6 May 2026

Trainline plc

Results for the twelve months ended 28 February 2026

Trainline delivers robust operating performance in line with enhanced expectations

FY2026 financial summary:

Financial highlights:

·      Group net ticket sales up 7% year-on-year⁵ to £6.3 billion; revenue up 2%⁵ to £453 million

·      Adjusted EBITDA up 11% to £177 million, with operating leverage and cost discipline more than offsetting impact from previously-flagged commission rate reduction⁶

·      Operating profit up 43% to £122 million

·      Basic earnings per share up 48% to 19.4p; adjusted basic earnings per share up 23% to 23.6p

·      Adjusted free cash flow of £66 million, down £6 million given timing effects on working capital movements

Strategic highlights:

·   Europe's most downloaded rail app⁷ with total active customer base of 27 million⁸

·   Leveraging tech and data strengths to deploy AI Strategy across the business:

o  Launched AI-powered rail disruption navigation features

o  Market-leading share of GenAI citations; integrated Trainline App into ChatGPT

o  Transforming how we operate, including automation in customer service, faster engineering workflows and scalable marketing content creation

·   Strengthening position as UK's #1 travel app⁹, including deepening engagement with 18 million UK customer base¹⁰:

o  Digital railcard customers up 16% to 2.7 million¹¹; share of 16-30 railcard users at 45%¹²

o  Strong double-digit % growth in hotel bookings and insurance sales

o  Progress in challenging operator self-preferencing - Government committed to allow 3^rd party retailers to offer Delay Repay once Great British Railways (GBR) launches

·     Positioning ourselves as aggregator of choice in Europe:

o  Sales in South-East France up 26% this year following operator Trenitalia's expansion

o  Improved International Consumer profitability; expected to breakeven in FY2027¹³:

·   Supporting B2B travel as travel management companies (TMCs) increase rail travel sales across Europe, with International B2B Distribution up 58%

Jody Ford, CEO of Trainline said:

"This has been a year of strong delivery for Trainline; with record net ticket sales and revenue, and continued double-digit growth in profitability. As carrier competition expands across Europe, we are positioning ourselves as the market aggregator. This tailwind catalyses our top line growth and improves profitability, with International Consumer set to breakeven for the first time this year.

"We are leveraging AI to innovate at pace, launching AI-powered rail disruption features, integrating our app into ChatGPT and increasingly using tools and agents to transform how we operate.

"Ahead of the creation of GBR Online Retail in the UK, we are working closely with Government to deliver on its commitment to deliver a fair and open regulatory framework. We strongly welcome the recent decision to open Delay Repay to independent retailers, our customers' number one ask."

Market guidance:

In FY2027 we expect to generate:

·      Net ticket sales of £6.2 to £6.45 billion;

·      Revenue of £440 to £455 million; and

·      Adjusted EBITDA as a % of net ticket sales at c.2.9%, with International Consumer expected to breakeven this year

Material progress against enhanced share buyback programme:

·      As at the 30^th of April 2026, Trainline repurchased £94 million of shares under the current £150 million programme

·    £294 million of shares repurchased in total since launching first buyback programme in September 2023 (23% of issued share capital¹⁴)

Presentation of results

There will be a live webcast presentation of the results to analysts and investors at 09:00am BST today (6 May 2026). Please register to participate at the Company's investor website: https://webcast.openbriefing.com/trainline-fy2026/

Enquiries

For investor enquiries, Andrew Gillian                            [email protected]

For media enquiries, Nichola Johnson-Marshall            [email protected]

Brunswick Group

Simone Selzer                                                       [email protected] / +44 207 404 5959

Footnotes

1.        Please refer to the Non-GAAP Measures note for definition of net ticket sales.

2.        Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) excludes share-based payment charges and exceptional items.

3.        Please refer to Note 6 for definitions of adjusted basic earnings per share, basic earnings per share and diluted earnings per share.

4.        Adjusted free cash flow reflects adjusted EBITDA (excluding non-cash items), capitalised expenditure excluding expenditure on business combinations or trade and asset purchases, net working capital movements, and cash charges for net finance costs, taxation, lease repayments and treasury share purchases, but excludes non-recurring expenditure primarily relating to the Group's new office with the majority incurred in H2 FY2026.

5.        Constant currency ("CCY") year-on-year growth calculated for International Consumer and Trainline Solutions using prior period average €/£ exchange rate applied to current year reported numbers.

6.        Trainline estimates a c.0.25% net reduction in commission rate, effective 1 April 2025, resulting from a 0.5%

reduction in the base B2C online sales commission rate in UK, from 5% to 4.5%, partly offset by removal of central

industry costs of c.0.25% (reflected in cost of sales). These changes were first announced in March 2022 and

became effective from April 2025.

7.        Trainline is the number one app versus rail focused peers as per number of app downloads across Europe over the last 12 months as of February 2026, as sourced from Sensor Tower.

8.        Number of customers across the United Kingdom and Europe who have transacted at least once over the last 12 months.

9.        Trainline is the number one app in the UK versus major travel peers as per daily average active user data in FY2026, as sourced from Sensor Tower.

10.     Number of customers across United Kingdom who have transacted at least once over the last 12 months.

11.     Year-on-year growth of Trainline's digital railcard user base in the United Kingdom to the 3^rd January 2026.

12.     Trainline's share of total 16-30 year-old railcard users in the United Kingdom as at 3^rd January 2026.

13.     International adjusted EBITDA including the internal transaction fee paid to Trainline Solutions to access Platform One.

14.     Calculated by reference to the original number of shares in issue at the start of Trainline's first share buyback programme in September 2023 (481 million shares).

Forward looking statements and other important information

This document is for informational purposes only and does not constitute an offer or invitation for the sale or purchase of securities or any businesses or assets described in it, nor should any recipients construe the information contained in this document as legal, tax, regulatory, or financial or accounting advice and are urged to consult with their own advisers in relation to such matters.  Nothing herein shall be taken as constituting investment advice and it is not intended to provide, and must not be taken as, the basis of any decision and should not be considered as a recommendation to acquire any securities of Trainline.

This document contains forward looking statements, which are statements that are not historical facts and that reflect Trainline's beliefs and expectations with respect to future events and financial and operational performance. These forward looking statements involve known and unknown risks, uncertainties, assumptions, estimates and other factors, which may be beyond the control of Trainline and which may cause actual results or performance to differ materially from those expressed or implied from such forward-looking statements.  Nothing contained within this document is or should be relied upon as a warranty, promise or representation, express or implied, as to the future performance of Trainline or its business. Any historical information contained in this statistical information is not indicative of future performance. The information contained in this document speaks only as at the date of this document and Trainline expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this document.

FY2026 PERFORMANCE REVIEW

Group Overview

Group net ticket sales increased 7%⁵ to £6.3 billion, within our FY2026 guidance range for growth of between 6% to 9%. The growth drivers for net ticket sales by business unit are provided overleaf.

Group revenue grew 2%⁵ to £453 million, towards the upper end of Trainline's FY2026 guidance range for growth of between 0% to 3%. This was supported by the continued growth of ancillary revenues, including hotel bookings and insurance product sales; offset by a reduction in the headline commission rate for UK Consumer as announced in 2022 (announced as part of the Memorandum of Understanding agreement with Rail Delivery Group in 2022⁶).

Gross profit grew 6% to £374 million, outpacing revenue growth given lower cost of sales. This included step-reductions of central industry system costs (also announced as part of the MOU agreement in 2022⁶) and ticket fulfilment costs in the UK, as well as efficiency savings in payment processing and customer service across the Group.

Adjusted EBITDA increased 11% to £177 million, within our previously-increased FY2026 guidance range for growth of between 10% to 13%. This reflected the benefit of Trainline's operating leverage, our cost optimisation exercise last year and our continued cost discipline. Marketing costs decreased 6% to £67 million, reflecting a more focused and phased approach to marketing spend, including balancing growth and profitability in Spain. Other administrative costs increased 7% to £130 million, reflecting higher legal and public affairs related costs as we engage with the GBR process in the UK, as well as certain other operating items not expected to recur.

FY2026 Segmental performance

UK Consumer

Net ticket sales grew 6% to £4.1 billion. This reflected continued strength in leisure travel sales and faster market growth in the commuter segment in H1. As expected, Trainline's growth moderated in H2 given the impacts from Project Oval¹⁶, TFL's expansion of its contactless payment network, as well as from UK Train Operating Companies (TOCs) self-preferencing their own online retail channels. This included TOCs offering automated Delay Repay, a feature third party retailers are expressly prohibited from providing to their customers. We are engaging with Government stakeholders and the wider rail industry to remove these restrictions and we have made some progress - in March 2026, the UK Government announced that, once GBR is established, passengers will be able to claim Delay Repay compensation from wherever they purchased their ticket - including through Trainline. At the same time we are strengthening customer loyalty and engagement, launching AI-powered disruption features and scaling our digital railcard user base 16% year-on-year to 2.7 million¹¹.

Revenue decreased by 2% to £204 million. This was driven primarily by the reduction in the headline commission rate in the UK from April 2025 (from 5.0% to 4.5%, as previously announced in 2022)⁶. Excluding the impact of the commission rate cut, Trainline's revenue in FY2026 would have grown 7%, outpacing net ticket sales growth as we continue to scale ancillary products and features. This included double-digit percentage growth in hotel bookings and insurance sales.

Gross profit grew 4% to £154 million, outpacing revenue growth due to reductions in central industry system costs (as per our MOU agreement announcement in 2022)⁶ and the ticket fulfilment cost rate payable to TOCs, alongside cost of sale efficiency savings in customer service and payment processing. Adjusted EBITDA of £87 million was 2% lower reflecting higher legal and public affairs costs relating to GBR, as well as certain other operating items not expected to recur.

International Consumer

Net ticket sales grew 3%⁵ to £1.1 billion (5% growth on a reported basis). Our growth rate reflected our disciplined marketing investment focusing on European high-speed routes with emerging carrier competition. Net ticket sales grew 9% across South-East France and Spain, our most liberalised European markets (c.22% of the International portfolio). This included 26% growth on the French South-East network given Trenitalia's recent expansion of services in the region. However, it was offset by moderating growth in Spain, reflecting a rebalancing of growth and profitability and the recent impact from a series of tragic rail accidents. Elsewhere in France and in Italy (c.64% of the International portfolio) net ticket sales grew 2%, with these geographies in incubation phase as we await the arrival of carrier competition. Net ticket sales declined 6% in Germany and the rest of Europe (14% of the International portfolio), as we prioritise markets that are liberalising or set to liberalise over the medium term. The portfolio sizes and growth rates for each respective geography encompass both domestic and foreign travel sales.

Foreign travel net ticket sales reaccelerated in H2¹⁷, up 5% year-on-year (-2% in H1) as the business lapped the negative impact of changes to Google's search results page while also benefiting from increasing generative AI sales traffic.

Revenue was £60 million, 10% higher than prior year (12% on a reported basis). This reflected higher carrier incentive payments and growing ancillary revenues, benefiting from the recent rollout of a new trip insurance product, as well as recovering foreign travel sales that generate relatively higher levels of revenue than ticket sales to domestic customers.  

Gross profit of £41 million was up 20%. The gross margin improvement reflected the increase in carrier incentive payments and ancillary sales, as well as efficiency savings in customer service and payment processing reducing cost of sales.

Adjusted EBITDA loss reduced from -£20 million in the prior year to -£11 million, reflecting a reduction in marketing spend in Spain and in Italy. In FY2027, we expect adjusted EBITDA for International Consumer will breakeven¹³. 

Excluding the internal transaction fee¹⁵, adjusted EBITDA in FY2026 was £11 million, up from £2 million in the prior year.

Trainline Solutions

Net ticket sales grew 14% (15% on a reported basis) to £1.1 billion. B2B Distribution was the fastest growing sub-segment, up 36% year-on-year, reflecting strengthening business travel sales from a growing number of travel management company clients (including Amex GBT, Navan, Perk, Havas). This was particularly evident in Europe, where international B2B sales through Trainline's Global API were up 58%¹⁸. Sales growth was partly offset by the loss of Trainline's white label contract in the UK with rail operator Cross-Country. In FY2027, we expect the loss of our white label contract with ScotRail as it seeks to move to a new partner to bring its offline and online sales more closely together. Over the long term, the rail industry anticipates the replacement of TOC online retailing channels with GBR Online Retail.

Revenue increased 4% to £189 million. The majority of Trainline Solutions' revenue was generated by the internal transaction fee paid by UK Consumer and International Consumer¹⁵.

Gross profit grew 5% to £179 million, while adjusted EBITDA grew 11% to £101 million, reflecting the benefit of operating leverage and our cost optimisation exercise last year.               

Operating profit

The Group reported operating profit of £122 million, up 43%. Operating profit included:

·   Depreciation and amortisation charges of £41 million (FY2025: £43 million);

·   Share-based payment charges of £13 million, down £8 million vs prior year due to the vesting of the Group's enhanced FY2023 Performance Share Plan in March 2025 and updated assumptions of inflight employee share plans;

·  No exceptional items were recognised in the year (FY2025: £9 million, relating to one-off costs to deliver the Group's cost optimisation exercise)

Profit after tax

Profit after tax was £80 million, up 37% year-on-year. Profit after tax reflected operating profit of £122 million, net finance charges of £8 million, and a tax charge of £35 million. Net finance charges increased in the year, primarily driven by higher borrowing levels though partly offset by foreign exchange gains. The effective tax rate of 30% was above the UK corporation tax rate, primarily due to a reduction in the deferred tax asset related to share-based payments.

Earnings per share (EPS)

Basic earnings per share was 19.4 pence vs 13.1 pence in FY2025. Adjusted basic earnings per share was 23.6 pence vs 19.2 pence in FY2025. Adjusted basic earnings per share adjusts for exceptional one-off items in the period, amortisation of acquired intangibles, and share-based payment charges, together with the tax impact of these items.

Adjusted free cash flow and net debt

Adjusted free cash flow⁴ was £66 million, down 9% or £6 million year-on-year. Adjusted free cash flow included:

·      Adjusted EBITDA of £177 million, up £18 million vs prior year

·     Net Working Capital outflows of £30 million, vs £7 million in the prior year. This primarily reflects timing effects, including the year-end falling on a weekend, which resulted in a higher trade receivables balance at year end

·     Adjusted Capital expenditure⁴ of £39 million, down £3 million vs prior year following the completion of our cost optimisation exercise in H2 FY2025

·     Other recurring cash costs of £42 million, up £4 million year-on-year. This includes net finance costs, taxes, lease repayments, and treasury share purchases

Net debt was £170 million at the end of February 2026, up from £76 million in February 2025. The Group's leverage ratio was 1.0x adjusted EBITDA (February 2025: 0.5x). This primarily reflected the Group repurchasing £147 million of its own shares over the last twelve months, partly offset by cash flow generation.

Capital allocation framework and share buyback programme

The Group's capital allocation framework is as follows:

·   Trainline's primary use of capital is to invest behind its strategic priorities - including enhancing the customer experience and building demand for rail travel - to drive organic growth and deliver attractive and sustainable rates of return

·     The Group may supplement that with inorganic investment, should it help accelerate delivery of the Group's strategic growth priorities

·     Trainline will also continue to manage debt leverage, including retaining a prudent and appropriate level of liquidity headroom

·      Any surplus capital thereafter may be returned to shareholders, including through the repurchase of Trainline's shares

In line with Trainline's capital allocation framework, on 22^nd September 2025 the Company launched a new, enhanced share buyback programme to repurchase up to £150 million of shares in 12 months. The new programme commenced immediately following the completion of the Group's prior £75 million buyback programme. In January 2026, the Company gained authority from shareholders to buy 14.99% of shares over the subsequent 12-month period. 

As at 30^th April 2026, the Company had bought back and cancelled £94 million of shares under the current programme and £294 million in total (23% of issued share capital¹⁴) since launching its first buyback programme in September 2023.

Market guidance

Looking forward, we see significant growth opportunities for the business, including increasing the value we derive from our 18 million customers in the UK¹⁰, the upcoming wave of carrier competition in Italy and France - with aggregated routes across both countries expected to be worth €10 billion by 2030 - and growing B2B rail travel across the UK and Europe.  

At the same time, we expect previously-flagged headwinds to weigh on near-term growth. In the UK, they include Project Oval (TFL's expansion of its contactless rail network), the Government's  regulated fare freeze until March 2027, and TOCs self-preferencing their own retail channels. In Europe, they include a series of tragic rail accidents in Spain. In addition, the effects of geopolitical tensions in the Middle East on inbound air traffic into Europe is also weighing on foreign travel sales.

As a result, we expect net ticket sales of £6.2 to £6.45 billion in FY2027.

We expect revenue of £440 to £455 million in FY2027, with some impact on refund fees arising from a tightening of industry refund rules in the UK from April 2026, as well as mix effects from faster growth in International Consumer and Trainline Solutions, which generate lower revenue as a percentage of net ticket sales on a pre-transaction fee basis¹⁵.

We expect adjusted EBITDA as a percentage of net ticket sales to be c.2.9% in FY2027 (FY2026: 2.80%), reflecting our expectation that International Consumer will break even this year.

PROGRESS AGAINST OUR STRATEGIC PRIORITIES IN FY2026

In FY2026, we continued to make strong progress against our strategic growth priorities across our three business units.

UK Consumer

We are the UK's number one travel app⁹, providing our 18 million active customer base¹⁰ with access to all the rail carriers, ticket types and fares in our 4.9* rated mobile App¹⁹, as well as a comprehensive range of value-saving products and features. Trainline continues to invest in its customer proposition, strengthening the loyalty and engagement of our customer base and, in turn, deepening our competitive moat. This helps drive increased demand for rail by delivering a simpler, smart and more value-led customer experience.

Growing supply and enhancing the customer experience 

Rail is a high frequency mode of transport. However, booking rail travel can be complicated and journeys often face disruption.  In this context, our App is adept at meeting the needs of rail users. It delivers clear visual search and journey planning, quick booking flow with stored payment cards, in-app railcards, tickets downloaded directly to the App, on the go travel information and self-serve refunds and change of journeys. It has therefore become central to the Trainline customer experience and our core customer touchpoint, delivering over 90% of our customer transactions in the UK²⁰.

In FY2026, we enhanced our App with the launch of AI-powered rail disruption features, under the marketing banner 'The Way to Train'.  The new features provide end-to-end support to help customers navigate disruptions that might arise on their rail journey. They include:

·    Travel Forecast, which provides customers with personalised push notifications if their journey is likely to be disrupted and a map-view interface so they can see the location of their train in real-time;

·      AI Travel Assistant, our in-app conversational support feature, providing customers with rail information and agentic refund tools while on the go; and

·      Delay Repay notifications, which help customers claim compensation in the event their train is delayed

More information on these features can be found in the AI strategy section on Pages 12 to 13.

Building trust and loyalty and Increasing customer engagement

Trainline has cultivated strong brand affinity over many years, building customer trust and loyalty. We are the most trusted brand in UK rail retailing today and our brand consideration is at record levels, significantly ahead of all other rail retailers²¹. This has supported Trainline's continued growth in the UK, even when faced with notable competition.

In FY2026, we took steps to further build the trust and loyalty of our customers, while increasing their engagement with us. We scaled our digital railcard user base 16% year-on-year to 2.7 million¹¹ through enhanced upsell and renewals, as well as targeted partnerships. Given railcard users transact four times more often than non-users²², it is contributing towards our upwards trajectory of transaction frequency in the UK. We have driven particularly strong adoption among younger cohorts, with Trainline digital railcards representing 45% of 16-30 year old railcard users¹².

We are increasing engagement with our 18 million customer base in the UK¹⁰ through our range of ancillary products and services. We have made these services more prominent and visually engaging within the App, helping drive strong double-digit growth in hotels and insurance sales in the UK. We continue to broaden our ancillary product range, testing adjacent services such as car hire to see which resonate with our customers.

In addition, we are enhancing the way we advertise within the App, moving away from ad slots and placements to integrated and contextual advertisements through the customer journey. We believe this will provide customers with insights into products and services they might value, while improving the delivery of the objectives of our advertising partners.

International Consumer

Our core markets in Europe are Spain, France, Italy - markets that have liberalised or are set to liberalise in the next couple of years. In aggregate, these markets generate industry passenger revenues of around €17 billion per annum²³. Those revenues are expected to grow to €23 billion by 2030²³, €12 billion of which will come from routes with carrier competition.

Greater market fragmentation increases the customer need for an aggregator like Trainline to provide all the carriers and fares in one simple-to-use and convenient mobile app. As carrier competition expands into each market, we are positioning ourselves as the aggregator of choice. We can help more customers make the right choice when booking tickets, while removing friction that can arise when travelling by train. Likewise, we are positioning ourselves as the partner of choice for carriers, generating customer demand and supporting their growth.

First wave of carrier competition - South East France and Spain

South East France

In FY2026, carrier competition expanded on the €1 billion high-speed corridor in South-East France²³.  Trenitalia almost tripled their operations between Paris and Lyon to fourteen return services a day and launched four daily return services between Paris and Marseille. This is already having a notable impact, with average fares between Paris and Marseille down 27% since Trenitalia's expansion²⁴.

We are positioning ourselves as the aggregator of choice in South-East France, delivering 26% growth in net ticket sales in the region. We are leveraging our highly-rated mobile App to showcase all the fares from all the high-speed carriers. This includes sponsored search - a paid service that allows carriers to increase their prominence within our search function. We also offer features that unlock value for customers such as Top Combo, which allows customers to stitch together different carriers for return and multi-leg journeys.

We have resumed brand marketing in South East France given Trenitalia's expansion, which includes running large online video and out-of-home campaigns; hosting music festivals; and sponsoring Lyon-based football team, Olympique Lyonnais. This has helped drive a 5-point increase year-on-year in our brand awareness to 50% across Paris, Lyon and Marseille²⁵, supporting our growth in the region.

Spain

Our success in South-East France builds on the aggregation playbook we developed in Spain over recent years. Spain provided the ideal environment to refine that playbook, as carrier competition rapidly expanded across its €1.5 billion high-speed rail market²³. Investing in our user experience and our brand awareness, we significantly scaled net ticket sales, giving us a considerable lead versus other market aggregators.

While we continue to see runway for further growth in Spain, this year we evolved our approach to strike more of a balance between growth and profitability. This included normalising brand marketing investment and placing more emphasis upon transaction frequency and monetisation, including our recent launch of Sponsored Journeys. Adjusted EBITDA in Spain took a big step towards breakeven in H2, particularly prior to recent rail disruption in the market following a series of tragic rail accidents.

Second wave of carrier competition - Italy and rest of France

The second wave of carrier competition is set to commence from late 2027, with SNCF's entry into Italy. This will be followed by several new entrants launching in France from 2028 onwards. The new entrants are set to include Proxima, operating under the Velvet brand, Le Train and Ilisto. In addition, Trenitalia and Virgin Trains have both announced plans to launch competitor services to Eurostar in 2029 and 2030 respectively, competing on the lucrative cross-border route.

The second wave of European carrier competition will open a considerably larger market for Trainline over the coming years. By 2030, the French and Italian rail markets are set to be worth c.€20 billion²³, around c.€10 billion of which will be generated on aggregated high-speed routes.

Foreign travel

Alongside the aggregation opportunity in Europe, foreign travel represents a large and attractive growth opportunity. Foreign travel comprises customers travelling in Europe from the US, UK and the rest of the world, alongside intra-EU cross-border travel. The global inbound market today is worth €4 billion²³ and offers significant headroom for growth. Foreign travel benefits from favourable economics, with a less price elastic customer base and a greater skew towards long-distance travel. Foreign travel sales are relatively higher-margin, generating double-digit revenue take-rates, supported by higher attach rates for ancillary products and carriers willing to pay higher commission rates for inbound travellers.

Trainline is well positioned to capture the headroom opportunity in foreign travel. We combine broad inventory coverage (including recently adding rail supply from Ireland and Poland), with a consistent, high-quality user experience across multiple European markets. We offer a broad range of features tailored to international customers, including multi-language support, multi-currency pricing and flexible payment options. Together with our post-sales capabilities, this enables customers to plan, book and manage their journeys seamlessly.

We see signals that emerging AI channels are playing an increasing role for foreign travel, given its ability to inspire travel plans while compressing journey research time. In terms of generative engine optimisation (GEO) rankings, Trainline is the early market leader for ticket retailing, with GEO channels contributing c.3% of our new foreign travel customers.

Disciplined approach driving improved International Consumer profitability

International Consumer profitability strengthened over the period. This reflected a reacceleration in foreign travel sales in H2, continued strong growth in ancillary revenue, a more balanced approach between growth and profitability in Spain, and a disciplined approach to marketing more broadly. Excluding the internal transaction fee¹⁵, adjusted EBITDA increased to £11 million in FY2026 (FY2025: £2 million). We now expect International Consumer to be breakeven for the first time on a post-transaction fee basis in FY2027¹³.

Trainline Solutions

Trainline Solutions was our fastest growing business unit in FY2026, with net ticket sales growing 14% to surpass £1 billion. We primarily focus on growing business travel, which now represents over 50% of its total sales, both through our B2B Distribution business and our own branded channels. 

B2B Distribution helps travel management companies (TMCs) retail train tickets to their business travel customers. Primarily a UK business, our Global API¹⁸ offers TMCs the ability to retail rail across multiple European geographies through one simple, seamless connection - rather than tackle the complexity of connecting to multiple different carriers. In FY2026, we grew B2B distribution net ticket sales 36%, within which international B2B sales grew 58%. Our growth reflects many of the world's largest TMCs and travel platforms now being connected to our Global API¹⁸, including Amex GBT, Navan, Perk and Havas.

Trainline Business, our branded online sales channel, performed well too. Having invested in an enhanced experience for users and client companies over the past few years, active business clients grew 47% this year to over 35,000.

Trainline's AI Strategy

At Trainline, we benefit from clear advantages when it comes to deploying our AI strategy. These include unparalleled first-party data from our scaled user base, an agile and scalable single global tech platform and a tech team of over 500 people. In addition, we operate in an online rail retailing market that is inherently complex, providing barriers to disintermediation.

Building on those advantages, our AI Strategy focuses on three core areas:

·   AI-powered products and features: leveraging AI and proprietary data to enhance the customer experience

·   Extending distribution through emerging AI channels: meeting customers where they are to drive incremental demand

·   AI-enabled acceleration: enabling faster execution, greater agility and more scalable innovation across the Group

AI-powered products and features

We increasingly use AI to enhance our App user experience, leveraging first-party data from our 18 million UK customer base¹⁰ alongside a breadth of industry supply data. We have launched AI-powered features within the App to help customers navigate disruption on the rail network. They include:

· Travel Forecast: provides personalised customer notifications if their train is likely to be delayed or cancelled, alongside a live map-based interface powered by our Signalbox technology that tracks trains in real time²⁶. The feature is powered by a combination of LLMs and our proprietary algorithms trained on complex rail datasets, and will continually improve as it learns from real-world data across our platform. Since launch, Travel Forecast has delivered updates to over 3 million users.

· AI Travel Assistant: provides in-app conversational support to customers, with real-time travel information that is personalised to their specific journey. It also allows customers to complete actions such as refund requests without human intervention. Our AI Assistant has handled over two million conversations since launch, reducing workloads of our customer service teams.

· Delay Repay notifications: alert customers when they are entitled to compensation for a delayed train, calculating an estimate of the amount they are owed in real-time and then redirecting them directly to the relevant train operator to complete their claim. Since launch, we've redirected one million customers to complete their claim.

Extending distribution through emerging AI channels

Emerging AI channels represent a new way for Trainline to engage with customers and to drive incremental demand for our products and services.

We have made a strong start. We are the number one cited rail app in Google AI Search (i.e. Google AI Overviews, AI mode and Gemini) across all our core markets, as well the number one in ChatGPT in all core markets except France. Our strong early progress reflects our ongoing leadership in search engine optimisation (SEO), positive sentiment within public forum sites and high brand awareness and brand trust scores.

In March 2026, Trainline launched an integrated app within the ChatGPT ecosystem. Through ChatGPT, users can now seamlessly search for routes and compare options - all within a conversational interface - before completing their booking within Trainline. This is an early deployment and we will continue to iterate the experience, with a focus on conversion, customer engagement and long-term monetisation potential.

While we engage with the new AI channels, sales traffic from generative AI remains low, representing less than 1% of International new customers (N.B. data does not capture new customer acquisition from Google's AI Overviews and AI Mode). However, GEO is delivering c.3% of our new foreign travel customers in International, with generative AI appearing to be more popular for journeys that customers are less familiar with, given its ability to provide journey inspiration and compress research time.

AI-enabled acceleration

AI-enabled acceleration is becoming a core capability. It is enabling faster execution, greater agility and more scalable innovation across the Group.

Our software development teams are increasingly using AI to code and accelerate auxiliary tasks, such as updating documentation, test generation and code review. The focus of teams is now shifting towards agents, moving from experimentation phase to scaling AI agent capabilities.

Within Creative Marketing, AI agents are now generating around 20% of in-house studio content, creating and applying imagery and copywriting that are aligned with Trainline brand's tone and voice. It has enabled Trainline to scale the production of performance marketing ads to 19 times our previous output using traditional design methods.

In Customer Service, we will soon rollout Voice AI in partnership with ElevenLabs to help manage enquiries more efficiently, with further iterations planned through the year to progressively automate enquiry handling. We have also introduced Zendesk, a new CRM system providing AI Agent tools and insights, as well as AI language translation.

LEGAL, REGULATORY & POLICY DEVELOPMENTS

UK

GBR Online Retail and future market design

Major focus points for investors are the UK Government's intention to launch GBR Online Retail - its consolidated app and website - and the design of the future retail market.

In November 2025, the UK Government published the output from its industry consultation on the Railways Bill²⁷. This represented a further step towards the establishment of Great British Railways (GBR) as an arm's-length body responsible for rail services and infrastructure. The document included key points around rail retailing, providing more clarity around the Government's commitment to a fair, open and competitive future market design, most notably:

·      The separation of governance of third-party rail retailing from GBR's own commercial retailing arm

·     A commitment to develop for the first time a 'code of practice', codifying how GBR should interact with third-party retailers

·    A strengthened role for the Office of Rail and Road (ORR), who will provide independent oversight and binding enforcement of the code

The Railways Bill is currently progressing through Parliament and the ORR has begun developing GBR's code of practice in consultation with third-party retailers like Trainline. In our engagement with this process, we are maintaining an assertive stance with the Government for it to deliver on its commitment to an open, fair and competitive future retail market. 

In late 2025, the UK Government announced a preliminary market engagement exercise to deliver GBR Online Retail²⁸. Trainline has engaged with this exercise thus far, however the full procurement process is yet to begin.  The Government intends to award a procurement contract from January 2027, and thereafter hold two phases of work under the GBR Online Retail project:

·     Phase 1: build phase for GBR Online Retail (app and website)

·   Phase 2: TOC integration - over up to 12 months post-launch to integrate capabilities, across all Department for Transport (DfT) publicly owned operators

Rectifying TOC self-preferencing

We are actively challenging instances where operators self-preference their retail channels. Key examples include TOCs deploying features like automated Delay Repay or branded loyalty schemes, where third-party retailers like Trainline are effectively locked out.  In March 2026, the UK Government announced that, for the first time, once GBR is established passengers will be able to claim Delay Repay compensation from wherever they purchased their ticket²⁹. This will include independent retailers such as Trainline.  While this change may take a couple of years to come into effect, it represents a positive signal from the UK Government of their commitment to a fair and level rail retailing market.

Protecting and growing UK rail industry revenues

We are taking steps to prevent fraud and protect industry revenues. Over the past year, we have blocked over £40 million of fraudulent ticket purchases, while our real-time machine learning has contributed towards us preventing over £20 million of fraudulent refunds. We are sharing our data with TOCs through bespoke agreements, supporting their revenue recovery and revenue protection resource deployment, and are trialling a railcard validation service in partnership with Greater Anglia to prevent fraudulent railcard use.

We continue to innovate to grow UK rail.  We are pleased with the performance of our digital pay-as-you-go (DPAYG) trial on the East Midlands Railway network, which is due to end in the summer. Of the three trials awarded by the DfT, the East Midlands trial is arguably the most complex as it encompasses three different cities - Derby, Nottingham and Leicester.

Europe

The European Commission is expected to publish a formal proposal as part of its upcoming Mobility Package, aimed at making cross-border rail travel simpler, more transparent and more passenger-friendly by improving access to tickets. While details of the proposal are not yet available, it is expected to address the role of distribution, including reducing operator control over retail channels. This may include measures to ensure incumbent operators provide access to timetables, fares and real-time data on a fair, reasonable and non-discriminatory (FRAND) basis, remunerate intermediaries appropriately, and potentially make third-party inventory available through their own digital channels. Following publication, the proposal will be subject to negotiation in the European Parliament and Council, with implementation likely to be phased over several years.

In a similar vein, in April 2026 the French Senate adopted an amendment to existing transport legislation that would introduce obligations on SNCF Connect to distribute competitor tickets, alongside broader requirements to provide access to rail content on FRAND terms. The legislative process remains at an early stage, with material uncertainty around both timing and final scope.

Footnotes:

15.     The internal transaction fee is recorded as a contra-revenue in segmental reporting for UK Consumer and International Consumer, and eliminated on consolidation so does not form part of total Group revenues. This fee is charged to UK Consumer and International Consumer businesses by Trainline Solutions in order to access Platform One.

16.     Trainline continues to expect the full impact of Project Oval to put c.£150 million of UK Consumer net ticket sales at risk.

17.     Reflects sales from customers based outside of France, Italy, Spain or Germany.

18.     More information on Trainline's Global API can be found here: https://tps.thetrainline.com/our-products/global-api/

19.     iOS rating in UK app store as at 30 April 2026.

20.     Mobile app share of UK Consumer transactions in FY2026.

21.     Brand consideration reflects the proportion of respondents selecting the brand from whom they would most likely consider purchasing a train ticket (respondents are nationally representative, sourced by YouGov).

22.     Railcard users who have held a digital railcard for more than one year.

23.     OC&C 2024 analysis and internal estimates.

24.     Based on average ticket prices for Paris-Marseille journeys purchased on the Trainline platform between 1 March 2025 and 21 June 2025 for travel scheduled between 15 June 2025 and 31 December 2025.

25.     Three month average prompted brand awareness.

26.     Trainline acquired Signalbox in 2023. The Signalbox technology has a patent application pending in relation to a method used for train identification, which is used to enable features including Delay Repay notifications, personalised travel information and live train maps.

27.     UK Government response to the "A railway fit for Britain's future" consultation on the Railways Bill, published November 2025.

28.     UK Government notice: "GBR Online Retail - Market Engagement", published on Find a Tender, December 2025.

29.     UK Government announcement: "Delay Repay changes will make rail travel easier under Great British Railways", published March 2026.

Consolidated income statement

For the year ended 28 February 2026

¹ Non-GAAP measure (unaudited) - see alternative performance measures section on page 49.