Time Out Group (TMO) H1 2025 earnings summary

Executive summary

• Revenue declined 3% year-over-year to £50.9m for H1 FY25, with Market segment growth offset by Media weakness.

• Adjusted EBITDA fell 19% to £4.8m, but Market segment EBITDA rose 12% to £6.9m; Media posted a £0.6m loss.

• Operating loss increased to £2.6m from £0.1m loss in H1 FY24.

• Two new Markets opened (Barcelona and Bahrain), with six more contracted for opening by FY27.

• £5m convertible loan note issued at a 16% premium to support growth, with initial £2.1m drawn.

Financial highlights

• Net revenue decreased 2% to £38.9m; gross profit down 2% to £32.3m; gross margin steady at 83%.

• Media revenue dropped 19% to £14.4m, mainly due to US/UK election impact; Market net revenue grew 12% to £36.5m.

• Adjusted net debt rose to £35.0m (H1 FY24: £27.7m); statutory net debt at £74.7m including IFRS 16 lease liabilities.

• Cash at period end was £4.8m, down from £7.1m YoY.

• Loss for the period widened to £6.9m (H1 FY24: £5.2m).

Outlook and guidance

• Confident in delivering full-year EBITDA in line with market expectations for FY25.

• H2 expected to benefit from post-election media environment, operational synergies, and new Market openings.

• Four Market openings targeted in 2025, up from three in 2024.

• Opex synergies to materially contribute to EBITDA in H2 and FY26.