Slide 1: Half year results
16 May 2025 2025 Half year results
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 3 remarks.
Slide 4: Introduction: Why Future?
Introduction Over 20 years at Future Why Future? Over 20 years At Future Why Future: Talented strong assets Strong brands, Excellent tech Strong financial people Quality content stack, rich data characteristics (brands, content tech & data), people & financials 4
Slide 5: Opening remarks
Opening remarks Focus on Creating Investments strategy shareholder driving execution value returns Clear plan of action £43m returned to Good growth in Q1 shareholders in HY 2025 Managing costs during New £55m uncertainty 55 share buyback
Slide 6: HY 2025 deliveries on our strategic objectives
HY 2025 deliveries on our strategic objectives Strategic Attract & Reach Objective Valuable Audience ● Continued and improved collaboration between audience, editorial & tech ● AI-enhanced re-circulation to suggest what is best next to read based on interest to drive time spent on Future properties
Slide 7: HY 2025 deliveries on our strategic objectives
HY 2025 deliveries on our strategic objectives Strategic Diversify & Grow Objective Monetisation ● New shoppable ads format ● Full review of the UK / US sales structure ● Slowing down the decline in Magazines HY 2025 through content initiatives and quality data Delivery ● B2B commercial pipeline tac
Slide 8: Financial Highlights
Financial 7 Highlights.
Slide 9: Financial Highlights
Financial Highlights Revenue Adjusted OP Adjusted EPS Adjusted £378.4 m £100.7 m +4% Free Cash Flow (3)% on a reported basis (1)% yoy organic (5)% yoy 27% margin, flat yoy 59.7p (HY 2024: 57.2p) £111.5 m 111% conversion Driving EPS growth Over £112m returned to shareholders in the last 18 months 9 Se
Slide 10: Revenue
9 Revenue.
Slide 11: Organic performance by division
Organic performance by division Group B2C Go.Compare B2B (1) % Flat (1) % (13) % Q1 growth +2%, Q2 growth (5)% 11 See Appendix for definition
Slide 12: B2C: mixed performance
B2C: mixed performance Digital ads & Group sessions (4)% Other media US ads further progress in direct advertising mix but (33% of B2C revenue) impacted by March performance 1 HY (7)% revenue B2C UK ads improved exit rate +3% eCommerce 68% of Group’s revenue Strong peak trading HY 2025: £256.0m Affil
Slide 13: B2C Media quarterly revenue breakdown
B2C Media quarterly revenue breakdown Organic growth Q1 Q2 HY US digital advertising +1% (13)% (5)% UK digital advertising (17)% (9)% (14)% Digital advertising (5)% (12)% (8)% 13
Slide 14: Adding capabilities - Kwizly acquisition
Adding capabilities - Kwizly acquisition ● Consideration £0.7m ● Description Kwizly provides audience engagement tools, including quizzes, games and polls embedded into websites ● Rationale Improve audience attraction: roll-out Kwizly’s offering across prioritised sites, providing our audiences with
Slide 15: Go.Compare: benefit of diversification
Go.Compare: benefit of diversification Very resilient performance given the comparator of +30% growth in HY 2024 Progress on diversification with 38% of revenue (+4ppt) from categories such as Home, Van, Life and Pet growing at +10% through Go.Compare initiatives (see below) Car insurance (6)% with low
Slide 16: Adding technology - RNWL acquisition
Adding technology - RNWL acquisition ● Consideration £2.8m ● Description Today RNWL is an app that acts as car insurance wallet: a one-stop-shop for all insurance-related products (policies, dates, etc) Open to all - Go.Compare customers as well others ● Rationale Scale the app using our ad spend an
Slide 17: B2B: improved Q2 exit rate
B2B: improved Q2 exit rate Challenging backdrop in enterprise tech with cost plans in action to address weaker revenue B2B 1 (7) % Return to growth in other verticals 7% of Group’s revenue (13)% (including education, financial services, retail and AV tech) with good pipeline revenue Q2 revenue HY 202
Slide 18: Profits & margin
Profits 14 & margin.
Slide 19: Summary P&L
Summary P&L £m HY 2025 HY 2024 YoY Var (%) Revenue 378.4 391.5 (3)% Cost of sales (103.8) (111.5) +7% Gross Contribution Margin 73% 72% +1ppt Sales, marketing and editorial (126.4) (123.5) (2)% Admin costs & other overheads (38.4) (42.6) +10% Adjusted EBITDA 109.8 113.9 (4)% EBITDA Margin 29% 29% fla
Slide 20: Cash
17 Cash.
Slide 21: Balance sheet strength
1.1x Balance sheet strength leverage 1.1x Net Debt Bridge leverage 1 2 4 5 Capital 1 allocation priority ● Total facilities at 31 March 2025 of £650m, with headroom of £406.2m, including cash-on-hand ● 100% of external debt in GBP with 100% hedged against interest rate volatility, average rate of 6.
Slide 22: Capital allocation
Capital 19 allocation.
Slide 23: Effective and rational capital allocation
Effective and rational 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 Annual progressive The Group will (capex ~2% of Technology & Product and will remain div
Slide 24: 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 (dividend, buyback) Re du cin g lev The list of era acquisitions on the ge bar charts is not exhaustive Deferred considerations are included in the yea
Slide 25: Outlook
Outlook. 21
Slide 26: Outlook
Outlook FY revenue impacted by Stable AOP % Continued weaker US macro margin strong cash and stronger GBP on FY 2024 generation Demonstrating strong financial characteristics 26 Company compiled consensus for FY 2025 which includes 10 analysts: AOP £216.5m
Slide 27: Kevin Li Ying CEO
27 Kevin Li Ying FuTURE
Slide 28: Our DNA
Our DNA A key success factor to succeed in Media + + Agility & Growth Innovation Rigorous mindset Execution Building the business for tomorrow whilst delivering on today 28
Slide 29: Quality of our audience, uniqueness of our tech stack
Quality of our audience Uniqueness of our tech stack Strategic Attract & Reach Diversify & Grow Objective Valuable Audience Monetisation Platform-Agnostic Innovation At The Core Of Assets Audience With Intent Our Operating Principles Trusted Brands Proprietary Enabler Expert Content Tech Stack & Dat
Slide 30: Building the business for tomorrow whilst delivering on today
Building the business for tomorrow whilst delivering on today 30
Slide 31: Q&A
Q&A.
Slide 32: Appendix
Appendix.
Slide 33: Summary P&L
Summary P&L £m Adjusted Statutory HY 2025 HY 2024 Variance HY 2025 HY 2024 Variance Revenue 378.4 391.5 (3)% 378.4 391.5 (3)% Operating profit 100.7 105.8 (5)% 69.1 63.7 +8% Margin % 27% 27% flat 18% 16% +2ppt EPS (diluted) p 59.7p 57.2p +4% 38.0p 29.0p +31% Difference between AOP and OP driven by: ●
Slide 34: Three businesses to power growth
Three businesses to power growth HY 2025 HY 2024 Go.Compar B2C B2B GROUP B2C Go.Compare B2B GROUP e Revenue 256.0 95.3 27.1 378.4 263.4 96.1 32.0 391.5 Gross Contribution 190.2 62.7 21.7 274.6 191.7 62.8 25.5 280.0 Gross Contribution % 74% 66% 80% 73% 73% 65% 80% 72% Sales, Marketing & (95.6) (17.4)
Slide 35: Continued strong cash conversion
Continued strong cash conversion £m HY 2025 HY 2024 Adjusted operating cash inflow 119.3 132.8 Capex (7.8) (6.8) Adjusted free cash flow 111.5 126.0 Interest (11.6) (14.5) Tax (29.7) (19.2) Transaction & integration costs + Exceptional (5.9) (7.1) items Free cash flow 64.3 85.2 Share buyback & schemes
Slide 36: Capital allocation track record
Capital allocation track record Net Free Cash Flow 1 Capex 2 3 Bolt-On and Strategic M&A Capital 4 5 1 allocation Shareholders’ Priority in £m return (dividend 36 & buyback)
Slide 37: Unchanged FY technical guidance
Unchanged FY technical guidance Adjusted Capex Interest P&L ETR £17 m £(24) m ~26 % 37
Slide 38: Business snapshot - B2C
Business snapshot - B2C 56 % UK Revenue profile HY 2025: £256.0m 50 % Media Digital ads Affiliates Other Media Subscriptions Other Magazines 38
Slide 39: B2C revenue breakdown
B2C revenue breakdown % HY 2025 HY 2024 Reported Organic revenue £m £m growth growth US digital advertising 19% 48.8 52.6 (7)% (5)% UK digital advertising 9% 22.5 27.8 (19)% (14)% Digital advertising 28% 71.3 80.4 (11)% (8)% eCommerce affiliates 17% 44.5 41.7 +7% +9% Other Media 5% 12.8 12.8 flat +1%
Slide 40: On & off platform online users
On & off platform online users Sessions reported Online sessions (m) change HY 2024 FY 2024 HY 2025 HY24-HY25 Tech 113 116 115 +2% Games 62 64 56 (10)% Entertainment 11 13 14 +27% Women & Luxury 24 26 31 +29% Homes 26 26 19 (27)% Knowledge 37 37 30 (19)% Wealth & savings 12 12 11 (8)% B2B 2 2 2 flat
Slide 41: Website sessions
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Slide 42: Business snapshot - Go.Compare
Business snapshot - Go.Compare 100 % #3 UK In car Revenue profile HY 2025: £95.3m +10 % +10% Revenue Revenue growth Growth in HY22-HY25 non-car Car insurance Other revenues 42
Slide 43: Go.Compare revenue breakdown
Go.Compare revenue breakdown % HY 2025 HY 2024 Reported Organic revenue £m £m growth growth Car insurance 62% 58.9 62.9 (6)% (6)% Non-car insurance 38% 36.4 33.2 +10% +10% GO.COMPARE REVENUE 100% 95.3 96.1 (1)% (1)% 43
Slide 44: Business snapshot - B2B
Business snapshot - B2B 94 % US Revenue profile HY 2025: £27.1m 93 % Media Digital ads Other revenue (Newsletters) (Demand Gen, webinars, events, magazines) 44
Slide 45: B2B revenue breakdown
B2B revenue breakdown % HY 2025 HY 2024 Reported Organic revenue £m £m growth growth Digital advertising 61% 16.6 17.8 (7)% (3)% Newsletters Affiliates & Other Media and magazines 39% 10.5 14.2 (26)% (25)% Demand-gen & webinars B2B REVENUE 100% 27.1 32.0 (15)% (13)% 45
Slide 46: 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