Future (FUTR) H1 2025 earnings summary

Executive summary

• Revenue for H1/HY 2025 was £378.4m, down 3% year-on-year, with adjusted operating profit of £100.7m (down 5%) and adjusted EBITDA of £109.8m (down 4%).

• Adjusted EPS rose 4% to 59.7p, supported by cost discipline and buybacks; statutory EPS up 31% to 38.0p.

• Over £43m returned to shareholders in the half, with a new £55m share buyback announced.

• Strategic focus on audience growth, monetization, innovation, and cost management amid macro uncertainty.

• Portfolio optimization included brand closures and acquisitions (RNWL, Kwizly) to enhance engagement and data.

Financial highlights

• Revenue: £378.4m (down 3%); adjusted operating profit: £100.7m (down 5%); adjusted EBITDA: £109.8m (down 4%).

• Adjusted operating margin held at 27%; gross margin up 1ppt to 73%.

• Statutory operating profit: £69.1m (up 8%); statutory EPS: 38.0p (up 31%).

• Adjusted free cash flow: £111.5m, with 111% conversion; net debt reduced to £241.2m.

• Over £112m returned to shareholders in the last 18 months.

Outlook and guidance

• FY 2025 organic revenue expected to decline by low single digits; margin guidance at 28%.

• U.S. digital ad market stabilized in Q3 after March softness; cautious outlook for H2.

• Company consensus for FY 2025 AOP is £216.5m; technical guidance unchanged.

• Trading update for Q3 and full-year outlook to be provided in July.

• Beyond FY 2025, accelerating organic revenue growth is anticipated.