Future (FUTR) H2 2025 earnings summary

Executive summary

• FY 2025 revenue was £739.2 million, down 6% year-over-year, with organic revenue down 3%.

• Adjusted operating profit was £205.4 million, maintaining a 28% margin, flat year-over-year.

• Strong cash generation with 86% cash conversion of AOP and 96% underlying; leverage at 1.3x after returning £100 million to shareholders.

• Announced a five-fold increase in ordinary dividend to 17.0p and a new £30 million share buyback.

• Strategic focus on leveraging data, platform scalability, and AI monetisation to drive new revenue streams and efficiency.

Financial highlights

• Adjusted EPS declined 1% year-over-year to 123.0p, aided by share buybacks.

• Gross margin improved to 73%, up 2 percentage points year-over-year.

• Adjusted EBITDA was £223.4 million (30% margin, flat year-over-year).

• Adjusted free cash flow was £177 million after £16 million CapEx, with 86% conversion (96% underlying).

• Net debt increased modestly to £276 million, leverage at 1.3x; reported net debt leverage at 1.1x.

Outlook and guidance

• FY 2026 expected to deliver modest, H2-weighted revenue growth as strategic initiatives mature.

• Confident in achieving at least 30% EBITDA margin and 95% cash conversion.

• Medium-term ambition for sustainable revenue growth and cash generation, targeting 2%-4% annual growth from 2028.

• Analyst consensus for FY 2026: revenue £746.6 million, EBITDA £224.7 million.