Future plc publishes 2026 half year results

Future plc, a global platform for specialist media, has published its results for the half-year ended 31 March 2026.

Future reports as follows:

Kevin Li Ying, Future's chief executive, said: “I am encouraged by the strategic progress we have made in the half-year despite the challenging backdrop, which impacted trading in programmatic advertising and eCommerce.

"In the age of AI, our trusted, human-originated and specialist content is more important than ever. We are making meaningful progress leveraging our market-leading AI-visibility as a new source of revenue through products such as Future Optic, which offers tailored generative AI optimisation services to leading brands across verticals, and Signal, which is our multi-channel ecommerce solution for an AI world. We are also harnessing Go.Compare’s strengths, technology and innovation to further enhance its market position.

“We are focused on continuing to progress our brand and content strategy to become brand destinations to drive renewed organic growth, ensuring we amplify our significant audience reach and diversify into faster growing segments. With our innovative and growth mindset we create new monetisable products and deploy them across our brands, whilst continuing to optimise legacy revenue streams.

“We remain financially disciplined. Where brands and assets don't deliver the platform effect, the Board will look to unlock value from them.

"There is much more to come and we are confident that our strategy will return Future to sustainable growth."

• Revenue was down (8)% year-on-year at £349.1m (HY 2025: £378.4m), with (6)% organic decline, the benefit of 10 weeks of SheerLuxe revenue offset by FX and closures. Across the divisions:
• B2C - the Group’s largest division - organic revenue decline of (6)% for the period driven by previously announced reduction in programmatic advertising and ecommerce affiliates with growth in direct advertising and good performance in other revenue lines supported by the execution of our strategic initiatives.
• Go.Compare revenue declined (6)%, reflecting the anticipated lower car quote volumes compared to the heightened activity in Q1 2025, combined with a challenging home market. Trends are now easing with Q2 revenue only down (3)%, including growth in March.
• B2B revenue continues to be challenging with a (7)% organic decline but with clear improvement in Q2 only down (2)%. The decline was driven by Education, Retail and Financial services with strong growth in Tech.
• Adjusted EBITDA margin was (5)ppt lower than last year at 24% as previously communicated (HY 2025: 29%), largely driven by revenue mix reflecting the impact of lower programmatic and ecommerce affiliate high-margin revenue. This resulted in an adjusted EBITDA decline of (24)% to £83.3m (HY 2025: £109.8m). Statutory operating profit was down (53)% to £32.7m (HY 2025: £69.1m), reflecting lower adjusted EBITDA combined with higher transaction and integration-related costs.
• Adjusted diluted EPS was (22)% lower than the prior year, mainly reflecting the decrease in adjusted EBITDA.
• The Group remains highly cash generative with adjusted free cash flow of £91.1m (HY 2025: £111.5m), representing 109% of adjusted EBITDA (HY 2025: 102%). Cash generated from operations was £96.2m (HY 2025: £115.9m).
• £52.9m returned to shareholders during the period comprising £36.9m through share buybacks (HY 2025: £39.5m) and dividends of £16.0m (HY 2025: £3.7m). On 1 April 2026, there was just over £20m remaining on the £30m share buyback programme.
• Leverage reflecting strong returns to shareholders and SheerLuxe acquisition with £314.1m net debt (FY 2025: £276.4m) and leverage at 1.6x (FY 2025: 1.3x). Total available debt facilities at the end of March 2026 were £600.0m (FY 2025: £600.0m). In H2, the Group will focus on net debt reduction.
• Optimising our portfolio - ensuring we have the right portfolio of assets is a continuous process.
• Recognising the strategic importance of creator-led digital media, we acquired SheerLuxe in January 2026 for a £39.9m initial consideration, a fast-growing UK-based digital publishing group that combines the authority of a trusted media brand with the authenticity and engagement of the creator economy (see note 17).
• The Board believes that the Group is fundamentally undervalued. The Board is actively focused on driving value from the assets which deliver a strong platform effect and to realise value for shareholders from those that do not.

• The Group is expecting mid to low single-digit organic revenue decline for FY 2026.
• The Group continues to expect to deliver an adjusted EBITDA margin in the range of 25-27%.
• The Group continued to expect cash conversion to adjusted EBITDA to ~90%.

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