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"value": "-42669000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00180": { "value": "14631000.0", "decimals": -3, "dimensions": { "concept": "trn:PurchaseOfTreasuryShare", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00179": { "value": "17143000.0", "decimals": -3, "dimensions": { "concept": "trn:PurchaseOfTreasuryShare", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00181": { "value": "146576000.0", "decimals": -3, "dimensions": { "concept": "trn:PurchaseOfOwnSharesForCancellationClassifiedAsFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00182": { "value": "89348000.0", "decimals": -3, "dimensions": { "concept": "trn:PurchaseOfOwnSharesForCancellationClassifiedAsFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00184": { "value": "400000000.0", "decimals": -3, "dimensions": { "concept": "trn:ProceedsFromRevolvingCreditFacility", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00183": { "value": "180000000.0", "decimals": -3, "dimensions": { "concept": "trn:ProceedsFromRevolvingCreditFacility", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00185": { "value": "240000000.0", "decimals": -3, "dimensions": { "concept": "trn:RepaymentOfRevolvingCreditFacility", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00186": { "value": "170000000.0", "decimals": -3, "dimensions": { "concept": "trn:RepaymentOfRevolvingCreditFacility", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00198": { "value": "4105000.0", "decimals": -3, "dimensions": { "concept": "trn:IssueCostsRelatingToConvertibleBonds", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00197": { "value": "813000.0", "decimals": -3, "dimensions": { "concept": "trn:IssueCostsRelatingToConvertibleBonds", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedTerseLabel_00211": { "value": "1010000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedTerseLabel_00212": { "value": "4906000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00319": { "value": "200000.0", "decimals": -3, "dimensions": { "concept": "trn:PaymentOfInterestOnLeaseLiabilities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00318": { "value": "287000.0", "decimals": -3, "dimensions": { "concept": "trn:PaymentOfInterestOnLeaseLiabilities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedTerseLabel_00360": { "value": "7976000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedTerseLabel_00359": { "value": "6578000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00361": { "value": "82700000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00362": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00368": { "value": "-97198000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00367": { "value": "-109075000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00188": { "value": "-17883000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00187": { "value": "-13547000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00190": { "value": "76757000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00189": { "value": "91085000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00191": { "value": "829000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00192": { "value": "-781000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2024-03-01T00:00:00/2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00193": { "value": "59703000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2026-03-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00194": { "value": "76757000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "1. Material accounting policy information
a) General information
Trainline plc (the \u201cCompany\u201d) and subsidiaries controlled by the Company (together, the
\u201cGroup\u201d) are the leading independent rail and coach travel platform selling rail and coach
tickets worldwide. The Company is publicly listed on the London Stock Exchange (\u201cLSE\u201d)
and is incorporated and domiciled in England, the United Kingdom. The Company\u2019s
registered address is 1 Stonecutter Street, EC4A 4AH.
The Group Financial Statements for the year ended 28 February 2026 were approved by
the Directors on 5 May 2026.
The Group Financial Statements of Trainline plc have been prepared in accordance
with UK-adopted International Accounting Standards and with the requirements of the
Companies Act 2006 as applicable to companies reporting under those standards.
The accounting policies set out in the sections below have, unless otherwise stated, been
applied consistently to all periods presented within the Financial Statements and have
been applied consistently by all subsidiaries.
The requirements of IFRS regarding climate-related disclosures have been considered
and does not have a material impact on the Financial Statements. Consideration of this
has been included within pages 46 to 52 of the Strategic Report.
b) Basis of consolidation
The Group Financial Statements consolidate those of the Company and its subsidiaries
(together referred to as the \u201cGroup\u201d).
The Financial Statements presented herein are for the year from 1 March 2025 to
28 February 2026.
(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it
is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to a\ufb00ect those returns through its power over the entity. The Financial
Statements of subsidiaries are included in the Consolidated Financial Statements from
the date on which control commences until the date on which control ceases. Control is
achieved when the Group; (i) has power over the investee; (ii) is exposed or has rights to
variable returns from its involvement with the investee; and (iii) has the ability to use its
power to a\ufb00ect the returns.
(ii) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising
from intra-group transactions, are eliminated.
c) Basis of measurement
The Group and Parent Company Financial Statements are prepared on the historical cost
basis except for the following:
\u2022
Financial instruments at fair value through the income statement are measured at
fair value.
d) Functional and presentation currency
The Financial Statements are presented in pound sterling (\u00a3GBP), which is the functional
currency of the Parent Company. All amounts have been rounded to the nearest
thousand, unless otherwise indicated.
e) Going concern
The Consolidated Financial Statements have been prepared on a going concern basis,
which assumes that the Group will be able to meet its liabilities as they fall due over at
least the next 12 months from the date of the approval of these Financial Statements
(the \u201cgoing concern assessment period\u201d) including consideration of the covenants
associated with the Group\u2019s revolving credit facility at the next covenant test dates on
31 August 2026 and 28 February 2027, being the two relevant dates in this period.
The UK Corporate Governance Code requires the Board to assess and report on the
prospects of the Group and whether the business is a going concern. The Directors have
undertaken a rigorous assessment of going concern and liquidity, taking into account
\ufb01nancial forecasts and any key uncertainties and sensitivities.
On 25 July 2025, the Group entered into a new \u00a3450.0 million revolving credit facility
with an initial maturity date of 25 July 2028, with the option to extend for a further two,
one-year periods to 25 July 2030. On 18 February 2026, the Group extended the revolving
credit facility by a further \u00a3150.0 million to a total available facility of \u00a3600.0 million,
with no amendments to pre-existing covenants or securitisation requirements. The
convertible bond of \u00a382.7 million was repaid in January 2026.
The Group generated positive adjusted EBITDA
1
in the year and reported an increase
in net debt
1
at 28 February 2026
; however, it remained in compliance with its \ufb01nancial
covenants associated with the revolving credit facility (refer to Note 14
) with signi\ufb01cant
headroom at the reporting date. As at 28 February 2026, the Group was in a net
current liability position of \u00a386.0 million driven by the negative working capital cycle
whereby ticket sales amounts are received before amounts due are paid to carriers
(FY2025: \u00a3160.4
million net current liability position), signi\ufb01cant movement year-on-year
relates to the repayment of the convertible bond in January 2026 utilising the Group\u2019s
borrowing facility. The Group has in place bank guarantees of \u00a3148.2 million (FY2025:
\u00a3167.0 million) that can be utilised to settle trade creditor balances. Bank guarantees
are issued by lenders under the Group\u2019s revolving credit facility and therefore reduce
the Group\u2019s remaining available facility. Despite the net current liability position, the
Group has access to \u00a3221.8 million additional funds under its revolving credit facility
(FY2025: \u00a388.0 million). As
such the Group has su\ufb03cient liquidity to cover the net current
liability position.
The Directors performed a detailed going concern review using Board-approved
forecasts (the \u2018base case\u2019) as well as considering two severe but plausible downside
scenarios in isolation, without any mitigations, and their potential impact on the
Group\u2019s forecast. The severe but plausible downside scenarios modelled were: (1) a 15%
reduction in forecast Group adjusted EBITDA caused by a circa 7% reduction in Group
revenue, or a circa 15% increase in Group marketing and other administrative expenses;
and (2) a 1.5% increase above the forecast SONIA interest rate benchmark.
In the base case and both severe but plausible downside scenarios, the Group is able
to continue in operation and meet its liabilities as they fall due, with signi\ufb01cant excess
liquidity. This includes complying with the net debt to adjusted EBITDA and the interest
coverage covenant requirements at the 31 August 2026 and 28 February 2027 test dates.
Following the assessment described above, the Directors are con\ufb01dent that the Group
has adequate resources to continue to meet its liabilities as they fall due and to remain
in operation for the going concern assessment period. The Board has therefore
continued to adopt the going concern basis in preparing the Consolidated Financial
Statements.
1
Non-GAAP measure (unaudited) \u2013 see alternative performance measures section on pages 142 and 143.
f) Cost of sales
Cost of sales include costs in relation to the provision of rail tickets, industry system
costs, ancillary services, settlement and ful\ufb01lment costs and are recognised as incurred
(at the point of sale).
g) Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies
of Group companies at exchange rates applicable on the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated to
the functional currency exchange rate at the reporting date. Non-monetary assets and
liabilities that are measured at fair value in a foreign currency are translated to the
functional currency at the exchange rate when the fair value was determined. Foreign
currency di\ufb00erences arising on translation are generally recognised in the income
statement. Non-monetary items that are measured based on historical cost in foreign
currency are not re-translated.
For the purpose of presenting the Consolidated Financial Statements, the assets
and liabilities of entities with a functional currency other than sterling are expressed
in sterling using exchange rates prevailing at the reporting period date. Income
and expense items and cash \ufb02ows are translated at the average exchange rates
for each month and exchange di\ufb00erences arising are recognised directly in other
comprehensive income.
h) Use of judgements and estimates
In preparing these Financial Statements, management has made judgements, estimates
and assumptions that a\ufb00ect the application of the accounting policies and the reported
amounts of assets, liabilities, income and expenses.
Estimates and underlying assumptions are reviewed on an ongoing basis. Actual results
may di\ufb00er from these estimates. Revision to estimates are recognised prospectively.
Key Source of Estimation Uncertainty
The following estimate is deemed critical as it has been identi\ufb01ed by Management as
one which is subject to a high degree of estimation uncertainty:
\u2022
Note 10 \u2013 Goodwill impairment test: key assumptions underlying recoverable amounts
The Group tests goodwill for impairment annually by comparing the carrying amount
against the recoverable amount. The recoverable amount is the higher of the fair value
less costs of disposal and value-in-use. There is inherent estimation uncertainty in
estimating the future cash \ufb02ows and the time period over which they will occur. There
is also estimation uncertainty in arriving at an appropriate discount rate to apply to the
cash \ufb02ows as well as an appropriate terminal growth rate. Each of these assumptions
have an impact on the overall value of cash \ufb02ows expected and therefore the headroom
between the cash \ufb02ows and carrying values of the cash generating units (
CGUs). An
unfavourable change in any of these assumptions could result in a signi\ufb01cant change
in headroom. As such each of these constitute estimates in the assessment of the
recoverable amount of goodwill in respect of both the UK consumer and International
consumer CGUs. Details of the impact of reasonably possible changes to the future cash
\ufb02ows and timing of these are evaluated in Note
10 to the Financial Statements.
Critical Accounting Judgements
Critical accounting judgements are those that the Group has made in the process of
applying the Group\u2019s accounting policies and that have the most signi\ufb01cant e\ufb00ect on
the amounts recognised in the Financial Statements:
\u2022 Note 10 \u2013 Capitalisation of internal software development costs
The Group capitalises internal costs directly attributable to the development of
intangible assets. We consider this a critical judgement given the application of IAS
38
involves the assessment of several di\ufb00erent criteria that can be subjective and/or
complex in determining whether the costs meet the threshold for capitalisation. During
the year, the Group has capitalised internal development costs amounting to \u00a337.8
million (FY2025: \u00a340.3 million). While the Group makes judgements in determining the
basis for recognition of these internally developed assets, these judgements are formed
in the context of robust systems and controls.
i) New standards and interpretations adopted
A
new standard is e\ufb00ective from
1 March 2025
but does not have a material e\ufb00ect on the
Group\u2019s Financial Statements.
The following adopted IFRS has been issued but has not been applied by the Group
in these consolidated Financial Statements. The adoption is not expected to have a
material e\ufb00ect on the Financial Statements unless otherwise indicated:
\u2022
Lack of Exchangeability \u2013 Amendments to IAS 21 The E\ufb00ects of Changes in Foreign
Exchange Rates (e\ufb00ective date 1 January 2025)
IFRS 18
\u2018Presentation and Disclosure in Financial Statements\u2019 becomes e\ufb00ective
for annual reporting periods beginning on or after 1 January 2027 and will replace
IAS 1 \u2018Presentation of Financial Statements\u2019. The standard will be applied retrospectively.
IFRS 18
introduces a more structured statement of pro\ufb01t or loss, requiring income
and expenses to be classi\ufb01ed into operating, investing, \ufb01nancing, income taxes and
discontinued operations, and introduces new de\ufb01ned subtotals, including operating
pro\ufb01t and pro\ufb01t before \ufb01nancing and income taxes. There is no change to recognition
and measurement requirements and, accordingly, no expected impact on pro\ufb01t
after tax.
The standard requires disclosure of management-de\ufb01ned performance measures
(\u201cMPMs\u201d) in a single note, including a reconciliation to the most directly comparable IFRS
subtotal. IFRS 18 also introduces enhanced guidance on aggregation and disaggregation
and will change the classi\ufb01cation of certain items in the statement of cash \ufb02ows,
including presenting interest received and interest paid within investing and \ufb01nancing
activities, respectively. The Group is currently assessing the impact of IFRS 18 on its
Consolidated Financial Statements.Accounting policy
Consumer
Commission revenue is earned from carriers on net ticket sales. Each sale or refund
transaction represents a separate performance obligation, and the related revenue is
recognised at the time of the sale or refund. Ancillary product o\ufb00erings sold through
third parties generate other revenue earnings for Trainline who act as agent. Income
is recognised at a point in time based on purchase date, impressions or, in the case
of hotels, customer stays. The Group acts as an agent in these sale transactions, as
it does not control the services prior to transferring them to its customers. In refund
transactions, the Group acts as an agent in respect of the refund of the ticket value that
is due back to the customer, and as a principal in respect of the refund fee, as it has full
entitlement to the refund fee. Refund sales and fees are recognised at the point the
ticket is voided (cancelled) with the vendor. The Group acts as principal in respect of
other fee income including booking fee, settlement fee and ful\ufb01lment fee, in addition to
rail rebates. Promotions are evaluated on a case-by-case basis based on their nature and
are recognised as a contra to revenue where it meets the requirements of IFRS 15.
Trainline Solutions
Revenue earned from branded travel portal platforms is recognised in three key
elements represented by bespoke feature builds, monthly maintenance, and
commission and service fees earned per transaction processed. Each of these elements
represent a separate performance obligation. Revenue is recognised at point in time
for bespoke feature builds, maintenance, commission and service fees. For contracts
with customers, invoices are raised upon satisfaction of performance obligations, with
payment due within 30 days.
The Group\u2019s operations and main revenue streams are those described in these Financial
Statements. The Group\u2019s revenue is derived from contracts with customers and are
disaggregated by primary geographical market and timing of revenue recognition.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Timing of revenue recognition
\u00a3\u2019000
\u00a3\u2019000
At point in time
452,684
442,095
Total revenue
452,684
442,095
\nAccounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,353
3,999
Net foreign exchange gain
1,649
\u2013
Finance income
4,002
3,999
Interest expense on borrowings including amortisation
\u00a0 \u00a0
of transaction costs
(9,973)
(6,919)
Net foreign exchange loss
\u2013
(584)
Interest and fees on convertible bonds
(728)
(827)
Interest on lease liability
(1,291)
(287)
Unwind of provision
(122)
(65)
Other interest
\u2013
(10)
Finance costs
(12,114)
(8,692)
Net \ufb01nance costs recognised in the income statement
(8,112)
(4,693)
\nAccounting policy
Income tax expense comprises current and deferred tax. It is recognised in the income
statement except to the extent that it relates to a business combination, or items
recognised directly in equity or in other comprehensive income.
(i) Current tax
Current tax comprises the expected tax payable or receivable on the taxable income
or loss for the year and any adjustment to tax payable or receivable in respect of
previous years. It is measured using tax rates enacted or substantively enacted at the
reporting date.
(ii) Deferred tax
Deferred tax is recognised in respect of temporary di\ufb00erences between the carrying
amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used
for taxation purposes. Deferred tax is not recognised for:
\u2022
temporary di\ufb00erences on the initial recognition of assets or liabilities in a transaction
that is not a business combination and that a\ufb00ects neither accounting nor taxable
pro\ufb01t or loss;
\u2022
temporary di\ufb00erences related to investments in subsidiaries, to the extent that the
Group can control the timing of the reversal of the temporary di\ufb00erences and it is
probable that they will not reverse in the foreseeable future; and
\u2022
taxable temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits and
deductible temporary di\ufb00erences to the extent that it is probable that future taxable
pro\ufb01ts will be available against which they can be used before their expiry. Deferred tax
assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax bene\ufb01t will be realised.
Amounts will be recognised \ufb01rst to the extent that taxable temporary di\ufb00erences exist
and it is considered probable that they will reverse and give rise to future taxable pro\ufb01ts
against which losses or other assets may be utilised before their expiry. Assets will then
be recognised to the extent that forecasts or other evidence support the availability of
future pro\ufb01ts against which assets may be realised.
Deferred tax is measured at the tax rates that are expected to be applied to temporary
di\ufb00erences when they reverse, using tax rates enacted or substantively enacted at the
reporting date. The measurement of deferred tax re\ufb02ects the tax consequences that
would follow from the manner in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and
liabilities are o\ufb00set only if certain criteria are met.
The Group recognises a deferred tax asset in respect of share-based payment awards
based on the expected tax deduction, measured as the intrinsic value of the awards
at the reporting date. The deferred tax asset is recognised over the vesting period,
consistent with the recognition of the related IFRS 2 charge, and is remeasured at each
reporting date based on the Group\u2019s share price. To the extent that the tax deduction
on exercise exceeds the cumulative IFRS 2
charge, the excess tax bene\ufb01t is recognised
directly in equity. Where the tax deduction is lower than the cumulative IFRS 2 charge,
any shortfall is recognised in the income statement. Current tax deductions arising on
the exercise of share-based payment awards are recognised in the income statement
except to the extent that they relate to amounts previously recognised in equity.
The Group is currently not within the scope of the OECD Pillar Two framework
implementing the quali\ufb01ed domestic minimum top-up tax. No adjustments or
disclosures related to Pillar Two income taxes are required in the Financial Statements.
The Group will continue to monitor the applicability of Pillar Two rules in future years. Accounting policy
The Group calculates earnings per share in accordance with the requirements of IAS 33
\u2018Earnings Per Share\u2019.
Four types of earnings per share are reported:
(i) Basic earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, divided by the
weighted average number of ordinary shares outstanding during the year, adjusted for
treasury shares held.
(ii) Diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, divided by the
weighted average number of shares outstanding used in the basic earnings per share
calculation adjusted for the e\ufb00ects of all dilutive \u2018potential ordinary shares\u2019.
(iii) Adjusted basic earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, adjusted to
remove the impact of exceptional items, share-based payment charges, amortisation of
acquired intangibles and the current and deferred tax impact of these items; divided by
the weighted average number of ordinary shares outstanding during the year, adjusted
for treasury shares held.
(iv) Adjusted diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, adjusted to
remove the impact of exceptional items, share-based payment charges, amortisation
of intangibles and the current and deferred tax impact of these items; divided by the
weighted average number of shares outstanding used in the basic earnings per share
calculation adjusted for the e\ufb00ects of all dilutive \u2018potential ordinary shares\u2019.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
At 28 February 2026
At 28 February 2025
Weighted average number of ordinary shares:
\u00a0\u00a0
Ordinary shares
416,768,671
458,379,661
Treasury shares
(7,119,853)
(13,338,038)
Contingently issuable shares
1
1,416,078
594,773
Weighted number of ordinary shares
411,064,896
445,636,396
Dilutive impact of share options outstanding
6,196,273
15,197,117
Weighted number of dilutive shares
417,261,169
460,833,513
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t after tax
79,813
58,348
Earnings attributable to equity holders
79,813
58,348
Adjusted earnings
2
96,895
85,331
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Pence
Pence
Pro\ufb01t per share
\u00a0\u00a0
Basic
19.42p
13.09p
Diluted
19.13p
12.66p
Adjusted pro\ufb01t per share
\u00a0\u00a0
Basic
23.57p
19.15p
Diluted
23.22p
18.52p
\n
1
Contingently issuable shares relate to vested but unexercised share-based payment awards as at the balance
sheet date.
2
Refer to the alternative performance measures section for the calculation of adjusted earnings.Accounting policy
(i) Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for non-controlling interests,
and any previous interest held, over the net identi\ufb01able assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identi\ufb01ed all of
the assets acquired and all of the liabilities assumed and reviews the procedures used
to measure the amounts to be recognised at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the income statement. After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.
(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged
to projects.
(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives
and are measured at cost less accumulated amortisation and any accumulated
impairment losses.
(iv) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic
bene\ufb01ts embodied in the asset to which it relates. All other expenditure, including
expenditure on internally generated goodwill and brands, is recognised in the income
statement as incurred.
(v) Amortisation
Amortisation is calculated to write o\ufb00 the cost of intangible assets less their estimated
residual values using the straight-line method over their estimated useful lives and is
recognised in administrative expenses in the income statement. Goodwill is not amortised.
The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Software development
3\u201310 years
Brand valuation
10 years
Customer lists
3 years
\n
Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted if appropriate.Accounting policy
Items of property, plant and equipment (\u201cPPE\u201d) are measured at cost less accumulated
depreciation and any accumulated impairment losses. Any gain or loss on disposal
of an item of property, plant and equipment is recognised in the income statement.
Depreciation is calculated to write o\ufb00 the cost of items of property, plant and equipment
less their estimated residual values using the straight-line method over their estimated
useful lives and is generally recognised in the income statement. The estimated useful
lives of property, plant and equipment are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Plant and equipment
3\u20135 years
Leasehold improvements
6\u201310 years/remaining lease length if shorter
Right-of-use assets
Lease length
\n
The Group tests the carrying value of assets including right-of-use (\u201cROU\u201d) assets for
impairment if there is an indicator of impairment. PPE is included in the carrying value of
the Group\u2019s CGUs and has been included in the CGU impairment assessments (see Note
10
). There were no additional indicators of speci\ufb01c impairment identi\ufb01ed during the year
relating to PPE (FY2025: no indicators). Accounting policy
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method. At the date borrowings are repaid,
any attributable transaction costs are released as \ufb01nance costs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Non-current liabilities
\u00a0\u00a0
Revolving credit facility
1
226,529
68,100
Lease liabilities
32,337
3,107
Total non-current liabilities
258,866
71,207
Current liabilities
\u00a0\u00a0
Accrued interest on revolving credit facilities
600
828
Convertible bonds
\u2013
82,202
Lease liabilities
2,480
4,345
Total current liabilities
3,080
87,375
\n
1
Included within the revolving credit facility is the principal amount of \u00a3230.0
million (FY2025: \u00a3
70.0
million)
and directly attributable transaction costs of \u00a3
3.5
million (FY2025: \u00a3
1.9
million). Accounting policy
Provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax
rate that re\ufb02ects current market assessments of the time value of money and the risks
speci\ufb01c to the liability. The unwinding of the discount is recognised as a \ufb01nance cost.
The Group provides for the cost of dilapidations in relation to the o\ufb03ces over the
minimum term of the leases. It is expected that the cash \ufb02ows in relation to provisions
will occur at the end of the lease terms between
2026
and
2035
.Accounting policy
Equity-settled share-based payment schemes are initially measured at fair value at the
grant date and recognised as a charge in the income statement over the vesting period
based on the Group\u2019s estimate of the shares that will eventually vest and adjusted for
the e\ufb00ect of non-market vesting conditions.
A corresponding increase in reserves is also
recognised in equity.Accounting policy
(i) Short-term employee bene\ufb01ts
Short-term employee bene\ufb01ts are expensed as the related service is provided.
A
liability is recognised for the amount expected to be paid if there is a present legal or
constructive obligation to pay this amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
(ii) De\ufb01ned contribution plans
Obligations for contributions to de\ufb01ned contribution plans are expensed as the related
service is provided. Prepaid contribution is recognised as an asset to the extent that a
cash refund or a reduction in future payments is available.
(iii) De\ufb01ned bene\ufb01t plans
The Group participates in a de\ufb01ned bene\ufb01t scheme which is closed to new members.
The assets of the scheme are held separately from those of the Group. Pension scheme
assets are measured using market values.
The Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t plans is calculated separately by
estimating the amount of future bene\ufb01t that employees have earned in the current and
prior years, discounting that amount and deducting the fair value of any plan assets.
The calculation of de\ufb01ned bene\ufb01t obligations is performed every year end by a quali\ufb01ed
actuary using the projected unit credit method and discounted at the current rate of
return on a high-quality corporate bond of equivalent term and currency to the liability.
When the calculation results in a potential asset for the Group, the recognised asset
is limited to the present value of economic bene\ufb01ts available in the form of any future
refunds from the plan or reductions in future contributions to the plan. To calculate the
present value of economic bene\ufb01ts, consideration is given to any applicable minimum
funding requirements.
The scheme is subject to an asset ceiling, meaning when the scheme is remeasured and
shows a net asset position an asset ceiling is applied equal to this amount, meaning
the Group recognises no asset on its statement of \ufb01nancial position. This is because the
Group does not have an irrevocable right to the surplus of the scheme. If the scheme is
in a net de\ufb01cit the Group would recognise the liability.
Remeasurement of the net de\ufb01ned bene\ufb01t liability, which comprises actuarial gains and
losses, the return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (if
any, excluding interest), is recognised immediately in other comprehensive income. The
Group determines the net interest expense (income) on the net de\ufb01ned bene\ufb01t liability
(asset) for the year by applying the discount rate used to measure the de\ufb01ned bene\ufb01t
obligation at the beginning of the annual period to the then-net de\ufb01ned bene\ufb01t liability
(asset), taking into account any changes in the net de\ufb01ned bene\ufb01t liability (asset) during
the year as a result of contributions and bene\ufb01t payments. Net interest expense and
other expenses related to de\ufb01ned bene\ufb01t plans are recognised in the income statement.
When the bene\ufb01ts of a plan are changed or when a plan is curtailed, the resulting
change in bene\ufb01t that relates to past service or the gain or loss on curtailment is
recognised immediately in the income statement. The Group recognises gains and
losses on the settlement of a de\ufb01ned bene\ufb01t plan when the settlement occurs.
(iv) Termination bene\ufb01ts
Termination bene\ufb01ts are expensed at the earlier of when the Group can no longer
withdraw the o\ufb00er of those bene\ufb01ts and when the Group recognises costs for a
restructuring. If bene\ufb01ts are not expected to be settled wholly within 12
months of the
end of the reporting period, then they are discounted.Accounting de\ufb01nitions
Financial assets
The Group classi\ufb01es its non-derivative \ufb01nancial assets into the following categories: cash
and cash equivalents, and trade and other receivables. The classi\ufb01cation depends on
the purpose for which the assets are held. The classi\ufb01cation is \ufb01rst performed at initial
recognition and then re-evaluated at every reporting date for \ufb01nancial assets other than
those held at fair value through the income statement.
(i) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.
The carrying value of cash in the statement of \ufb01nancial position is valued at amortised cost.
(ii) Trade and other receivables
Trade and other receivables are initially recognised at fair value. Subsequent to initial
recognition, they are measured at amortised cost using the e\ufb00ective interest method,
less any impairment losses. Trade and other receivables are presented in current assets
in the statement of \ufb01nancial position, except for those with maturities greater than one
year after the reporting date.
Trade and other receivables, classi\ufb01ed as \ufb01nancial assets, exclude prepayments and
contract assets.
Financial liabilities
The Group classi\ufb01es its \ufb01nancial liabilities into the following categories: trade and other
payables, loans and borrowings, other non-current liabilities, and lease liabilities.
(i) Trade and other payables
Trade payables and accruals, which include amounts owed to carriers in respect of ticket
sale monies that the Group has collected on their behalf and amounts due to other
suppliers for general business expenditure, are initially recognised at fair value less any
directly attributable transaction costs. Subsequent to initial recognition, these liabilities
are measured at amortised cost using the e\ufb00ective interest method.
Trade and other payables are classi\ufb01ed as \ufb01nancial liabilities, excluding contract liabilities
and accruals.
(ii) Loans and borrowings
The \ufb01nancial liabilities recognised in this category include loan facilities, convertible
bonds and preference shares held by the Group and are presented in borrowings in both
current and non-current liabilities in the statement of \ufb01nancial position.
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method.
(iii) Lease liabilities
The Group recognises lease liabilities for leases within the scope of IFRS
16
\u2018Leases\u2019. Accounting policy
At inception of a contract, the Group assesses whether or not a contract is, or contains,
a lease. A
contract is, or contains, a lease if the contract conveys the right to control the
use of an identi\ufb01ed asset for a period of time in exchange for consideration. When a
lease is recognised in a contract the Group recognises a right-of-use asset and a lease
liability at the lease commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount
of the lease liability adjusted for any lease prepayments made at or before the
commencement date, plus any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the underlying asset or the
site on which it is located, less any lease incentives received. The right-of-use asset is
subsequently depreciated using the straight-line method from the commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease
term. The estimated useful lives of right-of-use assets are based on the length of the
leases. In addition, the right-of-use asset is periodically reduced by impairment losses,
if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that
are not paid at the commencement date, discounted using the interest rate implicit
in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental
borrowing rate based on the rate of interest that the Group paid on borrowings at the
date of lease inception.
The lease liability is measured at amortised cost using the e\ufb00ective interest method.
It is remeasured when there is a change in future lease payments arising from a change
in an index or rate, or if the Group changes its assessment of whether it will exercise
a purchase, extension or termination option. If there is an extension on the lease
term that is not considered a new lease, the lease liability is remeasured using revised
payments and a revised discount rate at the date of the modi\ufb01cation.
A corresponding
adjustment is made to the right-of-use asset.
The Group presents right-of-use assets in property, plant and equipment and lease
liabilities in loans and borrowings in the statement of \ufb01nancial position.
The Group leases assets including o\ufb03ce buildings that are held within property, plant
and equipment. Information about leases for which the Group is a lessee is presented
overleaf.
a) Right-of-use assets
Details of right-of-use assets are disclosed in Note 11
.
b) Lease liabilities in the statement of \ufb01nancial position
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Current liabilities
2,480
4,345
Non-current liabilities
32,337
3,107
\u00a0
34,817
7,452
\n
The maturity analysis of lease liabilities is disclosed in Note
14
.
c) Amounts charged in the income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Depreciation expense of right-of-use assets
6,557
4,292
Interest expense in lease liabilities
1,291
287
\u00a0
7,848
4,579
\n
d) Cash out\ufb02ow
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Total cash out\ufb02ow for leases
5,220
5,193
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "a) General information
Trainline plc (the \u201cCompany\u201d) and subsidiaries controlled by the Company (together, the
\u201cGroup\u201d) are the leading independent rail and coach travel platform selling rail and coach
tickets worldwide. The Company is publicly listed on the London Stock Exchange (\u201cLSE\u201d)
and is incorporated and domiciled in England, the United Kingdom. The Company\u2019s
registered address is 1 Stonecutter Street, EC4A 4AH.
The Group Financial Statements for the year ended 28 February 2026 were approved by
the Directors on 5 May 2026.
The Group Financial Statements of Trainline plc have been prepared in accordance
with UK-adopted International Accounting Standards and with the requirements of the
Companies Act 2006 as applicable to companies reporting under those standards.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "Trainline plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "Trainline plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "Trainline plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "leading independent rail and coach travel platform selling rail and coach tickets worldwide.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "1 Stonecutter Street, EC4A 4AH.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "The Group Financial Statements for the year ended 28 February 2026 were approved by the Directors on 5 May 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "2026-02-28", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "b) Basis of consolidation
The Group Financial Statements consolidate those of the Company and its subsidiaries
(together referred to as the \u201cGroup\u201d).
The Financial Statements presented herein are for the year from 1 March 2025 to
28 February 2026.
(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it
is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to a\ufb00ect those returns through its power over the entity. The Financial
Statements of subsidiaries are included in the Consolidated Financial Statements from
the date on which control commences until the date on which control ceases. Control is
achieved when the Group; (i) has power over the investee; (ii) is exposed or has rights to
variable returns from its involvement with the investee; and (iii) has the ability to use its
power to a\ufb00ect the returns.
(ii) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising
from intra-group transactions, are eliminated.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "(i) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it
is exposed to, or has rights to, variable returns from its involvement with the entity and
has the ability to a\ufb00ect those returns through its power over the entity. The Financial
Statements of subsidiaries are included in the Consolidated Financial Statements from
the date on which control commences until the date on which control ceases. Control is
achieved when the Group; (i) has power over the investee; (ii) is exposed or has rights to
variable returns from its involvement with the investee; and (iii) has the ability to use its
power to a\ufb00ect the returns.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "c) Basis of measurement
The Group and Parent Company Financial Statements are prepared on the historical cost
basis except for the following:
\u2022
Financial instruments at fair value through the income statement are measured at
fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "d) Functional and presentation currency
The Financial Statements are presented in pound sterling (\u00a3GBP), which is the functional
currency of the Parent Company. All amounts have been rounded to the nearest
thousand, unless otherwise indicated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "e) Going concern
The Consolidated Financial Statements have been prepared on a going concern basis,
which assumes that the Group will be able to meet its liabilities as they fall due over at
least the next 12 months from the date of the approval of these Financial Statements
(the \u201cgoing concern assessment period\u201d) including consideration of the covenants
associated with the Group\u2019s revolving credit facility at the next covenant test dates on
31 August 2026 and 28 February 2027, being the two relevant dates in this period.
The UK Corporate Governance Code requires the Board to assess and report on the
prospects of the Group and whether the business is a going concern. The Directors have
undertaken a rigorous assessment of going concern and liquidity, taking into account
\ufb01nancial forecasts and any key uncertainties and sensitivities.
On 25 July 2025, the Group entered into a new \u00a3450.0 million revolving credit facility
with an initial maturity date of 25 July 2028, with the option to extend for a further two,
one-year periods to 25 July 2030. On 18 February 2026, the Group extended the revolving
credit facility by a further \u00a3150.0 million to a total available facility of \u00a3600.0 million,
with no amendments to pre-existing covenants or securitisation requirements. The
convertible bond of \u00a382.7 million was repaid in January 2026.
The Group generated positive adjusted EBITDA
1
in the year and reported an increase
in net debt
1
at 28 February 2026
; however, it remained in compliance with its \ufb01nancial
covenants associated with the revolving credit facility (refer to Note 14
) with signi\ufb01cant
headroom at the reporting date. As at 28 February 2026, the Group was in a net
current liability position of \u00a386.0 million driven by the negative working capital cycle
whereby ticket sales amounts are received before amounts due are paid to carriers
(FY2025: \u00a3160.4
million net current liability position), signi\ufb01cant movement year-on-year
relates to the repayment of the convertible bond in January 2026 utilising the Group\u2019s
borrowing facility. The Group has in place bank guarantees of \u00a3148.2 million (FY2025:
\u00a3167.0 million) that can be utilised to settle trade creditor balances. Bank guarantees
are issued by lenders under the Group\u2019s revolving credit facility and therefore reduce
the Group\u2019s remaining available facility. Despite the net current liability position, the
Group has access to \u00a3221.8 million additional funds under its revolving credit facility
(FY2025: \u00a388.0 million). As
such the Group has su\ufb03cient liquidity to cover the net current
liability position.
The Directors performed a detailed going concern review using Board-approved
forecasts (the \u2018base case\u2019) as well as considering two severe but plausible downside
scenarios in isolation, without any mitigations, and their potential impact on the
Group\u2019s forecast. The severe but plausible downside scenarios modelled were: (1) a 15%
reduction in forecast Group adjusted EBITDA caused by a circa 7% reduction in Group
revenue, or a circa 15% increase in Group marketing and other administrative expenses;
and (2) a 1.5% increase above the forecast SONIA interest rate benchmark.
In the base case and both severe but plausible downside scenarios, the Group is able
to continue in operation and meet its liabilities as they fall due, with signi\ufb01cant excess
liquidity. This includes complying with the net debt to adjusted EBITDA and the interest
coverage covenant requirements at the 31 August 2026 and 28 February 2027 test dates.
Following the assessment described above, the Directors are con\ufb01dent that the Group
has adequate resources to continue to meet its liabilities as they fall due and to remain
in operation for the going concern assessment period. The Board has therefore
continued to adopt the going concern basis in preparing the Consolidated Financial
Statements.
1
Non-GAAP measure (unaudited) \u2013 see alternative performance measures section on pages 142 and 143. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "f) Cost of sales
Cost of sales include costs in relation to the provision of rail tickets, industry system
costs, ancillary services, settlement and ful\ufb01lment costs and are recognised as incurred
(at the point of sale).", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "g) Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies
of Group companies at exchange rates applicable on the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated to
the functional currency exchange rate at the reporting date. Non-monetary assets and
liabilities that are measured at fair value in a foreign currency are translated to the
functional currency at the exchange rate when the fair value was determined. Foreign
currency di\ufb00erences arising on translation are generally recognised in the income
statement. Non-monetary items that are measured based on historical cost in foreign
currency are not re-translated.
For the purpose of presenting the Consolidated Financial Statements, the assets
and liabilities of entities with a functional currency other than sterling are expressed
in sterling using exchange rates prevailing at the reporting period date. Income
and expense items and cash \ufb02ows are translated at the average exchange rates
for each month and exchange di\ufb00erences arising are recognised directly in other
comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "h) Use of judgements and estimates
In preparing these Financial Statements, management has made judgements, estimates
and assumptions that a\ufb00ect the application of the accounting policies and the reported
amounts of assets, liabilities, income and expenses.
Estimates and underlying assumptions are reviewed on an ongoing basis. Actual results
may di\ufb00er from these estimates. Revision to estimates are recognised prospectively.
Key Source of Estimation Uncertainty
The following estimate is deemed critical as it has been identi\ufb01ed by Management as
one which is subject to a high degree of estimation uncertainty:
\u2022
Note 10 \u2013 Goodwill impairment test: key assumptions underlying recoverable amounts
The Group tests goodwill for impairment annually by comparing the carrying amount
against the recoverable amount. The recoverable amount is the higher of the fair value
less costs of disposal and value-in-use. There is inherent estimation uncertainty in
estimating the future cash \ufb02ows and the time period over which they will occur. There
is also estimation uncertainty in arriving at an appropriate discount rate to apply to the
cash \ufb02ows as well as an appropriate terminal growth rate. Each of these assumptions
have an impact on the overall value of cash \ufb02ows expected and therefore the headroom
between the cash \ufb02ows and carrying values of the cash generating units (
CGUs). An
unfavourable change in any of these assumptions could result in a signi\ufb01cant change
in headroom. As such each of these constitute estimates in the assessment of the
recoverable amount of goodwill in respect of both the UK consumer and International
consumer CGUs. Details of the impact of reasonably possible changes to the future cash
\ufb02ows and timing of these are evaluated in Note
10 to the Financial Statements.
Critical Accounting Judgements
Critical accounting judgements are those that the Group has made in the process of
applying the Group\u2019s accounting policies and that have the most signi\ufb01cant e\ufb00ect on
the amounts recognised in the Financial Statements:
\u2022 Note 10 \u2013 Capitalisation of internal software development costs
The Group capitalises internal costs directly attributable to the development of
intangible assets. We consider this a critical judgement given the application of IAS
38
involves the assessment of several di\ufb00erent criteria that can be subjective and/or
complex in determining whether the costs meet the threshold for capitalisation. During
the year, the Group has capitalised internal development costs amounting to \u00a337.8
million (FY2025: \u00a340.3 million). While the Group makes judgements in determining the
basis for recognition of these internally developed assets, these judgements are formed
in the context of robust systems and controls.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "i) New standards and interpretations adopted
A
new standard is e\ufb00ective from
1 March 2025
but does not have a material e\ufb00ect on the
Group\u2019s Financial Statements.
The following adopted IFRS has been issued but has not been applied by the Group
in these consolidated Financial Statements. The adoption is not expected to have a
material e\ufb00ect on the Financial Statements unless otherwise indicated:
\u2022
Lack of Exchangeability \u2013 Amendments to IAS 21 The E\ufb00ects of Changes in Foreign
Exchange Rates (e\ufb00ective date 1 January 2025)
IFRS 18
\u2018Presentation and Disclosure in Financial Statements\u2019 becomes e\ufb00ective
for annual reporting periods beginning on or after 1 January 2027 and will replace
IAS 1 \u2018Presentation of Financial Statements\u2019. The standard will be applied retrospectively.
IFRS 18
introduces a more structured statement of pro\ufb01t or loss, requiring income
and expenses to be classi\ufb01ed into operating, investing, \ufb01nancing, income taxes and
discontinued operations, and introduces new de\ufb01ned subtotals, including operating
pro\ufb01t and pro\ufb01t before \ufb01nancing and income taxes. There is no change to recognition
and measurement requirements and, accordingly, no expected impact on pro\ufb01t
after tax.
The standard requires disclosure of management-de\ufb01ned performance measures
(\u201cMPMs\u201d) in a single note, including a reconciliation to the most directly comparable IFRS
subtotal. IFRS 18 also introduces enhanced guidance on aggregation and disaggregation
and will change the classi\ufb01cation of certain items in the statement of cash \ufb02ows,
including presenting interest received and interest paid within investing and \ufb01nancing
activities, respectively. The Group is currently assessing the impact of IFRS 18 on its
Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "2. Operating segments
In accordance with IFRS 8, the Group determines and presents its operating segments
based on internal information that is provided to the Board, being the Group\u2019s Chief
Operating Decision Maker (\u201cCODM\u201d).
The Group\u2019s three operating and reporting segments are summarised as follows:
\u2022
UK Consumer
\u2013 Travel apps and websites for individual travellers for journeys within
the UK
\u2022
International Consumer
\u2013 Travel apps and websites for individual travellers for
journeys outside the UK including journeys between the UK and outside the UK, and
\u2022
Trainline Solutions
1
\u2013 Travel portal platforms for Trainline\u2019s own branded business
units, in addition to external corporates, travel management companies and white-
label ecommerce platforms for Train Operating Companies. This segment operates
Platform One Solutions and reallocates a cost to the UK and International Consumer
segments.
No single customer accounted for 10% or more of the Group\u2019s sales. In general, the
transfer pricing policy implemented by the Group is market-based.
The CODM reviews discrete information by segment disaggregated to adjusted EBITDA
to better assess performance and to assist in resource-allocation decisions. The CODM
monitors the three operating segments results at the level of net ticket sales, revenue,
gross pro\ufb01t and adjusted
EBITDA as shown in this disclosure.
No results at a pro\ufb01t before/after tax level or in relation to the statement of \ufb01nancial
position are reported to the CODM at a lower level than the consolidated Group.
1
The Group\u2019s technology platform, UK Trainline Solutions and International Trainline Solutions are collectively
referred to as \u2018Trainline Solutions\u2019.
Segmental analysis for the year ended 28 February 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
International
Trainline
\u00a0
\u00a0
UK Consumer
Consumer
Solutions
Total Group
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Net ticket sales
2
4,134,731
1,103,522
1,080,907
6,319,160
Revenue
204,134
59,582
188,968
452,684
Cost of sales
(50,384)
(18,528)
(9,898)
(78,810)
Gross pro\ufb01t
153,750
41,054
179,070
373,874
Marketing costs
(27,441)
(38,491)
(939)
(66,871)
Other administrative expenses
(39,652)
(13,367)
(77,336)
(130,355)
Adjusted EBITDA
2
86,657
(10,804)
100,795
176,648
Depreciation and amortisation
\u00a0\u00a0\u00a0
(40,814)
Share-based payment charges
\u00a0\u00a0\u00a0
(13,407)
Operating pro\ufb01t
\u00a0\u00a0\u00a0
122,427
Net \ufb01nance costs
\u00a0\u00a0\u00a0
(8,112)
Pro\ufb01t before tax
\u00a0\u00a0\u00a0
114,315
Income tax expense
\u00a0\u00a0\u00a0
(34,502)
Pro\ufb01t after tax
\u00a0\u00a0\u00a0
79,813
\n
2
Non-GAAP measure (unaudited) \u2013 see alternative performance measures section on page 142.
Segmental analysis for the year ended 28 February 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
International
Trainline
\u00a0
\u00a0
UK Consumer
Consumer
Solutions
Total Group
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Net ticket sales
3
3,911,711
1,054,993
940,739
5,907,443
Revenue
207,611
53,227
181,257
442,095
Cost of sales
(60,388)
(18,885)
(10,509)
(89,782)
Gross pro\ufb01t
147,223
34,342
170,748
352,313
Marketing costs
(27,138)
(42,973)
(791)
(70,902)
Other administrative expenses
(31,735)
(11,480)
(79,061)
(122,276)
Adjusted EBITDA
1
88,350
(20,111)
90,896
159,135
Depreciation and amortisation
\u00a0\u00a0\u00a0
(43,167)
Share-based payment charges
\u00a0\u00a0\u00a0
(21,445)
Exceptional items
\u00a0\u00a0\u00a0
(8,945)
Operating pro\ufb01t
\u00a0\u00a0\u00a0
85,578
Net \ufb01nance costs
\u00a0\u00a0\u00a0
(4,693)
Pro\ufb01t before tax
\u00a0\u00a0\u00a0
80,885
Income tax expense
\u00a0\u00a0\u00a0
(22,537)
Pro\ufb01t after tax
\u00a0\u00a0\u00a0
58,348
\n
1
Non-GAAP measure (unaudited) \u2013 see alternative performance measures section on page 142.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "3. Revenue
Accounting policy
Consumer
Commission revenue is earned from carriers on net ticket sales. Each sale or refund
transaction represents a separate performance obligation, and the related revenue is
recognised at the time of the sale or refund. Ancillary product o\ufb00erings sold through
third parties generate other revenue earnings for Trainline who act as agent. Income
is recognised at a point in time based on purchase date, impressions or, in the case
of hotels, customer stays. The Group acts as an agent in these sale transactions, as
it does not control the services prior to transferring them to its customers. In refund
transactions, the Group acts as an agent in respect of the refund of the ticket value that
is due back to the customer, and as a principal in respect of the refund fee, as it has full
entitlement to the refund fee. Refund sales and fees are recognised at the point the
ticket is voided (cancelled) with the vendor. The Group acts as principal in respect of
other fee income including booking fee, settlement fee and ful\ufb01lment fee, in addition to
rail rebates. Promotions are evaluated on a case-by-case basis based on their nature and
are recognised as a contra to revenue where it meets the requirements of IFRS 15.
Trainline Solutions
Revenue earned from branded travel portal platforms is recognised in three key
elements represented by bespoke feature builds, monthly maintenance, and
commission and service fees earned per transaction processed. Each of these elements
represent a separate performance obligation. Revenue is recognised at point in time
for bespoke feature builds, maintenance, commission and service fees. For contracts
with customers, invoices are raised upon satisfaction of performance obligations, with
payment due within 30 days.
The Group\u2019s operations and main revenue streams are those described in these Financial
Statements. The Group\u2019s revenue is derived from contracts with customers and are
disaggregated by primary geographical market and timing of revenue recognition.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Timing of revenue recognition
\u00a3\u2019000
\u00a3\u2019000
At point in time
452,684
442,095
Total revenue
452,684
442,095
\n
Geographic information
In presenting the information on the basis of geography, revenue is based on the
geographical location of the vendors. This re\ufb02ects how information is presented externally.
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
UK
366,525
362,751
Rest of the world
86,159
79,344
Total revenue
452,684
442,095
\n
Contract balances
The Group\u2019s contract balances consist of trade receivables, contract assets and contract
liabilities. Trade receivables are disclosed in Note 12.
The contract assets primarily relate to the Group\u2019s rights to consideration for services
provided but not invoiced at the reporting date. The contract assets are transferred
to receivables when invoiced. The Group\u2019s contract assets amounted to \u00a31.9 million
(FY2025: \u00a38.4 million) which are included in Note 12.
The contract liabilities primarily relate to the advance consideration received from
customers, for which revenue is recognised when the services are deemed to be
provided. The contract liabilities amounted to \u00a30.2 million (FY2025: \u00a30.4 million) which
are included in Note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "Accounting policy
Consumer
Commission revenue is earned from carriers on net ticket sales. Each sale or refund
transaction represents a separate performance obligation, and the related revenue is
recognised at the time of the sale or refund. Ancillary product o\ufb00erings sold through
third parties generate other revenue earnings for Trainline who act as agent. Income
is recognised at a point in time based on purchase date, impressions or, in the case
of hotels, customer stays. The Group acts as an agent in these sale transactions, as
it does not control the services prior to transferring them to its customers. In refund
transactions, the Group acts as an agent in respect of the refund of the ticket value that
is due back to the customer, and as a principal in respect of the refund fee, as it has full
entitlement to the refund fee. Refund sales and fees are recognised at the point the
ticket is voided (cancelled) with the vendor. The Group acts as principal in respect of
other fee income including booking fee, settlement fee and ful\ufb01lment fee, in addition to
rail rebates. Promotions are evaluated on a case-by-case basis based on their nature and
are recognised as a contra to revenue where it meets the requirements of IFRS 15.
Trainline Solutions
Revenue earned from branded travel portal platforms is recognised in three key
elements represented by bespoke feature builds, monthly maintenance, and
commission and service fees earned per transaction processed. Each of these elements
represent a separate performance obligation. Revenue is recognised at point in time
for bespoke feature builds, maintenance, commission and service fees. For contracts
with customers, invoices are raised upon satisfaction of performance obligations, with
payment due within 30 days.
The Group\u2019s operations and main revenue streams are those described in these Financial
Statements. The Group\u2019s revenue is derived from contracts with customers and are
disaggregated by primary geographical market and timing of revenue recognition.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Timing of revenue recognition
\u00a3\u2019000
\u00a3\u2019000
At point in time
452,684
442,095
Total revenue
452,684
442,095
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "Contract balances
The Group\u2019s contract balances consist of trade receivables, contract assets and contract
liabilities. Trade receivables are disclosed in Note 12.
The contract assets primarily relate to the Group\u2019s rights to consideration for services
provided but not invoiced at the reporting date. The contract assets are transferred
to receivables when invoiced. The Group\u2019s contract assets amounted to \u00a31.9 million
(FY2025: \u00a38.4 million) which are included in Note 12.
The contract liabilities primarily relate to the advance consideration received from
customers, for which revenue is recognised when the services are deemed to be
provided. The contract liabilities amounted to \u00a30.2 million (FY2025: \u00a30.4 million) which
are included in Note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "4. Exceptional items
Exceptional items are costs or credits that, by virtue of their nature and incidence, have
been disclosed separately in order to improve a reader\u2019s understanding of the Financial
Statements. Exceptional items are one-o\ufb00 in nature and are not considered to be part of
the Group\u2019s underlying trading performance.
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Restructuring Costs
\u2013
8,945
Exceptional Items
\u2013
8,945
\n
Restructuring Costs
Costs incurred in FY2025 relate to a cost optimisation exercise which includes a reduction
in headcount. The majority of these costs are cash items which have now been paid but
also includes non-cash share-based payment charges. All of the costs as part of this
project were recognised in FY2025.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "5. Auditors\u2019 remuneration
This note details a breakdown of the auditors\u2019 remuneration recognised across the Group.
During the year, the Group obtained the following services from its auditors:
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Audit of these Financial Statements
746
655
Audit of Financial Statements of subsidiaries pursuant to
\u00a0 \u00a0
legislation
160
112
Audit-related assurance services
64
60
Non-audit services
\u2013
12
Total auditors\u2019 remuneration
970
839
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "6. Employee bene\ufb01t expenses
Sta\ufb00 costs presented in this note re\ufb02ect the total wage, tax, pension and share-
based payment charge relating to employees of the Group. These costs are allocated
between administrative expenses, cost of sales or capitalised where appropriate as
part of software development intangible assets. The allocation between these areas
is dependent on the area of business the employee works in and the activities they
have undertaken.
Average number of full-time equivalent employees
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Number of
Number of
\u00a0
employees
employees
Sales and marketing
137
145
Operations
126
165
Technology and product
565
588
Management and administration
158
155
Total number of employees
1
986
1,053
\n
Employee bene\ufb01ts expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Wages and salaries
88,982
88,957
Social security contributions
14,218
13,059
Contributions to de\ufb01ned contribution plans
3,744
3,715
Share-based payment expense
13,407
21,445
Total employee bene\ufb01ts
120,351
127,176
\n
Details of Directors\u2019 remuneration are disclosed in Note 23 under Transactions with key
management personnel of the Group and in the Directors\u2019 Remuneration Report on
pages 72 to 84 of the Annual Report and Accounts 2026.
1
In determining the monthly employee numbers, in respect of leavers and joiners, employee numbers have been
prorated by the number of days they were employed within the Group.18. Other employee bene\ufb01ts
This note explains the accounting policies governing the Group\u2019s pension schemes and
details the calculations and actuarial assumptions related to these.
The majority of the Group\u2019s employees are members of a de\ufb01ned contribution pension
scheme. Additionally, the Group operates one de\ufb01ned bene\ufb01t pension plan which is
closed to new entrants.
For de\ufb01ned contribution schemes, the Group pays contributions into separate funds
on behalf of the employee and has no further obligations to employees. The risks
associated with this type of plan are assumed by the member. Contributions paid by the
Group in respect of the current year are included within Note
6
.
The de\ufb01ned bene\ufb01t scheme is a pension arrangement under which participating
members receive a pension bene\ufb01t at retirement determined by the scheme rules, salary
and length of pensionable service. The income statement charge for the de\ufb01ned bene\ufb01t
scheme is the current/past service cost and the net interest cost which is the change
in the net de\ufb01ned bene\ufb01t liability that arises from the passage of time. The Group
underwrites both \ufb01nancial and demographic risks associated with this type of plan.
Accounting policy
(i) Short-term employee bene\ufb01ts
Short-term employee bene\ufb01ts are expensed as the related service is provided.
A
liability is recognised for the amount expected to be paid if there is a present legal or
constructive obligation to pay this amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
(ii) De\ufb01ned contribution plans
Obligations for contributions to de\ufb01ned contribution plans are expensed as the related
service is provided. Prepaid contribution is recognised as an asset to the extent that a
cash refund or a reduction in future payments is available.
(iii) De\ufb01ned bene\ufb01t plans
The Group participates in a de\ufb01ned bene\ufb01t scheme which is closed to new members.
The assets of the scheme are held separately from those of the Group. Pension scheme
assets are measured using market values.
The Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t plans is calculated separately by
estimating the amount of future bene\ufb01t that employees have earned in the current and
prior years, discounting that amount and deducting the fair value of any plan assets.
The calculation of de\ufb01ned bene\ufb01t obligations is performed every year end by a quali\ufb01ed
actuary using the projected unit credit method and discounted at the current rate of
return on a high-quality corporate bond of equivalent term and currency to the liability.
When the calculation results in a potential asset for the Group, the recognised asset
is limited to the present value of economic bene\ufb01ts available in the form of any future
refunds from the plan or reductions in future contributions to the plan. To calculate the
present value of economic bene\ufb01ts, consideration is given to any applicable minimum
funding requirements.
The scheme is subject to an asset ceiling, meaning when the scheme is remeasured and
shows a net asset position an asset ceiling is applied equal to this amount, meaning
the Group recognises no asset on its statement of \ufb01nancial position. This is because the
Group does not have an irrevocable right to the surplus of the scheme. If the scheme is
in a net de\ufb01cit the Group would recognise the liability.
Remeasurement of the net de\ufb01ned bene\ufb01t liability, which comprises actuarial gains and
losses, the return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (if
any, excluding interest), is recognised immediately in other comprehensive income. The
Group determines the net interest expense (income) on the net de\ufb01ned bene\ufb01t liability
(asset) for the year by applying the discount rate used to measure the de\ufb01ned bene\ufb01t
obligation at the beginning of the annual period to the then-net de\ufb01ned bene\ufb01t liability
(asset), taking into account any changes in the net de\ufb01ned bene\ufb01t liability (asset) during
the year as a result of contributions and bene\ufb01t payments. Net interest expense and
other expenses related to de\ufb01ned bene\ufb01t plans are recognised in the income statement.
When the bene\ufb01ts of a plan are changed or when a plan is curtailed, the resulting
change in bene\ufb01t that relates to past service or the gain or loss on curtailment is
recognised immediately in the income statement. The Group recognises gains and
losses on the settlement of a de\ufb01ned bene\ufb01t plan when the settlement occurs.
(iv) Termination bene\ufb01ts
Termination bene\ufb01ts are expensed at the earlier of when the Group can no longer
withdraw the o\ufb00er of those bene\ufb01ts and when the Group recognises costs for a
restructuring. If bene\ufb01ts are not expected to be settled wholly within 12
months of the
end of the reporting period, then they are discounted.
De\ufb01ned bene\ufb01t pension plan
(a) The Scheme
Qjump Limited, a subsidiary of the Group, operates a de\ufb01ned bene\ufb01t pension scheme
which is closed to new entrants. The Qjump Shared Cost Section of the Railways
Pension Scheme (\u201cthe Scheme\u201d) is a funded scheme and provides bene\ufb01ts based on
\ufb01nal pensionable pay. The assets of the Scheme are held separately from those of the
Company and are managed by Railpen. The Trustees of Railpen are responsible for
governance of the plan and for appointing members to the Railpen Boards. As the
scheme is currently in an asset position, no contributions are expected from the Group
in the coming year, apart from to cover the scheme administration costs.
Triennial valuation
The most recent published actuarial valuation was carried out by the Scheme Actuary as
at
31
December 2022.
IAS 19 Employee bene\ufb01ts valuation
The IAS
19 valuations of the de\ufb01ned bene\ufb01t pension scheme have been updated at each
year end, the latest being
28 February
2026 by quali\ufb01ed independent actuaries Willis
Towers Watson Ltd. The main \ufb01nancial assumptions applied in the valuations and an
analysis of schemes\u2019 assets are as follows:
(i) Actuarial assumptions
The following were the principal actuarial assumptions at the reporting date (expressed
as weighted averages).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
% pa
% pa
Discount rate
5.75
5.70
Price in\ufb02ation (RPI measure)
3.00
3.05
Increases to deferred pensions (CPI measure)
2.70
2.70
Pension increase (CPI measure)
2.70
2.70
Salary increase
n/a
n/a
\n
The discounted mean term of the de\ufb01ned bene\ufb01t obligation was 15
years at the
reporting date.
Assumptions regarding future mortality have been based on published statistics and
mortality tables. The current longevities underlying the values of the de\ufb01ned bene\ufb01t
obligation at the reporting date were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
years
years
Longevity at age 65 for current pensioners
\u00a0 \u00a0
Males
19.4
19.3
Females
22.3
22.2
Longevity at age 65 for current members aged 45
\u00a0 \u00a0
Males
20.8
20.5
Females
23.8
23.7
\n
Assumptions used are best estimates from a range of possible actuarial assumptions,
which may not necessarily be borne out in practice.
Given the net position is not signi\ufb01cant, changes in assumptions are not likely to impact
the valuation signi\ufb01cantly.
When de\ufb01ned bene\ufb01t funds have an
IAS
19 surplus, they are recorded at the lower of
that surplus and the future economic bene\ufb01ts available in the form of a cash refund or
a reduction in future contributions. Any adjustment to the surplus is recorded in other
comprehensive income.
\n \n
2026
2025
Liability
\u00a3\u2019000
\u00a3\u2019000
Deferred members
(2,392)
(2,262)
Pensioner members (including dependants)
(668)
(725)
Total
(3,060)
(2,987)
Assets
Value of assets at end of year
3,896
3,761
Funded status at end of year
836
774
Adjustment for the members\u2019 share of surplus
(334)
(310)
E\ufb00ect of asset ceiling
(502)
(464)
Net de\ufb01ned bene\ufb01t at end of year
\u2013
\u2013
\n\n \n
2026
2025
\u00a3\u2019000
\u00a3\u2019000
Employer\u2019s share of administration cost
13
13
Total employer\u2019s share of service cost
13
13
Employer\u2019s share of pension expense
13
13
\n
(ii) Other comprehensive income (OCI)
\n\n \n
2026
2025
\u00a3\u2019000
\u00a3\u2019000
Loss / (gain) due to the liability expense
19
(6)
Gain due to the liability assumption changes
(17)
(252)
Adjustment for the members\u2019 share
16
(97)
Return on plan assets (greater)/less than discount rate
(43)
503
Change in e\ufb00ect of the asset ceiling
12
(161)
Total gain recognised in OCI
(13)
(13)
\n
(b) Movements in net de\ufb01ned bene\ufb01t liability
\n
The following table shows the reconciliation from the opening balances to the closing
\n
balances for net de\ufb01ned bene\ufb01t liability and its components.
\n\n \n
2026
2025
\u00a3\u2019000
\u00a3\u2019000
De\ufb01ned bene\ufb01t obligation
Opening balance
2,987
3,157
Interest cost
168
162
De\ufb01ned bene\ufb01t obligation
3,155
3,319
Actuarial gain arising from:
Financial assumptions
(21)
(248)
Experience adjustment
19
(6)
Demographic adjustment
4
(4)
2
(258)
Other
Bene\ufb01ts paid
(97)
(74)
Closing balance
3,060
2,987
Reconciliation of value of assets:
\n\n \n
2026
2025
\u00a3\u2019000
\u00a3\u2019000
Opening value of scheme assets
3,761
4,147
Interest income on assets
211
213
Return on plan assets less than discount rate
43
(503)
Employer and employee contributions
\u2013
\u2013
Actual bene\ufb01t payments
(97)
(74)
Administration costs
(22)
(22)
Closing value of scheme assets
3,896
3,761
\n
(c) Plan assets
\n
Plan assets comprise:
\n\n \n
2026
2025
\u00a3\u2019000
\u00a3\u2019000
Growth assets
1
768
681
Government bonds
1,662
1,577
Non-government bonds
875
879
Other assets
591
624
3,896
3,761
\n
All equity securities and government bonds have both quoted prices in active markets
\n
and unquoted prices.
\n
1
Includes funds with a growth focus, predominantly comprising global equity securities and infrastructure assets.
\n
(d) Risk exposure
\n
Through its de\ufb01ned bene\ufb01t pension plans, the Group is exposed to a number of risks,
\n
the most signi\ufb01cant of which are detailed below:
\n
\u2022
Asset volatility:
There is a risk that a fall in asset values is not matched by a
\n
corresponding reduction in the value placed on the Scheme\u2019s de\ufb01ned bene\ufb01t
\n
obligation. The Scheme holds a proportion of growth assets, which are expected
\n
to outperform corporate and government bond yields in the long term, but gives
\n
exposure to volatility and risk in the short term.
\n
\u2022
Change in bond yields:
A decrease in corporate bond yields will increase the value
\n
placed on the Scheme\u2019s de\ufb01ned bene\ufb01t obligation, although this will be partially o\ufb00set
\n
by an increase in the value of the Scheme\u2019s corporate bond holdings.
\n
\u2022
In\ufb02ation risk:
The majority of the Scheme\u2019s de\ufb01ned bene\ufb01t obligation is linked to
\n
in\ufb02ation, where higher in\ufb02ation will lead to a higher value being placed on the de\ufb01ned
\n
bene\ufb01t obligation. Some of the Scheme\u2019s assets are either una\ufb00ected by in\ufb02ation
\n
or loosely correlated with in\ufb02ation (e.g. growth assets), meaning that an increase in
\n
in\ufb02ation will generally increase the de\ufb01cit.
\n
\u2022
Life expectancy:
An increase in life expectancy will lead to an increased value being
\n
placed on the Scheme\u2019s de\ufb01ned bene\ufb01t obligation. Future mortality rates cannot be
\n
predicted with certainty.
(e) Sensitivity analysis
\n
A
quantitative sensitivity analysis for signi\ufb01cant assumptions as at
28 February is shown
\n
below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Approximate change in
\u00a0
de\ufb01ned bene\ufb01t obligation
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Discount rate
\u00a0 \u00a0
0.25% decrease
108
109
0.25% increase
(102)
(103)
Price in\ufb02ation (CPI measure)
\u00a0 \u00a0
0.25% decrease
(103)
(105)
0.25% increase
109
110
Life expectancy
\u00a0 \u00a0
Decrease by 1 year
(91)
(85)
Increase by 1 year
88
81
\n
The above sensitivity analyses are based on a change in an assumption while holding all
\n
other assumptions constant. In practice, this is unlikely to occur, and changes in some
\n
of the assumptions might be correlated. When calculating the sensitivity of the de\ufb01ned
\n
bene\ufb01t obligation to signi\ufb01cant actuarial assumptions, the same method has been
\n
applied as when calculating the de\ufb01ned bene\ufb01t liability recognised in the balance sheet.
\n
The methods and types of assumptions used in preparing the sensitivity analysis did not
\n
change compared to the prior year.
\n
(f) Funding arrangements
\n
Under the UK
\u2019s scheme-speci\ufb01c funding regime, contributions are payable in line with
\n
the Schedule of Contributions from the most recent formal actuarial valuation. There are
\nno contributions expected for next year.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "Average number of full-time equivalent employees \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Number of
Number of
\u00a0
employees
employees
Sales and marketing
137
145
Operations
126
165
Technology and product
565
588
Management and administration
158
155
Total number of employees
1
986
1,053
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "7. Net \ufb01nance costs
Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains or losses.
On 25 July 2025, the Group entered into a new \u00a3450.0 million revolving credit facility
which replaced the Group\u2019s previous \u00a3325.0 million revolving credit facility (refer to Note
14 for full detail). Transaction costs of \u00a31.5 million incurred in relation to the Group\u2019s
former \u00a3325.0 million facility and not yet amortised upon cancellation of this facility of
25 July 2025
were charged as a \ufb01nance cost in the period.
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,353
3,999
Net foreign exchange gain
1,649
\u2013
Finance income
4,002
3,999
Interest expense on borrowings including amortisation
\u00a0 \u00a0
of transaction costs
(9,973)
(6,919)
Net foreign exchange loss
\u2013
(584)
Interest and fees on convertible bonds
(728)
(827)
Interest on lease liability
(1,291)
(287)
Unwind of provision
(122)
(65)
Other interest
\u2013
(10)
Finance costs
(12,114)
(8,692)
Net \ufb01nance costs recognised in the income statement
(8,112)
(4,693)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "7. Net \ufb01nance costs
Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains or losses.
On 25 July 2025, the Group entered into a new \u00a3450.0 million revolving credit facility
which replaced the Group\u2019s previous \u00a3325.0 million revolving credit facility (refer to Note
14 for full detail). Transaction costs of \u00a31.5 million incurred in relation to the Group\u2019s
former \u00a3325.0 million facility and not yet amortised upon cancellation of this facility of
25 July 2025
were charged as a \ufb01nance cost in the period.
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,353
3,999
Net foreign exchange gain
1,649
\u2013
Finance income
4,002
3,999
Interest expense on borrowings including amortisation
\u00a0 \u00a0
of transaction costs
(9,973)
(6,919)
Net foreign exchange loss
\u2013
(584)
Interest and fees on convertible bonds
(728)
(827)
Interest on lease liability
(1,291)
(287)
Unwind of provision
(122)
(65)
Other interest
\u2013
(10)
Finance costs
(12,114)
(8,692)
Net \ufb01nance costs recognised in the income statement
(8,112)
(4,693)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "7. Net \ufb01nance costs
Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains or losses.
On 25 July 2025, the Group entered into a new \u00a3450.0 million revolving credit facility
which replaced the Group\u2019s previous \u00a3325.0 million revolving credit facility (refer to Note
14 for full detail). Transaction costs of \u00a31.5 million incurred in relation to the Group\u2019s
former \u00a3325.0 million facility and not yet amortised upon cancellation of this facility of
25 July 2025
were charged as a \ufb01nance cost in the period.
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,353
3,999
Net foreign exchange gain
1,649
\u2013
Finance income
4,002
3,999
Interest expense on borrowings including amortisation
\u00a0 \u00a0
of transaction costs
(9,973)
(6,919)
Net foreign exchange loss
\u2013
(584)
Interest and fees on convertible bonds
(728)
(827)
Interest on lease liability
(1,291)
(287)
Unwind of provision
(122)
(65)
Other interest
\u2013
(10)
Finance costs
(12,114)
(8,692)
Net \ufb01nance costs recognised in the income statement
(8,112)
(4,693)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains or losses.
On 25 July 2025, the Group entered into a new \u00a3450.0 million revolving credit facility
which replaced the Group\u2019s previous \u00a3325.0 million revolving credit facility (refer to Note
14 for full detail). Transaction costs of \u00a31.5 million incurred in relation to the Group\u2019s
former \u00a3325.0 million facility and not yet amortised upon cancellation of this facility of
25 July 2025
were charged as a \ufb01nance cost in the period.
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,353
3,999
Net foreign exchange gain
1,649
\u2013
Finance income
4,002
3,999
Interest expense on borrowings including amortisation
\u00a0 \u00a0
of transaction costs
(9,973)
(6,919)
Net foreign exchange loss
\u2013
(584)
Interest and fees on convertible bonds
(728)
(827)
Interest on lease liability
(1,291)
(287)
Unwind of provision
(122)
(65)
Other interest
\u2013
(10)
Finance costs
(12,114)
(8,692)
Net \ufb01nance costs recognised in the income statement
(8,112)
(4,693)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains or losses.
On 25 July 2025, the Group entered into a new \u00a3450.0 million revolving credit facility
which replaced the Group\u2019s previous \u00a3325.0 million revolving credit facility (refer to Note
14 for full detail). Transaction costs of \u00a31.5 million incurred in relation to the Group\u2019s
former \u00a3325.0 million facility and not yet amortised upon cancellation of this facility of
25 July 2025
were charged as a \ufb01nance cost in the period.
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,353
3,999
Net foreign exchange gain
1,649
\u2013
Finance income
4,002
3,999
Interest expense on borrowings including amortisation
\u00a0 \u00a0
of transaction costs
(9,973)
(6,919)
Net foreign exchange loss
\u2013
(584)
Interest and fees on convertible bonds
(728)
(827)
Interest on lease liability
(1,291)
(287)
Unwind of provision
(122)
(65)
Other interest
\u2013
(10)
Finance costs
(12,114)
(8,692)
Net \ufb01nance costs recognised in the income statement
(8,112)
(4,693)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains or losses.
On 25 July 2025, the Group entered into a new \u00a3450.0 million revolving credit facility
which replaced the Group\u2019s previous \u00a3325.0 million revolving credit facility (refer to Note
14 for full detail). Transaction costs of \u00a31.5 million incurred in relation to the Group\u2019s
former \u00a3325.0 million facility and not yet amortised upon cancellation of this facility of
25 July 2025
were charged as a \ufb01nance cost in the period.
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,353
3,999
Net foreign exchange gain
1,649
\u2013
Finance income
4,002
3,999
Interest expense on borrowings including amortisation
\u00a0 \u00a0
of transaction costs
(9,973)
(6,919)
Net foreign exchange loss
\u2013
(584)
Interest and fees on convertible bonds
(728)
(827)
Interest on lease liability
(1,291)
(287)
Unwind of provision
(122)
(65)
Other interest
\u2013
(10)
Finance costs
(12,114)
(8,692)
Net \ufb01nance costs recognised in the income statement
(8,112)
(4,693)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "Net \ufb01nance costs comprise bank interest income and interest expense on borrowings
and lease liabilities, as well as foreign exchange gains or losses.
On 25 July 2025, the Group entered into a new \u00a3450.0 million revolving credit facility
which replaced the Group\u2019s previous \u00a3325.0 million revolving credit facility (refer to Note
14 for full detail). Transaction costs of \u00a31.5 million incurred in relation to the Group\u2019s
former \u00a3325.0 million facility and not yet amortised upon cancellation of this facility of
25 July 2025
were charged as a \ufb01nance cost in the period.
Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,353
3,999
Net foreign exchange gain
1,649
\u2013
Finance income
4,002
3,999
Interest expense on borrowings including amortisation
\u00a0 \u00a0
of transaction costs
(9,973)
(6,919)
Net foreign exchange loss
\u2013
(584)
Interest and fees on convertible bonds
(728)
(827)
Interest on lease liability
(1,291)
(287)
Unwind of provision
(122)
(65)
Other interest
\u2013
(10)
Finance costs
(12,114)
(8,692)
Net \ufb01nance costs recognised in the income statement
(8,112)
(4,693)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,353
3,999
Net foreign exchange gain
1,649
\u2013
Finance income
4,002
3,999
Interest expense on borrowings including amortisation
\u00a0 \u00a0
of transaction costs
(9,973)
(6,919)
Net foreign exchange loss
\u2013
(584)
Interest and fees on convertible bonds
(728)
(827)
Interest on lease liability
(1,291)
(287)
Unwind of provision
(122)
(65)
Other interest
\u2013
(10)
Finance costs
(12,114)
(8,692)
Net \ufb01nance costs recognised in the income statement
(8,112)
(4,693)
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "Accounting policy
Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,353
3,999
Net foreign exchange gain
1,649
\u2013
Finance income
4,002
3,999
Interest expense on borrowings including amortisation
\u00a0 \u00a0
of transaction costs
(9,973)
(6,919)
Net foreign exchange loss
\u2013
(584)
Interest and fees on convertible bonds
(728)
(827)
Interest on lease liability
(1,291)
(287)
Unwind of provision
(122)
(65)
Other interest
\u2013
(10)
Finance costs
(12,114)
(8,692)
Net \ufb01nance costs recognised in the income statement
(8,112)
(4,693)
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "Interest income and expense is recognised as it accrues in the income statement, using
the e\ufb00ective interest method. Foreign exchange gains and losses are recognised in the
income statement in accordance with the policy for foreign currency transactions set out
in Note 1g.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Bank interest income
2,353
3,999
Net foreign exchange gain
1,649
\u2013
Finance income
4,002
3,999
Interest expense on borrowings including amortisation
\u00a0 \u00a0
of transaction costs
(9,973)
(6,919)
Net foreign exchange loss
\u2013
(584)
Interest and fees on convertible bonds
(728)
(827)
Interest on lease liability
(1,291)
(287)
Unwind of provision
(122)
(65)
Other interest
\u2013
(10)
Finance costs
(12,114)
(8,692)
Net \ufb01nance costs recognised in the income statement
(8,112)
(4,693)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "8. Taxation
This note analyses the tax expense for this \ufb01nancial year, which includes both current
and deferred tax. It also details tax accounting policies and presents a reconciliation
between pro\ufb01t before tax in the income statement multiplied by the rate of corporation
tax and the tax charge for the year.
The deferred tax section provides information on expected future tax charges and sets
out the assets and liabilities held across the Group.
Accounting policy
Income tax expense comprises current and deferred tax. It is recognised in the income
statement except to the extent that it relates to a business combination, or items
recognised directly in equity or in other comprehensive income.
(i) Current tax
Current tax comprises the expected tax payable or receivable on the taxable income
or loss for the year and any adjustment to tax payable or receivable in respect of
previous years. It is measured using tax rates enacted or substantively enacted at the
reporting date.
(ii) Deferred tax
Deferred tax is recognised in respect of temporary di\ufb00erences between the carrying
amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used
for taxation purposes. Deferred tax is not recognised for:
\u2022
temporary di\ufb00erences on the initial recognition of assets or liabilities in a transaction
that is not a business combination and that a\ufb00ects neither accounting nor taxable
pro\ufb01t or loss;
\u2022
temporary di\ufb00erences related to investments in subsidiaries, to the extent that the
Group can control the timing of the reversal of the temporary di\ufb00erences and it is
probable that they will not reverse in the foreseeable future; and
\u2022
taxable temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits and
deductible temporary di\ufb00erences to the extent that it is probable that future taxable
pro\ufb01ts will be available against which they can be used before their expiry. Deferred tax
assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax bene\ufb01t will be realised.
Amounts will be recognised \ufb01rst to the extent that taxable temporary di\ufb00erences exist
and it is considered probable that they will reverse and give rise to future taxable pro\ufb01ts
against which losses or other assets may be utilised before their expiry. Assets will then
be recognised to the extent that forecasts or other evidence support the availability of
future pro\ufb01ts against which assets may be realised.
Deferred tax is measured at the tax rates that are expected to be applied to temporary
di\ufb00erences when they reverse, using tax rates enacted or substantively enacted at the
reporting date. The measurement of deferred tax re\ufb02ects the tax consequences that
would follow from the manner in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and
liabilities are o\ufb00set only if certain criteria are met.
The Group recognises a deferred tax asset in respect of share-based payment awards
based on the expected tax deduction, measured as the intrinsic value of the awards
at the reporting date. The deferred tax asset is recognised over the vesting period,
consistent with the recognition of the related IFRS 2 charge, and is remeasured at each
reporting date based on the Group\u2019s share price. To the extent that the tax deduction
on exercise exceeds the cumulative IFRS 2
charge, the excess tax bene\ufb01t is recognised
directly in equity. Where the tax deduction is lower than the cumulative IFRS 2 charge,
any shortfall is recognised in the income statement. Current tax deductions arising on
the exercise of share-based payment awards are recognised in the income statement
except to the extent that they relate to amounts previously recognised in equity.
The Group is currently not within the scope of the OECD Pillar Two framework
implementing the quali\ufb01ed domestic minimum top-up tax. No adjustments or
disclosures related to Pillar Two income taxes are required in the Financial Statements.
The Group will continue to monitor the applicability of Pillar Two rules in future years.
Amounts recognised in the income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Current tax charge
\u00a0 \u00a0
Current year corporation tax
27,718
13,888
Adjustment in respect of prior years
(529)
(2,151)
Total current tax charge
27,189
11,737
Deferred tax charge
\u00a0 \u00a0
Current year deferred tax
6,217
8,990
Adjustment in respect of prior years
1,096
1,810
Total deferred tax charge
7,313
10,800
Tax charge
34,502
22,537
\n
UK corporation tax was calculated at 25% (FY2025: 25
%) of the taxable pro\ufb01t for the year.
Taxation for territories outside of the UK was calculated at the rates prevailing in the
respective jurisdictions. The total tax charge of \u00a334.5 million (FY2025: \u00a322.5 million) is
made up of a current corporation tax charge of \u00a327.2 million (FY2025: \u00a311.7 million) and
a deferred tax charge of \u00a37.3 million (FY2025: \u00a310.8 million).
Included in the current year deferred tax charge is the unwind of the deferred tax credit
following the utilisation of UK tax losses. It also includes the unwind of the deferred
tax asset in relation to the share-based payment incentive due to the decrease in the
share price.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t before tax
114,315
80,885
Tax on pro\ufb01t at standard UK rate of 25% (FY2025: 25%)
28,579
20,221
E\ufb00ect of:
\u00a0 \u00a0
Expenses not deductible/income not deductible
(940)
(755)
Amounts not recognised
(883)
1,003
Adjustment in respect of prior years
567
(342)
Share-based payments
7,055
2,384
Other
124
26
Total tax charge
34,502
22,537
E\ufb00ective tax rate
30%
28%
\n
The total tax charge in FY2026 of \u00a334.5 million is higher than the tax charge in FY2025.
This increase is primarily driven by higher taxable pro\ufb01ts in the current year, together
with a reduction in the deferred tax asset in respect of share-based payments.
The decrease in the deferred tax asset re\ufb02ects a reduction in the Company\u2019s share price
compared to the prior year, alongside revised vesting assumptions, resulting in a partial
unwind of the deferred tax asset recognised in relation to share options.
Tax (payable)/receivable per the consolidated balance sheet:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Current tax (payable)/receivable
(6,321)
947
Deferred tax (liability)/asset as at 28 February 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Acquired
Tangible assets
Share-based
Losses carried
\u00a0
\u00a0
intangible assets
and other
payments
forward
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2025
(251)
(902)
11,701
2,879
13,427
Adjustment in respect of prior years
\u2013
(2,203)
301
806
(1,096)
Adjustments posted through equity
\u2013
\u2013
(4,057)
\u2013
(4,057)
Credit/(charge) to consolidated income statement
251
1,907
(5,347)
(3,028)
(6,217)
At 28 February 2026
\u2013
(1,198)
2,598
657
2,057
\n
Deferred tax (liability)/asset as at 28 February 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Acquired
Tangible assets
Share-based
Losses carried
\u00a0
\u00a0
intangible assets
and other
payments
forward
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2024
(1,155)
(3,911)
12,504
17,415
24,853
Adjustment in respect of prior years
(498)
(1,551)
(31)
270
(1,810)
Adjustments posted through equity
\u2013
\u2013
(653)
\u2013
(653)
Credit/(charge) to consolidated income statement
1,402
4,560
(119)
(14,806)
(8,963)
At 28 February 2025
(251)
(902)
11,701
2,879
13,427
\n
Deferred tax is recognised in accordance with IAS 12
. Deferred tax liabilities are recognised in full on all taxable temporary di\ufb00erences, while deferred tax assets are recognised only
\n
to the extent that it is probable that future taxable pro\ufb01ts will be available against which the temporary di\ufb00erences can be utilised.
\n
The decrease in the deferred tax asset in respect of share-based payments re\ufb02ects a reduction in the share price together with revised assumptions applied to the valuation of the
\n
relevant schemes.
\n
A prior year adjustment has been recognised through the income statement and equity in relation to share-based payments, in order to correct the opening position.
\n
The deferred tax asset relating to tax losses has decreased as a result of the utilisation of losses in the UK
, partially o\ufb00set by the recognition of losses within Trainline
SAS. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "The deferred tax section provides information on expected future tax charges and sets
out the assets and liabilities held across the Group.
Accounting policy
Income tax expense comprises current and deferred tax. It is recognised in the income
statement except to the extent that it relates to a business combination, or items
recognised directly in equity or in other comprehensive income.
(i) Current tax
Current tax comprises the expected tax payable or receivable on the taxable income
or loss for the year and any adjustment to tax payable or receivable in respect of
previous years. It is measured using tax rates enacted or substantively enacted at the
reporting date.
(ii) Deferred tax
Deferred tax is recognised in respect of temporary di\ufb00erences between the carrying
amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used
for taxation purposes. Deferred tax is not recognised for:
\u2022
temporary di\ufb00erences on the initial recognition of assets or liabilities in a transaction
that is not a business combination and that a\ufb00ects neither accounting nor taxable
pro\ufb01t or loss;
\u2022
temporary di\ufb00erences related to investments in subsidiaries, to the extent that the
Group can control the timing of the reversal of the temporary di\ufb00erences and it is
probable that they will not reverse in the foreseeable future; and
\u2022
taxable temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits and
deductible temporary di\ufb00erences to the extent that it is probable that future taxable
pro\ufb01ts will be available against which they can be used before their expiry. Deferred tax
assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax bene\ufb01t will be realised.
Amounts will be recognised \ufb01rst to the extent that taxable temporary di\ufb00erences exist
and it is considered probable that they will reverse and give rise to future taxable pro\ufb01ts
against which losses or other assets may be utilised before their expiry. Assets will then
be recognised to the extent that forecasts or other evidence support the availability of
future pro\ufb01ts against which assets may be realised.
Deferred tax is measured at the tax rates that are expected to be applied to temporary
di\ufb00erences when they reverse, using tax rates enacted or substantively enacted at the
reporting date. The measurement of deferred tax re\ufb02ects the tax consequences that
would follow from the manner in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and
liabilities are o\ufb00set only if certain criteria are met.
The Group recognises a deferred tax asset in respect of share-based payment awards
based on the expected tax deduction, measured as the intrinsic value of the awards
at the reporting date. The deferred tax asset is recognised over the vesting period,
consistent with the recognition of the related IFRS 2 charge, and is remeasured at each
reporting date based on the Group\u2019s share price. To the extent that the tax deduction
on exercise exceeds the cumulative IFRS 2
charge, the excess tax bene\ufb01t is recognised
directly in equity. Where the tax deduction is lower than the cumulative IFRS 2 charge,
any shortfall is recognised in the income statement. Current tax deductions arising on
the exercise of share-based payment awards are recognised in the income statement
except to the extent that they relate to amounts previously recognised in equity.
The Group is currently not within the scope of the OECD Pillar Two framework
implementing the quali\ufb01ed domestic minimum top-up tax. No adjustments or
disclosures related to Pillar Two income taxes are required in the Financial Statements.
The Group will continue to monitor the applicability of Pillar Two rules in future years.
Amounts recognised in the income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Current tax charge
\u00a0 \u00a0
Current year corporation tax
27,718
13,888
Adjustment in respect of prior years
(529)
(2,151)
Total current tax charge
27,189
11,737
Deferred tax charge
\u00a0 \u00a0
Current year deferred tax
6,217
8,990
Adjustment in respect of prior years
1,096
1,810
Total deferred tax charge
7,313
10,800
Tax charge
34,502
22,537
\n
UK corporation tax was calculated at 25% (FY2025: 25
%) of the taxable pro\ufb01t for the year.
Taxation for territories outside of the UK was calculated at the rates prevailing in the
respective jurisdictions. The total tax charge of \u00a334.5 million (FY2025: \u00a322.5 million) is
made up of a current corporation tax charge of \u00a327.2 million (FY2025: \u00a311.7 million) and
a deferred tax charge of \u00a37.3 million (FY2025: \u00a310.8 million).
Included in the current year deferred tax charge is the unwind of the deferred tax credit
following the utilisation of UK tax losses. It also includes the unwind of the deferred
tax asset in relation to the share-based payment incentive due to the decrease in the
share price.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t before tax
114,315
80,885
Tax on pro\ufb01t at standard UK rate of 25% (FY2025: 25%)
28,579
20,221
E\ufb00ect of:
\u00a0 \u00a0
Expenses not deductible/income not deductible
(940)
(755)
Amounts not recognised
(883)
1,003
Adjustment in respect of prior years
567
(342)
Share-based payments
7,055
2,384
Other
124
26
Total tax charge
34,502
22,537
E\ufb00ective tax rate
30%
28%
\n
The total tax charge in FY2026 of \u00a334.5 million is higher than the tax charge in FY2025.
This increase is primarily driven by higher taxable pro\ufb01ts in the current year, together
with a reduction in the deferred tax asset in respect of share-based payments.
The decrease in the deferred tax asset re\ufb02ects a reduction in the Company\u2019s share price
compared to the prior year, alongside revised vesting assumptions, resulting in a partial
unwind of the deferred tax asset recognised in relation to share options.
Tax (payable)/receivable per the consolidated balance sheet:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Current tax (payable)/receivable
(6,321)
947
\n\n
Deferred tax (liability)/asset as at 28 February 2026:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Acquired
Tangible assets
Share-based
Losses carried
\u00a0
\u00a0
intangible assets
and other
payments
forward
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2025
(251)
(902)
11,701
2,879
13,427
Adjustment in respect of prior years
\u2013
(2,203)
301
806
(1,096)
Adjustments posted through equity
\u2013
\u2013
(4,057)
\u2013
(4,057)
Credit/(charge) to consolidated income statement
251
1,907
(5,347)
(3,028)
(6,217)
At 28 February 2026
\u2013
(1,198)
2,598
657
2,057
\n
Deferred tax (liability)/asset as at 28 February 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Acquired
Tangible assets
Share-based
Losses carried
\u00a0
\u00a0
intangible assets
and other
payments
forward
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2024
(1,155)
(3,911)
12,504
17,415
24,853
Adjustment in respect of prior years
(498)
(1,551)
(31)
270
(1,810)
Adjustments posted through equity
\u2013
\u2013
(653)
\u2013
(653)
Credit/(charge) to consolidated income statement
1,402
4,560
(119)
(14,806)
(8,963)
At 28 February 2025
(251)
(902)
11,701
2,879
13,427
\n
Deferred tax is recognised in accordance with IAS 12
. Deferred tax liabilities are recognised in full on all taxable temporary di\ufb00erences, while deferred tax assets are recognised only
\n
to the extent that it is probable that future taxable pro\ufb01ts will be available against which the temporary di\ufb00erences can be utilised.
\n
The decrease in the deferred tax asset in respect of share-based payments re\ufb02ects a reduction in the share price together with revised assumptions applied to the valuation of the
\n
relevant schemes.
\n
A prior year adjustment has been recognised through the income statement and equity in relation to share-based payments, in order to correct the opening position.
\n
The deferred tax asset relating to tax losses has decreased as a result of the utilisation of losses in the UK
, partially o\ufb00set by the recognition of losses within Trainline
SAS. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "Accounting policy
Income tax expense comprises current and deferred tax. It is recognised in the income
statement except to the extent that it relates to a business combination, or items
recognised directly in equity or in other comprehensive income.
(i) Current tax
Current tax comprises the expected tax payable or receivable on the taxable income
or loss for the year and any adjustment to tax payable or receivable in respect of
previous years. It is measured using tax rates enacted or substantively enacted at the
reporting date.
(ii) Deferred tax
Deferred tax is recognised in respect of temporary di\ufb00erences between the carrying
amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used
for taxation purposes. Deferred tax is not recognised for:
\u2022
temporary di\ufb00erences on the initial recognition of assets or liabilities in a transaction
that is not a business combination and that a\ufb00ects neither accounting nor taxable
pro\ufb01t or loss;
\u2022
temporary di\ufb00erences related to investments in subsidiaries, to the extent that the
Group can control the timing of the reversal of the temporary di\ufb00erences and it is
probable that they will not reverse in the foreseeable future; and
\u2022
taxable temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits and
deductible temporary di\ufb00erences to the extent that it is probable that future taxable
pro\ufb01ts will be available against which they can be used before their expiry. Deferred tax
assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax bene\ufb01t will be realised.
Amounts will be recognised \ufb01rst to the extent that taxable temporary di\ufb00erences exist
and it is considered probable that they will reverse and give rise to future taxable pro\ufb01ts
against which losses or other assets may be utilised before their expiry. Assets will then
be recognised to the extent that forecasts or other evidence support the availability of
future pro\ufb01ts against which assets may be realised.
Deferred tax is measured at the tax rates that are expected to be applied to temporary
di\ufb00erences when they reverse, using tax rates enacted or substantively enacted at the
reporting date. The measurement of deferred tax re\ufb02ects the tax consequences that
would follow from the manner in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and
liabilities are o\ufb00set only if certain criteria are met.
The Group recognises a deferred tax asset in respect of share-based payment awards
based on the expected tax deduction, measured as the intrinsic value of the awards
at the reporting date. The deferred tax asset is recognised over the vesting period,
consistent with the recognition of the related IFRS 2 charge, and is remeasured at each
reporting date based on the Group\u2019s share price. To the extent that the tax deduction
on exercise exceeds the cumulative IFRS 2
charge, the excess tax bene\ufb01t is recognised
directly in equity. Where the tax deduction is lower than the cumulative IFRS 2 charge,
any shortfall is recognised in the income statement. Current tax deductions arising on
the exercise of share-based payment awards are recognised in the income statement
except to the extent that they relate to amounts previously recognised in equity.
The Group is currently not within the scope of the OECD Pillar Two framework
implementing the quali\ufb01ed domestic minimum top-up tax. No adjustments or
disclosures related to Pillar Two income taxes are required in the Financial Statements.
The Group will continue to monitor the applicability of Pillar Two rules in future years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "value": "(ii) Deferred tax
Deferred tax is recognised in respect of temporary di\ufb00erences between the carrying
amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used
for taxation purposes. Deferred tax is not recognised for:
\u2022
temporary di\ufb00erences on the initial recognition of assets or liabilities in a transaction
that is not a business combination and that a\ufb00ects neither accounting nor taxable
pro\ufb01t or loss;
\u2022
temporary di\ufb00erences related to investments in subsidiaries, to the extent that the
Group can control the timing of the reversal of the temporary di\ufb00erences and it is
probable that they will not reverse in the foreseeable future; and
\u2022
taxable temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax assets are recognised for unused tax losses, unused tax credits and
deductible temporary di\ufb00erences to the extent that it is probable that future taxable
pro\ufb01ts will be available against which they can be used before their expiry. Deferred tax
assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax bene\ufb01t will be realised.
Amounts will be recognised \ufb01rst to the extent that taxable temporary di\ufb00erences exist
and it is considered probable that they will reverse and give rise to future taxable pro\ufb01ts
against which losses or other assets may be utilised before their expiry. Assets will then
be recognised to the extent that forecasts or other evidence support the availability of
future pro\ufb01ts against which assets may be realised.
Deferred tax is measured at the tax rates that are expected to be applied to temporary
di\ufb00erences when they reverse, using tax rates enacted or substantively enacted at the
reporting date. The measurement of deferred tax re\ufb02ects the tax consequences that
would follow from the manner in which the Group expects, at the reporting date, to
recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and
liabilities are o\ufb00set only if certain criteria are met.
The Group recognises a deferred tax asset in respect of share-based payment awards
based on the expected tax deduction, measured as the intrinsic value of the awards
at the reporting date. The deferred tax asset is recognised over the vesting period,
consistent with the recognition of the related IFRS 2 charge, and is remeasured at each
reporting date based on the Group\u2019s share price. To the extent that the tax deduction
on exercise exceeds the cumulative IFRS 2
charge, the excess tax bene\ufb01t is recognised
directly in equity. Where the tax deduction is lower than the cumulative IFRS 2 charge,
any shortfall is recognised in the income statement. Current tax deductions arising on
the exercise of share-based payment awards are recognised in the income statement
except to the extent that they relate to amounts previously recognised in equity.
The Group is currently not within the scope of the OECD Pillar Two framework
implementing the quali\ufb01ed domestic minimum top-up tax. No adjustments or
disclosures related to Pillar Two income taxes are required in the Financial Statements.
The Group will continue to monitor the applicability of Pillar Two rules in future years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "value": "9. Earnings per share
This note sets out the accounting policy that applies to the calculation of earnings per
share, and how the Group has calculated the shares to be included in basic and diluted
earnings per share (\u201cEPS\u201d) calculations.
Accounting policy
The Group calculates earnings per share in accordance with the requirements of IAS 33
\u2018Earnings Per Share\u2019.
Four types of earnings per share are reported:
(i) Basic earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, divided by the
weighted average number of ordinary shares outstanding during the year, adjusted for
treasury shares held.
(ii) Diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, divided by the
weighted average number of shares outstanding used in the basic earnings per share
calculation adjusted for the e\ufb00ects of all dilutive \u2018potential ordinary shares\u2019.
(iii) Adjusted basic earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, adjusted to
remove the impact of exceptional items, share-based payment charges, amortisation of
acquired intangibles and the current and deferred tax impact of these items; divided by
the weighted average number of ordinary shares outstanding during the year, adjusted
for treasury shares held.
(iv) Adjusted diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, adjusted to
remove the impact of exceptional items, share-based payment charges, amortisation
of intangibles and the current and deferred tax impact of these items; divided by the
weighted average number of shares outstanding used in the basic earnings per share
calculation adjusted for the e\ufb00ects of all dilutive \u2018potential ordinary shares\u2019.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
At 28 February 2026
At 28 February 2025
Weighted average number of ordinary shares:
\u00a0\u00a0
Ordinary shares
416,768,671
458,379,661
Treasury shares
(7,119,853)
(13,338,038)
Contingently issuable shares
1
1,416,078
594,773
Weighted number of ordinary shares
411,064,896
445,636,396
Dilutive impact of share options outstanding
6,196,273
15,197,117
Weighted number of dilutive shares
417,261,169
460,833,513
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t after tax
79,813
58,348
Earnings attributable to equity holders
79,813
58,348
Adjusted earnings
2
96,895
85,331
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Pence
Pence
Pro\ufb01t per share
\u00a0\u00a0
Basic
19.42p
13.09p
Diluted
19.13p
12.66p
Adjusted pro\ufb01t per share
\u00a0\u00a0
Basic
23.57p
19.15p
Diluted
23.22p
18.52p
\n
1
Contingently issuable shares relate to vested but unexercised share-based payment awards as at the balance
sheet date.
2
Refer to the alternative performance measures section for the calculation of adjusted earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "Accounting policy
The Group calculates earnings per share in accordance with the requirements of IAS 33
\u2018Earnings Per Share\u2019.
Four types of earnings per share are reported:
(i) Basic earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, divided by the
weighted average number of ordinary shares outstanding during the year, adjusted for
treasury shares held.
(ii) Diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, divided by the
weighted average number of shares outstanding used in the basic earnings per share
calculation adjusted for the e\ufb00ects of all dilutive \u2018potential ordinary shares\u2019.
(iii) Adjusted basic earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, adjusted to
remove the impact of exceptional items, share-based payment charges, amortisation of
acquired intangibles and the current and deferred tax impact of these items; divided by
the weighted average number of ordinary shares outstanding during the year, adjusted
for treasury shares held.
(iv) Adjusted diluted earnings per share
Earnings attributable to ordinary equity holders of the Group for the year, adjusted to
remove the impact of exceptional items, share-based payment charges, amortisation
of intangibles and the current and deferred tax impact of these items; divided by the
weighted average number of shares outstanding used in the basic earnings per share
calculation adjusted for the e\ufb00ects of all dilutive \u2018potential ordinary shares\u2019.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
At 28 February 2026
At 28 February 2025
Weighted average number of ordinary shares:
\u00a0\u00a0
Ordinary shares
416,768,671
458,379,661
Treasury shares
(7,119,853)
(13,338,038)
Contingently issuable shares
1
1,416,078
594,773
Weighted number of ordinary shares
411,064,896
445,636,396
Dilutive impact of share options outstanding
6,196,273
15,197,117
Weighted number of dilutive shares
417,261,169
460,833,513
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Pro\ufb01t after tax
79,813
58,348
Earnings attributable to equity holders
79,813
58,348
Adjusted earnings
2
96,895
85,331
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Pence
Pence
Pro\ufb01t per share
\u00a0\u00a0
Basic
19.42p
13.09p
Diluted
19.13p
12.66p
Adjusted pro\ufb01t per share
\u00a0\u00a0
Basic
23.57p
19.15p
Diluted
23.22p
18.52p
\n
1
Contingently issuable shares relate to vested but unexercised share-based payment awards as at the balance
sheet date.
2
Refer to the alternative performance measures section for the calculation of adjusted earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "value": "10. Intangible assets and goodwill
The consolidated balance sheet contains a signi\ufb01cant goodwill carrying value which
arose when the Group acquired subsidiaries and paid a higher amount than the fair
value of the acquired net assets. Goodwill is not amortised but is subject to an annual
impairment review. Impairment reviews of goodwill make use of estimates.
Other intangible assets predominantly arise on acquisition of subsidiaries or are
internally developed. These intangible assets are amortised and tested for impairment
when an indicator of impairment exists.
Accounting policy
(i) Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for non-controlling interests,
and any previous interest held, over the net identi\ufb01able assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identi\ufb01ed all of
the assets acquired and all of the liabilities assumed and reviews the procedures used
to measure the amounts to be recognised at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the income statement. After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.
(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged
to projects.
(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives
and are measured at cost less accumulated amortisation and any accumulated
impairment losses.
(iv) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic
bene\ufb01ts embodied in the asset to which it relates. All other expenditure, including
expenditure on internally generated goodwill and brands, is recognised in the income
statement as incurred.
(v) Amortisation
Amortisation is calculated to write o\ufb00 the cost of intangible assets less their estimated
residual values using the straight-line method over their estimated useful lives and is
recognised in administrative expenses in the income statement. Goodwill is not amortised.
The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Software development
3\u201310 years
Brand valuation
10 years
Customer lists
3 years
\n
Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted if appropriate.
Intangible assets and goodwill as at 28 February 2026:
\u00a0
Software
Brand
Customer
\u00a0\u00a0
\u00a0
development
1
valuation
Lists
Goodwill
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2025
220,097
51,738
93,778
440,172
805,785
Additions
37,750
\u2013
\u2013
\u2013
37,750
Disposals
(6,173)
\u2013
\u2013
\u2013
(6,173)
Exchange di\ufb00erences
\u2013
\u2013
\u2013
5,515
5,515
At 28 February 2026
251,674
51,738
93,778
445,687
842,877
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2025
(146,437)
(51,468)
(93,051)
(23,991)
(314,947)
Amortisation
(30,739)
(270)
(430)
\u2013
(31,439)
Disposals
6,173
\u2013
\u2013
\u2013
6,173
Exchange di\ufb00erences
\u2013
\u2013
\u2013
(1,488)
(1,488)
At 28 February 2026
(171,003)
(51,738)
(93,481)
(25,479)
(341,701)
Carrying amounts:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 28 February 2026
80,671
\u2013
297
420,208
501,176
\n
Of the amortisation charge for the year, \u00a30.7 million (FY2025: \u00a35.6 million) related to the
amortisation of intangible assets which were recognised on the Group\u2019s acquisition of
Trainline.com Limited, Trainline SAS and Signalbox Technologies Limited, while \u00a330.7
million (FY2025: \u00a330.3 million) related to internally developed and purchased intangible
assets recognised at historical cost.
Disposals in the year of \u00a36.2 million (FY2025: \u00a37.6 million) include \u00a36.2 million (FY2025:
\u00a37.4 million) of fully amortised internally developed software assets which were no
longer in use.
Intangible assets and goodwill as at 28 February 2025:
\u00a0
Software
Brand
Customer
\u00a0\u00a0
\u00a0
development
1
valuation
2
Lists
Goodwill
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2024
187,371
51,738
94,010
443,722
776,841
Additions
40,279
\u2013
\u2013
\u2013
40,279
Disposals
(7,370)
\u2013
(232)
\u2013
(7,602)
Write-o\ufb00s
(183)
\u2013
\u2013
\u2013
(183)
Exchange di\ufb00erences
\u2013
\u2013
\u2013
(3,550)
(3,550)
At 28 February 2025
220,097
51,738
93,778
440,172
805,785
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2024
(122,948)
(46,301)
(93,520)
(25,195)
(287,964)
Amortisation
(30,273)
(5,167)
(438)
\u2013
(35,878)
Disposals
7,368
\u2013
231
\u2013
7,599
Write-o\ufb00s
92
\u2013
\u2013
\u2013
92
Amortisation reclass
3
(676)
\u2013
676
\u2013
\u2013
Exchange di\ufb00erences
\u2013
\u2013
\u2013
1,204
1,204
At 28 February 2025
(146,437)
(51,468)
(93,051)
(23,991)
(314,947)
Carrying amounts:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 28 February 2025
73,660
270
727
416,181
490,838
\n
1
Total software development as at 28 February 2026 includes \u00a335.0 million of assets which represent work in
progress, and which are not yet depreciating (FY2025: \u00a327.8 million, FY2024: \u00a313.3 million).
2
At FY2025, the remaining useful economic life was one month for brand valuation assets.
3
Reclassi\ufb01cation of prior year amortisation between customer lists and software development. This has a net \u00a3nil
impact on the carrying amounts of intangible assets.
Goodwill impairment testing
The Group tests goodwill annually for impairment by reviewing the carrying amount
against the recoverable amount of the investment. The recoverable amount is the
higher of fair value less costs of disposal and value-in-use. However, in line with IAS 36
Impairment of Assets, fair value less costs of disposal is only determined where value-in-
use would result in impairment.
Goodwill acquired in a business combination is allocated on acquisition to the cash-
generating units (\u201cCGUs
\u201d) that are expected to bene\ufb01t from that business combination.
The Group has a carrying value of goodwill totalling \u00a3420.2 million (FY2025: \u00a3416.2
million) which was initially recognised upon acquisition of Trainline.com Limited and
Trainline SAS (formerly Capitaine Train SAS).
CGUs are allocated on a more granular level than the operating segments. Impairment
reviews were conducted on these revised CGUs as summarised below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
CGUs
\u00a3\u2019000
\u00a3\u2019000
UK Consumer
351,271
351,271
International Consumer
68,937
64,910
UK Trainline Partner Solutions
\u2013
\u2013
International Trainline Partner Solutions
\u2013
\u2013
Total goodwill
420,208
416,181
\n
For all CGUs the recoverable amount was determined by measuring their value-in-use.
Assumptions
The key value-in-use assumptions for the goodwill impairment assessment were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2026
2025
\u00a0
UK
UK
International
International
\u00a0
Consumer
Consumer
Consumer
Consumer
Pre-tax discount rate
1
15.0%
15.3%
14.9%
12.3%
Terminal growth rate
2
2.0%
2.5%
2.0%
2.5%
Number of years forecasted before
\u00a0\u00a0\u00a0\u00a0
terminal growth rate applied
5
5
5
5
\n
There has been no impairment charge for any CGU during the year (FY2025: \u00a3nil).
As noted above, the key assumptions that form part of the value-in-use assessment are
the pre-tax discount rate, the terminal growth rate, the number of years forecasted before
terminal growth rate is applied and the underlying cash forecasts. The pre-tax discount
rate was determined based upon the weighted average cost of capital re\ufb02ecting speci\ufb01c
principal risks and uncertainties. The discount rate takes into account the risk-free rate of
return, the market risk premium and beta factor re\ufb02ecting the average beta for the Group
and comparator companies which are used in deriving the cost of equity. Further to this,
the terminal growth rate was determined based on the future in\ufb02ation rates in conjunction
with forecast growth rates and re\ufb02ects the long-term natural price growth.
For the purpose of the goodwill impairment testing, the Group prepares cash \ufb02ow
forecasts using \ufb01ve-year projections which are extrapolated from the Board approved
three-year plan. The forecasts have been used in the value-in-use calculation along with
risk-adjusted discount rates. Cash \ufb02ows beyond the \ufb01ve-year period are extrapolated
using a terminal growth rate, for the purpose of goodwill impairment testing. The
forecasts re\ufb02ect management\u2019s expectations and best estimates in determining
EBITDA for each CGU. Management\u2019s expectations and best estimates are determined
based on a detailed top down and bottom up forecasting process which incorporates
consideration of the Group\u2019s strategy, expectations in respect of market size and market
share while also taking account of risks and uncertainties in the market.
1
The pre-tax discount rate is based upon the weighted average cost of capital re\ufb02ecting speci\ufb01c principal risks
and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk premium and
beta factor.
2
The terminal growth rate re\ufb02ects the expected natural price and in\ufb02ation growth into perpetuity of the business,
taking into account the current market and sector risks.
The core assumptions used in the cash \ufb02ow forecasts for impairment testing were as
follows. For the UK Consumer CGU, sales growth over the forecast period is driven by
ongoing investment in the Trainline platform, the monetisation of additional revenue
streams, and the continued digitisation of ticketing, supported by favourable modal shift
trends. For the International Consumer CGU, strong ongoing sales growth is driven by
targeted investment in marketing and continued enhancements to the user experience.
The Group\u2019s cash \ufb02ow forecasts include the assumption that the addressable rail
market across the UK
and continental Europe will bene\ufb01t from increased investment
in high-speed rail and further liberalisation, as well as greater consumer awareness of
its environmental bene\ufb01ts.
As
a result, the international cash \ufb02ow forecast assumes
that rail markets in Spain, France and Italy grow from an addressable market of around
\u20ac17.0 billion today, to \u20ac23.0 billion by 2030 and notably in France from 2027/28.
Where costs or assets in the forecast are not reported to the CODM at a CGU level,
as disclosed in Note 2, a reasonable and consistent allocation basis is applied for the
purposes of impairment testing.
Trading assumptions are based on estimates of market size, estimates of market share
and long-term economic forecasts.
Sensitivity analysis
The Group has conducted sensitivity analysis for reasonably possible changes to key
assumptions on each CGU\u2019s value-in-use. This included either increasing the discount
rates, reducing the terminal growth rate, or reducing the anticipated future cash \ufb02ows
through changes to revenue or costs in each of the years through to the terminal year.
The sensitivity assumptions applied to the value-in-use calculations are set out in the
following table.
\n \n
2026
2025
2026
2025
UK
UK
International
International
Consumer
Consumer
Consumer
Consumer
Increase in discount rate
1pt
1pt
1pt
1pt
Reduction in long-term growth rate
applied in terminal year
0.5pt
0.5pt
0.5pt
0.5pt
Decrease in Adjusted EBITDA forecast
resulting in decrease in cash \ufb02ows in
each year
15%
15%
15%
15%
None of the individual reasonably possible scenarios listed above resulted in an
impairment charge to any of the CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "10. Intangible assets and goodwill
The consolidated balance sheet contains a signi\ufb01cant goodwill carrying value which
arose when the Group acquired subsidiaries and paid a higher amount than the fair
value of the acquired net assets. Goodwill is not amortised but is subject to an annual
impairment review. Impairment reviews of goodwill make use of estimates.
Other intangible assets predominantly arise on acquisition of subsidiaries or are
internally developed. These intangible assets are amortised and tested for impairment
when an indicator of impairment exists.
Accounting policy
(i) Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for non-controlling interests,
and any previous interest held, over the net identi\ufb01able assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identi\ufb01ed all of
the assets acquired and all of the liabilities assumed and reviews the procedures used
to measure the amounts to be recognised at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the income statement. After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.
(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged
to projects.
(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives
and are measured at cost less accumulated amortisation and any accumulated
impairment losses.
(iv) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic
bene\ufb01ts embodied in the asset to which it relates. All other expenditure, including
expenditure on internally generated goodwill and brands, is recognised in the income
statement as incurred.
(v) Amortisation
Amortisation is calculated to write o\ufb00 the cost of intangible assets less their estimated
residual values using the straight-line method over their estimated useful lives and is
recognised in administrative expenses in the income statement. Goodwill is not amortised.
The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Software development
3\u201310 years
Brand valuation
10 years
Customer lists
3 years
\n
Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted if appropriate.
Intangible assets and goodwill as at 28 February 2026:
\u00a0
Software
Brand
Customer
\u00a0\u00a0
\u00a0
development
1
valuation
Lists
Goodwill
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2025
220,097
51,738
93,778
440,172
805,785
Additions
37,750
\u2013
\u2013
\u2013
37,750
Disposals
(6,173)
\u2013
\u2013
\u2013
(6,173)
Exchange di\ufb00erences
\u2013
\u2013
\u2013
5,515
5,515
At 28 February 2026
251,674
51,738
93,778
445,687
842,877
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2025
(146,437)
(51,468)
(93,051)
(23,991)
(314,947)
Amortisation
(30,739)
(270)
(430)
\u2013
(31,439)
Disposals
6,173
\u2013
\u2013
\u2013
6,173
Exchange di\ufb00erences
\u2013
\u2013
\u2013
(1,488)
(1,488)
At 28 February 2026
(171,003)
(51,738)
(93,481)
(25,479)
(341,701)
Carrying amounts:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 28 February 2026
80,671
\u2013
297
420,208
501,176
\n
Of the amortisation charge for the year, \u00a30.7 million (FY2025: \u00a35.6 million) related to the
amortisation of intangible assets which were recognised on the Group\u2019s acquisition of
Trainline.com Limited, Trainline SAS and Signalbox Technologies Limited, while \u00a330.7
million (FY2025: \u00a330.3 million) related to internally developed and purchased intangible
assets recognised at historical cost.
Disposals in the year of \u00a36.2 million (FY2025: \u00a37.6 million) include \u00a36.2 million (FY2025:
\u00a37.4 million) of fully amortised internally developed software assets which were no
longer in use.
Intangible assets and goodwill as at 28 February 2025:
\u00a0
Software
Brand
Customer
\u00a0\u00a0
\u00a0
development
1
valuation
2
Lists
Goodwill
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2024
187,371
51,738
94,010
443,722
776,841
Additions
40,279
\u2013
\u2013
\u2013
40,279
Disposals
(7,370)
\u2013
(232)
\u2013
(7,602)
Write-o\ufb00s
(183)
\u2013
\u2013
\u2013
(183)
Exchange di\ufb00erences
\u2013
\u2013
\u2013
(3,550)
(3,550)
At 28 February 2025
220,097
51,738
93,778
440,172
805,785
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2024
(122,948)
(46,301)
(93,520)
(25,195)
(287,964)
Amortisation
(30,273)
(5,167)
(438)
\u2013
(35,878)
Disposals
7,368
\u2013
231
\u2013
7,599
Write-o\ufb00s
92
\u2013
\u2013
\u2013
92
Amortisation reclass
3
(676)
\u2013
676
\u2013
\u2013
Exchange di\ufb00erences
\u2013
\u2013
\u2013
1,204
1,204
At 28 February 2025
(146,437)
(51,468)
(93,051)
(23,991)
(314,947)
Carrying amounts:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 28 February 2025
73,660
270
727
416,181
490,838
\n
1
Total software development as at 28 February 2026 includes \u00a335.0 million of assets which represent work in
progress, and which are not yet depreciating (FY2025: \u00a327.8 million, FY2024: \u00a313.3 million).
2
At FY2025, the remaining useful economic life was one month for brand valuation assets.
3
Reclassi\ufb01cation of prior year amortisation between customer lists and software development. This has a net \u00a3nil
impact on the carrying amounts of intangible assets.
Goodwill impairment testing
The Group tests goodwill annually for impairment by reviewing the carrying amount
against the recoverable amount of the investment. The recoverable amount is the
higher of fair value less costs of disposal and value-in-use. However, in line with IAS 36
Impairment of Assets, fair value less costs of disposal is only determined where value-in-
use would result in impairment.
Goodwill acquired in a business combination is allocated on acquisition to the cash-
generating units (\u201cCGUs
\u201d) that are expected to bene\ufb01t from that business combination.
The Group has a carrying value of goodwill totalling \u00a3420.2 million (FY2025: \u00a3416.2
million) which was initially recognised upon acquisition of Trainline.com Limited and
Trainline SAS (formerly Capitaine Train SAS).
CGUs are allocated on a more granular level than the operating segments. Impairment
reviews were conducted on these revised CGUs as summarised below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
CGUs
\u00a3\u2019000
\u00a3\u2019000
UK Consumer
351,271
351,271
International Consumer
68,937
64,910
UK Trainline Partner Solutions
\u2013
\u2013
International Trainline Partner Solutions
\u2013
\u2013
Total goodwill
420,208
416,181
\n
For all CGUs the recoverable amount was determined by measuring their value-in-use.
Assumptions
The key value-in-use assumptions for the goodwill impairment assessment were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2026
2025
\u00a0
UK
UK
International
International
\u00a0
Consumer
Consumer
Consumer
Consumer
Pre-tax discount rate
1
15.0%
15.3%
14.9%
12.3%
Terminal growth rate
2
2.0%
2.5%
2.0%
2.5%
Number of years forecasted before
\u00a0\u00a0\u00a0\u00a0
terminal growth rate applied
5
5
5
5
\n
There has been no impairment charge for any CGU during the year (FY2025: \u00a3nil).
As noted above, the key assumptions that form part of the value-in-use assessment are
the pre-tax discount rate, the terminal growth rate, the number of years forecasted before
terminal growth rate is applied and the underlying cash forecasts. The pre-tax discount
rate was determined based upon the weighted average cost of capital re\ufb02ecting speci\ufb01c
principal risks and uncertainties. The discount rate takes into account the risk-free rate of
return, the market risk premium and beta factor re\ufb02ecting the average beta for the Group
and comparator companies which are used in deriving the cost of equity. Further to this,
the terminal growth rate was determined based on the future in\ufb02ation rates in conjunction
with forecast growth rates and re\ufb02ects the long-term natural price growth.
For the purpose of the goodwill impairment testing, the Group prepares cash \ufb02ow
forecasts using \ufb01ve-year projections which are extrapolated from the Board approved
three-year plan. The forecasts have been used in the value-in-use calculation along with
risk-adjusted discount rates. Cash \ufb02ows beyond the \ufb01ve-year period are extrapolated
using a terminal growth rate, for the purpose of goodwill impairment testing. The
forecasts re\ufb02ect management\u2019s expectations and best estimates in determining
EBITDA for each CGU. Management\u2019s expectations and best estimates are determined
based on a detailed top down and bottom up forecasting process which incorporates
consideration of the Group\u2019s strategy, expectations in respect of market size and market
share while also taking account of risks and uncertainties in the market.
1
The pre-tax discount rate is based upon the weighted average cost of capital re\ufb02ecting speci\ufb01c principal risks
and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk premium and
beta factor.
2
The terminal growth rate re\ufb02ects the expected natural price and in\ufb02ation growth into perpetuity of the business,
taking into account the current market and sector risks.
The core assumptions used in the cash \ufb02ow forecasts for impairment testing were as
follows. For the UK Consumer CGU, sales growth over the forecast period is driven by
ongoing investment in the Trainline platform, the monetisation of additional revenue
streams, and the continued digitisation of ticketing, supported by favourable modal shift
trends. For the International Consumer CGU, strong ongoing sales growth is driven by
targeted investment in marketing and continued enhancements to the user experience.
The Group\u2019s cash \ufb02ow forecasts include the assumption that the addressable rail
market across the UK
and continental Europe will bene\ufb01t from increased investment
in high-speed rail and further liberalisation, as well as greater consumer awareness of
its environmental bene\ufb01ts.
As
a result, the international cash \ufb02ow forecast assumes
that rail markets in Spain, France and Italy grow from an addressable market of around
\u20ac17.0 billion today, to \u20ac23.0 billion by 2030 and notably in France from 2027/28.
Where costs or assets in the forecast are not reported to the CODM at a CGU level,
as disclosed in Note 2, a reasonable and consistent allocation basis is applied for the
purposes of impairment testing.
Trading assumptions are based on estimates of market size, estimates of market share
and long-term economic forecasts.
Sensitivity analysis
The Group has conducted sensitivity analysis for reasonably possible changes to key
assumptions on each CGU\u2019s value-in-use. This included either increasing the discount
rates, reducing the terminal growth rate, or reducing the anticipated future cash \ufb02ows
through changes to revenue or costs in each of the years through to the terminal year.
The sensitivity assumptions applied to the value-in-use calculations are set out in the
following table.
\n \n
2026
2025
2026
2025
UK
UK
International
International
Consumer
Consumer
Consumer
Consumer
Increase in discount rate
1pt
1pt
1pt
1pt
Reduction in long-term growth rate
applied in terminal year
0.5pt
0.5pt
0.5pt
0.5pt
Decrease in Adjusted EBITDA forecast
resulting in decrease in cash \ufb02ows in
each year
15%
15%
15%
15%
None of the individual reasonably possible scenarios listed above resulted in an
impairment charge to any of the CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00250": { "value": "10. Intangible assets and goodwill
The consolidated balance sheet contains a signi\ufb01cant goodwill carrying value which
arose when the Group acquired subsidiaries and paid a higher amount than the fair
value of the acquired net assets. Goodwill is not amortised but is subject to an annual
impairment review. Impairment reviews of goodwill make use of estimates.
Other intangible assets predominantly arise on acquisition of subsidiaries or are
internally developed. These intangible assets are amortised and tested for impairment
when an indicator of impairment exists.
Accounting policy
(i) Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for non-controlling interests,
and any previous interest held, over the net identi\ufb01able assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identi\ufb01ed all of
the assets acquired and all of the liabilities assumed and reviews the procedures used
to measure the amounts to be recognised at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the income statement. After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.
(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged
to projects.
(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives
and are measured at cost less accumulated amortisation and any accumulated
impairment losses.
(iv) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic
bene\ufb01ts embodied in the asset to which it relates. All other expenditure, including
expenditure on internally generated goodwill and brands, is recognised in the income
statement as incurred.
(v) Amortisation
Amortisation is calculated to write o\ufb00 the cost of intangible assets less their estimated
residual values using the straight-line method over their estimated useful lives and is
recognised in administrative expenses in the income statement. Goodwill is not amortised.
The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Software development
3\u201310 years
Brand valuation
10 years
Customer lists
3 years
\n
Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted if appropriate.
Intangible assets and goodwill as at 28 February 2026:
\u00a0
Software
Brand
Customer
\u00a0\u00a0
\u00a0
development
1
valuation
Lists
Goodwill
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2025
220,097
51,738
93,778
440,172
805,785
Additions
37,750
\u2013
\u2013
\u2013
37,750
Disposals
(6,173)
\u2013
\u2013
\u2013
(6,173)
Exchange di\ufb00erences
\u2013
\u2013
\u2013
5,515
5,515
At 28 February 2026
251,674
51,738
93,778
445,687
842,877
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2025
(146,437)
(51,468)
(93,051)
(23,991)
(314,947)
Amortisation
(30,739)
(270)
(430)
\u2013
(31,439)
Disposals
6,173
\u2013
\u2013
\u2013
6,173
Exchange di\ufb00erences
\u2013
\u2013
\u2013
(1,488)
(1,488)
At 28 February 2026
(171,003)
(51,738)
(93,481)
(25,479)
(341,701)
Carrying amounts:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 28 February 2026
80,671
\u2013
297
420,208
501,176
\n
Of the amortisation charge for the year, \u00a30.7 million (FY2025: \u00a35.6 million) related to the
amortisation of intangible assets which were recognised on the Group\u2019s acquisition of
Trainline.com Limited, Trainline SAS and Signalbox Technologies Limited, while \u00a330.7
million (FY2025: \u00a330.3 million) related to internally developed and purchased intangible
assets recognised at historical cost.
Disposals in the year of \u00a36.2 million (FY2025: \u00a37.6 million) include \u00a36.2 million (FY2025:
\u00a37.4 million) of fully amortised internally developed software assets which were no
longer in use.
Intangible assets and goodwill as at 28 February 2025:
\u00a0
Software
Brand
Customer
\u00a0\u00a0
\u00a0
development
1
valuation
2
Lists
Goodwill
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2024
187,371
51,738
94,010
443,722
776,841
Additions
40,279
\u2013
\u2013
\u2013
40,279
Disposals
(7,370)
\u2013
(232)
\u2013
(7,602)
Write-o\ufb00s
(183)
\u2013
\u2013
\u2013
(183)
Exchange di\ufb00erences
\u2013
\u2013
\u2013
(3,550)
(3,550)
At 28 February 2025
220,097
51,738
93,778
440,172
805,785
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2024
(122,948)
(46,301)
(93,520)
(25,195)
(287,964)
Amortisation
(30,273)
(5,167)
(438)
\u2013
(35,878)
Disposals
7,368
\u2013
231
\u2013
7,599
Write-o\ufb00s
92
\u2013
\u2013
\u2013
92
Amortisation reclass
3
(676)
\u2013
676
\u2013
\u2013
Exchange di\ufb00erences
\u2013
\u2013
\u2013
1,204
1,204
At 28 February 2025
(146,437)
(51,468)
(93,051)
(23,991)
(314,947)
Carrying amounts:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 28 February 2025
73,660
270
727
416,181
490,838
\n
1
Total software development as at 28 February 2026 includes \u00a335.0 million of assets which represent work in
progress, and which are not yet depreciating (FY2025: \u00a327.8 million, FY2024: \u00a313.3 million).
2
At FY2025, the remaining useful economic life was one month for brand valuation assets.
3
Reclassi\ufb01cation of prior year amortisation between customer lists and software development. This has a net \u00a3nil
impact on the carrying amounts of intangible assets.
Goodwill impairment testing
The Group tests goodwill annually for impairment by reviewing the carrying amount
against the recoverable amount of the investment. The recoverable amount is the
higher of fair value less costs of disposal and value-in-use. However, in line with IAS 36
Impairment of Assets, fair value less costs of disposal is only determined where value-in-
use would result in impairment.
Goodwill acquired in a business combination is allocated on acquisition to the cash-
generating units (\u201cCGUs
\u201d) that are expected to bene\ufb01t from that business combination.
The Group has a carrying value of goodwill totalling \u00a3420.2 million (FY2025: \u00a3416.2
million) which was initially recognised upon acquisition of Trainline.com Limited and
Trainline SAS (formerly Capitaine Train SAS).
CGUs are allocated on a more granular level than the operating segments. Impairment
reviews were conducted on these revised CGUs as summarised below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
CGUs
\u00a3\u2019000
\u00a3\u2019000
UK Consumer
351,271
351,271
International Consumer
68,937
64,910
UK Trainline Partner Solutions
\u2013
\u2013
International Trainline Partner Solutions
\u2013
\u2013
Total goodwill
420,208
416,181
\n
For all CGUs the recoverable amount was determined by measuring their value-in-use.
Assumptions
The key value-in-use assumptions for the goodwill impairment assessment were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2026
2025
\u00a0
UK
UK
International
International
\u00a0
Consumer
Consumer
Consumer
Consumer
Pre-tax discount rate
1
15.0%
15.3%
14.9%
12.3%
Terminal growth rate
2
2.0%
2.5%
2.0%
2.5%
Number of years forecasted before
\u00a0\u00a0\u00a0\u00a0
terminal growth rate applied
5
5
5
5
\n
There has been no impairment charge for any CGU during the year (FY2025: \u00a3nil).
As noted above, the key assumptions that form part of the value-in-use assessment are
the pre-tax discount rate, the terminal growth rate, the number of years forecasted before
terminal growth rate is applied and the underlying cash forecasts. The pre-tax discount
rate was determined based upon the weighted average cost of capital re\ufb02ecting speci\ufb01c
principal risks and uncertainties. The discount rate takes into account the risk-free rate of
return, the market risk premium and beta factor re\ufb02ecting the average beta for the Group
and comparator companies which are used in deriving the cost of equity. Further to this,
the terminal growth rate was determined based on the future in\ufb02ation rates in conjunction
with forecast growth rates and re\ufb02ects the long-term natural price growth.
For the purpose of the goodwill impairment testing, the Group prepares cash \ufb02ow
forecasts using \ufb01ve-year projections which are extrapolated from the Board approved
three-year plan. The forecasts have been used in the value-in-use calculation along with
risk-adjusted discount rates. Cash \ufb02ows beyond the \ufb01ve-year period are extrapolated
using a terminal growth rate, for the purpose of goodwill impairment testing. The
forecasts re\ufb02ect management\u2019s expectations and best estimates in determining
EBITDA for each CGU. Management\u2019s expectations and best estimates are determined
based on a detailed top down and bottom up forecasting process which incorporates
consideration of the Group\u2019s strategy, expectations in respect of market size and market
share while also taking account of risks and uncertainties in the market.
1
The pre-tax discount rate is based upon the weighted average cost of capital re\ufb02ecting speci\ufb01c principal risks
and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk premium and
beta factor.
2
The terminal growth rate re\ufb02ects the expected natural price and in\ufb02ation growth into perpetuity of the business,
taking into account the current market and sector risks.
The core assumptions used in the cash \ufb02ow forecasts for impairment testing were as
follows. For the UK Consumer CGU, sales growth over the forecast period is driven by
ongoing investment in the Trainline platform, the monetisation of additional revenue
streams, and the continued digitisation of ticketing, supported by favourable modal shift
trends. For the International Consumer CGU, strong ongoing sales growth is driven by
targeted investment in marketing and continued enhancements to the user experience.
The Group\u2019s cash \ufb02ow forecasts include the assumption that the addressable rail
market across the UK
and continental Europe will bene\ufb01t from increased investment
in high-speed rail and further liberalisation, as well as greater consumer awareness of
its environmental bene\ufb01ts.
As
a result, the international cash \ufb02ow forecast assumes
that rail markets in Spain, France and Italy grow from an addressable market of around
\u20ac17.0 billion today, to \u20ac23.0 billion by 2030 and notably in France from 2027/28.
Where costs or assets in the forecast are not reported to the CODM at a CGU level,
as disclosed in Note 2, a reasonable and consistent allocation basis is applied for the
purposes of impairment testing.
Trading assumptions are based on estimates of market size, estimates of market share
and long-term economic forecasts.
Sensitivity analysis
The Group has conducted sensitivity analysis for reasonably possible changes to key
assumptions on each CGU\u2019s value-in-use. This included either increasing the discount
rates, reducing the terminal growth rate, or reducing the anticipated future cash \ufb02ows
through changes to revenue or costs in each of the years through to the terminal year.
The sensitivity assumptions applied to the value-in-use calculations are set out in the
following table.
\n \n
2026
2025
2026
2025
UK
UK
International
International
Consumer
Consumer
Consumer
Consumer
Increase in discount rate
1pt
1pt
1pt
1pt
Reduction in long-term growth rate
applied in terminal year
0.5pt
0.5pt
0.5pt
0.5pt
Decrease in Adjusted EBITDA forecast
resulting in decrease in cash \ufb02ows in
each year
15%
15%
15%
15%
None of the individual reasonably possible scenarios listed above resulted in an
impairment charge to any of the CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00253": { "value": "Accounting policy
(i) Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for non-controlling interests,
and any previous interest held, over the net identi\ufb01able assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identi\ufb01ed all of
the assets acquired and all of the liabilities assumed and reviews the procedures used
to measure the amounts to be recognised at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the income statement. After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.
(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged
to projects.
(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives
and are measured at cost less accumulated amortisation and any accumulated
impairment losses.
(iv) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic
bene\ufb01ts embodied in the asset to which it relates. All other expenditure, including
expenditure on internally generated goodwill and brands, is recognised in the income
statement as incurred.
(v) Amortisation
Amortisation is calculated to write o\ufb00 the cost of intangible assets less their estimated
residual values using the straight-line method over their estimated useful lives and is
recognised in administrative expenses in the income statement. Goodwill is not amortised.
The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Software development
3\u201310 years
Brand valuation
10 years
Customer lists
3 years
\n
Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted if appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00254": { "value": "(i) Goodwill
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for non-controlling interests,
and any previous interest held, over the net identi\ufb01able assets acquired and liabilities
assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Group reassesses whether it has correctly identi\ufb01ed all of
the assets acquired and all of the liabilities assumed and reviews the procedures used
to measure the amounts to be recognised at the acquisition date. If the reassessment
still results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the income statement. After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00255": { "value": "After
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill acquired in a business combination is,
from the acquisition date, allocated to each of the Group\u2019s cash-generating units that
are expected to bene\ufb01t from the combination, irrespective of whether other assets or
liabilities of the acquired business are assigned to those units.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00257": { "value": "(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged
to projects. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00256": { "value": "(ii) Software development costs
Expenditure on research activities is recognised in the income statement as incurred.
External and internal development expenditure is capitalised only if the expenditure
can be measured reliably, the product or process is technically and commercially
feasible, future economic bene\ufb01ts are probable, and the Group intends to and has
su\ufb03cient resources to complete development and to use or sell the asset. Otherwise,
it is recognised in the income statement as incurred. Subsequent to initial recognition,
development expenditure is measured at cost less accumulated amortisation and any
accumulated impairment losses. Internal development expenditure is managed by the
development team and the amount capitalised is monitored through time charged
to projects.
(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives
and are measured at cost less accumulated amortisation and any accumulated
impairment losses.
(iv) Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic
bene\ufb01ts embodied in the asset to which it relates. All other expenditure, including
expenditure on internally generated goodwill and brands, is recognised in the income
statement as incurred.
(v) Amortisation
Amortisation is calculated to write o\ufb00 the cost of intangible assets less their estimated
residual values using the straight-line method over their estimated useful lives and is
recognised in administrative expenses in the income statement. Goodwill is not amortised.
The estimated useful lives are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Software development
3\u201310 years
Brand valuation
10 years
Customer lists
3 years
\n
Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted if appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "(iii) Brand and customer lists
Brand and customer lists that are acquired by the Group have \ufb01nite useful lives
and are measured at cost less accumulated amortisation and any accumulated
impairment losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "
\u00a0
Software
Brand
Customer
\u00a0\u00a0
\u00a0
development
1
valuation
Lists
Goodwill
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2025
220,097
51,738
93,778
440,172
805,785
Additions
37,750
\u2013
\u2013
\u2013
37,750
Disposals
(6,173)
\u2013
\u2013
\u2013
(6,173)
Exchange di\ufb00erences
\u2013
\u2013
\u2013
5,515
5,515
At 28 February 2026
251,674
51,738
93,778
445,687
842,877
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2025
(146,437)
(51,468)
(93,051)
(23,991)
(314,947)
Amortisation
(30,739)
(270)
(430)
\u2013
(31,439)
Disposals
6,173
\u2013
\u2013
\u2013
6,173
Exchange di\ufb00erences
\u2013
\u2013
\u2013
(1,488)
(1,488)
At 28 February 2026
(171,003)
(51,738)
(93,481)
(25,479)
(341,701)
Carrying amounts:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 28 February 2026
80,671
\u2013
297
420,208
501,176
\u00a0
Software
Brand
Customer
\u00a0\u00a0
\u00a0
development
1
valuation
2
Lists
Goodwill
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2024
187,371
51,738
94,010
443,722
776,841
Additions
40,279
\u2013
\u2013
\u2013
40,279
Disposals
(7,370)
\u2013
(232)
\u2013
(7,602)
Write-o\ufb00s
(183)
\u2013
\u2013
\u2013
(183)
Exchange di\ufb00erences
\u2013
\u2013
\u2013
(3,550)
(3,550)
At 28 February 2025
220,097
51,738
93,778
440,172
805,785
Accumulated amortisation
\u00a0\u00a0\u00a0\u00a0\u00a0
and impairment:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 March 2024
(122,948)
(46,301)
(93,520)
(25,195)
(287,964)
Amortisation
(30,273)
(5,167)
(438)
\u2013
(35,878)
Disposals
7,368
\u2013
231
\u2013
7,599
Write-o\ufb00s
92
\u2013
\u2013
\u2013
92
Amortisation reclass
3
(676)
\u2013
676
\u2013
\u2013
Exchange di\ufb00erences
\u2013
\u2013
\u2013
1,204
1,204
At 28 February 2025
(146,437)
(51,468)
(93,051)
(23,991)
(314,947)
Carrying amounts:
\u00a0\u00a0\u00a0\u00a0\u00a0
At 28 February 2025
73,660
270
727
416,181
490,838
\u00a0
Plant and
Leasehold
Right-of-use
\u00a0
\u00a0
equipment
improvements
assets
1
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
\u00a0\u00a0\u00a0\u00a0
At 1 March 2025
9,709
6,834
28,641
45,184
Additions
2,580
13,099
30,299
45,978
Disposals
(1,718)
\u2013
(970)
(2,688)
E\ufb00ects of foreign exchange
116
\u2013
310
426
At 28 February 2026
10,687
19,933
58,280
88,900
Accumulated depreciation
\u00a0\u00a0\u00a0\u00a0
and impairment:
\u00a0\u00a0\u00a0\u00a0
At 1 March 2025
(7,374)
(5,279)
(21,458)
(34,111)
Depreciation
(1,507)
(1,311)
(6,557)
(9,375)
Disposals
1,718
\u2013
962
2,680
E\ufb00ects of foreign exchange
(82)
\u2013
(218)
(300)
At 28 February 2026
(7,245)
(6,590)
(27,271)
(41,106)
Carrying amounts:
\u00a0\u00a0\u00a0\u00a0
At 28 February 2026
3,442
13,343
31,009
47,794
\n
1
Additions in the year primarily relate to a 10
-year o\ufb03ce lease which commenced in
FY2026.
\u00a0
Plant and
Leasehold
Right-of-use
\u00a0
\u00a0
equipment
improvements
assets
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
\u00a0\u00a0\u00a0\u00a0
At 1 March 2024
9,231
6,834
28,833
44,898
Additions
1,305
\u2013
109
1,414
Disposals
\u2013
\u2013
(120)
(120)
Write-o\ufb00s
(767)
\u2013
\u2013
(767)
E\ufb00ects of foreign exchange
(60)
\u2013
(181)
(241)
At 28 February 2025
9,709
6,834
28,641
45,184
Accumulated depreciation
\u00a0\u00a0\u00a0\u00a0
and impairment:
\u00a0\u00a0\u00a0\u00a0
At 1 March 2024
(5,500)
(4,193)
(17,257)
(26,950)
Depreciation
(1,911)
(1,086)
(4,292)
(7,289)
Disposals
\u2013
\u2013
78
78
Write-o\ufb00s
1
\u2013
\u2013
1
E\ufb00ects of foreign exchange
36
\u2013
13
49
At 28 February 2025
(7,374)
(5,279)
(21,458)
(34,111)
Carrying amounts:
\u00a0\u00a0\u00a0\u00a0
At 28 February 2025
2,335
1,555
7,183
11,073
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "Goodwill impairment testing
The Group tests goodwill annually for impairment by reviewing the carrying amount
against the recoverable amount of the investment. The recoverable amount is the
higher of fair value less costs of disposal and value-in-use. However, in line with IAS 36
Impairment of Assets, fair value less costs of disposal is only determined where value-in-
use would result in impairment.
Goodwill acquired in a business combination is allocated on acquisition to the cash-
generating units (\u201cCGUs
\u201d) that are expected to bene\ufb01t from that business combination.
The Group has a carrying value of goodwill totalling \u00a3420.2 million (FY2025: \u00a3416.2
million) which was initially recognised upon acquisition of Trainline.com Limited and
Trainline SAS (formerly Capitaine Train SAS).
CGUs are allocated on a more granular level than the operating segments. Impairment
reviews were conducted on these revised CGUs as summarised below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
CGUs
\u00a3\u2019000
\u00a3\u2019000
UK Consumer
351,271
351,271
International Consumer
68,937
64,910
UK Trainline Partner Solutions
\u2013
\u2013
International Trainline Partner Solutions
\u2013
\u2013
Total goodwill
420,208
416,181
\n
For all CGUs the recoverable amount was determined by measuring their value-in-use.
Assumptions
The key value-in-use assumptions for the goodwill impairment assessment were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
2026
2025
\u00a0
UK
UK
International
International
\u00a0
Consumer
Consumer
Consumer
Consumer
Pre-tax discount rate
1
15.0%
15.3%
14.9%
12.3%
Terminal growth rate
2
2.0%
2.5%
2.0%
2.5%
Number of years forecasted before
\u00a0\u00a0\u00a0\u00a0
terminal growth rate applied
5
5
5
5
\n
There has been no impairment charge for any CGU during the year (FY2025: \u00a3nil).
As noted above, the key assumptions that form part of the value-in-use assessment are
the pre-tax discount rate, the terminal growth rate, the number of years forecasted before
terminal growth rate is applied and the underlying cash forecasts. The pre-tax discount
rate was determined based upon the weighted average cost of capital re\ufb02ecting speci\ufb01c
principal risks and uncertainties. The discount rate takes into account the risk-free rate of
return, the market risk premium and beta factor re\ufb02ecting the average beta for the Group
and comparator companies which are used in deriving the cost of equity. Further to this,
the terminal growth rate was determined based on the future in\ufb02ation rates in conjunction
with forecast growth rates and re\ufb02ects the long-term natural price growth.
For the purpose of the goodwill impairment testing, the Group prepares cash \ufb02ow
forecasts using \ufb01ve-year projections which are extrapolated from the Board approved
three-year plan. The forecasts have been used in the value-in-use calculation along with
risk-adjusted discount rates. Cash \ufb02ows beyond the \ufb01ve-year period are extrapolated
using a terminal growth rate, for the purpose of goodwill impairment testing. The
forecasts re\ufb02ect management\u2019s expectations and best estimates in determining
EBITDA for each CGU. Management\u2019s expectations and best estimates are determined
based on a detailed top down and bottom up forecasting process which incorporates
consideration of the Group\u2019s strategy, expectations in respect of market size and market
share while also taking account of risks and uncertainties in the market.
1
The pre-tax discount rate is based upon the weighted average cost of capital re\ufb02ecting speci\ufb01c principal risks
and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk premium and
beta factor.
2
The terminal growth rate re\ufb02ects the expected natural price and in\ufb02ation growth into perpetuity of the business,
taking into account the current market and sector risks.
The core assumptions used in the cash \ufb02ow forecasts for impairment testing were as
follows. For the UK Consumer CGU, sales growth over the forecast period is driven by
ongoing investment in the Trainline platform, the monetisation of additional revenue
streams, and the continued digitisation of ticketing, supported by favourable modal shift
trends. For the International Consumer CGU, strong ongoing sales growth is driven by
targeted investment in marketing and continued enhancements to the user experience.
The Group\u2019s cash \ufb02ow forecasts include the assumption that the addressable rail
market across the UK
and continental Europe will bene\ufb01t from increased investment
in high-speed rail and further liberalisation, as well as greater consumer awareness of
its environmental bene\ufb01ts.
As
a result, the international cash \ufb02ow forecast assumes
that rail markets in Spain, France and Italy grow from an addressable market of around
\u20ac17.0 billion today, to \u20ac23.0 billion by 2030 and notably in France from 2027/28.
Where costs or assets in the forecast are not reported to the CODM at a CGU level,
as disclosed in Note 2, a reasonable and consistent allocation basis is applied for the
purposes of impairment testing.
Trading assumptions are based on estimates of market size, estimates of market share
and long-term economic forecasts.
Sensitivity analysis
The Group has conducted sensitivity analysis for reasonably possible changes to key
assumptions on each CGU\u2019s value-in-use. This included either increasing the discount
rates, reducing the terminal growth rate, or reducing the anticipated future cash \ufb02ows
through changes to revenue or costs in each of the years through to the terminal year.
The sensitivity assumptions applied to the value-in-use calculations are set out in the
following table.
\n \n
2026
2025
2026
2025
UK
UK
International
International
Consumer
Consumer
Consumer
Consumer
Increase in discount rate
1pt
1pt
1pt
1pt
Reduction in long-term growth rate
applied in terminal year
0.5pt
0.5pt
0.5pt
0.5pt
Decrease in Adjusted EBITDA forecast
resulting in decrease in cash \ufb02ows in
each year
15%
15%
15%
15%
None of the individual reasonably possible scenarios listed above resulted in an
impairment charge to any of the CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "11. Property, plant and equipment
This note details the physical assets used by the Group in running its business.
Accounting policy
Items of property, plant and equipment (\u201cPPE\u201d) are measured at cost less accumulated
depreciation and any accumulated impairment losses. Any gain or loss on disposal
of an item of property, plant and equipment is recognised in the income statement.
Depreciation is calculated to write o\ufb00 the cost of items of property, plant and equipment
less their estimated residual values using the straight-line method over their estimated
useful lives and is generally recognised in the income statement. The estimated useful
lives of property, plant and equipment are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Plant and equipment
3\u20135 years
Leasehold improvements
6\u201310 years/remaining lease length if shorter
Right-of-use assets
Lease length
\n
The Group tests the carrying value of assets including right-of-use (\u201cROU\u201d) assets for
impairment if there is an indicator of impairment. PPE is included in the carrying value of
the Group\u2019s CGUs and has been included in the CGU impairment assessments (see Note
10
). There were no additional indicators of speci\ufb01c impairment identi\ufb01ed during the year
relating to PPE (FY2025: no indicators).
Property, plant and equipment as at 28 February 2026:
\u00a0
Plant and
Leasehold
Right-of-use
\u00a0
\u00a0
equipment
improvements
assets
1
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
\u00a0\u00a0\u00a0\u00a0
At 1 March 2025
9,709
6,834
28,641
45,184
Additions
2,580
13,099
30,299
45,978
Disposals
(1,718)
\u2013
(970)
(2,688)
E\ufb00ects of foreign exchange
116
\u2013
310
426
At 28 February 2026
10,687
19,933
58,280
88,900
Accumulated depreciation
\u00a0\u00a0\u00a0\u00a0
and impairment:
\u00a0\u00a0\u00a0\u00a0
At 1 March 2025
(7,374)
(5,279)
(21,458)
(34,111)
Depreciation
(1,507)
(1,311)
(6,557)
(9,375)
Disposals
1,718
\u2013
962
2,680
E\ufb00ects of foreign exchange
(82)
\u2013
(218)
(300)
At 28 February 2026
(7,245)
(6,590)
(27,271)
(41,106)
Carrying amounts:
\u00a0\u00a0\u00a0\u00a0
At 28 February 2026
3,442
13,343
31,009
47,794
\n
1
Additions in the year primarily relate to a 10
-year o\ufb03ce lease which commenced in
FY2026.
Property, plant and equipment as at 28 February 2025:
\u00a0
Plant and
Leasehold
Right-of-use
\u00a0
\u00a0
equipment
improvements
assets
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Cost:
\u00a0\u00a0\u00a0\u00a0
At 1 March 2024
9,231
6,834
28,833
44,898
Additions
1,305
\u2013
109
1,414
Disposals
\u2013
\u2013
(120)
(120)
Write-o\ufb00s
(767)
\u2013
\u2013
(767)
E\ufb00ects of foreign exchange
(60)
\u2013
(181)
(241)
At 28 February 2025
9,709
6,834
28,641
45,184
Accumulated depreciation
\u00a0\u00a0\u00a0\u00a0
and impairment:
\u00a0\u00a0\u00a0\u00a0
At 1 March 2024
(5,500)
(4,193)
(17,257)
(26,950)
Depreciation
(1,911)
(1,086)
(4,292)
(7,289)
Disposals
\u2013
\u2013
78
78
Write-o\ufb00s
1
\u2013
\u2013
1
E\ufb00ects of foreign exchange
36
\u2013
13
49
At 28 February 2025
(7,374)
(5,279)
(21,458)
(34,111)
Carrying amounts:
\u00a0\u00a0\u00a0\u00a0
At 28 February 2025
2,335
1,555
7,183
11,073
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "Accounting policy
Items of property, plant and equipment (\u201cPPE\u201d) are measured at cost less accumulated
depreciation and any accumulated impairment losses. Any gain or loss on disposal
of an item of property, plant and equipment is recognised in the income statement.
Depreciation is calculated to write o\ufb00 the cost of items of property, plant and equipment
less their estimated residual values using the straight-line method over their estimated
useful lives and is generally recognised in the income statement. The estimated useful
lives of property, plant and equipment are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Plant and equipment
3\u20135 years
Leasehold improvements
6\u201310 years/remaining lease length if shorter
Right-of-use assets
Lease length
\n
The Group tests the carrying value of assets including right-of-use (\u201cROU\u201d) assets for
impairment if there is an indicator of impairment. PPE is included in the carrying value of
the Group\u2019s CGUs and has been included in the CGU impairment assessments (see Note
10
). There were no additional indicators of speci\ufb01c impairment identi\ufb01ed during the year
relating to PPE (FY2025: no indicators). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "Depreciation is calculated to write o\ufb00 the cost of items of property, plant and equipment
less their estimated residual values using the straight-line method over their estimated
useful lives and is generally recognised in the income statement. The estimated useful
lives of property, plant and equipment are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Plant and equipment
3\u20135 years
Leasehold improvements
6\u201310 years/remaining lease length if shorter
Right-of-use assets
Lease length
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "12. Trade and other receivables
Trade and other receivables include amounts due from credit card companies for
consumer ticket sales and amounts due from business customers and Train Operating
Companies on account. The contract assets primarily relate to the Group\u2019s rights to
consideration for services provided but not invoiced at the reporting date. Prepayments
consist of payments made prior to year end in respect of transactions in the normal
course of business.
Receivables are held with the objective to collect the contractual cash \ufb02ows and are
therefore recognised initially at fair value and subsequently measured at amortised
cost using the e\ufb00ective interest rate method, less provision for impairment.
A provision
for the expected loss on trade and other receivables is established at inception. This is
modi\ufb01ed when there is a change in the credit risk. The amount of the expected loss for
the Group is \u00a30.4 million (FY2025: \u00a30.4 million).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Trade receivables
76,077
50,345
Other receivables
3,360
2,916
Prepayments
7,552
5,601
Contract assets
1,936
8,350
Total trade and other receivables
88,925
67,212
\n
There is no material di\ufb00erence between the carrying value and fair value of trade
and other receivables. See Note 20 for more detail on the trade and other receivables
accounting policy.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "13. Trade and other payables
Trade and other payables include liabilities for ticket sale monies to be passed on to
carriers, as well as accounts payable and accruals for general business expenditure and
contract liabilities.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Trade payables
180,062
168,529
Accruals
39,617
46,008
Other creditors
3,928
3,038
Contract liabilities
242
398
Total trade and other payables
223,849
217,973
\n
There is no material di\ufb00erence between the carrying value and fair value of trade and
other payables presented. See Note 20 for more detail on the trade and other payables
accounting policy.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "14. Loans, borrowings and lease liabilities
This note details a breakdown of the various loans and borrowings of the Group.
It also provides the terms and repayment dates of each of these.
Accounting policy
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method. At the date borrowings are repaid,
any attributable transaction costs are released as \ufb01nance costs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Non-current liabilities
\u00a0\u00a0
Revolving credit facility
1
226,529
68,100
Lease liabilities
32,337
3,107
Total non-current liabilities
258,866
71,207
Current liabilities
\u00a0\u00a0
Accrued interest on revolving credit facilities
600
828
Convertible bonds
\u2013
82,202
Lease liabilities
2,480
4,345
Total current liabilities
3,080
87,375
\n
1
Included within the revolving credit facility is the principal amount of \u00a3230.0
million (FY2025: \u00a3
70.0
million)
and directly attributable transaction costs of \u00a3
3.5
million (FY2025: \u00a3
1.9
million).
Terms and repayment schedule as at 28 February 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0
Carrying
\u00a0\u00a0
Year of
Face value
amount
Agreement
Interest rate
maturity
\u00a3\u2019000
\u00a3\u2019000
Revolving credit facility
SONIA + Margin
2
2028
3
230,000
226,529
Lease liabilities
Various
4
Various
5
34,817
34,817
Total borrowings
\u00a0\u00a0
264,817
261,346
\n
The following are the remaining contractual maturities of \ufb01nancial liabilities at the
reporting date. The amounts are gross and undiscounted, and include estimated
future interest payments, so will not necessarily reconcile to amounts disclosed on
the statement of \ufb01nancial position.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Total
\u00a0\u00a0\u00a0\u00a0
\u00a0
contractual
Less than
Between
Between
Over
\u00a0
cash \ufb02ows
1 year
1 and 2 years
2 and 5 years
5 years
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Revolving credit facility
256,560
10,720
11,012
234,828
\u2013
Lease liabilities
44,347
2,333
4,548
15,963
21,503
Total cash \ufb02ows
300,907
13,053
15,560
250,791
21,503
\n
Terms and repayment schedule as at 28 February 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0
Carrying
\u00a0\u00a0
Year of
Face value
amount
Agreement
Interest rate
maturity
\u00a3\u2019000
\u00a3\u2019000
Revolving credit facility
SONIA + 1.2%-1.3%
2026
70,000
68,100
Convertible bonds
1.0%
2026
82,700
82,202
Lease liabilities
Various
6
Various
7
7,452
7,452
Total borrowings
\u00a0\u00a0
160,152
157,754
\n
2
Interest is paid at SONIA plus
1.10% to 2.35% dependent on the Group\u2019s leverage.
3
Not including extension clauses.
4
The average interest rate of lease liabilities is
4.89%.
5
The lease terms are between
2026
\u2013
2035
.
6
The average interest rate of lease liabilities is 4.1%.
7
The lease terms are between 2025\u2013
2030
.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Total
\u00a0
Between
\u00a0\u00a0
\u00a0
contractual
Less than
1 and 2
Between
Over
\u00a0
cash \ufb02ows
1 year
years
1
2 and 5 years
5 years
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Revolving credit facility
76,435
3,766
72,669
\u2013
\u2013
Convertible bonds
83,423
83,423
\u2013
\u2013
\u2013
Lease liabilities
7,498
4,444
1,890
1,007
157
Total cash \ufb02ows
167,356
91,633
74,559
1,007
157
\n
Revolving credit facility
On 25 July 2025
, the Group entered into a new \u00a3
450.0 million revolving credit facility with
an initial maturity date of 25 July 2028
, with the option to extend for a further two, one-
year periods to 25 July
2030
. On
18
February
2026, the Group extended the revolving
credit facility by a further \u00a3
150.0
million to a total available facility of \u00a3
600.0
million. This
facility replaced the previous \u00a3
325.0
million revolving credit facility which was due to
mature on
30
November
2026
.
Both facilities in place during the year allow draw downs in cash or non-cash to cover bank
guarantees. At 28 February
2026, the cash drawn amount is \u00a3230.0
million (FY2025:
\u00a3
70.0 million), the non-cash bank guarantee drawn amount is \u00a3148.2
million (FY2025:
\u00a3
167.0
million) and the undrawn amount on the facility is \u00a3
221.8
million (FY2025: \u00a388.0
million).
The \u00a3
600.0
million facility in place during the period was unsecured. The previous
\u00a3
325.0 million facility in place during the year was secured by a \ufb01xed and \ufb02oating charge
over certain assets of the Group. Interest on the \u00a3
600.0
million facility is payable at a
margin of between
1.10% and 2.35% above
SONIA
, while interest on the \u00a3325.0
million
facility was payable at a margin of between
1.20% and
2.55
% above
SONIA
, in each case
depending on the Group\u2019s leverage. The actual margin applied during the year ranged
from
1.10% to 1.30%.
1
Not including 1-year extension clause per the revolving credit facility.
The Group was subject to bank covenants and required to comply half-yearly, all of which
have been met during the year. In relation to the facility entered into on 25 July 2025:
(
1
) net debt (inclusive of lease liabilities) to adjusted EBITDA must be no more than
3.0
:
1.0
;
and (2) adjusted EBITDA
to net \ufb01nance charges must be no less than
4.0:
1.0
. In relation
to the \u00a3
325.0
million facility entered into on
26
July 2022: (
1
) net debt (inclusive of lease
liabilities) to adjusted EBITDA must be no more than
3.0
:
1.0
; and (2) adjusted EBITDA to
net \ufb01nance charges must be no less than
4.0:
1.0
. The test dates for these covenants are
at the reporting period end dates i.e. 28 February and
31
August.
Convertible bonds
On
7
January
2021, Trainline plc announced the launch of an o\ufb00ering of \u00a3150.0
million of
senior convertible bonds due in
2026
. Settlement and delivery of convertible bonds took
place on
14
January
2021
.
The total bond o\ufb00ering of \u00a3150.0 million covers a \ufb01ve-year term beginning on
14
January
2021
with a
1% per annum coupon payable semi-annually in arrears in equal
instalments. The initial conversion price was set at \u00a3
6.6671
representing a premium of
50
% above share price on 7
January
2021
(\u00a3
4.4447
).
The bonds were accounted for as a liability of \u00a3
150.0
million upon issuance. Directly
allocable fees were o\ufb00set against the liability and will be unwound over the lifetime of
the instrument. The bond was accounted for as a liability as certain terms and conditions
attached to the bonds meant Trainline plc has an unavoidable obligation to settle in
cash. Subsequent to this, bonds are measured at amortised cost.
On
14
January
2026, the Group\u2019s convertible bond was redeemed in full at maturity.
Accordingly, there were no convertible bonds outstanding subsequent to this date.
As at the
balance sheet date, the Group had no convertible bonds in issuance (
FY2025: \u00a3
82.7
million).
Lease liabilities
Additions to lease liabilities in the year relate to a
10-year o\ufb03ce lease which commenced
in
FY2026
.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "Accounting policy
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method. At the date borrowings are repaid,
any attributable transaction costs are released as \ufb01nance costs.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Non-current liabilities
\u00a0\u00a0
Revolving credit facility
1
226,529
68,100
Lease liabilities
32,337
3,107
Total non-current liabilities
258,866
71,207
Current liabilities
\u00a0\u00a0
Accrued interest on revolving credit facilities
600
828
Convertible bonds
\u2013
82,202
Lease liabilities
2,480
4,345
Total current liabilities
3,080
87,375
\n
1
Included within the revolving credit facility is the principal amount of \u00a3230.0
million (FY2025: \u00a3
70.0
million)
and directly attributable transaction costs of \u00a3
3.5
million (FY2025: \u00a3
1.9
million). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "Convertible bonds
On
7
January
2021, Trainline plc announced the launch of an o\ufb00ering of \u00a3150.0
million of
senior convertible bonds due in
2026
. Settlement and delivery of convertible bonds took
place on
14
January
2021
.
The total bond o\ufb00ering of \u00a3150.0 million covers a \ufb01ve-year term beginning on
14
January
2021
with a
1% per annum coupon payable semi-annually in arrears in equal
instalments. The initial conversion price was set at \u00a3
6.6671
representing a premium of
50
% above share price on 7
January
2021
(\u00a3
4.4447
).
The bonds were accounted for as a liability of \u00a3
150.0
million upon issuance. Directly
allocable fees were o\ufb00set against the liability and will be unwound over the lifetime of
the instrument. The bond was accounted for as a liability as certain terms and conditions
attached to the bonds meant Trainline plc has an unavoidable obligation to settle in
cash. Subsequent to this, bonds are measured at amortised cost.
On
14
January
2026, the Group\u2019s convertible bond was redeemed in full at maturity.
Accordingly, there were no convertible bonds outstanding subsequent to this date.
As at the
balance sheet date, the Group had no convertible bonds in issuance (
FY2025: \u00a3
82.7
million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "15. Provisions
The Group holds provisions in relation to dilapidations.
Accounting policy
Provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax
rate that re\ufb02ects current market assessments of the time value of money and the risks
speci\ufb01c to the liability. The unwinding of the discount is recognised as a \ufb01nance cost.
The Group provides for the cost of dilapidations in relation to the o\ufb03ces over the
minimum term of the leases. It is expected that the cash \ufb02ows in relation to provisions
will occur at the end of the lease terms between
2026
and
2035
.
Provisions
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
As at 1 March
952
837
Unwinding of discount
122
65
Increase in provision
1
2,096
50
As at 28 February
3,170
952
Current
1,358
\u2013
Non-current
1,812
952
\u00a0
3,170
952
\n
1
Increase in provision primarily relates to a 10-year o\ufb03ce lease which commenced in FY2026
. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "Accounting policy
Provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax
rate that re\ufb02ects current market assessments of the time value of money and the risks
speci\ufb01c to the liability. The unwinding of the discount is recognised as a \ufb01nance cost.
The Group provides for the cost of dilapidations in relation to the o\ufb03ces over the
minimum term of the leases. It is expected that the cash \ufb02ows in relation to provisions
will occur at the end of the lease terms between
2026
and
2035
.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "16. Share-based payments
During the year the Group has operated a number of equity-settled share-based
payment schemes.
Accounting policy
Equity-settled share-based payment schemes are initially measured at fair value at the
grant date and recognised as a charge in the income statement over the vesting period
based on the Group\u2019s estimate of the shares that will eventually vest and adjusted for
the e\ufb00ect of non-market vesting conditions.
A corresponding increase in reserves is also
recognised in equity.
Share-based payment charges recognised within administrative costs
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Share-based payment schemes
13,407
21,445
Total income statement impact
13,407
21,445
\n
The Group operates the following equity-settled share-based payment schemes with a
\u00a3nil exercise price:
Share Incentive Plan
The Share Incentive Plan (\u201cSIP
\u201d) was o\ufb00ered to all
UK
Company sta\ufb00 employed at
16
March 2022
, being the grant date. The awards vested on 16
March 2025 and all
employees that had not opted out or left the business between
16
March 2022 and
16
March 2025 were entitled to shares in Trainline plc worth \u00a3
3,600
at grant date.
Further SIP
awards were o\ufb00ered to all
UK
Company sta\ufb00 employed at 7
May 2025
, being
the grant date. The awards will vest on
7
May 2028 and all employees that have not
opted out or left the business between
7
May 2025 and
7
May 2028 are entitled to shares
in Trainline plc worth \u00a3
3,600
at grant date.
International Share Incentive Plan
The International Share Incentive Plan (\u201cInt SIP
\u201d) was o\ufb00ered to all non-
UK
Company sta\ufb00
employed at
1
March 2022
, being the grant date. The awards vested on
28 February 2025
and all employees that have not opted out or left the business between
1
March 2022 and
28 February 2025 were entitled to shares in Trainline plc worth \u00a3
3,600
at grant date.
Restricted Share Plan (\u201cRSP\u201d)
\n
The Restricted Share Plan (\u201cRSP\u201d) awards Restricted Share Units (\u201cRSUs\u201d) to certain
\n
members of the executive team and senior management. The majority of awards vest
\n
evenly in three tranches over a three-year period. All participants that have not left the
\n
business on the vesting date will be entitled to RSUs which each represent the right to
\n
receive one ordinary share in Trainline plc.
\n
Performance Share Plan (\u201cPSP\u201d)
\n
The Performance Share Plan (\u201cPSP
\u201d) award is o\ufb00ered to certain members of the Board
\n
and extended leadership team. Awards vest three years after the grant date and are
\n
subject to the Group meeting speci\ufb01ed performance conditions. Only participants
\n
that have not left the business at the vesting date will be entitled to PSPs which each
\n
represent the right to receive one ordinary share in Trainline plc.
\n
Matching Shares
\n
From 20 April 2020
, all Company employees were entitled to one free matching share
\n
for every one partnership share they purchase under the SIPs
, subject to remaining
\n
employees for the three-year vesting period.
\n
Deferred Share Bonus Plan (\u201cDSBP\u201d)
\n
The DSBP
was o\ufb00ered to the
CEO and CFO for the purpose of deferring Executive
\n
Director annual bonus in accordance with the Company\u2019s Directors\u2019 Remuneration Policy.
\n
The \ufb01rst award was granted to the
CEO on
30
June 2022 and 50
% vested on 19
May
2023
\n
and a further 50
% vested on
20 May 2024. The second award was granted to the CEO
\n
and CFO on 4 May
2023
and 50
% vested on
20 May 2024 and a further 50
% vested on
\n
12
May 2025. A third award was granted to the CEO and CFO on
3
May 2024 and 50
%
\n
vested on 28 February 2025 and a further 50
% vested on
28 February
2026
. A fourth
\n
award was granted to the CEO and CFO on
7
May 2025 and 50
% will vest on 11
May
2026
\n
and a further 50
% will vest on 10
May
2027
provided participants remain an employee
\n
on vesting dates. Please refer to the Directors\u2019 Remuneration Report on page
78
for
\n
considerations on the CEO departure.
Key assumptions used in valuing the share-based payments were as follows:
\n\n \n
Share
Restricted
Performance
Matching share
Deferred Shares
Incentive Plan
Share Plan
Share Plan
award number
Bonus Plan
Exit date
07 May 2028
1 year after
3 years after
3 years after
11 May 2026
2
grant date
1
grant date
grant date
Attrition rate over life of award
3
15%
26%
24%
15%
0%
Weighted average fair value estimated at grant date
\u00a32.69
\u00a32.68
\u00a32.32
\u00a32.57
\u00a32.69
\n
Carrying value and fair value of share-based payment liabilities
\n
The carrying value and fair value of the Group\u2019s equity-settled share-based payment arrangements were determined using option pricing models. Awards with market-based
\n
performance conditions were valued using the Monte Carlo simulation approach. All other awards were valued based on the market value at grant date.
\n
The expense recognised in the year for share-based payments is \u00a313.4
million (FY2025: \u00a3
21.4 million), including the relevant employer\u2019s social security contributions.
\n\n \n
2026
2025
\u00a3\u2019000
\u00a3\u2019000
Share Incentive Plan
577
689
International Share Incentive Plan
\u2013
106
Restricted Share Plan
4,088
4,767
Performance Share Plan
7,850
15,028
Matching Shares
178
159
Deferred Share Bonus Plan
714
696
Total income statement impact
13,407
21,445
\n
1
Exit date for \ufb01rst tranche and then annually for following two years\u2019 awards.
\n
2
Exit date for \ufb01rst tranche and the anniversary following the second tranche.
\n
3
Weighted average attrition rate.
The movements in share awards are summarised as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Share
International Share
Restricted
Performance
\u00a0
Deferred Share
Outstanding Number
Incentive Plan
Incentive Plan
Share Plan
Share Plan
Matching Shares
Bonus Plan
At 1 March 2024
824,984
113,715
1,754,983
23,274,151
250,566
251,698
Granted
\u2013
\u2013
1,798,347
4,965,514
101,637
174,489
Lapsed
(106,495)
(10,830)
(356,052)
(4,766,664)
(29,697)
\u2013
Exercised
(179,524)
(3,610)
(308,206)
(1,446,155)
(42,348)
(159,160)
At 28 February 2025
538,965
99,275
2,889,072
22,026,846
280,158
267,027
Granted
1,220,459
\u2013
2,241,466
7,722,196
129,082
280,564
Lapsed
(161,612)
\u2013
(493,342)
(3,324,968)
(39,903)
\u2013
Exercised
(647,995)
(99,275)
(1,488,442)
(10,239,231)
(17,389)
(179,782)
At 28 February 2026
949,817
\u2013
3,148,754
16,184,843
351,948
367,809
\n
The weighted average share price at the date share options were exercised was \u00a3
2.73
(FY2025: \u00a3
3.50
). The weighted average remaining contractual life of the share options was
1
year and
1
month (FY2025:
1
year and
3
months).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "value": "Accounting policy
Equity-settled share-based payment schemes are initially measured at fair value at the
grant date and recognised as a charge in the income statement over the vesting period
based on the Group\u2019s estimate of the shares that will eventually vest and adjusted for
the e\ufb00ect of non-market vesting conditions.
A corresponding increase in reserves is also
recognised in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "17. Capital and reserves
Share capital
Share capital represents the number of shares in issue at their nominal value.
Ordinary shares in the Group are issued, allotted and fully paid up. The holders of
ordinary shares are entitled to receive dividends as declared from time to time and are
entitled to one vote per share at meetings of the Company.
Shareholding at 28 February 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number
\u00a3\u2019000
Ordinary shares \u2013 \u00a30.01
385,409,753
3,854
\n
Shareholding at 28 February 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number
\u00a3\u2019000
Ordinary shares \u2013 \u00a30.01
445,465,480
4,455
\n
In September
2023, the Company commenced a share buyback programme to purchase
its own ordinary shares. In May 2024
, the Company announced an additional share
buyback programme to purchase its own ordinary shares following the completion of
the September
2023
programme.
In March 2025
, Trainline plc announced the commencement of a share buyback
programme for up to a maximum consideration of \u00a3
75.0
million following completion
of the May 2024 programme. In September 2025
, the Company announced a further
share buyback programme to purchase its own ordinary shares following the completion
of the March 2025 programme for up to a maximum consideration of \u00a3
150.0
million.
The total number of shares bought back in
FY2026
was
60,
055
,727
shares (FY2025:
25
,566,606
shares) with a nominal value of \u00a3
600,557
(FY2025: \u00a3255
,666
) representing
16% (
FY2025:
6%) of the ordinary shares in issue (excluding shares held in treasury).
All shares bought back in
FY2026
were cancelled.
The shares were acquired on the open market at a total consideration (excluding costs)
of \u00a3
151.4
million (FY2025: \u00a388.8 million). The maximum and minimum prices paid were
\u00a3
3.15
(FY2025: \u00a34.42) and \u00a3
1.87
(FY2025: \u00a3
2.93
) per share respectively. The average price
paid was \u00a32.52 (FY2025: \u00a3
3.47
). Costs incurred on the purchase of own shares in relation
to stamp duty and broker expenses were \u00a3
909,642
(FY2025: \u00a3
534,134
).
Share premium
Share premium represents the amount over the nominal value which was received by
the Group upon the sale of the ordinary shares. Upon the date of listing, the nominal
value of shares was \u00a3
1.00
(subsequently reduced to \u00a3
0.01
in FY2020) but the initial
o\ufb00ering price was \u00a33.50
.
Share premium is stated net of any direct costs relating to the issue of shares.
On
19
December
2023, the High Court of Justice approved the cancellation of the
amount standing to the credit of the Company\u2019s share premium account in full. The
cancellation resulted in a corresponding increase in the Group\u2019s distributable reserves.
Retained earnings
Retained earnings represents the pro\ufb01t the Group makes that is not distributed as
dividends. No dividends have been paid outside the Group in any year.
Foreign exchange
The foreign exchange reserve represents the net di\ufb00erence on the translation of the
statement of \ufb01nancial position and income statements of foreign operations from
functional currency into reporting currency over the period such operations have been
owned by the Group.
Other reserves
\u00a0
Merger
Treasury
Share-based
Capital redemption
Total other
\u00a0
reserve
reserve
payment reserve
reserve
reserves
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2024
(1,122,218)
(29,762)
39,159
97
(1,112,724)
Addition of treasury shares
\u2013
(17,143)
\u2013
\u2013
(17,143)
Allocation of treasury shares to ful\ufb01l share-based payment
\u2013
8,813
(8,813)
\u2013
\u2013
Share-based payment charge
\u2013
\u2013
20,461
\u2013
20,461
Deferred tax on share-based payment
\u2013
\u2013
(653)
\u2013
(653)
Purchase of own shares for cancellation
\u2013
\u2013
\u2013
255
255
Transfer to retained earnings
1
\u2013
\u2013
(670)
\u2013
(670)
At 28 February 2025
(1,122,218)
(38,092)
49,484
352
(1,110,474)
Addition of treasury shares
\u2013
(14,631)
\u2013
\u2013
(14,631)
Allocation of treasury shares to ful\ufb01l share-based payment
\u2013
31,853
(31,853)
\u2013
\u2013
Share-based payment charge
\u2013
\u2013
11,812
\u2013
11,812
Deferred tax on share-based payment
\u2013
\u2013
(4,057)
\u2013
(4,057)
Purchase of own shares for cancellation
\u2013
\u2013
\u2013
601
601
Transfer to retained earnings
1
\u2013
\u2013
8,252
\u2013
8,252
At 28 February 2026
(1,122,218)
(20,870)
33,638
953
(1,108,497)
\n
Merger reserve
Prior to the initial public o\ufb00ering (\u201c
IPO
\u201d), the ordinary shares of the pre-
IPO
top company, Victoria Investments
S.C.A
., were acquired by Trainline plc.
As the ultimate shareholders
and their relating rights did not change as part of this transaction, this was treated as a common control transaction under
IFRS. The balance of the merger reserve represents the
di\ufb00erence between the nominal value of the reserves from the Victoria Investments
S.C.A. Group and the value of reserves in Trainline plc prior to the restructure.
Treasury reserve
Treasury shares re\ufb02ect the value of shares held by the Group\u2019s Employee Bene\ufb01t Trusts (\u201c
EBT\u201d). At 28 February
2026, the Group\u2019s
EBT held 8.2 million shares (FY2025:
13.1
million)
which have a historical cost of \u00a3
20.9
million (FY2025: \u00a3
38.1
million).
1
Transfer to retained earnings relates to the di\ufb00erence between the share price at grant date of the exercised shares and the actual cost of the treasury shares purchased to ful\ufb01l the share-based payment.
Share-based payment reserve
The share-based payment reserve is built up of charges in relation to equity-settled
share-based payment arrangements which have been recognised within the pro\ufb01t and
loss account.
Capital redemption reserve
The capital redemption reserve represents the nominal value of shares bought back
and cancelled.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "Share capital
Share capital represents the number of shares in issue at their nominal value.
Ordinary shares in the Group are issued, allotted and fully paid up. The holders of
ordinary shares are entitled to receive dividends as declared from time to time and are
entitled to one vote per share at meetings of the Company.
Shareholding at 28 February 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number
\u00a3\u2019000
Ordinary shares \u2013 \u00a30.01
385,409,753
3,854
\n
Shareholding at 28 February 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number
\u00a3\u2019000
Ordinary shares \u2013 \u00a30.01
445,465,480
4,455
\n
In September
2023, the Company commenced a share buyback programme to purchase
its own ordinary shares. In May 2024
, the Company announced an additional share
buyback programme to purchase its own ordinary shares following the completion of
the September
2023
programme.
In March 2025
, Trainline plc announced the commencement of a share buyback
programme for up to a maximum consideration of \u00a3
75.0
million following completion
of the May 2024 programme. In September 2025
, the Company announced a further
share buyback programme to purchase its own ordinary shares following the completion
of the March 2025 programme for up to a maximum consideration of \u00a3
150.0
million.
The total number of shares bought back in
FY2026
was
60,
055
,727
shares (FY2025:
25
,566,606
shares) with a nominal value of \u00a3
600,557
(FY2025: \u00a3255
,666
) representing
16% (
FY2025:
6%) of the ordinary shares in issue (excluding shares held in treasury).
All shares bought back in
FY2026
were cancelled.
The shares were acquired on the open market at a total consideration (excluding costs)
of \u00a3
151.4
million (FY2025: \u00a388.8 million). The maximum and minimum prices paid were
\u00a3
3.15
(FY2025: \u00a34.42) and \u00a3
1.87
(FY2025: \u00a3
2.93
) per share respectively. The average price
paid was \u00a32.52 (FY2025: \u00a3
3.47
). Costs incurred on the purchase of own shares in relation
to stamp duty and broker expenses were \u00a3
909,642
(FY2025: \u00a3
534,134
).", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "Share premium
Share premium represents the amount over the nominal value which was received by
the Group upon the sale of the ordinary shares. Upon the date of listing, the nominal
value of shares was \u00a3
1.00
(subsequently reduced to \u00a3
0.01
in FY2020) but the initial
o\ufb00ering price was \u00a33.50
.
Share premium is stated net of any direct costs relating to the issue of shares.
On
19
December
2023, the High Court of Justice approved the cancellation of the
amount standing to the credit of the Company\u2019s share premium account in full. The
cancellation resulted in a corresponding increase in the Group\u2019s distributable reserves.
Retained earnings
Retained earnings represents the pro\ufb01t the Group makes that is not distributed as
dividends. No dividends have been paid outside the Group in any year.
Foreign exchange
The foreign exchange reserve represents the net di\ufb00erence on the translation of the
statement of \ufb01nancial position and income statements of foreign operations from
functional currency into reporting currency over the period such operations have been
owned by the Group.
Other reserves
\u00a0
Merger
Treasury
Share-based
Capital redemption
Total other
\u00a0
reserve
reserve
payment reserve
reserve
reserves
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2024
(1,122,218)
(29,762)
39,159
97
(1,112,724)
Addition of treasury shares
\u2013
(17,143)
\u2013
\u2013
(17,143)
Allocation of treasury shares to ful\ufb01l share-based payment
\u2013
8,813
(8,813)
\u2013
\u2013
Share-based payment charge
\u2013
\u2013
20,461
\u2013
20,461
Deferred tax on share-based payment
\u2013
\u2013
(653)
\u2013
(653)
Purchase of own shares for cancellation
\u2013
\u2013
\u2013
255
255
Transfer to retained earnings
1
\u2013
\u2013
(670)
\u2013
(670)
At 28 February 2025
(1,122,218)
(38,092)
49,484
352
(1,110,474)
Addition of treasury shares
\u2013
(14,631)
\u2013
\u2013
(14,631)
Allocation of treasury shares to ful\ufb01l share-based payment
\u2013
31,853
(31,853)
\u2013
\u2013
Share-based payment charge
\u2013
\u2013
11,812
\u2013
11,812
Deferred tax on share-based payment
\u2013
\u2013
(4,057)
\u2013
(4,057)
Purchase of own shares for cancellation
\u2013
\u2013
\u2013
601
601
Transfer to retained earnings
1
\u2013
\u2013
8,252
\u2013
8,252
At 28 February 2026
(1,122,218)
(20,870)
33,638
953
(1,108,497)
\n
Merger reserve
Prior to the initial public o\ufb00ering (\u201c
IPO
\u201d), the ordinary shares of the pre-
IPO
top company, Victoria Investments
S.C.A
., were acquired by Trainline plc.
As the ultimate shareholders
and their relating rights did not change as part of this transaction, this was treated as a common control transaction under
IFRS. The balance of the merger reserve represents the
di\ufb00erence between the nominal value of the reserves from the Victoria Investments
S.C.A. Group and the value of reserves in Trainline plc prior to the restructure.
Treasury reserve
Treasury shares re\ufb02ect the value of shares held by the Group\u2019s Employee Bene\ufb01t Trusts (\u201c
EBT\u201d). At 28 February
2026, the Group\u2019s
EBT held 8.2 million shares (FY2025:
13.1
million)
which have a historical cost of \u00a3
20.9
million (FY2025: \u00a3
38.1
million).
1
Transfer to retained earnings relates to the di\ufb00erence between the share price at grant date of the exercised shares and the actual cost of the treasury shares purchased to ful\ufb01l the share-based payment.
Share-based payment reserve
The share-based payment reserve is built up of charges in relation to equity-settled
share-based payment arrangements which have been recognised within the pro\ufb01t and
loss account.
Capital redemption reserve
The capital redemption reserve represents the nominal value of shares bought back
and cancelled.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "Treasury reserve
Treasury shares re\ufb02ect the value of shares held by the Group\u2019s Employee Bene\ufb01t Trusts (\u201c
EBT\u201d). At 28 February
2026, the Group\u2019s
EBT held 8.2 million shares (FY2025:
13.1
million)
which have a historical cost of \u00a3
20.9
million (FY2025: \u00a3
38.1
million).
1
Transfer to retained earnings relates to the di\ufb00erence between the share price at grant date of the exercised shares and the actual cost of the treasury shares purchased to ful\ufb01l the share-based payment.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "Accounting policy
(i) Short-term employee bene\ufb01ts
Short-term employee bene\ufb01ts are expensed as the related service is provided.
A
liability is recognised for the amount expected to be paid if there is a present legal or
constructive obligation to pay this amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
(ii) De\ufb01ned contribution plans
Obligations for contributions to de\ufb01ned contribution plans are expensed as the related
service is provided. Prepaid contribution is recognised as an asset to the extent that a
cash refund or a reduction in future payments is available.
(iii) De\ufb01ned bene\ufb01t plans
The Group participates in a de\ufb01ned bene\ufb01t scheme which is closed to new members.
The assets of the scheme are held separately from those of the Group. Pension scheme
assets are measured using market values.
The Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t plans is calculated separately by
estimating the amount of future bene\ufb01t that employees have earned in the current and
prior years, discounting that amount and deducting the fair value of any plan assets.
The calculation of de\ufb01ned bene\ufb01t obligations is performed every year end by a quali\ufb01ed
actuary using the projected unit credit method and discounted at the current rate of
return on a high-quality corporate bond of equivalent term and currency to the liability.
When the calculation results in a potential asset for the Group, the recognised asset
is limited to the present value of economic bene\ufb01ts available in the form of any future
refunds from the plan or reductions in future contributions to the plan. To calculate the
present value of economic bene\ufb01ts, consideration is given to any applicable minimum
funding requirements.
The scheme is subject to an asset ceiling, meaning when the scheme is remeasured and
shows a net asset position an asset ceiling is applied equal to this amount, meaning
the Group recognises no asset on its statement of \ufb01nancial position. This is because the
Group does not have an irrevocable right to the surplus of the scheme. If the scheme is
in a net de\ufb01cit the Group would recognise the liability.
Remeasurement of the net de\ufb01ned bene\ufb01t liability, which comprises actuarial gains and
losses, the return on plan assets (excluding interest) and the e\ufb00ect of the asset ceiling (if
any, excluding interest), is recognised immediately in other comprehensive income. The
Group determines the net interest expense (income) on the net de\ufb01ned bene\ufb01t liability
(asset) for the year by applying the discount rate used to measure the de\ufb01ned bene\ufb01t
obligation at the beginning of the annual period to the then-net de\ufb01ned bene\ufb01t liability
(asset), taking into account any changes in the net de\ufb01ned bene\ufb01t liability (asset) during
the year as a result of contributions and bene\ufb01t payments. Net interest expense and
other expenses related to de\ufb01ned bene\ufb01t plans are recognised in the income statement.
When the bene\ufb01ts of a plan are changed or when a plan is curtailed, the resulting
change in bene\ufb01t that relates to past service or the gain or loss on curtailment is
recognised immediately in the income statement. The Group recognises gains and
losses on the settlement of a de\ufb01ned bene\ufb01t plan when the settlement occurs.
(iv) Termination bene\ufb01ts
Termination bene\ufb01ts are expensed at the earlier of when the Group can no longer
withdraw the o\ufb00er of those bene\ufb01ts and when the Group recognises costs for a
restructuring. If bene\ufb01ts are not expected to be settled wholly within 12
months of the
end of the reporting period, then they are discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "(iv) Termination bene\ufb01ts
Termination bene\ufb01ts are expensed at the earlier of when the Group can no longer
withdraw the o\ufb00er of those bene\ufb01ts and when the Group recognises costs for a
restructuring. If bene\ufb01ts are not expected to be settled wholly within 12
months of the
end of the reporting period, then they are discounted.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "19. Changes in liabilities arising from \ufb01nancing activities
The table below details changes in liabilities arising from \ufb01nancing activities, including
\n
both cash and non-cash changes.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Loans and
Lease
\u00a0
\u00a0
borrowings
liabilities
\u00a0
\u00a0
(current and
(current and
\u00a0
\u00a0
non-current)
non-current)
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Balance at 1 March 2025
151,130
7,452
158,582
Changes from cash \ufb02ows
\u00a0\u00a0\u00a0
Interest paid
(7,976)
(200)
(8,176)
Issue costs and fees
(4,105)
\u2013
(4,105)
Repayment of convertible bonds
(82,700)
\u2013
(82,700)
Proceeds from revolving credit facility
400,000
\u2013
400,000
Repayment of revolving credit facility
(240,000)
\u2013
(240,000)
Payments of lease liabilities
1
\u2013
(5,020)
(5,020)
Total changes from \ufb01nancing cash \ufb02ows
65,219
(5,220)
59,999
Other changes
\u00a0\u00a0\u00a0
Amortisation of transaction costs
3,032
\u2013
3,032
Net interest expense
7,748
1,291
9,039
Addition of lease liabilities
\u2013
31,138
31,138
Remeasurement of lease liabilities
\u2013
156
156
Balance at 28 February 2026
227,129
34,817
261,946
\n
1
Cash out\ufb02ows for payments of lease liabilities, excluding lease incentive in\ufb02ow of \u00a3
4.0 million.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Loans and
Lease
\u00a0
\u00a0
borrowings
liabilities
\u00a0
\u00a0
(current and
(current and
\u00a0
\u00a0
non-current)
non-current)
Total
\u00a0
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Balance at 1 March 2024
140,785
12,328
153,113
Changes from cash \ufb02ows
\u00a0 \u00a0 \u00a0
Interest paid
(6,578)
(287)
(6,865)
Issue costs and fees
(813)
\u2013
(813)
Proceeds from revolving credit facility
180,000
\u2013
180,000
Repayment of revolving credit facility
(170,000)
\u2013
(170,000)
Payments of lease liabilities
\u2013
(4,906)
(4,906)
Total changes from \ufb01nancing cash \ufb02ows
2,609
(5,193)
(2,584)
Other changes
\u00a0 \u00a0 \u00a0
Amortisation of transaction costs
1,172
\u2013
1,172
Net interest expense
6,564
287
6,851
Remeasurement of lease liabilities
\u2013
30
30
Balance at 28 February 2025
151,130
7,452
158,582
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "20. Financial instruments
Financial instruments comprise \ufb01nancial assets and \ufb01nancial liabilities.
Accounting de\ufb01nitions
Financial assets
The Group classi\ufb01es its non-derivative \ufb01nancial assets into the following categories: cash
and cash equivalents, and trade and other receivables. The classi\ufb01cation depends on
the purpose for which the assets are held. The classi\ufb01cation is \ufb01rst performed at initial
recognition and then re-evaluated at every reporting date for \ufb01nancial assets other than
those held at fair value through the income statement.
(i) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.
The carrying value of cash in the statement of \ufb01nancial position is valued at amortised cost.
(ii) Trade and other receivables
Trade and other receivables are initially recognised at fair value. Subsequent to initial
recognition, they are measured at amortised cost using the e\ufb00ective interest method,
less any impairment losses. Trade and other receivables are presented in current assets
in the statement of \ufb01nancial position, except for those with maturities greater than one
year after the reporting date.
Trade and other receivables, classi\ufb01ed as \ufb01nancial assets, exclude prepayments and
contract assets.
Financial liabilities
The Group classi\ufb01es its \ufb01nancial liabilities into the following categories: trade and other
payables, loans and borrowings, other non-current liabilities, and lease liabilities.
(i) Trade and other payables
Trade payables and accruals, which include amounts owed to carriers in respect of ticket
sale monies that the Group has collected on their behalf and amounts due to other
suppliers for general business expenditure, are initially recognised at fair value less any
directly attributable transaction costs. Subsequent to initial recognition, these liabilities
are measured at amortised cost using the e\ufb00ective interest method.
Trade and other payables are classi\ufb01ed as \ufb01nancial liabilities, excluding contract liabilities
and accruals.
(ii) Loans and borrowings
The \ufb01nancial liabilities recognised in this category include loan facilities, convertible
bonds and preference shares held by the Group and are presented in borrowings in both
current and non-current liabilities in the statement of \ufb01nancial position.
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method.
(iii) Lease liabilities
The Group recognises lease liabilities for leases within the scope of IFRS
16
\u2018Leases\u2019.
Financial risk management
The Group\u2019s activities expose it to a variety of \ufb01nancial risks: market risk (including
interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management
framework seeks to minimise potential adverse e\ufb00ects on the Group\u2019s \ufb01nancial
performance.
(i) Risk management framework
The Group\u2019s Directors have overall responsibility for the establishment and oversight of
the Group\u2019s risk management framework.
The Group\u2019s risk management policies are established to identify and analyse the risks
faced by the Group, to set appropriate risk limits and controls and to monitor risks and
adherence to conditions and the Group\u2019s activities. The Group, through its training and
management standards and procedures, aims to maintain a disciplined and constructive
control environment in which all employees understand their roles and obligations.
(ii) Market risk
Market risk is the risk of losses in positions arising from movements in market variables.
The Group was exposed to movements in SONIA on its variable rate revolving credit
facility (see Note
14) and the Group has transactional foreign currency exposures, which
arise from sales and purchases by the relevant segment in currencies other than the
Group\u2019s functional currency. Based on sensitivity analysis performed, an increase in
the interest rate of
100
basis points would have decreased
FY2026 pro\ufb01t after tax by
\u00a3
1.2
million
1
(FY2025: decrease by \u00a3
0.7 million), and a decrease in the interest rate of
100
basis points would have increased
FY2026 pro\ufb01t after tax by \u00a31.2
million
1
(FY2025:
increase of \u00a3
0.7
million).
(iii) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a
\ufb01nancial instrument fails to meet its contractual obligations and arises principally from
the Group\u2019s receivables from customers. Trade receivables are assessed for risk of
default by customers on a periodic basis and terms of trade are adjusted accordingly.
Default is de\ufb01ned as when a \ufb01nancial asset is 90 days past due, this being the rebuttal
presumption in IFRS
9
. Trade receivables are insured on risk and cost grounds.
Under the terms of the Group\u2019s retail licenses, carriers require certain security
arrangements with the Group in order to mitigate its credit risk under the payment
and settlement procedures outlined in the licences. The Group satis\ufb01es these security
arrangements through bank guarantees from the Group\u2019s lenders. The bank guarantees
are provided under the Group\u2019s revolving credit facility, details of which are included in
Note
14
.
Debt is reviewed on a weekly basis and any customers who fall overdue are chased
immediately, if payment is not received and the account is put on hold until previous debts
are cleared. Exposures to customers are regularly reviewed and management will make
a decision on remedial action to be taken. The expected credit loss as at 28 February
2026
was \u00a30.4 million (FY2025: \u00a30.4 million). Indicators that there is no reasonable
expectation of recovery may include customers who have gone into administration.
1
Excluding potential \ufb01nance interest income upside.
(iv) Liquidity risk
Liquidity risk is the risk that the Group will encounter di\ufb03culty in meeting the
obligations associated with its \ufb01nancial liabilities that are settled by delivering cash or
another \ufb01nancial asset. The Group\u2019s approach is to ensure, as far as possible, that it will
have su\ufb03cient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the
Group\u2019s reputation.
The Group maintains a daily cash forecast in order to ensure that it has su\ufb03cient
liquidity to cover all expected cash \ufb02ows including scheduled repayment of debt.
In addition, a revolving credit facility is in place under which the Group is able to draw
down cash of up to \u00a3
600.0
million. Of the \u00a3
600.0
million facility in place at 28 February
2026, \u00a3103.9
million (FY2025: \u00a3
121.8
million) was utilised by a guarantee provided to the
Rail Settlement Plan Limited. A further \u00a3
44.3
million (FY2025: \u00a345.2 million) was utilised
by guarantees provided to International Train Operating Companies. The remaining
headroom on the revolving credit facility at 28 February
2026
was \u00a3
221.8
million (FY2025:
\u00a388.0
million), which is available to draw in cash or bank guarantees.
The Group was subject to bank covenants, all of which have been met during the year.
In relation to the facility entered into on 25 July 2025: (
1
) net debt (inclusive of lease
liabilities) to adjusted EBITDA must be no more than
3.00
:
1
; and (2) adjusted EBITDA to
net \ufb01nance charges must be no less than
4.00:
1
.
Capital Management
Trainline\u2019s primary use of capital is to invest behind its strategic priorities to drive
organic growth and deliver attractive and sustainable rates of return. The Group may
supplement that with inorganic investment, should it help accelerate delivery of the
Group\u2019s strategic growth priorities. The Group\u2019s capital structure consists of both equity
and net debt. Trainline will continue to manage debt leverage, including retaining a
prudent and appropriate level of liquidity headroom should unforeseen circumstances
arise. Any surplus capital thereafter may be returned to shareholders, including through
repurchase of Trainline\u2019s shares. Ongoing schemes to repurchase Trainline\u2019s shares as at
28 February
2026
are not committed.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "Accounting de\ufb01nitions
Financial assets
The Group classi\ufb01es its non-derivative \ufb01nancial assets into the following categories: cash
and cash equivalents, and trade and other receivables. The classi\ufb01cation depends on
the purpose for which the assets are held. The classi\ufb01cation is \ufb01rst performed at initial
recognition and then re-evaluated at every reporting date for \ufb01nancial assets other than
those held at fair value through the income statement.
(i) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.
The carrying value of cash in the statement of \ufb01nancial position is valued at amortised cost.
(ii) Trade and other receivables
Trade and other receivables are initially recognised at fair value. Subsequent to initial
recognition, they are measured at amortised cost using the e\ufb00ective interest method,
less any impairment losses. Trade and other receivables are presented in current assets
in the statement of \ufb01nancial position, except for those with maturities greater than one
year after the reporting date.
Trade and other receivables, classi\ufb01ed as \ufb01nancial assets, exclude prepayments and
contract assets.
Financial liabilities
The Group classi\ufb01es its \ufb01nancial liabilities into the following categories: trade and other
payables, loans and borrowings, other non-current liabilities, and lease liabilities.
(i) Trade and other payables
Trade payables and accruals, which include amounts owed to carriers in respect of ticket
sale monies that the Group has collected on their behalf and amounts due to other
suppliers for general business expenditure, are initially recognised at fair value less any
directly attributable transaction costs. Subsequent to initial recognition, these liabilities
are measured at amortised cost using the e\ufb00ective interest method.
Trade and other payables are classi\ufb01ed as \ufb01nancial liabilities, excluding contract liabilities
and accruals.
(ii) Loans and borrowings
The \ufb01nancial liabilities recognised in this category include loan facilities, convertible
bonds and preference shares held by the Group and are presented in borrowings in both
current and non-current liabilities in the statement of \ufb01nancial position.
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method.
(iii) Lease liabilities
The Group recognises lease liabilities for leases within the scope of IFRS
16
\u2018Leases\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "Financial assets
The Group classi\ufb01es its non-derivative \ufb01nancial assets into the following categories: cash
and cash equivalents, and trade and other receivables. The classi\ufb01cation depends on
the purpose for which the assets are held. The classi\ufb01cation is \ufb01rst performed at initial
recognition and then re-evaluated at every reporting date for \ufb01nancial assets other than
those held at fair value through the income statement.
(i) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.
The carrying value of cash in the statement of \ufb01nancial position is valued at amortised cost.
(ii) Trade and other receivables
Trade and other receivables are initially recognised at fair value. Subsequent to initial
recognition, they are measured at amortised cost using the e\ufb00ective interest method,
less any impairment losses. Trade and other receivables are presented in current assets
in the statement of \ufb01nancial position, except for those with maturities greater than one
year after the reporting date.
Trade and other receivables, classi\ufb01ed as \ufb01nancial assets, exclude prepayments and
contract assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "(i) Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits.
The carrying value of cash in the statement of \ufb01nancial position is valued at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "(ii) Trade and other receivables
Trade and other receivables are initially recognised at fair value. Subsequent to initial
recognition, they are measured at amortised cost using the e\ufb00ective interest method,
less any impairment losses. Trade and other receivables are presented in current assets
in the statement of \ufb01nancial position, except for those with maturities greater than one
year after the reporting date.
Trade and other receivables, classi\ufb01ed as \ufb01nancial assets, exclude prepayments and
contract assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "Financial liabilities
The Group classi\ufb01es its \ufb01nancial liabilities into the following categories: trade and other
payables, loans and borrowings, other non-current liabilities, and lease liabilities.
(i) Trade and other payables
Trade payables and accruals, which include amounts owed to carriers in respect of ticket
sale monies that the Group has collected on their behalf and amounts due to other
suppliers for general business expenditure, are initially recognised at fair value less any
directly attributable transaction costs. Subsequent to initial recognition, these liabilities
are measured at amortised cost using the e\ufb00ective interest method.
Trade and other payables are classi\ufb01ed as \ufb01nancial liabilities, excluding contract liabilities
and accruals.
(ii) Loans and borrowings
The \ufb01nancial liabilities recognised in this category include loan facilities, convertible
bonds and preference shares held by the Group and are presented in borrowings in both
current and non-current liabilities in the statement of \ufb01nancial position.
Borrowings are recognised initially at fair value less attributable transaction costs
incurred. Subsequent to initial recognition, interest-bearing borrowings are stated at
amortised cost using the e\ufb00ective interest method.
(iii) Lease liabilities
The Group recognises lease liabilities for leases within the scope of IFRS
16
\u2018Leases\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "(i) Trade and other payables
Trade payables and accruals, which include amounts owed to carriers in respect of ticket
sale monies that the Group has collected on their behalf and amounts due to other
suppliers for general business expenditure, are initially recognised at fair value less any
directly attributable transaction costs. Subsequent to initial recognition, these liabilities
are measured at amortised cost using the e\ufb00ective interest method.
Trade and other payables are classi\ufb01ed as \ufb01nancial liabilities, excluding contract liabilities
and accruals. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Financial risk management
The Group\u2019s activities expose it to a variety of \ufb01nancial risks: market risk (including
interest rate risk), credit risk and liquidity risk. The Group\u2019s overall risk management
framework seeks to minimise potential adverse e\ufb00ects on the Group\u2019s \ufb01nancial
performance.
(i) Risk management framework
The Group\u2019s Directors have overall responsibility for the establishment and oversight of
the Group\u2019s risk management framework.
The Group\u2019s risk management policies are established to identify and analyse the risks
faced by the Group, to set appropriate risk limits and controls and to monitor risks and
adherence to conditions and the Group\u2019s activities. The Group, through its training and
management standards and procedures, aims to maintain a disciplined and constructive
control environment in which all employees understand their roles and obligations.
(ii) Market risk
Market risk is the risk of losses in positions arising from movements in market variables.
The Group was exposed to movements in SONIA on its variable rate revolving credit
facility (see Note
14) and the Group has transactional foreign currency exposures, which
arise from sales and purchases by the relevant segment in currencies other than the
Group\u2019s functional currency. Based on sensitivity analysis performed, an increase in
the interest rate of
100
basis points would have decreased
FY2026 pro\ufb01t after tax by
\u00a3
1.2
million
1
(FY2025: decrease by \u00a3
0.7 million), and a decrease in the interest rate of
100
basis points would have increased
FY2026 pro\ufb01t after tax by \u00a31.2
million
1
(FY2025:
increase of \u00a3
0.7
million).
(iii) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a
\ufb01nancial instrument fails to meet its contractual obligations and arises principally from
the Group\u2019s receivables from customers. Trade receivables are assessed for risk of
default by customers on a periodic basis and terms of trade are adjusted accordingly.
Default is de\ufb01ned as when a \ufb01nancial asset is 90 days past due, this being the rebuttal
presumption in IFRS
9
. Trade receivables are insured on risk and cost grounds.
Under the terms of the Group\u2019s retail licenses, carriers require certain security
arrangements with the Group in order to mitigate its credit risk under the payment
and settlement procedures outlined in the licences. The Group satis\ufb01es these security
arrangements through bank guarantees from the Group\u2019s lenders. The bank guarantees
are provided under the Group\u2019s revolving credit facility, details of which are included in
Note
14
.
Debt is reviewed on a weekly basis and any customers who fall overdue are chased
immediately, if payment is not received and the account is put on hold until previous debts
are cleared. Exposures to customers are regularly reviewed and management will make
a decision on remedial action to be taken. The expected credit loss as at 28 February
2026
was \u00a30.4 million (FY2025: \u00a30.4 million). Indicators that there is no reasonable
expectation of recovery may include customers who have gone into administration.
1
Excluding potential \ufb01nance interest income upside.
(iv) Liquidity risk
Liquidity risk is the risk that the Group will encounter di\ufb03culty in meeting the
obligations associated with its \ufb01nancial liabilities that are settled by delivering cash or
another \ufb01nancial asset. The Group\u2019s approach is to ensure, as far as possible, that it will
have su\ufb03cient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the
Group\u2019s reputation.
The Group maintains a daily cash forecast in order to ensure that it has su\ufb03cient
liquidity to cover all expected cash \ufb02ows including scheduled repayment of debt.
In addition, a revolving credit facility is in place under which the Group is able to draw
down cash of up to \u00a3
600.0
million. Of the \u00a3
600.0
million facility in place at 28 February
2026, \u00a3103.9
million (FY2025: \u00a3
121.8
million) was utilised by a guarantee provided to the
Rail Settlement Plan Limited. A further \u00a3
44.3
million (FY2025: \u00a345.2 million) was utilised
by guarantees provided to International Train Operating Companies. The remaining
headroom on the revolving credit facility at 28 February
2026
was \u00a3
221.8
million (FY2025:
\u00a388.0
million), which is available to draw in cash or bank guarantees.
The Group was subject to bank covenants, all of which have been met during the year.
In relation to the facility entered into on 25 July 2025: (
1
) net debt (inclusive of lease
liabilities) to adjusted EBITDA must be no more than
3.00
:
1
; and (2) adjusted EBITDA to
net \ufb01nance charges must be no less than
4.00:
1
.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "(ii) Market risk
Market risk is the risk of losses in positions arising from movements in market variables.
The Group was exposed to movements in SONIA on its variable rate revolving credit
facility (see Note
14) and the Group has transactional foreign currency exposures, which
arise from sales and purchases by the relevant segment in currencies other than the
Group\u2019s functional currency. Based on sensitivity analysis performed, an increase in
the interest rate of
100
basis points would have decreased
FY2026 pro\ufb01t after tax by
\u00a3
1.2
million
1
(FY2025: decrease by \u00a3
0.7 million), and a decrease in the interest rate of
100
basis points would have increased
FY2026 pro\ufb01t after tax by \u00a31.2
million
1
(FY2025:
increase of \u00a3
0.7
million).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "(iii) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a
\ufb01nancial instrument fails to meet its contractual obligations and arises principally from
the Group\u2019s receivables from customers. Trade receivables are assessed for risk of
default by customers on a periodic basis and terms of trade are adjusted accordingly.
Default is de\ufb01ned as when a \ufb01nancial asset is 90 days past due, this being the rebuttal
presumption in IFRS
9
. Trade receivables are insured on risk and cost grounds.
Under the terms of the Group\u2019s retail licenses, carriers require certain security
arrangements with the Group in order to mitigate its credit risk under the payment
and settlement procedures outlined in the licences. The Group satis\ufb01es these security
arrangements through bank guarantees from the Group\u2019s lenders. The bank guarantees
are provided under the Group\u2019s revolving credit facility, details of which are included in
Note
14
.
Debt is reviewed on a weekly basis and any customers who fall overdue are chased
immediately, if payment is not received and the account is put on hold until previous debts
are cleared. Exposures to customers are regularly reviewed and management will make
a decision on remedial action to be taken. The expected credit loss as at 28 February
2026
was \u00a30.4 million (FY2025: \u00a30.4 million). Indicators that there is no reasonable
expectation of recovery may include customers who have gone into administration.
1
Excluding potential \ufb01nance interest income upside.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "(iv) Liquidity risk
Liquidity risk is the risk that the Group will encounter di\ufb03culty in meeting the
obligations associated with its \ufb01nancial liabilities that are settled by delivering cash or
another \ufb01nancial asset. The Group\u2019s approach is to ensure, as far as possible, that it will
have su\ufb03cient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the
Group\u2019s reputation.
The Group maintains a daily cash forecast in order to ensure that it has su\ufb03cient
liquidity to cover all expected cash \ufb02ows including scheduled repayment of debt.
In addition, a revolving credit facility is in place under which the Group is able to draw
down cash of up to \u00a3
600.0
million. Of the \u00a3
600.0
million facility in place at 28 February
2026, \u00a3103.9
million (FY2025: \u00a3
121.8
million) was utilised by a guarantee provided to the
Rail Settlement Plan Limited. A further \u00a3
44.3
million (FY2025: \u00a345.2 million) was utilised
by guarantees provided to International Train Operating Companies. The remaining
headroom on the revolving credit facility at 28 February
2026
was \u00a3
221.8
million (FY2025:
\u00a388.0
million), which is available to draw in cash or bank guarantees.
The Group was subject to bank covenants, all of which have been met during the year.
In relation to the facility entered into on 25 July 2025: (
1
) net debt (inclusive of lease
liabilities) to adjusted EBITDA must be no more than
3.00
:
1
; and (2) adjusted EBITDA to
net \ufb01nance charges must be no less than
4.00:
1
.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "Capital Management
Trainline\u2019s primary use of capital is to invest behind its strategic priorities to drive
organic growth and deliver attractive and sustainable rates of return. The Group may
supplement that with inorganic investment, should it help accelerate delivery of the
Group\u2019s strategic growth priorities. The Group\u2019s capital structure consists of both equity
and net debt. Trainline will continue to manage debt leverage, including retaining a
prudent and appropriate level of liquidity headroom should unforeseen circumstances
arise. Any surplus capital thereafter may be returned to shareholders, including through
repurchase of Trainline\u2019s shares. Ongoing schemes to repurchase Trainline\u2019s shares as at
28 February
2026
are not committed.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "21. Leases
Accounting policy
At inception of a contract, the Group assesses whether or not a contract is, or contains,
a lease. A
contract is, or contains, a lease if the contract conveys the right to control the
use of an identi\ufb01ed asset for a period of time in exchange for consideration. When a
lease is recognised in a contract the Group recognises a right-of-use asset and a lease
liability at the lease commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount
of the lease liability adjusted for any lease prepayments made at or before the
commencement date, plus any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the underlying asset or the
site on which it is located, less any lease incentives received. The right-of-use asset is
subsequently depreciated using the straight-line method from the commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease
term. The estimated useful lives of right-of-use assets are based on the length of the
leases. In addition, the right-of-use asset is periodically reduced by impairment losses,
if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that
are not paid at the commencement date, discounted using the interest rate implicit
in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental
borrowing rate based on the rate of interest that the Group paid on borrowings at the
date of lease inception.
The lease liability is measured at amortised cost using the e\ufb00ective interest method.
It is remeasured when there is a change in future lease payments arising from a change
in an index or rate, or if the Group changes its assessment of whether it will exercise
a purchase, extension or termination option. If there is an extension on the lease
term that is not considered a new lease, the lease liability is remeasured using revised
payments and a revised discount rate at the date of the modi\ufb01cation.
A corresponding
adjustment is made to the right-of-use asset.
The Group presents right-of-use assets in property, plant and equipment and lease
liabilities in loans and borrowings in the statement of \ufb01nancial position.
The Group leases assets including o\ufb03ce buildings that are held within property, plant
and equipment. Information about leases for which the Group is a lessee is presented
overleaf.
a) Right-of-use assets
Details of right-of-use assets are disclosed in Note 11
.
b) Lease liabilities in the statement of \ufb01nancial position
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Current liabilities
2,480
4,345
Non-current liabilities
32,337
3,107
\u00a0
34,817
7,452
\n
The maturity analysis of lease liabilities is disclosed in Note
14
.
c) Amounts charged in the income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Depreciation expense of right-of-use assets
6,557
4,292
Interest expense in lease liabilities
1,291
287
\u00a0
7,848
4,579
\n
d) Cash out\ufb02ow
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Total cash out\ufb02ow for leases
5,220
5,193
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "Accounting policy
At inception of a contract, the Group assesses whether or not a contract is, or contains,
a lease. A
contract is, or contains, a lease if the contract conveys the right to control the
use of an identi\ufb01ed asset for a period of time in exchange for consideration. When a
lease is recognised in a contract the Group recognises a right-of-use asset and a lease
liability at the lease commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount
of the lease liability adjusted for any lease prepayments made at or before the
commencement date, plus any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the underlying asset or the
site on which it is located, less any lease incentives received. The right-of-use asset is
subsequently depreciated using the straight-line method from the commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease
term. The estimated useful lives of right-of-use assets are based on the length of the
leases. In addition, the right-of-use asset is periodically reduced by impairment losses,
if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that
are not paid at the commencement date, discounted using the interest rate implicit
in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental
borrowing rate based on the rate of interest that the Group paid on borrowings at the
date of lease inception.
The lease liability is measured at amortised cost using the e\ufb00ective interest method.
It is remeasured when there is a change in future lease payments arising from a change
in an index or rate, or if the Group changes its assessment of whether it will exercise
a purchase, extension or termination option. If there is an extension on the lease
term that is not considered a new lease, the lease liability is remeasured using revised
payments and a revised discount rate at the date of the modi\ufb01cation.
A corresponding
adjustment is made to the right-of-use asset.
The Group presents right-of-use assets in property, plant and equipment and lease
liabilities in loans and borrowings in the statement of \ufb01nancial position.
The Group leases assets including o\ufb03ce buildings that are held within property, plant
and equipment. Information about leases for which the Group is a lessee is presented
overleaf.
a) Right-of-use assets
Details of right-of-use assets are disclosed in Note 11
.
b) Lease liabilities in the statement of \ufb01nancial position
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Current liabilities
2,480
4,345
Non-current liabilities
32,337
3,107
\u00a0
34,817
7,452
\n
The maturity analysis of lease liabilities is disclosed in Note
14
.
c) Amounts charged in the income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Depreciation expense of right-of-use assets
6,557
4,292
Interest expense in lease liabilities
1,291
287
\u00a0
7,848
4,579
\n
d) Cash out\ufb02ow
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3\u2019000
\u00a3\u2019000
Total cash out\ufb02ow for leases
5,220
5,193
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "22. List of subsidiaries
The Group holds, directly or indirectly, share capital in the following companies:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Country of
\u00a0
Registered
Nature of
Name of company
Incorporation
Ownership
Address
business
Victoria Investments
\u00a0\u00a0\u00a0\u00a0
Finco Limited
United Kingdom
100%
a
Holding
Victoria Investments
\u00a0\u00a0\u00a0\u00a0
Intermediate Holdco Limited
United Kingdom
100%
a
Holding
Trainline International Limited
United Kingdom
100%
a
Holding
Trainline France SAS
France
100%
b
Holding
Trainline SAS
France
100%
b
Trading
Trainline.com Limited
United Kingdom
100%
a
Trading
Qjump Limited
United Kingdom
100%
a
Trading
Trainline Italia S.R.L
Italy
100%
c
Holding
Trainline Espa\u00f1a, S.L.
Spain
100%
d
Holding
Trainline Deutschland TLD GmbH
1
Germany
100%
e
In liquidation
Railguard Limited
United Kingdom
100%
a
Dormant
Trainline Holdco Limited
United Kingdom
100%
a
Holding
Signalbox Technologies Limited
United Kingdom
100%
a
Trading
\n
Registered address key:
a
1 Stonecutter Street, London,
EC4A
4AH
b
20
rue Saint Georges, 75009
Paris
c
Corso Vercelli,
40
20145 Milan, Italy
d
Carrer d\u2019Avila
112, 08018, Barcelona, Spain
e
Reinhardtstra\u00dfe
31, 10117, Berlin, Germany
1
Subsidiary went into liquidation on
28 February 2025.
The following subsidiaries are exempt from the Companies Act
2006
requirements
relating to the audit of their individual Financial Statements by virtue of Section
479A
of the Act as Trainline plc has guaranteed the subsidiary companies under Section
479C
of the Act:
Victoria Investments Finco Limited registered no.
09394939
Qjump Limited registered no.
04124436
Trainline Holdco Limited registered no. 12098773
Victoria Investments Intermediate Holdco Limited registered no. 09451259
Trainline International Limited registered no.
06881309
Signalbox Technologies Limited registered no.
08736138
Railguard Limited registered no.
09621101
was entitled to exemption from audit under
section 480 of the Companies Act
2006
relating to dormant companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "23. Related parties
During the year, the Group entered into transactions in the ordinary course of business
with related parties.
Transactions with key management personnel of the Group
Key management personnel are de\ufb01ned as the Board of Directors, including Non-
executive Directors.
During the year key management personnel have received the following compensation:
short-term employee bene\ufb01ts \u00a3
4
,559,411
(FY2025: \u00a38
,
524
,526); post-employment
bene\ufb01ts \u00a364,698
(FY2025: \u00a3
62,074); and ongoing share-based payment schemes
\u00a32
,566,
424 (FY2025: \u00a3
3,778,778 ). No other long-term bene\ufb01ts or termination bene\ufb01ts
were paid (FY2025
: \u00a3nil). The highest paid director received: short-term employee
bene\ufb01ts \u00a3
2
,340,071
(FY2025: \u00a35
,
050
,
822
); post-employment bene\ufb01ts \u00a339,912
(FY2025:
\u00a3
38,
250
); and ongoing share-based payment schemes \u00a31,572,372
(FY2025: \u00a32
,562,309
).
There were no directors to whom retirement bene\ufb01ts were accruing under de\ufb01ned
contribution schemes (FY2025: nil).
Information on the emoluments of the Directors who served during the year, together
with information regarding the bene\ufb01cial interest of the Directors in the ordinary shares
of the Company, is included in the Directors\u2019 Remuneration Report on pages 72
to 84.
At 28 February
2026, key management personnel held 1,535,637
shares in Trainline plc
(FY2025:
673,700
shares). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "Transactions with key management personnel of the Group
Key management personnel are de\ufb01ned as the Board of Directors, including Non-
executive Directors.
During the year key management personnel have received the following compensation:
short-term employee bene\ufb01ts \u00a3
4
,559,411
(FY2025: \u00a38
,
524
,526); post-employment
bene\ufb01ts \u00a364,698
(FY2025: \u00a3
62,074); and ongoing share-based payment schemes
\u00a32
,566,
424 (FY2025: \u00a3
3,778,778 ). No other long-term bene\ufb01ts or termination bene\ufb01ts
were paid (FY2025
: \u00a3nil). The highest paid director received: short-term employee
bene\ufb01ts \u00a3
2
,340,071
(FY2025: \u00a35
,
050
,
822
); post-employment bene\ufb01ts \u00a339,912
(FY2025:
\u00a3
38,
250
); and ongoing share-based payment schemes \u00a31,572,372
(FY2025: \u00a32
,562,309
).
There were no directors to whom retirement bene\ufb01ts were accruing under de\ufb01ned
contribution schemes (FY2025: nil).
Information on the emoluments of the Directors who served during the year, together
with information regarding the bene\ufb01cial interest of the Directors in the ordinary shares
of the Company, is included in the Directors\u2019 Remuneration Report on pages 72
to 84.
At 28 February
2026, key management personnel held 1,535,637
shares in Trainline plc
(FY2025:
673,700
shares). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "24. Capital commitments
This note details any capital commitments in contracts that the Group has entered which
have not been recognised as liabilities on the balance sheet.
The Group\u2019s capital commitments at 28 February
2026
are \u00a3
1.2
million (FY2025: \u00a3nil).
These relate to \ufb01nal \ufb01t-out costs for the new London o\ufb03ce. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "25. Post balance sheet events
There have been no material post balance sheet events between 28 February
2026
and
the date of approval of these Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "Parent Company balance sheet
At 28 February 2026
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
\u00a3\u2019000
\u00a3\u2019000
Non-current assets
\u00a0 \u00a0 \u00a0
Investments
3
1,297,001
1,892,409
Amounts owing from subsidiaries
5
234,193
220,000
\u00a0 \u00a0
1,531,194
2,112,409
Current assets
\u00a0 \u00a0 \u00a0
Cash and cash equivalents
\u00a0
9,842
9,311
Trade and other receivables
\u00a0
613
709
Amounts owing from subsidiaries
5
\u2013
35,257
\u00a0 \u00a0
10,455
45,277
Current liabilities
\u00a0 \u00a0 \u00a0
Trade and other payables
\u00a0
(9,355)
(4,642)
Amounts owing to subsidiaries
5
(370,978)
(273,808)
Loans and borrowings
6
(600)
(83,025)
\u00a0 \u00a0
(380,933)
(361,475)
Net current (liabilities)/assets
\u00a0
(370,478)
(316,198)
Total assets less current liabilities
\u00a0
1,160,716
1,796,211
Non-current liabilities
\u00a0 \u00a0 \u00a0
Loans and borrowings
6
(226,529)
(68,100)
\u00a0 \u00a0
(226,529)
(68,100)
Net assets
\u00a0
934,187
1,728,111
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
\u00a3\u2019000
\u00a3\u2019000
Equity
\u00a0 \u00a0 \u00a0
Called up share capital
8
3,854
4,455
Share premium account
8
\u2013
\u2013
Capital redemption reserve
8
953
352
Retained earnings
8
929,380
1,723,304
Total equity
\u00a0
934,187
1,728,111
\n
The notes on pages 146 to
150
form part of the Financial Statements. The Financial
Statements on pages
144
to
150
were approved by the Board of Directors of Trainline plc
(registered number 11961132) on
5
May 2026 and were signed on behalf of the Board.
In accordance with Section
408
of the Companies Act 2006, the Company is exempt from
the requirement to present its own income statement and statement of comprehensive
income. The Company\u2019s loss for the year was \u00a3637.5 million (
FY2025
: loss \u00a338.7 million),
primarily attributable to the \u00a3595.4 million impairment charge as disclosed in Note
3.
Peter Wood
Jody Ford
Chief Financial O\ufb03cer
Chief Executive O\ufb03cer
5
May 2026
5
May 2026
Parent Company statement of changes in equity
For the year ended 28 February 2026:
Capital
Share
Share
redemption
Retained
Total
capital
premium
reserve
earnings
equity
Notes
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2025
4,455
\u2013
352
1,723,304
1,728,111
Loss after tax
\u2013
\u2013
\u2013
(637,536)
(637,536)
Share-based payments
\u2013
\u2013
\u2013
(4,083)
(4,083)
Purchase of own shares for cancellation
8
(601)
\u2013
601
(152,305)
(152,305)
Balance at 28 February 2026
3,854
\u2013
953
929,380
934,187
For the year ended 28 February 2025:
Capital
Share
Share
redemption
Retained
Total
capital
premium
reserve
earnings
equity
Notes
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
At 1 March 2024
4,710
\u2013
97
1,839,696
1,844,503
Loss after tax
\u2013
\u2013
\u2013
(38,704)
(38,704)
Share-based payments
\u2013
\u2013
\u2013
11,660
11,660
Purchase of own shares for cancellation
8
(255)
\u2013
255
(89,348)
(89,348)
Balance at 28 February 2025
4,455
\u2013
352
1,723,304
1,728,111
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HO26VXTFJ4MO71", "period": "2025-03-01T00:00:00/2026-03-01T00:00:00" } } } }