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Future H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary4 Dec, 2025
Executive summary
Revenue reached £739.2 million, down 6% year-over-year, with organic revenue down 3% as expected; adjusted operating profit was £205.4 million, maintaining a 28% margin, flat year-over-year.
Adjusted EPS declined 1% year-over-year to 123.0p, aided by share buybacks; adjusted free cash flow was £177 million, with 86% conversion (96% underlying).
Strong cash generation with leverage at 1.1x–1.3x after £99.5 million returned to shareholders; over £230 million returned via buybacks and dividends since FY 2023.
Announced a five-fold increase in ordinary dividend to 17.0p and a new £30 million share buyback program.
Strategic focus on leveraging data, brand authority, platform scalability, and AI monetisation to drive new revenue streams and efficiency.
Financial highlights
Gross margin improved to 73%, up 2 percentage points year-over-year due to revenue mix changes.
Adjusted EBITDA was £223.4 million (30% margin, flat year-over-year); adjusted operating profit margin remained at 28%.
Adjusted free cash flow was £177 million after £16 million CapEx; adjusted free cash flow conversion was 86% reported, 96% underlying.
Leverage at 1.1x–1.3x net debt/EBITDA, with £600 million in total facilities.
One-off items impacted free cash flow and leverage by 0.1x.
Outlook and guidance
FY 2026 expected to deliver modest revenue growth, H2-weighted as strategic initiatives mature, with stable EBITDA margin and improved cash conversion (~95%).
Confident in achieving 30% EBITDA margin and 95% cash conversion going forward.
Medium-term ambition is sustainable revenue growth and cash generation, targeting 2%-4% annual growth from 2028.
Analyst consensus for FY 2026: revenue £746.6 million, EBITDA £224.7 million.
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Frequently asked questions
Future plc is a UK-based media company that specializes in publishing and distributing content across a wide range of sectors, including games, technology, entertainment, sports, lifestyle, and business. The company operates through two main segments: Media and Magazine. It offers content through various platforms such as websites, magazines, videos, social media, and events, generating revenue from digital advertising, eCommerce, print and digital subscriptions, and lead generation services. The company is headquartered in Bath, UK, and is listed on the London Stock Exchange.
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