1、Creating meaningful and successful connectionsTeam Internet Group plcAnnual Report 2024ContentsStrategic reportFinancial statementsPurpose,mission,strategy and values 1Our highlights 2What we do 3The markets we operate in 8What sets us apart 11Chairmans statement 15Chief Executive Officers review 17
2、Our business model 20Our strategy 22Key performance indicators 24Section 172(1)statement 28Sustainability 30People and culture 45Chief Financial Officers report 57Risks 60Independent auditors report 82Consolidated statement of comprehensive income 89Consolidated statement of financial position 90Con
3、solidated statement of changes in equity 91Consolidated statement of cash flows 92Notes to the consolidated financial statements 93Company statement of financial position 129Company statement of changes in equity 130Notes to the Company financial statements 131Particulars of subsidiaries 1371-62Addi
4、tional informationShareholder information 140Glossary 142GovernanceBoard of Directors 64Corporate governance 66Audit&Risk Committee report 70Remuneration report 72Directors report 7863-81140-14482-140Purpose,mission,strategy and valuesPurpose:Creating meaningful and successful connections:businesses
5、 to domains,brands to consumers,publishers to advertisers.Long-term strategic priorities:Mission:By leveraging our people,businesses and technologies,we aim to drive information,deliver value and create growth for all.Creating value for stakeholders:1 Organic growth2 Operating leverage3 Competitive
6、cost of capital4 Focused bolt-on M&ACustomersInvestorsColleaguesPartnersRegulators and governmentsCommunitiesUnderpinned by our values:We act like owners.We have the courage to do the right thing,even if its hard.We work smart to build things we are proud of.And by working together,we win together.R
7、ead more on page 22Read more in our people section on pages 45 to 56Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 20241Operating cash flow growth and balanced earnings composition.Our highlightsFinancial highlights2024 highlightsRevenue(USD
8、 m)802.8(4)%2024 802.82023 836.9Adjusted EBITDA(USD m)91.9(5)%2024 91.92023 96.4Net debt(USD m)96.4+30%2024 96.42023 74.1Net revenue/gross profit(USD m)187.5(2)%2024 187.52023 191.1Operating profit(USD m)8.2(82)%2024 8.22023 45.7 restatedPro forma revenue(USD m)831.8(13)%2024 831.82023 951.4 In 2024
9、,Team Internet Group plc(Team Internet,the Company or the Group)achieved record adjusted operating cash flow of over USD 99 million.A more balanced earnings composition has been produced across the Groups three reporting segments.Acquisition of Shinez I.O Ltd(Shinez)for an initial cash consideration
10、 of USD 31.8 million(net of cash acquired).Shinez has underperformed relative to expectations,primarily due to changes in its specific target markets.The restructuring plan for Shinez,which is now under new management,includes transitioning Shinezs business model from text-based to short-form video,
11、aligning with consumer trends.In April 2024,the Group announced that its ordinary shares began trading on the OTCQX Best Market(OTCQX)under the symbol TIGXF.OTCQX is the premier tier of OTC Markets where over 12,000 US and global securities trade.Trading on OTCQX will significantly enhance Team Inte
12、rnets visibility and accessibility in the worlds largest capital market.Share buyback The Companys second share buyback programme concluded in April 2024.On completion of the Companys second share buyback,GBP 38.0 million(USD 47.7 million)worth of ordinary shares were purchased.In September 2024,the
13、 Company launched a third share buyback programme to repurchase up to 13,048,000 ordinary shares.By 31 December 2024,the Company had repurchased a total of GBP 44.8 million(USD 56.5 million)worth of ordinary shares across all programmes,with GBP 5.9 million(USD 7.3 million)remaining of the share buy
14、back scheme at 31 December 2024,based on the share price at that date.DividendIn May 2024,the Group paid its 2023 final dividend of 2.0 pence per share totalling USD 6.4 million,reflecting a renewed capital allocation geared towards delivering greater returns to Shareholders.In October 2024,the Grou
15、p paid an interim dividend of 1.0 pence per share totalling USD 3.4 million.Definitions of alternative performance measures are provided on page 102.Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 20242The global internet group that generates
16、 recurring revenue from creating meaningful and successful connections:businesses to domains,brands to consumers,publishers to advertisers.What we do Domains,Identity&Software(DIS)Comparison SearchWe are the internets distribution backbone delivering domains,cybersecurity and brand protection at sca
17、le.As the trusted partner to the worlds most admired online presence platforms,cybersecurity providers,and global brands,we enable digital identities to grow safely,seamlessly and globally.Recurring revenue modelAnnual subscriptionsOperational KPIsAverage revenue per domain yearUSD 12.52023:USD 11.3
18、Processed domain registration years13.2 million2023:13.8 millionFinancial resultsGross revenueUSD 202.7 million2023:USD 188.7 millionNet revenue/gross profitUSD 73.6 million2023:USD 68.2 millionAdjusted EBITDAUSD 19.4 million2023:USD 12.9 millionIn a world of noise and bias,we provide clarity.Our in
19、dependent,data-driven guides win trust and convert.How do we monetise traffic?High-conviction referrals.Scalable.Future-proof.Built for whats next.Recurring revenue modelRolling open-ended revenue share contractsOperational KPIsRevenue per thousand sessions(RPM)USD 2492023:USD 203Visitor sessions188
20、.5 million2023:145.7 millionFinancial resultsGross revenueUSD 63.0 million2023:USD 44.2 millionNet revenue/gross profitUSD 22.4 million2023:USD 15.7 millionAdjusted EBITDAUSD 16.1 million2023:USD 9.2 millionSearch engines are losing Gen Z.Social captures attention but struggles with conversion.We br
21、idge the gap with lean,high-yield experiences that turn scrolls into revenue.Recurring revenue modelRolling open-ended revenue share contractsOperational KPIsRevenue per thousand sessions(RPM)USD 692023:USD 95Visitor sessions6.8 billion2023:5.9 billionFinancial resultsGross revenueUSD 537.1 million2
22、023:USD 604.0 millionNet revenue/gross profitUSD 91.5 million2023:USD 107.2 millionAdjusted EBITDAUSD 56.4 million2023:USD 74.3 million7%Gross revenue growth43%Gross revenue growth(11)%Gross revenue declineThe above operational KPIs represent c.81%of the DIS operating segment,c.74%of the Comparison
23、operating segment and c.87%of the Search operating segment,which can be adequately and reliably described by them.Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 20243What we do continued Domains,Identity&Software(DIS)Reseller channel case st
24、udyTrusted partner in the world of domains.What does it look like in practice?The customer journey from discovery to service delivery within the DIS reseller channel(CNR).Customer journeyTotal DIS net revenueUSD 73.6 million(39%of Group net revenue)2023:USD 68.2 million1Discovery and marketingDomain
25、 name resellers seeking the best prices and value-added services are targeted through both online and offline marketing channels,including thought leadership,content marketing,paid advertising,webinars and events.2Onboarding and set upRegistration and account creation occurs via the CNR website.Rese
26、ller activates their account by adding funds,selects from 1,200+domain name extensions and other web products to resell and set up custom prices and promotions.3Product,billing and account managementReseller uses an intuitive control panel to manage orders,customers,products and billing.Reseller can
27、 choose to sell via APIs using their own platform.4Customer support and serviceResellers receive support through helpdesk,technical assistance and access to a knowledge base.They can also escalate complex issues through the appropriate support channels for further resolution.Additional informationFi
28、nancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 20244What we do continued Comparison case studyGuiding consumers with independent and data-driven product recommendations.What does it look like in practice?Search engine users are directed to review websites before bu
29、ying the product of their choice at an e-commerce partner.Search engine user experienceMany consumers start their product search on a search portal rather than an e-commerce portal.We are found through organic and paid search results.In a scientific approach,we present a curated set of popular choic
30、es including the information that most consumers use to make their selection in a highly absorbable format.The user then selects the best fitting product and we refer them to a trusted e-commerce partner to complete the sale.Online consumers value the noise reduction and privacy value is captured th
31、rough commercial alliances.Total Comparison net revenueUSD 22.4 million(12%of Group net revenue)2023:USD 15.7 million1Team Internet places ads for product categories on search engines.Due to a vast inventory of high-quality product review content,Team Internet appears high in the search ranking.3The
32、 online consumer then clicks out to the merchant with the offer that comes closest to their intent or need.When the consumer checks out of the e-commerce partners site,Team Internet is paid.2The online consumer is then presented with a choice of relevant products where we identify the best,the most
33、affordable,the best value-for-money products and top-selling products consumers are typically happy to adopt one of the four strategies.Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 20245What does it look like in practice?Displays ads that
34、are contextually relevant to the content users are viewing.Social media user experienceWhat we do continued1Spark interest We run targeted ads on social to attract users based on broad category interest.2Deliver context Users land on content-rich pages with Embedded RSOC terms tied to the topic.3Tri
35、gger intent Clicking a relevant RSOC term brings up contextual ads aligned with user interest.4Drive conversion When the ad is clicked,the user lands on the advertisers site and we get paid.Total Search net revenueUSD 91.5 million(49%of Group net revenue)2023:USD 107.2 million Search Related Search
36、on Content(RSOC)case studyRSOC(Related Search on Content):building the future of monetisation through content-driven engagement.Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 20246What we do continued Search AdSense for domains(AFD)case stud
37、yAdSense for domains(AFD):a high-performing legacy workflow now being deprioritised.What does it look like in practice?Consumers on social media are run through brief consumer guides before being referred to a recommended merchant.Social media user experienceSearch engine users are directed to revie
38、w websites before purchasing the product of their choice at an e-commerce partner.Total Search net revenueUSD 91.5 million(49%of Group net revenue)2023:USD 107.2 million1Capture AttentionWe run targeted category ads on social media or native content networks(example:Facebook(1).When users engage,the
39、y click through to explore further.3Refine the NeedThe user is shown refined search terms to sharpen their intent and guide next steps.5Complete the journeyThe user lands on the final vendor offer(example:T-Mobile(2).A clean handoff from discovery to decision.2Qualify the IntentThey land on an inten
40、t-based page with relevant options and click into a more specific category.4Match to monetisationWe serve an ad aligned with the users refined intent.If they click,we get paid.(1)Facebook is an example of a partner.They provide traffic and Team Internet pays for it.(2)T-Mobile is an example of a cus
41、tomer.Team Internet refers a customer and gets paid for it.Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 20247Team Internet does business with the most respected companies in its industries,both on the demand and supply side,resulting in an
42、 incredibly resilient business model.The markets we operate in Domains,Identity&Software(DIS)Resellers:Premier domain marketplace connecting more than 1,500 top-level domains(TLDs)to around 21,000 resellers,among global leaders such as GoDaddy,Newfold Digital and many others.Small and medium-sized b
43、usinesses:Serving c.210,000 direct SMB customers addressed through brands specialised in specific geographies or customer personas.Corporates:Trusted domain portfolio guardians for hundreds of internationally recognised brands,such as Johnson&Johnson,Mercedes-Benz and Rolex.Registry:Leading outsourc
44、ing provider for new top-level domains(nTLDs),managing over 17 million domain names under 101 nTLDs.Analytics SaaS:Our privacy-enabled marketing solution aligns seamlessly with market demand.Team Internets SaaS analytics platform boasts 2,600 active users,leveraging automation capabilities to track
45、and optimise multiple ad campaigns,improving conversion.ComparisonE-commerce:We earn commissions from transactions made by customers referred to our e-commerce partners.The opportunity continues to grow by incorporating new product reviews and expanding into additional verticals.Currently,only the G
46、erman,French,Italian and Spanish-speaking markets are addressed,presenting significant growth potential through internationalisation.Our solution is the leading player in Germany,the largest B2C e-commerce market in the EU,with over 16 million monthly visits.We partner with top e-commerce players in
47、 Germany,including Amazon,eBay,OTTO,and billiger.de.With our multi-asset approach,we offer over 350,000 product listings across more than 20,000 comparison categories.We assist customers who are ready to make a purchase but have not yet decided on a specific product.Our transparency regarding price
48、and product details leads to high conversion rates.SearchSearch engine monetisation:We address a wide range of industries whose constituents advertise on search engines.The most significant sectors include health(23%),jobs and education(15%),home and garden(14%),business&industrial(8%)and autos and
49、vehicles(7%).Each industry consists of various verticals,further composed of numerous distinct advertisers.Affiliates:Team Internets performance marketing and advertising technology platform is used by over 1,500 affiliate advertisers.Online marketing marketOnline presence marketAdditional informati
50、onFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 20248The DIS segment is a critical constituent of the global online presence and productivity tool ecosystem,with the Group serving as the primary distribution channel for a wide range of digital products.DIS is po
51、sitioned to benefit from latest online presence market dynamicsThe Group is a leading global internet solutions provider that operates in three highly attractive segments:domain name management solutions(DIS segment),e-commerce(Comparison segment)and digital advertising(Search segment).The markets w
52、e operate in continued Move towards exotic domain names Utilise AI and data to fuel automation Optimising for efficiencyMarket dynamicsDomain registrars demand time and cost efficiency in contract management,technical integrations and billing tasks.Team Internets solutionsTeam Internets DIS division
53、 connects registrars to TLDs through a unified platform,cutting task volume by c.99.9%.Market dynamicsLimited availability and frequent price increases in top-level domain names and rising demand for country code TLDs and nTLDs.Team Internets solutionsTeam Internets expertise in country code TLDs an
54、d new TLDs presents a significant market opportunity.Market dynamicsMarket megatrend to incorporate AI and data analytics to achieve optimal efficiency,scalability and performance.Team Internets solutionsEstablished in-house R&D team to deliver tailored AI and data solutions addressing key operation
55、al areas such as automated customer journey,TLD personalisation and ad tracking platform.Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 20249We operate in the online marketing industry with digital audience matching platforms across leading
56、monetisation categories.The markets we operate in continuedTraffic acquisition+IntentIntent Traffic monetisation modelsPPCPay-per-clickPPAPay-per-actionPPCPay-per-clickPPMPay-per-thousand ad impressionsTeam Internet acquires traffic by placing ads on social media,search engines,advertising networks
57、and content websites.Conversion stage:the objective is to close a dealConsideration stage:the objective is to be considered by a prospective customerAwareness stage:the objective is to get noticed by customers123First-party intent data(under development)Awareness-based ads(under development)Addition
58、al informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202410What sets us apart Domains,Identity&Software segment:Capitalise on digital identity assetsThe opportunityThe problem we solveMaking all domains accessible to everyone Domain names are the cornerst
59、one of navigation within Domains,Identity&Software(DIS).In the increasingly globalised economy,the unique problem we solve is making all domain names from any country available to everyone.Team Internet provides automated global access to over 1,500 domain extensions(TLDs)across 300 territories,serv
60、ing 4 million indirect and 210,000 direct customers.The challengesFragmented ecosystems Multi-tiered management of an array of digital products and services.Extensive API integrations and managing critical structured data via APIs are required to support automated products and the current domain bus
61、iness.Some of the products are offered for free,making it difficult or impossible to add a margin or extract a commission.Exploit generative AI Domain names have also evolved to be the centrepiece of digital identity.Controlling the domain name allows one to promote additional tokens of digital iden
62、tity.This includes trademark docketing services,blockchain registration and mirroring services,legal entity identifier(LEI)certificates,social media handles,and more.Cross-selling potential lies in Voluum,through which affiliate marketers buy large quantities of domain names,and in ParkingCrew,which
63、 can become a domain name reseller business.Integrating through scale With over 20 years of experience in connecting fragmented,globally distributed value chains,we are the trusted partner of the worlds leading online presence enablers(GoDaddy,R,W,Squarespace,WordPress).This gives us unparalleled di
64、stribution power,helping us offset the cost of integrating new products faster than any peer.Our license to winAdditional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202411What sets us apart continued Comparison segment:Transforming a national champ
65、ion into a global consumer guide authority.The problem we solveRemove noise and bias on the internet Online consumers are exposed to extreme noise,biased messaging and inconsistent data.Comparisons data-driven consumer guides cut through the noise and bias with trusted,independent and data-driven pr
66、oduct recommendations.The monetisation is based on top-tier commissions for referring actual,high conviction customers,the most future-proof monetisation.The challengesOvercome growth barriers Reliance on organic traffic materially inhibits the use of AI.Local incumbents in new territories need to b
67、e outcompeted by achieving higher conversion KPIs.Increased computing power is required to process more reviews.The opportunityExploit generative AI Go abroad:Expand the proven German success story across Europe and English-speaking markets,adapting to local market preferences.Go long-tail:Target pr
68、ofitable and smaller niches with low content generation costs to broaden the addressable market,increase the number of products and boost margins.SEA-first model enables full AI adoptionOnce an SEO project,Comparison has adopted a SEA-first model and evolved beyond relying on organic search,paving t
69、he way for unprecedented,AI-driven scalability.Symbiosis with scaling partnerAs a trusted partner of one of the largest global e-commerce businesses with AI-first operations,we are data-driven,cost-efficient,compliant and poised for rapid international growth.Rigorous optimisationOur new platform al
70、lows us to adapt the consumer experience to local markets and context on a highly automated and AI-driven approach.Our license to winAdditional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202412What sets us apart continued Search segment:Leading con
71、tent and video publisher with unmatched scale.The opportunityThe problem we solveBridging web 1.0 and web 2.0 Younger audiences are abandoning traditional search in favour of social media and user-generated content channels capturing trillions of screen hours.This shift leaves long-tail advertisers
72、struggling to reach them without a multi-channel strategy.We close that gap by turning social traffic into high-intent sessions on lightweight,high-engagement web properties built for conversion.The challengesUser engagement While RSOC delivers higher click prices,click-through rates are currently l
73、ower than AFD.The reason is clear:the richer,on-page content absent in the AFD model draws user attention away from ads.We see this as a design challenge,not a structural flaw,and were actively optimising layouts and flows to rebalance engagement and restore yield.TimingThe industry did not get the
74、luxury of time RSOC had to scale before reaching AFD level maturity.While margins are still below legacy workflows,our data-and AI-driven optimisation engine is designed to close the gap and ultimately surpass it.Enhancing brand and user experience Were transforming micro-sites into intelligent cont
75、ent portals using generative AI-enhancing relevance,structure and user experience at scale.In close alignment with platform partners,were rolling out Related Search on Content(RSOC),a new feed format that expands inventory into search engines,display and beyond.As the model evolves,social networks a
76、re expected to become more receptive unlocking broader engagement and reach.Unmatched scale We operate at scale that few can match powered by proprietary conversion data across millions of user interactions.This gives us the insight and leverage to drive performance others struggle to replicate.Uniq
77、ue content and video publishing expertiseWith Shinezs content engine and deep engagement signals,we design user experiences that convert.Our proprietary CPM/CPV framework unlocks incremental revenue at every interaction turning engagement into scalable monetisation.Automated testing capabilitiesWe d
78、ont guess we test,iterate,and optimise.Drawing from our Comparison business,we bring battle-tested frameworks for A/B testing and performance tuning of rich content environments,at scale.Our license to winAdditional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Ann
79、ual Report 202413What sets us apart continuedAcross its three segments,Team Internet creates a vibrant,symbiotic ecosystem,connecting a vast supply with substantial demand.FY24 value flowsSocial media:44%Search:59%(TONIC.,ParkingCrew)Affiliate advertisers:8%(Shinez,Zeropark)E-commerce:8%(VGL)Reselle
80、rs:16%SMB:5%Corporates:2%Registry:1%Analytics SaaS:1%(Voluum)Native:20%Domains:3%Contextual ads:1%Search ads:7%Search ads:1%Domain registries:20%Value-added services:1%Alternative publishers:3%Cost of sales Search:$445mRevenue Search:$537mRevenue Comparison:$63mRevenue DIS:$203mCost of sales Compari
81、son:$41mTotal revenue:$803mCost of sales DIS:$129mNet revenue:$188mAdditional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202414Adapting,innovating and advancing2024 has been a year of transformation for Team Internet Group plc,characterised by stra
82、tegic evolution,operational refinement and an unwavering focus on long-term value creation.As we navigate an ever-changing digital landscape,our ability to adapt,innovate and make decisive choices has ensured our continued success.Refining our business for the futureWith our 2024 trading update,we i
83、ntroduced a new reporting structure,providing greater clarity and alignment with our operational realities.From 2024 onwards,we will report across three distinct segments Domains,Identity&Software(DIS),Comparison and Search reflecting our commitment to transparency and performance-driven growth.This
84、 segmentation enhances our ability to assess opportunities,drive efficiencies and deliver sustainable returns.Strategic execution and business resilienceDespite macroeconomic challenges,we maintained a sharp focus on execution.While the Search segment experienced headwinds,we made a deliberate shift
85、 towards sustainable,high-quality traffic sources and new workflows,augmenting the user and brand experience.Meanwhile,our Comparison business delivered exceptional growth,supported by AI-powered product expansion and geographic diversification.Our DIS segment continued to expand,demonstrating the s
86、trength of our subscription-based revenue streams.Portfolio oversight and proactive managementWe have taken decisive action in managing our portfolio,ensuring that all assets contribute meaningfully to our long-term goals.A key example is Shinez I.O Ltd,where we removed the founders,initiated legal
87、proceedings and embarked on a strategic restructuring.The transition towards short-form video reflects our agility in responding to shifting digital consumption trends.While we will record a non-cash impairment charge,this move underscores our commitment to robust portfolio oversight.Capital allocat
88、ion and Shareholder returnsOur financial discipline remains unwavering.Over the course of the year,we executed USD 21 million in share buybacks and distributed USD 10 million in dividends,reflecting our focus on Shareholder returns.At the same time,we carefully evaluated acquisition opportunities,en
89、suring that future investments align with our strategic vision and deliver tangible value.With net debt at USD 96 million,our balance sheet remains structured to support our long-term ambitions while providing the flexibility required to capitalise on emerging opportunities.Chairmans statementOur co
90、mmitment to strategic transformation,AI-driven growth and delivering strong Shareholder returns remains at the heart of our efforts as we position the Group for long-term success.Iain McDonaldChairmanAdditional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual R
91、eport 202415Chairmans statement continuedGovernance and long-term stewardshipStrong corporate governance is the foundation of sustainable growth.This year,we further strengthened our governance framework by enhancing Board independence and ensuring the full independence of our Audit&Risk Committee.T
92、hese refinements align our oversight mechanisms with best practices,reinforcing our commitment to accountability and strategic clarity.Looking forward with confidenceDespite challenges in the Search segment,we anticipate continued strong performance in DIS and Comparison,supported by AI-driven autom
93、ation,platform efficiencies and international expansion.Our overarching strategy remains intact:building a diversified,technology-driven business that fosters meaningful digital connections between businesses,brands and consumers.A note of appreciationOn behalf of the Board,I extend my deepest appre
94、ciation to our leadership team,employees and partners for their dedication and hard work.Their contributions have been instrumental in our continued success,and I am confident that,together,we will seize the opportunities that lie ahead.Team Internet is a group built for the future one that embraces
95、 change,drives innovation and delivers value at every turn.As we step into 2025,we do so with clarity,strength and an unwavering commitment to excellence.Iain McDonaldChairman28 March 2025Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202416
96、Team Internet achieves record operating cash flow and balanced earnings amidst revenue headwinds,driven by AI and diversified segments.Michael RiedlChief Executive OfficerResilience,transformation and the path forward2024 was a year of strategic transformation for Team Internet.As the digital landsc
97、ape evolved at an accelerated pace,we navigated significant shifts,proactively adapting our business to ensure long-term growth.While we faced challenges,our resilience,adaptability and commitment to innovation ensured that we exited the year stronger,more agile and well positioned for the future.Th
98、e digital advertising and online presence industries continued to develop rapidly,driven by changes in consumer behaviour,regulatory developments and advances in artificial intelligence.Within this dynamic environment,Team Internet leveraged its proprietary technology,data capabilities and market ex
99、pertise to sustain its competitive edge and accelerate growth in key areas.Private equity interest and Shareholder value creationIn early 2025,two private equity firms expressed interest in Team Internet at significant premiums over the market price.While none of these approaches ended in a firm off
100、er,the Board remains confident in the Groups strategic direction,financial strength and ability to create long-term Shareholder value.Team Internet remains highly profitable and cash generative,and we continue to explore options to optimise capital allocation and review asset ownership.Notably,we ha
101、ve received repeated interest in our Domains,Identity&Software(DIS)segment,which continues to perform strongly.These developments reaffirm the strategic value of our operations,highlighting that we are operating a business with highly attractive and strategically important assets.Financial and opera
102、tional performanceOur financial results reflected our transition.We reported gross revenue of approximately USD 803 million and net revenue of approximately USD 188 million,with adjusted EBITDA of approximately USD 92 million.While Search faced headwinds,our Domains,Identity&Software(DIS)and Compari
103、son segments outperformed expectations,contributing 51%of net revenue in 2024,up from 44%in 2023,and poised for further expansion in 2025.This shift underscores the increasing resilience of our business model,as we continue to diversify revenue streams and strengthen our position across all segments
104、.Navigating market evolution in SearchGoogle recently announced that from 19 March 2025,it will begin opting advertisers out of AdSense for Domains(AFD),accelerating the industrys shift towards Related Search on Content(RSOC).This transition presents both challenges and opportunities.While this tran
105、sition materialised sooner and faster than expected,it was fully anticipated within our strategic planning,and we had already begun adapting.This simply accelerates our execution.RSOC represents the next evolution of search monetisation,offering a more sustainable model that enhances user and advert
106、iser experience.However,the transition brings short-term challenges.With AFD,we had built a highly optimised model with established revenue share tiers,whereas RSOC introduces a new framework with different dynamics.Chief Executive Officers reviewAdditional informationFinancial statementsGovernanceS
107、trategic reportTeam Internet Group plc Annual Report 202417Navigating market evolution in Search continuedThe materially accelerated rollout has limited the industrys ability to adjust gradually,creating near-term pressure on Search segment earnings.That said,our investments in RSOC adoption,combine
108、d with our market-leading zero-click solutions via the Zeropark platform,position us strongly for recovery and long-term growth.We are already seeing unprecedented demand for our solutions and are prioritising new customer onboarding to ensure service quality and performance.In the end,it is all pro
109、cess and execution:matching content with intent,driving engagement through smart placement,diversifying revenue streams,ensuring seamless user experience and continuously optimising performance to maximise value while positioning ourselves for higher revenue share as the model matures.RSOC provides
110、an opportunity to build a more sustainable and valuable business with higher-quality traffic monetisation and we are committed to seizing it.Strength in our diversified business modelBeyond Search,our Domains,Identity&Software(DIS)and Comparison segments continue to thrive.The DIS segment,underpinne
111、d by a subscription-based model,provides a stable and resilient revenue stream through partnerships with the worlds leading online presence and cybersecurity providers,as well as top global brands.At the same time,our Comparison business achieved 43%revenue growth and 89%EBITDA growth in 2024.This s
112、egments AI-native platform has enabled rapid international expansion,and we expect continued strong performance in 2025 and beyond.Our AI-led approach in Comparison has driven successful market launches,with Italy,Spain and France already live at the time of writing.Major anglophone markets are set
113、to follow this year.Looking ahead,we will further enhance our platforms capabilities by integrating automation,AI-driven content optimisation and data-driven performance enhancements to improve conversion and engagement rates.Strategic priorities for 2025:growth,innovation and efficiencyOur 2025 str
114、ategy is focused on three core themes:1.Pioneering innovation:We will continue to push the boundaries of what is possible in digital advertising and online presence.Our investments in AI-native platforms,automation and enhanced monetisation strategies will keep us ahead of industry shifts.The Compar
115、ison segments AI-driven expansion serves as a blueprint for future technological advancements across our business.Additionally,we are investing in AI-powered content generation and dynamic personalisation,ensuring our platforms remain at the forefront of digital engagement.2.Operational efficiencies
116、 and cost discipline:The success of our Unity Programme has demonstrated our ability to streamline operations and drive efficiencies while outgrowing the market.We will extend these principles across all segments,enhancing automation,consolidating technologies and optimising traffic monetisation.3.C
117、ustomer-centric growth:Ensuring that our platforms,services and monetisation strategies create tangible value for our partners and end users will be a priority.Capital allocation and Shareholder returnsDespite industry shifts,we remain committed to disciplined capital allocation,ensuring that we bal
118、ance investment in growth,financial flexibility and Shareholder returns.Our five-stage capital allocation framework prioritises:1.Organic growth investment:Focusing on high-return opportunities in AI-driven innovation,platform enhancements and operational efficiencies.2.Strategic acquisitions:While
119、we remain committed to pursuing acquisitions that strengthen our competitive position,our experience with Shinez has reinforced the importance of heightened diligence.Following the discovery of material misrepresentations,we have initiated legal action to recover our damages.More importantly,we have
120、 strengthened our acquisition framework by implementing deeper due diligence,enhanced post-acquisition oversight,a stricter alignment with our strategic roadmap and reinforcing our M&A leadership team with additional expertise to drive a more disciplined and strategic approach to deal execution.3.De
121、leveraging:Maintaining financial flexibility remains a priority,and given the evolving market environment,we anticipate an increased focus on debt reduction to reinforce our long-term resilience.Chief Executive Officers review continuedAdditional informationFinancial statementsGovernanceStrategic re
122、portTeam Internet Group plc Annual Report 202418Photographer:Anna RauchenbergerCapital allocation and Shareholder returns continued 4.Sustainable Shareholder returns:Given our commitment to financial discipline,we will take a measured approach to dividends and share repurchases,ensuring that capital
123、 allocation decisions align with our long-term financial health.In 2024,we returned USD 31 million to Shareholders through a mix of share repurchases and dividends.Excluding these actions,our net debt decreased.However,as we prioritise strengthening our financial foundation,dividends may be reviewed
124、 and new share buybacks will only be announced once meaningful progress in deleveraging has been achieved.While capital returns remain an important part of our long-term strategy,we are taking proactive steps to ensure that when they do resume,they are done from a position of strength,enhancing long
125、-term Shareholder value.Looking ahead:2025 and beyondWhile 2025 will be a transition year for Search,the strength of our diversified business model ensures that we remain highly profitable and cash generative.Current consensus for 2025 adjusted EBITDA is between USD 60 million and USD 62 million,wit
126、h a return to double-digit earnings growth from 2026 onwards.Our proactive approach to navigating industry changes,investing in AI-driven platforms and expanding monetisation strategies will drive sustainable growth.Leadership is about showing up when it matters most.I am fully committed to leading
127、Team Internet through this pivotal phase of transformation not just because it is my responsibility,but because I believe in this company and the people who make it exceptional.I am seeking re-election at the 2025 AGM to ensure we execute our vision with focus,resilience and precision.We are not jus
128、t managing change we are shaping the future of digital advertising and online presence.Over the past years,we have built a business with strong fundamentals,resilient cash flows and industry-leading technology.Now,we double down.We execute with discipline.We innovate relentlessly.And we ensure Team
129、Internet not only emerges stronger but sets the pace for the industry.To our employees,partners,and Shareholders thank you for your continued trust and commitment.The road ahead is one of transformation and opportunity,and I look forward to leading us through it.Michael RiedlChief Executive Officer2
130、8 March 2025Chief Executive Officers review continuedAdditional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202419Team Internets strength and organic growth are based on a foundation of exceptional resources dedicated to fostering sustainable value
131、creation.Our business modelOur mission:By leveraging our people,businesses and technologies,we aim to drive information,deliver value and create growth for all.InputsHow we do itOur peopleTeam Internet leverages a wealth of talent throughout the organisation,boasting significant industry expertise.O
132、ur technologyRenowned for its outstanding technological solutions,Team Internet is backed by extensive in-house product,engineering and operations teams.Our omni-channel platform delivers world-class solutions tailored to meet the needs of every customer.Our operational structureThe Groups finance,h
133、uman resources,product development,project management,integration,technical and operational teams are primarily based in Germany and Poland,with regional offices positioned across five continents.Team Internet operates as a truly global entity,serving customers worldwide.Our global perspectiveTeam I
134、nternets globally diverse portfolio of acquisitions,people and operations lends a unique perspective to the Group.Our segments DISA critical constituent of the global online presence and productivity tool ecosystem,where we serve as the primary distribution channel for a wide range of digital produc
135、ts.ComparisonOur product recommendation platform guides online shoppers in selecting the best products based on price,quality,and popularity.SearchCrafting secure,privacy-conscious online consumer experiences powered by AI,which guide general-interest online media users towards becoming confident an
136、d committed consumers through advertorial platforms.Underpinned by our valuesWe act like ownersWe have the courage to do the right thing,even if its hardWe work smart to build things we are proud ofAnd by working together,we win togetherAdditional informationFinancial statementsGovernanceStrategic r
137、eportTeam Internet Group plc Annual Report 202420Creating value for all of our stakeholders whilst remaining steadfastly focused on sustainability.Our business model continuedCreating value for our stakeholdersFocused on sustainability Investors21.49 centsAdjusted earnings per share CustomersCustome
138、r renewal rates c.100%EnvironmentSee more on our environmental strategy and carbon neutrality.On pages 36-42CommunitiesSee more on how we support local communities.On pages 43-44Diversity and inclusionSee more on our approach to diversity and inclusion.On pages 54-56GovernanceSee more on how we are
139、creating long-term sustainable success.On pages 34-35 Colleagues at year end787Expert employees Regulators and governmentsUSD 25mof payroll,corporate and value-added taxes paid in 2024 PartnersTeam Internet creates meaningful and successful connections from businesses to domains,brands to consumers,
140、publishers to advertisers,enabling everyone to realise their digital ambitions.Communities USD 1.8mGrants donated through the SK-NIC Fund(129 projects to date)Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202421Our strategic priorities crea
141、te a virtuous circle:organic growth leads to enhanced operating leverage,driving a more competitive cost of capital,thus facilitating M&A.Our strategyOrganic growthNew customer wins,supporting existing customers and cross-selling our services.Launching new products and contracting with new partners.
142、Competitive cost of capitalReduce interest rate on debt(latest effective interest rate 8%).Retain net debt/EBITDA ratio of 4x.Operating leverageAchieve cost savings in future periods by successfully integrating acquired businesses.Operational gearing is expected to enhance margins as the Group scale
143、s.Focused bolt-on M&AWebsite and e-commerce targets matching Team Internets current recurring revenue and cash-generation profile.Strong pipeline of attractively priced deals.NotesPro forma comparable financial summaries are prepared to effectively isolate organic growth.2024 highlights Pro forma re
144、venue growth of 40%in Comparison and 7%in DIS.Pro forma revenue decline in Search of 21%.Priorities for 2025 New customer wins.Growing existing customers and cross-selling our services.Launching new products and contracting with new suppliers.NotesInterest varies in line with SOFR(published by the F
145、ederal Reserve Bank of New York)and the Groups operating leverage.2024 highlights In 2024,the Group enjoyed the second full-year benefits of its October 2022 refinancing.The latest effective interest rate on all debt is c.7%.During FY24,the Company bought back 13.9 million shares,representing c.5%of
146、 the outstanding share capital,at an average price of GBP 1.18 or USD 1.49.Together,these actions helped maintain strong adjusted EPS of 21.49 cents.Priorities for 2025 Buyback equity from free cash flow.Retain net debt/adjusted EBITDA ratio of 4x.NotesM&A activity targets specific financial synergi
147、es to ensure that the cost base continues to be well controlled.2024 highlights In 2024,the Groups core operating expenses expressed as a percentage of net revenue were 51%,compared to 50%in 2023,as the Group continues to target lower than 50%.Priorities for 2025 Achieve cost savings in future perio
148、ds by continuing our integrations.We expect operational gearing to enhance margins as the Group scales.NotesTeam Internets excellent ability to source,complete and integrate transformative acquisitions drives organic growth.2024 highlights Acquisition of Shinez I.O Ltd in the Search segment in April
149、 2024.Priorities for 2025 Targets matching our own recurring revenue and cash-generation profile.Share buybacks as a benchmark for acquisition cash flow return on investment.Link to KPIs 1 2 3 4 5 7 8 9 10 1112 13 14Link to KPIs 1 2 3 4 5 9 10 11 12 1314Link to KPIs 1 2 3 4 5 6 7 8 9 1011 12 13 14Li
150、nk to KPIs 1 2 3 4 5 6 7 8 9 1011 12 13 14Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202422At Team Internet,AI is seamlessly woven into the fabric of our daily operations.Our strategy continued Raising the floor Raising awareness Raising
151、 the ceilingWe focus on democratising AI knowledge within our organisation,ensuring every member of our staff is equipped with the necessary skills to leverage off-the-shelf AI tools for enhanced productivity.Our commitment is to leave no individual behind in our journey towards digital empowerment.
152、A key component of our AI Academy involves nurturing a culture of critical and creative thinking among our senior leadership.This training is geared towards enabling our leaders to anticipate potential disruptions caused by AI and other emergent technologies,ensuring strategic resilience.This initia
153、tive also focuses on leveraging emerging technologies to conceive products that,prior to these advancements,would have been unimaginable.By providing advanced training to our engineers and data scientists,we aim to push the boundaries of what is possible with AI.This involves immersing our technical
154、 teams in the latest technologies and methodologies,enabling them to create superior products that exceed our customers expectations.Customers provide a business or project description and AI generates matching options,checks availability and presents matching domain names for purchase AI analyses d
155、omain purchases on a Team Internet retail website,verticals are extracted and AI is used to assign the most appropriate nTLDs to inform marketing-driven campaigns AI used to identify more relevant contextual keywords on passively monetised parked domain names to optimise earnings per click(EPC)and c
156、lick-through rate(CTR)AI used to build websites with content around a specific product,e.g.washing machines,to drive qualified leads to Comparison websites Proprietary machine learning optimises native ad placement by analysing third-party websites content and deploying matching advanced keywords to
157、 maximise conversions Proprietary machine learning algorithm identifies high-traffic potential expired domains,registers them,builds websites using templates,populates them with relevant content and native ads,and promotes its articles on social media,to drive qualified leads Algorithm-driven HR int
158、erviews save time,enhance efficiency and standardise feedback by listening and then summarising,assigning actions and sharing feedback Proprietary machine learning in CRM analyses retail customer data,enabling targeted sales operations and saving agent time AI used to summarise and extract actions f
159、rom client-customer care conversations to streamline ticket creation and save agent time AI chatbots are designed and used on ,serving 2,600 customersAdditional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202423Modest contraction but the Groups earn
160、ings composition is more diversified than ever.Key performance indicatorsFinancial KPIs1 Revenue(USD m)(4)%2024 802.82023 836.93 Adjusted EBITDA (USD m)(5)%2024 91.92023 96.44 Adjusted EBITDA%of net revenue/gross profit(1)%2024 49.0%2023 50.4%2 Net revenue/gross profit (USD m)(2)%2024 187.52023 191.
161、1Why its importantRevenue increase is the key indicator of the Groups growth2024 performance4%reduction in 2024OutlookAnalyst expectations1 of 2025 revenue currently range from USD 604 million to USD 743 millionWhy its importantAdjusted EBITDA is the key measure of the Groups operational excellence2
162、024 performance5%reduction in 2024OutlookAnalyst expectations1 of 2025 adjusted EBITDA currently range from USD 60 million to USD 62 millionWhy its importantGiven significant pass-through costs,e.g.traffic acquisition costs,net revenue ratio gives an indication of operating leverage in the business
163、model2024 performance1%reduction in 2024OutlookWe are targeting EBITDA conversion of 50%Why its importantPrincipal indicator of core profitability given the pass-through nature of some revenue streams2024 performance2%reduction in 2024OutlookAnalyst expectations1 of 2025 net revenue currently range
164、from USD 147 million to USD 153 million1.The consensus was formed by five analysts who updated their forecasts in March 2025:Zeus,Berenberg,Edison Investment Research,HSBC and Cantor Fitzgerald.Definitions of alternative performance measures are provided on page 102.Additional informationFinancial s
165、tatementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202424Adjusted EPS remains positive and provides material returns to Shareholders.Key performance indicators continuedFinancial KPIs continued6 Adjusted EPS(cents)(8)%2024 21.492023 23.27 restated7 Cash balance(USD m)(5)%2024 8
166、8.32023 92.78 Net debt(USD m)+30%2024 96.42023 74.1Why its importantMeasure of the underlying growth in earnings per share2024 performance8%reduction to 21.49OutlookAdjusted earnings per share may see a temporary impact as we transition from AFD to RSOC within the Search operating segment,paving the
167、 way for future opportunitiesWhy its importantCash balances are monitored weekly for working capital and M&A funding requirements2024 performanceCash reserves reduced by 5%to USD 88.3 million at the end of 2024OutlookOperational cash conversion is expected to be greater than 100%in 2025Why its impor
168、tantNet debt deleveraging expected over time2024 performanceNet debt increased following investing cash outflows(acquisition of Shinez,contingent consideration payments,dividends and share buybacks),but net debt to adjusted EBITDA ratio remains close to 1:1OutlookLeverage measured by net debt/adjust
169、ed EBITDA will not increase to the levels seen in 2021 and earlier years5 Pro forma revenue(USD m)(13)%2024 831.82023 951.4Why its importantGiven the Groups history of acquisitions in past years,this metric has been important,though it is less relevant this year due to limited M&A activity2024 perfo
170、rmancePro forma revenue decline of 13%in 2024OutlookPlease refer to analyst expectations under the revenue KPIDefinitions of alternative performance measures are provided on page 102.Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202425Team
171、Internet leveraged industry trends to drive sustainable growth.Key performance indicators continuedNon-financial KPIs9 Number of domain registration years (DIS)(#)(4)%2024 13.2m2023 13.8m10 Average revenue per domain year (DIS)(USD)+10%2024 12.52023 11.3Why its importantIndicative of whether Team In
172、ternet is winning market share2024 performanceGreater emphasis placed on price over volume growthOutlookFurther market share gain by volume expected in 2025Why its importantIndicative of the stability of our conversion of underlying activity2024 performanceGrowth of 10%achieved given market shift to
173、 alternative domain namesOutlookSustainable growth expected as we continue to bring efficiencies to the domain subscription processThe year-on-year percentage increase or decrease for non-financial KPIs is calculated using non-rounded figures.The above KPIs represent c.81%of the operating segment wh
174、ich can be adequately and reliably described by them.Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202426Comparisons rapid growth was driven by increases in both visitor sessions and revenue per impression,while our Search segment was impac
175、ted by product evolution and cyclical weakness in click prices.Key performance indicators continuedNon-financial KPIs continuedThe year-on-year percentage increase or decrease for non-financial KPIs is calculated using non-rounded figures.The above KPIs represent c.74%of the Comparison operating seg
176、ment and c.87%of the Search operating segment,which can be adequately and reliably described by them.13 Number of visitor sessions(Search)(#)+16%2024 6.8bn2023 5.9bn14 Revenue per thousand impressions(Search)(USD)(28)%2024 692023 95Why its importantIndicative of the Groups total audience2024 perform
177、anceStrong growth in particular from social media,driven by audience migration to short-form video contentOutlookBeing platform agnostic,Team Internet will nimbly follow mass audience migrationWhy its importantIndicative of how effectively traffic is being monetised,absent current market conditions2
178、024 performanceTrending to a more stable base as the digital advertising market returns to growthOutlookTeam Internet aims to refine the RSOC process to sustain the revenue levels per thousand sessions12 Revenue per thousand impressions(Comparison)(USD)+22%2024 2492023 203Why its importantIndicative
179、 of how effectively traffic is being monetised,absent current market conditions2024 performanceStrong growth in e-commerce commissions,further enhanced by our sponsored product offeringOutlookWe expect continued improvements as we expand across categories and geographies11 Number of visitor sessions
180、(Comparison)(#)+29%2024 188.5m2023 145.7mWhy its importantIndicative of the Groups total audience2024 performanceSignificant growth in users as the Groups SEA-first strategy is implementedOutlookContinued growth expected in our core market DACH,along with additional contributions from new geographie
181、sAdditional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202427The Board recognises its responsibility to take into consideration the needs and concerns of all our stakeholders as part of our discussion and decision-making processes,and in this regar
182、d,we welcome the fresh stance under section 172 of the UK Companies Act 2006(s.172)as part of the QCA Corporate Governance Code.The Directors have identified the Companys key stakeholders as its Shareholders and investors,employees,customers,suppliers,regulators and governmental bodies,the environme
183、nt and the wider community.Building positive relations with these stakeholders,treating them well and with respect and managing our operations in a sustainable way,are essential to the success of the business.The Board considers the interests of the Groups employees and other stakeholders,including
184、the impact of its activities on the community,environment and the Groups reputation,when making all decisions.The Board,acting fairly between members and acting in good faith,considers what is most likely to promote the success of the Group for its Shareholders in the long term.The Groups stakeholde
185、r engagement activities help to inform the Boards decisions.By thoroughly understanding our key stakeholder groups,we can factor their insights and concerns into boardroom discussions.Section 172(1)statement EmployeesThe Group recognises that high levels of employee engagement lead to lower levels o
186、f attrition,higher levels of productivity and a more enjoyable work environment,where people are happier and are more likely to thrive.CustomersThe Group engages with customers across the globe through its dedicated customer support function.Engaging with our customers and understanding their needs
187、are critical to delivering on our strategy,mission and purpose.The Board regards effective communication with Shareholders as essential.Relations with Shareholders are managed principally by the Chief Executive Officer,Chief Financial Officer and the Chairman.Shareholders and investorsHow we engage:
188、Regular town halls Campus our new corporate university Our news site Team Internet Connect Pulse and targeted surveys Viva Engage through our All Company community and local interest groupsImpact of engagement:Better communication has strengthened relationships across the employee base.Increased foc
189、us on training has given colleagues new skills for the workplace and career progression.More information can be found in the people and culture section on pages 45 to 56.How we engage:Customer support function Newsletters Customer satisfaction surveysImpact of engagement:Regular engagement with cust
190、omers ensures the Group stays aligned with their evolving needs and expectations.Insights gathered from customer satisfaction surveys have driven improvements in our products and services,enhancing the overall customer experience.This direct feedback loop allows us to strengthen trust and loyalty,po
191、sitioning the Group as a customer-centric organisation that listens and responds to its global customer base.How we engage:Regular meetings with institutional investors and analysts during the year Individual or collective meetings between major Shareholders and the Board Annual General Meeting(AGM)
192、Feedback from nominated advisers and joint brokers on Shareholder opinions Group websiteImpact of engagement:Frequent communication with Shareholders ensures transparency and trust,enabling them to make informed decisions.Meetings with investors provide valuable feedback that shapes strategic initia
193、tives,while the AGM and advisory updates foster alignment on key business goals.Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202428Section 172(1)statement continued CommunitiesThe Board is committed to improving sustainability and helping
194、communities thrive by positively contributing both socially and economically.Building and preserving relationships with the communities we serve is core to our commercial success and supports our purpose of enabling our customers to realise their aspirations online.SuppliersOur suppliers are crucial
195、 to the operational success of our Company.They provide the software and services that enable us to innovate and deliver high-quality products and services to our customers.By building strong partnerships with our suppliers,we ensure a robust and reliable supply chain,which is essential for meeting
196、market demands.How we engage:Engagement with charities and non-governmental organisations(NGOs)Participation in key international forums and working groupsImpact of engagement:The Groups commitment to sustainability and community wellbeing has resulted in social and economic contributions.Initiative
197、s with charities and NGOs address critical community needs,while participation in international forums helps advance broader social impact goals.How we engage:Supplier assessmentsImpact of engagement:Engaging with suppliers through regular assessments ensures that partnerships align with the Groups
198、standards for quality,ethics and sustainability.These practices build strong,reliable supplier relationships,reduce risks and support operational excellence.In parallel,we are engaging Microsoft and AWS in discussions around operational training for our team,as well as conducting vendor-backed secur
199、ity awareness training for select staff members.Furthermore,we are refining our incident management processes to include tabletop exercises with key suppliers,strengthening our response capabilities and mitigating potential risks.Regulators and governmentsOur relationship with governments and regula
200、tors is important to ensure policies are developed in the interests of our customers and the industry,while also enabling them to better understand the positive impact we can have on the environment and communities we operate in.How we engage:Contribute to society and communities by paying taxes and
201、 social charges in compliance with applicable regulations Help ideate and enforce regulationImpact of engagement:These engagements enhance our ability to anticipate regulatory changes,mitigate risks and contribute to a well-functioning business environment,supporting both our strategic objectives an
202、d broader societal goals.Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202429SustainabilityIntroductionOur Board recognises investing as key to addressing sustainability issues which affect the Groups stakeholders.We believe that the first
203、step to driving positive change as a business is to make a strong commitment to our key stakeholders.This ensures our progress remains firmly aligned with the Groups vision and direction.By standing by these commitments,this group of stakeholders,who will hold us accountable,will help us to embed ou
204、r focus on ESG for years to come.There are a number of initiatives that we are proud to have undertaken and prioritised during the year,which are summarised on the following pages.Our sustainability strategy See more on our sustainability strategy and carbon neutrality on pages 31 to 32Non-financial
205、 and Sustainability Information StatementSee more about our approach to the Task Force on Climate-related Financial Disclosures(TCFD)on pages 33 to 42Engaging with our communitiesSee more on how we support local communities on pages 43 to 4430Team Internet Group plc Annual Report 2024Strategic repor
206、tGovernanceFinancial statementsAdditional informationAligning with the UN Sustainable Development Goals.Sustainability continuedOur sustainability strategyGood health and wellbeingGender equalityDecent work and economic growthHow Team Internet contributes:Health and wellbeing are embedded in Team In
207、ternets people strategy and contribute to its core sustainability mission.How Team Internet contributes:Team Internet is committed to ensuring equal opportunities for all,irrespective of gender,and to maintaining a culture of inclusion,where diversity is seen as a strength.How Team Internet contribu
208、tes:Team Internet employs nearly 800 employees globally.Our team is crucial to delivering our sustainability goals and mission.Our people are central to helping us continue to build our services,and we are committed to providing the most inclusive work environment.Sustainable developmentResponsible
209、consumption and productionClimate actionHow Team Internet contributes:Team Internet is at the forefront of innovation within the industry.Our mission is to help online consumers make informed choices,demonstrating our commitment to effective digital work and social practices,such as data privacy.How
210、 Team Internet contributes:Team Internet makes sustainability a key factor when managing suppliers.How Team Internet contributes:Team Internet is taking action to reduce its GHG emissions whilst also investing in green energy projects.The 17 Sustainable Development Goals(SDGs)were launched in 2015 b
211、y the United Nations(UN)with the aim of ending poverty and creating a life of dignity and opportunity for all.The SDGs define global sustainable development priorities and aspirations for 2030 and seek to mobilise global efforts among governments,businesses and civil societies around a common set of
212、 targets.Group activities align most closely with six UN SDGs,covering the themes of resilient,inclusive,sustainable and innovative industrialisation,together with good health and wellbeing,gender equality,decent work and economic growth,responsible consumption and production and climate action.Thes
213、e six UN SDGs are most aligned with our strategy and the outcomes of our materiality assessment,which are detailed in the following pages,allowing us to achieve maximum impact.We have already made progress towards advancing these goals.The actions we have taken and our performance across these areas
214、 are covered over the following pages.Aligning our sustainability strategy with the UN SDGs will help guide our future activity to ensure we continue to create sustainable,shared value for all stakeholders.UN Sustainability GoalsRead more about:The Groups goals,strategy and business model:pages 20 t
215、o 23.How we manage risks:pages 60 to 62.Corporate governance:pages 66 to 69.Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202431Sustainability continuedOur sustainability strategy continuedMateriality We have conducted a materiality assessm
216、ent to identify the material and emerging sustainability issues relevant to our business,our stakeholders and the societies in which we operate.Team Internet performed the materiality assessment according to the Global Reporting Initiative(GRI)2022 standards.This exercise allowed the Group to identi
217、fy the most significant impacts on the economy,environment and people,including human rights,as a result of its activities and business relationships.The process comprises four steps.1)Understanding the organisations context The Group conducted a mapping exercise that defined a preliminary list of m
218、aterial topics based on industry-specific frameworks,such as SASB Software and IT services and SASB Internet and Media services.Also,a benchmark of the most relevant peers and stakeholders was conducted.This process helped the organisation to consider the impacts commonly associated with the sector.
219、This phase took place in a series of workshops guided by experts where critical organisation members were involved.2)Identification of impactsTeam Internet involved both internal and external stakeholders in identifying impacts relevant to the Group.A survey was used to capture the impacts dimension
220、(environment,economy and people),the type of impact(positive,negative,actual and potential)and the likelihood of the impact occurring.The total participation rate of the survey was 61%,where internal stakeholders rate was 64%and external stakeholders 50%.The likelihood represents the chance of an im
221、pact happening.The organisation used a qualitative method to measure this concept.The hierarchy used was:not likely,likely and very likely.The organisation validated the survey results through roundtable discussions moderated by a panel of experts and interviews with relevant organisation members an
222、d external stakeholders.3)Assessment of significanceTeam Internet assessed the significance of the impacts based on their severity defined by their scale,scope and irremediable character.The organisation assigned a score for each topic and category(1:low,2:medium,3:high).The concept of scale refers
223、to how severe a negative impact is(or could be),or how positive an impact is(or could be).The scale of a negative impact can depend on whether the impact leads to non-compliance with laws,regulations or authoritative intergovernmental instruments.The organisation also considered the context in which
224、 the impact took place to determine the scale scoring.The scope represents how widespread the impact is(or could be).This typically refers to the number of individuals or the extent of environmental resources that are or could be affected.Irremediable character means how difficult it is for the orga
225、nisation to counteract or make good the resulting harm.This concept applies only to negative impacts.4)PrioritisationThe topics were prioritised based on the average score of scale,scope and irremediable character(when applicable).The Group has prioritised negative impacts and positive impacts separ
226、ately.The threshold used to consider a topics significance corresponds to those topics scored from medium to high.The Group is committed to addressing todays sustainability challenges and opportunities,adjusting our business strategy accordingly.Understanding the needs of key stakeholders and the ex
227、pectations they have is central to ensuring Team Internet prioritises the most critical issues and operates a responsible and sustainable business.To address the top material topics identified during the materiality assessment,the Group has hired a Chief Information Officer(CIO)in 2024.Our sustainab
228、ility strategy was developed around our priority sustainability topics and associated Sustainable Development Goals(SDGs).We sought stakeholders views in determining the materiality of different topics,having undertaken an in-depth analysis of the SDGs to identify opportunities for shared value crea
229、tion.Our materiality assessment followed best practice,involving our leadership team and a broad range of external stakeholders.Prioritisation of negative impactsMaterial topic:Significance score:Data security2.67Customer privacy2.33Intellectual property2.00Managing systemic risks from technology2.0
230、0Energy1.33GHG emissions1.33Prioritisation of positive impactsMaterial topic:Significance score:Diversity and equal opportunities2.00Non-discrimination2.00Training and education2.00Corporate governance,ethics and compliance2.00Intellectual property2.00Additional informationFinancial statementsGovern
231、anceStrategic reportTeam Internet Group plc Annual Report 202432Sustainability continued Non-financial and Sustainability Information StatementThe following report covers the Boards oversight of climate-related issues,the Groups integration of climate change within our overall risk management proces
232、ses,our strategies for managing climate-related risks and relevant metrics used to measure progress towards our climate targets.The Task Force on Climate-related Financial Disclosures(TCFD)was established by the Financial Stability Board to improve reporting of climate-related risks and opportunitie
233、s.Team Internet has structured its climate disclosures according to the TCFD recommendations,as opposed to the UK Companies Act requirements,as TCFD is globally recognised and specifically focused on climate-related issues.A key part of holding ourselves accountable is taking a leadership position o
234、n disclosure.We adopted TCFD reporting in our 2022 report ahead of regulatory requirements on a voluntary basis and continue to be proactive in our reporting and improve on our disclosures.Additionally,following the amendment of sections 414C,414CA and 414CB of the Companies Act 2006,the Group has i
235、ndicated,in the table on the right,which of the climate-related disclosures,outlined in section 414CB,are addressed by the TCFD recommended disclosures,alongside the pages of the 2024 Annual Report and Accounts where these are located.We have detailed in this table our progress against the eleven TC
236、FD recommendations.Fully consistent with TCFD recommendationsPartially consistent with TCFD recommendationsGovernanceDisclose the organisations governance around climate-related risks and opportunities.Read more on pages 34 to 35Recommendation:a)Describe the Boards oversight of climate-related risks
237、 and opportunities.CA 414CB(a)b)Describe managements role in assessing and managing climate-related risks and opportunities.CA 414CB(a)Risk managementDisclose how the organisation identifies,assesses and manages climate-related risks.Read more on page 40Recommendation:a)Describe the organisations pr
238、ocesses for identifying and assessing climate-related risks.CA 414CB(b)b)Describe the organisations processes for managing climate-related risks.CA 414CB(b)c)Describe how processes for identifying,assessing and managing climate-related risks are integrated into the organisations overall risk managem
239、ent.CA 414CB(c)StrategyDisclose the actual and potential impacts of climate-related risks and opportunities on the organisations businesses,strategy and financial planning where such information is material.Read more on pages 36 to 39Recommendation:a)Describe the climate-related risks and opportunit
240、ies the organisation has identified over the short,medium and long term.CA 414CB(d)b)Describe the impact of climate-related risks and opportunities on the organisations businesses,strategy and financial planning.CA 414CB(e)c)Describe the resilience of the organisations strategy,taking into considera
241、tion different climate-related scenarios,including a 2C or lower scenario.CA 414CB(f)Metrics and targetsDisclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.Read more on page 41Recommendation:a)Disclose the met
242、rics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process.CA 414CB(h)b)Disclose Scope 1,Scope 2 and,if appropriate,Scope 3 greenhouse gas(GHG)emissions and the related risks.CA 414CB(h)c)Describe the targets used by the orga
243、nisation to manage climate-related risks and opportunities and performance against targets.CA 414CB(g)RecommendationsAdditional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202433Governance Board oversight of climate issues The Board establishes Team
244、 Internets purpose,vision and strategy with due consideration given to all material influencing factors,including those related to climate change.The Boards assessment of climate-related matters is informed through presentations across dedicated strategy sessions and within Board meetings,which cove
245、r the substance of the physical and transitional opportunities and risks associated with climate change.The Boards assessment of risk is reflected both in the strategic decisions it takes and in the identification of Group principal risks and emerging risks,which have the ability to affect achieveme
246、nt of agreed strategic objectives and,in turn,long-term success.Board Committee support on climate-related issues is provided in the following ways:the Remuneration&Nominations Committee ensures the Board possesses the correct depth and balance of capabilities to support Team Internets long-term pos
247、ition,including the expertise to assess the impact of climate-related change;and the Audit&Risk Committee supports the Board on matters relating to financial reporting,internal control and risk management.The Committee reviews the integrity of Team Internets climate-related financial reporting and t
248、he process used to develop Team Internets TCFD-aligned disclosures.The Board-agreed division of responsibilities across key areas of Team Internets governance framework are set out in the terms of reference of the Board Committees and the role profiles for key Board roles.Role of Senior ManagementSt
249、rategy is implemented by the Executive Committee through the operational management of Team Internets business units and monitoring of performance in line with agreed plans.This includes ensuring business decisions are being taken in line with the parameters set by the Board and for monitoring new a
250、nd emerging issues that require escalation.The Chief Financial Officer(CFO)retains responsibility for the management of climate-related initiatives under agreed strategy and,in turn,driving progress.In support of this,the CFO agrees the annual objectives for the Group Governance Lead,who is a direct
251、 report.The Group Governance Lead advises the Board,Group Executives,Senior Management Team,Group Audit&Risk Committee and business units on climate-related matters and progress under the various initiatives.The Group Audit&Risk Committee monitors all Group risks on a periodic basis and ensures that
252、 the business units are managing the risks for which they are responsible.The Audit&Risk Committee has overall responsibility for ensuring the right mechanisms are in place for managing all risks,including climate-related risks and opportunities.Governing climate-related risks and opportunitiesSusta
253、inability continued Non-financial and Sustainability Information Statement continuedAdditional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202434Governance continuedRole of Senior Management continuedSustainability continued Non-financial and Sustai
254、nability Information Statement continuedEngaging with stakeholders to inform strategyThe Group has conducted a materiality assessment during the year to help us understand which sustainability-related issues are most relevant to our internal and external stakeholders.The results of the materiality a
255、ssessment are disclosed in the strategy section on page 37.Top-down risk managementBottom-up risk managementOngoing risk mitigation and internal control review.Audit&Risk CommitteeMonitors and assesses the effectiveness of our risk management and internal control system on the Boards behalf.This inc
256、ludes climate change risks and opportunities,discussed at least on a quarterly basis.Chief Financial OfficerThe CFO is ultimately responsible for our environmental policy and performance.This includes climate-related risks and opportunities.Board of DirectorsThe Board has overall responsibility for
257、how we identify and manage climate-related risks and opportunities,as described on page 34.Matters reserved to the Board include items of significant strategic importance,such as those which have a direct impact on the Groups funding position,reputation or integrity and/or ethical standards.Identifi
258、cation,assessment and monitoring of risk.Governance and Compliance TeamThe Governance and Compliance Team oversees the daily management of climate-related compliance and risk matters on behalf of the Executive Committee.They co-ordinate the process of identifying and assessing risks and provide regu
259、lar reports to ensure effective communication.Executive CommitteeSets operational strategy on climate change and sustainability.It also monitors associated progress,performance and risks informed by our Governance and Compliance Team.The Executive Committee meets on a monthly basis,agenda points inc
260、lude climate-related risks and opportunities.Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202435Strategy Risks and opportunitiesIdentification of climate-related risks is integrated into Team Internet Groups risk management processes and c
261、onsidered as part of the overall Group risk management framework.Our risk assessment process encompasses both current and emerging risks across all categories outlined in the TCFD recommendations,ensuring a comprehensive approach to identifying and managing climate-related risks.The Board of Directo
262、rs holds overall responsibility for the management of risks,including climate-related risks,ensuring alignment with the Groups strategic objectives.The Audit&Risk Committee is specifically delegated responsibility from the Board to oversee the risk management process,providing regular review and gui
263、dance to ensure effective risk management practices are maintained across the Group.At the business level,teams invest in and implement appropriate systems,processes and initiatives to manage their environmental impact and proactively address identified risks.Scenario analysis To comprehensively ass
264、ess climate-related risks and opportunities,we use scenario-based analysis as recommended by the Task Force on Climate-related Financial Disclosures(TCFD).This approach helps us understand the potential impacts of different climate futures on our business.We focus on three key scenarios:net zero 205
265、0,current policies and delayed transition.Net zero 2050:This scenario envisions a world where stringent climate policies and technological innovations limit global warming to 1.5C,achieving net zero CO2 emissions by 2050.It requires significant decarbonisation across all sectors,particularly in ener
266、gy production and consumption.For our business,this scenario implies a transition to renewable energy sources,increased energy efficiency and the adoption of low-carbon technologies.The transition risks include higher costs associated with emissions reductions and changes in consumer preferences.How
267、ever,physical risks are minimised due to the effective mitigation of climate change impacts.Current policies:Under this scenario,only the climate policies currently implemented are maintained,leading to insufficient progress towards global climate targets.This results in higher physical risks due to
268、 increased global warming,potentially exceeding 3C by 2100.For our business,this scenario means facing more frequent and severe climate-related disruptions,such as extreme weather events,which could impact our operations and supply chains.Transition risks are lower compared to the net zero 2050 scen
269、ario,but the long-term physical risks are significantly higher.Delayed transition:This scenario assumes that global annual emissions do not decrease until 2030,necessitating drastic and rapid policy interventions thereafter to limit warming to below 2C.The delayed response results in a disorderly tr
270、ansition,with significant regional differences in climate policies and rapid technological changes.For our business,this scenario presents high transition risks due to sudden regulatory changes and increased costs of compliance.Physical risks remain substantial until effective policies are implement
271、ed.By analysing these scenarios,we can better prepare for a range of potential futures,ensuring our strategies are resilient and adaptive to various climate-related risks.This proactive approach helps us align with stakeholder expectations,manage risks effectively and seize opportunities in the tran
272、sition to a low-carbon economy.Impact of climate-related risks on our business and strategy In preparing the consolidated financial statements,the Directors have considered the impact of climate change on the Group and have concluded that there is no material impact on financial reporting judgements
273、 and estimates.This is consistent with the assertion that risks associated with climate change are not expected to have a material impact on the longer-term viability of the Group.Also,the Directors do not consider there to be a material impact on the carrying value of goodwill,other intangibles or
274、on property,plant and equipment.Our analysis will continue to evolve as new data becomes available,both internally and externally,and we will continue to monitor our climate exposures and action plans through the Groups risk management framework.Sustainability continued Non-financial and Sustainabil
275、ity Information Statement continuedAdditional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202436Strategy continuedRisks and opportunities continuedResilience of our strategyOur business is committed to building resilience to climate-related risks th
276、rough a comprehensive set of mitigation strategies.Our risk assessment and climate scenario analysis indicate that,across all scenarios evaluated,Team Internet Groups overall climate risk exposure remains low.The Group is financially resilient and strategically robust in the face of climate change.O
277、ur current understanding of climate-related risks suggests that any impacts on assets are limited and can be managed within our regular business activities,considering our existing and planned mitigation strategies.Our business is well-prepared to handle climate-related risks.We have implemented sev
278、eral mitigating actions to ensure our operations remain resilient and adaptive to potential climate impacts.The mitigation strategies are outlined in the table on page 40.Sustainability continued Non-financial and Sustainability Information Statement continuedImpact scalesTime horizonHigh4%of annual
279、 net revenue(gross profit),i.e.USD 8 millionShort term:05 yearsMedium14%of annual net revenue(gross profit),i.e.USD 2 millionUSD 8 millionMid-term:2030Low1%of annual net revenue(gross profit),i.e.USD 2 millionLong term:2050MinimalNo significant financial impactKey risks1Severe wind/rain storm or oth
280、er weather events3Changing customer behaviour4Costs to transition to lower emissions technology2Enhanced emissions-reporting obligationsTime horizonShort termMid-termLong term1243HighLowFinancial impactKey risks heatmapAdditional informationFinancial statementsGovernanceStrategic reportTeam Internet
281、 Group plc Annual Report 202437Strategy continuedRisks and opportunities continuedSustainability continued Non-financial and Sustainability Information Statement continuedRiskDescriptionScenarioImpactImpact descriptionMetricsSevere wind/rain storm or other weather eventsPhysical riskCurrent policies
282、HighMore frequent and severe heatwaves and extreme weather events could increase cooling maintenance costs for data centres and offices while also heightening operational disruption risks.The majority of data storage for the Group relies on AWS,with European facilities located in medium-high hazard
283、areas,including flood-prone zones(Dublin,Docklands)and wildfire-prone regions(Tel Aviv).Although AWSs robust automated recovery processes(e.g.,load balancing,data replication)minimise disruption,prolonged events could affect operational continuity and lead to more business disruption.Number of days
284、lost due to disruptionRevenue lost due to disruptionCost of asset damage/replacementEnhanced emissions-reporting obligationsTransition riskN/ALowRegulatory and governmental policy changes,especially across the EU,where the majority of our operations are based,could significantly increase operational
285、 costs.The complexity and variability of compliance requirements in different jurisdictions amplifies this cost.Regulatory and governmental policy changes may introduce additional operational costs.Emissions(scope 1,2 and 3)ESG rating agency scoresCost of capitalChanging customer behaviourTransition
286、 riskNet zero 2050MediumAs consumers increasingly prioritise ethical buying and sustainability,there is a noticeable shift towards purchasing from brands that demonstrate strong climate action.Ethical consumers often seek out brands through organic search and word-of-mouth rather than paid advertisi
287、ng.Consequently,our ad revenues may decline because of this shift in consumer behaviour.Additionally,companies that fail to meet these evolving expectations risk losing market share to more environmentally conscious competitors.RevenueProfit marginCosts to transition to lower emissions technologyTra
288、nsition riskDelayed transition and net zero 2050LowOur reliance on AWS for data centres means that fluctuations in energy prices directly impact our operational costs.While AWS data centres are designed to be energy efficient,they still require significant power to operate.As energy prices rise,the
289、cost of maintaining these data centres increases,which can lead to higher service fees.Additionally,higher energy prices affect all our office locations,leading to increased utility costs and potentially higher rental prices as landlords pass on these expenses.Scope 1-3 emissionsEnergy consumptionAd
290、ditional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202438OpportunitiesTime horizonImpact descriptionAdapt to changing consumer preferencesMid-termGlobal events can lead to higher internet usage and increased traffic.Use of lower-carbon energy sour
291、cesMid-termTransitioning to energy-efficient technologies and focusing on maintaining renewable electricity consumption in our operations could lead to lower operating costs by reducing dependence on expensive fossil fuels.Reduced operating costs(e.g.through efficiency gains and cost reductions)Mid-
292、termHaving a remote workforce protects the business from physical risks.Having the Groups operations in high-efficiency buildings can reduce energy costs.Strategy continuedRisks and opportunities continuedSustainability continued Non-financial and Sustainability Information Statement continuedTime h
293、orizonShort term:05 yearsMid-term:2030Long term:2050Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202439Sustainability continued Non-financial and Sustainability Information Statement continuedRisk management Process for identifying and man
294、aging risks Our risk management framework helps us assess,manage,monitor and act on risks including climate change to deliver on our strategic objectives.We track and report risks to the Audit&Risk Committee and Executive Committee.Risk identificationWe identify climate change risks as part of our r
295、isk management framework.Risks are identified through scenario analysis,stakeholder engagement and regular monitoring of regulatory,market and environmental trends.This process ensures we capture both immediate and long-term risks.We manage them through Governance,Risk,and Compliance(GRC)frameworks,
296、which cover operational resilience(physical assets),stakeholder management(reputation)and supply management(supply chain).We categorise climate-related risks into transition risks and physical risks:Transition risks include those arising from regulatory changes,market shifts,technological advancemen
297、ts and reputational challenges associated with the transition to a low-carbon economy.Physical risks include acute risks,such as extreme weather events and chronic risks,such as long-term climate changes,both of which could disrupt operations,supply chains or infrastructure.These risks are carefully
298、 evaluated in the context of our business model,supply chain dynamics and the external market environment to assess their potential impact on operations,strategy and financial performance.Risk assessmentWe evaluate climate risks against time horizon,preparedness and likely degree of impact.We calcul
299、ate the impact using quantitative and qualitative measures on revenue and market capitalisation,customer experience and stakeholder perception.This lets us determine relative risk priority.Risk treatment and monitoringOn an ongoing basis,we manage climate risks in the parts of our business they migh
300、t affect.Once a risk is identified and assessed,a risk owner is responsible for developing and implementing the mitigating actions and controls.We decide how to mitigate or control a risk based on its likelihood and impact.The control owners are responsible for reviewing policies,procedures and othe
301、r relevant information to check whether the controls are effective and update them as necessary.RisksMitigation planSevere wind/rain storm or other weather eventsTransition to cloud computing and business continuity plans:We are moving to cloud-based infrastructure to reduce our reliance on data cen
302、tres and are selecting partners with robust mitigation plans.We have comprehensive business continuity plans in place for extreme weather events at all our locations,which are regularly reviewed and tested.Insurance and alternative working spaces:We have insurance coverage related to business contin
303、uity and have arranged alternative working spaces for employees in case their homes or offices are affected by severe weather events.Enhanced emissions-reporting obligationsTo meet stakeholder expectations,we will improve transparency and disclosure of our sustainability data and climate transition
304、plans.We actively engage with stakeholders,including investors and employees,to understand how our climate reputation influences their decision making.We continue to roll out energy efficiency programmes to minimise risk exposure.Changing customer behaviourWe continue to engage with our stakeholders
305、 and customers on climate-related issues.We consider these insights as part of our climate plans and approach to engaging with customers and other stakeholders.Costs to transition to lower emissions technologyWe continue to roll out energy efficiency programmes to optimise energy use.We engage with
306、partners in our value chain to promote alignment of carbon targets and actions,including energy efficiency improvements.Mitigation plansAdditional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202440Metrics and targetsMetrics to assess risks and oppor
307、tunitiesTargets used to manage risks and opportunitiesOur internal metrics and targets help us measure and manage financial risks associated with potential future carbon-related risks and opportunities.Profit margins:We continuously monitor our profit margins to ensure financial health and resilienc
308、e.Maintaining strong profit margins allows us to absorb potential cost increases related to carbon pricing and energy consumption.Scope 1,2 and 3 emissions:We track our Scope 1(direct emissions from owned or controlled sources),Scope 2(indirect emissions from the generation of purchased electricity,
309、steam,heating and cooling)and Scope 3(all other indirect emissions that occur in our value chain)emissions.This comprehensive tracking helps us identify areas for improvement and implement effective reduction strategies.Team Internets Scope 1,2 and 3 emissions are summarised on page 42,providing com
310、parative years.ESG rating agency scores:We strive to achieve high scores from ESG rating agencies,which evaluate our environmental,social and governance performance.These scores are crucial for attracting investors and maintaining our reputation as a responsible and sustainable business.Revenue:Our
311、revenue is a key indicator of our business performance.We aim to grow our revenue while minimising our environmental impact,ensuring long-term sustainability and profitability.Energy consumption:We monitor our energy consumption to identify opportunities for efficiency improvements and cost savings.
312、Reducing energy consumption not only lowers our operational costs,but also decreases our carbon footprint.Number of days lost due to disruption:We track the number of days lost due to disruptions,such as extreme weather events,to assess the impact on our operations and implement measures to minimise
313、 downtime.Cost of asset damage/replacement:We evaluate the cost of asset damage and replacement to ensure we have adequate insurance coverage and contingency plans in place.This helps us manage financial risks associated with asset damage and maintain business continuity.We are consistently striving
314、 to update and enhance our metrics and key risk indicators to more effectively assess and manage climate-related risks and opportunities.We acknowledge the need for further development in this domain as industry practices evolve and higher-quality data becomes more accessible.Disclosure of GHG emiss
315、ions We continue to endeavour to improve transparency in our emissions reporting year on year,and in 2024 we have once again enhanced our disclosures to align with the Science Based Targets Initiative(SBTi).Sustainability continued Non-financial and Sustainability Information Statement continuedAddi
316、tional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202441Sustainability continued Non-financial and Sustainability Information Statement continuedEnergy consumptionStreamlined Energy and Carbon Reporting(SECR)Under the Companies(Directors Report)and
317、 Limited Liability Partnerships(Energy and Carbon Report)Regulations 2018,we are mandated to disclose our UK energy use and associated greenhouse gas(GHG)emissions.Specifically,at a minimum,we are required to report those GHG emissions relating to natural gas,electricity and transport fuel,as well a
318、s an intensity ratio under the SECR regulations.Methodology The Group appointed ClimatePartner,a leading carbon and energy management company,to independently assess its GHG emissions in accordance with the UK Governments Environmental Reporting Guidelines:Including Streamlined Energy and Carbon Rep
319、orting Guidance.ClimatePartner has conducted the 2024 carbon footprint calculation on behalf of Team Internet,including activities relevant to their Streamlined Energy and Carbon Report for 2024.The activities of all Team Internets global sites and full-time employees(FTEs)were included in the calcu
320、lation.The calculation was conducted in accordance with the GHG Protocol Corporate Standard and HM Governments Environmental Reporting Guidelines(March 2019).ResultsThis is the fourth year Team Internet Group plc has assessed its emissions.The two tables below show only the SECR required elements fo
321、r the UK operations.Element 2024(tCO2e)2023(tCO2e)Direct emissions(Scope 1)66.5Indirect emissions(Scope 2)Purchased electricity8.2Total tCO2e(Scope 1 and 2)74.7Other indirect emissions(Scope 3)Employee-owned car travel2.2Other indirect emissions(Scope 3)Upstream fuel and energy-related emissions81.3
322、110.7Other indirect emissions(Scope 3)Travel112.64Total tCO2e(Scope 3)193.9512.9Gross total tonnes of CO2e193.9587.6Tonnes of CO2e per UK employee1.51.2Scope 3 emissions are indirect GHG emissions which we cannot control but may be able to influence.As Scope 3 emission reporting is an ever-evolving
323、space,Team Internet is looking at the best way to collect this information going forward.In 2024,heating,cooling and electricity are included in our upstream emissions(Scope 3)to reflect our offices being leased and added travel emissions to the disclosures.previously these were accounted for in Sco
324、pe 1 and 2.Tree plantation programmeTeam Internet continued to contribute in 2024 to a global tree plantation programme,Eden Reforestation Projects(EFP).In this effort,we helped EFP plant approximately 20,000 trees in 2024 around the world in Ethiopia,Madagascar,Nepal,Haiti,Indonesia,Mozambique,Keny
325、a and Central America.Group GHG emissionsWe have also assessed the emissions of the Group as a whole using the same methodology.The table below summarises the GHG emissions of the Group.Element 2024(tCO2e)2023(tCO2e)Gross total tonnes of CO2e1,893.512,884(34%)Tonnes of CO2e per Group employee2.323.6
326、(36%)Tonnes of CO2e per Group revenue(in USD million)2.363.4(31%)Energy efficiencyWe take our carbon reduction commitments seriously and have already started taking steps to ensure that there is a reduction on the intensity metrics of our carbon emissions in the coming years.In 2024 our new policy o
327、n travel and work with our landlords to switch to green energy resulted in significant reduction in emissions.In 2025,the Company intends to commit to science-based targets,we have already started the work with aligning our emission calculations with SBTi and setting our base year.Some of our goals
328、for 2025 to improve energy efficiency include:working with our supply chain to encourage more sustainable choices;continue working with our landlords across the Group to encourage the switch to green energy;and review our lifecycle policy on equipment with an aim to reduce waste.Carbon neutrality Ou
329、r priority remains to reduce emissions where possible.However,the Company recognises that there are residual emissions that are unavoidable.Following the review conducted by ClimatePartner on the GHG emissions of the Group,Team Internet decided to offset the Groups Scope 1,2 and 3 emissions by inves
330、ting in renewable energy in Asia.Team Internet is a certified Carbon Neutral Company.Additional informationFinancial statementsGovernanceStrategic reportTeam Internet Group plc Annual Report 202442Sustainability continued Engaging with our communitiesInternet accessibility In line with the United Na
331、tions Broadband Commissions objective of providing affordable internet connection to the 50%of the world that is still offline,Team Internet actively provides and expands its internet services in virtually all developing countries around the world.We believe that the internet is a pivotal instrument
332、 for improving the human condition,and developing countries can benefit greatly from broader access to information,business and trade communications and seamless global connectivity.Global cybersecurity initiativesTeam Internet employs specialised anti-abuse and compliance teams around the world to
333、develop policy,monitor and enforce compliance with our own policies and those of partners and regulators,as well as applicable laws.Team Internet has adopted extensive policies for protecting users from digital fraud and other forms of cybercrime.The Group actively co-operates with international organisations on protecting users against cyber threats.For example,the Group has partnered with eco As
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