Time Out FY26 trading update: Media profit returns as Markets expand

Time Out reports mixed headline revenue but stronger continuing operations

Time Out Group plc has issued an unaudited trading update for the year ended 30 June 2026, alongside a related-party loan note increase to support its new London Market.

At first glance, the headline number is modest. Group revenue is expected to be approximately £72m, down slightly from £73m in FY25. But the more useful figure is continuing revenue, which strips out operations that are not continuing into FY27 in the same form. On that measure, revenue rose 11% to £61m from £55m.

That matters because Time Out is reshaping itself around two linked engines: physical food and culture markets, and a global media platform that points audiences towards city experiences. FY26 shows progress on both, although the debt and related-party funding details deserve proper attention.

Investors can read the original company announcement for the full RNS.

Key FY26 figures

Metric	FY26	FY25	Change
Group revenue	approximately £72m	£73m	Down slightly
Continuing operations revenue	£61m	£55m	Up 11%
Continuing Market revenue	£40m	£37m	Up 8%
Continuing Media revenue	£21m	£18m	Up 17%
Operational Markets at year end	13	10	Up 30%
Markets in development at year end	5	not disclosed	not disclosed
Global monthly reach	approximately 280m	not disclosed	Up 31%
Active registered users	2.5m	not disclosed	Up 7%

The continuing operations definition is important here. Time Out says continuing revenue relates to trading operations that will continue into FY27 as part of the Group.

During FY26, Boston Market, Spain Media and APAC Media were either licensed or franchised to local operators, so they are excluded from continuing operations. Chicago Market closed in January 2026 and is also excluded. For licensed and franchised locations, trading revenue and operating costs are replaced by a royalty fee.

In plain English: the business is becoming less directly operated in some territories and more capital-light in others.

Markets: bigger footprint, London flagship added after year end

Time Out opened three new Markets during FY26: Budapest, New York Union Square and Vancouver. That increased the operational portfolio from 10 to 13 locations.

Those openings added approximately 88,000 sq ft, 38 kitchens, seven bars and around 1,780 seats. Union Square also introduced the Group's first smaller neighbourhood-format Market, which could be an interesting format if it proves easier to roll out than larger flagship sites.

The 13 operational Markets welcomed 12 million visitors across the portfolio during the year.

At 30 June 2026, Time Out had five further Markets in development: Abu Dhabi, New Delhi, São Paulo, Prague and Riyadh. New Delhi and São Paulo are the first agreements under the Group's new capital-light Market franchise model, creating potential for further locations in India and South America.

After the year end, the Group also secured a flagship London Market at Regent Street, Piccadilly Circus. That brings the Market concept to the city where Time Out was founded. The announcement says this increases the development pipeline to six locations.

For readers following the expansion strategy, this sits alongside earlier updates such as Time Out's Australian franchise agreement with Vinyl Group and the first global franchise agreement for Time Out Market Delhi.

Media: a welcome return to adjusted EBITDA profitability

The Media division is arguably the most encouraging part of the update.

Continuing Media revenue rose 17% to £21m from £18m. More importantly, Media returned to adjusted EBITDA profitability. EBITDA means earnings before interest, tax, depreciation and amortisation. Adjusted EBITDA is a company-specific version that excludes certain items, although the RNS does not provide the full adjustment detail.

The return to adjusted EBITDA profitability was supported by UK and US sales growth, improved client retention, new business wins and a cost efficiency programme.

Time Out says global monthly reach increased by 31% to approximately 280 million people across editorial, social, video, newsletters, audio, events and commercial partnerships. Its expert city coverage now spans more than 350 cities in over 50 countries.

Active registered users increased 7% to 2.5 million at June 2026. New registrations were generated approximately equally by Media and Markets, which is a useful sign that the physical and digital parts of the business can feed each other.

The division is also shifting its revenue mix. The RNS says approximately 53% of UK and US direct Media sales came from repeat clients, while indirect programmatic advertising represented less than 10% of Media revenue. That suggests Time Out is trying to move away from lower-control advertising streams and towards direct client relationships, live experiences, commerce and partnerships.

During FY26, Media generated more than 110,000 attributable transactions and approximately £7.3m of attributable gross merchandise value across accommodation, theatre, attractions, restaurants and Time Out Offers.

Live-events and activation revenue reached approximately £2.4m, supported by campaigns for brands including Disney Theatrical, Toyota, SailGP, HelloFresh, British Airways and Westfield.

The related-party loan note needs watching

Alongside the trading update, Time Out announced an increase to an existing loan note instrument with Oakley Capital Limited.

The existing loan note was first entered into on 26 August 2025 and amended on 7 January 2026. Its value is now being increased from £1.1m to £2.1m. The extra £1.0m will be used to provide growth capital for the new London Market.

The interest margin is unchanged at SONIA + 8%. SONIA stands for the Sterling Overnight Index Average, a benchmark interest rate used in sterling lending. So the cost of this debt moves with SONIA, plus an 8% margin.

This is a related-party transaction under AIM Rule 13. AIM Rule 13 is the rule covering transactions with parties connected to a company, where shareholder transparency and board judgement are particularly important.

Oakley Capital Limited is the parent company and an associate of Oakley Capital Investments Limited, which owns 174,157,477 ordinary shares in Time Out. That represents approximately 33.32% of the Company's issued share capital, making Oakley Capital Investments a substantial shareholder.

The independent directors, excluding Peter Dubens, David Till and Alexander Collins for the purposes of this transaction, consider the loan note terms fair and reasonable for shareholders, having consulted nominated adviser Panmure Liberum.

The positive view is straightforward: London is a major strategic location for Time Out, and the extra £1.0m supports that growth plan.

The caution is just as straightforward: related-party funding and debt refinancing both need monitoring, especially when the RNS also says the process to refinance maturing senior debt remains ongoing. It is progressing in line with expectations, but the final terms are not disclosed.

What investors should take from the update

This is not a clean, simple revenue growth story. Reported Group revenue is expected to be approximately £72m, slightly below FY25's £73m. That may disappoint anyone only looking at the top line.

But the continuing operations picture is better. Continuing revenue rose 11%, Markets are expanding, and Media has returned to adjusted EBITDA profitability. The Group also appears to be leaning further into capital-light franchising and licensing, which could reduce direct operating exposure in selected markets if executed well.

The main positives are:

• Continuing operations revenue up 11% to £61m.
• Continuing Media revenue up 17% to £21m.
• Media back in adjusted EBITDA profit.
• 13 operational Markets at year end, with 12 million visitors.
• A development pipeline increased to six locations after the London Piccadilly Circus site.
• Growing global reach of approximately 280 million people per month.

The main watchpoints are:

• Headline Group revenue is slightly lower year on year.
• The senior debt refinancing process is still ongoing.
• The additional £1.0m loan comes from a related party.
• The RNS does not disclose statutory profit, loss, cash balance, net debt or final refinancing terms.
• Capital-light franchising can be attractive, but investors will need to see how royalty economics develop over time.

A stronger platform, but funding remains the key question

Time Out's FY26 update points to a business making operational progress. The Media turnaround is particularly helpful because it suggests the digital side is no longer just about reach, but is becoming more commercially useful.

The Markets portfolio is also larger, and the London flagship gives the brand a high-profile home-market showcase. That is strategically neat.

Still, the balance sheet side is not fully resolved in this RNS. The senior debt refinancing is ongoing, and the new growth capital comes through a related-party loan note. For investors, the next important details will be the final refinancing outcome, the performance of the newer Markets, and whether Media can sustain adjusted EBITDA profitability beyond this update.