FY25 and 2026 YTD Trading Update

Team Internet Group plc (AIM: TIG, OTCQX: TIGXF), the global internet company that generates recurring revenue from powering identity and discovery online, today provides a trading update and gives notice that it will publish its audited Annual report for the financial year ended 31 December 2025 ("FY25") during the week ending 26 June.

Recent Developments

• The FY25 financial results set out below remain consistent with the trading update released on 16 March 2026 and remain in line with or above analyst expectations.
• Trading in 2026 remains in line with expectations, with Search profitability improving and Domains, Identity & Software ("DIS") and Comparison delivering strong growth.
• The strategic review continues to progress, with the Board expecting an outcome regarding the potential DIS disposal in the first half of Q3 2026, at least in line with prior guidance.
• Renegotiations of the Group's borrowing arrangements have been completed, providing additional covenant headroom and extended maturities.
• The Group is pursuing a substantial damages claim against a major technology company, arising from anti-competitive conduct that could result in a recovery that is material in the context of the Company's current market capitalisation.

FY25 Headlines

As previously indicated in the Group's trading update of 16 March 2026, FY25 results were delivered in line with or above current analyst expectations. The FY25 financial metrics set out below are substantially unchanged from those previously communicated. The year was defined by decisive action in Search and by the quality of the other segments of the Group: gross margin expanded, cash generation remained strong, and DIS and Comparison finished the year towards the top end of expectations.

• Gross revenue of USD 481.9 million (FY24: USD 802.8 million)
• Net revenue (gross profit) of USD 136.2 million (FY24: USD 187.5 million), with gross margin increasing from 23.4% to 28.3%
• Adjusted EBITDA(i) of USD 42.7 million (FY24: USD 91.9 million)
• Operating loss of USD 49.9 million (FY24: profit of USD 8.2 million), following USD 41.7 million of impairment charges primarily relating to the Group's Search segment
• Due to the same impairment charges, a loss after tax of USD 62.5 million (FY24 loss after tax: USD 17.7 million) was recorded
• Adjusted earnings per share (diluted) of USD 9.18 cents (FY24: USD 21.22 cents)
• Adjusted operating cash flow of USD 66.0 million (FY24: USD 99.1 million)
• Adjusted operating cash conversion(ii) of 155% (FY24: 108%)
• Net debt(iii) of USD 87.6 million (31 December 2024: USD 96.4 million); Team Internet has continued to be cash generative in FY25, reducing net debt by USD 8.8 million during the year after making USD 6.9 million of shareholder distributions

2026 Year-To-Date Trading Update

The Group's earnings performance in 2026 to date continues to progress in line with expectations. For the five months ended 31 May 2026, Gross revenue of USD 148 million, Net revenue of USD 50 million and Adjusted EBITDA of USD 16 million have been delivered.

The DIS and Comparison segments, unaffected by the Search transition, have delivered strong mid-teens net revenue growth and approximately 40% EBITDA growth year-on-year. The Group's Search segment, after a period of significant recalibration and a material cost optimisation and automation program, is now set towards a profitable second half of 2026. The transition away from AdSense for Domains and towards next-generation monetisation is now complete and, following a period of industry consolidation, TIG is firmly positioned as one of the market leaders.

Strategic review

The strategic review to unlock shareholder value is progressing well. Discussions continue with selected parties regarding a potential disposal of the DIS segment, which the Board will pursue where it delivers fair value. While there can be no certainty that any transaction will be agreed, or as to its terms, the Board expects the outcome of the strategic review, including any agreement relating to a potential disposal of DIS, to be announced in the first half of Q3. Subject to customary conditions and regulatory approvals, the Board expects any resulting transaction to complete during 2026. The Board confirms its guidance on quantum[1].

Refinancing and Capital allocation

The Company is pleased to confirm it has recently completed a renegotiation of its existing debt facilities with our lenders, securing wider covenant headroom and aligning maturities in October 2027, which materially strengthens the Group's financial position and flexibility. The amendments also align the facilities more closely with the Group's current funding requirements and are expected to reduce commitment fees and financing costs, on a like-for-like basis.

We are still engaging with a range of debt providers albeit mindful of our renegotiated facilities and potential disposal of our DIS business, do so very much from a position of strength.

Antitrust claim

The Group is pursuing a substantial damages claim against a major technology company, arising from anti-competitive conduct established by a final regulatory decision, by which the Group was disadvantaged over an extended period. Following recent court judgments on similar claims, the Group believes that a successful outcome could result in a recovery that is material in the context of the Company's current market capitalisation. The outcome, timing and amount remain uncertain and, accordingly, no asset has been recognised. Further information will be given as appropriate.

FY25 Trading Update - Key Points

During FY25 the Group prioritised the quality and durability of its revenue over headline volume, making deliberate strategic progress across all three segments.

Key performance indicators by segment were as follows:

DIS segment (iv):

o Average revenue per domain year increased by 2% to USD 12.64 (FY24: USD 12.45)

o Value-added services revenue rose to 17.8% of segment revenue (FY24: 16.1%), an increase of 1.7 percentage points and a relative uplift of 10.6%

o Processed domain registration years decreased by 7% to 12.3 million (FY24: 13.2 million)

Comparison segment (v):

o Gross merchandise value (GMV) generated outside the core DACH region increased more than tenfold, to 4.8% (FY24: 0.4%)

o Revenue per thousand impressions increased by 3% to USD 257 (FY24: USD 249)

o Visitor sessions decreased by 10% to 169.4 million (FY24: 188.5 million)

Search segment (vi):

o Next-generation monetisation increased to 39.1% of segment revenue (FY24: 4.7%)

o Revenue per thousand impressions decreased by 51% to USD 34 (FY24: USD 69), reflecting the change in monetisation mix during the transition

o Visitor sessions decreased by 19% to 5.5 billion (FY24: 6.8 billion)

The increase in leverage to 2.9x adjusted EBITDA (31 December 2024: 1.2x) and the reduction in interest cover to 2.7x (31 December 2024: 5.9x) primarily reflect the lower adjusted EBITDA recorded during the transition year; the Group remained strongly cash generative and reduced net debt during the period.

FY25 operational and corporate summary

• Stable performance in DIS and Comparison segments, with both segments maintaining strong momentum and finishing the year towards the top end of market expectations despite a challenging operating environment.
• Successful strategic transition in Search, with next‑generation monetisation formats accounting for 39% of segment revenue.
• DIS strengthened its long-duration earnings base, securing the ten‑year .co registry contract and achieving further margin improvements as Unity integration benefits flowed through.
• International expansion accelerated, with Comparison delivering its first positive contributions in France, Italy and Spain, and launching the UK portal.

Notice of Annual report

The Company will publish its audited Annual report for the financial year ended 31 December 2025 during the week ending 26 June. In advance of the publication of the audited Annual report, unaudited financial data is provided below.

The timing allows the Company and its auditors to fully reflect the impact of the favourable amendments to the covenants and maturities of the Company's borrowing arrangements described above.

Results presentations

As previously announced, there will be a webinar for equity analysts at 10:00, UK time, on 15 June 2026. The presentation will be hosted by CEO Michael Riedl and CFO William Green. To register please contact SEC Newgate at teaminternet@secnewgate.co.uk where further details will be provided.

Furthermore, Team Internet is holding an Investor Meet Company session at 12:00, UK time, on 15 June 2026. Investors can sign up to Investor Meet Company for free to meet Team Internet Group Plc via: https://investormeetcompany.com/team-internet-group-plc/register-investor.

Investors who already follow Team Internet Group Plc on the Investor Meet Company platform will automatically be invited. Questions can be submitted at any time during the live presentation.

Michael Riedl, CEO of Team Internet, commented:

"The market is still pricing Team Internet for the disruption we have already worked through, not the stronger, more focused business we have built. Our Domains, Identity & Software and Comparison businesses are where the majority of the value sits today, both growing strongly . In Search, we acted decisively on strategy and structure and emerged as a leading player in this vast nascent market opportunity, providing a meaningful source of future upside for the Group.

We have materially strengthened the balance sheet through recent amendments to our facilities and are determined to recover the damage this Group suffered from anti-competitive conduct over many years.

We therefore approach the conclusion of the strategic review, including the potential sale of Domains, Identity & Software, from a genuine position of strength."

(ii)Adjusted operating cash conversion refers to the percentage of Adjusted EBITDA that is converted into operating cash in the period. Operating cash flows are adjusted for non-recurring working capital items, such as the settlement of acquisition costs included within the balance sheet of acquired entities.

(iii)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))

(iv)Based on analysis of c.79% of the DIS segment which can be adequately and reliably described by this KPI

(v)Based on analysis of c.67% of the Comparison segment which can be adequately and reliably described by this KPI

(vi)Based on analysis of c.84% of the Search segment which can be adequately and reliably described by this KPI

MANAGEMENT COMMENTARY ON GROUP PERFORMANCE

Introduction

In line with previous guidance, we are reporting 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 DIS 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:

All amounts relate to continuing activities

• Non-core operating expenses include items related primarily to restructuring, strategic review, and acquisition and integration costs, which are not incurred as part of the underlying trading performance of the Group, and which are therefore adjusted for.

[1] Since 11/11/2025, the board has consistently guided to materially above the Company's market capitalisation at that time of c. USD 160m