Sparks

Trainline reported H127 results that showed adjusted EBITDA growth of 7% y-o-y to £100m (H126: £93m) on flat net ticket sales (NTS) of £3,263m and revenue down 1% to £233m, both within FY27 guidance. International Consumer turned profitable with £6m of adjusted EBITDA (H126: £8m loss) as group marketing costs fell 36%, although its NTS fell 4% at constant currency (cc), reflecting weaker foreign travel demand, subdued sentiment in Spain and lower marketing spend. Management expects these factors to continue to affect H2. UK Consumer adjusted EBITDA fell 9% to £46m on a 5% fall in revenue, reflecting lower refund fee income following the April 2026 refund policy change, with NTS flat despite the fare freeze. Active digital railcard users in the app grew 26% to over three million, lifting Trainline’s share of UK railcard users to 36%. Trainline Solutions adjusted EBITDA fell 7% to £48m, but NTS grew 3% at cc, led by 22% y-o-y growth in B2B Distribution. Operating profit fell 5% to £64m as higher adjusted EBITDA was more than offset by increased depreciation and amortisation (+£5m), share-based payments (+£2m) and £4m of CMA investigation costs.

Adjusted basic EPS rose 10% to 13.8p (H126: 12.6p), helped by the buyback. Adjusted free cash flow was £45m (H126: £79m) and £86m of share repurchases lifted net debt to £212m (FY26: £170m), or 1.2x adjusted EBITDA (FY26: 1.0x). A new buyback of up to £100m will run over 12 months. FY27 guidance is unchanged, with NTS of £6.20–6.45bn, underlying revenue of £440–455m and adjusted EBITDA at c 2.9% of NTS.