Future

FUTR · Main Market · Media · mcap £258m · 309.2p

Future owns specialist websites, magazines and the Go.Compare price-comparison service. It earns money from advertising, affiliate commissions on products sold through its sites, and business-to-business data and services.

Target	Promise	Said	Status
2026
FY 2026	Modest organic revenue growth in FY 2026.	4 Dec 2025	✗ Missed · target changed
	“The Group is expecting mid to low single-digit organic revenue decline for FY 2026.” Also stated 14 May 2026 Result Guidance was changed in March 2026 to a decline in H2 organic revenue and in May to a mid to low single-digit FY decline. “The Group now expects H2 organic revenue to decline year-on-year by a low single-digit percentage.”31 Mar 2026 · Pre-close Trading Statement “The Group is expecting mid to low single-digit organic revenue decline for FY 2026.”14 May 2026 · 2026 Half Year Results
FY 2026	Adjusted EBITDA margin for FY 2026, first around 30%, later 25-27%.	4 Dec 2025	✗ Missed · target changed
	“The Group continues to expect to deliver an adjusted EBITDA margin in the range of 25-27%.” Also stated 14 May 2026 Result Guidance was cut to 25-27% in March 2026 after Google search volatility. “As a result, the full year EBITDA margin is expected to be in the range of 25-27%.”31 Mar 2026 · Pre-close Trading Statement “The Group continues to expect to deliver an adjusted EBITDA margin in the range of 25-27%.”14 May 2026 · 2026 Half Year Results
FY 2026	Cash conversion of about 95% in FY 2026.	4 Dec 2025	✗ Missed · target changed
	“The Group continued to expect cash conversion to adjusted EBITDA to ~90%.” Also stated 14 May 2026 Result Guidance was lowered to about 90% in May 2026. “The Group continued to expect cash conversion to adjusted EBITDA to ~90%.”14 May 2026 · 2026 Half Year Results
30 Sep 2026	Group leverage of 1.1x by 30 September 2026.	22 Jan 2026	✗ Missed · target changed
	“The Group is expected to be at 1.1x by 30 September 2026, consistent with its leverage policy” Result Consensus leverage is 1.7x at year-end, and the buyback was paused to deleverage. “leverage 1.7x”30 Sep 2026 · Pre-close trading update
Today · 11 Oct 2026
2026	Mid-single digit organic revenue CAGR over 2023-26 with adjusted operating margin of 28-30%.	7 Dec 2023	✗ Missed · target changed
	“Delivering on the strategy will translate into mid-single organic revenue growth CAGR 23-26, whilst maintaining healthy adjusted operating margins in the range of 28-30%” Also stated 16 May 2024 Result FY25 guided to an organic decline, FY26 guided mid to low single-digit decline, and margin guidance fell to 25-27% EBITDA. “The Group continues to expect to deliver a stable adjusted operating margin of 28% alongside continued strong cash generation.”16 May 2025 · Future plc 2025 Half Year Results