1 September 2025

 Team Internet Group plc

("Team Internet" or the "Company" or the "Group")

 UNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025

Resilient cash generation, accelerating RSOC adoption and international e-commerce sales, and important contract wins resulting from disciplined execution of transformation strategy

Team Internet Group plc (AIM: TIG, OTCQX: TIGXF), the global internet company that generates recurring revenue from creating meaningful and successful connections: businesses to domains, brands to consumers, publishers to advertisers, is pleased to announce its unaudited financial results for the six months ended 30 June 2025 ("H1 2025").

On 4 March 2025, the Company updated its near-term guidance following changes in the Google ecosystem and reaffirmed its confidence in Team Internet's fundamental prospects and outlined initiatives under review to maximise shareholder value. The Board highlighted the Group's highly profitable and cash-generative profile and confirmed that options to maximise shareholder value remain under review, including optimising capital allocation and assessing asset ownership.

Since then, all three segments have delivered well against their strategic objectives: DIS has secured important new contracts, Comparison is successfully scaling internationally, and Search is advancing through the transition to RSOC with strong market validation. Group-wide efficiency initiatives are delivering additional resilience and future profitability. Further detail on these developments and on the Group's strategic priorities is set out in this announcement below.

Financial summary

·    Gross revenue was USD 263.9 million (versus six months ended 30 June 2024 ("H1 2024"): USD 409.7 million), reflecting the planned transition away from legacy AFD monetisation

·    Net revenue (gross profit) was USD 72.8 million (H1 2024: USD 97.7 million), with gross margin expanding from 23.8% to 27.6%

·    Adjusted EBITDA⁽ⁱ⁾ was USD 24.6 million (H1 2024: USD 46.6 million), representing 33.8% of net revenue (H1 2024: 47.7%) reflecting a reduction of core operating expenses to USD 48.2 million (H1 2024: USD 51.1 million)

·    Operating loss of USD 7.0 million (H1 2024: operating profit of USD 22.9 million), reflecting the decline in EBITDA together with non-cash items including an impairment charge and foreign exchange losses

·    Loss after tax of USD 14.1 million (H1 2024: profit of USD 9.8 million)

·    Adjusted EPS (diluted) was USD 5.93 cents (H1 2024: USD 10.92 cents)

·    Adjusted operating cash flow was USD 26.9 million (H1 2024: USD 40.6 million)

·    Adjusted operating cash conversion⁽ⁱⁱ⁾ of 109% (H1 2024: 87%), resulting from disciplined working capital management

·    Net debt⁽ⁱⁱⁱ⁾ reduced to USD 93.3 million (31 December 2024: USD 96.4 million, 30 June 2024: USD 109.9 million), despite USD 6.7 million in share buybacks during H1 2025

·    Leverage was 1.7x adjusted EBITDA for Trailing Twelve Months ("TTM") 30 June 2025 (TTM 31 December 2024: 1.2x, TTM 30 June 2024: 1.2x) and Interest cover was 4.4x TTM 30 June 2025 (TTM 31 December 2024: 5.9x, TTM 30 June 2024: 6.8x), with access to USD 154.9 million of liquidity

Operational and corporate summary

·    In the Group's Domains, Identity & Software ("DIS") segment, Team Internet, secured several more highly coveted international accounts, including a 10-year consortium contract to operate Colombia's .co top-level domain

·    Comparison is scaling internationally: the relaunched France portal is already profitable, Italy and Spain are nearing breakeven, and the UK portal was recently launched. International Gross Merchandise Value ("GMV") represented 5% of segment GMV for H1 2025 versus near zero a year ago, demonstrating clear traction

·    The Search segment is progressing through its realignment from AFD to RSOC. The share of RSOC and other next-generation monetisation gross revenue grew by 20% from 4% to 24%, underscoring strong momentum

Outlook:

The first half of 2025 was a period of strategic transformation. Each segment has been repositioned to be more resilient, with modernised products, expanded addressable markets and a streamlined cost base. Most of the financial benefits of these initiatives will crystallise during the course of H2 2025.

In DIS, there was an unprecedented number of net contract wins in H1 2025. As these contracts become revenue generating in H2 2025, they provide visibility into continued net revenue growth in 2026 and beyond. Platform consolidation completed in H1 2025 will also deliver increasing benefits through H2 2025. Together, these factors underpin continued double-digit EBITDA growth, reinforcing DIS as the Group's infrastructure anchor.

Comparison softened early in H1 2025 and returned to growth towards the end of the period based on strong answers to the general challenges of search engines. We expect a second half weighted performance in line with normal seasonality. As international portals mature, the international expansion will shift from investment to cash flow contribution, as already demonstrated by France.

In Search, we are pivoting our social-to-search workflows from AFD to RSOC. RSOC delivers a much richer advertiser and consumer experience, which results in materially higher click prices. At the same time, we also scale our commerce media and viral video solutions. These next-generation monetisation models grew 160% year-on-year and now account for nearly a quarter of this segment's revenue. Given the resilience of the traditional formats and the success of the next-generation formats, we already see early signs of net revenue growth compared to late H1 2025. With further growth and ongoing optimisation, we expect net revenue to continue to recover.

The Group's operational fundamentals are improving. The Board continues to believe in the Group's resilience and growth trajectory. The Group will continue to prioritise sustainable growth, margin improvement and shareholder value creation as it navigates the remainder of 2025. This includes implementing additional growth and operational efficiency initiatives, optimising its capital allocation strategy, and a review of asset ownership.

The Board remains confident in the Group's outlook: resilient infrastructure revenues in DIS, profitable scaling in Comparison, and the structural shift to RSOC in Search, all underpinned by disciplined execution.

CEO Comment

Michael Riedl, CEO of Team Internet, commented: "The first half of 2025 was defined by disciplined execution of our transformation strategy, in response to changing market circumstances in Search. We took bold but necessary steps to modernise our products, expand our addressable market, and improve our cost base. Our performance improvement programme is targeting a USD 24 million reduction in the 2026 cost base versus 2024, on a like-for-like basis. This inevitably included saying farewell to more than 200 colleagues, to whom I extend my sincere thanks for their contributions.

"Two and a half years into the transformation of DIS, the business has never been stronger. Numerous wins of highly contested RFPs and limited churn speak volumes about the competitiveness of our services. The quality and tenure of our customer base across the webhosting, e-commerce and cybersecurity industries, validates our role as the backbone for critical internet infrastructure.

"Our Comparison business is scaling across Europe and soon beyond. France is already profitable, Spain and Italy are approaching breakeven, the UK launch is live, and the US is next. Soon we will delight consumers from Berlin to Barcelona to Boston. These launches materially expand our addressable market and create long-term upside. Major innovations in user acquisition and conversion are setting new standards for the industry.

"And Search is evolving as a materially higher quality business model. The proof of concept is complete, product-market fit is strong. From here on it is all about execution. Having started last in AFD and still having reached global market leadership through strict white-hat policies and extreme automation with machine learning and artificial intelligence, we are confident that applying same principles will also establish us as the dominant player in RSOC and next-generation monetisation.

"We operate a balanced portfolio of profitable, market-leading assets in carefully curated niches with strong brands, technology and talents. We continue to optimise and develop each segment, while exploring ways to maximise shareholder returns, including capital allocation and reviewing asset ownership.

 "Our progress in H1 2025 was only possible because of the dedication of our people and the continued support of our shareholders. With disciplined execution and a clear strategy, we are creating even more resilient businesses with lasting value for our people, customers, and our shareholders alike."

Results presentation:

There will be a webinar/conference call for equity analysts at 10:00am UK time today. This event will be hosted by CEO Michael Riedl and CFO William Green.

Anybody wishing to register should contact teaminternet@secnewgate.co.uk, where further details will be provided.

Further, an Investor Meet Company session will be held at 12:00pm UK time today: https://www.investormeetcompany.com/team-internet-group-plc/register-investor

Investors who already follow Team Internet Group plc on the Investor Meet Company platform will automatically be invited. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9:00am the day before the meeting or at any time during the live presentation.

⁽ⁱ⁾Earnings before interest, tax, depreciation, amortisation and impairment, non-core operating expenses, foreign exchange gains and losses and share-based payment expenses

⁽ⁱⁱ⁾Adjusted operating cash conversion refers to the percentage of Adjusted EBITDA that is converted into operating cash in the period. Operating cash flows are adjusted for non-recurring working capital items

⁽ⁱⁱⁱ⁾Includes cash (USD 76.6m), bank debt and prepaid finance costs (USD 169.7m) and hedging liabilities (USD 0.2m) as of 30 June 2025 (31 December 2024 cash (USD 88.3m), bank debt and prepaid finance costs (USD 184.9m) and hedging assets (USD 0.2m))

Enquiries

For further information, please contact:

Team Internet Group plc                                                                                         +44 (0) 203 388 0600

Michael Riedl, Chief Executive Officer

William Green, Chief Financial Officer

Zeus Capital Limited (NOMAD and Joint Broker)

Nick Cowles / James Edis (Investment Banking)                                                  +44 (0) 161 831 1512

Dominic King (Corporate Broking)                                                                          +44 (0) 203 829 5000       

Berenberg (Joint Broker)                                                                                        +44 (0) 203 207 7800

Mark Whitmore / Richard Andrews

SEC Newgate (for media)                                                                                        +44 (0) 203 757 6880

Bob Huxford / Harry Handyside / Gwen Samuel                                      teaminternet@secnewgate.co.uk

Forward-Looking Statements

This document includes forward-looking statements. Whilst these forward-looking statements are made in good faith, they are based upon the information available to Team Internet at the date of this document and upon current expectations, projections, market conditions and assumptions about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Group and should be treated with an appropriate degree of caution.

About Team Internet Group plc

Team Internet (AIM: TIG, OTCQX: TIGXF) creates meaningful and successful connections from businesses to domains, brands to consumers, publishers to advertisers, enabling everyone to realise their digital ambitions. The Company is a leading global internet solutions company that operates in two highly attractive markets: domain name management, identity and software solutions (DIS segment) and high-growth digital advertising (Comparison and Search segments). The DIS segment is a critical constituent of the global online presence and productivity tool ecosystem, where the Company serves as the primary distribution channel for a wide range of digital products. The Company's Comparison and Search segments create privacy-safe and AI-generated online consumer journeys that convert general interest online media users into confident high conviction consumers through advertorial and review websites. The Company's high-quality earnings come from subscription recurring revenues in the DIS segment and revenue share on rolling utility-style contracts in the Comparison and Search segments.

For more information please visit: www.teaminternet.com

MANAGEMENT COMMENTARY ON GROUP PERFORMANCE

Introduction

We reported gross revenue of USD 263.9 million and net revenue of USD 72.8 million, with adjusted EBITDA of USD 24.6 million.

Performance review

Segment Highlights

The Group's reporting segments performed as follows during the period:

Reporting Segment Notes

^A Comprises the former Online Presence segment and the Voluum SaaS business

B Comprises VGL Publishing AG and its affiliates and businesses, operating product comparison websites such as Vergleich.org

^C Represents the former Online Marketing segment, less Comparison and Voluum

^* DIS net revenue grew by 3.3% year-on-year on a pro forma basis, after adjusting for the impact of the InterNexum disposal in FY2024

DIS segment

The DIS segment, which enables businesses and individuals to establish and protect their digital presence, starting with a domain name, delivered stable performance in H1 2025. The DIS segment continues to serve its global subscriber base through both direct and indirect channels.

Gross revenue in this segment increased by 2% to USD 103.9 in H1 2025 (H1 2024: USD 102.0m) reflecting steady demand across both direct and indirect channels. Net revenue increased to USD 37.9m (H1 2024: USD 37.5m), with a margin of 36.5% (H1 2024: 36.8%). Adjusted EBITDA increased 29% to USD 10.7m (H1 2024: USD 8.3m) as the ongoing benefits of operational optimisation continued to contribute.

The number of processed domain registration years decreased by 4% from 13.4m for TTM H1 2024 to 12.9m for TTM H1 2025, and the average revenue per domain year increased by 7% from USD 11.92 to USD 12.79⁽²⁾. The share of Value-Added Revenue within DIS increased to 17% (H1 2024: 16%).

Comparison segment

The Comparison segment, which connects users initiating product searches with leading e-commerce platforms and marketplaces, experienced a softer period of performance compared to a particularly strong H1 2024. This reduction was most notable at the start of H1 2025, with a return to growth by the end of H1 2025 based on strong answers to the known challenges of search engines. Gross revenue in H1 2025 was USD 27.9m (H1 2024: 31.2m), with net revenue of USD 9.0m in H1 2025 (H1 2024: USD 11.0m). Adjusted EBITDA in H1 2025 was USD 5.4m (H1 2024: USD 7.4m) reflecting the decrease in net revenue observed in the same period.

In the trailing twelve months to 30 June 2025, the number of visitor sessions to our websites increased slightly to 179.3m from 177.5m a year ago. In the same period, the revenue generated per 1,000 visits increased slightly to USD 236 from USD 235 a year ago⁽²⁾.

The second half of the year is typically stronger for the Comparison segment due to seasonal trends in consumer behaviour. This pattern is expected to hold in 2025, supported by incremental contributions from the Group's ongoing international expansion efforts.

Search segment

Our Search segment aims to become the leading Digital Audience Matching platform. We match audiences and advertisers between platforms that are not innately integrated, such as linking social media users with search ad campaigns on leading search engines, programmatic display, and video ad inventory.

The Search segment is undergoing a strategic transformation from AFD ("AdSense For Domains") to RSOC ("Related Search On Content"). RSOC integrates contextually aligned content with search results rather than pure ads, responding to advertiser demand for higher-quality engagement. Early validation is clear, with notably higher click prices. The current focus is on refining the workflows to adapt to changes in consumer behaviour within this new experience. As user engagement with RSOC increases, we expect margins to align with or exceed historical levels, shifting the profitability curve of our campaigns upward and ultimately restoring or surpassing past profit contributions. This process will take several quarters to complete.

Gross revenue in H1 2025 was USD 132.1m (H1 2024: USD 276.5m), with net revenue of USD 25.9m for H1 2025 (H1 2024: USD 49.2m). The number of consumer journeys has increased by 15% from 6.1 billion for TTM H1 2024 to 7.1 billion for TTM H1 2025. Click prices on the remaining AFD business, which still contributed the bulk of revenue in H1 2025, continue to be under pressure due to the new opt-in requirement for the demand (revenue) side, with RPM decreasing by 46% from USD 88 TTM to USD 47 TTM⁽¹⁾. Click prices on the supply (cost of sales) side show high elasticity, leaving margins in line with prior years. Adjusted EBITDA decreased to USD 8.5m (H1 2024: USD 30.9m), less than the decrease in net revenue, showing the initial impact of organisational streamlining within the segment, put in place as a response to changes in Google's monetisation programmes.

Michael Riedl
Chief Executive Officer

⁽¹⁾ Based on analysis of c.74% of the DIS segment which can be adequately and reliably described by this KPI

⁽²⁾ Based on analysis of c.71% of the Comparison segment which can be adequately and reliably described by this KPI

⁽³⁾ Based on analysis of c.85% of the Search segment which can be adequately and reliably described by this KPI

·      Share capital represents the nominal value of the Company's cumulative issued share capital.

·      Merger relief reserve represents the cumulative excess of the fair value of consideration received for the issue of shares in excess of their nominal value less attributable shares issue costs and other permitted reductions, where the consideration for the shares in another company includes issued shares, and 90% of the equity is held in the other company

·      Share-based payment reserve represents the cumulative value of share-based payments, excluding related employment taxes, recognised through equity and deferred tax assets arising thereon.

·      Cash flow hedging reserve represents the effective portion of changes in the fair value of derivatives.

·      Foreign exchange translation reserve represents the cumulative exchange differences arising on Group consolidation.

·      Retained earnings represents the cumulative value of the profits not distributed to Shareholders but retained to finance the future capital requirements of the Group.