Slide 1: Europe's most downloaded rail app
Investor Presentation Europe’s most downloaded rail app 14 July 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: We are Europe's #1 rail app, in a market worth around €55 billion
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 Significant scale achieved Strong competitive moat with experience across the UK and Europe deep carrier integrations All fares and railcards in one 4.9-star Scaled customer base to 27 million, Integrations with >270 rail and coach rated mobile ap
Slide 5: Our business units
Our business units UK International Trainline Consumer Consumer Solutions % of FY26 NTS: % of FY26 NTS: % of FY26 NTS: 65% 17% 17% 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 Trainline
Slide 6: 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 7: 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 are continually improving Providing a smart, intuitive and Our key focus is to strengthen Increasing customer lifetime Trainline Solutions is pl
Slide 8: 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 9: Trainline – Primed to win in European rail
Trainline – Primed to win in European rail International Consumer Already achieved Significant opportunity as significant scale rail markets liberalise Europe’s largest rail aggregator with €12bn TAM on liberalised high-speed over £1bn of net ticket sales routes across core markets by 20301 Highly r
Slide 10: International Consumer: actively focusing on routes with carrier competition
International Consumer: 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 Markets benefiting
Slide 11: 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 12: 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 13: 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 14: FY2026 Performance: Robust growth in net ticket sales and revenue
FY2026 Performance: Robust growth in net ticket sales and revenue with double-digit profit growth Net ticket sales (£m) Revenue (£m) Adjusted EBITDA (£m) +7% +2% +11% 6,319 453 5,907 442 159 177 1,081 941 181 189 91 101 1,104 1,055 53 60 3,912 4,135 88 87 208 204 (20) (11) FY2025 FY2026 FY2025 FY202
Slide 15: Strong cash generation supports ongoing investment and share buybacks
Strong cash generation supports ongoing investment and shareholder returns through 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%
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 Launched digital PAYG trial Trainline set up by the including live Journey enter French and in the East Midla
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 (2026) reduction in Scope 1 & 2 55% greenhouse gas emissions by 20301 reduction in Scope 1 & 2 19.8 Member since June 90% greenhouse gas emissions by 20401 Low r
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 Marie has a wealth of experience of 2018 and Chief Executive Officer of for ARM Holdings plc from 2013 to data-driven strategic growth 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: How do we make money?
How do we make money? Case Study: FY2026 UK Consumer revenue take rate (revenue as % of net ticket sales) 3.5% 4.9% 4.5% -3.1% Base commissions Other revenues Internal transaction fee Revenue take rate to access Platform One Average commissions Revenues from Contra revenue charge payable Headline re
Slide 22: 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 Travel overall take rate basis. Combination • Commiss
Slide 23: FY2026: Income statement
FY2026: Income statement £m (unless otherwise stated) FY2026 FY2025 Change Net ticket sales 6,319 5,907 412 Revenue 453 442 11 Cost of sales (79) (90) 11 Gross profit 374 352 22 Administrative expenses (251) (267) 15 Adjusted EBITDA 177 159 18 Exceptional items 0 (9) 9 Depreciation and amortisation
Slide 24: Financials – key items: Revenue
Financials – 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 valu
Slide 25: Financials – key items: Other administration
Financials – 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