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Private | Confidential Half year results 1 For the six months ended 31 August 2026 4 November 2026
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2 This presentation (the “Presentation”) has been prepared by Trainline plc (the “Company” and, together with its subsidiaries, the “Group”). For the purposes of this notice, “Presentation” means this document, its contents or any part of it, any oral presentation, any question or answer session and any written or oral material discussed or distributed before, during or after the Presentation meeting. This information, which does not purport to be comprehensive, has not been verified by or on behalf of the Group. This Presentation 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 Presentation 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 the Group. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this Presentation. This Presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Group’s control. “Forward-looking statements” are sometimes identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “aims”, “anticipates”, “expects”, “intends”, “plans”, “predicts”, “may”, “will”, “could”, “shall”, “risk”, “targets”, “forecasts”, “should”, “guidance”, “continues”, “assumes” or “positioned” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places and include, but are not limited to, statements regarding the Group’s intentions, beliefs or current expectations concerning, amongst other things, results of operations, financial condition, liquidity, prospects, growth, strategies and dividend policy of the Group and the industry in which it operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. As such, no assurance can be given that such future results, including guidance provided by the Group, will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing the Group. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed, or implied in such forward-looking statements. Forward-looking statements are not guarantees of future performance and the actual results of operations, financial condition and liquidity, and the development of the industry in which the Group operates, may differ materially from those made in or suggested by the forward-looking statements set out in this Presentation. Past performance of the Group cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this Presentation and the Company and its directors, officers, employees, agents, affiliates and advisers expressly disclaim any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this Presentation. To the extent available, the industry and market data contained in this Presentation has come from third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. In addition, certain of the industry and market data contained in this Presentation come from the Company’s own internal research and estimates based on the knowledge and experience of the Company’s management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this Presentation. Disclaimer
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1. 3 Introduction – Ian Brown, CEO 2. GBR update – Ian Brown, CEO 3. Financial performance – Pete Wood, CFO 4. Strategic progress – Pete Wood, CFO Agenda 5. Q&A
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Private | Confidential 4 Ian Brown, CEO
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5 Strong foundations, significant opportunity Scale & Loyalty Data & Tech Leadership Product, Team & Culture Europe’s most downloaded rail app, serving 27 million customers The UK’s #1 travel app, with almost 2 million daily active users Most trusted brand in rail retailing in the UK Unmatched customer data: >12 TB processed daily, >400 searches / second Leading technology platform, with AI increasingly ingrained across product and business One seamless API connection to rail and coach carriers across Europe Innovation-led: driving faster, smarter ways of working Strong track record of execution Specialist expertise in rail and technology across the organisation Significant opportunity across all three businesses; well positioned to scale each
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A robust first half: International profitable, confident in outlook 6 International Consumer profitable for the first time1, as we rebalance growth and profit Strong delivery: net ticket sales and revenue in line with guidance, Adjusted EBITDA up 7% and Adjusted EPS up 10% Strengthening UK customer loyalty: digital railcard users up 26% to over 3 million Scaling B2B Distribution, led by International B2B up 45% £100 million buyback, reflecting confidence in our outlook 1. International adjusted EBITDA post the internal transaction fee paid to Trainline Solutions to access Platform One.
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1. 7 Introduction – Ian Brown, CEO 2. GBR update – Ian Brown, CEO 3. Financial performance – Pete Wood, CFO 4. Strategic progress – Pete Wood, CFO Agenda 5. Q&A
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8 GBR: Draft Code of Practice published 09 October An important step forward for UK rail retail • First regulatory framework governing how GBR interacts with all retail participants • Framework includes Retail Code of Practice, GBR Business Plan, Public Service Contract and GBR operating licence • Draft Code confirms fair, transparent and non-discriminatory access to fares, products, systems and data • GBR needs to act in a way that does not exclude competitors, distort the online retail market or abuse a dominant position • First time an independent regulator, ORR, will have statutory responsibility to enforce compliance Further strengthening needed • Stronger mechanisms and oversight to ensure equivalence of treatment with GBR Online Retail • Precedent in other sectors where state-backed entities operate in the market Next steps • Engaging actively in the consultation and maintaining an assertive stance
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1. 9 Introduction – Ian Brown, CEO 2. GBR update – Ian Brown, CEO 3. Financial performance – Pete Wood, CFO 4. Strategic progress – Pete Wood, CFO Agenda 5. Q&A
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UK Consumer resilient, notwithstanding fare freeze and other headwinds 10 • Growth supported by strong underlying rail demand & fewer refunds following April 2026 policy change • No fare rise contribution in the half, given regulated fare freeze • Partly offset by TOC self-preferencing, Project Oval, heat- related disruption & strikes 2,127 2,136 H1 FY2026 H1 FY2027 +0.4% Net ticket sales (£m) UK Consumer
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International Consumer impacted by one-off factors, as we rebalance towards profit 111. Year-on-year growth comparatives are on a constant currency basis; -2.6% YoY on a reported basis. 594 579 H1 FY2026 H1 FY2027 Net ticket sales (£m) -3.7%1 • Performance affected by external factors - Middle East-driven softness in Foreign Travel - Weaker consumer sentiment in Spain post rail accidents - Weather and strike-related disruption • Performance also reflects a more disciplined approach to marketing across our key European markets • French South-East grew double-digit, one year on from Trenitalia expansion, demonstrating Trainline as the aggregator of choice International Consumer
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Trainline Solutions growth led by international B2B expansion 12 Trainline Solutions H1 FY2026 H1 FY2027 Trainline B2B Distribution Trainline Business Trainline IT Solutions +3.3%1 Net ticket sales (£m) • B2B Distribution fastest growing sub-segment, +22% - International B2B Distribution +45%, driven by increasing client base diversification across Europe • Growth partly offset by the previously disclosed roll-off of white-label contracts with CrossCountry and ScotRail c45% c10% c45% c50% c10% c40% 529 548 1. Year-on-year growth comparatives are on a constant currency basis; +3.5% YoY on a reported basis.
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2,127 2,136 594 579 529 548 H1 FY2026 H1 FY2027 +0.1%1 Flat NTS, with gross profit growing ahead of revenue 13 Net ticket sales (£m) 80 77 23 25 89 93 H1 FY2026 H1 FY2027 107 102 34 34 94 97 H1 FY2026 H1 FY2027 233235 193 195 +1.2% 3,250 3,263 Revenue (£m) Gross profit (£m) -0.9%1 1. Year-on-year growth comparatives are on a constant currency basis; net ticket sales +0.4% YoY and revenue -0.6% YoY on a reported basis.
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Marketing and other cost efficiencies offsetting inflation and continued investment in AI 14 42 38 39 25 60 71 20 19 H1 FY2026 H1 FY2027 Cost of sales Marketing costs Other Admin expenses CapEx 69% of revenue 66% of revenue -5% Continued reduction in cost:income ratio • Lower cost of sales, driven by reduced settlement costs and customer service savings • Marketing efficiency improving, including a more disciplined approach to international spend • Higher admin costs, driven by inflation, investments in AI and increased legal and public affairs costs • Capex reflects ongoing investment in product and tech platform 153161 OpEx and CapEx1 (£m) 1. Underlying capital expenditure, excluding non-recurring expenditure primarily relating to the Group’s new office.
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50 46 (8) 6 51 48 UK Consumer International Consumer Trainline Solutions EBITDA growth, despite UK fare freeze, and EPS growth includes buyback accretion 15 H1 FY2026 +7% Adj. EBITDA (£m) 10093 H1 FY2027 Adj. basic earnings per share (p) Adj. EPS growth includes buyback accretion H1 FY2026 H1 FY2027 Adj. EBITDA growth reflects improving International Consumer profitability 12.6 13.8 +10%
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Continued shareholder returns reflecting confidence in our long- term growth prospects 16 79 205 354 450 5% 14% 28% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0 50 100 150 200 250 300 350 400 450 500 Sep-24 Sep-25 Sep-26 Sep-27E Cumulative Value of Shares Repurchased % of Issued Share Capital Expected cumulative share repurchases to c.£450m over a four-year period Cumulative value of shares repurchased (£m) • Adjusted free cash flow of £45m in H1, with the YoY movement impacted by timing of working capital and tax payments • Leverage at 1.2x, in line with our disciplined capital allocation framework • >£350m returned to shareholders since September 2023 through buybacks. New £100m programme announced, reflecting continued confidence in outlook
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17 CMA investigation • Trainline operates across multiple regulatory frameworks, including the ORR and the CMA, each with its own requirements for how rail fares and fees are presented • Rail tickets are complex, and our booking flow simplifies fares to help customers choose • Booking fees calculated on the total basket, so vary with choices customers make, and are subject to a maximum cap - makes train booking fees different from other cases • Following CMA letter in Nov 25, we have engaged proactively with both the CMA and the ORR • Since CMA announcement in Aug 26, continued to engage proactively and pushing for a swift resolution
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18 Net ticket sales: in the range of £6.20-6.45 billion FY2027 Guidance Underlying revenue: in the range of £440-455 million Adj. EBITDA as % of net ticket sales: c.2.9% with International Consumer now expected to be above breakeven
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1. 19 Introduction – Ian Brown, CEO 2. GBR update – Ian Brown, CEO 3. Financial performance – Pete Wood, CFO 4. Strategic progress – Pete Wood, CFO Agenda 5. Q&A
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20 Trainline is the UK’s #1 travel app, built on scale, trust and a rich set of features The UK’s #1 travel app1, built around frequent customer touch points Combined with a market-leading user experience E xp ed iaNatio na l R ailSkysc a nne rTrain PalBo okin g.c omU be rTrainline AI-powered features helping customers during disruption All fares and features in one 4.9-star rated mobile app2 Range of value- saving features and products Number one trusted brand with >18 million customers Daily Active Users (millions)1 1. Trainline is the number one app in the UK versus major travel peers as per daily average active user data in H1 FY2027, as sourced from Sensor Tower. 2. iOS rating in UK app store as at 28/10/26. UK Consumer
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21 Making railcards easier to find and use, saving a customer an average £175 per year Expanding upsell coverage and simplifying eligibility Growing adoption with targeted partnerships, including Monzo Increasing retention through timely renewal reminders UK Consumer
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22 Railcards are our route to a growing installed base of high-value, high-frequency customers As awareness and adoption grow, so does the railcard market We’re also capturing a growing share of the railcard market This is creating a highly frequent, sticky customer base Trainline share of active railcard userbase (%) 34% 36% 38% 40% 42% 44% 46% 48% 50% Aug-23 Aug-24 Aug-25 Aug-26 16-30 year-old Network 2.5 3.1 H1 FY2026 H1 FY2027 TL Digital Railcards Rest of Market Railcard userbase (millions) +26% >4x more transactions compared to non-holders +8% UK Consumer
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Unique features, powered by AI and our data, that know a customer's journey and build habits 23 • Features built for the moment: maps, live position and predictions, working together in one simple experience • Powered by our own data: search, booking, journey and after-sales • Customers are engaging: • 91% of eligible travellers see disruption features, up 2x since the start of the half • More than half of eligible customers who see a prompt initiate Delay Repay claim, up nearly 2x since January UK Consumer See your journey live - Maps and new Auto Find My Train Know early your arrival time, with more accurate predictions and faster updates than in a station Claim a refund when you are delayed
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24 Trainline Flex: Advance fare with cancel for any reason insurance Turning customer scale into advertising and partnership revenue Together, driving strong growth in ancillary revenue H1 FY2026 H1 FY2027 +22% UK Consumer ancillary revenue (£m) We have added differentiated products that give customers more value, flexibility and convenience UK Consumer
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25 We remain the most trusted brand in rail and are widening our reach, particularly among younger cohorts Brand consideration significantly outperforming all other online retailers1 Campaigns increasingly focused on attracting younger audiences 1. Brand consideration as of August 2026 reflects the proportion of respondents selecting the brand from which they would most likely consider purchasing a train ticket (respondents are nationally representative, sourced by YouGov). 51% 27% 12% 8% 7% 6% Trainline National Rail LNER Avanti Uber Trainpal 01 Yoto Daily ‘Draw Along’ podcasts for summer train journeys 03 Sponsorships 02 Social media campaigns UK Consumer
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International remains an aggregation story: we are ready as each market opens Spain SE France Rest of France Italy Germany Rest of Europe 26 International Consumer 64% of International net ticket sales 15% of International net ticket sales 21% of International net ticket sales Aggregator of choice; proven playbook Well positioned for second wave of aggregation from 2028 Longer-term opportunity as markets open Geographic segments include domestic and foreign travel sales
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27 Building strong foundations across Europe, using the UK playbook Railcards building loyalty and lifetime value Ancillary revenue driving take rate French railcards up over 70% YoY , driving acquisition, activation and lifetime value Take rate up c.30bps, as we roll out ancillaries, including insurance and hotels International Consumer
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Carrier competition from 2028 is the catalyst to unlock a substantial opportunity 28Source: OC&C 2024 analysis and internal estimates. Shapes illustrative, not to scale; the two opportunities overlap and are not additive. €12bn €5bn Aggregation opportunity France, Italy, Spain Foreign travel opportunity EU inbound, rest of world Spain • From one high-speed carrier brand to four since 2021, competing across the five largest routes Italy • SNCF to launch domestic services from mid-2028, linking Turin to Naples and Venice France • Velvet on track to launch in summer 2028 • More new carriers to follow thereafter • Channel Tunnel competition from 2029/30, with Trenitalia and Virgin Trains progressing plans Foreign travel opportunity • Attractive economics driving international profitability International Consumer
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Trainline Solutions: Growing business travel through Distribution and Branded B2B 29 Trainline Solutions • European rail is fragmenting as carrier APIs multiply; our Global API connects them • Corporates want more rail. Carriers want more B2B, with higher ATV and more first-class demand • Sustainability targets, more capacity and more competition make rail a genuine alternative to air, cross-border and domestic • Sticky contracts: typical average customer tenure of 7 years, with high switching costs • 18 new customers in H1, including four large TMC wins
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We are executing on all three pillars of our AI strategy 30 AI-powered products and features Leveraging AI and proprietary data to enhance customer experience Emerging AI distribution channels Meeting customers where they are to protect and grow demand AI-enabled acceleration Faster execution, greater agility and more scalable innovation across the Group AI Strategy • >1m customers used AI assistance products in H1 (Travel Assistant and Voice AI), up 20% • ROI-positive per conversation • Trainline well positioned, although AI referrals are <1% of sales today • Leading Google AI rail citations, excl. France • ChatGPT app live • Promising early results across all tech: lead time and cycle time down 10%, defects down 18% • Agent platform live in data, with more to come
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Whichever route customers take, we are well placed, and our platform keeps them coming back 31 AI Strategy Vertically integrated: proprietary data and tools only at Trainline Google Search Google Trains / AI Mode Chat assistants - ChatGPT, Claude, Gemini, Siri AI Meta Muse Seeking Committing Journeying Managing Direct Which train and fare Buying the ticket Live updates, travel and disruption Changes, refunds, Delay Repay AI and search Repeat: customers come back direct
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32 Trust and scale • 27 million customers • 4.9-star rated UK app • Most trusted brand in UK rail • Simple, consistent in-app experience Product: Habit and loyalty • Number one travel app in the UK and rail aggregator in Europe • 3.1m digital railcard holders in the UK • 3x monthly transaction frequency1 • 23 seconds from search to purchase2 Proprietary technology platform and data • Search, booking, journey and after-sales data in one place • >12 TB processed daily, from >400 searches per second • Proprietary data powers Travel Forecast, Foresight and arrival prediction Licensed, end-to-end retail • Retail licence and direct integrations with carriers • Contracts, accreditations and bonding that take years to build • Trusted payments and multi-carrier baskets, with after-sales support Trainline’s structural advantages are hard to replicate 1. Monthly transaction frequency of UK customers that have purchased at least one ticket in a month, as at September 2026. 2. Average time taken on ‘Quick Buy’ for familiar trips. 1 2 34
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H1 delivery, confident in the outlook 33 Resilient H1: stable NTS, improving margin, ongoing shareholder returns AI: faster execution, a deeper competitive moat Europe: continue to build strong foundations for growth Stronger UK proposition: better travel experience, clearer value, more flexibility
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1. 34 Introduction – Ian Brown, CEO 2. GBR update – Ian Brown, CEO 3. Financial performance – Pete Wood, CFO 4. Strategic progress – Pete Wood, CFO Agenda 5. Q&A
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35 Q&A
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Private | Confidential Thank you 36