Trainline Plc · LSE:TRN
Trainline — H1 FY2027 Earnings Presentation
36 slides from Trainline's earnings presentation, Nov 4, 2026
Slide 1: Half year results
Half year results For the six months ended 31 August 2026 4 November 2026 Private | Confidential 1
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Trainline plc (the “Company” and, together with its subsidiaries, the “Group”). For the purposes of this notice, “Presentation” means this document, its contents or any part of it, any oral presentation, any question or answer se
Slide 3: Agenda
Agenda 1. Introduction – Ian Brown, CEO 2. GBR update – Ian Brown, CEO 3. Financial performance – Pete Wood, CFO 4. Strategic progress – Pete Wood, CFO 5. Q&A 3
Slide 4: Ian Brown, CEO
Ian Brown, CEO Private | Confidential 4
Slide 5: Strong foundations, significant opportunity
Strong foundations, significant opportunity Scale & Loyalty Data & Tech Leadership Product, Team & Culture Europe’s most downloaded rail app, Unmatched customer data: >12 TB Innovation-led: driving faster, smarter serving 27 million customers processed daily, >400 searches / second ways of working T
Slide 6: A robust first half: International profitable, confident in outlook
A robust first half: International profitable, confident in outlook Strengthening UK customer loyalty: digital railcard users up 26% to over 3 million International Consumer profitable for the first time1, as we rebalance growth and profit Scaling B2B Distribution, led by International B2B up 45% St
Slide 7: Agenda
Agenda 1. Introduction – Ian Brown, CEO 2. GBR update – Ian Brown, CEO 3. Financial performance – Pete Wood, CFO 4. Strategic progress – Pete Wood, CFO 5. Q&A 7
Slide 8: GBR: Draft Code of Practice published October
GBR: Draft Code of Practice published 09 October An important step forward for UK rail retail • First regulatory framework governing how GBR interacts with all retail participants • Framework includes Retail Code of Practice, GBR Business Plan, Public Service Contract and GBR operating licence • Dra
Slide 9: Agenda
Agenda 1. Introduction – Ian Brown, CEO 2. GBR update – Ian Brown, CEO 3. Financial performance – Pete Wood, CFO 4. Strategic progress – Pete Wood, CFO 5. Q&A 9
Slide 10: UK Consumer resilient, notwithstanding fare freeze and other headwinds
UK UK Consumer resilient, notwithstanding fare freeze and Consumer other headwinds Net ticket sales (£m) +0.4% • Growth supported by strong underlying rail demand & fewer refunds following April 2026 policy change • No fare rise contribution in the half, given regulated fare freeze 2,127 2,136 • Par
Slide 11: International Consumer impacted by one-off factors, as we rebalance towards profit
International International Consumer impacted by one-off factors, as Consumer we rebalance towards profit Net ticket sales (£m) • Performance affected by external factors -3.7%1 - Middle East-driven softness in Foreign Travel - Weaker consumer sentiment in Spain post rail accidents - Weather and str
Slide 12: Trainline Solutions growth led by international B2B expansion
Trainline Trainline Solutions growth led by international B2B Solutions expansion Net ticket sales (£m) +3.3%1 548 529 • B2B Distribution fastest growing sub-segment, +22% - International B2B Distribution +45%, driven by c45% increasing client base diversification across Europe c50% • Growth partly
Slide 13: Flat NTS, with gross profit growing ahead of revenue
Flat NTS, with gross profit growing ahead of revenue Net ticket sales (£m) Revenue (£m) Gross profit (£m) +0.1%1 -0.9%1 +1.2% 3,250 3,263 235 233 195 193 529 548 94 97 89 93 594 579 34 34 23 25 2,127 2,136 107 102 80 77 H1 FY2026 H1 FY2027 H1 FY2026 H1 FY2027 H1 FY2026 H1 FY2027 1. Year-on-year grow
Slide 14: Marketing and other cost efficiencies offsetting inflation and continued investment in AI
Marketing and other cost efficiencies offsetting inflation and continued investment in AI Continued reduction in cost:income ratio OpEx and CapEx1 (£m) • Lower cost of sales, driven by reduced settlement costs and -5% customer service savings 161 153 69% of revenue 66% of revenue 20 • Marketing effi
Slide 15: EBITDA growth, despite UK fare freeze, and EPS growth includes buyback accretion
EBITDA growth, despite UK fare freeze, and EPS growth includes buyback accretion Adj. EBITDA growth reflects improving International Adj. EPS growth includes buyback accretion Consumer profitability Adj. EBITDA (£m) Adj. basic earnings per share (p) +7% +10% 13.8 93 100 12.6 51 48 6 50 46 (8) H1 FY2
Slide 16: Continued shareholder returns reflecting confidence in our long-term growth prospects
Continued shareholder returns reflecting confidence in our long- term growth prospects Expected cumulative share repurchases to c.£450m over a four-year period 500 Cumulative value of shares repurchased (£m) 45% 450 • Adjusted free cash flow of £45m in H1, with the YoY 450 40% movement impacted by t
Slide 17: CMA investigation
CMA investigation • Trainline operates across multiple regulatory frameworks, including the ORR and the CMA, each with its own requirements for how rail fares and fees are presented • Rail tickets are complex, and our booking flow simplifies fares to help customers choose • Booking fees calculated o
Slide 18: FY2027 Guidance
FY2027 Guidance Adj. EBITDA as % Underlying Net ticket sales: of net ticket sales: revenue: in the range of c.2.9% in the range of £6.20-6.45 billion with International £440-455 million Consumer now expected to be above breakeven 18
Slide 19: Agenda
Agenda 1. Introduction – Ian Brown, CEO 2. GBR update – Ian Brown, CEO 3. Financial performance – Pete Wood, CFO 4. Strategic progress – Pete Wood, CFO 5. Q&A 19
Slide 20: Trainline is the UK's #1 travel app, built on scale, trust and a rich set of features
UK Trainline is the UK’s #1 travel app, built on scale, trust and Consumer a rich set of features The UK’s #1 travel app1, built around frequent Combined with a market-leading user customer touch points experience Daily Active Users (millions)1 All fares and features Number one trusted in one 4.9-st
Slide 21: Making railcards easier to find and use, saving a customer an average £175 per year
UK Making railcards easier to find and use, saving a customer an Consumer average £175 per year Expanding upsell coverage and Growing adoption with targeted Increasing retention through simplifying eligibility partnerships, including Monzo timely renewal reminders 21
Slide 22: Railcards are our route to a growing installed base of high-value, high-frequency customers
UK Railcards are our route to a growing installed base of Consumer high-value, high-frequency customers As awareness and adoption grow, We’re also capturing a growing This is creating a highly frequent, so does the railcard market share of the railcard market sticky customer base Railcard userbase (
Slide 23: Unique features, powered by AI and our data, that know a customer's journey and build habits
UK Unique features, powered by AI and our data, that know a Consumer customer's journey and build habits • Features built for the moment: maps, live position and predictions, working together in one simple experience • Powered by our own data: search, booking, journey and after-sales • Customers are
Slide 24: We have added differentiated products that give customers more value, flexibility and convenience
UK We have added differentiated products that give Consumer customers more value, flexibility and convenience Trainline Flex: Advance fare with Turning customer scale into Together, driving strong growth in cancel for any reason insurance advertising and partnership revenue ancillary revenue UK Cons
Slide 25: We remain the most trusted brand in rail and are widening our reach
UK We remain the most trusted brand in rail and are widening Consumer our reach, particularly among younger cohorts Brand consideration significantly Campaigns increasingly focused on attracting outperforming all other online retailers1 younger audiences 51% 27% 02 Social media campaigns 12% 8% 7% 6
Slide 26: International remains an aggregation story: we are ready as each market opens
International International remains an aggregation story: we are Consumer ready as each market opens SE France Spain Rest of France Italy Germany Rest of Europe 21% 64% 15% of International net ticket sales of International net ticket sales of International net ticket sales Aggregator of choice; pro
Slide 27: Building strong foundations across Europe, using the UK playbook
International Building strong foundations across Europe, using the UK Consumer playbook Railcards building loyalty and lifetime value Ancillary revenue driving take rate French railcards up over 70% Take rate up c.30bps, as we roll YoY, driving acquisition, out ancillaries, including activation and
Slide 28: Carrier competition from 2028 is the catalyst to unlock a substantial opportunity
International Carrier competition from 2028 is the catalyst to unlock a Consumer substantial opportunity Spain • From one high-speed carrier brand to four since 2021, competing across the five largest routes Italy • SNCF to launch domestic services from mid-2028, linking €12bn €5bn Turin to Naples a
Slide 29: Trainline Solutions: Growing business travel through Distribution and Branded B2B
Trainline Trainline Solutions: Growing business travel through Solutions Distribution and Branded B2B • European rail is fragmenting as carrier APIs multiply; our Global API connects them • Corporates want more rail. Carriers want more B2B, with higher ATV and more first-class demand • Sustainabilit
Slide 30: We are executing on all three pillars of our AI strategy
AI We are executing on all three pillars of our AI strategy Strategy AI-powered products and features • >1m customers used AI assistance products in H1 Leveraging AI and proprietary data to enhance (Travel Assistant and Voice AI), up 20% customer experience • ROI-positive per conversation • Trainlin
Slide 31: Whichever route customers take, we are well placed, and our platform keeps them coming back
Whichever route customers take, we are well placed, and AI Strategy our platform keeps them coming back Vertically integrated: proprietary data and tools only at Trainline Seeking Committing Journeying Managing Which train Buying Live updates, travel Changes, refunds, and fare the ticket and disrupt
Slide 32: Trainline's structural advantages are hard to replicate
Trainline’s structural advantages are hard to replicate 1 2 Licensed, end-to-end retail Proprietary technology • Retail licence and direct integrations with platform and data carriers • Search, booking, journey and after-sales • Contracts, accreditations and bonding data in one place that take years
Slide 33: H1 delivery, confident in the outlook
H1 delivery, confident in the outlook Resilient H1: stable NTS, improving margin, ongoing shareholder returns Stronger UK proposition: better travel experience, clearer value, more flexibility Europe: continue to build strong foundations for growth AI: faster execution, a deeper competitive moat 33
Slide 34: Agenda
Agenda 1. Introduction – Ian Brown, CEO 2. GBR update – Ian Brown, CEO 3. Financial performance – Pete Wood, CFO 4. Strategic progress – Pete Wood, CFO 5. Q&A 34
Slide 35: Q&A
Q&A 35
Slide 36: Thank you
Thank you 36 Private | Confidential