FY25 and 2026 YTD Trading Update
Summary by AI BETAClose X
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 on market abuse, which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). Upon publication of this announcement, this inside information is considered to be in the public domain.
15 June 2026
Team Internet Group plc
("Team Internet" or the "Company" or the "Group")
FY25 and 2026 YTD Trading Update
Notice of Audited 2025 Annual Report
Team Internet Group plc (AIM: TIG, OTCQX: TIGXF), the global internet company that generates recurring revenue from powering identity and discovery online, today provides a trading update and gives notice that it will publish its audited Annual report for the financial year ended 31 December 2025 ("FY25") during the week ending 26 June.
Recent Developments
· The FY25 financial results set out below remain consistent with the trading update released on 16 March 2026 and remain in line with or above analyst expectations.
· Trading in 2026 remains in line with expectations, with Search profitability improving and Domains, Identity & Software ("DIS") and Comparison delivering strong growth.
· The strategic review continues to progress, with the Board expecting an outcome regarding the potential DIS disposal in the first half of Q3 2026, at least in line with prior guidance.
· Renegotiations of the Group's borrowing arrangements have been completed, providing additional covenant headroom and extended maturities.
· The Group is pursuing a substantial damages claim against a major technology company, arising from anti-competitive conduct that could result in a recovery that is material in the context of the Company's current market capitalisation.
FY25 Headlines
As previously indicated in the Group's trading update of 16 March 2026, FY25 results were delivered in line with or above current analyst expectations. The FY25 financial metrics set out below are substantially unchanged from those previously communicated. The year was defined by decisive action in Search and by the quality of the other segments of the Group: gross margin expanded, cash generation remained strong, and DIS and Comparison finished the year towards the top end of expectations.
· Gross revenue of USD 481.9 million (FY24: USD 802.8 million)
· Net revenue (gross profit) of USD 136.2 million (FY24: USD 187.5 million), with gross margin increasing from 23.4% to 28.3%
· Adjusted EBITDA(i) of USD 42.7 million (FY24: USD 91.9 million)
· Operating loss of USD 49.9 million (FY24: profit of USD 8.2 million), following USD 41.7 million of impairment charges primarily relating to the Group's Search segment
· Due to the same impairment charges, a loss after tax of USD 62.5 million (FY24 loss after tax: USD 17.7 million) was recorded
· Adjusted earnings per share (diluted) of USD 9.18 cents (FY24: USD 21.22 cents)
· Adjusted operating cash flow of USD 66.0 million (FY24: USD 99.1 million)
· Adjusted operating cash conversion(ii) of 155% (FY24: 108%)
· Net debt(iii) of USD 87.6 million (31 December 2024: USD 96.4 million); Team Internet has continued to be cash generative in FY25, reducing net debt by USD 8.8 million during the year after making USD 6.9 million of shareholder distributions
2026 Year-To-Date Trading Update
The Group's earnings performance in 2026 to date continues to progress in line with expectations. For the five months ended 31 May 2026, Gross revenue of USD 148 million, Net revenue of USD 50 million and Adjusted EBITDA of USD 16 million have been delivered.
The DIS and Comparison segments, unaffected by the Search transition, have delivered strong mid-teens net revenue growth and approximately 40% EBITDA growth year-on-year. The Group's Search segment, after a period of significant recalibration and a material cost optimisation and automation program, is now set towards a profitable second half of 2026. The transition away from AdSense for Domains and towards next-generation monetisation is now complete and, following a period of industry consolidation, TIG is firmly positioned as one of the market leaders.
Strategic review
The strategic review to unlock shareholder value is progressing well. Discussions continue with selected parties regarding a potential disposal of the DIS segment, which the Board will pursue where it delivers fair value. While there can be no certainty that any transaction will be agreed, or as to its terms, the Board expects the outcome of the strategic review, including any agreement relating to a potential disposal of DIS, to be announced in the first half of Q3. Subject to customary conditions and regulatory approvals, the Board expects any resulting transaction to complete during 2026. The Board confirms its guidance on quantum[1].
Refinancing and Capital allocation
The Company is pleased to confirm it has recently completed a renegotiation of its existing debt facilities with our lenders, securing wider covenant headroom and aligning maturities in October 2027, which materially strengthens the Group's financial position and flexibility. The amendments also align the facilities more closely with the Group's current funding requirements and are expected to reduce commitment fees and financing costs, on a like-for-like basis.
We are still engaging with a range of debt providers albeit mindful of our renegotiated facilities and potential disposal of our DIS business, do so very much from a position of strength.
Antitrust claim
The Group is pursuing a substantial damages claim against a major technology company, arising from anti-competitive conduct established by a final regulatory decision, by which the Group was disadvantaged over an extended period. Following recent court judgments on similar claims, the Group believes that a successful outcome could result in a recovery that is material in the context of the Company's current market capitalisation. The outcome, timing and amount remain uncertain and, accordingly, no asset has been recognised. Further information will be given as appropriate.
FY25 Trading Update - Key Points
During FY25 the Group prioritised the quality and durability of its revenue over headline volume, making deliberate strategic progress across all three segments.
Key performance indicators by segment were as follows:
· DIS segment (iv):
o Average revenue per domain year increased by 2% to USD 12.64 (FY24: USD 12.45)
o Value-added services revenue rose to 17.8% of segment revenue (FY24: 16.1%), an increase of 1.7 percentage points and a relative uplift of 10.6%
o Processed domain registration years decreased by 7% to 12.3 million (FY24: 13.2 million)
· Comparison segment (v):
o Gross merchandise value (GMV) generated outside the core DACH region increased more than tenfold, to 4.8% (FY24: 0.4%)
o Revenue per thousand impressions increased by 3% to USD 257 (FY24: USD 249)
o Visitor sessions decreased by 10% to 169.4 million (FY24: 188.5 million)
· Search segment (vi):
o Next-generation monetisation increased to 39.1% of segment revenue (FY24: 4.7%)
o Revenue per thousand impressions decreased by 51% to USD 34 (FY24: USD 69), reflecting the change in monetisation mix during the transition
o Visitor sessions decreased by 19% to 5.5 billion (FY24: 6.8 billion)
The increase in leverage to 2.9x adjusted EBITDA (31 December 2024: 1.2x) and the reduction in interest cover to 2.7x (31 December 2024: 5.9x) primarily reflect the lower adjusted EBITDA recorded during the transition year; the Group remained strongly cash generative and reduced net debt during the period.
FY25 operational and corporate summary
· Stable performance in DIS and Comparison segments, with both segments maintaining strong momentum and finishing the year towards the top end of market expectations despite a challenging operating environment.
· Successful strategic transition in Search, with next‑generation monetisation formats accounting for 39% of segment revenue.
· DIS strengthened its long-duration earnings base, securing the ten‑year .co registry contract and achieving further margin improvements as Unity integration benefits flowed through.
· International expansion accelerated, with Comparison delivering its first positive contributions in France, Italy and Spain, and launching the UK portal.
Notice of Annual report
The Company will publish its audited Annual report for the financial year ended 31 December 2025 during the week ending 26 June. In advance of the publication of the audited Annual report, unaudited financial data is provided below.
The timing allows the Company and its auditors to fully reflect the impact of the favourable amendments to the covenants and maturities of the Company's borrowing arrangements described above.
Results presentations
As previously announced, there will be a webinar for equity analysts at 10:00, UK time, on 15 June 2026. The presentation will be hosted by CEO Michael Riedl and CFO William Green. To register please contact SEC Newgate at teaminternet@secnewgate.co.uk where further details will be provided.
Furthermore, Team Internet is holding an Investor Meet Company session at 12:00, UK time, on 15 June 2026. Investors can sign up to Investor Meet Company for free to meet Team Internet Group Plc via: https://investormeetcompany.com/team-internet-group-plc/register-investor.
Investors who already follow Team Internet Group Plc on the Investor Meet Company platform will automatically be invited. Questions can be submitted at any time during the live presentation.
Michael Riedl, CEO of Team Internet, commented:
"The market is still pricing Team Internet for the disruption we have already worked through, not the stronger, more focused business we have built. Our Domains, Identity & Software and Comparison businesses are where the majority of the value sits today, both growing strongly . In Search, we acted decisively on strategy and structure and emerged as a leading player in this vast nascent market opportunity, providing a meaningful source of future upside for the Group.
We have materially strengthened the balance sheet through recent amendments to our facilities and are determined to recover the damage this Group suffered from anti-competitive conduct over many years.
We therefore approach the conclusion of the strategic review, including the potential sale of Domains, Identity & Software, from a genuine position of strength."
Enquiries
For further information, please contact:
Team Internet Group plc +44 (0) 203 388 0600
Michael Riedl, Chief Executive Officer
William Green, Chief Financial Officer
Zeus Capital Limited (NOMAD and Joint Broker)
James Edis / Dan Bate (Investment Banking) +44 (0) 161 831 1512
Dominic King (Corporate Broking) +44 (0) 203 829 5000
Berenberg (Joint Broker) +44 (0) 203 207 7800
Mark Whitmore
SEC Newgate (for media) +44 (0) 203 757 6880
Bob Huxford / Harry Handyside / Gwen Samuel teaminternet@secnewgate.co.uk
(i)Earnings before interest, tax, depreciation, amortisation and impairment, non-core operating expenses, foreign exchange gains and losses, and share-based payment expenses
(ii)Adjusted operating cash conversion refers to the percentage of Adjusted EBITDA that is converted into operating cash in the period. Operating cash flows are adjusted for non-recurring working capital items, such as the settlement of acquisition costs included within the balance sheet of acquired entities.
(iii)Includes cash (USD 81.2m), bank debt and prepaid finance costs (USD 168.4m) and hedging liabilities (USD 0.4m) as of 31 December 2025 (31 December 2024 cash (USD 88.3m), bank debt and prepaid finance costs (USD 184.9m) and hedging assets (USD 0.2m))
(iv)Based on analysis of c.79% of the DIS segment which can be adequately and reliably described by this KPI
(v)Based on analysis of c.67% of the Comparison segment which can be adequately and reliably described by this KPI
(vi)Based on analysis of c.84% of the Search segment which can be adequately and reliably described by this KPI
About Team Internet Group plc
Everything begins with a name. Team Internet (AIM: TIG, OTCQX: TIGXF) powers identity and discovery online, enabling businesses, brands and consumers to establish their digital presence and realise their ambitions.
The Company is a leading global internet solutions business operating in two highly attractive markets: domain name management, identity and software solutions (DIS segment) and digital advertising (Comparison and Search segments).
The DIS segment is a critical component of the global online presence and productivity ecosystem, where the Company serves as a core distribution channel for domain names and a wide range of digital products.
The Company's Comparison and Search segments create privacy-safe, AI-generated consumer journeys that convert general-interest media users into confident, high-conviction consumers through advertorial and review websites.
The Company's high-quality earnings derive from subscription-based recurring revenues in the DIS segment and revenue-share arrangements under rolling utility-style contracts in the Comparison and Search segments.
For more information please visit: www.teaminternet.com
Forward-Looking Statements
This document includes forward-looking statements. Whilst these forward-looking statements are made in good faith, they are based upon the information available to Team Internet at the date of this document and upon current expectations, projections, market conditions and assumptions about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Group and should be treated with an appropriate degree of caution. Save as required by applicable law or regulation, the Company undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Nothing in this announcement is intended, or is to be construed, as a profit forecast or estimate for any period, and no statement should be interpreted to mean that earnings or earnings per share for current or future financial years will necessarily match or exceed the historical figures.
MANAGEMENT COMMENTARY ON GROUP PERFORMANCE
Introduction
In line with previous guidance, we are reporting FY25 gross revenue of USD 481.9 million and net revenue of USD 136.2 million, with adjusted EBITDA of USD 42.7 million.
During 2025, the Group's DIS segment continued to outperform expectations, while the Comparison segment recovered from a challenging start to the year and returned to year-on-year growth in H2. The headwinds facing the Group's Search segment are well-documented; however, the Group remains at the forefront of Related Search on Content and commerce media monetisation, positioning it for the next phase of high-intent digital marketing.
Performance review
The Group's financial performance during the period is reflected in the key financial metrics listed below:
|
|
Year ended 31 December 2025 |
Year ended 31 December 2024 |
Change |
|
|
USD m |
USD m |
% |
|
Revenue |
481.9 |
802.8 |
(40%) |
|
Net revenue (gross profit) |
136.2 |
187.5 |
(27%) |
|
Adjusted EBITDA |
42.7 |
91.9 |
(54%) |
|
Operating (loss)/profit |
(49.9) |
8.2 |
n.m. |
|
Adjusted operating cash conversion |
155% |
108% |
44% |
|
Loss after tax |
(62.5) |
(17.7) |
(253%) |
|
EPS - Basic (cents) |
(25.71) |
(6.98) |
(268%) |
|
EPS - Diluted (cents) |
(25.71) |
(6.98) |
(268%) |
|
EPS - Adjusted earnings - basic (cents) |
9.22 |
21.49 |
(57%) |
|
EPS - Adjusted earnings - diluted (cents) |
9.18 |
21.22 |
(57%) |
|
|
|
|
|
Segment Highlights
The Group's reporting segments performed as follows during financial years 2024 and 2025:
|
|
Year ended 31 December 2025 |
Year ended 31 December 2024 |
Change |
|
|
USD m |
USD m |
% |
|
Domains, Identity & Software (DIS) |
|
|
|
|
Revenue |
194.6 |
202.7 |
(4%) |
|
Net revenue |
75.6 |
73.6 |
3% |
|
Adjusted EBITDA |
21.4 |
19.4 |
10% |
|
Comparison |
|
|
|
|
Revenue |
65.3 |
63.0 |
4% |
|
Net revenue |
20.8 |
22.4 |
(7%) |
|
Adjusted EBITDA |
12.3 |
16.1 |
(23%) |
|
Search |
|
|
|
|
Revenue |
222.0 |
537.1 |
(59%) |
|
Net revenue |
39.8 |
91.5 |
(57%) |
|
Adjusted EBITDA |
9.0 |
56.4 |
(84%) |
|
|
|
|
|
|
Total |
|
|
|
|
Revenue |
481.9 |
802.8 |
(40%) |
|
Net revenue |
136.2 |
187.5 |
(27%) |
|
Adjusted EBITDA |
42.7 |
91.9 |
(54%) |
|
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|
Year ended 31 December 2025 |
|
Year ended 31 December 2024 |
|
|
|
USD m |
|
USD m |
|
|
|
|
|
|
|
Revenue |
|
481.9 |
|
802.8 |
|
Cost of sales |
|
(345.7) |
|
(615.3) |
|
Net revenue/gross profit |
|
136.2 |
|
187.5 |
|
Operating expenses |
|
(185.6) |
|
(178.7) |
|
Share-based payment expenses |
|
(0.5) |
|
(0.6) |
|
Operating (loss)/profit |
|
(49.9) |
|
8.2 |
|
|
|
|
|
|
|
Adjusted EBITDA(a) |
|
42.7 |
|
91.9 |
|
Depreciation of property, plant and equipment |
|
(2.8) |
|
(3.0) |
|
Amortisation of intangible assets |
|
(29.0) |
|
(39.3) |
|
Impairment of intangible assets |
|
(41.7) |
|
(36.0) |
|
Non-core operating expenses(b) |
|
(12.5) |
|
(7.1) |
|
Foreign exchange (losses)/gains |
|
(6.1) |
|
2.3 |
|
Share-based payment expenses |
|
(0.5) |
|
(0.6) |
|
Operating (loss)/profit |
|
(49.9) |
|
8.2 |
|
|
|
|
|
|
|
Finance income |
|
1.1 |
|
1.2 |
|
Finance costs |
|
(16.2) |
|
(18.7) |
|
Net finance costs |
|
(15.1) |
|
(17.5) |
|
Loss before tax |
|
(65.0) |
|
(9.3) |
|
Income tax credit/(expense) |
|
2.5 |
|
(8.4) |
|
Loss after tax |
|
(62.5) |
|
(17.7) |
|
Items that may be reclassified to profit or loss: |
|
|
|
|
|
Exchange differences on translation of foreign operations |
|
19.9 |
|
(13.0) |
|
(Loss)/gain arising on changes in fair value of hedging instruments |
|
(0.6) |
|
0.4 |
|
Total other comprehensive income/(expense) |
|
19.3 |
|
(12.6) |
|
Total comprehensive loss for the period |
|
(43.2) |
|
(30.3) |
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
Basic (cents) |
|
(25.71) |
|
(6.98) |
|
Diluted (cents) |
|
(25.71) |
|
(6.98) |
|
Adjusted earnings - Basic (cents) |
|
9.22 |
|
21.49 |
|
Adjusted earnings - Diluted (cents) |
|
9.18 |
|
21.22 |
|
All amounts relate to continuing activities |
|
|||||||
|
|
|
|||||||
|
(a) Earnings before interest, tax, depreciation, amortisation and impairment, non-core operating expenses, foreign exchange gains and losses and share-based payment expenses. |
|
|||||||
|
(b) Non-core operating expenses include items related primarily to restructuring, strategic review, and acquisition and integration costs, which are not incurred as part of the underlying trading performance of the Group, and which are therefore adjusted for.
|
|
|||||||
|
|
|
|||||||
|
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
|
|
|
31 December 2025 |
|
31 December 2024 |
||
|
Note |
|
|
USD m |
|
USD m |
|||
|
ASSETS |
|
|
|
|
|
|
||
|
Non-current assets |
|
|
|
|
|
|
||
|
Goodwill |
|
|
|
191.2 |
|
204.7 |
||
|
Intangible assets |
|
|
|
45.6 |
|
75.8 |
||
|
Property, plant and equipment |
|
|
|
1.7 |
|
2.3 |
||
|
Right-of-use assets |
|
|
|
3.0 |
|
3.9 |
||
|
Deferred tax assets |
|
|
|
9.0 |
|
11.9 |
||
|
Derivative financial instruments |
|
|
|
- |
|
0.2 |
||
|
|
|
|
|
250.5 |
|
298.8 |
||
|
Current assets |
|
|
|
|
|
|
||
|
Trade and other receivables |
|
|
|
70.0 |
|
91.5 |
||
|
Inventory |
|
|
|
0.2 |
|
0.2 |
||
|
Current tax assets |
|
|
|
0.9 |
|
0.8 |
||
|
Cash and cash equivalents |
|
|
|
81.2 |
|
88.3 |
||
|
|
|
|
|
152.3 |
|
180.8 |
||
|
|
|
|
|
|
|
|
||
|
TOTAL ASSETS |
|
|
|
402.8 |
|
479.6 |
||
|
|
|
|
|
|
|
|
||
|
EQUITY AND LIABILITIES |
|
|
|
|
|
|
||
|
Equity |
|
|
|
|
|
|
||
|
Share capital |
|
|
|
0.3 |
|
0.3 |
||
|
Merger relief reserve |
|
|
|
- |
|
5.3 |
||
|
Share-based payment reserve |
|
|
|
18.5 |
|
26.4 |
||
|
Cash flow hedging reserve |
|
|
|
(0.4) |
|
0.2 |
||
|
Foreign exchange translation reserve |
|
|
|
0.9 |
|
(19.0) |
||
|
Retained earnings |
|
|
|
24.4 |
|
79.9 |
||
|
Total equity |
|
|
|
43.7 |
|
93.1 |
||
|
|
|
|
|
|
|
|
||
|
Non-current liabilities |
|
|
|
|
|
|
||
|
Other payables |
|
|
|
3.3 |
|
5.2 |
||
|
Lease liabilities |
|
|
|
1.7 |
|
2.6 |
||
|
Deferred tax liabilities |
|
|
|
15.6 |
|
20.4 |
||
|
Borrowings |
|
|
|
- |
|
184.6 |
||
|
|
|
|
|
20.6 |
|
212.8 |
||
|
Current liabilities |
|
|
|
|
|
|
||
|
Trade, other payables and accruals |
|
|
|
139.9 |
|
132.4 |
||
|
Current tax liabilities |
|
|
|
28.4 |
|
39.6 |
||
|
Lease liabilities |
|
|
|
1.4 |
|
1.4 |
||
|
Borrowings |
|
|
|
168.4 |
|
0.3 |
||
|
Derivative financial instruments |
|
|
|
0.4 |
|
- |
||
|
|
|
|
|
338.5 |
|
173.7 |
||
|
|
|
|
|
|
|
|
||
|
TOTAL LIABILITIES |
|
|
|
359.1 |
|
386.5 |
||
|
|
|
|
|
|
|
|
||
|
TOTAL EQUITY AND LIABILITIES |
|
|
|
402.8 |
|
479.6 |
||
|
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
Year ended 31 December 2025 |
Year ended 31 December 2024 |
|
|
|
USD m |
USD m |
|
Cash flow from operating activities |
|
|
|
|
Loss before tax |
|
(65.0) |
(9.3) |
|
Adjustments for: |
|
|
|
|
Depreciation of property, plant and equipment |
|
2.8 |
3.0 |
|
Amortisation of intangible assets |
|
29.0 |
39.3 |
|
Impairment of intangible assets |
|
41.7 |
36.0 |
|
Finance costs (net) |
|
15.1 |
17.5 |
|
Share-based payments |
|
0.5 |
0.6 |
|
Decrease in trade and other receivables |
|
27.7 |
24.5 |
|
Increase/(decrease) in trade and other payables and accruals |
|
0.2 |
(25.7) |
|
Exchange differences on debt |
|
1.5 |
- |
|
Cash flow inflow from operations |
|
53.5 |
85.9 |
|
Income tax paid |
|
(18.5) |
(9.3) |
|
Net cash flow inflow from operating activities |
|
35.0 |
76.6 |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
Payments for property, plant and equipment |
|
(0.3) |
(1.3) |
|
Payments for intangible assets (excluding domain names) |
|
(7.2) |
(8.3) |
|
Payments for intangible assets - domain names |
|
- |
(0.5) |
|
Payments of deferred and contingent consideration |
|
(0.2) |
(4.2) |
|
Proceeds from disposal of subsidiary |
|
- |
0.2 |
|
Payments for acquisition of subsidiaries, net of cash acquired |
|
- |
(31.8) |
|
Interest received |
|
1.1 |
1.2 |
|
Net cash flow outflow from investing activities |
|
(6.6) |
(44.7) |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
Drawdown of revolving credit facility |
|
61.5 |
67.5 |
|
Repayment of revolving credit facility |
|
(80.5) |
(50.0) |
|
Bank finance arrangement fees |
|
(0.3) |
(0.3) |
|
Payment of dividends to ordinary Shareholders |
|
- |
(9.8) |
|
Bank loan capital repayments |
|
(0.2) |
(0.3) |
|
Repurchase of ordinary shares |
|
(6.9) |
(21.2) |
|
Lease principal repayments |
|
(1.7) |
(1.9) |
|
Interest paid |
|
(15.0) |
(16.1) |
|
Net cash outflow from financing activities |
|
(43.1) |
(32.1) |
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
(14.7) |
(0.2) |
|
Cash and cash equivalents at beginning of the year |
|
88.3 |
92.7 |
|
Exchange gains/(losses) on cash and cash equivalents |
|
7.6 |
(4.2) |
|
Cash and cash equivalents at end of the year |
|
81.2 |
88.3 |
[1] Since 11/11/2025, the board has consistently guided to materially above the Company's market capitalisation at that time of c. USD 160m
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