Time Out Group
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Time Out Group (TMO) investor relations material

Time Out Group H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary18 Dec, 2025

Executive summary

  • Group revenue fell 29% to £73.2m (FY24: £103.1m), mainly due to a change in revenue accounting policy and a 26% decline in Media revenues, partially offset by 9% growth in Market revenues.

  • Adjusted EBITDA dropped 43% to £7.1m (FY24: £12.4m), with Group operating loss widening to £49.7m (FY24: £0.4m loss), driven by £35.1m impairment and £9.2m exceptional items.

  • Net loss for the year was £63.8m (FY24: £5.5m loss), with no dividend recommended.

Financial highlights

  • Market revenue rose 9% to £46.7m, while Media revenue fell 26% to £26.6m.

  • Gross margin improved to 83% (FY24: 82%).

  • Adjusted net debt increased to £44.3m (FY24: £33.0m); total net debt including leases was £86.3m (FY24: £73.4m).

  • Cash and cash equivalents decreased to £2.6m (FY24: £5.9m).

  • Impairment charges of £35.1m recognized, mainly for underperforming Markets and Media units.

Outlook and guidance

  • Strategic actions and cost reductions of £10m annualized are expected to improve profitability in FY26.

  • FY26 trading to date is in line with management expectations, showing material improvement over FY25.

  • Management expects Media to return to EBITDA profitability in H1 FY26.

  • Going concern basis adopted, but material uncertainty exists due to required refinancing of €34.4m Crestline loan by Nov 2026 and reliance on new equity placing.

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Frequently asked questions

Time Out Group plc is a global media and hospitality company with a diversified portfolio that includes both digital and physical platforms. Founded in 1968, the company operates through two main segments: Time Out Market and Time Out Media. The Time Out Market segment is renowned for its food and cultural markets that feature a mix of local specialities from top chefs, while the Time Out Media segment focuses on digital and print advertising, local marketing solutions, live events tickets, and franchise activities. The company's headquarters are located in London, United Kingdom, and its shares are listed on the London Stock Exchange.

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