Team Internet Group (TIG) H1 2026 TU earnings summary

Executive summary

• Trading for H1 2026 was in line with market consensus, behind H1 2025 but ahead of H2 2025, reflecting improved performance despite legacy revenue declines.

• DIS and Comparison segments showed strong momentum, with Search returning to profitability in June 2026 after completing its transition.

• The Board remains confident in a stronger second-half performance and expects a return to year-on-year earnings growth in H2 2026.

Financial highlights

• Gross revenue for H1 2026 was $179.1M, down 32% year-over-year and 18% sequentially.

• Net revenue (gross profit) was $61.0M, down 16% year-over-year but only 4% sequentially; gross margin improved to 34.1%.

• Adjusted EBITDA was $19.5M, a 21% decrease year-over-year but an 8% increase from H2 2025.

• Net debt increased to $117.5M as of June 30, 2026, primarily due to scheduled tax payments and contract non-renewal, not increased borrowings.

Outlook and guidance

• Earnings are typically weighted to the second half, supporting expectations for significant deleverage and stronger H2 2026 performance.

• The Board expects net debt to reduce significantly in H2 2026 and to align with market expectations by year-end, barring any major transactions.

• Strategic review of the DIS business is ongoing, with potential transaction completion expected during 2026.