Team Internet Group (TIG) Q2 2026 earnings summary

Executive summary

• Delivered first half-year operating profit since H1 2024, with results in line with guidance and consensus, marking a successful turnaround and end to a major business transition.

• Comparison segment emerged as a strong second earnings pillar, with significant growth and operational leverage.

• Search segment completed its transition, returned to profitability in June, and maintained positive momentum through July and August.

• Strategic review of DIS at an advanced stage, with multiple parties interested and value expected to materially exceed $160 million; Board reaffirming value expectations.

• Strengthened balance sheet, advanced refinancing options, and improved segmental performance.

Financial highlights

• Gross revenue: $179.1 million, down 32–33% year-over-year, reflecting Search transition.

• Net revenue: $61.0 million, gross margin up to 34.1% from 27.6% year-over-year.

• Adjusted EBITDA: $19.5 million, down year-over-year but ahead of H2 2025, representing 32% of net revenue.

• Operating profit: $3.0 million, first positive half-year result since H1 2024.

• Adjusted EPS: 3.24 cents, positive after all deductions and amortization.

• Net debt: $117.6 million as of June 30, expected to fall to ~$93.8–100 million by year-end.

• Liquidity at June 30: $78.2 million (cash $52.0 million, undrawn RCF $26.2 million).

Outlook and guidance

• Expect stronger second half due to seasonal weighting, especially in e-commerce and advertising.

• Net debt anticipated to fall significantly by year-end, with deleveraging focus.

• Board confident in return to year-on-year earnings growth in H2 2026.

• Strategic review of DIS expected to conclude near year-end, with value focus over speed and valuation materially exceeding $160 million.