Team Internet Group (TIG) Investor presentation summary

Market positioning and business model

• Operates in three high-growth digital markets: domain infrastructure, online price comparison, and digital advertising, with expected CAGRs of ~7%, ~11%, and ~8% respectively through 2028.

• Provides mission-critical, recurring revenue services through annual subscriptions and utility-style contracts, with DIS accounting for ~50% of EBITDA.

• Asset-light model with minimal maintenance capex (<$2m p.a.) and structurally negative net working capital, supporting ~80% free cash flow conversion.

• Diversified across Americas, EMEA, and APAC, with no single customer accounting for more than ~21% of net revenue.

• DIS segment is a central infrastructure layer for the internet, supporting millions of domains globally and driving high customer stickiness.

Financial performance and segment trends

• Gross revenue grew from $109m in 2019 to $482m in 2025, with net revenue rising from $43m to $136m over the same period.

• Adjusted EBITDA increased from $18m in 2019 to $43m in 2025, despite a decline from a peak of $96m in 2023 due to Search segment transition.

• DIS and Comparison segments offset Search headwinds in 2025, with stabilization and renewed growth expected in 2026.

• Net revenue margins improved to ~28% in 2025, driven by a shift toward higher-margin segments.

• Free cash flow conversion averaged 80% since 2021, underpinned by low capex and negative working capital.

Strategic initiatives and growth drivers

• Focus on higher-value domain cohorts and value-added services in DIS, with revenue per domain year rising from $9.0 in 2020 to $12.6 in 2025.

• Comparison segment leverages paid traffic strategies and international expansion, now live in UK and US, with ~170m annual visitor sessions.

• Search segment transitioned from AdSense for Domains (AFD) to Related Search on Content (RSOC), with 62% of revenues from next-gen products by H2'25.

• Multiple organic growth levers include pricing optimization, international expansion, and next-gen monetization.

• Ongoing M&A activity supports platform scale and diversification.