Future plc

Future reported FY25 revenue of GBP 739 million, down 6% year over year on a reported basis and down 3% organically. Adjusted operating profit was GBP 205 million, implying a 28% margin that was flat year over year, and adjusted EPS declined only 1%. Gross margin was 73%, up 2 percentage points. Cash conversion was 86% of AOP and 96% underlying, adjusted free cash flow was GBP 177 million after GBP 16 million of capex, and net cash generation was about GBP 83 million after tax, interest, exceptional items and EBT purchases. Net debt ended at GBP 276 million, or 1.3x leverage, after around GBP 100 million returned to shareholders in the period. For FY26, management expects modest revenue growth, about 30% EBITDA margin, and cash conversion of around 95%; they also said FY26 will be H2 weighted.

Kevin framed Future as a data-first, scalable platform built on trusted specialist brands, saying the company wants to unlock more value from its 175+ brands through better audience relationships, data use, and cross-brand deployment. He repeatedly argued that AI is not only a risk but also a monetization opportunity, pointing to AI visibility, branded content, and new revenue streams such as Future Optic. His tone was confident and upbeat, emphasizing momentum, agility, and the idea that the company is already seeing green shoots from its new initiatives.

Sharjeel focused on the numbers and capital discipline: revenue fell 6% reported, adjusted operating profit was GBP 205 million, gross margin expanded to 73%, and cash conversion remained strong despite one-offs. He highlighted a catch-up VAT payment with HMRC and a bonus-related working capital swing as temporary cash outflows, saying these will not repeat and that cash conversion should move to around 95%. He also noted GBP 177 million of adjusted free cash flow, GBP 83 million of net cash generation, GBP 276 million of net debt, 1.3x leverage, the GBP 3 million purchase of Renewal and Kwizly, the 5x dividend increase, and the new GBP 30 million buyback.

Analysts pressed on how much of the H2 direct advertising strength was contract-driven versus sustainable, and management said contract lengths vary from 3 to 12 months but the pipeline is healthy and similar Q1 trends to Q4 are expected. On Go.Compare, management said they are not giving month-by-month color, but still see low- to mid-single-digit growth potential over time, helped by renewal, diversification, and improving car insurance conditions. Questions on the Google Zero strategy and Google Discover were met with the response that Future is diversifying beyond Google, adapting to changing traffic sources, and not overly dependent on any one platform; on cash flow, management said the big working-capital outflow was driven mainly by one-off HMRC and bonus items and should normalize.