Future (FUTR) H1 2026 earnings summary

Executive summary

• Revenue declined 8% year-over-year to £349.1m, with a 6% organic decrease, mainly due to pressures in programmatic advertising and eCommerce affiliates.

• Adjusted EBITDA fell 24% to £83.3m, with margin dropping to 24% from 29% last year.

• Adjusted diluted EPS decreased 22% to 46.4p, impacted by lower profit, higher depreciation, and financing costs.

• Cash generation remained strong, with adjusted free cash flow at £91.1m (109% of EBITDA).

• £52.9m was returned to shareholders via buybacks and dividends.

Financial highlights

• Gross margin at 71%, down 2 percentage points year-over-year due to revenue mix shift.

• Sales, marketing, and editorial costs increased by 2% to £129.5m, while admin and overhead costs decreased by 5% to £36.3m.

• Adjusted operating profit margin dropped to 21% from 27%.

• Net debt increased to £314.1m (1.6x leverage), with strong liquidity and committed facilities to 2029/2030.

• Adjusted free cash flow conversion remained robust at 109%.

Outlook and guidance

• FY 2026 organic revenue expected to decline mid-single digits, with programmatic and e-commerce declines offset by growth in direct advertising.

• EBITDA margin guidance is 25%-27%, with cash conversion around 90%.

• Leverage expected to remain at 1.6x-1.7x by year-end, with a medium-term target to reduce to 1x.

• Analyst consensus for FY 2026: Revenue £710m, EBITDA £183m.

• Confidence in achieving sustainable revenue growth and strong cash generation in the medium term.