Team Internet Group plc (TIG): Search segment Google changes

This situation live

TIG Team Internet Group plc

£90m · 35.0p · −19% since the first step

11 Nov 2025 · AFD sunset complete; RSOC ramp-up delayed · −16% until the next step Google materially completed the sunset of its AdSense for Domains (AFD) product earlier than anticipated.

16 Mar 2026 · Next-generation revenue now 39.1% of Search · −20% until the next step The proportion of next-generation monetisation revenue within the segment increased to 39.1% (FY2024: 4.7%)

24 Apr 2026 · AFD to RSOC transition substantially complete · +24% until the next step The transition of the Search segment from AFD to RSOC is now substantially complete, positioning the segment for more stable performance going forward.

15 Jun 2026 · AFD transition complete; profitability improving · +2% until the next step 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 l

24 Jul 2026 · Transition complete; profitable in June 2026 · +0% until the next step Search, its transition complete, returned to profitability in June 2026

7 Sep 2026 · Transition complete; profitable in June · −17% since 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.

Segment turn

Search segment Google changes

Transition complete; profitable in June

Next: profitable second half for Search

Every step · 6

11 Nov 2025 AFD sunset complete; RSOC ramp-up delayed – Google materially completed the sunset of its AdSense for Domains (AFD) product earlier than anticipated. ↗
16 Mar 2026 Next-generation revenue now 39.1% of Search – The proportion of next-generation monetisation revenue within the segment increased to 39.1% (FY2024: 4.7%) ↗
24 Apr 2026 AFD to RSOC transition substantially complete – The transition of the Search segment from AFD to RSOC is now substantially complete, positioning the segment for more stable performance going forward. ↗
15 Jun 2026 AFD transition complete; profitability improving – The transition away from AdSense for Domains and towards next-generation monetisation is now complete and, following a period of industry consolidation, TIG... ↗
24 Jul 2026 Transition complete; profitable in June 2026 – Search, its transition complete, returned to profitability in June 2026 ↗
7 Sep 2026 Transition complete; profitable in June – 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. ↗

What is happening

Team Internet Group plc: Search segment Google changes – Transition complete; profitable in June. ['Transition complete; profitable in June']

In short: Search was hit by Google's AdSense for Domains changes from late 2025. The 7 September 2026 results confirm the transition to RSOC is complete and legacy AFD revenue is nil in H2 to date. Search returned to profit in June after an H1 adjusted EBITDA loss of USD 2.6m. The Board expects a profitable second half, while warning progress may not be linear.
Announced: 11 Nov 2025 · AFD sunset complete; RSOC ramp-up delayed
Latest: 7 Sep 2026 · Transition complete; profitable in June
H1 EBITDA: Search adjusted EBITDA loss USD 2.6m vs profit USD 8.5m in H1 2025
Milestone: Returned to adjusted EBITDA profit in June 2026
Drivers: Efficiency gains, disciplined yield management, scaling of Related Search on Content
Next-gen share: Next-generation monetisation 90.1% of segment revenue in H1 2026 (H1 2025: 23.7%)
Board view: Continues to expect a profitable second half for the segment

What comes next

profitable second half for Search.

From the company's own announcements. Not investment advice.

Briefing

Team Internet Group plc in 3 minutes

Team Internet sells domain names and runs product-comparison sites and online ad-matching platforms. It reported record profit for 2023, then lost most of its Search earnings when Google changed its ad programme:...

Act 1Record profits, buybacks and a rebrand
Act 2Google changes the rules, and a bid goes nowhere
Act 3Rebuilding Search, then a strategic review

Read the briefing →

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