Team Internet sees earnings fall but says position still strong
Team Internet Group PLC on Monday said its strategic review is progressing well, and that this year’s financial performance is in line with expectations, although its loss widened and revenue fell in 2025.
The London-based internet services company reported a $65.0 million pretax loss for 2025, widening from $9.3 million in 2024.
Gross revenue fell 40% to $481.9 million from $802.8 million, while net revenue, or gross profit, fell 27% to $136.2 million from $187.5 million. Team Internet swung to an operating loss of $49.9 million from a $8.2 million profit. Adjusted earnings before interest, tax, depreciation and amortisation fell 54% to $42.7 million from $91.9 million.
Team Internet noted that gross revenue, net revenue and adjusted Ebitda were all in line with previous guidance, while its Domains, Identity & Software division ‘continued to outperform expectations’ with adjusted Ebitda rising 10% to $21.4 million from $19.4 million. The Comparison segment’s adjusted Ebitda fell 23% to $12.3 million, and Search adjusted Ebitda dropped 84% to $9.0 million.
The company reported a $41.7 million impairment of intangible assets related to Search, up from $36.0 million the previous year. Also, operating expenses rose to $185.6 million from $178.7 million.
Team Internet, furthermore, said its strategic review of the DIS segment is progressing well, as discussions continue regarding a possible sale of the division. It expects to announce the outcome of the review in the first half of the third quarter. Additionally, the firm noted that it ‘is pursuing a substantial damages claim against a major technology company, arising from anti-competitive conduct...by which the group was disadvantaged over an extended period.’
For 2026 so far, Team Internet said trading remains in line with expectations, with Search’s profitability improving ‘after a period of significant recalibration’ and strong growth from the other two segments.
‘The market is still pricing Team Internet for the disruption we have already worked through, not the stronger, more focused business we have built,’ commented Chief Executive Officer Michael Riedl. ‘Our [DIS] and Comparison businesses are where the majority of the value sits today, both growing strongly.
‘In Search, we acted decisively on strategy and structure and emerged as a leading player in this vast nascent market opportunity, providing a meaningful source of future upside for the group.’
Riedl continued: ‘We have materially strengthened the balance sheet through recent amendments to our facilities and are determined to recover the damage this group suffered from anti-competitive conduct over many years.
‘We therefore approach the conclusion of the strategic review, including the potential sale of [DIS], from a genuine position of strength.’
Team Internet shares were down 1.3% at 39.00 pence on Monday in London.
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