Trainline PLC (LSE:TRN) reported a 7% increase in adjusted EBITDA to £100 million for the six months ended 31 August 2026, despite a 1% decline in revenue to £233 million, as its International Consumer business achieved profitability for the first time.
The rail ticketing platform maintained its full-year financial guidance, with group net ticket sales broadly unchanged at £3.26 billion during the first half.
Half-Year Financial Performance
Trainline reported net ticket sales of £3.26 billion, compared with £3.25 billion in the corresponding period last year.
Revenue decreased to £233 million from £235 million, reflecting the impact of changes to UK rail industry refund rules.
Adjusted EBITDA increased to £100 million from £93 million, while operating profit declined 5% to £64 million from £68 million.
Adjusted basic earnings per share rose 10% to 13.8 pence, compared with 12.6 pence a year earlier, including the effect of the company’s share repurchase programme.
Statutory basic earnings per share decreased slightly to 11.5 pence from 11.6 pence.
UK Operations and Customer Growth
Trainline maintained UK net ticket sales despite a regulated rail fare freeze and competitive pressures from train operating companies.
The company reported more than three million active Railcard holders using its app, representing a 26% year-on-year increase.
Ancillary revenue grew 22%, supported by additional products and services, including insurance revenue that more than doubled.
Trainline also expanded its disruption management features, with 91% of eligible travellers now able to access these tools.
Management continues to engage with the UK government and regulators regarding the proposed Retail Code of Practice governing third-party ticket retailers under Great British Railways.
International Consumer Business Reaches Profitability
Trainline’s International Consumer division achieved profitability for the first time during the period.
The company reported continued double-digit growth in net ticket sales across France’s South-East rail network, following Trenitalia’s expansion of services.
Trainline also highlighted progress towards increased competition on Channel Tunnel routes, with further market liberalisation expected around 2029–2030.
The group now expects its International Consumer business to remain above breakeven for FY2027.
Business-to-Business Distribution Expansion
Trainline Solutions recorded a 22% increase in business-to-business distribution net ticket sales.
International B2B distribution grew 45%, supported by four major European travel management company contract wins during the first half.
The company also reported increased adoption of artificial intelligence across its operations, with more than one million customers using AI-enabled product features.
Management said automation initiatives contributed to a 10% reduction in lead and cycle times across the business.
Share Buyback Programme
Trainline announced a new share repurchase programme of up to £100 million in September 2026, following completion of its previous £150 million programme.
The latest programme is scheduled to run over 12 months.
As at 31 October 2026, the company reported cumulative share repurchases of £356 million since launching its first buyback programme in September 2023, equivalent to approximately 28% of its issued share capital.
FY2027 Outlook Maintained
Trainline reaffirmed its financial guidance for the year ending February 2027.
Group net ticket sales are expected to reach between £6.2 billion and £6.45 billion, while underlying revenue is forecast at £440 million to £455 million.
Adjusted EBITDA is expected to represent approximately 2.9% of net ticket sales.
The company continues to focus on expanding its European operations, developing business-to-business distribution and strengthening its UK retail platform.
More About Trainline
Trainline PLC operates a digital rail and coach ticketing platform serving customers across the UK and Europe. The company provides consumer ticket booking services, journey planning tools and business-to-business distribution technology for travel operators and corporate customers.
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