Team Internet Group (TIG) Trading Update summary

Financial performance and guidance

• FY 2024 gross revenue expected at USD 803 million, net revenue at USD 188 million, and adjusted EBITDA at USD 92 million, reflecting slight declines from 2023.

• Adjusted operating cash flow reached a record c.USD 95 million, with a 103% cash conversion rate.

• Net debt increased to c.USD 97 million, after share repurchases, dividends, and acquisition payments.

Segment performance

• Domains, Identity & Software (DIS) saw 7% revenue growth, 9% net revenue growth, and 46% EBITDA increase, driven by efficiency and operational leverage.

• Comparison segment delivered 43% revenue growth and 89% EBITDA growth, aided by AI-native platform and international expansion.

• Search segment experienced a 15% net revenue decline and 24% EBITDA drop due to market headwinds, with focus shifting to customer experience and brand trust.

Strategic and operational updates

• Enhanced segment reporting now separates Comparison as a standalone segment due to its growth.

• Shinez I.O Ltd. acquisition led to a non-cash impairment; restructuring underway to pivot to short-form video.

• Ongoing legal action against Shinez sellers; new management in place.