Team Internet Group Plc · LSE:TIG
Team Internet — Debt Investor Presentation (April 2026)
65 slides from Team Internet's debt investor presentation, Apr 24, 2026
Slide 1: Credit Investor Presentation
Credit Investor Presentation Contemplated Senior Secured Bond Issue 24 April 2026
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Team Internet Group plc (“the Company”) in connection with its FY 2025 results (the “Investor Update”). The information set out in this presentation is not intended to form the basis of any contract. By attending (whether in person, by telephone or w
Slide 3: Introduction to Team Internet's management
Introduction to Team Internet’s management Michael Riedl Billy Green Group CEO & Board Member Group CFO & Board Member • 20+ years in leadership roles in media and technology • 20+ years in financial leadership roles in audit, media, and technology • 10+ years in domain business as an investor and e
Slide 4: Key credit highlights
Key credit highlights • Team Internet operates across three structurally growing digital markets – domain infrastructure, online price comparison and digital advertising – with Attractively positioned towards expected market growth of ~7%, ~11%, and ~8% CAGR, respectively 1 high-growth markets with
Slide 5: Table of Contents
Table of Contents 01 Introduction to Team Internet 02 Segment Deep Dives 03 Historical Financials 04 Market Overview 05 Appendix
Slide 6: Team Internet is a leading global provider of domain infrastructure and online marketing services
Team Internet is a leading global provider of domain infrastructure and online marketing services Team Internet in brief Global footprint • Team Internet Group is a global provider of digital services that help businesses and organizations succeed online, primarily through online marketing solutions
Slide 7: Track-record of growth through organic expansion and strategic acquisitions
Team Internet has a track-record of growth through a combination of organic expansion and strategic acquisitions Net revenue development In $ millions DIS Comparison Search X% Annual organic gross revenue growth rate, in constant currency 10% 34% 64% 17% (13%) Net revenue decline 191 187 driven by G
Slide 8: Team Internet operates across three attractive markets
Team Internet operates across three attractive markets: domain infrastructure, consumer comparison platforms and digital advertising 50% 55% 29% 15% 21% 29% Domains, Identity & Software (DIS) Comparison Search Digital identity ecosystem A global consumer guide Online traffic monetization platform In
Slide 9: Table of Contents
Table of Contents 01 Introduction to Team Internet 02 Segment Deep Dives 03 Historical Financials 04 Market Overview 05 Appendix
Slide 10: DIS sits at the heart of the internet ecosystem
Domains, Identity & Software Comparison Search DIS sits at the heart of the internet ecosystem: a capital-light, recurring revenue model built on essential infrastructure… Overview of DIS segment What is a domain? How does DNS work? Where does DIS sit? Infrastructure layer CDNs Cloud Crypto DIS gene
Slide 11: Domain market resilient to innovation, disruption and downturns
Domains, Identity & Software Comparison Search ...with a domain market that has proven resilient to innovation, disruption, geopolitical turmoil and economic downturns Development in global number of domain names(1) # of domain names (millions) Forecast 600 Infrastructure-like characteristics Figure
Slide 12: Scaled distribution platform and one-stop shop for domain solutions
Domains, Identity & Software Comparison Search Team Internet acts as a scaled distribution platform and one-stop shop for domain solutions Market leading provider of domains and brand protection services Market features • Subscription revenues Platform Registrar Registry Analytics • High customer st
Slide 13: DIS driving revenue growth through difficult-to-procure domain names
Domains, Identity & Software Comparison Search DIS is driving revenue growth by focusing on difficult-to-procure domain names, permitting to extract value through smart pricing strategies Total domain years & avg. amount per year Gross revenue Trading in line with Net revenue and adj. EBITDA consens
Slide 14: Resilient recurring revenue from subscriptions and rolling contracts
Domains, Identity & Software Comparison Search Highly resilient and recurring revenue business from a combination of annual subscriptions and utility-style rolling contracts Share of recurring revenue development(1) Revenue model DIS In % of revenues Services sold as annual 1 subscriptions Includes
Slide 15: Leading player in the B2C e-commerce comparison market
Domains, Identity & Software Comparison Search Team Internet is a leading player in the B2C e-commerce comparison market Overview Monetization customer examples Geographical presence Comparison includes leading e-commerce platforms that connect high- Commission intent consumers with retailers, gener
Slide 16: Comparison directs search users to product portals before buying
Domains, Identity & Software Comparison Search In Comparison, Team Internet directs search engine users to product information portals before buying the product of their choice at an e-commerce partner Search engine user experience 1 | Places ads on search engines 2 | Consumer is presented a choice
Slide 17: Comparison platform shows resilient traffic and improving monetization
Domains, Identity & Software Comparison Search The Comparison platform is demonstrating resilient traffic and improving monetization # of site visits & revenue per thousand sessions Gross revenue Net revenue and adj EBITDA Trading in line with Visitor sessions (m) In $ millions consensus in 2026 In
Slide 18: Scaled content and performance platform driving next-generation monetization
Domains, Identity & Software Comparison Search Scaled content and performance platform driving next-generation monetization Leading content and video publisher Next generation monetization revenue Search engine monetization Commerce media Affiliates Transforming engagement Generate revenue by direct
Slide 19: Search converts social media traffic into monetizable journeys
Domains, Identity & Software Comparison Search In Search, Team Internet converts social media traffic into monetizable, high-intent consumer journeys... Social media user journey through RSOC (Related Search on Content) monetization flow Spark interest Deliver content Trigger intent Drive conversion
Slide 20: Operating across the digital advertising value chain
Domains, Identity & Software Comparison Search ...operating across the majority of the digital advertising value chain, capturing value at every step Overview of the digital advertising value chain Feed Demand Value chain Supply aggregator Media buyer aggregator aggregator Purchases ad placements on
Slide 21: Google monetization changes disrupted the legacy AFD model
Domains, Identity & Software Comparison Search Structural changes in Google monetization disrupted the legacy AFD model… Number of site visits Gross revenue Accelerated transition to Related Search on Content Transition-years Visitor sessions (bn) In $ millions Google began auto-opting advertisers o
Slide 22: Rapid transition to next generation revenue (RSOC and Commerce Media)
Domains, Identity & Software Comparison Search ...that drove a rapid transition to next generation revenue (RSOC and Commerce Media) and positioned the segment for scalable, long-term growth TIG is well-positioned as search monetization evolves Next generation share of Search revenue(1) The ecosyste
Slide 23: Clear strategic goals to drive organic growth
Domains, Identity & Software Comparison Search Clear strategic goals to drive organic growth for the next phase of Team Internet Revenue derived from owned and operated services including registry, SaaS ad-tracking, SSL and trustee services • Value-focused growth: Prioritizing higher-value domain co
Slide 24: Table of Contents
Table of Contents 01 Introduction to Team Internet 02 Segment Deep Dives 03 Historical Financials 04 Market Overview 05 Appendix
Slide 25: Search headwinds in 2025 offset by DIS and Comparison; growth expected in 2026
Search headwinds in 2025 partially offset by DIS and Comparison, with growth expected to resume in 2026 Gross revenue(1) Net revenue(1) Adj EBITDA(1) In $ millions In $ millions, in % of gross revenue In $ millions, in % of net revenue 837 39% 49% 50% 49% 803 300 31% 29% 50 42% 39% 39% 60 25% 23% 23
Slide 26: Limited historical adjustments save for 2025 one-offs
Limited historical adjustments save for 2025 where reported EBITDA has been impacted by one-offs due to a confluence of events Non-recurring item development Reported to adjusted EBITDA bridge (2025) In $ millions, % of adj. EBITDA In $ millions Reported EBITDA 42.7 0.5 Exceptionals 6.1 2.6 (4.0) Sh
Slide 27: Highly variable cost base supporting operating flexibility
Highly variable cost base supporting operating flexibility and scalability Gross revenue to adjusted EBITDA bridge (2025) Cost base breakdown (2025) In $ millions 17% 1 482 3% Variable Fixed vs Semi-variable variable costs Fixed 80% (346) 2 136 3 4 (66) 34% DIS (16) 43 Comparison (11) Cost of sales
Slide 28: Low maintenance capex and structurally negative working capital
Low maintenance capex and structurally negative working capital… Limited maintenance capex needs… …paired with a structurally negative net working capital profile $m and % of gross revenue Growth capex(1) Maintenance capex $m and % of gross revenue(2) NWC(3) Receivables Inventory Payables 1.1% 0.9%
Slide 29: Asset light profile with average cash conversion of 80%
…underpin the asset light profile with an average cash conversion of 80% since 2021 Free cash flow and cash conversion Commentary Free cash flow ($m) and FCF as % of adjusted EBITDA • Team Internet demonstrates strong and consistent cash Free cash flow conversion (excl. NWC) Free cash flow conversio
Slide 30: Table of Contents
Table of Contents 01 Introduction to Team Internet 02 Segment Deep Dives 03 Historical Financials 04 Market Overview 05 Appendix
Slide 31: Continued shift towards the digital economy
Domains, Identity & Software Comparison Search Team Internet is benefiting from a continued shift towards the digital economy where a higher share of the population is using the internet… Individuals using the internet In billions and penetration rate (%) 89% 90% 88% 7.8 7.5 74% 7.1 71% 69% 67% 64%
Slide 32: High-growth markets and favorable long-term structural trends
Domains, Identity & Software Comparison Search …underpinned by high-growth markets and favorable long-term structural trends Domains, Identity & Software Comparison Search Global domain market, in $ billions Global online price comparison market, in $ billions Global digital advertising spend, in $
Slide 33: Full-service domain name provider across all core industry segments
Domains, Identity & Software Comparison Search Team Internet is a full-service domain name provider and is present across all the core segments in the industry Category Description Selected market players ICANN • ICANN coordinates the Domain Name System (DNS) and determines which registry operators
Slide 34: Domain market is global and highly fragmented
Domains, Identity & Software Comparison Search The domain market is global and highly fragmented, with a few leading players and numerous smaller participants, where TIG acts as a central clearing house Overview of larger companies in selected regions EMEA North America APAC Source(s): Company infor
Slide 35: Domain market is highly resilient due to its mission-critical nature
Domains, Identity & Software Comparison Search The domain market is highly resilient due to its highly mission-critical nature for companies Domain registrations across all TLDs Top 10 largest TLDs by number of reported domain names In millions Total registrations as of Q4’25, in millions Renewal pe
Slide 36: Global domain market continues to grow
Domains, Identity & Software Comparison Search The global domain market continues to grow driven by continued digital transformation and strong focus on brand protection and online presence Global domain market Key trends shaping the industry and market growth In $ billions Hundreds of new generic T
Slide 37: Hybrid player in the online comparison segment
Domains, Identity & Software Comparison Search Team Internet operates as a hybrid player in the online comparison segment with a strong brand awareness and loyalty Overview of the global online comparison market Type Horizontal platforms Vertical specialists Hybrid Niche players Description Covering
Slide 38: European price comparison market is highly fragmented
Domains, Identity & Software Comparison Search The European price comparison market is highly fragmented with many smaller local players Overview of the largest European price comparison players Non-exhaustive competitive landscape Company Key markets ∑ Visits Dec’25-Feb’26 71.1m (1) 36.5m 30.3m 17.
Slide 39: Online comparison market benefiting from digitization of commerce
Domains, Identity & Software Comparison Search The online comparison market is benefiting from the continued digitization of commerce, rising price-consciousness, and rapid mobile adoption Global online price comparison market Key trends shaping the industry and market growth In $ billions Rising e-
Slide 40: Growth in global digital advertising spend
Domains, Identity & Software Comparison Search Increasing internet penetration, e-commerce expansion, and higher ROI from digital advertising fuel continued growth in global digital advertising spend Global digital advertising spend Digital advertising spend of global advertising spend In $ billions
Slide 41: Digital advertising landscape is enormous
Domains, Identity & Software Comparison Search The digital advertising landscape is enormous with a combination of diversified players and highly specialized companies Illustrative overview of the digital advertising landscape Campaign planning & Media planning & Measurement & Advertisers Ad sales A
Slide 42: Table of Contents
Table of Contents 01 Introduction to Team Internet 02 Segment Deep Dives 03 Historical Financials 04 Market Overview 05 Appendix
Slide 43: TIG covers the entire conversion funnel
TIG covers the entire conversion funnel from awareness to conversion Traffic Acquisition Pay-per-click (PPC) Team Internet acquires traffic by placing ads on social media, search engines, advertising networks, and content websites + Intent Traffic monetization models Intent - 1 2 3 Pay-per-action Pa
Slide 44: Diversified across geographies and three segments
Domains, Identity & Software Comparison Search Team Internet is diversified across geographies and spans three segments with distinct value propositions Key figures and split across segments and geographies Operative across three distinct, DIS contributes to the majority of Diversified across Americ
Slide 45: Reseller is the largest DIS vertical
Domains, Identity & Software Comparison Search Reseller is the largest DIS vertical and a leading player, supported by a sticky, end-to- end customer journey DIS Reseller – Customer journey Product, billing and Discovery and marketing Onboarding and set-up Customer support and service account manage
Slide 46: Ad optimization is a key DIS vertical
Domains, Identity & Software Comparison Search Ad optimization is a key DIS vertical and a leading global performance advertising platform Product offering Key differentiation factors • A cloud-based tracking software for • Track: Get real-time data with 30+ touch experienced performance marketers w
Slide 47: AdSense For Domains (AFD): legacy workflow now sunset
Domains, Identity & Software Comparison Search AdSense For Domains (AFD): A high-performing legacy workflow; now having been sunset User journey through AFD Capture Qualify the Refine the Match the Complete the attention intent need monetization journey Team Internet runs targeted Users land on an i
Slide 48: Legal structure
Legal structure Team Internet Group PLC TLD Registrar Hoxton CentralNic CentralNic CentralNic CentralNic CentralNic CentralNic EU CentralNic NZ CentralNic M.A. Aporia Solutions Ltd Domains Ltd Australia Pty Services DWC - USA Ltd Canada Inc Limited (UK) SE (LU) Limited Chile SpA (CL) Ltd (IL) (UK) (
Slide 49: Shareholder overview
Shareholder overview Top 15 shareholders Information about key shareholders # Name Ownership (%) • Kestrel Partners is a private investment firm with HQ in 1 Kestrel Partners 28% London 1 • Max Royde is currently managing partner at Kestrel 2 Consorsbank 13% Partners 3 Inter.services 13% 4 Slater In
Slide 50: Basis of preparation of financials
Basis of preparation of financials Basis of preparation Annual reports Accounting principles • The Group’s financial year commences on 1 January and ends on 31 December • The Group financial statements have been properly prepared in accordance with UK-adopted international accounting standards as ap
Slide 51: Reported profit & loss statement
Reported profit & loss statement Audited Unaudited $m 2019A 2020A 2021A 2022A 2023A 2024A 2025E Revenue 109 240 411 728 837 803 482 Cost of sales (66) (165) (292) (551) (646) (615) (346) Gross profit 43 75 119 178 191 188 136 Operating expenses (43) (72) (101) (138) (141) (179) (181) Share-based pay
Slide 52: Adjusted EBITDA bridge
Adjusted EBITDA bridge Reported to adjusted EBITDA Audited Unaudited $m 2022 2023 2024 2025 Reported EBITDA 73.0 87.8 86.5 27.6 Adjustments Non-core operating expenses 8.2 2.7 7.1 8.5 FTE out - 1.5 2.0 6.3 Strategic review and corporate finance 0.7 - 2.4 3.6 Acquisition & integration 7.5 8.2 5.1 2.6
Slide 53: Reported balance sheet (1/2)
Reported balance sheet (1/2) Audited Unaudited $m 2019A 2020A 2021A 2022A 2023A 2024A 2025A Non-current assets Property, plant and equipment 2 2 2 2 3 2 2 Right-of-use assets 5 7 7 6 5 4 3 Intangible assets, incl GW 206 256 254 342 324 281 238 Other non-current assets 1 1 0 0 0 - - Investments 2 0 0
Slide 54: Reported balance sheet (2/2)
Reported balance sheet (2/2) Audited Unaudited $m 2019A 2020A 2021A 2022A 2023A 2024A 2025A Equity Share capital 0 0 0 0 0 0 0 Share premium 75 40 40 98 - - - Merger relief reserve 5 5 5 5 5 5 - Share-based payment reserve 6 11 20 24 26 26 19 Cash flow hedging reserve - - (6) (0) (0) 0 (0) Foreign e
Slide 55: Reported cash flow statement
Reported cash flow statement Audited Unaudited $m 2019A 2020A 2021A 2022A 2023A 2024A 2025E Cash flows from operating activities Profit / (loss) before tax (7) (12) 2 15 30 (9) (60) Depreciation of property, plant and equipment 1 2 4 3 3 3 3 Amortization and impairment of intangible assets 8 14 18 3
Slide 56: Experienced management with in-depth sector expertise
Experienced management with in-depth sector expertise Group level DIS Comparison Michael Riedl Simon McCalla Jan Steffen CEO MD, DIS MD, Comparison Over 20 years in Experienced C-suite executive 20+ years of industry leadership roles in media with 30+ years of experience experience in marketing and
Slide 57: Overview of Board of Directors (1/2)
Overview of Board of Directors (1/2) ✓ Iain McDonald Chairman Iain McDonald is a global expert in technology and e-commerce, having had a strong track record in investing in early-stage companies such as ASOS, The Hut Group, Eagle Eye Solutions, Anatwine and Metapack. He is the founder of Belerion C
Slide 58: Overview of Board of Directors (2/2)
Overview of Board of Directors (2/2) ✓ Marie Holive Non-Executive Director Marie Holive is a Non-Executive Director and Chair of the Audit & Risk Committee for GDEV Inc, a NASDAQ listed game development company, and Chief Operating Officer of Proteus International LLC, a coaching, consulting and tra
Slide 59: Team Internet's contribution to UN's SDGs
Team Internet’s contribution to UN’s SDGs Good health and wellbeing 3 9 Sustainable development Health and wellbeing are embedded in the Team Internet is at the forefront of innovation within Team Internet strategic people priorities and the domain and online marketing industry. We provide contribut
Slide 60: ESG questionnaire (1/4)
ESG questionnaire (1/4) • Environmental Footprint of Hardware Infrastructure Please list the industry’s three biggest sustainability (ESG)- • Data Privacy & Freedom of Expression related challenges and briefly describe the process for identifying these challenges • Recruiting & Managing a Global, Di
Slide 61: ESG questionnaire (2/4)
ESG questionnaire (2/4) • Team internet is actively working to reduce its greenhouse gas (GHG) emissions while also investing in green energy projects. The group contributes to the Eden Reforestation Projects, supporting global reforestation efforts in Please list the firm’s (1-2) primary means of m
Slide 62: ESG questionnaire (3/4)
ESG questionnaire (3/4) Does the firm have a history of accidents? If so, how have these been managed? Are there any preventive measures, • No history of accidents. Team internet PLC provides a safe working environment that is not prone to accidents. such as policies? • Team Internet PLC currently h
Slide 63: ESG questionnaire (4/4)
ESG questionnaire (4/4) • Yes, our Anti-Bribery and Corruption Policy is provided to all employees during their onboarding process, and they Do all staff members receive continuing education on anti- receive annual training on the subject. corruption? Are there any ongoing or historical incidents •
Slide 64: Principle Adverse Impacts (PAI)
Principle Adverse Impacts (PAI) Revenue • FY 2024: 802.8m USD Fossil fuel operations • N/A • Scope 1: 0 tCO2 e; Scope 2: 0 tCO2 e; Scope 3: 193.95 Sites / operations located in or near to Greenhouse gas emissions biodiversity-sensitive areas where activities • N/A tCO2 e negatively affect those area
Slide 65: Thank you
Ti Thank you
Team Internet Group — Debt Investor Presentation (April 2026) on 6ix