- Robust first-half performance
- International consumer ticket sales up 2%
- Adjusted EBITDA for 2026 at top end between 6% to 9%
Shares in Trainline (TRN) gained over 10% to 286p in morning trading as the rail and coach ticketing platform announced a new £150 million share buyback and improved guidance for the full year.
Analysts at Panmure Liberum expect the new £150 million share buyback to be completed in the next 12 months, leaving the company on track to repurchase circa 14% of its shares.
EUROPE LIFT
Europe was a bright spot for the ticketing platform in the first half to August, in particular the French southeast network with sales up 34% year-on-year as Trenitalia expanded its services in the region.
Elsewhere the company said group net ticket sales increased to £3.2 billion, 8% higher year-on-year tracking towards the upper end of Trainline’s full-year 2026 guidance range for growth of between 6% to 9%.
Group revenue was £235 million, growing 2% year-on-year, tracking towards the upper end of Trainline’s full-year 2026 guidance range for growth of between 0% to 3%.
WHAT DID THE CEO SAY?
Jody Ford, CEO of Trainline, remains upbeat: ‘Trainline has delivered robust performance in the first half and today (11 September) announces improved guidance for the full year alongside an enhanced £150 million share buyback programme.
‘Rail liberalisation in Europe continues to demonstrate the value Trainline brings as the preeminent domestic aggregator, most recently in southeast France where increased carrier competition between Paris, Lyon and Marseille has driven second quarter sales growth of 34%.
‘At the same time, Trainline Solutions has become a £1 billion sales business as we help more clients of all sizes, from SMEs (small and medium-sized enterprises) to the world’s largest travel management companies, ramp up business travel sales across Europe.’
BROAD-BASED GROWTH
Russ Mould, investment director at AJ Bell said: ‘Investors have taken Trainline’s trading update to be the ‘all aboard!’ signal for the shares. News that earnings growth will be at the top end of earlier guidance was the trigger for many people to reappraise the stock and hitch a ride.
‘Trainline has reported broad-based growth, with net ticket sales and overall revenue rising in the UK, overseas and in its business travel solutions arm. A £150 million share buyback is the cherry on top.
‘The shares had been weak this year amid concerns about new competitive threats in the UK, but the trading update is a reminder that Trainline is a bigger beast. France is acting like a rocket for the company’s sales growth and that is helping to offset pockets of weakness elsewhere.
‘The overall tone is upbeat and that’s exactly what the market needed to hear to get the share price moving higher again.’
DISCLAIMER: Financial services company AJ Bell referenced in this article owns Shares magazine. The author of this article (Sabuhi Gard) and the editor (James Crux) own shares in AJ Bell.
