Team Internet Group (AIM:TIG), the AIM-listed internet company that generates recurring revenue from identity and discovery services online, said trading for the six months to 30 June was in line with market consensus.
Gross revenue fell to $179.1 million from $263.9 million a year earlier, though this beat the $218.0 million recorded in the second half of 2025.
Adjusted EBITDA came to $19.5 million, down from $24.6 million in H1 2025 but ahead of the $18.0 million reported in H2 2025.
The decline reflects the continued fade of legacy AdSense for Domains revenue, which reached a "negligible level" in the period, while Comparison and Domains, Identity & Software (DIS) grew adjusted EBITDA by 54% and 28% year-on-year respectively, and Search returned to profitability in June.
Net debt rose to $117.5 million from $87.6 million at the end of 2025, driven by scheduled corporation tax settlements and the non-renewal of a registry contract rather than fresh borrowing; the board expects net debt to fall significantly in the second half.
"Trading was in line with our expectations across the Group... we approach the remainder of the year, and the conclusion of the strategic review, from a genuine position of strength", said chief executive Michael Riedl.
The strategic review of the DIS business remains in progress, with discussions advancing with selected parties and completion still expected during 2026.
Non-executive director Claire MacLellan is to retire from the board immediately after today's annual general meeting.
Team Internet will publish its interim results on Monday 7 September.
News Intelligence what this means for the company
Team Internet reported H1 2026 trading in line with consensus, with gross revenue of $179.1m (down 32% year-on-year but ahead of H2 2025's $218.0m) and adjusted EBITDA of $19.5m. The headline positive is Search's return to profitability in June and expected sharp net debt reduction in H2; the headwind is continued decline in legacy AdSense for Domains revenue, now at negligible levels. The company engaged Pareto Securities for a strategic review of its DIS business on 11 November 2025, which remains in progress with completion still expected in 2026.
The shift from legacy AdSense decline to growth in Comparison (up 54% adjusted EBITDA) and DIS (up 28%) shows the portfolio is rebalancing, though gross revenue contraction remains material. The strategic review outcome—whether DIS is sold, restructured, or retained—will be the key driver of near-term value; until completion, the investment case remains in flux.
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