Team Internet sells domain names and runs product-comparison sites and online ad-matching platforms. It reported record profit for 2023, then lost most of its Search earnings when Google changed its ad programme: adjusted EBITDA (core operating profit) fell from $92m in 2024 to $43m in 2025. It is now trying to sell its steadier domains division, DIS, for a price it says will be well above $160m, while net debt has risen to $118m and the shares trade near 38p, against 198p in July 2024.
Domains, comparison sites and ad matching
DIS (Domains, Identity & Software) helps businesses and individuals set up a digital identity, starting with a domain name. It runs registry platforms for new top-level domains and sells through about 17,000 channel partners. Subscriptions make its revenue recurring.
Comparison runs consumer-guidance sites, led by a German market leader, and is expanding into France, Italy, Spain and the UK. It earns commission when a shopper completes a purchase. Search matches audiences and advertisers across platforms that are not natively linked, for example social media users to search-engine ads. 7 Sep 2026 26 Jun 2026
Record profits, buybacks and a rebrand
The group traded as CentralNic until it renamed itself Team Internet in September 2023. For 2023 it reported record revenue of $837m and adjusted EBITDA of $96m. It spent heavily on share buybacks and started a dividend.
In April 2024 it bought Shinez, an online-marketing business, for an initial $39m and listed its shares on the US OTCQX market. The shares peaked at 198p in July 2024. 13 Nov 2023 18 Mar 2024 29 Apr 2024 13 May 2024
Google changes the rules, and a bid goes nowhere
In November 2024 the group cut its 2024 EBITDA expectation to about $97m and the shares fell to 81p. In January 2025 two private-equity firms, TowerBrook and Verdane, approached at 125p a share. TowerBrook withdrew in January and Verdane said on 4 March 2025 that it would not bid.
The same day the company said Google's changes to AdSense for Domains (AFD) would hit Search hard. Google AFD had supplied $72m of Search's $91m net revenue in 2024. Group EBITDA guidance for 2025 fell to $60-68m. The shares dropped from 99p in February to 60p in March.
Shinez fell short too. The company blamed changes in its target markets, and the 2024 accounts carried a $36m impairment, mostly on Shinez. 11 Nov 2024 7 Jan 2025 10 Jan 2025 4 Mar 2025 4 Mar 2025 31 Mar 2025
“The Group remains on track to produce record profits in 2024 and 2025, albeit at more moderate growth rates than originally anticipated.” 11 Nov 2024
Rebuilding Search, then a strategic review
Management moved Search from AFD to Related Search on Content (RSOC), where the ad sits inside a content page. It said RSOC pays higher click prices but is a younger product. In September 2025 it set a target of a $24m lower cost base in 2026 than in 2024, like for like. Search shrank fast, and 2025 EBITDA guidance was cut again in November to $40-45m. The group delivered $42.7m.
On 11 November 2025 the Board opened a strategic review of divestments or partnerships across substantially all segments, and said DIS alone could be worth materially more than the company's market value. The 2025 accounts then showed an operating loss of $50m after $42m of Search impairments. Comparison and DIS kept growing, and DIS won a ten-year contract to run Colombia's .co domain. 1 Sep 2025 11 Nov 2025 26 Jun 2026 12 Jun 2025
One partner carried too much of the profit
Search depended on one Google product, and the profit pool vanished in a matter of months. Management called 2025 a trough in March 2025 and expected a recovery from 2026. Guidance was cut twice that year before the group delivered $42.7m.
Shinez was bought at about four times its EBITDA and impaired within a year. DIS and Comparison, by contrast, kept growing through the upheaval. 4 Mar 2025 11 Nov 2025 19 Mar 2024 31 Mar 2025 26 Jun 2026
Same CEO, a large patient shareholder
Michael Riedl is CEO and William Green is CFO. Kestrel Partners, linked to non-executive director Max Royde, held about 27% in late 2024 and bought more shares in autumn 2024 at 136p and then about 79p. Slater Investments held 11.6% in April 2026.
At the July 2026 AGM, 77.5% of votes backed the remuneration report and all other resolutions passed. A non-executive director disclosed in April 2026 that he had run a company that went into compulsory liquidation in 2025. 3 Sep 2024 3 Dec 2024 9 Dec 2024 12 Jan 2026 28 Apr 2026 27 Jul 2026 17 Apr 2026
Back to an operating profit, with more debt
In the first half of 2026 the group made a $3.0m operating profit, its first in two years. DIS lifted EBITDA 28% to $13.7m and Comparison grew it to $8.4m. Search lost $2.6m over the half but returned to profit in June, and its old AFD revenue is now nil.
Net debt rose to $118m from $88m at the end of 2025. A registry contract was not renewed, which tied up working capital, and the group paid $14.8m in tax on its record 2022 and 2023 profits. Leverage is 3.9x EBITDA with $78m of liquidity. The company has amended its debt facilities and is looking at a full refinancing. 7 Sep 2026
A DIS sale is pending; Search is still unproven
The Board expects a stronger second half, year-on-year earnings growth, a profitable second half in Search and a significant drop in net debt by year end. On 15 June 2026 it said the review's outcome would come in the first half of Q3. By 7 September no deal was agreed. Talks are at an advanced stage with several parties, completion is expected around year end, and the Board expects a valuation materially above $160m. It states there is no certainty of a deal.
Search yields can move either way, and the company says progress may not be linear. Separately, the group is pursuing self-funded antitrust damages claims. It has booked no asset for them and calls the outcome uncertain. 15 Jun 2026 7 Sep 2026 24 Jul 2026
Written by AI from Team Internet Group plc's own announcements since Oct 2023 · every paragraph links to its sources