**Summary**
Time Out Group plc, a global media and hospitality company, reported its unaudited interim results for the six months ended 31 December 2025 (HY26). Key highlights include
1. **Financial Performance**
Group revenues increased by 2% to £39.8 million.
Adjusted EBITDA rose significantly by 23% to £6.0 million, driven by improved performance in both Markets and Media divisions.
Markets division adjusted EBITDA was £6.7 million, while Media division returned to profitability with £1.9 million adjusted EBITDA.
An £8 million equity placing was announced and completed early 2026 to support growth and efficiency programs.
2. **Operational Highlights**
**Markets Division** Two new markets opened (Budapest and Manhattan), with Vancouver and Abu Dhabi scheduled for 2026. Chicago Market was closed, and Boston Market was licensed to a local developer to improve cash flow and EBITDA.
**Media Division** Strategy review led to a 33% increase in monthly audience reach to 244 million, driven by social media growth. Media revenue grew by 3%, and adjusted EBITDA turned positive at £1.9 million.
3. **Strategic Focus**
Shift towards capital-light management agreements for Markets, with a focus on super-prime locations.
Media division adapted to changing user behavior, emphasizing video and social media content, and streamlining operations.
4. **Outlook**
The Group is well-positioned for sustainable, profitable growth with a streamlined cost base, a growing portfolio of high-margin management agreements, and a profitable Media division.
Continued focus on direct revenue growth, social media reach, and maintaining high brand trust while leveraging AI for efficiency.
5. **Financial Review**
Group revenue growth of 2%, with strong margins and reduced operating expenses.
Markets revenue increased by 2%and Media revenue by 3%.
Operating loss reduced to £0.3 million, including £3.1 million in exceptional restructuring items.
Adjusted EBITDA increased to £6.0 million, reflecting improved operational efficiency.
6. **Cash and Debt**
Cash and cash equivalents increased to £5.4 million, supported by cash generated from operations and financing activities.
Borrowings and lease liabilities remain significant, but the Group is managing these through refinancing and strategic initiatives.
7. **Going Concern**
The Group continues to operate on a going concern basis, with a focus on refinancing senior debt and managing covenants.
Overall, Time Out Group plc demonstrated significant operational and financial progress in HY26, positioning itself for future growth through strategic adjustments and improved efficiency.