LBG Media

LBG · AIM · Media · mcap £72m · 36.6p

LBG Media publishes social-first youth content (LADbible, UNILAD, Betches) and earns money from advertisers directly and from platform and programmatic ad revenue. It operates mainly in the UK, US and Australia and has bought US and creative-agency businesses.

Target	Promise	Said	Status
2026
FY26	Direct revenue growth in low-to-mid teens by FY26, with margins before central costs in mid-20% range.	3 Feb 2026	✗ Missed · target changed
	“anticipate Direct revenue growth to be in the low-to-mid teens range, with margins before central costs in the mid-20% range” Also stated 4 Feb 2026 How it developed 3 Feb 2026 Said “anticipate Direct revenue growth to be in the low-to-mid teens range, with margins before central costs in the mid-30% range” 4 Feb 2026 ↻ Changed / dropped “anticipate Direct revenue growth to be in the low-to-mid teens range, with margins before central costs in the mid-20% range” 4 Feb 2026 Said “anticipate Direct revenue growth to be in the low-to-mid teens range, with margins before central costs in the mid-20% range” 9 Jun 2026 ↻ Changed / dropped “On 22 April 2026, LBG Media raised revenue guidance and lowered Adjusted EBITDA guidance, to £110m and £22m respectively as a result of higher Direct growth...” Result H1 26 Direct revenue £37.6m vs £19.3m, far above the guided growth; FY26 guidance later reset with lower EBITDA. “anticipate Direct revenue growth to be in the low-to-mid teens range, with margins before central costs in the mid-20% range”4 Feb 2026 · Full year results - Correction “On 22 April 2026, LBG Media raised revenue guidance and lowered Adjusted EBITDA guidance, to £110m and £22m respectively as a result of higher Direct growth and a continued decline in Indirect revenues”9 Jun 2026 · Half-year Results
FY26	Indirect revenues to grow at a low single-digit rate with margins above 50%.	3 Feb 2026	✗ Missed
	“expected to grow at a low single-digit rate, with margins remaining above 50%” How it developed 3 Feb 2026 Said “expected to grow at a low single-digit rate, with margins remaining above 50%” 4 Feb 2026 Said “expected to grow at a low single-digit rate, with margins remaining above 50%” 9 Jun 2026 ✗ Missed “Indirect revenues declined 41% to £14.5m (1H25: £24.5m), due to previously announced changes to Meta's Facebook algorithm in line with trends outlined in...” Result H1 26 Indirect revenue fell to £14.5m from £24.5m, a decline rather than growth. “Indirect revenues declined 41% to £14.5m (1H25: £24.5m), due to previously announced changes to Meta's Facebook algorithm in line with trends outlined in 1H25, which remain challenging, as well as lower traffic from search engines due to AI Overviews.”9 Jun 2026 · Half-year Results “Adjusted EBITDA margin \| 15.4% \| 27.8% \| (12.4 ppts)”9 Jun 2026 · Half-year Results
FY26	Absolute Group EBITDA margins to remain in line with consensus.	3 Feb 2026	✗ Missed · target changed
	“We expect absolute Group EBITDA margins to remain in line with consensus reflecting higher growth in our Direct revenue streams and lower growth in our Indirect revenue streams” How it developed 3 Feb 2026 Said “We expect absolute Group EBITDA margins to remain in line with consensus reflecting higher growth in our Direct revenue streams and lower growth in our...” 9 Jun 2026 ↻ Changed / dropped “the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m.” Result FY26 EBITDA guidance cut to £15-20m in June 2026 after c.£22m in April. “the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m.”9 Jun 2026 · Half-year Results
FY26	FY26 revenue c.£110m and EBITDA c.£22m, later revised to revenue £100-107m and EBITDA £15-20m.	22 Apr 2026	✗ Missed · target changed
	“the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m.” Also stated 9 Jun 2026 How it developed 22 Apr 2026 Said “the Board is increasing its FY26 revenue expectations to c.£110m” 9 Jun 2026 ↻ Changed / dropped “the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m” 9 Jun 2026 Said “the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m.” Result June 2026 guidance cut both revenue and EBITDA below April levels; H1 EBITDA was £8.0m. “the Board now expects FY26 revenue of £100m to £107m and Adjusted EBITDA in a range of £15m to £20m”9 Jun 2026 · Half-year Results