Unaudited Interim Results

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 its unaudited financial results for the six months ended 30 June 2026 ("H1 2026"). H1 2026 has delivered on the targets set earlier this year: trading in line with market expectations, DIS growing net revenue and adjusted EBITDA, Comparison growing into a second earnings pillar, Search completing its transition and returning to profit in June, and a strengthened balance sheet. Group operating profit is back in the black.

Financial highlights:

• Gross revenue of USD 179.1 million (H1 2025: USD 263.9 million, H2 2025: USD 218.0 million), reflecting the completed transition of the Search segment
• Net revenue (gross profit) of USD 61.0 million (H1 2025: USD 72.8 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 18.1 million), with the higher margin DIS segment making up a higher proportion of the overall results; adjusted EBITDA represented 32.0% of net revenue (H1 2025: 33.8%, H2 2025: 28.5%)
• Operating profit of USD 3.0 million (H1 2025: operating loss of USD 7.0 million, H2 2025: operating loss of USD 42.9 million), the Group's first half-year operating profit since H1 2024
• Loss after tax of USD 6.0 million (H1 2025: USD 14.1 million, H2 2025: USD 48.4 million)
• Adjusted EPS (diluted) of USD 3.24 cents (H1 2025: USD 5.93 cents, H2 2025: 3.19 cents)
• Adjusted operating cash flow of USD 3.6 million (H1 2025: USD 26.9 million, H2 2025: 39.1 million) and adjusted operating cash conversion(ii) of 18% (H1 2025: 109%, H2 2025: 216%), reflecting the one-off working capital impact of the non-renewal of a registry contract within the Group's DIS segment
• Net debt(iii) increased to USD 117.6 million (31 December 2025: USD 87.6 million, 30 June 2025: USD 93.3 million), reflecting the one-off working capital impact of the non-renewal of a registry contract and scheduled deployment of cash to corporate tax payments of USD 14.8 million in respect of record profit years FY2022 and FY2023. The Board expects Net debt to reduce significantly in the second half of 2026 and to be broadly in line with market consensus at the year end
• Leverage was 3.9x (3.1x on an accounting basis)[1] for Trailing Twelve Months ("TTM") 30 June 2026 (TTM 31 December 2025: 2.9x, TTM 30 June 2025: 1.7x) and Interest cover was 2.7x TTM 30 June 2026 (TTM 31 December 2025: 2.7x, TTM 30 June 2025: 4.4x), with access to USD 78.2 million of liquidity (cash of USD 52.0 million plus an undrawn revolving credit facility of USD 26.2 million)
• The strategic review is at an advanced stage, with discussions ongoing with a view to reaching a transaction in the near term, while the Board remains engaged with multiple parties interested in all or parts of the division. The Board reaffirms its expectation of a valuation materially exceeding USD 160 million; any agreed transaction is expected to complete around the year end. There can be no certainty that a transaction will be agreed.

Results presentation:

There will be a webinar/conference call for equity analysts at 10:00am UK time today. This event 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, the Company will hold an Investor Meet Company session at 12:00pm UK time today. Investors can sign up to Investor Meet Company for free to meet Team Internet Group plc via:

Michael Riedl, CEO of Team Internet, commented:

"Trading in the first half was in line with market expectations: DIS grew strongly, Comparison is growing into our second earnings pillar, Search returned to profit in June, and the Group delivered its first half-year operating profit in two years. We also strengthened the balance sheet, amending our facilities and advancing full refinancing options. The strategic review is at an advanced stage and we will conclude it on terms that reflect the value we have built. With our seasonally stronger second half ahead, we expect to reduce net debt significantly by the year end."

• 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
• Includes cash (USD 52.0 million) and bank debt and prepaid finance costs (USD 169.6 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))

MANAGEMENT COMMENTARY ON GROUP PERFORMANCE

Performance review

DIS maintained its momentum throughout the strategic review, while Comparison paired top-line growth with significant margin expansion. In Search, the transition away from AdSense for Domains is complete and a material cost optimisation and automation programme has been delivered. The Group enters its seasonally stronger second half with momentum in DIS and Comparison and a structurally leaner Search segment.

Segment Highlights

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

DIS segment

The DIS segment, which enables businesses and individuals to establish and protect their digital presence, starting with a domain name, maintained its momentum throughout H1 2026. The DIS segment continues to serve its global subscriber base through both direct and indirect channels.

Gross revenue in this segment decreased by 6% to USD 97.9m in H1 2026 (H1 2025: USD 103.9m) reflecting the strategic trimming of low value-added relationships. Net revenue increased to USD 40.8m (H1 2025: USD 37.9m), with a margin of 41.7% (H1 2025: 36.5%) reflecting our continued focus on higher margin business. Adjusted EBITDA increased 28% to USD 13.7m (H1 2025: USD 10.7m) reflecting the higher net revenue and ongoing benefits of operational optimisation.

The number of processed domain registration years decreased by 6% from 12.9m for TTM H1 2025 to 12.1m for TTM H1 2026, and the average revenue per domain year decreased by 3% from USD 12.8 to USD 12.4(1) reflecting the non-recurring insourcing of high price, low margin TLDs from one client. The share of Value-Added Revenue within DIS increased to 18.9% for H1 2026 (H1 2025: 17.1%).

Comparison segment

The Comparison segment connects consumers researching a purchase with leading e-commerce platforms and marketplaces. During H1 2026 the Comparison segment paired top-line growth with significant margin expansion and continued its development into the Group's second earnings pillar. Gross revenue in H1 2026 was USD 32.9m (H1 2025: 27.9m), with net revenue of USD 12.4m in H1 2026 (H1 2025: USD 9.0m). Adjusted EBITDA in H1 2026 was USD 8.4m (H1 2025: USD 5.4m) with adjusted EBITDA conversion of 67.7% of net revenue (H1 2025: 60.0%).

In the trailing twelve months to 30 June 2026, the number of visitor sessions to our websites increased by 4% to 211.6m from 203.4m a year ago. In the same period, the revenue generated per 1,000 visits increased by 3% to USD 277 from USD 269 a year ago(2). Gross merchandise value (GMV) generated outside of the core DACH region increased to 5.2% (H1 2025: 5.0%). France contributed meaningfully to the period's growth and Italy, Spain and the United Kingdom continuing to develop.

During the period, the segment launched new conversion funnels, enabling it to engage with currently untapped demand. This opens a substantial new customer acquisition channel alongside the segment's established presence in classical search results.

The second half of the year is typically stronger for the Comparison segment due to seasonal trends in consumer behaviour. This pattern is expected to hold in 2026, supported by incremental contributions from the Group's ongoing international expansion.

Search segment

Our Search segment aims to become the leading Digital Audience Matching platform. We match audiences and advertisers between platforms that are not innately integrated, such as linking social media users with search ad campaigns on leading search engines, programmatic display, and video ad inventory.

The Search segment has undergone a strategic transformation from AFD ("AdSense For Domains") to RSOC ("Related Search On Content"). With RSOC, the ad unit is integrated into a content-rich website, aligning the experience with current web browsing expectations and responding to advertiser demand for higher-quality engagement. Early validation has been encouraging, with notably higher click prices available through the RSOC workflow. The current focus is on refining workflows to adapt to changes in consumer behaviour within this new experience. AFD margins reflected nine years of consumer-journey optimisation; RSOC has had one. As our models mature, we expect the gap to historical Search margin levels to narrow gradually, bringing more campaigns above the profitability threshold and creating the conditions for profitable volume growth.

Gross revenue in H1 2026 was USD 48.3m (H1 2025: USD 132.1m), with net revenue of USD 7.8m for H1 2026 (H1 2025: USD 25.9m). The number of consumer journeys has decreased by 63% from 7.1 billion for TTM H1 2025 to 2.6 billion for TTM H1 2026. RPM decreased by 9% from USD 47 TTM to USD 43 TTM(3) as we transitioned from AFD to RSOC. Adjusted EBITDA decreased to a loss of USD 2.6m (H1 2025: profit of USD 8.5m). Next-generation monetisation increased to 90.1% of segment revenue in H1 2026 (H1 2025: 23.7%). The segment returned to profitability on an adjusted EBITDA basis in June 2026, and legacy AfD revenue, already negligible in H1, has been nil in H2 2026 to date. The operating environment remains dynamic: demand partners continue to adjust formats and policies, which can move yields in either direction, and progress may not be linear. The segment nonetheless entered the second half with a stronger revenue base and a leaner cost base than it entered the first, and its commerce media activities are weighted to the fourth quarter. The Board continues to expect a profitable second half for the segment.

Current trading and outlook

Trading since the period end has been in line with the Board's expectations. With the Group's earnings traditionally weighted to the second half, the Board is confident of a stronger second half and a return to year-on-year earnings growth in H2 2026. Net debt is expected to reduce significantly over the second half and to be broadly in line with market consensus at the year end. The strategic review is at an advanced stage, with discussions ongoing with a view to reaching a transaction in the near term, while the Board remains engaged with multiple parties interested in all or parts of the division. The Board reaffirms its expectation of a valuation materially exceeding USD 160 million; any agreed transaction is expected to complete around the year end. There can be no certainty that a transaction will be agreed.

Antitrust damages claim

The Group continues to pursue its damages claims arising from conduct established by final regulatory decisions. Courts in several jurisdictions have ruled favourably for claimants in comparable follow-on proceedings. The claims are self-funded, which the Board assessed as economically superior to litigation funding given the final regulatory decision. A successful outcome could be material in the context of the Company's current market capitalisation; the outcome, timing and amount of any recovery remain uncertain, and no assets have been recognised in these financial statements.

Michael Riedl

Chief Executive Officer

• Based on analysis of c.79% of the DIS segment which can be adequately and reliably described by this KPI
• Based on analysis of c.83% of the Comparison segment which can be adequately and reliably described by this KPI
• Based on analysis of c.80% of the Search segment which can be adequately and reliably described by this KPI

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.

• Share capital represents the nominal value of the Company's cumulative issued share capital.
• Merger relief reserve represents the cumulative excess of the fair value of consideration received for the issue of shares in excess of their nominal value less attributable shares issue costs and other permitted reductions, where the consideration for the shares in another company includes issued shares, and 90% of the equity is held in the other company
• Share-based payment reserve represents the cumulative value of share-based payments, excluding related employment taxes, recognised through equity and deferred tax assets arising thereon.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

• General information
• Basis of preparation

The financial results for the six months ended 30 June 2026 have been prepared in accordance with the accounting policies outlined in the Group's 2025 statutory financial statements and comply with the disclosure requirements of IAS 34: Interim Financial Reporting.

The unaudited financial results are condensed and do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The financial statements for the year ended 31 December 2025, upon which the auditors issued an unqualified opinion, are available on the Group's website and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

Going concern

As at 30 June 2026, the Group had access to over USD 78.2 million of liquidity, comprising cash and cash equivalents of USD 52.0 million and access to an undrawn Revolving Credit Facility (RCF) of USD 26.2 million. In considering whether the Group's financial statements can be prepared on a going concern basis, the Directors have reviewed the Group's business activities together with factors likely to affect its performance, financial position and access to liquidity, including consideration of financial covenants.

The Group has net current liabilities of USD 28.1 million at 30 June 2026. Current liabilities include USD 29.5 million of liabilities not expected to result in a cash outflow in the foreseeable future, comprising deferred revenue of USD 8.3 million and payments received on account from customers of USD 21.2 million. Excluding these liabilities, the Group has net current assets of USD 1.4 million.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Segment analysis

Operating segments are organised around the products and services of the business and are prepared in a manner consistent with the internal reporting used by the Chief Operating Decision Maker (CODM) to determine allocation of resources to segments and to assess segmental performance. The CODM comprises the Board of Directors. The CODM is not provided with operating segment assets and liabilities, nor segmental cash flows arising from the operating, investing and financing activities, and therefore this is not disclosed. The Group has three reporting segments, Domains, Identity & Software (DIS), Comparison and Search.

Management reviews the activities of the Group in the segments disclosed below:

Six months ended 30 June 2026

The Group's revenue is invoiced directly to the following geographical areas:

Restructuring costs represent employee severance costs and related costs.

Strategic review relates to costs incurred in evaluating a range of potential options for the Group and its segments, including external advice undertaken to assess opportunities to enhance Shareholder value.

Acquisition and integration costs include expenses arising from merger and acquisition activity, together with legal and other professional fees incurred to protect the Group's acquired interests, and integration costs relating to activities undertaken to integrate acquisitions.

Net finance costs

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Earnings per share

Earnings per share has been calculated by dividing the consolidated loss after taxation attributable to ordinary Shareholders by the weighted average number of ordinary shares in issue during the period, plus vested options, as these options have little or no exercise price, less shares held in treasury and by the Group's Employee Benefit Trust.

Due to the loss made in the periods ending 30 June 2026, 30 June 2025 and 31 December 2025, the impact of the potential shares to be issued on exercise of share options would be anti-dilutive and therefore diluted earnings per share is reported on the same basis as basic earnings per share.

Business combinations

Deferred consideration payments

A deferred consideration payment of USD 0.2 million was made in March 2025 for the acquisition of Adrenalads LLC.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Share buyback programme and Employee Benefit Trust

At 30 June 2026 the Employee Benefit Trust ("EBT") held 4,379,054 shares (31 December 2025: 4,894,178 shares, 30 June 2025: 5,335,635 shares). During the six months ended 30 June 2026, 252,498 share options were exercised and 1,468,416 share options were forfeited.

Shares held in treasury represent shares repurchased under the Company's share buyback programme.

The number of issued ordinary shares, shares held by the EBT and in treasury, and outstanding share options is as follows:

GLOSSARY

Adjusted earnings per share

Adjusted EBITDA

Adjusted EBITDA conversion

Adjusted EBITDA conversion refers to the percentage of net revenue that is converted into Adjusted EBITDA in the period.

Adjusted operating cash conversion

Net debt

Next-generation monetisation revenue

Revenue generated from emerging monetisation models such as Related Search on Content (RSOC) and commerce media services.

Non-core operating expenses

Pro forma revenue

Revenue by geographical location of indirect consumer

Revenue per domain year

Revenue per thousand sessions ('RPM')

Revenue generated for every thousand sessions or visits to a website.

Revenue per visitor session

Revenue generated from each visitor session to a website.

Top-Level Domain or 'TLD'

Value-Added Revenue

Revenue from owned and operated services provided to customers including registry services, SaaS ad-tracking, SSL and trustees services.

[1] Leverage is calculated in accordance with the Group's Facilities Agreement: net debt as defined in note (iii), (a) excluding prepaid finance costs, (b) plus guarantee obligations, and (c) plus the best estimate of any crystallised deferred consideration payable in cash, divided by trailing twelve months' EBITDA adjusted for rental expenses capitalised under IFRS 16 and non-core expenses. The accounting basis divides reported net debt by reported TTM adjusted EBITDA. Interest cover is calculated on the same Facilities Agreement basis.