Trainline Plc · LSE:TRN
Trainline — Investor Presentation (July 2025)
25 slides from Trainline's investor presentation, Jul 8, 2025
Slide 1: Europe's most downloaded rail app
Investor Presentation Europe’s most downloaded rail app First published: 4 July 2023 Updated: 8 July 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: We are Europe's #1 rail app in a €55 billion market
We are Europe’s #1 rail app, in a market estimated to be worth around €55 billion.1 We enable millions of travellers to seamlessly search, book and manage their journeys through Trainline’s highly-rated Mobile App and Website, as well as through B2B partner channels. This presentation provides intro
Slide 4: Trainline – Europe's #1 rail app
Trainline – Europe’s #1 rail app Market leading user Increasingly supercharged experience using AI All fares and railcards in one 4.9-star rated mobile app1 New homescreen with advanced search & machine learning-driven route suggestions Dynamic app homescreen accelerating time to search Data driven
Slide 5: Our strategic priorities for growth
Our strategic priorities for growth Grow supply Enhance the Build demand Increase customer Expand Trainline customer experience lifetime value Solutions We have created a platform Providing a smart, intuitive and Our key focus is to strengthen Increasing customer lifetime Trainline Solutions is play
Slide 6: Our business segments
Our business segments International Trainline UK Consumer Consumer Solutions % of FY25 NTS: % of FY25 NTS: % of FY25 NTS: 66% 18% 16% Sells rail tickets on behalf of Sells rail tickets on behalf of Combines Platform One all UK rail companies and all the major European Rail technology with our Trainl
Slide 7: UK Consumer: Continue to grow our customer base and how often they transact
UK Consumer: Continue to grow 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 17 68% 17 2.9 66% 2.84 16 15 66% 2.85 15 2.8 2.76 14 64% 2.
Slide 8: International Consumer: Rail market liberalisation provides catalyst for growth
International Consumer: Rail market liberalisation provides catalyst for growth 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 9: €23 billion headroom across core European markets by 2030
€23 billion headroom across core European 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
Slide 10: Spain has liberalised most quickly providing the opportunity to hone our aggregation playbook
Spain has liberalised most quickly providing the opportunity to hone our aggregation playbook 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 9
Slide 11: Strong share growth across the top high-speed routes in Spain
By honing our aggregation playbook, we have delivered strong share growth across the top high-speed routes in Spain 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
Slide 12: Trainline Solutions: Targeting €6 billion business travel market across Europe
Trainline Solutions: Targeting €6 billion business travel market across Europe Trainline Solutions • 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 larges
Slide 13: How do we make money?
How do we make money? Case Study: FY 2026 Consensus UK Consumer revenue take rate1 (revenue as % of net ticket sales) 3.4% 4.5% 4.7% -3.2% Base commissions Other revenues Internal transaction fee Revenue take rate to access Platform One Average commissions Revenues from Contra revenue charge payable
Slide 14: Strong growth in net ticket sales, revenue and EBITDA in FY2025
Strong growth in net ticket sales, revenue and EBITDA in FY2025 Net ticket sales (£m) Revenue (£m) Adjusted EBITDA (£m) +12% +12% +30% 442 5,907 159 397 5,295 941 122 785 181 91 1,055 163 1,041 78 53 49 88 65 3,912 3,469 208 185 (20) (20) FY20241 FY2025 % of net FY20241 FY2025 FY20241 FY2025 2.31% 2
Slide 15: Business is generating strong cash flows, underpinning our capital allocation framework
Business is generating strong cash flows, underpinning our capital allocation framework Our capital allocation Repurchased £154 million (11%) framework Strong cash generation of shares since Sept’ 2023 Operating free cash flow1 (£m) Cumulative shares repurchased (£m) Invest in growth strategy to dri
Slide 16: Appendix
Appendix Y trainline
Slide 17: Trainline: A Brief History
Trainline: A Brief History Acquired by KKR Launched iPhone app Mobile tickets Floated on London with product features introduced on app in UK Stock Exchange in June New entrant rail carriers ‘Trainline set up by the including live Journey enter French and Virgin Group Planner IPO Spanish rail market
Slide 18: ESG Commitments
ESG Commitments Selected Current ESG Ratings Net greenhouse gas emissions across the value chain Zero delivered by 2040 AAA Rating C Rated (2025) reduction in Scope 1 & 2 55% greenhouse gas emissions by 20301 reduction in Scope 1 & 2 22.5 Member since June 90% greenhouse gas emissions by 20401 Mediu
Slide 19: Who we are: the Board of Directors
Who we are: the Board of Directors Brian was Chair of ASOS from 2012 to Jennifer was Executive VP of People Andy brings experience in e-commerce 2018 and Chief Executive Officer of for ARM Holdings plc from 2013 to and knowledge of technology and Amazon.co.uk from 2006 to 2011. He 2017. Prior to thi
Slide 20: Who we are: the Executive Team
Who we are: the Executive Team Mike joined Trainline in 2021, bringing over 20 years’ James’ team was awarded Legal Department of the Year experience of leading data teams and organisations. Mike by the British Legal Awards 2018 and the Legal 500 UK spent the previous four years at Facebook as the H
Slide 21: Our monetisation avenues
Our monetisation avenues Trainline Solutions UK Consumer International Consumer Consists of B2B business and tech platform (Platform One) • Commission on net ticket sales • Bespoke contracts negotiated on an • Commission rates on net ticket sales overall take rate basis. Combination • Commission rat
Slide 22: Glossary – key items: Revenue
Glossary – key items • Gross value of ticket sales to customers, less the value of refunds issued, during the accounting period excluding Value Added Tax UK Consumer in the United Kingdom (both to domestic and inbound customers) Net ticket • Gross value of ticket sales to corporates, less the value
Slide 23: Glossary – key items: Other administration
Glossary – key items • Discretionary and variable, costs incurred in relation to direct, performance-based streams (including PPC, retargeting, paid social Marketing costs and Display), as well as more general brand awareness campaigns System costs • Largely fixed in nature, relate to the costs of h
Slide 24: Revised segmentation of business units – September 2022
Revised segmentation of business units – September 2022 Initial revision of business unit segmentation (March 2022): • New segmentation enhances disclosure with improved cost allocation between business units, better reflecting the operation of the business • Improved reporting transparency, splitti
Slide 25: Revised segmentation of business units
Revised segmentation of business units Old segmentation New segmentation Transaction fees to access UK Consumer UK Consumer Platform One (contra revenue for UK Consumer & International Consumer) International Consumer International International Trainline Partner Consumer Platform One revenues Solut