Slide 1: Full year results
Full year results For the twelve months ended 28 February 2025 7 May 2025
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared by Trainline plc (the “Company” and, together with its subsidiaries, the “Group”). For the purposes of this notice, “Presentation” means this document, its contents or any part of it, any oral presentation, any question or answer se
Slide 3: Agenda
1. Introduction Jody Ford, CEO 2. Financial Performance Pete Wood, CFO 3. Progress against strategic priorities Agenda Jody Ford, CEO 4. International Deep Dive Jody Ford, CEO 5. Q&A
Slide 4: Driving record net ticket sales and revenue in FY2025
Driving record net ticket sales and revenue in FY2025 Net ticket sales of c.£6 billion and revenue to £442 million, both up 12% UK Consumer net ticket sales up 13%; industry eticket penetration increasing from 47% to 52% Successfully aggregating in Spain, almost tripling net ticket sales over last t
Slide 5: Significant opportunities to scale Europe's #1 rail app
Significant opportunities to scale Europe’s #1 rail app Deploying aggregation Rolling out innovation Growing B2B sales Leveraging AI to playbook in Europe e.g. dPAYG contactless internationally through transform user travel Global API experience 4
Slide 6: Expect future UK rail retail market to be fair, open and competitive
Expect future UK rail retail market to be fair, open and competitive • Welcome unequivocal commitment to ‘open and fair’ retail market and ‘fundamental role’ of independent retail • Trainline, alongside other independent retailers, increasingly assertive on UK Government to deliver on its commitment
Slide 7: Agenda
1. Introduction Jody Ford, CEO 2. Financial Performance Pete Wood, CFO 3. Progress against strategic priorities Agenda Jody Ford, CEO 4. International Deep Dive Jody Ford, CEO 5. Q&A
Slide 8: UK Consumer growth driven by increasing eticket adoption
UK Consumer growth driven by increasing eticket adoption UK Consumer Net ticket sales (£m) +13% • Industry eticket penetration increased to 52%, from 47% in prior year • Industry rail fare increase of +5% and more normalised market conditions • Reduced strike impact versus prior year 3,912 • Project
Slide 9: International Consumer growth led by Spain
International Consumer growth led by Spain International Consumer Net ticket sales (£m) +4%1 • Varying growth rates across International portfolio • Actively managing marketing, focusing on routes with carrier competition 1,041 1,055 • Web sales affected by changes to Google’s search engine results
Slide 10: Actively managing marketing, focusing on routes with carrier competition
Actively managing marketing, focusing on routes with carrier competition International Consumer Spain Italy France Germany Rest of Europe c15% of International c15% of International c70% of International net ticket sales net ticket sales net ticket sales +41% YoY flat YoY -6% YoY Positioning ourselv
Slide 11: Web sales affected by changes to Google's search engine results page
Web sales affected by changes to Google’s search engine results page International Consumer Incremental industry-wide changes to Google’s search engine results subduing Web sales • Web sales represent 31% of transactions • Impact most pronounced in foreign travel; net ticket sales down Increased ad
Slide 12: Trainline Solutions growing strongly; B2B Distribution the fastest growing sub-segment
Trainline Solutions growing strongly; B2B Distribution the fastest growing sub-segment Tra inline So lut io ns Net ticket sales (£m) Strong growth in B2B Distribution sales (£m) Strong growth in B2B distribution, particularly International +20% +25% +63% 941 785 FY2024 FY2025 FY2024 FY2025 UK B2B Di
Slide 13: Strong growth in net ticket sales, revenue and gross profit
Strong growth in net ticket sales, revenue and gross profit Net ticket sales (£m) Revenue (£m) Gross profit (£m) +12% +12% +15% 442 5,907 352 397 5,295 305 941 785 181 1,055 163 171 1,041 152 53 49 34 31 3,912 3,469 185 208 147 122 FY20241 FY2025 FY20241 FY2025 FY20241 FY2025 1. Prior year figures r
Slide 14: Improved operating leverage driving strong EBITDA growth
Improved operating leverage driving strong EBITDA growth Marketing costs (£m) Other admin costs (£m) Adjusted EBITDA (£m) +6% +30% +5% 159 122 116 67 71 122 91 43 78 41 88 65 26 27 (20) (20) FY20241 FY2025 FY20241 FY2025 FY20241 FY2025 % of net 2.31% 2.69% ticket sales: 1. Prior year figures reflect
Slide 15: Strong EPS growth and cash generation, while returning capital to shareholders
Strong EPS growth and cash generation, while returning capital to shareholders Adj. EPS more than doubled in Repurchased £154 million (11%) two years Strong cash generation of shares since Sept’ 2023 Adjusted earnings per share (p) Operating free cash flow1 (£m) Cumulative shares repurchased (£m) 2.
Slide 16: Improving operating leverage as we scale together with disciplined cost management
Improving operating leverage as we scale together with disciplined cost management Cost : income ratio reduction reflects benefit of operating FY2026 to benefit from cost optimisation leverage1 84% • Completed cost optimisation plan in Q4 79% FY2025 11% 74% 10% 10% • Delivers £12 million of cash sav
Slide 17: FY2026 Guidance
FY2026 Guidance Net ticket sales Revenue growth: Adj. EBITDA growth: in the range of growth: in the range of 0% to 3% in the range of 6% to 9% 6% to 9% *Growth guidance figures are on a reported basis, not on a constant currency basis; includes impact of TFL Contactless ticketing rollout in UK 16
Slide 18: Agenda
1. Introduction Jody Ford, CEO 3. Progress against strategic priorities Agenda Jody Ford, CEO 4. International Deep Dive Jody Ford, CEO 5. Q&A
Slide 19: UK Consumer: strategic priorities for growth
UK Consumer: strategic priorities for growth Enhance user Increase customer Grow supply Build demand experience lifetime value Marketing campaigns All the tickets, fares and value Removing friction for Improving transaction focused on value, commute saving products and features customers when travel
Slide 20: Further enhancing the user experience of the UK's #1 travel app
Further enhancing the user experience of the UK’s #1 travel app UK Consumer The UK’s #1 travel app1 Monthly average active users in FY 2025 • Innovating and scaling products and features that unlock value for customers • New App homescreen – accelerating time to search and making on-the-day travel e
Slide 21: Unlocking value for customers
Enhance user Increase customer Grow supply Build demand experience lifetime value Unlocking value for customers UK Consumer Digital railcards SplitSave 2.3 million users, up 9% YoY Available on 88% of routes 43% share of 16-25 and 26-30 railcard users Saving customers £13 on average 20
Slide 22: New App home screen makes it easier to search and quicker to book
Enhance user Increase customer Grow supply Build demand experience lifetime value New App home screen makes it easier to search and quicker to book UK Consumer • Quicker and more personalised search UX • Real-time and ML-driven route suggestions • 36% reduction in time to purchase vs. previous App s
Slide 23: Travel companion features help customers navigate disruption
Enhance user Increase customer Grow supply Build demand experience lifetime value Travel companion features help customers navigate disruption UK Consumer Pre journey & on-the-go Post journey 64% of customers have experienced disruption when travelling by train1 Real time delay and disruption alerts
Slide 24: Introducing our new personalised AI travel assistant
Enhance user Increase customer Grow supply Build demand experience lifetime value Introducing our new personalised AI travel assistant UK Consumer • Live native chat experience to offer end-to-end customer support • Rail expert in their pocket: − General rail travel advice and knowledge of T&Cs − Re
Slide 25: Scalable agentic AI system underpins our AI Travel Assistant
Enhance user Increase customer Grow supply Build demand experience lifetime value Scalable agentic AI system underpins our AI Travel Assistant UK Consumer Proprietary, multi-agent architecture • Main orchestrator agent manages conversation with End customer customer while managing specialist sub-age
Slide 26: Using value and sustainability to drive demand, focusing on younger audience
Enhance user Increase customer Grow supply Build demand experience lifetime value Using value and sustainability to drive demand, focusing on younger audience UK UK Consumer Consumer Value-orientated campaigns Promoting sustainability through ‘I came Targeting younger audience by Train’ initiative B
Slide 27: Growing our customer base and how often they transact
Enhance user Increase customer Grow supply Build demand experience lifetime value Growing our customer base and how often they transact UK Consumer More on the day journeys increasing transaction 18 million customers in the UK frequency Total active customers over last 12 months 70% 3 69% 18 2.95 18
Slide 28: Aim to expand and enhance short distance offering through dPAYG
Aim to expand and enhance short distance offering through dPAYG Tra inline So lut io ns • In-App dPAYG solution leverages Signalbox geo-location technology • Offers capabilities beyond traditional tap-in/tap-out, including: − integrated railcard discounts − real-time pricing visibility − support for
Slide 29: Targeting €6 billion business travel market across Europe
Targeting €6 billion business travel market across Europe Tra inline So lut io ns • Growing business travel through our Distribution and branded B2B businesses • Global API provides access to existing and new entrant rail carriers through a single connection • Many of World’s largest B2B travel plat
Slide 30: Agenda
1. Introduction Jody Ford, CEO Agenda Jody Ford, CEO 4. International Deep Dive Jody Ford, CEO 5. Q&A
Slide 31: Our growth depends upon liberalisation, with significant proof points unfolding
Our growth depends upon liberalisation, with significant proof points unfolding International Consumer Spain: ‘today’s opportunity’ with majority of high-speed routes liberalised • Four carrier brands on top five routes, generating €1.5 billion passenger revenues France: opportunity to expand in 202
Slide 32: €23 billion headroom across core markets by 2030
€23 billion headroom across core markets by 2030, including €12 billion from aggregated high-speed routes International Consumer Spain Italy France Core markets 23.2 14.5 17.3 10.5 5.2 4.2 Catalyst for 3.4 3.2 Trainline’s 11.9 2.6 7.1 growth in 3.2 Europe 2.7 4.6 2.0 2.0 1.5 1.0 Today 2030 Today 203
Slide 33: Liberalisation has transformed the Spanish high-speed rail market
Liberalisation has transformed the Spanish high-speed rail market Spain Four carriers compete across Average fares have fallen Industry passenger volume have top five high-speed routes considerably increased significantly Avg. transaction value (€) on five HS routes1 Total passengers (mn) on five HS
Slide 34: Successfully honing our aggregation playbook in Spain
Successfully honing our aggregation playbook in Spain Spain New entrant carrier competition 1 2 Rapidly add Make it easy new inventory to find best value option Increase Build demand customer and grow engagement awareness 4 3 33
Slide 35: Becoming partner of choice for new entrants
Becoming partner of choice for new entrants Spain • Rapidly adding new entrant inventory as the launch services on new routes • Attracting incremental demand from new customers • Increasing prominence of new entrants within their search results • Clarifying the benefits to the customer from increase
Slide 36: Driving strong share growth across aggregated routes
Driving strong share growth across aggregated routes Spain Trainline share on top five aggregated routes more Driving net ticket sales to almost triple1 than doubled in last two years1 2.7x +3ppt 199 12% +4ppt 9% 141 5% 74 2022 2023 2024 FY2023 FY2024 FY2025 1. CNMC annual data on top five high-spee
Slide 37: App primed to help customers navigate increasingly fragmented French and Italian rail markets
App primed to help customers navigate increasingly fragmented French and Italian rail markets France Italy Comprehensive range of Stitch together carriers in one Seamless on-the-go travel carriers and ticket types booking companion and post sales All the carriers in one simple to use TopCombo: custo
Slide 38: Confident we can recreate Spanish success in France and Italy
Confident we can recreate Spanish success in France and Italy France Italy Significantly higher brand awareness than Spain Relatively large existing customer bases when it began to liberalise Total active customers (millions) Prompted brand awareness 41% 2.6 2.1 31% 27% 1.2 19% 11% 8% France Italy S
Slide 39: French South-East Network equivalent to c.2/3 of top liberalised high-speed routes in Spain
French South-East Network equivalent to c.2/3 of top 5 liberalised high-speed routes in Spain France • Trenitalia expanding their services in next couple of months • Increasing Paris-Lyon from five to nine daily services • Launching four daily services between Paris-Marseille, calling at Avignon and
Slide 40: Deploying aggregation playbook on South-East Network
Deploying aggregation playbook on South-East Network France Developing strong brand Localised brand campaigns to Strong growth on Paris-Lyon awareness grow awareness further Trainline net ticket sales on Paris-Lyon Prompted brand awareness2 Olympic Lyonnais sponsorship +58%1 27% 38% 50% 48% 46% 39%
Slide 41: Key takeaways
Key takeaways • Delivered strong growth in FY2025 and continue to benefit from operating leverage • Further enhancing user experience in the UK, including greater use of AI • Increasingly assertive in our engagement with UK Government • Proving aggregation playbook in Spain, ready to deploy in Franc
Slide 42: Q&A Thank you
Q&A Y trainline
Slide 43: Thank you
Thank you Y trainline