Slide 1: Half year results
Half year results For the six months ended 31 August 2025 5 November 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. DPAYG trial Jody Ford, CEO 5. Q&A
Slide 4: We are Europe's #1 rail app
We are Europe’s #1 rail app Market leading user experience Significantly more downloads than peers Mobile App downloads versus next closest rail app competitors (millions)2 Comprehensive range of All major carrier & fares in one value-saving products and 4.9-star rated mobile app1 features Dynamic a
Slide 5: Three businesses that are leaders in their respective markets
Three businesses that are leaders in their respective markets UK Consumer International Consumer Trainline Solutions #1 #1 #1 Travel app in Rail aggregator B2B rail platform the UK in Europe across UK & Europe >£4 billion >£1 billion >£1 billion Net ticket sales in FY26e1 Net ticket sales in FY26e1
Slide 6: Significant opportunity to scale our three business units
Significant opportunity to scale our three business units Enhancing engagement and Deploying aggregation playbook in Growing B2B sales internationally monetisation core European markets through Global API Opportunity to deepen our moat c.€23 billion TAM across France, Italy c.€6 billion business tra
Slide 7: Key highlights from H1 FY2026
Key highlights from H1 FY2026 UK Consumer net ticket sales up +8% YoY, driven by strength in leisure travel and ongoing digitisation Positive early momentum on French South-East network, with Q2 net ticket sales up +34% YoY1 Strong growth in B2B sales, including International B2B Distribution up +55
Slide 8: Maintaining assertive stance with UK Government
Maintaining assertive stance with UK Government • GBR Consultation output and Railways Bill published today • Pushing for Government to deliver on commitment to open, fair and competitive future retail market • Seeking to rectify existing TOC self-preferencing practices 7
Slide 9: TOC self-preferencing: making progress but notable examples persist
TOC self-preferencing: making progress but notable examples persist In-station & on-train Automated Delay Temporary fares Loyalty schemes advertising Repay Trainline was often prevented Trainline was prevented from Trainline prevented from Trainline prevented from from offering temporary fares adver
Slide 10: Agenda
1. Introduction Jody Ford, CEO 2. Financial Performance Pete Wood, CFO Agenda Jody Ford, CEO 4. DPAYG trial Jody Ford, CEO 5. Q&A
Slide 11: UK Consumer growth driven by leisure travel and market recovery
UK Consumer growth driven by leisure travel and market recovery UK Consumer Net ticket sales (£m) +8% • Strong growth in leisure travel sales and ongoing digitisation of rail ticketing • Supported by further market recovery, particularly in commute, industry fare increase and lapping of strikes in P
Slide 12: International Consumer growth led by aggregated European routes
International Consumer growth led by aggregated European routes International Consumer Net ticket sales (£m) +2% • Continued growth from domestic customers, particularity on newly-aggregated routes (e.g. South-East France) 594 • Foreign Travel down -2% given changes to Google SERP and US 583 inbound
Slide 13: Actively focusing on routes with carrier competition
Actively focusing on routes with carrier competition International Consumer Spain France Rest of Italy Germany Rest of SE Corridor France Europe 13% of International net 22% of International net ticket sales 65% of International net ticket sales ticket sales +11% YoY +3% YoY -16% YoY Positioning Tra
Slide 14: On the front-foot in winning GEO traffic
On the front-foot in winning GEO traffic International Consumer Leading in ChatGPT citations Leading in Google AIO citations Exponential growth in GEO sales Trainline share of ChatGPT citations vs. rail peers1 Trainline # of citations vs. closet rail aggregator peers2 Gross sales from generative eng
Slide 15: Trainline Solutions growth led by B2B Distribution
Trainline Solutions growth led by B2B Distribution Trainline Solutions Net ticket sales (£m) +18% • B2B Distribution fastest growing sub-segment, up +36% - Increasing demand for rail travel from corporates - Expanding sales to TMCs in Europe, with International 529 B2B Distribution up +55% 449 H1 FY
Slide 16: Robust trading performance in the first half
Robust trading performance in the first half Net ticket sales (£m) Revenue (£m) Gross profit (£m) +8% +2% +6% 3,250 229 235 3,001 193 181 529 449 90 94 594 89 583 84 33 34 23 23 1,969 2,127 106 107 74 80 H1 FY2025 H1 FY2026 H1 FY2025 H1 FY2026 H1 FY2025 H1 FY2026 15
Slide 17: Cost savings more than offset impact of UK commission cut in H1
Cost savings more than offset impact of UK commission cut in H1 Reduction in operating expenses YoY1 147 • Lower cost of sales reflects 5 142 (6) reduction in UK industry costs (5) • Reduced other admin expenses more than offset £9 through successful delivery of cost million reduction in UK optimisa
Slide 18: Profit growth reflected operating leverage and cost optimisation
Profit growth reflected operating leverage and cost optimisation Adj. EBITDA (£m) Adj. earnings per share (p) +14% +27% 93 12.6 82 9.9 51 41 45 50 (5) (8) H1 FY2025 H1 FY2026 H1 FY2025 H1 FY2026 17
Slide 19: Strong cash generation underpinning enhanced share buyback
Strong cash generation underpinning enhanced share buyback New buyback programme of up to £150 million Adj. free cash flow (£m)1 announced in September 26 Cumulative shares repurchased (£m) 400 30% 350 350 93 25% (21) 300 79 20% 250 (20) 215 200 15% 15% 150 10% 100 83 5% 50 6% 10 0 1% 0% Other H1 FY
Slide 20: Further improved profitability guidance for FY2026
Further improved profitability guidance for FY2026 Net ticket sales Revenue Adj. EBITDA growth: growth: growth: in the range of 6% in the range of 0% in the range of 10% to 9% to 3% to 13% Sept’ 2025 guidance: top end of original range of 6% to 9% *Growth guidance figures are on a reported basis, no
Slide 21: Agenda
1. Introduction Jody Ford, CEO 2. Financial Performance Pete Wood, CFO 3. Progress against strategic priorities Agenda Jody Ford, CEO 4. DPAYG trial Jody Ford, CEO 5. Q&A
Slide 22: Deepening our competitive moat in the UK
Deepening our competitive moat in the UK UK Consumer Unlocking Solving value for customer customer needs Increasing Building customer trust and engagement loyalty
Slide 23: New rail disruption features
Unlocking value for Solving customer Building trust and Increasing customer customer needs loyalty engagement New rail disruption features UK Consumer Travel Forecast Delay Repay notifications AI Travel Assistant 22
Slide 24: Trainline has built strong trust and loyalty in the UK
Unlocking value for Solving customer Building trust and Increasing customer customer needs loyalty engagement Trainline has built strong trust and loyalty in the UK UK Consumer Record brand consideration scores1 55% • Cultivated strongest brand affinity in rail: 50% 45% − Most trusted brand in UK ra
Slide 25: Scaling digital railcards to build customer loyalty
Unlocking value for Solving customer Building trust and Increasing customer customer needs loyalty engagement Scaling digital railcards to build customer loyalty UK Consumer • Successfully upselling digital railcards within booking flow • 2.5 million holders in H1, up 12% YoY • Railcard holders tran
Slide 26: Increasing customer engagement and optimising monetisation
Unlocking value for Solving customer Building trust and Increasing customer customer needs loyalty engagement Increasing customer engagement and optimising monetisation UK Consumer Strong double-digit % growth in Improving positioning of Beta-testing SplitSave fees hotels and insurance revenue adver
Slide 27: Strategic priorities for growth – International Consumer
Strategic priorities for growth – International Consumer Enhance user Increase customer Grow supply Build demand experience lifetime value Brand campaigns to drive up Aggregating new carriers and Removing friction for Improving transaction awareness in liberalising routes as markets liberalise custo
Slide 28: Carrier competition starting to expand on French South-East network
Enhance user Increase customer Grow supply Build demand experience lifetime value Carrier competition starting to expand on French South-East network SE France South-East Network: >€1 billion in annual Trenitalia significantly expanding its services passenger revenues Paris-Marseille daily return se
Slide 29: Aggregator of choice for customers; partner of choice for carriers
Enhance user Increase customer Grow supply Build demand experience lifetime value Aggregator of choice for customers; partner of choice for carriers SE France Highly-rated Mobile App Features that help customers Driving up demand for carrier showcasing all fares and carriers make the right choice pa
Slide 30: Localised brand campaigns as South-East France liberalises
Enhance user Increase customer Grow supply Build demand experience lifetime value Localised brand campaigns as South-East France liberalises France 29
Slide 31: Brand campaigns driving strong growth in awareness and net ticket sales
Enhance user Increase customer Grow supply Build demand experience lifetime value Brand campaigns driving strong growth in awareness and net ticket sales France Significantly increased brand awareness in South-East Strong net ticket sales growth in South-East France France Prompted brand awareness1
Slide 32: South-East Network provides gateway for future aggregation in France
Enhance user Increase customer Grow supply Build demand experience lifetime value South-East Network provides gateway for future aggregation in France France Le Train planning to To London Virgin Trains planning to launch in 2027/28 launch in 20301 • Rolling stock ordered • Granted access to Temple
Slide 33: Seeking to balance growth and profitability in Spain
Enhance user Increase customer Grow supply Build demand experience lifetime value Seeking to balance growth and profitability in Spain Spain Increasing carrier prominence within Growing transaction frequency search results Transaction Frequency over LTM1 Sponsored Journeys • Spain has been an ideal
Slide 34: Bolstered insurance offering in H1, supporting growth in ancillary revenue
Enhance user Increase customer Grow supply Build demand experience lifetime value Bolstered insurance offering in H1, supporting growth in ancillary revenue International Consumer A more comprehensive insurance offering Material increase in Insurance revenue International Consumer Insurance revenue
Slide 35: Trainline Solutions now a £1 billion sales business
Trainline Solutions now a £1 billion sales business, with B2B sales our key vector for growth Trainline Solutions Net ticket sales over last twelve months split by sub-segment >£1 billion Trainline IT Solutions: White label online retail solutions, primarily for c50% rail carrier partners Trainline
Slide 36: Trainline Solutions: expanding B2B sales across Europe
Trainline Solutions: expanding B2B sales across Europe Trainline Solutions Expanding International B2B Distribution New expanded partnership with Amex GBT Net ticket sales (£m) +36% +55% World’s largest travel management company (TMC) New multi-year partnership allows further expansion into Europe H
Slide 37: Agenda
1. Introduction Jody Ford, CEO 2. Financial Performance Pete Wood, CFO Agenda Jody Ford, CEO 4. DPAYG trial Jody Ford, CEO 5. Q&A
Slide 38: PAYG provides convenient option for short distance journeys
PAYG provides convenient option for short distance journeys Share of UK rail industry ticket sales by channel Pay-as-you-go (PAYG) • Contactless, tap in / tap out journeys 16% • Speed and convenience make it ideal for short hop travel and commuter journeys • Unsuitable for longer-distance journeys,
Slide 39: Trainline's digital PAYG solution takes PAYG ticketing to the next level
Trainline’s digital PAYG solution takes PAYG ticketing to the next level Increased fare transparency, including daily and weekly price caps Better for customers Ability to use railcards and Group and family tickets All the customers tickets in one place (prepaid and postpaid) No gating infra
Slide 40: Our digital PAYG trial is now live
Our digital PAYG trial is now live • Opportunity to demonstrate strength of our in-app solution in a live environment • Trainline launched its East Midlands Rail (EMR) trial − Commenced September and runs for nine months − One of four trials awarded by Rail Delivery Group − Most complex trial zone e
Slide 41: Key takeaways
Key takeaways • Robust operating performance, increased profitability guidance and strong cash generation • Sizeable growth opportunities for all three business units: • UK Consumer: deepening our competitive moat by enhancing our customer flywheel • International Consumer: positioning ourselves as
Slide 42: Q&A
Q&A Y trainline
Slide 43: Thank you
Thank you Y trainline