LBG Media (LBG) Q4 2026 TU earnings summary

Full-year performance

• FY26 revenue expected at ~£106.0m vs £92.2m in FY25, up 16% at constant currency and 8% organically.

• Adjusted EBITDA expected at ~£16.5m vs £25.2m in FY25, down 35% as previously indicated; organic decline was 40%.

Revenue mix

• Direct revenue grew 69% YoY and 57% organically, with continued strong contribution from Betches in the U.S.

• Indirect revenue fell 50%, reflecting sector-wide declines in Facebook video and web revenues; investment is focused on original content and IP monetisation, with YouTube a growing focus.

Uncovered and balance sheet

• Uncovered, acquired on 19 June 2026, generated ~£6.1m revenue and ~£1.5m adjusted EBITDA through 30 September, and traded ahead of Board expectations.

• Net debt was £5.8m at 30 September 2026, versus FY25 net cash of £30.1m; the change reflected the £27m initial Uncovered payment, lower Indirect profitability and continued content investment.