LBG released its Interims to Mar26, the financials in line with the April update. However, this year is seeing a sharp deterioration in its higher-margin Indirect (programmatic advertising) revenue, driven by Meta algorithm changes that are drastically de-prioritising aggregated/non-original content. 1H revenue growth masks a structural shift; despite continued strong momentum in Direct sales a near-halving of Indirect revenue is dragging adj. EBITDA sharply down and has led to further downward ....
