Mony Group H1 2026 Earnings Report

Mony Group EPS Results

• Actual EPS: GBX 9.70
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Mony Group Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Mony Group Announcement Details

• Quarter: H1 2026
• Date: 7/21/2026
• Time: Before Market Opens
• Conference Call Date: Tuesday, July 21, 2026
• Conference Call Time: 2:00AM ET

Mony Group (LON:MONY) is an established member of the FTSE 250 index. The Group operates a tech-led savings platform and leading UK brands including price comparison sites (MoneySuperMarket), cashback (Quidco) and a consumer finance content led brand (MoneySavingExpert). We cover a broad range of verticals including Insurance, Money, Home Services and Travel amongst others. Our purpose is to help households save money by giving them access to free online tools that enable them to compare and switch products. We operate a marketplace business model, matching consumers to providers in an efficient way for both sides. Consumers can come to a single site, answer a simple question set and let us do the work of providing them with a wide choice of relevant products. For providers it is a cost-effective and flexible way to access millions of customers.

Mony Group H1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: MONY reported record first-half revenue of GBP 227 million, up 6% like-for-like, while adjusted EBITDA rose 3% to GBP 76 million and adjusted basic EPS increased 5%. Management also said it plans to return over GBP 90 million to shareholders in 2026 through dividends and buybacks.
• Positive Sentiment: The company said its SuperSave Club is gaining traction, with membership now above 2.5 million after adding a million members in the past year. Engagement and economics are improving too, with higher app usage, stronger cross-sell, and members generating materially better ARPU and margins than non-members.
• Positive Sentiment: MONY highlighted a series of AI-enabled product launches, including a revamped MoneySuperMarket app, a ChatGPT app, Investments by MoneySuperMarket, and SuperSave Club Insurance. Management said these initiatives should drive more direct traffic, lower third-party media costs, and add recurring and AUM-based revenue streams.
• Neutral Sentiment: The core businesses were mixed but generally resilient: Insurance revenue grew 4%, MONY grew 9%, and Home Services surged 30%, while Cashback revenue fell 13% amid weak consumer spending and softer marketing budgets. Management also said energy and broadband performed well within Home Services.
• Positive Sentiment: Cost discipline remained strong, with operating costs down 2%, headcount down 9%, and roughly two-thirds of code changes now AI-assisted and completed around 30% faster. The board said it remains confident in delivering full-year 2026 adjusted EBITDA within consensus.

Presentation

[Peter Duffy, CEO at MONY Group]

Welcome to the MONY Group half-year results for 2026. I'm Peter Duffy, Chief Executive Officer, and I'll be joined later by our Chief Financial Officer, Niall McBride. With U.K. households continuing to feel the pressure, what we do, helping households save money, has never mattered more. In the first half, we helped people save an estimated GBP 1.5 billion. As a result of that, I'm pleased to report a strong set of financials. On a like-for-like basis, we delivered record revenue. That's up 6% to GBP 227 million, and adjusted EBITDA up 3% to GBP 76 million, continuing our story of unbroken growth for the last five periods. We've grown adjusted basic EPS by 5% to GBP 0.097, and we plan to return over GBP 90 million to shareholders in 2026, made up of our progressive dividend and our ongoing GBP 25 million buyback.

[Peter Duffy, CEO at MONY Group]

Our strength comes from our breadth, our breadth of markets, of products, of brands. It's what differentiates us. It's what gives us resilience. It's what underpins our growth. Our two-sided marketplace strategy is working. On the consumer side, our brands are turning transactional users into loyal, engaged members, and on the provider side, we've continued to make excellent progress welcoming new household brands onto the platform, most recently Which? and Blue Light Card. This is all underpinned by our leading tech and data platform that has not only helped us to increase revenue per employee by more than 60% over the last five years, but as you'll see as we go through the presentation, is now facilitating a pace of product innovation unlike anything we've been able to deliver before. We've been busy.

[Peter Duffy, CEO at MONY Group]

I will detail these new initiatives later on in the presentation, there's one I'd like to mention right up front because it is genuinely exciting, and that's the recently relaunched MoneySuperMarket iOS and Android app, now powered by AI. There is nothing like it in the market, and just to be super clear, this is in addition to the MoneySuperMarket app that we launched on ChatGPT earlier in the year. The transformed MoneySuperMarket app is now a single destination to compare, to switch, to save, to invest, to earn cashback, to get rewards, and to generally stay on top of your financial life with the confidence that you're getting a great deal from the brands you trust. It's also more than that.

[Peter Duffy, CEO at MONY Group]

It's a financial companion now powered by our proprietary AI tooling, where your data flows seamlessly within our world, of course, but it makes life easier as we keep you updated on everything from renewal dates to better deals to smart suggestions so you never miss a trick. Let's take a quick look so you can see how it works. The app is being enhanced all the time. Last week, we launched Investments by MoneySuperMarket, initially with a funds supermarket where customers can invest from just GBP 1 with zero trading fees and low management charges, and we're going to have much more to follow there. We're also launching for SuperSaveClub customers our own branded digital insurance broker, starting with motor, where monthly payments come at no additional cost. Niall's going to unpack more of that shortly.

[Peter Duffy, CEO at MONY Group]

On top of all of that, we've been increasing the AI-powered intelligence within the MoneySuperMarket app, making it easier again for customers to save. As I say, this is unique in the market. For the group, it will bring more customers to us directly, in turn, reducing third-party media costs, but also diversifying our revenues, adding both recurring and AUM-based streams to group revenue. Because it's all wrapped up in the SuperSaveClub, most importantly, it will incentivize customers to bring more of their wallet to us. Our brands' established member base, our tech platform, our proprietary data, and our capacity to leverage AI is a powerful combination. I've much more to share shortly, but in the meantime, for a deeper review of the half, Niall, over to you.

[Niall McBride, CFO at MONY Group]

Thanks, Peter, and good morning, everyone. This has been a strong first half. We have delivered growth in revenue and adjusted EBITDA in a mixed market while still launching some of our most innovative products to date, broadening what we offer to members and providers. Before we get into it, a quick word on ICE Travel Group, where we moved to a minority stake last year. Today, I will talk about group revenue, costs, and EBITDA, excluding the travel segment on a like-for-like basis for a clearer view of the underlying performance. On that basis, group revenue grew 6% to GBP 227 million. That is a strong result given the wider economic backdrop and highlights the resilience that comes from the breadth of our brands, products, and loyal member base.

[Niall McBride, CFO at MONY Group]

Adjusted EBITDA reached a record GBP 76 million, up 3%, with margins at 33%, reflecting real operational progress and operating costs 2% lower year-on-year. This has flowed through to shareholders with adjusted basic EPS growing 5% and operating cash flow of GBP 36 million remaining robust. In 2026, we plan to return over GBP 90 million to shareholders, reflecting a 1% increase in the interim dividend, plus our ongoing GBP 25 million buyback. It's a strong start to the year. Next, I'm going to take you through each of the segments, then SuperSaveClub and SuperSaveClub Insurance. Insurance returned to good growth with revenue of GBP 122 million, up 4%, which is a real step up from the -2% we reported at the half year in 2025.

[Niall McBride, CFO at MONY Group]

The headwinds in car insurance continued to ease, with average premiums down -5% year-on-year, improving from -9% in the previous half. Growth was supported by AI-enabled enhancements to the journey, including Price Optimiser, which has now helped over 200,000 customers save an additional GBP 25 on average. Home is following Car's trajectory with roughly a nine-month lag. Premium declines moderated to -3% year-on-year from -6% in the previous half. In addition, our newer revenue streams continue to build. We launched MSE Travel Compare Plus and new B2B partnerships including Which? and Blue Light Card. Life insurance continued to perform well, building on the new journey we launched last year. MONY delivered another strong half with revenue of GBP 58 million, up 9% year-on-year, building on the 4% growth we reported at the half year in 2025.

[Niall McBride, CFO at MONY Group]

Banking led that growth with current accounts performing well, supported by strong provider partnerships and market-leading deals. In borrowing, loans growth was supported by increased CRM activity and AI-enabled enhancements to the borrowing journeys, including personalized pre-approval information driving higher conversion. Home Services delivered another excellent half with revenue up 30% year-on-year to GBP 28 million. Energy was the main driver. Since the year-end, wholesale prices and the price cap have risen significantly. However, we leveraged MSE's editorial reach, our provider relationships, and exclusive deals to keep delivering competitive offers despite that market volatility. Broadband also continued to perform well, supported by deal availability, tenancy improvements, and Altnet expansion. Cashback had a tough half, with revenue of GBP 24 million, down 13% on the first half last year. Retail was subdued as consumer confidence and spending remained under pressure.

[Niall McBride, CFO at MONY Group]

U.K. marketing budgets have fallen, particularly in affiliate channels. Whilst conditions are gradually improving, recovery remains slow and uneven. We continue to invest in the proposition from expanding gift cards and card-linked offers to improving personalization and onboarding, strengthening cashback for when demand picks up. Moving now to SuperSave Club. SuperSave Club is working. It brings customers to us directly more often and across more products. There are three things that I want to highlight today: the momentum in our growing member base, engagement that keeps deepening, and economics that are genuinely stronger. Firstly, momentum. We now have over 2.5 million members, having added a million members in the last year. We see plenty of runway for further growth. Encouragingly, one in five members are completely new to the group, illustrating that Club is widening the acquisition funnel.

[Niall McBride, CFO at MONY Group]

SuperSave Club now makes up 19% of total revenue, up from the 16% we reported earlier this year. Secondly, engagement is growing. App downloads have increased by more than 50% after we moved to app-only redemption for Club rewards. Monthly app users increased by 1/3 year-on-year. Cross-channel inquiry rates, a lead indicator for breadth, are running at 44% for members, which is double the group level. Finally, we are seeing stronger economics translate from that deeper engagement with members outperforming non-members on every measure that matters. Average revenue per user, or ARPU, for SuperSave Club members runs at GBP 35, significantly more than the group ARPU of GBP 21. Incremental gross margin for members stands at 77%, considerably higher than the group margin of 63%. Cross-sell is stronger too, with members purchasing a second product at more than double the rate of non-members.

[Niall McBride, CFO at MONY Group]

Members return to us directly rather than via paid channels at almost double the rate of non-members. Put this all together. A member is worth double a non-member by year three. That's based on early cohorts. It will evolve, but we're confident in the direction. Let's talk about what's coming next. We're introducing SuperSave Club Insurance, our own digital broker proposition that further evolves what Club offers for customers. Let me take you through that in a little bit more detail. SuperSave Club Insurance is our own AI-enabled digital broker. It lets members compare, buy, manage, and renew their insurance entirely in the app. We're starting with motor. For our members, this provides them with an even better experience with everything done in one place, including AI guidance throughout the journey and the trust of a brand they already know.

[Niall McBride, CFO at MONY Group]

We're also offering our members a first. They will be able to pay monthly at no extra cost compared with annual products. We'll be the first mainstream brand to offer this widely, this is a real step change from the market norm and underscores that we want Club Insurance to be a great deal for consumers. For our providers, we can deliver richer data, helping them better provide the most appropriate products and rates for customers. The revenue profile of this product takes us beyond the traditional comparison model to an end-to-end relationship where we earn at the point of sale, through cross-sell, and critically, on renewal. In the near term, the financial contribution will be modest as we take a deliberately measured approach to test, learn, and then scale. I'm moving on now to talk about costs, cash, capital allocation, and outlook.

[Niall McBride, CFO at MONY Group]

Gross profit at GBP 142 million is 1% up on the prior year on a like-for-like basis. Gross margin decreased 3 percentage points to 63%, predominantly driven by sustained PPC cost inflation with elevated 2025 increases annualizing in this period. PPC inflation is currently running at around 8% exiting the half in comparison to running at over 20% last year. With the major search landscape changes, including the introduction of AI Overviews seemingly largely in place, the backdrop in PPC has felt more stable this year. Adjusted EBITDA of GBP 76 million is 3% up year-on-year with margins at 33%, supported by the replatforming work, which includes embedding AI throughout our operating model. Our operating costs are down 2% year-on-year.

[Niall McBride, CFO at MONY Group]

Distribution expenses on a like-for-like basis were 7% lower year-on-year, reflecting strong cost discipline and phasing of marketing investment, including media spend behind the launch of the new MoneySuperMarket advertising campaign, which aired in Q2. We expect distribution costs for the full year to be in line with last year. Admin expenses on a like-for-like basis were flat, largely driven by lower people costs offsetting wider cost inflation, in particular from higher VAT due to revenue and marketing mix. Closing headcount was down 9% and people costs were 6% lower than the prior year, reflecting resource efficiencies supported by our increasing use of automation and AI. Operating cash flow was GBP 36 million, 17% lower year-on-year with a higher working capital outflow reflecting strong revenue growth, particularly towards the end of the half and a mix into energy where cash takes longer to convert.

[Niall McBride, CFO at MONY Group]

In prior years, we expect cash conversion to improve in the second half. Investing and CapEx outflows included GBP 5 million of tech spend, one of the lowest levels in recent years despite significant development of new products, including the MoneySuperMarket ChatGPT app, Savings by MoneySuperMarket, Investments by MoneySuperMarket, SuperSaveClub Insurance, and MoneySuperMarket Business Banking, which Peter will share more on shortly. This is clear evidence of the leverage we're generating from our platform investment delivering more, faster, for less. Our disciplined capital allocation policy is well established. First, we invest for organic growth, we pay the ordinary dividend, we look for value accretive M&A, finally, we return any surplus capital to shareholders. This is underpinned by a strong balance sheet and robust cash generation. The GBP 25 million buyback launched in February continues to progress well, with over GBP 19 million repurchased to date.

[Niall McBride, CFO at MONY Group]

Combined with a 1% increase in the interim dividend, that delivers a 2026 returns package of over GBP 90 million, alongside 5% adjusted basic EPS growth. Looking ahead, our recent trading performance and the breadth of our portfolio, combined with disciplined cost management, gives the board confidence that we will deliver adjusted EBITDA for 2026 within our current published consensus. With that, I'll hand you back to Peter.

[Peter Duffy, CEO at MONY Group]

Thanks, Niall. The group is in great shape, our brands have never been in better health. MoneySavingExpert is now the most recommended financial brand in the U.K., and it's also the third most popular news app in the country, with 3.5 million app downloads and over nine million people signed up to receive the weekly MSE tip. MoneySuperMarket is the most recommended price comparison website in the U.K., now fronted by David Tennant in our new brand advertising campaign. Quidco, a leading U.K. cashback site, continues to offer more ways for customers to engage and to save with us. The MoneySuperMarket SuperSaveClub now has over 2.5 million members. It covers 95% of our product base and includes industry firsts like 3-Click Renewal, Price Optimiser, and the Policy Hub. We're pleased with the performance on the provider side.

[Peter Duffy, CEO at MONY Group]

We welcome new B2B partners, including Which? and Blue Light Card to our platform, and we're seeing more providers take up our Market Boost and Tenancy products as we help them to grow their businesses. Our replatformed data and tech is a key differentiator. It gives us an agility and speed few can match. Five years ago, around 70% of our tech team were focused on maintenance. Today, it's less than 30%, and that frees up capacity for innovation at pace. It's the pace of innovation, especially in the last six months, that's been significant. We launched our ChatGPT app that now covers broadly the same product set as SuperSaveClub. I've just shown you the transformed AI-powered MoneySuperMarket app. Niall has spoken about SuperSaveClub Insurance. That's our digital brokerage, starting with car insurance.

[Peter Duffy, CEO at MONY Group]

In a moment, I'll share more about investments and our new business banking proposition. These were all developed in this half, with more lined up for H2 and next year. Because of the tech and data work of the last few years, we're now a leaner, more focused organization, and we put AI reinvention at the forefront. AI is embedded right across the business with tangible proof points, faster product development, cost efficiencies, and stronger frictionless propositions. Moving on to AI, which is a significant opportunity for the group. We are very much on the front foot here, leveraging in three ways. Number one, enhancing the customer experience. Number two, unlocking complexity for greater innovation. Number three, re-engineering the organization to ensure we're operating as efficiently as possible. Perhaps the most important point to remember is that we're starting from a position of strength.

[Peter Duffy, CEO at MONY Group]

Our competitive moat is deep. We operate in highly regulated markets where accuracy, transparency, and trust are critical, and we deliver deterministic, auditable, and repeatable outcomes that are underpinned by our proprietary data, strong provider relationships, and decades of category expertise. That is fundamentally different from the probabilistic outputs inherent in the business models of LLMs. Replicating what we do would require regulatory change, full governance frameworks, deep provider integrations, and the level of brand trust that we have earned over many years. It is how we are reshaping the business for tomorrow that is really exciting. Let me start with enhancing the customer experience, and we have got two great examples here. First, our brand new digital broker proposition that Niall described a moment ago. That is SuperSaveClub Insurance.

[Peter Duffy, CEO at MONY Group]

AI is embedded throughout, guiding members through the quote journey, but this is going to evolve further into an assistant that more actively interacts to make it even simpler for customers to compare, to buy, to manage, and renew entirely within the app. The second example was in the film, the transformed MoneySuperMarket app with an intelligent core that is always on and knows exactly who you are, thanks to a defined persona, session memory, and full chat history. This makes asking questions, handling requotes, and providing estimates across our product universe simple. We are in the process of linking it to open banking, and we are going to build out a whole range of new features that will create a habit loop, leading to more frequent engagement. The next way we are on the front foot with AI is using it to unlock the complexity of launching new propositions.

[Peter Duffy, CEO at MONY Group]

I have a further two examples here. That is investments and business banking. Just as AI helped us unlock Savings by MoneySuperMarket earlier this year, we have applied the same approach to investments, an area we traditionally considered too complex. Investments by MoneySuperMarket is our own investment platform where customers can invest from as little as GBP 1. We have initially launched with a funds supermarket, where customers can choose from around 40 funds and ETFs with zero trading fees and a single low annual platform fee. That makes it a great deal for consumers. AI has simplified onboarding, fund selection, and fee transparency, making investing accessible and not intimidating. Importantly, it is in the same app as where you save on insurance, you get a better credit card deal, and you save on some of the best rates available. The addressable market for investments is significant.

[Peter Duffy, CEO at MONY Group]

U.K. households hold over GBP 5 trillion in investable assets, much of it in cash, earning below inflation returns. We do not need to beat the established platforms here. We are helping millions of customers who have not yet taken their first step into investing to do so with our simple trusted environment. Like Savings by MoneySuperMarket, this is an AUM-based revenue stream that compounds as the customer base and assets grow. We believe the real value is in engagement. Every customer investing will spend more time with us, more time in the app, and will become more receptive to the broader ecosystem driving increased lifetime value. This is just the first step into something much larger, which will ultimately bring all of our customers multiple and sometimes forgotten investments into one place, from individual stocks, to junior ISAs, to SIPPs. Much more to come here.

[Peter Duffy, CEO at MONY Group]

The second example is MoneySuperMarket Business Banking, which we've just opened the waitlist for ahead of a go-live in August. This will be our first dedicated SME banking proposition for the U.K.'s 5.5 million small businesses, and it's a market we already know well, so it's an opportunity for us to gain further depth. This is new for us because we've built a dedicated app at pace that combines a full business current account with AI-powered tax and accounting tools and FSCS-protected banking. We've deliberately timed this ahead of HMRC's Making Tax Digital changes. Banking is an everyday engagement, and the rich data that it creates is really where AI comes into its own. It's going to enable timely, personalized cross-sell into business insurance, loans, energy, and beyond.

[Peter Duffy, CEO at MONY Group]

Like both savings and investments, we own the brand and the customer traffic, and our partners handle the build, maintenance, and regulatory obligations. Again, the revenue model here is different from our core comparison business, delivering a recurring revenue stream that earns for as long as the customer remains active. Finally, the third area where we are leveraging AI is through re-engineering the organization to ensure we're operating as efficiently as possible. Over recent years, we've rebuilt our architecture as a cloud-based single stack agentic mesh, deleting around half of our legacy codebase in the process. Being agent-agnostic means that we can plug AI into our journeys safely, quickly, and at scale. Our enterprise agreement with OpenAI, alongside adoption of Codex, is accelerating this further. Today, around 2/3 of our code changes are AI-assisted, and they're completed around 30% faster.

[Peter Duffy, CEO at MONY Group]

Outcomes consistent with leading edge of enterprise AI adoption. That means faster building, more frequent deployment, and tangible cost discipline. Let's not forget, CapEx has stayed within our guidance envelope throughout our extensive replatforming, with last year our lowest CapEx year in a decade, despite delivering some of our most transformative products. The first half of 2026 has been a period of significant strategic delivery. We've transformed the MoneySuperMarket app into a genuine everyday financial companion that goes way beyond comparison. We're adding Investments by MoneySuperMarket. We're also adding a new digital broker proposition, SuperSaveClub Insurance, that gives customers even more ways to save and engage, and it starts with motor. We've created a dedicated banking proposition for the U.K.'s 5.5 million small businesses that will go live shortly.

[Peter Duffy, CEO at MONY Group]

SuperSaveClub has grown to over 2.5 million members, adding more than a million in the last 12 months, with no signs of slowing. Five years of re-engineering the group from our data and tech upwards has lifted revenue per employee by 60% and is helping to unlock further cost efficiency opportunities. We've continued to invest in our brands with our latest David Tennant-led advertising campaign, reinforcing MoneySuperMarket's market position. This has all contributed to delivering record revenue and adjusted EBITDA for the fifth consecutive interim period, despite market and geopolitical volatility. Adjusted basic EPS has grown by 5%, and we plan to return over GBP 90 million to shareholders in 2026. Our competitive moat is deep, and we are very much on the front foot with AI, with tangible proof points to demonstrate exactly how we're leveraging it successfully right across the group.

[Peter Duffy, CEO at MONY Group]

Our balance sheet remains a strategic asset. It gives us flexibility, resilience, and the capacity to invest for growth. With our leading brands, our platform, our ability to harness AI, and a leaner, more focused organization, we're uniquely positioned to keep executing on this strategy, going even further to give households even more ways to save money. Our strategy is working. Our fundamentals are strong. The opportunity is significant, and we remain confident in delivering sustainable, profitable growth. Thank you.

Participants

Analysts

• Peter Duffy, CEO at MONY Group
• Niall McBride, CFO at MONY Group