Team Internet (LSE:TIG) reported an unaudited operating profit of USD 3.0 million for the first half of 2026, marking its first positive half-year operating result since 2024, as the group continued the transition of its Search business.
Net revenue was USD 61.0 million, with a gross margin of 34.1%. The company said its higher-margin DIS operation and growing Comparison business accounted for an increasing proportion of the group’s earnings following changes to Search.
Adjusted EBITDA was USD 19.5 million, equivalent to 32.0% of net revenue. Adjusted operating cash flow declined to USD 3.6 million, resulting in cash conversion of 18%.
Team Internet attributed the lower cash conversion to a one-off working capital impact associated with the non-renewal of a registry contract. Net debt increased to USD 117.6 million, also reflecting the working capital movement and USD 14.8 million of tax payments relating to previous years.
The company reported available liquidity of USD 78.2 million and said the board expects net debt to decline significantly during the second half of 2026.
Operationally, Team Internet reported growth in DIS and higher margins in its Comparison operation. The Search business, which has been reduced following its transition, returned to profit in June, according to the company.
Team Internet also said its strategic review has reached an advanced stage. Discussions remain underway regarding potential transactions involving all or parts of the division.
The company said potential transactions under discussion could result in a valuation materially above USD 160 million. No transaction has been confirmed in the supplied information, and the strategic review remains ongoing.
More about Team Internet Group
Team Internet Group plc is a global internet company operating across online presence and digital commerce.
Its DIS operation distributes domain names and related digital products through approximately 17,000 channel partners worldwide. According to the company, DIS supports registry platforms for more than half of the top 20 new top-level domains and serves small businesses, retail customers and larger enterprises.
The group’s digital commerce activities include Comparison and Search. Comparison operates consumer guidance platforms, including in Germany, while Search connects online audiences with advertisers through search-based advertising formats.
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