Future (FUTR) H1 2026 TU earnings summary

Executive summary

• Organic search and audience-driven revenues are declining due to Google algorithm changes and increased zero-click searches, impacting programmatic and ecommerce revenues.

• Strategic initiatives, including AI-driven products and first-party data solutions, are gaining traction, with Google-Zero and AI-led revenue streams emphasized.

• SheerLuxe acquisition and Google Zero brands like Kiplinger and Ideal Home are outperforming expectations.

• Go.Compare returned to growth in March, supported by new product launches and car insurance growth, with B2B revenue declines moderating and growth expected in H2.

• B2C direct digital advertising in the UK and US shows year-on-year growth, with strong demand for Future Optic.

Financial highlights

• H1 organic revenues are down 6.5% year-over-year, broadly in line with management's expectations.

• Revenue mix has shifted toward lower-margin direct digital advertising and print, away from higher-margin e-commerce and programmatic.

• EBITDA margin for the full year is expected in the 25%-27% range, with H1 margin projected at 24-25%.

• Net free cash flow is circa GBP 100 million, excluding share buybacks.

• FY 2026 consensus: Revenue £738m, Adjusted EBITDA £221m, Adjusted EPS 131p.

Outlook and guidance

• Audience levels and sessions are expected to remain volatile, with declines of around -20% in H2, consistent with recent trends.

• E-commerce and programmatic revenues are projected to decline further in H2, while direct digital advertising and magazines are expected to grow.

• Go.Compare and B2B segments are forecasted to grow in H2.

• H2 organic revenue is anticipated to be down low single digits year-over-year.

• Full-year cash conversion is expected to be around 90% of EBITDA to adjusted free cash flow.