Trainline H1 revenue beats consensus despite slowing segment growth

Trainline Plc reported first-half underlying revenue of £233 million, a 1% decline, as a 5% drop in UK Consumer revenue offset by growth in international and business-to-business units. Despite a flat six-month period, net ticket sales stood at £3.26 billion, with UK Consumer sales remaining steady at £2.14 billion. International Consumer sales declined 4% year-on-year to £579 million.

Trainline Solutions experienced a 3% year-on-year increase, with international B2B sales up 45%. Adjusted EBITDA as a percentage of net ticket sales is expected to fall below the FY2027 guidance range of £440 million to £455 million. The company reaffirmed its FY2027 revenue forecast and announced a new share buyback of up to £100 million, set to commence post the completion of the current program.

CEO Jody Ford emphasized customer loyalty and Trainline's scale in the UK and Europe, while Ian Brown will assume the CEO role on September 28.