Future (FUTR) Trading update summary

Trading performance and outlook

• Group performance for the first four months aligns with expectations, with full-year results anticipated to meet market forecasts and a stronger second half expected.

• Direct digital advertising revenue in the UK and US continues to grow year-on-year, while programmatic advertising and eCommerce face challenges due to lower audience trends.

• Magazines revenue remains resilient, and B2B revenue is improving in the second quarter, though performance varies by end-market.

• Go.Compare's revenue decline is moderating, especially in car insurance, but profitability is pressured by PPC inflation; the Renewal app has relaunched.

Financial position and capital allocation

• H1 leverage is expected to be higher due to dividend payments, share buybacks, and the SheerLuxe acquisition, but leverage should decrease in H2 with strong cash generation.

• £30m share buyback program is underway, with £5m repurchased so far.

• FY 2026 consensus: revenue £745m, adjusted EBITDA £224m, adjusted EPS 132p.

Strategic initiatives and portfolio management

• Acquisition of SheerLuxe complements the portfolio and supports the platform effect.

• Ongoing review of portfolio to ensure all assets contribute to platform value and to return excess cash to shareholders.

• Strategy centers on growing engaged audiences, diversifying and increasing revenue per user, and optimizing the portfolio.