Trainline Shares Gain as Earnings Rise, Guidance Lifted

Trainline plc (LON: TRN) is experiencing a surge in investor confidence after announcing robust first-half results for FY2026 and raising its full-year adjusted EBITDA guidance.

The positive news has seen Trainline shares rally more than 10% on Wednesday.

Net ticket sales increased by 8% year-on-year to £3.25 billion, while revenue saw a more modest rise of 2% to £235 million. This revenue growth occurred despite a previously announced commission rate reduction in the UK, underscoring the strength of Trainline's underlying business.

Adjusted EBITDA jumped 14% to £93 million, demonstrating the effectiveness of cost-saving measures in offsetting the impact of the commission rate reduction. Operating profit also saw a significant boost, climbing 38% to £68 million.

Basic earnings per share soared 54% to 11.6p, with adjusted basic earnings per share up 27% to 12.6p. Adjusted free cash flow edged up 2% to £79 million, with working capital movements offsetting some of the EBITDA growth.

Trainline is rewarding shareholders with an enhanced share repurchase program. Following the completion of a previous £75 million program, the company launched a new initiative on September 22, 2025, to repurchase up to £150 million of its shares.

As of the end of October 2025, Trainline had already repurchased £15 million worth of shares under the new program, bringing the total to £215 million since the initial buyback program launched in September 2023, representing 15% of the issued share capital.

Driver Breakdown:

• UK Market Leadership: Trainline is solidifying its position as the UK's #1 travel app through the launch of data and AI-driven features designed to navigate rail disruptions.
• European Expansion: The company is deploying its aggregation playbook on liberalizing European high-speed rail routes, with notable growth in the SE French high-speed network and a leading position in Spain.
• B2B Growth: Trainline Solutions' B2B Distribution business is experiencing rapid growth, with net ticket sales up 36% and international sales soaring 55%.

Jody Ford, CEO of Trainline, stated, “We are already Europe's number one most downloaded rail App and now we are expanding our business travel sales too, with Trainline Solutions Distribution business growing 55% in Europe.

“Each of our businesses are leaders in their respective markets with significant scope for future growth as we innovate to make travel simpler, better value and more sustainable for millions of people. Given the strength of our first half performance, we are again raising our EBITDA guidance for the full year.”

Trainline now anticipates net ticket sales growth of between +6% and +9%, revenue growth of between 0% and +3%, and adjusted EBITDA growth of between +10% and +13% for FY2026, an increase from the original guidance of +6% to +9%.