Team Internet Group — Transitional H1, expecting the benefits in H2

Team Internet’s H1 results reflect transitions in all three of its divisions, which should start to come through in an improved mix and margins from H2. Strong customer wins in DIS, international expansion in Comparison and cost reductions should drive growth and further margin improvements from H2, strengthening into FY26. Our gross profit, EBITDA and EPS estimates are essentially unchanged, despite bringing back FY25 gross revenues by 26%. Our SOTP indicates a fair value of around 110p.