H1 2026 Trading Update & Notice of H1 2026 Report

Director change

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 provide a trading update ahead of today's Annual General Meeting and gives notice that it will publish its interim results for the six months ended 30 June 2026 ("H1 2026") on Monday 7 September 2026.

Trading update

Trading for H1 2026 was in line with market consensus. As anticipated, trading was behind H1 2025 but ahead of H2 2025, an improvement achieved even as the legacy AdSense for Domains revenue, still in decline through H2 2025, reached a negligible level in H1 2026. Comparison and DIS sustained their momentum, growing adjusted EBITDA by 54% and 28% year-on-year respectively, while Search, its transition complete, returned to profitability in June 2026, driven by sustained efficiency gains, disciplined yield management and the scaling of Related Search on Content. With the Group's earnings typically weighted towards the second half of the year, this progress underpins the Board's confidence in a stronger second-half performance and a return to year-on-year earnings growth in the second half of 2026.

The Group's unaudited financial highlights for H1 2026 were as follows:

• Gross revenue of USD 179.1 million (H1 2025: USD 263.9 million, H2 2025: USD 218.0 million)
• Net revenue (gross profit) of USD 61.0 million (H1 2025: 72.8 USD million, H2 2025: USD 63.4 million), with gross margin increasing from 27.6% in H1 2025 and 29.1% in H2 2025 to 34.1% in H1 2026
• Adjusted EBITDA(i) of USD 19.5 million (H1 2025: USD 24.6 million, H2 2025: USD 18.0 million)
• Net debt(ii) of USD 117.5 million (30 June 2025: USD 93.3 million, 31 December 2025: USD 87.6 million)

Segment highlights

The Group's reporting segments performed as follows during the period:

DIS maintained its momentum throughout the strategic review, while Comparison paired top-line growth with significant margin expansion. In Search, with the transition away from AdSense for Domains complete and a material cost optimisation and automation programme delivered, the Group enters the second half of 2026 firmly positioned as one of the market leaders in next-generation monetisation.

Net debt

Net debt at 30 June 2026 was USD 117.5 million (30 June 2025: USD 93.3 million; 31 December 2025: USD 87.6 million). The increase reflects the use of cash to reduce current liabilities - principally the scheduled settlement of corporation tax on prior year profits, against which cash reserves had been held, together with the non-renewal of a registry contract, which reduced associated working capital financing with minimal impact on future profitability - rather than any increase in borrowings. The Board expects net debt to reduce significantly in the second half of 2026 and, before the impact of any transaction resulting from the strategic review, to be in line with market expectations at 31 December 2026.

Strategic review

Further to the Company's announcement on 15 June 2026, the strategic review of the Group's Domains, Identity & Software business continues to progress, with discussions advancing with selected parties. The Board remains focused on maximising value and is evaluating the structure of any transaction accordingly. It continues to expect any resulting transaction to complete during 2026, subject to customary conditions and regulatory approvals, and expects to provide a further update on the review at or before the Company's interim results. There can be no certainty that any transaction will be agreed, or as to its terms. Further announcements will be made as appropriate.

Director Change

The Company also confirms that it has been notified that Non-Executive Director Claire MacLellan has made the decision to retire as a Director of the Company. Claire will retire immediately after the Company's Annual General Meeting, to be held later today, after serving the Company since 2022. The Board would like to thank Claire for her contribution to the Company, including her role on its Audit & Risk Committee. The Audit & Risk Committee now consists of Marie Holive as Chair and Iain McDonald.

Notice of Interim report

The Company will publish its unaudited interim report for the six months ended 30 June 2026 on Monday 7 September 2026.

Michael Riedl, CEO of Team Internet, commented:

"The momentum in DIS and Comparison, and Search's return to profit in June, show the quality of the business we have built through this transition. Trading was in line with our expectations across the Group. With our traditional second-half weighting ahead, we expect significant deleverage and approach the remainder of the year, and the conclusion of the strategic review, from a genuine position of strength."

Iain McDonald, Chairman, commented:

"On behalf of the Board, I would like to pay tribute to Claire MacLellan, who will retire at this year's Annual General Meeting today. Since joining the Board in 2022, Claire has brought independence, care and sound judgement to our work through a demanding period for the Company. We are grateful for her contribution and wish her every good wish for the future."

iii)Includes cash (USD 52.0 million) and bank debt and prepaid finance costs (USD 169.5 million) as of 30 June 2026 (30 June 2025 cash (USD 76.6 million), bank debt and prepaid finance costs (USD 169.7 million) and hedging liabilities (USD 0.2 million), 31 December 2025 cash (USD 81.2 million), bank debt and prepaid finance costs (USD 168.4 million) and hedging liabilities (USD 0.4 million))