Trading Update and progress on Strategic Review

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 announce a trading update for the financial year ended 31 December 2025 ("FY25"). The provisional results for FY25 are in line with previous guidance, with gross revenue, net revenue and adjusted EBITDA(1) all above or towards the top end of the range of current analyst forecasts(2). Additional financial data is provided below in advance of the publication of the audited annual report. All data presented is unaudited. The Board reiterates that the Group continues to trade in line with market expectations in FY26.

Trading Update

• FY25 results were delivered in line with or above current analyst expectations, with strong cash generation and improving gross margins despite a challenging transition year for the Search segment. The Group's key financial metrics for FY25 are set out below:Gross revenue of USD 481.9 million (FY2024: USD 802.8 million)
• Net revenue (gross profit) of USD 136.2 million (FY2024: USD 187.5 million), with gross margin increasing from 23.4% to 28.3%
• Adjusted EBITDA of USD 42.7 million (FY2024: USD 91.9 million)
• Adjusted operating cash flow of USD 66.0 million (FY2024: USD 99.1 million)
• Adjusted operating cash conversion of 155% (FY2024: 108%)
• Net debt(3) of USD 87.6 million (31 December 2024: USD 96.4 million). Team Internet has continued to be cash generative in FY2025, reducing net debt by USD 8.8 million during the year despite USD 6.9 million of shareholder distributions

The year-on-year reduction in gross revenue primarily reflects the previously disclosed transition within the Search segment from legacy monetisation channels towards next-generation solutions, including Related Search on Content and Commerce Media.

While this transition impacted short-term revenue, the Group's key performance indicators demonstrate continued strategic progress, including increased adoption of value-added services in DIS, expanding geographic diversification in Comparison and the accelerating contribution of next-generation monetisation solutions within Search:

Domains, Identity & Software ("DIS") segment:

o The volume of processed domain registration years decreased by 7% to 12.3 million (FY2024: 13.2 million)

o Average revenue per domain year increased by 2% to USD 12.64 (FY2024: 12.45)

o The proportion of value-added services revenue within the segment increased by 1.7% (a relative 10.6% uplift) to 17.8% (FY2024: 16.1%)

Comparison segment:

o The number of visitor sessions decreased by 10% to 169.4 million (FY2024: 188.5 million)

o Revenue per thousand impressions increased by 3% to USD 257 (FY2024: USD 249)

o The proportion of gross merchandise value (GMV) generated outside the DACH region increased to 4.8% (FY2024: 0.4%)

Search segment:

o The number of visitor sessions decreased by 19% to 5.5 billion (FY2024: 6.8 billion)

o Revenue per thousand impressions decreased by 51% to USD 34 (FY2024: USD 69)

o The proportion of next-generation monetisation revenue within the segment increased to 39.1% (FY2024: 4.7%)

Strategic Review

Further to the Strategic Review announced on 11 November 2025 and updated on 20 January 2026, the Company confirms that discussions in relation to a disposal of the DIS segment continue to progress well. The Board remains confident that any transaction would deliver a value-maximising outcome in excess of the Group's current market capitalisation. Further updates will be provided as appropriate.

CEO Comment

Michael Riedl, CEO of Team Internet Group, commented:

"As previously indicated, Team Internet's strongest performance in FY25 was delivered in the final quarter, following a year characterised by strategic transition within the Search segment and continued momentum in our core platforms.

Our core platforms remain robust. DIS and Comparison have delivered a combined EBITDA CAGR of 26% since 2023 and now generate approximately 80% of Group EBITDA, representing the higher quality of earnings within the Group.

In Search, we are advancing a product evolution designed to position the business for greater resilience and long-term sustainability.

At the same time, our key performance indicators demonstrate continued strategic progress across the portfolio.

Looking ahead, we view the year with confidence. Continued operational recovery, combined with disciplined capital allocation and potential strategic portfolio actions, creates opportunities to unlock and grow shareholder value in line with the Board's ongoing strategic focus."

• Earnings before interest, tax, depreciation, amortisation and impairment, non-core operating expenses, foreign exchange gains and losses and share-based payment expense
• Analyst consensus of gross revenue, net revenue and adjusted EBITDA for the financial year ending 31 December 2025 as of 13 March 2026:

Gross revenue: USD 465 million (analyst range of USD 371 million to USD 541 million);

Net revenue: USD 126 million (analyst range of USD 113 million and USD 134 million); and

Adjusted EBITDA: USD 42 million (analyst range of USD 40 million to USD 43 million) respectively

• Includes cash (USD 81.2m), bank debt and prepaid finance costs (USD 168.4m) and hedging liabilities (USD 0.4m) as of 31 December 2025 (31 December 2024 cash (USD 88.3m), bank debt and prepaid finance costs (USD 184.9m) and hedging assets (USD 0.2m))

MANAGEMENT COMMENTARY ON GROUP PERFORMANCE

Introduction

In line with previous guidance, we are reporting unaudited FY25 gross revenue of USD 481.9 million and net revenue of USD 136.2 million, with adjusted EBITDA of USD 42.7 million.

During 2025, the Group's Domains, Identity & Software segment continued to outperform expectations, while the Comparison segment recovered from a challenging start to the year and returned to year-on-year growth in H2. The headwinds facing the Group's Search segment are well-documented; however, the Group remains at the forefront of Related Search on Content and commerce media monetisation, positioning it for the next phase of high-intent digital marketing.

Performance review

Segment Highlights

The Group's reporting segments performed as follows during financial years 2024 and 2025: