Time Out Group (TMO) H1 2026 earnings summary

Executive summary

• Group adjusted EBITDA rose 23% year-over-year to £6.0m for H1 FY26, with Media returning to profitability and Markets maintaining growth through operational improvements and cost efficiencies.

• Strategic shift to capex-light management agreements and franchise models, with new Market openings in Budapest and Manhattan and upcoming launches in Vancouver, Abu Dhabi, and Delhi.

• Media audience reach surged 33% year-over-year to 244m monthly, driven by social media and direct sales growth in the UK and US.

• Closure of the Chicago Market and licensing of the Boston Market are expected to improve future cashflow and EBITDA.

Financial highlights

• Group revenue increased 2% year-over-year to £39.8m; Market revenue up 2% to £24.9m, Media revenue up 3% to £14.9m.

• Gross margin improved by 100bps to 84%; adjusted EBITDA margin rose 300bps to 15%.

• Media EBITDA swung from a £0.6m loss to £1.9m profit; Market EBITDA slightly declined 2% to £6.7m.

• Operating loss narrowed to £0.3m from £2.6m year-over-year, despite £3.1m in exceptional restructuring costs.

• Cash generated from operations was £2.2m, reversing a £2.2m outflow in the prior period.

Outlook and guidance

• Expectation for continued EBITDA improvement, supported by closure of underperforming sites and expansion of capex-light and franchise models.

• Pipeline of new management agreement Markets remains strong, with openings scheduled in Vancouver, Abu Dhabi, and Delhi (franchise) in 2026.

• Media division expects continued growth in audience reach, leveraging video and social media trends.

• GCC region operations face reduced footfall due to conflict, but all partners remain trading.

• Crestline £35m loan requires refinancing by November 2026.