H1 2026 Trading Update & Notice of H1 2026 Report
Team Internet Group PLC
24 July 2026
24 July 2026
Team Internet Group plc
("Team Internet" or the "Company" or the "Group")
H1 2026 Trading Update
Notice of H1 2026 Interim report
Director change
Team Internet Group plc (AIM: TIG, OTCQX: TIGXF), the global internet company that generates recurring revenue from powering identity and discovery online, is pleased to provide a trading update ahead of today's Annual General Meeting and gives notice that it will publish its interim results for the six months ended 30 June 2026 ("H1 2026") on Monday 7 September 2026.
Trading update
Trading for H1 2026 was in line with market consensus. As anticipated, trading was behind H1 2025 but ahead of H2 2025, an improvement achieved even as the legacy AdSense for Domains revenue, still in decline through H2 2025, reached a negligible level in H1 2026. Comparison and DIS sustained their momentum, growing adjusted EBITDA by 54% and 28% year-on-year respectively, while Search, its transition complete, returned to profitability in June 2026, driven by sustained efficiency gains, disciplined yield management and the scaling of Related Search on Content. With the Group's earnings typically weighted towards the second half of the year, this progress underpins the Board's confidence in a stronger second-half performance and a return to year-on-year earnings growth in the second half of 2026.
The Group's unaudited financial highlights for H1 2026 were as follows:
· Gross revenue of USD 179.1 million (H1 2025: USD 263.9 million, H2 2025: USD 218.0 million)
· Net revenue (gross profit) of USD 61.0 million (H1 2025: 72.8 USD million, H2 2025: USD 63.4 million), with gross margin increasing from 27.6% in H1 2025 and 29.1% in H2 2025 to 34.1% in H1 2026
· Adjusted EBITDA(i) of USD 19.5 million (H1 2025: USD 24.6 million, H2 2025: USD 18.0 million)
· Net debt(ii) of USD 117.5 million (30 June 2025: USD 93.3 million, 31 December 2025: USD 87.6 million)
Segment highlights
The Group's reporting segments performed as follows during the period:
|
|
Six months ended 30 June 2026 |
Six months ended 30 June 2025 |
Change |
Six months ended 31 December 2025 |
Change |
|
|
USD million |
USD million |
% |
USD million |
% |
|
Domains, Identity & Software (DIS) |
|||||
|
Revenue |
97.9 |
103.9 |
(6%) |
90.8 |
8% |
|
Net revenue |
40.8 |
37.9 |
8% |
37.7 |
8% |
|
Adjusted EBITDA |
13.7 |
10.7 |
28% |
10.7 |
28% |
|
Comparison |
|||||
|
Revenue |
32.9 |
27.9 |
18% |
37.4 |
(12%) |
|
Net revenue |
12.4 |
9.1 |
36% |
11.8 |
5% |
|
Adjusted EBITDA |
8.4 |
5.5 |
54% |
6.9 |
22% |
|
Search |
|||||
|
Revenue |
48.3 |
132.1 |
(63%) |
89.8 |
(46%) |
|
Net revenue |
7.8 |
25.9 |
(70%) |
13.9 |
(44%) |
|
Adjusted EBITDA |
(2.6) |
8.5 |
- |
0.4 |
- |
|
Total |
|||||
|
Revenue |
179.1 |
263.9 |
(32%) |
218.0 |
(18%) |
|
Net revenue |
61.0 |
72.8 |
(16%) |
63.4 |
(4%) |
|
Adjusted EBITDA |
19.5 |
24.6 |
(21%) |
18.0 |
8% |
DIS maintained its momentum throughout the strategic review, while Comparison paired top-line growth with significant margin expansion. In Search, with the transition away from AdSense for Domains complete and a material cost optimisation and automation programme delivered, the Group enters the second half of 2026 firmly positioned as one of the market leaders in next-generation monetisation.
Net debt
Net debt at 30 June 2026 was USD 117.5 million (30 June 2025: USD 93.3 million; 31 December 2025: USD 87.6 million). The increase reflects the use of cash to reduce current liabilities - principally the scheduled settlement of corporation tax on prior year profits, against which cash reserves had been held, together with the non-renewal of a registry contract, which reduced associated working capital financing with minimal impact on future profitability - rather than any increase in borrowings. The Board expects net debt to reduce significantly in the second half of 2026 and, before the impact of any transaction resulting from the strategic review, to be in line with market expectations at 31 December 2026.
Strategic review
Further to the Company's announcement on 15 June 2026, the strategic review of the Group's Domains, Identity & Software business continues to progress, with discussions advancing with selected parties. The Board remains focused on maximising value and is evaluating the structure of any transaction accordingly. It continues to expect any resulting transaction to complete during 2026, subject to customary conditions and regulatory approvals, and expects to provide a further update on the review at or before the Company's interim results. There can be no certainty that any transaction will be agreed, or as to its terms. Further announcements will be made as appropriate.
Director Change
The Company also confirms that it has been notified that Non-Executive Director Claire MacLellan has made the decision to retire as a Director of the Company. Claire will retire immediately after the Company's Annual General Meeting, to be held later today, after serving the Company since 2022. The Board would like to thank Claire for her contribution to the Company, including her role on its Audit & Risk Committee. The Audit & Risk Committee now consists of Marie Holive as Chair and Iain McDonald.
Notice of Interim report
The Company will publish its unaudited interim report for the six months ended 30 June 2026 on Monday 7 September 2026.
On the day of results, there will be a webinar / conference call for equity analysts at 10:00am, UK time. The presentation will be hosted by CEO Michael Riedl and CFO William Green. To register for either event please contact SEC Newgate at teaminternet@secnewgate.co.uk, where further details will be provided.
Furthermore, the Company will hold an Investor Meet Company session at 12:00pm, UK time, on that day. Investors can sign up to Investor Meet Company for free to meet Team Internet Group plc via:
https://www.investormeetcompany.com/team-internet-group-plc/register-investor
Investors who already follow Team Internet Group plc on the Investor Meet Company platform will automatically be invited. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9:00am the day before the meeting or at any time during the live presentation.
Michael Riedl, CEO of Team Internet, commented:
"The momentum in DIS and Comparison, and Search's return to profit in June, show the quality of the business we have built through this transition. Trading was in line with our expectations across the Group. With our traditional second-half weighting ahead, we expect significant deleverage and approach the remainder of the year, and the conclusion of the strategic review, from a genuine position of strength."
Iain McDonald, Chairman, commented:
"On behalf of the Board, I would like to pay tribute to Claire MacLellan, who will retire at this year's Annual General Meeting today. Since joining the Board in 2022, Claire has brought independence, care and sound judgement to our work through a demanding period for the Company. We are grateful for her contribution and wish her every good wish for the future."
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Enquiries For further information, please contact: |
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Team Internet Group plc Michael Riedl, Chief Executive Officer William Green, Chief Financial Officer |
+44 (0) 203 388 0600 |
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|
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Zeus Capital Limited (NOMAD and Joint Broker) James Edis / Dan Bate (Investment Banking) Dominic King (Corporate Broking) |
+44 (0) 161 831 1512 +44 (0) 203 207 7800 |
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|
|
|
Berenberg (Joint Broker) Mark Whitmore / Pallavi Malladi |
+44 (0) 203 207 7800 |
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SEC Newgate (for media) Bob Huxford / Harry Handyside / Gwen Samuel |
+44 (0) 203 757 6880 teaminternet@secnewgate.co.uk |
(i)Earnings before interest, tax, depreciation, amortisation and impairment, non-core operating expenses, foreign exchange gains and losses, and share-based payment expenses
iii)Includes cash (USD 52.0 million) and bank debt and prepaid finance costs (USD 169.5 million) as of 30 June 2026 (30 June 2025 cash (USD 76.6 million), bank debt and prepaid finance costs (USD 169.7 million) and hedging liabilities (USD 0.2 million), 31 December 2025 cash (USD 81.2 million), bank debt and prepaid finance costs (USD 168.4 million) and hedging liabilities (USD 0.4 million))
About Team Internet Group plc
Everything begins with a name. Team Internet (AIM: TIG, OTCQX: TIGXF) powers identity and discovery online, enabling businesses, brands and consumers to establish their digital presence and realise their ambitions.
The Company is a leading global internet solutions business operating in two highly attractive markets: domain name management, identity and software solutions (DIS segment) and digital advertising (Comparison and Search segments).
The DIS segment is a critical component of the global online presence and productivity ecosystem, where the Company serves as a core distribution channel for domain names and a wide range of digital products.
The Company's Comparison and Search segments create privacy-safe, AI-generated consumer journeys that convert general-interest media users into confident, high-conviction consumers through advertorial and review websites.
The Company's high-quality earnings derive from subscription-based recurring revenues in the DIS segment and revenue-share arrangements under rolling utility-style contracts in the Comparison and Search segments.
For more information please visit: www.teaminternet.com
Forward-Looking Statements
This document includes forward-looking statements. Whilst these forward-looking statements are made in good faith, they are based upon the information available to Team Internet at the date of this document and upon current expectations, projections, market conditions and assumptions about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Group and should be treated with an appropriate degree of caution. Save as required by applicable law or regulation, the Company undertakes no obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Nothing in this announcement is intended, or is to be construed, as a profit forecast or estimate for any period, and no statement should be interpreted to mean that earnings or earnings per share for current or future financial years will necessarily match or exceed the historical figures.
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