Lbg Media Plc · LSE:LBG
Lbg Media — H1 2026 Earnings Presentation
34 slides from Lbg Media's earnings presentation, March 2026
Slide 1: Half Year Results 1H26
HALF YEAR RESULTS 1H26
Slide 2: Contents
CONTENTS 01. OVERVIEW SOLLY SOLOMOU, FOUNDER AND CEO 02. FINANCIAL REVIEW DARREN SINGER, CHIEF FINANCIAL OFFICER 03. OPERATIONAL REVIEW SOLLY SOLOMOU, FOUNDER AND CEO 2 LBG Media PLC 1H26 Half Year Results
Slide 3: Overview
OVERVIEW SOLLY SOLOMOU FOUNDER AND CEO
Slide 4: 1H26 Summary
1H26 SUMMARY HIGHER REVENUE GROWTH WITH LOWER EBITDA MARGINS STRATEGIC SUCCESS CHALLENGES LONG-TERM STRATEGIC PROGRESS SHORT-TERM TURBULENCE Quality of revenues – more predictable, higher Lower revenue and Adjusted EBITDA guidance visibility Demand from blue-chip clients for our engaging, Indirect (
Slide 5: Long-Term Strategy to Drive Predictable Revenues
LONG-TERM STRATEGY TO DRIVE PREDICTABLE REVENUES EXECUTING ON OUR FOCUS AREAS ACCELERATION TOWARDS DIRECT REVENUE AND OWNED CLIENT RELATIONSHIPS 01. DIRECT REVENUE NOW ACCOUNTS FOR 72% GROUP TOTAL (1H 25: 44%) FOCUS ON A DEFINED GROUP OF TOP-TIER CLIENTS 02. 23 CLIENTS >$1M REVENUES (1H 25: 17) GROW
Slide 6: Financial Review
FINANCIAL REVIEW DARREN SINGER CHIEF FINANCIAL OFFICER
Slide 7: Consolidated P&L
CONSOLIDATED P&L Accelerating revenue growth with lower EBITDA margins 22% revenue growth at ADJUSTED REVENUE1 ADJUSTED EBITDA constant currency Direct revenues up 97% +22% (34%) (34%) profit decline reflecting: £53.6M Investment in Direct £43.9M £12.2M leadership and sales team Higher growth
Slide 8: Adjusted Revenue
ADJUSTED REVENUE1 DIRECT UK DIRECT U.S.2 DIRECT OTHER DIRECT TOTAL DIRECT Strong performance +64% +158% +107% +97% Quality of revenues with high visibility £39.0M Demand from global blue-chip clients £20.6M £17.5M £19.7M £12.5M +97% Direct Revenue Growth £6.8M £0.4M £0.9M 1H25 1H26 1H25 1H26 1H25 1H
Slide 9: Total Costs
TOTAL COSTS SCALING CONTENT COST TO DRIVE DIRECT REVENUE GROWTH, WITH A FOCUS ON ORIGINAL CONTENT +40% Targeted investment in Direct growth £44.3M initiatives, including original content, to support the transition towards higher growth, more visible earnings £31.7M £19.1M Entry campaigns for large b
Slide 10: Key Performance Indicators
KEY PERFORMANCE INDICATORS DIRECT U.S. 7 No. of >$1M Clients 61% $257K 1H25: 5 Repeat client revenue Average deal size 1H25: 62% 1H25: $139k DIRECT (UK & IRE) 16 89% £124K No. of >$1M Clients Repeat client revenue Average deal size 1H25: 12 1H25: 78% 1H25: £65k INDIRECT 0.5BN 2.3M £13.93 Global audi
Slide 11: Cash
CASH CASH MOVEMENT IN THE PERIOD 8.0 Cash conversion impacted by an overdue customer payment (£2.8m) received in April; cash conversion would 30.8 (4.5) otherwise have been >90% (1.4) (0.7) 28.4 (1.1) (2.7) Expectation to return to more typical cash conversion in the range of 80% - 100% in 2H26 Cash
Slide 12: Capital Allocation Unchanged
CAPITAL ALLOCATION UNCHANGED EARN-OUTS EMPLOYEE BENEFIT TRUST ORGANIC GROWTH HEALTHY M&A PIPELINE NET CASH POSITION 12 LBG Media PLC 1H26 Half Year Results
Slide 13: Operational Review
OPERATIONAL REVIEW SOLLY SOLOMOU FOUNDER AND CEO
Slide 14: Long-Term Strategy to Drive Predictable Revenues
LONG-TERM STRATEGY TO DRIVE PREDICTABLE REVENUES EXECUTING ON OUR FOCUS AREAS 01. ACCELERATION TOWARDS DIRECT REVENUE AND OWNED CLIENT RELATIONSHIPS 02. FOCUS ON A DEFINED GROUP OF TOP-TIER CLIENTS 03. GROWTH OF IP-LED REVENUE 04. INVESTMENT IN HIGH-MARGIN PROPRIETARY PRODUCTS HY26 Half Year Results
Slide 15: Strategic Client Partnerships
STRATEGIC CLIENT PARTNERSHIPS STRATEGIC PARTNERSHIP ACROSS DIVISIONS AND PRODUCTS RAPID TRANSITION FROM TACTICAL TO STRATEGIC PARTNER MONETISING ORIGINALS CONTENT THROUGH SPONSORSHIP The only media owner alongside client and agencies ROLE Launch Gemini. Put it into culture. Generate Buzz. Drive usag
Slide 16: Growth of IP-Led Revenue
GROWTH OF IP-LED REVENUE ILLUSTRATIVE EXAMPLES SNACK WARS: WORLD TOUR AGREE TO DISAGREE 16 LBG Media PLC 1H26 Half Year Results
Slide 17: AI Driving Engagement
AI DRIVING ENGAGEMENT ILLUSTRATIVE EXAMPLES DIRECT INDIRECT (WEB) AI identifying high-performing cultural trends & content themes First and fast with breaking news LADbible delivered record monthly AI supporting faster, more original Instagram impressions in April 2026 journalism 17 LBG Media PLC 1H
Slide 18: Acquisition Strategy
ACQUISITION STRATEGY Core M&A Objectives Priority Definition Weighting Deal size fit (revenue) 10% £5-30m target band ACTIONABLE M&A PIPELINE Targets offer potential transformational opportunities Deal size fit (EBITDA) 10% £1-7m target band >100 US/ Gen-Z demo fit 10% US, UK, Gen-z weighted Long li
Slide 19: Summary and Outlook
SUMMARY AND OUTLOOK 01. MOMENTUM IN DIRECT AND CHALLENGES IN INDIRECT 02. LONG-TERM STRATEGY TO DRIVE REPEATABLE REVENUES 03. PLANNED SHIFT TO MORE PREDICTABLE EARNINGS ACCELERATING 04. ACTIONS IN PLACE TO ADDRESS STRUCTURAL DECLINE IN INDIRECT 05. REVISED LOWER GUIDANCE 19 LBG Media PLC 1H26 Half Y
Slide 20: Q&A
Q&A SOLLY SOLOMOU DARREN SINGER
Slide 21: Thank You
THANK YOU CONTACT US: investors@ladbiblegroup.com
Slide 22: Appendix
APPENDIX
Slide 23: Purpose-Driven Work
PURPOSE-DRIVEN WORK GEN Z YOUTH SURVEY CAREER QUEST WITH OMD FOR OPEN UNIVERSITY INTERVIEW ABOUT VIOLENCE AGAINST WOMEN FFS PORN CAMPAIGN ‘PITCH YOUR STORY’ WITH BRITISH ARROWS & MERMAN 23 LBG Media PLC 1H26 Half Year Results
Slide 24: Why We Win
WHY WE WIN FOCUSED ON ENTERTAINING AND DELIGHTING YOUNG ADULTS, MAKING PEOPLE LAUGH, THINK AND ACT AUDIENCE AT SCALE LBG BRAND POWER ATTRACTIVENESS TO 0.5bn audience BRANDS AND CELEBS Billions of engagements on a monthly basis CONTENT RELEVANCE GROWING AD REVENUES Proprietary tools to Advertisers be
Slide 25: Early Indicators of Predictable Revenue
EARLY INDICATORS OF PREDICTABLE REVENUE RETENTION, REPEAT SPEND, MULTI-YEAR RELATIONSHIPS 25 LBG Media PLC 1H26 Half Year Results
Slide 26: Track Record of Growth
TRACK RECORD OF GROWTH REVENUE HAS NEARLY DOUBLED OVER SINCE THE IPO REVENUE CAGR (4 YEARS SINCE IPO) EBITDA CAGR (4 YEARS SINCE IPO) (£m) (£m) +17% 30 +13% 100 92.2 90 86.2 25.2 25 24.5 80 70.9 21.1 70 20 60 56.3 15.5 48.9 50 15 40 10 8.9 30 20 5 10 0 0 PF21 PF22 PF23 PF24 FY25 PF21 PF22 PF23 PF24
Slide 27: Structural, Long-Term Macro Drivers
STRUCTURAL, LONG-TERM MACRO DRIVERS KEY TRENDS: DIGITAL ADVERTISING AND INFLUENCE OF MILLENNIALS AND GEN Z AUDIENCE £2BN Serviceable addressable market YOUNG ADULT IMPACT OF AI U.S. BY 2030 ONGOING SHIFT ATTENTION MULTIPLIER Gen Z is projected to be the wealthiest AI is accelerating From traditional
Slide 28: Our Model
OUR MODEL FLYWHEEL POWERED BY MISSION CONTROL SCALE & RELEVANCE IP AND PRODUCTS MONETISATION Customer Proposition Ad Brand & Celebrity Attraction Revenues 200 content creators, Direct / Studios / Web journalists, producers 28 LBG Media PLC 1H26 Half Year Results
Slide 29: Client Testimonials
CLIENT TESTIMONIALS We're looking to increase our I would expect 2026 spending with I expect our spend to remain at least engagement because the performance LADbible to be considerably up stable, with an increase if we achieve has been so good.” compared to 2025.” our strategic objectives.” LADbible
Slide 30: Tesco
TESCO RAPID TRANSITION FROM TACTICAL TO STRATEGIC PARTNER TOP TABLE STRATEGIC PARTNER The only media owner alongside client and agencies FRESHERS CARNIVA HEATWAVE L FESTIVALS EUROS CHRISTMAS Mobile We then created the From a last-minute Christmas Value most viral piece of Fashion amplification partn
Slide 31: Google
GOOGLE STRATEGIC PARTNER SPANNING MULTIPLE DIVISIONS AND PRODUCTS ROLE ROLE ROLE ROLE Launch Gemini. Put it into culture. Drive consideration. Drive fane Demonstrate the power of Google Responsible for all Social Generate Buzz. Drive usage around McLaren Partnership Search, aligning to the biggest o
Slide 32: Dominos
DOMINOS MONETISING THEIR LONG-FORM ORIGINALS CONTENT THROUGH SPONSORSHIP 32 LBG Media PLC 1H26 Half Year Results
Slide 33: Consolidated P&L
CONSOLIDATED P&L 1H25 1H26 (£m) (£m) Revenue 43.9 52.4 Adjusted revenue1 43.9 53.6 Net operating expenses (35.5) (50.4) Operating profit 8.4 2.0 Analysed as: Adjusted EBITDA 12.2 8.0 Depreciation (1.2) (1.4) Amortisation (1.2) (1.2) Share based payment charge (1.0) (0.9) Fair value movement in conti
Slide 34: Revenue
REVENUE REPORTED REVENUE REPORTED CONSTANT CURRENCY1 1H24 1H252 1H262 % % (£m) (£m) (£m) (1H26 v 1H25) (1H26 v 1H25) Direct UK 13.8 12.5 20.6 64% 64% Direct U.S. 2 7.5 6.8 16.6 144% 158% Direct Other 0.7 0.4 0.9 107% 107% Total Direct 22.0 19.7 38.1 93% 97% Indirect Social 10.9 14.2 7.9 (44%) (42%)