Trainline’s H1 FY2026: solid growth, tighter guidance and a bigger buyback
Trainline has posted a robust first half to FY2026, nudging growth towards the top end of guidance and sweetening the update with a new £150 million share buyback. Net ticket sales (the gross value of tickets sold through the platform) rose 8% year on year to £3.25 billion, while revenue edged up 2% to £235 million.
Management now expects adjusted EBITDA to grow at the top end of prior guidance (+6% to +9%) for the full year, citing operating leverage and cost optimisation completed by Q4 FY2025. In plain English: the model is scaling and costs are under better control.
Key numbers at a glance
| H1 FY2026 | H1 FY2025 | YoY | |
|---|---|---|---|
| Group net ticket sales | £3,250 million | £3,001 million | +8% |
| Group revenue | £235 million | £229 million | +2% |
| UK Consumer net ticket sales | £2,127 million | £1,969 million | +8% |
| UK Consumer revenue | £107 million | £106 million | Flat |
| International Consumer net ticket sales | £594 million | £583 million | +2% |
| International Consumer revenue | £34 million | £33 million | +2% |
| Trainline Solutions net ticket sales | £529 million | £449 million | +18% |
| Trainline Solutions revenue | £94 million | £90 million | +5% |
Note: International Consumer and Trainline Solutions growth rates are given on a constant currency basis.
Segment performance: where growth is coming from
UK Consumer – leisure resilience offsets policy headwinds
UK Consumer net ticket sales rose 8% to £2.13 billion, helped by resilient leisure demand, commuter recovery and the lapping of last year’s strikes. Revenue, however, was flat at £107 million.
Two drags are worth flagging. First, the industry-wide commission rate cut in April 2025 from 5.0% to 4.5% lowered take-rate. Second, sales are skewing more towards on-the-day travel, which carries a lower revenue contribution than longer-distance bookings. Project Oval – Transport for London’s expansion of contactless payments – also nibbled at growth as expected.
International Consumer – targeted growth amid mixed market signals
International Consumer net ticket sales edged up 2% to £594 million, as Trainline focused marketing on European high-speed routes with rising competition. Southeast France stood out, with Q2 sales up 34% year on year as Trenitalia expanded services on the Paris-Lyon-Marseille corridor.
Countering that, changes to Google’s search results and weaker demand from US tourists weighed on foreign travel sales, which fell 2% year on year. Revenue nudged up 2% to £34 million, helped by growth in ancillary revenue such as insurance.
Trainline Solutions – B2B momentum and the £1 billion milestone
Trainline Solutions, the B2B arm, continues to shine. Net ticket sales jumped 18% to £529 million, with B2B Distribution up 36% year on year. International B2B sales through the Global API rose 55% in Europe, underlining the appeal of Trainline’s platform to travel management companies and corporates.
Revenue increased 5% to £94 million. Most of this division’s revenue is the internal platform fee charged to the consumer businesses to access Platform One, which is eliminated on consolidation at the Group level. More detail on the Global API is available here: Global API.
Why revenue growth trails net ticket sales
It is common in marketplaces to see the gross merchandise value (here, net ticket sales) outpace revenue when take-rates compress or mix shifts. Trainline had both. The UK commission rate reduction from 5.0% to 4.5% diluted revenue, and on-the-day travel grew faster than longer-distance bookings, which typically carry higher fees.
The punchline is that the underlying demand picture looks healthier than the top line suggests. That, combined with cost optimisation, is why management feels confident enough to tighten profitability guidance.
Guidance: growth intact, profitability nudged up
Full-year guidance for Group net ticket sales remains at +6% to +9%, and revenue at 0% to +3%. The upgrade is to profitability: adjusted EBITDA is now expected to grow at the top end of the +6% to +9% range. The company also says H1 EBITDA is tracking above the top end, reflecting operating leverage from higher volumes and the prior cost actions.
For investors, this reads as good discipline. Even with a lower UK commission rate, Trainline is finding efficiency gains and mix improvements to protect margins.
Capital returns: a bigger buyback sends a clear signal
Since September 2023, Trainline has bought back and cancelled £196 million of shares, equivalent to 13% of the original share count at programme launch. As of 5 September 2025, £71 million of the current £75 million programme had been completed.
Next up is an enhanced buyback of up to £150 million to be executed within 12 months once the current programme ends. If completed in full, that would total £350 million repurchased and cancelled across three years. In my view, that is a strong vote of confidence in cash generation and intrinsic value, and it should be supportive for earnings per share over time.
Strategic backdrop: European liberalisation plays to Trainline’s strengths
The CEO highlights that rail liberalisation in Europe is creating more choice and competition on key routes. When new carriers enter markets, consumers want a neutral aggregator. Trainline is positioning itself as that go-to platform, as shown by the 34% sales growth in Southeast France and the 55% surge in international B2B sales via the Global API.
On the flip side, Trainline does not control Google’s algorithms or inbound US tourist demand. Both remain watch items, particularly for cross-border leisure routes. The continued build-out of ancillaries like insurance helps cushion that volatility.
Dates to note and what could move the shares
- Half-year results on Wednesday 5 November 2025 at 07:00 UK time, with an analyst presentation at 08:30.
- Execution pace of the £150 million buyback over the next 12 months.
- Further phases of Project Oval and broader UK ticketing reforms, which could affect on-the-day booking behaviour.
- Competitive dynamics on European high-speed corridors and additional carrier entries.
- Any easing or worsening in Google search changes and US tourist demand into peak travel periods.
My take: a tidy print with quality under the bonnet
This is a tidy trading update. Net ticket sales growth of 8% with revenue up 2% is exactly what you would expect given the commission reset, and the profitability upgrade is the part that matters. The B2B engine looks powerful, the UK leisure and commuter recovery is intact, and the capital return message is loud and clear.
The risks are not hidden: Google and transatlantic demand are outside Trainline’s control, and UK policy shifts can affect the mix. But the company is proving it can flex the model, and the enhanced buyback suggests management sees value. On balance, a positive read-across for sentiment into the November results.
Quick glossary
- Net ticket sales – the total value of tickets sold through Trainline’s platforms.
- Revenue – Trainline’s take from those sales after commissions and fees.
- Adjusted EBITDA – a profitability measure before interest, tax, depreciation and amortisation, adjusted for one-offs.
- Constant currency – growth calculated using prior period exchange rates to strip out FX effects.
Important notes
All figures are unaudited and taken from Trainline’s RNS dated 11 September 2025. The announcement includes forward-looking statements and guidance, which can change.
