Trainline Plc (TNLIF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. Thank you for joining us today for our half-year results presentation. I'm Jody Ford, CEO of Trainline, and I'm joined by Pete Wood, our CFO. Let's first go through the disclaimer. Onto the agenda for today. I'll give an introduction, briefly discussing the progress we've made in the first half of the year. I'll also recap on the opportunity ahead and update on the regulatory backdrop. Pete will talk you through our financial performance. I'll then update you on how we're progressing against our strategic priorities. After that, we'll hand back to the operator for questions. The group scaled well in the first half, processing over 110 million transactions, 18% higher than last year. In the UK, we continue to digitize rail travel, with industry e-ticket penetration rising to 51%, and our share of the commuter travel segment grew to 24%. In international, we further positioned ourselves as the aggregator in Europe, with combined net ticket sales across Spain and Italy up 23%. The group delivered a strong financial performance in the first half, with net ticket sales up 14% and revenue up 17%. Together with the benefits of operating leverage, this drove a 44% increase in adjusted EBITDA to £82 million. We are Europe's number one rail app. In the first half, our app was downloaded almost twice as often as number two and three, SNCF and Deutsche Bahn respectively. This scale brings benefits, which we are leveraging. Platform One underpins the transactions of multiple tenants, from our branded businesses to our retailing partners. As transaction volumes grow, our investment in the platform becomes increasingly efficient. We can integrate new supply and roll out product innovation more quickly, leveraging a scale customer base across our geographies....