programme launched 17 Mar 2025; £29m repurchased under this programme by end-April 2025 and £154m repurchased in total since Sept 2023 (≈11% of issued share capital).

Segment performance

UK Consumer: net ticket sales £3.9bn (+13%), revenue £208m (+12%) and adjusted EBITDA £88m (+36%). International Consumer: net ticket sales £1.055bn (+4% CCY), revenue £53m (+12% CCY) with continued app-led growth. Trainline Solutions: net ticket sales £941m (+20%), revenue £181m (+12%) and adjusted EBITDA £91m (+17%).

International growth — Spain & European strategy

Spain cited as the blueprint: Spanish net ticket sales nearly tripled in two years to €199m and Trainline’s share on top five high‑speed routes rose to 12% (from 5%). Company is preparing to scale aggregation playbook in France and Italy as liberalisation expands (liberalised France/Italy/Spain routes projected €12bn by 2030).

Product, app & AI progress

Active customer base 27m (18m in the UK). App enhancements cut time to purchase by 36%; launched an in‑app AI Travel Assistant and other AI initiatives to automate refunds and improve UX; app remains Europe’s most downloaded rail app.

Outlook & guidance for FY2026

Guidance expects FY2026 net ticket sales growth of 6–9%, revenue growth 0–3% (commission headwinds), and adjusted EBITDA growth broadly in line with net ticket sales (6–9%). Cited near-term headwinds include TfL contactless expansion, Google search changes and macro uncertainty for foreign travel.