Slide 1: Strong operating performance from Europe's #1 rail app
Strong operating performance from Europe’s #1 rail app Full year results For the twelve months ended 28 February 2026 6 May 2026
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. Trainline’s AI Strategy Jody Ford, CEO 5. Q&A
Slide 4: Clear opportunity to scale our three market-leading business units
Clear opportunity to scale our three market-leading business units UK Consumer International Consumer Trainline Solutions #1 #1 #1 Travel app in the Rail aggregator in B2B rail platform UK Europe across UK & Europe >£4 billion in FY2026 >£1 billion in FY2026 >£1 billion in FY2026 NTS NTS NTS Opportu
Slide 5: Key highlights from FY2026
Key highlights from FY2026 Strengthening loyalty in UK with AI- powered disruption features and 16% growth in digital railcards Sales up 26% on French South-East network following Trenitalia’s service expansion this year Strong growth in business travel; B2B Distribution up 36%, incl. 58% growth in
Slide 6: GBR Online Retail and future retail market design
GBR Online Retail and future retail market design ORR developing new Code of Practice this year, codifying fair and competitive retail market practices GBR Online Retail procurement: intended contract award date of January 2027, though tender process yet to start Trainline maintaining assertive stan
Slide 7: Rectifying TOC self-preferencing today: making progress but examples persist
Rectifying TOC self-preferencing today: making progress but examples persist Prevented from accessing Prevented from in-station Prevented from offering Prevented from offering certain temporary fares & on-train advertising automated Delay Repay TOC loyalty schemes Nov’ 25 Today Nov’ 25 Today DfT con
Slide 8: Protecting and growing UK rail industry revenues
Protecting and growing UK rail industry revenues • Digital PAYG trial with East Midlands Railway performing strongly Digital pay-as-you- • Most complex of the DfT’s three digital PAYG trials go technology • Trial due to end summer 2026 • Innovating to block fraudulent ticket purchases and refunds In
Slide 9: Agenda
1. Introduction Jody Ford, CEO 2. Financial Performance Pete Wood, CFO 3. Progress against strategic priorities Agenda Jody Ford, CEO 4. Trainline’s AI Strategy Jody Ford, CEO 5. Q&A
Slide 10: UK Consumer growth partly offset by Project Oval and TOC self-preferencing
UK Consumer growth partly offset by Project Oval and TOC self-preferencing UK Consumer Net ticket sales (£m) +6% • Stronger growth in H1, benefitting from commuter market segment recovery and leisure travel sales • Growth moderated in H2, reflecting headwinds: 4,135 - Project Oval1 (TFL zone expansi
Slide 11: International Consumer growth reflects disciplined focus on core markets
International Consumer growth reflects disciplined focus on core markets International Consumer Net ticket sales (£m) +3%1 • Strong momentum on French South-East network with net ticket sales up +26% YoY • Balancing growth and profitability in Spain, with disruption in H2 from series of recent tragi
Slide 12: Actively focusing on routes with carrier competition
Actively focusing on routes with carrier competition International Consumer Spain South-East Rest of Italy Germany Rest of France France Europe 14% of International net 22% of International net ticket sales 64% of International net ticket sales ticket sales +9% YoY +2% YoY -6% YoY Positioning Trainl
Slide 13: International Consumer becoming increasingly more profitable
International Consumer becoming increasingly more profitable International Consumer International Consumer to breakeven in FY2027 Adjusted EBITDA (€m) on a post transaction fee basis1 • Strong growth in revenue take rate: − Higher margin foreign travel sales FY2025 FY2026 − Increasing ancillary reve
Slide 14: Trainline Solutions growing strongly; B2B Distribution the fastest growing sub-segment
Trainline Solutions growing strongly; B2B Distribution the fastest growing sub-segment Trainline Solutions Net ticket sales (£m) +14%1 • B2B Distribution growing strongly, up +36% - Underpinned by new and expanding Travel Management Company partnerships (e.g. Amex GBT, Navan, Perk) - Expanding sales
Slide 15: Robust growth in net ticket sales, revenue and gross profit
Robust growth in net ticket sales, revenue and gross profit Net ticket sales (£m) Revenue (£m) Gross profit (£m) +7% +2% +6% 6,319 453 442 374 5,907 352 1,081 941 181 189 179 1,104 171 1,055 34 41 53 60 3,912 4,135 208 147 154 204 FY2025 FY2026 FY2025 FY2026 FY2025 FY2026 14
Slide 16: Double-digit profit growth, offsetting previously announced reduction of UK commission rate
Double-digit profit growth, offsetting previously announced reduction of UK commission rate Significant reduction in cost : income ratio Double-digit % profit growth OpEx and CapEx1 (£m) Adj. EBITDA (£m) +11% % cost : income ratio 74% 70% 159 177 326 315 43 39 91 101 122 130 71 88 87 67 90 (20) (11)
Slide 17: Strong EPS growth, further accelerated by ongoing share buybacks
Strong EPS growth, further accelerated by ongoing share buybacks Repurchased 23% of shares since launching first EPS more than quadrupled over last three years buyback programme1 Cumulative shares repurchased (£m) Basic earnings per share (p) 400 35% 19.4 350 350 30% 294 300 25% 13.1 250 20% 200 23%
Slide 18: FY2027 Guidance
FY2027 Guidance Net ticket sales: Revenue: Adj. EBITDA as % in the range of in the range of of net ticket sales: £6.20-6.45 billion £440-455 million c.2.9% International Consumer to breakeven *Growth guidance figures are on a reported basis, not on a constant currency basis; includes impact of TFL C
Slide 19: Agenda
1. Introduction Jody Ford, CEO 3. Progress against strategic priorities Agenda Jody Ford, CEO 4. Trainline’s AI Strategy Jody Ford, CEO 5. Q&A
Slide 20: We are the UK's #1 travel app
We are the UK’s #1 travel app UK Consumer App designed to meet everyday needs of rail UK’s #1 travel app in terms of daily active users1 users • Visual journey search, planning and comparison tools • Seamless booking flow • Stored payments cards >90% Of our transactions in the UK are through our • I
Slide 21: Our flywheel is strengthening our competitive position
Our flywheel is strengthening our competitive position UK Consumer Unlocking Solving value for customer customer needs Increasing Building customer trust and engagement loyalty
Slide 22: New rail disruption features help customers navigate the rail network
Unlocking value for Solving customer Building trust and Increasing customer customer needs loyalty engagement New rail disruption features help customers navigate the rail network UK Consumer 21
Slide 23: Strong brand trust and loyalty
Unlocking value for Solving customer Building trust and Increasing customer customer needs loyalty engagement Strong brand trust and loyalty UK Consumer Record brand consideration scores1 55% • Most trusted brand in UK rail retailing 50% 45% 40% • Brand consideration significantly outperforming all
Slide 24: Scaling our digital railcard user base
Unlocking value for Solving customer Building trust and Increasing customer customer needs loyalty engagement Scaling our digital railcard user base UK Consumer • Improved upselling and renewals process within the App • 16% growth in Trainline’s digital railcard user base to 2.7 million in FY20261 •
Slide 25: Increasing sales of ancillary products and services
Unlocking value for Solving customer Building trust and Increasing customer customer needs loyalty engagement Increasing sales of ancillary products and services UK Consumer Enhanced prominence of Improved, benefit-led copy for Testing new ancillary products ancillary products within App insurance p
Slide 26: Launched integrated and contextual advertisements
Unlocking value for Solving customer Building trust and Increasing customer customer needs loyalty engagement Launched integrated and contextual advertisements UK Consumer Promotional push Partner offer Checkout 25
Slide 27: International Consumer: positioning ourselves as the market aggregator as markets liberalise
International Consumer: positioning ourselves as the market aggregator as markets liberalise… International Consumer Spain South-East Rest of Italy Germany Rest of France France Europe 14% of International net 22% of International net ticket sales 64% of International net ticket sales ticket sales M
Slide 28: South-East France: positioning ourselves as the market aggregator
South-East France: positioning ourselves as the market aggregator SE France Driving up demand for carrier Growing brand awareness Unlocking value for customers partners through innovative campaigns Prompted brand awareness 50% Paris, Lyon & Marseille 29% France total Feb-24 Feb-25 Feb-26 Driving 26%
Slide 29: Spain: balancing growth and profitability
Spain: balancing growth and profitability Spain • Scaled net ticket sales over recent years to become #1 rail aggregator in Spain • Pivoted to drive profitability in FY2026: - Normalising brand investment - Growing transaction frequency - Launched sponsored journeys to increase carrier prominence •
Slide 30: Second wave of carrier competition to commence from next year
Second wave of carrier competition to commence from next year International Consumer France Italy France and Italy: €10 billion aggregated high-speed routes by 20301 1. OC&C 2024 analysis and internal estimates. 29
Slide 31: Foreign travel: attractive opportunity driving international profitability
Foreign travel: attractive opportunity driving international profitability International Consumer Sizeable foreign travel GEO leadership supporting Favourable economics headroom growth in foreign travel Foreign travel market sales in Europe p.a.1 Trainline # of citations vs. closest rail aggregator
Slide 32: Foreign travel: Trainline has a strong customer proposition
Foreign travel: Trainline has a strong customer proposition International Consumer Broad inventory coverage and Multiple languages, currencies Comprehensive post sales helpful travel content and payment options 31
Slide 33: Trainline Solutions: expanding B2B sales across Europe
Trainline Solutions: expanding B2B sales across Europe Trainline Solutions Trainline Business continues to expand, now serving Expanding International B2B Distribution over 35,000 business clients Net ticket sales (£m) Active business clients +36% +47% +58% FY2025 FY2026 FY2025 FY2026 UK B2B Distrib
Slide 34: Agenda
1. Introduction Jody Ford, CEO Agenda Jody Ford, CEO 4. Trainline’s AI Strategy Jody Ford, CEO 5. Q&A
Slide 35: Online rail retailing inherently complex, creating barriers to disintermediation
Online rail retailing inherently complex, creating barriers to disintermediation Simple, consistent in-app Delivering end-to-end With all carriers, fares, user experience transactions ticket types and railcards Search No GDS in rail, so retailers need: Multi-carrier • Deep integrations with multiple
Slide 36: Our AI strategy centres on three core areas
Our AI strategy centres on three core areas AI-powered products and features Leveraging AI and proprietary data to enhance customer experience Emerging AI distribution channels Meeting customers where they are to drive incremental demand AI-enabled acceleration Faster execution, greater agility and
Slide 37: AI-powered products and features
AI-powered products and features Leveraging AI and data to enhance our App user experience Travel Forecast • Travel Foresight model anticipates rail disruption on rail network • Notifies customer if journey likely to be affected • Map-view interface lets customers see location of train in real time
Slide 38: AI-powered products and features
AI-powered products and features Leveraging AI and data to enhance our App user experience AI Travel Assistant • In-app conversational support 13:38 • Provides real time rail travel advice and agentic tools (e.g. refunds) • >2 million customer conversations since launch Callum, 34 Travelling: London
Slide 39: AI-powered products and features
AI-powered products and features Leveraging AI and data to enhance our App user experience Delay Repay notifications • Identifies when customer journey is delayed and compensation owed • Personalised push notifications: − Flags estimated compensation 14:48 − Provides punchout to operator’s website t
Slide 40: Extending distribution through emerging AI channels
Extending distribution through emerging AI channels Strong start in GEO, generating incremental demand Integrated Trainline App into Market leader in GEO ChatGPT Market position in terms of share of citations • Outcompeting peers in GEO as we benefit from: #1 #1 − SEO leadership − Positive external
Slide 41: AI-enabled acceleration
AI-enabled acceleration Enabling faster execution, greater agility and more scalable innovation across the Group Software development Creative marketing Customer service Coding and auxillary tasks AI agents generating c.20% of Launching Voice-AI to (e.g. documentation) inhouse studio content automat
Slide 42: Key takeaways
Key takeaways • Robust operating performance, increasing profitability and significantly higher EPS • Maintaining assertive stance with UK Government to deliver fair, open and competitive retail market • Strong progress in all three business units against our strategic growth priorities: • UK Consum
Slide 43: Q&A
Q&A Y trainline
Slide 44: Thank you
Thank you Y trainline