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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
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Future (FUTR) investor relations material
Future H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary4 Dec, 2025
Executive summary
Revenue reached £739.2 million, down 6% year-over-year, with organic revenue down 3% as expected.
Adjusted operating profit was £205.4 million, maintaining a 28% margin, flat year-over-year.
Cash generation remained strong, with 86% cash conversion of AOP and 96% underlying.
A five-fold increase in the ordinary dividend to 17.0p and a new £30 million share buyback were announced, with £99.5 million returned to shareholders.
Strategic focus on leveraging AI, platform-driven growth, and diversified revenue streams to drive sustainable growth.
Financial highlights
Adjusted EPS declined only 1% year-over-year, aided by share buybacks.
Gross margin improved by 2 percentage points to 73%, reflecting a favorable revenue mix.
Adjusted EBITDA was £223.4 million (30% margin, flat year-over-year); all divisions maintained stable margins.
Adjusted free cash flow was £177 million after £16 million CapEx, with one-off items impacting free cash flow and leverage by 0.1x.
Net debt increased modestly to £276 million, with leverage at 1.1x net debt/EBITDA and £600 million in total facilities.
Outlook and guidance
FY26 revenue expected to show modest, H2-weighted growth as strategic initiatives ramp up.
EBITDA margin guidance at 30%, with cash conversion targeted at 95%.
Medium-term ambition for 2%-4% sustainable revenue growth, EBITDA margin at least 30%, and continued strong cash generation.
Analyst consensus for FY26: revenue £746.6 million, EBITDA £224.7 million.
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Frequently asked questions
Future plc is a UK-based media company that specializes in publishing and distributing content across a wide range of sectors, including games, technology, entertainment, sports, lifestyle, and business. The company operates through two main segments: Media and Magazine. It offers content through various platforms such as websites, magazines, videos, social media, and events, generating revenue from digital advertising, eCommerce, print and digital subscriptions, and lead generation services. The company is headquartered in Bath, UK, and is listed on the London Stock Exchange.
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