Trainline Plc (TNLIF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. It's great to see you all in person. And thank you for joining us today for our full 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. On to the agenda for today. First, we'll recap on the year and then discuss our strategic growth priorities. That will include a deep dive into the international opportunity. After that, we'll open to the floor for questions. This year, the group delivered a record operating performance. We grew net ticket sales 12% to £6 billion and also revenue 12% to £442 million. In the UK, net ticket sales were up 13% as we continued to drive the adoption of digital tickets, with e-ticket penetration rising to 52%. In international, we further position Trainline as the aggregator of choice, particularly in Spain, where sales have almost tripled over the last two years. And in Trainline solutions, we are scaling our global API with sales from international B2B distribution up 63%. Our strong top line growth, together with the benefits of operating leverage, resulted in 30% increase in adjusted EBITDA to 159 million pounds. We are Europe's number one rail app, having built a market-leading user experience and a significant customer base. As we've previously flagged, there are a few near-term headwinds, and Pete will talk about those later in more detail. But I want to make it clear upfront that our strategy remains strong. We are building long-term value, adapting quickly to the changing e-commerce landscape, while staying focused on the significant long-term growth opportunities ahead. These include deploying our aggregation playbook on routes across Europe as they open to carrier competition, helping us scale our base of 27 million custo...