Future (FUTR) H2 2025 earnings summary

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.