Time Out Group Plc · LSE:TMO
Time Out — H1 FY26 Earnings Presentation
16 slides from Time Out's earnings presentation, 2026
Slide 1: Unaudited Interim Results
Unaudited Interim Results For the six months ended 31 December 2025
Slide 2: Unmatched city authority built over 55+ years
Timeline of the transformation from a UK print business to a multi-platform global brand Unmatched city authority built over 55+ years First Time Out NY Launch Print to Digital Monthly Monthly Media review Time Out kicks off of Media transition Media Media of strategy London global media digital com
Slide 3: H1 FY26 Financial Review
H1 FY26 Financial Review EBITDA +23% year-on-year to £6.0m,with Media returning to profitability 12 months ended 30 June 2024 (£m) Group Markets Media +2% 38.9 39.8 +1% Revenue +3% £m 22.5 22.2 14.4 14.9 HY25 HY26 HY25 HY26 HY25 HY26 Adjusted +23% (2%) EBITDA £m 6.0 6.9 6.7 1.9 4.8 HY25 HY26 HY25 HY
Slide 4: H1 FY26 Review
H1 FY26 Review Platform built for global growth Market revenues grew +2% YoY(1), whilst Media revenues grew +3% YoY Group EBITDA increased +23% YOY to £6.0m, Media returned to EBITDA profitability Operational Highlights Strategic evolution of Market portfolio: the majority of sites are now capex-lig
Slide 5: Media profitability is improving
Media profitability is improving Review of Strategy completed with clear action plan now delivering benefits H1 Revenue +3% YoY to £14.9m, driven by direct creative solution sales in UK and USA EBITDA of £1.9m (H1 FY25 (£0.6m) loss) supported by ongoing efficiencies Monthly brand reach continues to
Slide 6: Market Portfolio evolution
Market Portfolio evolution Revenue grew +2% YoY to £47m driven by new space. Total H1 Consumer Spend1 of £79m +8% YOY Majority of sites are now capex-light development models: Manhattan O&O & Budapest MA opened in the period with Abu Dhabi and Vancouver MA’s scheduled to open 2026 Signed franchise a
Slide 7: Market Portfolio
Market Portfolio 12 markets open with 5 more contracted, majority are now management agreements Five owned & operated Markets: Lisbon Brooklyn Porto Barcelona Manhattan Opened 2014 Opened 2019 Opened 2024 Opened 2024 Opened 2025 Twelve capex-light management agreements and franchises, seven open wit
Slide 8: Business Model: One Time Out
Business Model: One Time Out The best of the city, online and in real life CURATION OF THE BEST OF THE AUTHORITY ATTRACTS CITY PARTNERS 1 2 Unmatched Trusted editorial curation:expertise: brand The brand Since reputation 1968,built we’veover 55+ built a research showsOurthat audiences Time Out award
Slide 9: A Global Brand
Global Brand Footprint Provides a Platform For Growth A Global Brand High footfall locations in the cities with strong appeal to global advertisers OSLO STOCKHOLM GOTHENBURG HELSINKI COPENHAGEN MONTREAL LONDON PRAGUE VANCOUVER BOSTON PARIS BUDAPEST NEW YORK PORTO BARCELONA ISTANBUL BEIJING LISBON TO
Slide 10: Current trading and Outlook
Current trading and Outlook Markets: expectation for continued EBITDA improvement • Closure of Chicago and licencing of Boston supports Ebitda growth and cashflow • New Franchise model – for fast-growing economies: lower royalty per site in exchange for multi-site commitment • Majority of sites are
Slide 11: Financial Statements
Financial Statements
Slide 12: P&L
P&L £m HY25 HY26 Change Market revenue(1) 24.5 24.9 +2% Media revenue 14.4 14.9 +3% Group revenue 38.9 39.8 +2% Gross margin (% of revenue) 83% 84% +100bps Market EBITDA 6.9 6.7 -2% Market EBITDA margin 84% 88% +400bps Media EBITDA (0.6) 1.9 - Media EBITDA margin 81% 76% -500bps Divisional adjusted
Slide 13: Cashflow
Cashflow £m HY25 HY26 Cash generated from/ (used in) operations (2.2) 2.2 After the reporting period ended, in January Interest paid (2.9) (0.2) 2026 £4.8m share proceeds were received Tax paid (0.9) (0.3) Net cash generated from/(used in) operating activities (6.0) 1.7 Purchase of property, plant a
Slide 14: Cash and Borrowings
Cash and Borrowings £m 30 June 2025 31 December 2025 Cash and cash equivalents 2.6 5.4 Borrowings (46.9) (56.1) Adjusted net debt (44.3) (50.7) IFRS 16 lease liabilities* (42.0) (41.8) Net debt (86.3) (92.5) 1) £35m loan with Crestline LLP repayable November 2026, refinancing options in progress Cas
Slide 15: Balance Sheet
Balance Sheet £m 30 June 2025 31 December 2025 Non-current assets Impairment charges of £35.1m were recognised in the 30 June 2025 Intangibles assets – Goodwill 20.1 20.3 balance sheet in relation to Chicago Market (now closed) and Intangible assets – Other 6.7 6.8 Boston Market (now licenced) Prope
Slide 16: Thank you
Thank you ‘5 f