Team Internet Group Plc · LSE:TIG
Team Internet — H1 2026 Earnings Presentation
20 slides from Team Internet's earnings presentation, Sep 7, 2026
Slide 1: Powering identity and discovery online
team internet. Powering identity and discovery online. H1 2026 Interim Results 7 September 2026
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Team Internet Group plc (“the Company”) in connection with its H1 2026 results (the “Investor Update”). The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or w
Slide 3: Agenda
team internet. 01 What we said, what we delivered 02 H1 2026 results, by segment 03 Balance sheet and financing 04 Strategic review and value 05 Outlook 2
Slide 4: What we said, what we delivered
DELIVERY What we said, what we delivered WHAT WE SAID WHAT WE DELIVERED H1 2026 trading in line with consensus Delivered: in line with consensus, EBITDA ahead of H2 2025, and Group operating profit Trading update, Jun 2026 back in the black Build Comparison into a second earnings pillar of the Group
Slide 5: In line with consensus, ahead of H2 2025, with a step-up in quality of earnings
H1 2026 FINANCIAL RESULTS In line with consensus, ahead of H2 2025, with a step-up in quality of earnings GROSS REVENUE NET REVENUE ADJUSTED EBITDA¹ $179.1m $61.0m $19.5m H1 2025: $263.9m (-32%) · decline reflects the completed H1 2025: $72.8m (-16%) · Gross margin 34.1% (H1 2025: 27.6%) H1 2025: $2
Slide 6: 87% of net revenue sits in DIS and Comparison, and both are growing
H1 2026 FINANCIAL RESULTS 87% of net revenue sits in DIS and Comparison, and both are growing; Search profitable in June Domains, Identity & Software Comparison Search 67% of net revenue 20% of net revenue 13% of net revenue Gross revenue Gross revenue Gross revenue $97.9m $32.9m $48.3m H1 2025: $10
Slide 7: DIS keeps compounding: value discipline with time on our side
H1 2026 FINANCIAL RESULTS / DIS DIS keeps compounding: value discipline with time on our side NET REVENUE GROWTH ADJUSTED EBITDA GROWTH VALUE-ADDED SERVICES SHARE +8% +28% 18.9% H1 2026 vs H1 2025 and vs H2 2025 vs both 2025 halves; margin 34% of net revenue of revenue; H1 2025: 17.1% • Volume trade
Slide 8: Comparison: the second earnings pillar, compounding internationally
H1 2026 FINANCIAL RESULTS / COMPARISON Comparison: the second earnings pillar, compounding internationally NET REVENUE GROWTH ADJUSTED EBITDA GROWTH GMV OUTSIDE DACH +38% +56% 5.2% H1 2026: $12.4m net revenue; gross revenue +18% to $32.9m H1 2026: $8.4m, at 68% of net revenue H1 2025: 5.0%; FY 2024:
Slide 9: Search: transition complete, profitable in June, margin maturity ahead
H1 2026 FINANCIAL RESULTS / SEARCH Search: transition complete, profitable in June, margin maturity ahead NEXT-GEN MONETISATION SHARE RETURNED TO PROFITABILITY YEARS OF JOURNEY OPTIMISATION 90.1% June 2026 1+ vs 9 Real EBITDA, not gross profit; H1 2026: $(2.6)m after the of segment revenue; H1 2025:
Slide 10: Balance sheet and financing
team internet. 03 Balance sheet and financing Cash flow, net debt, leverage and the refinancing 9
Slide 11: Cash flow: strong underlying generation, two non-recurring offsets
H1 2026 FINANCIAL RESULTS Cash flow: strong underlying generation, two non-recurring offsets ($, m) H1 2026 H1 2025 Cash (outflow)/inflow from operations (3.1) 19.7 Continued strong underlying cash generation, partially offset in the period by non-recurring factors: Income tax paid (14.8) (3.0) • th
Slide 12: Net debt: planned cash deployment, not new borrowing
H1 2026 FINANCIAL RESULTS Net debt: planned cash deployment, not new borrowing $m • Cash was deployed to reduce current liabilities: gross interest- +15.2 117.6 bearing debt rose just 1%. • Corporation tax on prior-year +14.8 profits settled as scheduled; cash ~93.8 reserves had been held against it
Slide 13: Two leverage lenses: reported basis and covenant basis
H1 2026 FINANCIAL RESULTS Two leverage lenses: reported basis and covenant basis REPORTED (IFRS) BASIS COVENANT (FACILITIES) BASIS • Net debt includes items that are correctly off-balance sheet under IFRS, Net debt, 30 Jun 2026 $117.6m for example letters of credit. • EBITDA includes customary facil
Slide 14: The balance sheet does not depend on a transaction
FINANCING The balance sheet does not depend on a transaction Aligned maturities Wider covenant headroom Rightsized volume Full refinancing advancing Facilities amended Materially strengthened position Aligned with current needs; unnecessary Discussions with fixed income investors commitment cost rem
Slide 15: Strategic review and value
team internet. 04 Strategic review and value Maximising value per share, from a position of strength: the review, the damages claim, and the capital allocation sequence 14
Slide 16: Unlocking shareholder value from a position of strength
STRATEGIC REVIEW Unlocking shareholder value from a position of strength • The strategic review is at an advanced stage, with discussions ongoing with a view to reaching a transaction in the near term, while the Board remains engaged with multiple parties interested in all or parts of the division.
Slide 17: A substantial damages claim, a further potential source of value
ANTITRUST CLAIM A substantial damages claim, a further potential source of value Established competitive disadvantage Recent court cases Recovery process underway Conduct and damage of interest established by final Courts in several jurisdictions have ruled favourably The Group is pursuing recovery
Slide 18: A fixed sequence; quantum and timing set by the Board on completion
CAPITAL ALLOCATION FRAMEWORK A fixed sequence; quantum and timing set by the Board on completion 1 2 3 4 Retire debt Return excess capital Reinstate the dividend policy Selective, adjacent M&A Deleverage on completion of any A distribution of excess capital following The 2022 policy was suspended fo
Slide 19: Navigating change, building for scale
OUTLOOK Navigating change, building for scale • Executing the 2026 business plan across the Group: DIS growing net revenue and EBITDA, Comparison broadening and growing strongly, Search operating profitably on a next-generation monetisation base since June. • The strategic review is at an advanced s
Slide 20: Everything begins with a name.
Everything begins with a name. team internet.