Update to market guidance

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UPDATE TO

Trainline plc ("Trainline", the "Company" or the "Group") today provides an update on its previously stated guidance range for FY2025, which was originally set in May 2024 and subsequently improved in September 2024. The Company intends to provide further detail in its H1 FY2025 results announcement, which is due to be published on 7th November 2024. All figures in this document are unaudited.

Financial highlights in H1 FY2025:

Group net ticket sales up 14% year on year (YoY) 1 to £3.0 billion, and revenue up 17% YoY 1 to £229 million
Adjusted EBITDA2 up 44% to £82 million
Operating free cashflow of £100 million; leverage ratio down to 0.2x adj. LTM EBITDA3 from 0.4x at H1 FY2024

Improved guidance range:

Trainline has delivered strong growth in H1 FY2025 and is increasingly benefiting from operating leverage as it scales. Following a strong start to H2, the Company is today revising upwards its previously stated guidance range, which was originally set in May 2024 and subsequently improved in September 2024. In FY2025, Trainline now expects to generate:

Net ticket sales YoY growth of between +12% and +14% (previous guidance of growth at top end of 8% to 12% range)
Revenue YoY growth of between +11% and +13% (previous guidance of growth at top end of 7% to 11% range)
Adjusted EBITDA of c.2.6% of net ticket sales (previous guidance was for adj. EBITDA to exceed 2.5%)

Footnotes:

Net debt divided by adjusted EBITDA for the last twelve months

Notice of results

The Company will publish its Half Year results for the first half of the financial year 2025 (the six-month period running from 1st March 2024 to 31st August 2024) on Thursday 7th November 2024.

The Half Year results will be published at 07.00am (UK time) through the regulatory news service (RNS) and on the Company's website. This will be followed by an analyst presentation at 8.30am (UK time) which will be accessible through the Company's website. Please register to participate here: https://webcast.openbriefing.com/trainlinehy25/

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