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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
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.H2 2025 earnings summary18 Dec, 2025
Executive summary
Revenue declined 7% year-over-year to £73.2m, with growth in Markets offset by a 26% drop in Media revenue.
Adjusted EBITDA fell 43% to £7.1m, driven by Media losses and higher operating expenses from new Market openings.
Operating loss widened to £49.7m, including £35.1m in non-cash impairments and £9.2m in exceptional restructuring costs.
A strategic review led to cost reductions and a focus on returning Media to EBITDA profitability in H1 FY26.
An £8m equity placing was announced to fund growth and restructuring, with strong shareholder support.
Financial highlights
Markets revenue grew 9% to £46.7m, benefiting from new openings in Porto and Barcelona.
Media revenue declined 26% to £26.6m due to industry headwinds and a shift to social media.
Gross margin improved by 1 percentage point to 83%.
Adjusted net debt increased to £44.3m (FY24: £33.0m); statutory net debt was £86.3m.
Cash at year-end was £2.6m, down from £5.9m.
Outlook and guidance
Four new Market openings expected in FY26, with a minimum of six by FY28.
Media business targeted to return to EBITDA profitability in H1 FY26, with ongoing revenue growth in key US and UK units.
Cost restructuring expected to generate £3.5m in annual savings.
Directors expect continued operational existence, but note material uncertainty due to refinancing needs and covenant risks.
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Next Time Out Group earnings date
H1 202620 Feb, 2026
Next Time Out Group earnings date
H1 202620 Feb, 2026
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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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