Team Internet Group (TIG) Q4 2025 TU earnings summary

Executive summary

• FY25 results met or exceeded analyst expectations, with strong cash generation and improved gross margins despite a challenging year for the Search segment.

• Strategic transition in Search impacted short-term revenue, but key performance indicators show progress in value-added services and geographic diversification.

• DIS and Comparison segments now generate about 80% of Group EBITDA, with a combined EBITDA CAGR of 26% since 2023.

Financial highlights

• Gross revenue for FY25 was $481.9M, down from $802.8M in FY24.

• Net revenue (gross profit) was $136.2M, down from $187.5M, with gross margin rising from 23.4% to 28.3%.

• Adjusted EBITDA was $42.7M, compared to $91.9M in FY24.

• Adjusted operating cash flow was $66.0M, with cash conversion at 155% (up from 108%).

• Net debt reduced to $87.6M from $96.4M, despite $6.9M in shareholder distributions.

Outlook and guidance

• Board reiterates trading in line with market expectations for FY26.

• Management expresses confidence in operational recovery and value creation through disciplined capital allocation and strategic actions.