Half Year 2025 Presentation

Time Out Group plc

Results for the six months ended 31 December 2024

FY25 Ebitda remains in line with management expectations

• • H1 FY25: Revenue £50.9m (-3% YOY).Adjusted Ebitda £4.8m Post-IFRS16, (H1 FY24 £6.0m)

Operational highlights

• • Markets continue to grow with 10 open, minimum 7 more by FY27 plus a strong pipeline:

  • o H1: 2 new Markets opened (Barcelona O&O; Bahrain MA)

  • o 4 confirmed openings in CY25

• • Media H1: fewer big-ticket campaign RFPs, but H2 potential pipeline ahead of last year

  • o Media revenue -19% impacted by fewer large deals in H1 vs prior year - pipeline of potential new deals for H2 is c.20% larger than at this point last year

  • o Global monthly media audience brand reach grew to 184m (+35%)

  • o Out of Home advertising trial in New York Market now delivering revenue

• • Confirmed Opex synergies in H1 will materially contribute to Ebitda in H2 & FY26

• • New £5m unsecured convertible loan to support growth projects

Outlook

• • Drive like-for-like growth in open Markets and convert pipeline targeting top 50 cities

• • Expand 'Out of Home' advertising revenues in Markets and large advertising deals

• • Target 200m digital audience, plus 50m+ out of home by FY27

• • One Time Out: selling solutions globally across digital and in-real-life channels

• • With Opex synergies and duplication removed, potential to grow profitability faster than sales

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• 1) Like-for-like revenue growth in constant currency: non-sterling revenues in both FY25 and FY24 converted at FY24 actual exchange rates.

• 2) Adjusted EBITDA is operating profit before interest, taxation, depreciation, amortisation, share-based payments, exceptional items and profit/(loss) on the disposal of fixed assets

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CURATION OF THE BEST OF THE CITY

Editorial curation of the best of the city.

Brand research shows that audiences around the globe trust our local expert content and recommendations best of the city

Unmatched expertise: Our award-winning Time Out editors curate the

AUTHORITY ATTRACTS PARTNERS The brand reputation built over 55+ years positions Time Out as a global city authority which attracts advertising clients, real estate owners and a city's top culinary and cultural talents

Since 1968, we've built a reputation for authenticity which opens doors to chefs and creative artists Engaging content delivered across multiple channels is

MULTIP6LE CHdAriNvNinEgLSa growing Our content smpaonnstwhelybsbitrea,nd mobile, sociala, uvidieeon, caendolfiv1e40m events in our matat rakectsing global advertisers

AUDIENCE GROWTH

Time Out Media content is shown in Markets and inspires guests to explore

Brand, content and channels attract a the city; 'in real life'

the best of what's on in

growing audience with 178m online

brand reach aandudci2e0nmceanonfuoavl er 10m p.avisitors to maraknedtsgrowing

CREATING UNIQUE OPPORTUNITIES A combination of large growing online audience and 20+m annual visitors to our markets offers the opportunity to create unique creative advertising campaigns for brands

Our use of data gives us the edge to understand trends & consumer behaviours and stay ahead of the curve

Synergy between

media editorial and

in-market experiences

drives footfall to

markets

A DIGI-PHYSICAL BRAND

The recent addition of screens to our growing portfolio of markets allows us to share our own content and recommendations with an engaged audience. Using AI we can give advertisers unique insights into audience reaction to their campaigns

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Net Revenue +12%, Ebitda +12%

10 Markets open, minimum 7 more by FY27

• • Barcelona and Bahrain now open

• • Next 12 months: Osaka, Budapest, Abu Dhabi and Vancouver

Growth drivers / Outlook

Sign new Markets:

• • Focus on top 50 global Media cities

• • New model Smaller footprint = lower capex and higher sales density = higher IRR for all parties = potential for more/faster deals

Like-for-like volume:

• • Applying skills of Media to drive footfall into Markets

• • Evolve events programming and marketing incl. CRM / loyalty

• • Operations focus on day-to-day execution, curation, beverage programmes

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Based on currently signed agreements

* Following the launch of the first Market in Lisbon in 2014, the Miami site was the first to open as part of the global expansion in 2019 and underperformed post-pandemic.

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MONTREAL

NEW YORK, BOSTON

SAN FRANCISCO

LOS ANGELES

ATLANTA AUSTIN, DALLASNEWMIAMI

HOUSTONORLEANS

Key Market opportunities:

MEXICO CITY

Owned & Operated Media city Franchised Media city

Media & Market already both present (or signed)

LONDON

MADRID PORTOLISBON

PARIS MARSEILLESBARCELONA

TEL AVIVDOHABAHRAIN

RIYADHJEDDAH

DUBAI

BEIJING

ABU DHABI

BANGKOK TOKYO

OSAKA

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Key Indicators

• • Media revenue down 19% impacted by fewer large deals in H1 with macro headwinds due to US election

• • Gross margin increased by 1%pt to 81% (H1 2024: 80%)

• • 178m audience, +25% due to focus on social media

Growth Drivers / Outlook

• • Pipeline of potential new deals for H2 c.20% larger than at this point last year

• • Operational synergies implemented for H2 FY25 will reduce annual operating costs and support profitability

• • New 'Out of Home' advertising revenue trial in New York Market delivering revenue with the opportunity for global implementation

• • Expanding editorial coverage grows audience and revenues

• • Opportunity to leverage AI to expand audience reach and enhance user experience and personalisation

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Financial Statements