Time Out Group (TMO) Trading Update summary

Trading performance and financials

• Markets division revenue and EBITDA are in line with expectations, with FY25 adjusted Group EBITDA forecasted at £11–£13 million, compared to £12.4 million in FY24.

• Media division revenues are expected to be about 20% lower year-on-year, mainly due to US market conditions and shifts in consumer behavior.

• OPEX reductions have resulted in £7 million annualized savings, supporting continued cash generation.

• Media division is expected to post a narrow EBITDA loss for FY25, after a £5.3 million profit in FY24.

Strategic initiatives and outlook

• A strategy review is underway for the Media division to improve monetization and revenue visibility.

• The Markets division has six owned/operated and five franchise sites open, with six more contracted to open by 2027, including a new Manhattan site.

• Customer spend in Markets has grown 22% year-to-date, with over ten million annualized transactions expected.

• The group aims to double Markets EBITDA profit over the next two years through portfolio growth and operational initiatives.

Management commentary and brand positioning

• CEO Chris Ohlund emphasized focus on Markets growth and right-sizing the Media business to adapt to evolving audience behavior.

• The group sees synergies between its engaged real-life audience and media, aiming to create new propositions for advertisers.

• Time Out Group continues to position itself as a global brand dedicated to city life, with a unique multi-platform model.