Trainline plc: Updating UK Spend Trends 2.0 data into June; still soft trends in the UK

Research evidence excerpt

Trainline plc: Updating UK Spend Trends 2.0 data into June; still soft trends in the UK

Equity Research

EMEA Internet

22 July 2026

Trainline plc

Updating UK Spend Trends 2.0

data into June; still soft trends in

TRNT.L/TRN LN EQUAL WEIGHTthe UK

EMEA Internet POSITIVE

UK data suggests end market remains soft into June with yoy Price Target GBp 225

trends softening vs prior months. See limited room for Price (21-Jul-26) GBp 224

upgrades in near term. Remain EW on Trainline. Cheap on 6x PotentialSource: Bloomberg,Upside/DownsideBarclays Research +0.6%

P/E '29E (at which point GBR Online Retail up and running)

EMEA Internetbut limited obvious catalyst to rerate this year.

Andrew Ross, CFA

+44 (0)20 7773 3023

UK Consumer andrew.ross@barclays.com

Barclays, UK

• Barclays Spend Trends 2.0 suggests -4% YoY UK online train ticket sales growth over

Guillaume Galland, CFA June. As a reminder, Barclays Spend Trends 2.0 tracks all spend on Barclays credit and debit

+44 (0)20 7773 4061

cards in the UK. There is a category for 'Passenger Railways', which is broken out into online

guillaume.galland@barclays.com

and offline spend. The online spend category has historically been well correlated with Barclays, UK

Trainline's UK B2C sales (Figure 1). For the six months Sep'25 to Feb'26 (i.e. Trainline's 2H26 ),

Olivia Venancio the online spend in the market was -1% yoy. Trainline reported +3% NTS growth in 2H26, i.e

+44 (0)20 3555 0278

still gaining share vs market. olivia.venancio@barclays.com

Barclays, UK• Reading into the June data. June UK online rail spend decelerated to -4% YoY vs May -3%,

April -2%, March -3% and February -1%. The market was +1% in H2 cal 2025 but Yash Jain

slowed. March was the first month with no regulated price rise feeding through the numbers +91 (0)22 6175 3418