Team Internet Group (LSE:TIG) reported full-year 2025 results that were broadly in line with, or ahead of, market expectations, demonstrating resilient profitability and strong cash generation despite a challenging operating environment.
Gross revenue for the year totalled $481.9 million, while net revenue reached $136.2 million. Although both measures declined compared with the prior year, the company improved its gross margin to 28.3% and maintained solid cash generation. Reported earnings were impacted by impairment charges, resulting in losses for the period.
The Domains, Identity & Software (DIS) and Comparison divisions continued to perform strongly and delivered results at the upper end of expectations. Meanwhile, the Search business underwent a significant transition away from AdSense, a move that weighed on EBITDA during 2025 but is expected to support improved profitability from the second half of 2026 onward.
Strong Start to 2026 Supports Recovery Outlook
Trading in the opening months of 2026 has remained encouraging. During the first five months of the year, Team Internet generated $148 million in gross revenue and delivered $16 million in adjusted EBITDA.
Both the DIS and Comparison segments recorded mid-teens growth in net revenue, while EBITDA increased by approximately 40% year on year, highlighting continued momentum across the company’s core operations.
Management believes these trends reinforce confidence in the group’s strategic direction and support expectations for improved performance as the Search division completes its transition.
Refinancing Enhances Financial Flexibility
The company has completed a refinancing of its debt facilities, extending maturities to October 2027 and providing greater covenant flexibility.
Management said the revised financing structure strengthens the balance sheet and provides additional headroom to execute strategic initiatives while supporting ongoing operational growth.
The refinancing is viewed as an important step in reducing near-term financial pressure and improving the group’s ability to pursue long-term opportunities.
Strategic Review Could Unlock Shareholder Value
Team Internet continues to evaluate strategic options across its portfolio and has indicated that the ongoing review could result in the disposal of its DIS segment.
The company believes such a transaction could unlock value and simplify the business structure while allowing greater focus on core growth areas.
In addition, the group is pursuing an antitrust damages claim against a major technology company. Management has indicated that any successful outcome could be significant relative to Team Internet’s current market capitalisation.
Outlook Balances Growth Opportunities and Financial Challenges
While operational performance remains encouraging, the company continues to face challenges linked to declining revenues in certain areas of the business and relatively elevated leverage levels.
Technical indicators remain cautious, with broader market trends signalling continued weakness in the share price. Valuation metrics are also affected by the company’s negative earnings profile, although the presence of a dividend provides some support for investors.
Against this backdrop, management believes the strategic review, operational improvements and refinancing programme provide a foundation for future value creation.
More About Team Internet Group
Team Internet Group is a global internet services company listed on AIM and OTCQX. The business generates recurring revenue through platforms focused on online identity, digital discovery and customer acquisition.
Its operations are organised across three principal segments: Domains, Identity & Software, Comparison and Search. Through these businesses, the company provides domain registration services, comparison platforms and search monetisation solutions to customers across a wide range of international markets.
Leave a Reply