Slide 1: HY 2026 Half year results
HY 2026 Half year results 14 May 2026
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
Opening remarks Kevin Li Ying, CEO 3
Slide 4: Focusing on delivering on Our Future
Focusing on delivering on Our Future 1 2 3 4 Search ecosystem 16% Innovation is We are evolving is changing faster of the Group’s driving new our business revenue are linked growth: model at pace to to website sessions our initiatives are deliver sustainable starting to deliver profits and cash 4
Slide 5: Financial highlights
Financial highlights Sharjeel Suleman, CFO 5
Slide 6: Financial highlights
Financial highlights Adjusted Adjusted Shareholders Revenue Adjusted EBITDA diluted EPS Free Cash Flow Returns £349.1 m £83.3 m 46.4p £91.1 m £52.9 m (8)% on a reported basis (24)% yoy (22)% yoy 109% conversion to returned in HY 2026 (6)% yoy organic 24% margin, (5)ppt (HY 2025: 59.7p) EBITDA 6 See
Slide 7: Organic revenue performance by division
Organic revenue performance by division Group B2C Go.Compare B2B (6) % (6)% (6) % (7) % Group Q1 decline (7)%, Q2 decline (5)% 7 See Appendix for definition
Slide 8: B2C: Strong direct ads growth
B2C Revenue B2C: Strong direct ads growth1 +8 % Yoy growth in direct ads in Revenue yoy Revenue highlights HY26 (6)% ■ 16% of Group revenue is directly correlated to website sessions HY 2026: £235.2m (HY 2025: £256.0m) ■ Digital advertising ■ (15)% sessions, impacting programmatic (17)% ■ 67% of Gro
Slide 9: Go.Compare: Easing trends in car insurance
Go.Compare Go.Compare: Revenue Easing trends in car insurance 1 Flat Q2 car revenue Revenue yoy Operating highlights (6)% GO.COMPARE HY 2026: £89.8m (HY 2025: £95.3m) ■ Car revenue (5)% with Q2 being flat ■ Overall car performance driven by lower quote volumes ■ 26% of Group revenue ■ Non-car revenue
Slide 10: B2B: Positive exit rate
B2B Revenue B2B: Positive exit rate 1 ( 2) % Revenue in Q2 Revenue yoy Financial highlights (7)% Disparity in end-market verticals: HY 2026: £24.1m (HY 2025: £27.1m) ■ Good performance in Tech, Food & Beverage and Infrastructure ■ Challenging performance in Education, Finance and Retail ■ 7% of the
Slide 11: Summary P&L & margin bridge
Summary P&L & margin bridge £m HY 2026 HY 2025 YoY (%) 29% (5)% Revenue 349.1 378.4 (8)% Cost of sales (100.0) (103.8) 4% Gross Contribution Margin 71% 73% (2)ppt Sales, marketing and editorial (129.5) (126.4) (2)% (1)% 1% 24% Admin costs & other overheads (36.3) (38.4) 5% Adjusted EBITDA 83.3 109.8
Slide 12: Balance sheet
Capital allocation priority Balance sheet 1.3x 1.6x AFCF £91.1m Net debt bridge leverage leverage 276.4 (101.5) 10.4 36.0 39.9 0.0 16.0 36.9 314.1 22% of shares bought back since 2023 1 2 3 4 5 30 Sept Adjusted Organic Tax, Interest, Bolt on Strategic M&A Dividend Share 31 March 2025 operating cash
Slide 13: 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 14: FY 2026 guidance
FY 2026 guidance EBITDA cash Organic revenue EBITDA margin conversion Mid-single digit 25-27% in line with guidance decline at ~90% Q3 pipeline gives us confidence on delivering FY26 14 Company compiled consensus for FY 2026 which includes 7 analysts: Revenue £710m, EBITDA £183m
Slide 15: Strategic update
Strategic update ■ Our strategy ■ Our transformation Kevin Li Ying, CEO 15
Slide 16: Strategy to drive renewed organic growth
Strategy to drive renewed organic growth The combined effect of amplifying our audience reach, diversifying to faster growing markets, creating new products and deploying them across many brands Data a at D D at a Monetisation Brands Content + through products + Efficiency a at D at D a Data 16
Slide 17: Brands & Content: Trust and specialism matter more
Brands & Content: Trust and specialism matter more Creativity and authenticity powering human-originated content become even more valuable as flood of AI-generated content increases Our expertise: What matters: Human-originated content Our right to win 1 Authentic 1 Expertise of the content creators
Slide 18: Brands & Content: being channel-agnostic
Brands & Content: being channel-agnostic The way in which audiences find and Socials consume content has evolved Websites Podcasts To audience We are evolving being pulled from audience Where our towards Future being pushed to Print content lives Apps via text, video Future and audio AI LLMs Emails U
Slide 19: Monetisation strategy: diversification to growing markets
Monetisation strategy: diversification to growing markets1 Price comparison 26% Digital UPCOMING advertising 2 Data as a product 26% Our Use our reach to access monetisation wheel faster growing markets, Events & is how we drive eCom notably in socials and video other revenue today, affiliate 4% it is
Slide 20: Our innovation roadmap
Discussed today Our innovation roadmap Brand & Content Monetisation Efficiency strategy strategy Goal More users, more often More engaged More valuable More efficient Partnerships with Brand transformation AI Audience Operating model content creators Collab Future Optic Memberships Audience engagement
Slide 21: Brands & Content
Brands & Content In an AI-world, the importance of trust and expertise is rising Our strategy is to be channel-agnostic, to be where audiences are, creating more scale and reach for our trusted brands
Slide 22: Channel-agnostic: brand transformation across channels
Brand transformation to focus across channels % Number Revenue HY26 Description Outcome revenue of brands performance Brands Channel-agnostic, google-zero that monetise 9 destination Growth 9% +5% directly with further growth potential (FY25: 4) Channel-agnostic Brands Attractive growth prospects an
Slide 23: Brands transformation in action - examples
Brands transformation in action - examples Non-diversified brands Brands in transition Destination brands Socials Socials Social advertising Websites Websites Podcasts market 1 31 m 86 % £98bn average sessions a month non-Google 27 m ~+30% total 68 % +33 % Print monthly of revenue from growth in emai
Slide 24: Monetisation
Monetisation Becoming a destination for advertisers through 360 sales Monetisation Becoming a go-to for eCommerce across channels Driving revenue from data Becoming products a destination for advertisers through 360 sales Becoming a go-to for eCommerce across platforms Driving revenue from data prod
Slide 25: Winning in AI drives new revenue
Winning in AI drives new revenue: Why Our AI visibility Advertisers need to be visible At scale: where people are, including AI ■ Ahrefs: second most popular publisher across AI platforms What ■ Promptwatch: TechRadar We leverage our SEO expertise is the 3rd most cited and our AI visibility for our
Slide 26: Winning with data drives new revenue
Winning with data drives new revenue: Why Our right to win Launched in Advertisers want to reach their targeted audiences wherever they are, they are increasingly outcome-focused ■ Our data lake (breadth with over 1 trillion monthly data March points; high-intent across verticals and platforms) 2026
Slide 27: Re-imagining eCommerce to be channel-agnostic
Re-imagining eCommerce to be channel-agnostic Why Example AI Shopping: WWW ChatGPT app eCommerce is changing, people are to be submitted imminently discovering products differently. Socials What is not changing is the need Being present in LLMs to help for trusted, unbiased advice and Websites consu
Slide 28: Driving growth at Go.Compare
Driving growth at Go.Compare The right to win in a high-barriers to entry market 1 Regulated entity (FCA, consumer duty) Requires relationships with insurers and policies 2 enforcement 3 Brand trust with transparent use of sensitive data 28
Slide 29: Driving the consumer funnel at Go.Compare
Driving the consumer funnel at Go.Compare LIVE Leveraging AI audiences through the launch of our first Chat GPT app Acquisition LIVE Signal @ Go.Compare Leveraging the power of the Go.Compare brand with our B2C capabilities to build new eCommerce paths IN DEVELOPMENT Bring conversational Conversion c
Slide 30: ChatGPT to surface new opportunities in LLMs
ChatGPT to surface new opportunities in LLMs First live version of our Chat GPT app 1 AI as a channel of acquisition 2 Strict compliance AI architecture built for easy product 3 deployment in the future 30
Slide 31: New eCommerce revenue on Go.Compare
Powered By New eCommerce revenue on Go.Compare Why ■ Consumers are increasingly looking for savings given current backdrop ■ Adding a secondary revenue stream to drive marketing spend effectiveness ■ We have the tools and content from our B2C brands What We leverage our B2C brand content expertise c
Slide 32: Closing remarks: Focused on execution
Closing remarks Focused on execution 1 2 3 Brand transformation to Monetisation strategy to Remain efficient and drive our brand and drive new products: financially disciplined content strategy: ■ Diversify into faster growing ■ Drive efficiency, whilst ■ Importance of trusted markets continuing to inv
Slide 33: Q&A
FUTURE Q&A © RUGBY WORLE v
Slide 34: Appendix
Appendix 9
Slide 35: What AI means for Future
What AI means for Future CONTENT ● Importance of trust, authentic and unbiased opinion and content, which AI can’t replicate ● Importance of brands: people trust brands Content ● Importance of visibility in AI: we are the second most visible publishers in all LLMs MONETISATION ● Drives product innov
Slide 36: Reaching digital audiences across platforms
Reaching digital audiences across platforms On-platform Off-platform Websites Events Emails Apple News Socials Podcasts 278m 107k 16m 12m 219m 35 monthly average attendees sessions across Subscribers Users Followers podcasts (HY) websites 36
Slide 37: Website sessions history
Website sessions history 97 gz-uer S@-AON se-des sz-inr z-Aew see gc-uer Z-AON ve-des zine p7-Aew pe-eN pe-uer €2-0N ez-deg ezine ec-hew ezuen ez-uer 22-NON ze-des ezine zz-hew ze-eN ee-uer LZ-AON. iz-des teane te-heyy Lee ve-uer 02-A0N oz-des ocinr oz-Aew ozeN oz-uer 6L-AON 6|-des bine 6b-hen, olen
Slide 38: B2C by revenue line
B2C Revenue B2C by revenue line 1 Revenue (£m) Organic performance (%) % HY Q1 Q2 HY US direct 11% 25.8 flat +22% +7% UK direct 9% 20.0 +3% +17% +9% Direct 20% 45.8 +1% +19% +8% Programmatic 10% 23.7 (10)% (23)% (17)% Digital advertising 30% 69.5 (3)% (1)% (3)% eCommerce affiliates 14% 32.3 (26)% (22)
Slide 39: Summary P&L
Summary P&L £m Adjusted Statutory HY 2026 HY 2025 Variance HY 2026 HY 2025 Variance Revenue 349.1 378.4 (8)% 349.1 378.4 (8)% EBITDA 83.3 109.8 (24)% - - - D&A (10.1) (9.1) (11)% - - - Operating profit 73.2 100.7 (27)% 32.7 69.1 (53)% Margin % 21% 27% (6)ppt 9% 18% (9)ppt EPS (diluted) p 46.4p 59.7p
Slide 40: P&L by divisions
P&L by divisions HY 2026 HY 2025 B2C Go.Compare B2B GROUP B2C Go.Compare B2B GROUP Revenue 235.2 89.8 24.1 349.1 256.0 95.3 27.1 378.4 Gross Contribution 171.7 58.1 19.3 249.1 190.2 62.7 21.7 274.6 Gross Contribution % 73% 65% 80% 71% 74% 66% 80% 73% Sales, Marketing & (97.4) (20.0) (12.1) (129.5) (
Slide 41: FY technical guidance
FY technical guidance Adjusted Capex Interest P&L ETR £23 m £(30) m to 3% of revenue ~26 % 41
Slide 42: Continued strong cash generation
Continued strong cash generation £m HY 2026 HY 2025 Adjusted operating cash inflow 101.5 119.3 Capex (10.4) (7.8) Adjusted free cash flow 91.1 111.5 Share buybacks - strong A returns to shareholders during Interest (13.4) (11.6) the period. Completed SBB#4 Tax (13.5) (29.7) and over 25% through SBB#5
Slide 43: Capital allocation track record
Capital allocation track record 1 10.4 Capex 2 3 Bolt-On and Strategic M&A 4 5 Shareholders’ 52.9 return (dividend & buyback) 43 Capital 1 allocation Priority in £m
Slide 44: 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