Future plc

FY25 revenue was GBP 739 million, down 6% year over year reported and 3% organically. Adjusted operating profit was GBP 205 million, implying a 28% margin, flat year over year; adjusted EPS declined 1%. Gross margin was 73%, up 2 percentage points. Cash conversion was 86% of AOP and 96% underlying, and adjusted free cash flow was GBP 177 million after GBP 16 million of capex. Net cash generation after tax, interest, exceptional items and EBT purchases was around GBP 83 million, and net debt was GBP 276 million, or 1.3x leverage. For FY26, management expects modest revenue growth in line with current consensus, 30% EBITDA margin, and cash conversion around 95%, with the year weighted to H2.

Kevin framed Future as a “data-first platform” with over 175 brands and said the company is trying to turn AI from a perceived threat into a revenue opportunity. He emphasized authority, first-party data, scalability, and a platform effect that can be deployed across brands to build new revenue streams. His tone was confident and constructive, repeatedly stressing that the company is already seeing green shoots from initiatives like Signal, Future+, Collab, Future Optic, and Renewal.

Sharjeel highlighted that the business delivered in line with consensus despite macro pressure, with GBP 739 million of revenue, GBP 205 million of adjusted operating profit, and a 73% gross margin. He said cost discipline kept adjusted operating margin at 28% and that cash generation remained strong, though FY25 cash conversion was affected by one-off items including a GBP 16 million HMRC VAT-related payment and bonus timing. He also pointed to GBP 177 million of adjusted free cash flow, GBP 83 million of net cash generation, GBP 276 million of net debt, and reiterated that these one-offs should not repeat, supporting a return to about 95% cash conversion.

Analysts focused on how exposed Future is to AI-driven changes in search, especially Google Discover and Google AI Overviews, and how much confidence management has in FY26 growth. Management said direct advertising is seeing healthy demand, contracts typically run 3 to 12 months, and Q1 trends are similar to Q4, with branded content and direct sales still holding up. On Go.Compare, management said FY26 should be low- to mid-single-digit growth over the long run, with car insurance helped by easing premium trends and diversification into other lines plus Renewal. On working capital, Sharjeel said the big outflow was driven by one-off HMRC payment timing and bonus accrual swings, and he expects a smaller outflow and around 95% cash conversion going forward.