Barclays Cuts Future PT 55% on Traffic

Barclays downgraded Future Plc to equal weight, cutting 12‑month price target from GBp 640 to GBp 285 (≈55% reduction).
Barclays now expects FY26 adjusted EBITDA £184.7 million (down 16.3%) and full‑year organic revenue to fall 4.3%, versus prior 0.4% decline forecast.
Revenue to fall 2.8% CAGR, reaching £679 million by FY28; net debt to rise £298 million (1.6x EBITDA) then drop to 1.1x by FY28.
Barclays cites Google algorithm, AI search changes and Pay‑per‑click inflation as margin pressures; AI traffic drops and Amazon commission cuts are risks.