In This Article:
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Net Ticket Sales: Increased 12% to GBP6 billion.
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Revenue: Grew 12% to GBP442 million.
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Adjusted EBITDA: Increased 30% to GBP159 million.
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UK Consumer Net Ticket Sales: Grew 13% to GBP3.9 billion.
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International Net Ticket Sales: Grew 4% to GBP1.1 billion.
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Trainline Solutions Sales: Increased 20% to GBP941 million.
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Gross Profit: Up 15% to GBP352 million.
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Marketing Costs: Increased 5% to GBP71 million.
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Other Admin Costs: Up 6% to GBP122 million.
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Adjusted EPS: Increased 56% to 19p.
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Operating Free Cash Flow: Grew 20% to GBP110 million.
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Share Buyback: GBP154 million of shares repurchased and canceled.
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CapEx: GBP43 million, with total CapEx next year expected around GBP50 million.
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Customer Base Growth: Increased 9% to 2.3 million.
Release Date: May 07, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Trainline PLC (TNLIF) achieved a record operating performance with a 12% increase in net ticket sales to GBP6 billion and a 12% rise in revenue to GBP442 million.
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The company saw a significant 30% increase in adjusted EBITDA to GBP159 million, benefiting from strong top-line growth and operating leverage.
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Trainline PLC (TNLIF) is Europe's number one rail app, with a market-leading user experience and a substantial customer base of 27 million.
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Internationally, Trainline PLC (TNLIF) positioned itself as the aggregator of choice, particularly in Spain, where sales have almost tripled over the last two years.
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The company is leveraging AI to enhance user experience and has introduced an AI travel assistant to provide real-time travel and disruption information.
Negative Points
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Trainline PLC (TNLIF) faces near-term headwinds, including changes to Google's search results page, which have impacted web sales.
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The company anticipates a GBP150 million sales risk due to the expansion of TFL's contactless zone, known as Project Oval.
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There is ongoing macroeconomic uncertainty impacting foreign travel, including US inbound travel.
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The UK government is considering replacing top online retail sites with a single public sector app, which could affect Trainline PLC (TNLIF)'s market position.
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The company expects revenue growth to be slower than net ticket sales growth due to a reduction in the UK commission rate.
Q & A Highlights
Q: Can you discuss your market share ambitions in Europe, particularly in Spain, and any recent trends affecting your business? A: Jody Ford, CEO, explained that Trainline's market share in Spain averages 12% across various routes, with ambitions to exceed 20%. Recent trends include changes in Google's search results impacting web sales, but Trainline is adapting by leveraging AI and partnerships to maintain growth.