Strategic Review to Unlock Shareholder Value

Team Internet Group Plc (AIM: TIG, OTCQX: TIGXF), the global internet company that generates recurring revenue from creating meaningful and successful connections: businesses to domains, brands to consumers, publishers to advertisers, today announces the initiation of a strategic review to unlock shareholder value and provides an update on market developments in its Search and Comparison segments.

Strategic Review: Accelerating Value Realisation

The Board believes that Team Internet's share price does not reflect the intrinsic value of its individual businesses, each of which is a leader in structurally growing digital markets. In recognition of this, and following a number of inbound approaches, the Group has initiated a strategic review to unlock the full value of its portfolio. We are in active discussions regarding the divestment or formation of strategic partnerships for substantially all parts of the business in separate transactions, each expected to highlight the distinct value of its market-leading platforms. The strategic review does not include soliciting an offer for the Company in accordance with the UK City Code on Takeovers and Mergers.

In our Domains, Identity & Software (DIS) segment, where discussions are most advanced, the Group has retained a Tier 1 financial adviser to assist the Board in exploring strategic options, including a divestment of the segment. Prospects and year-over-year financial performance in this business are strong and margins attractive and improving, so the Group is in a strong position to consider a range of options to maximise shareholder value. The Board is confident that the DIS business alone could command a valuation materially exceeding the Company's current market capitalisation.

Search Segment: Focus on Direct Advertiser and Commerce Media Model

The digital advertising landscape has undergone a rapid and material change since Team Internet's H1 2025 results were released on 1 September 2025, as Google materially completed the sunset of its AdSense for Domains (AFD) product earlier than anticipated. Furthermore, the introduction of Google's new Restricted Access Features (RAF) and Referrer Ad Creative (RAC) policies, while expected to create a healthier and more sustainable ecosystem, has delayed the ramp-up of Related Search on Content (RSOC).

While the transition to Google's new policies has temporarily moderated growth, Team Internet has already achieved over 200% sequential RSOC growth since H1, validating the strength of its technology and partner relationships. The Group is now accelerating the development of its direct-to-advertiser and commerce media activities and broadening its partnerships with alternative feed providers to ensure a more diversified and higher-margin business model.

Given this strategic pivot and the commencement of formal discussions with potential acquirers and strategic partners, the Group now expects to classify the Search segment as an asset held for sale as part of the ongoing strategic review.

Comparison segment update

As previously reported, during H1 this segment experienced significant challenges, while investing in international growth and customer experiences. The international businesses are now contributing to profitability and the proportion of international sales is increasing. This indicates that the strategic direction being taken will still lead to a significantly larger and more diversified Comparison business.

Outlook: Positioned for Double-Digit Growth from 2026

With the impact of recent changes in the Search environment now becoming more quantifiable, the Group has updated its forecasts and now expects to deliver for 2025:

• Group Adjusted EBITDA of $40-45 million (2024: $92 million), with

o DIS contributing $21-22 million (2024: $19 million);

o Comparison contributing $11-13 million (2024: $16 million); and

o Search contributing $8-10 million (2024: $57 million) reflecting the structural transition.

From 2026 onwards, Team Internet expects to return to sustainable double-digit earnings growth under the current group structure, driven by the continued momentum in DIS, the recovery of Comparison, and the future scaling of RSOC and commerce media in Search. The Group remains highly profitable and cash-generative.

CEO Comment

Michael Riedl, CEO of Team Internet, commented:

"One year after initiating a comprehensive review of Team Internet's asset ownership, we are now taking the logical next step: a strategic review aimed at unlocking the full value of our portfolio. Each of our businesses operates in structurally attractive markets, and we believe the sum of their parts is worth considerably more than the Group's current market valuation.

The recent developments in Google's advertising ecosystem have affirmed our decision to reshape the Search segment. While we continue to firmly believe in the long-term prospects of our partnership with Google and the RSOC product, the near-term changes to the AFD framework and new policies such as RAF and RAC have brought forward the need to pivot our strategy. We are now focusing the business more on our captive direct-to-advertiser and commerce media operations and on partnerships with alternative feed providers.

We are now assessing a range of transactions that are poised to unlock significant shareholder value. Any such steps would streamline the Group and create significant optionality with regards to capital allocation.

Whatever the outcome of the review, Team Internet will remain a disciplined, cash-generative platform built on data, technology, and trusted digital relationships. The combination of resilient performance in DIS, improving trends in Comparison, and the structural evolution of Search gives me confidence that the businesses all have strong outlooks for 2026 either within or outside the Group."