Slide 1: FY 2025 Full year results
FY 2025 Full year results 4 December 2025
Slide 2: Disclaimer
Disclaimer This presentation contains certain statements that are forward-looking statements. They appear in a number of places throughout this presentation and include statements regarding the intentions, beliefs and/or current expectations of Future plc (the “Company”) and its subsidiaries (togeth
Slide 3: Opening remarks
Kevin Li Ying, CEO Opening remarks
Slide 4: More confident and excited about Our Future
More confident and excited about Our Future 1 2 3 The AI risk is not as big The platform is We continue to evolve as you think, driving growth: our business model to AI represents revenue our initiatives are deliver sustainable opportunities starting to deliver profits and cash Delivering on today whi
Slide 5: Financial highlights
Sharjeel Suleman, CFO Financial highlights
Slide 6: Financial highlights
Financial highlights Adjusted Shareholders Revenue Adjusted OP Adjusted EPS Free Cash Flow Returns £739.2 m £205.4 m 123.0p £177.0 m £99.5m returned in FY 2025 (6)% on a reported basis (8)% yoy (1)% yoy 86% conversion (3)% yoy organic 28% margin, flat yoy Dividend x5 to 17.0p (FY 2024: 123.9p) (96% e
Slide 7: Market context
FUTURE Market context
Slide 8: Our audiences & AI impact
FUTURE Our audiences & Al impact techradar
Slide 9: Leading brands driving diverse audiences
Leading brands driving diverse audiences World leading brands Technology Gaming Sports Entertainment Fashion & Beauty Homes & Lifestyle Luxury Knowledge Music Wealth Price Comparison B2B 9 See Appendix for definition
Slide 10: Reaching digital audiences across platforms
Reaching digital audiences across platforms On-platform Off-platform Websites Events Emails Apple News Socials Podcasts 317m 158k 15m 12m 8bn 29 monthly average attendees sessions across Subscribers Users views podcasts (year) websites 1010
Slide 11: In 2019, 67% of audiences was coming from Google Search, today it's just 27%
In 2019, 67% of audiences was coming from Google Search, today it’s just 27% Other Emails Social Google Search Direct Google Discover 11
Slide 12: Revenue is increasingly determined by the strength of the brands
Revenue is increasingly determined by the strength of the brands Total AI Overviews digital Direct reaches now Website advertising advertising 50% of our key sessions revenue only revenue terms on (10)% yoy (4)% yoy +1% yoy SEO Driving direct advertising revenue now 68% of total advertising (+3ppt y
Slide 13: Our revenues are diverse
Our revenues are diverse Total £739.2m B2C Go.Compare B2B £493.4m £191.8m £54.0m B2C Media B2C Magazines £246.2m £247.2m Programmatic ads £44.9m eComm £76.7m With only 16% of our revenue Direct digital ads more directly tied by audience £96.5m Other Media (inc Events) £28.1m 13
Slide 14: Our approach: shaping our own trajectory
Our approach: shaping our own trajectory Deliver on today Build tomorrow Diversified audiences sources and types Strategic initiatives Brands strength driving diverse Leverage brands to deliver new audience and audience loyalty audiences revenue streams AI represents incremental revenue opportunities
Slide 15: Revenue
FUTURE Revenue — THE BLEND
Slide 16: Organic performance by division
Organic performance by division Group B2C Go.Compare B2B (3) % (2)% (5) % (9) % Group H1 growth (1)%, H2 growth (6)% 16 See Appendix for definition
Slide 17: B2C: Continued shift to direct ads
B2C Revenue Continued shift to direct ads1 Revenue performance US organic growth rates (4)% ● 29% of B2C revenue US H1 H2 FY ● 68% of digital ads revenue is from direct advertising Direct - +12% +6% revenue yoy ● 68% of digital ads is from the US Programmatic (12)% (13)% (13)% FY 2025: £141.4m ● Rep
Slide 18: B2C: Success in driving direct advertising
B2C Revenue Success in driving direct advertising US direct advertising 68% of digital advertising is direct, +9ppt since UK direct 2021 advertising UK programmatic US programmatic Organic trends H2 vs H1 advertising advertising Size of the revenue 18
Slide 19: B2C eCom: impacted by audience and consumer confidence
B2C eCom: impacted by audience Revenue and consumer confidence 1 Revenue performance Highlights (6)% ● 16% of B2C revenue ● H1: +10% revenue growth ● 67% of eCom revenue is US ● H2: (22)% revenue decline ● 19% of eCom revenue is from ● Products (8)% impacted by audience revenue yoy vouchers ● Continu
Slide 20: B2C: Excellent performance in magazines
B2C Revenue Excellent performance in magazines 1 Revenue performance ● 50% of B2C revenue Flat ● 49% is recurring subscription revenue revenue yoy ● Performance impacted by FX FY 2025: £247.2m (FY 2024: £255.7m and closures Operating highlights Revenue bridge ● Effective distribution to drive contin
Slide 21: Go.Compare: resilience given comparator
Go.Compare: Go.Compare Revenue resilience given comparator 1 Revenue performance Operating highlights (5)% ● Very resilient performance given the comparator of +28% growth in FY 2024 and focus ● 26% of the Group’s revenue on profitable growth revenue yoy ● Progress on diversification with 39% of ● 39%
Slide 22: B2B: improved exit rate
B2B Revenue B2B: improved exit rate1 Revenue performance Financial highlights (9)% ● Challenging backdrop in enterprise tech with cost plans executed to address weaker revenue ● 7% of the Group’s revenue ● Return to growth in other verticals (including revenue yoy education, financial services, retai
Slide 23: Profit & margin
FUTURE Profit — & margin THE FIELD Ly Ideal Home
Slide 24: Summary P&L
Summary P&L £m FY 2025 FY 2024 YoY Var (%) Revenue 739.2 788.2 (6)% Cost of sales (200.5) (225.5) +11% Gross Contribution Margin 73% 71% +2ppt Sales, marketing and editorial (246.0) (246.1) flat Admin costs & other overheads (69.3) (77.5) +11% Adjusted EBITDA 223.4 239.1 (7)% EBITDA Margin 30% 30% fla
Slide 25: Cash
FUTURE Cash
Slide 26: Adjusted Free Cash Flow impacted by one-off items
Adjusted Free Cash Flow Impacted by one-off items 86% One-offs items are impacting 96% leverage by 0.1x REPORTED UNDERLYING CONVERSION CONVERSION 26 Future remains highly cash generative
Slide 27: Balance sheet strength
Capital allocation priority Balance sheet strength 1.3x 1.1x leverage leverage AFCF £177.0m Net Debt Bridge 1 2 3 4 5 ● Total facilities at 30 September 2025 of £600m, with headroom of £317.6m, including cash-on-hand ● 100% of external debt in GBP, average rate of 6.73% 27 Strong balance sheet with
Slide 28: Capital allocation
FUTURE Capital allocation
Slide 29: Balanced and disciplined capital allocation
Balanced and disciplined capital allocation Rigorous assessment to maximise value creation between 1 2 3 4 5 Organic Bolt-ons Strategic Dividends Share Investment M&A buybacks Vertical leadership Continuous review and Annual progressive The Group will (capex ~3% of Technology & product will remain d
Slide 30: What do we look for in a bolt-on acquisition?
What do we look for in a 2 bolt-on acquisition? In Vertical Audience Product fast-growing leadership, diversification and/or markets, platform (Google-zero, skill & strong agnostic Gen Z, etc) capabilities financials Accelerate growth and value creation 30
Slide 31: Creating value with dividends
4 Creating value with dividends ● FY 2025 dividend to 17.0p, a 5x increase (paid in February 2026) New dividend policy ● Progressive increases in subsequent years ● Strong cash generator, allocating a higher percentage of our cash to dividend Rationale ● Demonstrate confidence in our future strong ca
Slide 32: Further returns to stakeholders via buyback
5 Further returns to stakeholders via buyback >20% of share capital Programmes underway/delivered New programme £230m of returns to shareholders 32
Slide 33: Outlook
FUTURE Outlook
Slide 34: FY 2026 Outlook
FY 2026 Outlook Modest Stable Improvement in organic revenue EBITDA % margin cash conversion growth on FY 2025 back to ~95% H2 weighted Demonstrating strong financial characteristics to our proven resilient model 34 Company compiled consensus for FY 2026 which includes 9 analysts: Revenue £746.6m, EB
Slide 35: Our vision & strategy
Kevin Li Ying, CEO Our vision & strategy 9
Slide 36: Future is a data-first platform
Our vision Future is a data-first platform that monetises high audience engagement powered by technology and enabled by our trusted specialist brands with authority. 3636
Slide 37: What is a platform business?
What is a platform business? 1 Connecting through brands Financial characteristics 2 Data-first ● Asset light ● High margin 3 Scalable ● Strong cash generator 4 The platform effect Our goal is to drive sustainable revenue growth and cash 37
Slide 38: Future is a platform business, powered by innovation
Future is a platform business, powered by innovation to drive growth and cash Connecting through brands Data-first Scalable The platform effect Market leading brands1 ● We collect over trillion of ● Unique, unified, scalable, ● Our scale: we own and rich first-party data proprietary tech stack operate
Slide 39: A dynamic business model that accelerates the platform effect
A dynamic business model that accelerates the platform effect BRANDS REVENUE Data & AUDIENCE Insights Hybrid Hawk PRODUCTS Eagle Kiosq Go.Demand 39
Slide 40: The platform effect in action
The platform effect in action Drive revenue growth Diversify the audience mix through a more diverse monetisation, leveraging existing tech and products Data & REVENUE Insights AUDIENCE +16% in +10% in digital digital audience organic from social, Hybrid revenue PRODUCTS Hawk referral and Kiosq emai
Slide 41: Accelerating the platform effect
Accelerating the platform effect x Data & REVENUE Insights AUDIENCE Greenshoots Social traffic is 3x Partnered Incremental compared to Launched with over 50 eCom revenue, Hybrid across traditional content on top of digital Hawk 7 brands content & creators advertising Eagle >0.5m page revenue views Mo
Slide 42: The platform effect in action - check in on initiatives
The platform effect in action - check in on initiatives Embodiment of our Google-zero Helping shoppers via curated, expert, strategy, by driving engagement advice that leverages our directly with our audiences through a Google-zero strategy range of tools and features Green shoots Green shoots ● Ove
Slide 43: Strategic initiatives
4 L FUTURE 4 r Strategic initiatives THE\WEEK THE BLEND
Slide 44: Strategy in action - 12-month roadmap
Strategy in action - 12-month roadmap Platform agnostic Goal More users, more often More engaged More valuable More efficient AI optimisation * * * Partnerships with AI Audience Group data platform Operating model content creators Future Optic Collab Strategic initiatives Build brands Audience engage
Slide 45: Future Optic
Future Optic FuTURE
Slide 46: Winning in AI leads to revenue
Winning in AI leads to revenue “According to Profound, TechRadar is the top #3 source in BRANDS Our brands are authoritative and influential on ChatGPT and Claude” BRANDS LLMs thanks to the wealth, depth and freshness of content More concentration of citations on LLMs vs SEO Monetisable REVENUE Data
Slide 47: AI as a revenue opportunity
AI as a revenue opportunity Our clients need to be visible on LLMs to reach Why their customers Delivering a Google-zero audience strategy to What create new products for our clients to drive LLMs visibility and audience at scale Authority inside AI surfaces is now a monetisable asset, not just a ni
Slide 48: Incremental direct advertising revenue
Incremental direct advertising revenue What we delivered to date CASE STUDY Large campaign for Samsung in June 2025 Future Optic drove contract wins with Package included leading consumer ● branded content articles brands across ● social amplification verticals. These are ● video on social platforms
Slide 49: Price comparison initiative
Price comparison initiative 49
Slide 50: Driving value across the funnel at Go.Compare
Driving value across the funnel at Go.Compare The consumer funnel Acquisition Conversion Retention 50
Slide 51: Go.Compare track record
Go.Compare track record Strategic & operational outcomes Financial outcomes ● Improve marketing effectiveness through SEO improvements, house-ads, ● +9% revenue 22-25 renamed Go.Compare CAGR growth ● +2.5% 22-25 CAGR improvement in marketing effectiveness 1 ● Drive engagement through full re-platfor
Slide 52: Membership at Go.Compare
Membership at Go.Compare: Purpose Opportunity Outcome ● 25 to 30m adults in ● More valuable - Improve marketing the UK use a Price effectiveness by encouraging renewal Best place for Comparison on Go.Compare, improving retention consumers to Website (PCW) to buy an insurance ● More often - cross-sel
Slide 53: The platform effect in action: Price Comparison
The platform effect in action: Price Comparison STEP 4 STEP 1 We build up our data lake, Power of the Go.Compare increase our audience and brand, strong “always-on” drive retention, increasing marketing proposition, the value of the brands ability to use B2C ad inventory Monetisable REVENUE Data Lak
Slide 54: A more efficient operating model
A more efficient operating model 54
Slide 55: A more efficient operating model
A more efficient operating model Innovation is enabling productivity and efficiency gains, we are Why leaning into this This Group-wide programme is about creating efficiency and What sustainability ● Re-think and streamline our processes and structures How ● AI tools as an enabler to drive automation
Slide 56: Conclusion
FUTURE Conclusion Livingete
Slide 57: More confident and excited about Our Future
More confident and excited about Our Future 1 2 3 The AI risk is not as big The platform is We continue to evolve as you think, driving growth: our business model to AI represents revenue our initiatives are deliver sustainable opportunities starting to deliver profits and cash Delivering on today whi
Slide 58: Medium-term financial ambition
Medium-term financial ambition Sustainable EBITDA Cash Revenue margin conversion Growth at least at least 2-4 % 30 % 95 % 58
Slide 59: Q&A
FUTURE Q&A COUNTRY LIFE
Slide 60: Appendix
FUTURE Appendix
Slide 61: Summary P&L
Summary P&L £m Adjusted Statutory FY 2025 FY 2024 Variance FY 2025 FY 2024 Variance Revenue 739.2 788.2 (6)% 739.2 788.2 (6)% Operating profit 205.4 222.2 (8)% 121.9 133.7 (9)% Margin % 28% 28% flat 16% 17% (1)ppt EPS (diluted) p 123.0p 123.9p (1)% 62.1p 66.8p (7)% Difference between AOP and OP driven
Slide 62: Three businesses to power growth
Three businesses to power growth FY 2025 FY 2024 B2C Go.Compare B2B GROUP B2C Go.Compare B2B GROUP Revenue 493.4 191.8 54.0 739.2 523.1 202.7 62.4 788.2 Gross Contribution 365.6 129.8 43.3 538.7 383.0 130.6 49.1 562.7 Gross Contribution % 74% 68% 80% 73% 73% 64% 79% 71% Sales, Marketing & (188.9) (3
Slide 63: FY technical guidance
FY technical guidance Adjusted Capex Interest P&L ETR £25 m £(25) m to 3% of revenue ~26 % 63
Slide 64: Continued strong cash generation
Continued strong cash generation £m FY 2025 FY 2024 Adjusted operating cash inflow 193.2 236.2 Capex (16.2) (13.9) Adjusted free cash flow 177.0 222.3 Interest - includes a one-off A payment in relation closure of A Interest (28.1) (26.5) swaps and fees in relation to Tax (42.9) (33.7) new corporate b
Slide 65: Capital allocation track record
Capital allocation track record Capital allocation priorities 1 Organic investment (capex) 2 3 Bolt-Ons and Strategic M&A 4 5 Return to shareholders Re du (dividend, buyback) ci ng le ve ra ge The list of acquisitions on the bar charts is not exhaustive Deferred considerations are included in the ye
Slide 66: Capital allocation track record
Capital allocation track record 1 Capex 2 3 Bolt-On and Strategic M&A 4 5 Shareholders’ return (dividend & buyback) Capital 1 allocation Priority in £m 66
Slide 67: Business snapshot - B2C
Business snapshot - B2C 56 % UK Revenue profile FY 2025: £493.4m 50 % Media Digital ads Affiliates Other Media Subscriptions Other Magazines 67
Slide 68: B2C revenue breakdown
B2C revenue breakdown % FY 2025 FY 2024 Reported Organic revenue £m £m growth growth US digital advertising 20% 96.8 102.8 (60% (2)% UK digital advertising 9% 44.6 52.0 (14)% (8)% Digital advertising 29% 141.4 154.8 (9)% (4)% eCommerce affiliates 16% 76.7 83.9 (9)% (6)% Other Media (incl events) 5% 2
Slide 69: Website sessions history
Website sessions history 69 Not all verticals and brands are the same See Appendix for definition
Slide 70: Business snapshot - Go.Compare
Business snapshot - Go.Compare 100 % #4 UK In car Revenue profile FY 2025: £191.8m +9 % +3% Revenue Revenue growth Growth in FY22-FY25 non-car Car insurance Other revenues 70
Slide 71: Go.Compare revenue breakdown
Go.Compare revenue breakdown % FY 2025 FY 2024 Reported Organic revenue £m £m growth growth Car insurance 61% 117.6 130.1 (10)% (10)% Non-car insurance 39% 74.2 72.6 2% 3% GO.COMPARE REVENUE 100% 191.8 202.7 (5)% (5)% 71
Slide 72: Business snapshot - B2B
Business snapshot - B2B 92 % US Revenue profile FY 2025: £54.0m 93 % Media Digital ads Other revenue (Newsletters) (Demand Gen, webinars, events, magazines) 72
Slide 73: B2B revenue breakdown
B2B revenue breakdown % FY 2025 FY 2024 Reported Organic revenue £m £m growth growth Digital advertising 59% 32.0 36.3 (12)% (9)% Newsletters Affiliates & Other Media and magazines 41% 22.0 26.1 (16)% (10)% Demand-gen & webinars B2B REVENUE 100% 54.0 62.4 (13)% (9)% 73
Slide 74: Sources & definitions
Sources & definitions Financial notes Online metrics Organic growth is defined as the like for like portfolio in Adjusted operating cash flow represents cash generated from operations adjusted to exclude cash Online sessions defined as the average monthly the period, excluding the impact of acquisitions