Team Internet returns to operating profit, but revenue and cash conversion weaken
Team Internet reported its H1 results on 7 September 2026.
| Measure | H1 2026 | H1 2025 |
|---|---|---|
| Gross revenue | $179.1m | $263.9m |
| Net revenue/gross profit | $61.0m | $72.8m |
| Adjusted EBITDA | $19.5m | $24.6m |
| Operating profit/(loss) | $3.0m | $(7.0)m |
| Loss after tax | $(6.0)m | $(14.1)m |
Cash and business mix
The Search transition reduced revenue, while gross margin rose to 34.1% from 27.6%. Search returned to profit in June.
Adjusted operating cash flow fell to $3.6m, representing 18% conversion. Net debt rose to $117.6m from $87.6m at December, affected by a registry-contract working-capital change and $14.8m of tax payments relating to earlier years.
Outlook
Management expects substantial second-half debt reduction. Strategic-review discussions are advanced, but no transaction is certain; the board's valuation expectation is not an agreed sale price.
The central test is whether improving business mix and Search stabilisation produce recurring cash flow sufficient to reduce debt.
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