Slides
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Interim Results2026 21 July 2026
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Peter Duffy
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[CLASSIFICATION: CONFIDENTIAL] 4
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Niall McBride
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6 Financial highlights: Strong financial performance – record revenue and Adj EBITDA £25m Share buyback progressing as expected; over £19m repurchased to date, on track to complete in H2. Adjusted EBITDA* +3% like-for-like Adjusted Basic EPS 9.7p +5% Operating Cashflow £36m -17% Dividend per share 3.36p Interim DPS +1% £76m +1% reported Revenue* +6% like-for-like £227m +1% reported * Like-for-like growth is presented for key financial performance measures excluding the Travel business disposed of on 1 December 2025 (H1 2025 Travel revenue £11.4m; Adjusted EBITDA £2m). We believe this gives the clearest view of underlying performance of the continuing Group.
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7 -5%2 -15 -10 -5 0 5 10 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Car insurance Home insurance Insurance: Good return to growth as premium headwinds ease 1 Source: eBenchmarkers aggregator average, data to end of May 2026 2 Year-on-year change in premium prices, average over January – May 2026 Average paid premium price1HY26 performance £122m +4% Revenue % of Group revenue 54% -3%2 Performance summary • Car and Home growth benefited from easing headwinds in end markets • Car performance supported by AI-enabled customer journeys – Price Optimiser helping over 200,000 customers save an additional £25 on average • Strengthened our B2B proposition through new partnerships, including Which? and Blue Light Card • New Travel Compare+ journey launched, delivering a faster, more seamless customer experience Market dynamics • Car insurance average premiums -5% YoY, improving vs -9% seen in the H2 2025 • Home insurance premiums stabilising, following a similar trend to car with a 9 month lag. Average premiums were -3% YoY, improving compared to -6% average at H2 2025 • Travel insurance demand weaker, reflecting lower confidence amid geopolitical uncertainty
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8 Money: Continued strong performance – driven by market-leading banking deals 1 Source: Bank of England. Change in 12 monthly growth rate of total sterling net consumer credit lending to individuals, seaso nally adjusted. BoE Interest Rate and Consumer Borrowing 1HY26 performance £58m +9% Revenue % of Group revenue 25% • Banking growth was supported by current accounts through strong provider partnerships and availability of market-leading deals • In borrowing, loans growth was supported by increased CRM activity and AI-enabled enhancements including personalised pre-approval, helping to deliver higher conversion • Savings rates and investment offers remained attractive, supporting consumer engagement • Mortgage affordability remained under pressure – with lenders increasing rates in response to geopolitical uncertainty and inflationary pressures, coupled with subdued consumer confidence Performance summary Market dynamics 3% 4% 5% 6% 7% 8% 9% 10% Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 BoE Rate (%) Consumer borrowing growth (%)
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9 Collective switch Collective switch Home Services: Excellent growth driven by Energy, Broadband momentum sustained HY26 Performance Exclusive deals driving energy performance Performance summary Market dynamics £28m +30% Revenue % of Group revenue Volume of total energy switchers • Energy performance strong despite market volatility – we leveraged MSE's editorial reach, our provider relationships and exclusive deals to keep delivering competitive offers, despite that market volatility • Deals well-publicised around price cap announcements, helping to stimulate consumer demand and switching activity • Broadband performance supported by deals, tenancy and Alt-net expansion, and AI-enabled comparison journey improving conversion 12% • Market conditions have shifted materially since our FY 2025 results, increasing wholesale price volatility and putting upward pressure on the energy price cap driven by renewed geopolitical tensions • Price cap expected to remain elevated versus pre market disruption in 2021, supporting switching activity; regulatory developments continue to be monitored • Broadband market remains competitive, with continued provider appetite to attract new customers
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10 Cashback: Subdued consumer backdrop; investing in the proposition for recovery HY26 Performance Consumer Confidence Index1 Performance summary Market dynamics 1. https://tradingeconomics.com/united-kingdom/consumer-confidence. A negative score suggests consumers trend towards minimising non -essential items and major purchases, due to concerns around f inancial stability. £24m -13% Revenue % of Group revenue 10% • UK consumer confidence remains low reflecting political and geopolitical uncertainty and continued pressure on household finances, with consumers reducing non-essential spending • Package holiday demand softer and impacted by geopolitical uncertainty, with lower consumer confidence and some hesitation to travel • Whilst UK marketing budgets have fallen, particularly in affiliate channels, conditions are gradually improving recovery remains slow and uneven • Retail sales remaining under pressure with consumers pulling back on non-essential spending • Ongoing investment in the proposition to support future growth - including expanding Gift Cards and Card Linked Offers, alongside improvements to personalisation and onboarding experience -13 -13 -20 -21 -18 -17 -22 -20 -19 -23 -20 -18 -19 -17 -19 -17 -19 -17 -16 -19 -21 -25 -23 -23 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26
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11 SuperSaveClub: Momentum maintained, engagement deepening, stronger economics 1 ARPU defined as Revenue (within SSC eligible channels) per active user, post -joining SuperSaveClub. Joined SSC members continue to enquire and transact at a greater rate than SSC non -members 2 Ongoing margin on additional sales, post joined activity, for active members 3 CLTV – Revenue in all channels less reward and acquisition costs Engagement Economics • £35 average revenue per user (ARPU1) is significantly higher than Group at £21 • 77% incremental margin2 maintained versus 63% at Group level • Double cross sell rates for SSC members in comparison to non members • Almost double direct second visit rates for SSC members compared to non members • Doubling customer lifetime value3 based on year-three member cohorts Momentum • Over 2.5 million members consistently adding 250,000 each quarter since launch • 19% of Group revenue coming through SuperSaveClub • One in five members are completely new to book • >50% increase in App downloads year on year, supported by app-only rewards redemption • 33% increase in monthly app users • 44% cross channel enquiry rates – double the Group level
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13 Includes £5m of Travel costs Adjusted EBITDA growth supported by strong cost control and AI efficiencies £30m £28m £26m £24m £23m £25m £8m £7m £7m £6m £6m £6m £19m £18m £16m Like-for-like Distribution expenses (7%) Adjusting items (5%) D&A 5% VAT & other admin 6% Peoplecosts (6%) Total (2%) • Gross profit up 1% to £142m; gross margin decreased from 66% to 63% • Sustained PPC cost inflation, with elevated costs annualised from 2025, reflecting search dynamics and competitive markets • PPC inflation is currently running at around 8% exiting the half, in comparison to over 20% last year - search landscape including AI overviews currently settled - backdrop in PPC has felt more stable this year • Adjusted EBITDA up 3%, to £76m, with margin of 33% (HY25: 34%), reflecting higher revenue growth and operational cost efficiencies helping to offset higher acquisition costs • Operating costs decreased 2%, reflecting continued efficiencies and strong cost control: • Distribution costs were 7% lower - new MSM creative aired in Q2 and media spend phased behind it - increased investment expected in H2 • Admin expenses were flat YoY. An overall 6% reduction in people costs and efficiencies delivered through automation and increasing use of AI, has helped to offset wider cost inflation. "Admin expenses" £87m £80m Like-for-like profit and operating costs* Operating cost base *Profit and operating costs presented on a like-for-like basis, excluding Travel segment from comparatives. On a reported basis, gross profit is down 4%, operating costs are down 2% and adjusted EBITDA is up 1%. HY25 (Like-for-like) HY25 (Reported) £82m HY26
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14 Adjusted EBITDA Adjusting items Working capital Provisions Tax Non cash items Investing and CAPEX Financing Cash flow before returns to shareholders Buy back Dividends Cash flow after returns to shareholders Cashflow: H1 phasing driven by seasonality - consistent with prior years 1 Adjusted EBITDA is operating profit before depreciation and amortisation and adjusted for other non -underlying costs 2 Net cash/debt is defined as cash and cash equivalents net of borrowings and loan notes payable to non -controlling interest. It does not include lease liabilities. Net debt at 30 June 2026 includes: cash and cash equivalents of £18.5m (31 Dec 25: £20.3m), less borrowings of £48.0m (31 Dec 25: £14.0m) and loan notes payable to Podium’s non -controlling interest of £2.3m (31 Dec 25: £2.2m). • Operating cashflow down 17% driven by seasonality of cash profile, strong revenue growth mixing into channels with longer cash collection periods such as energy, and a reduction in amounts owed to Quidco’s members. As in prior years, we expect cash conversion to improve in H2. • Net debt of £31.8m (net cash of £4.1m at year end) reflects this point in time of our annual treasury cycle. Net debt2 £31.8m at 30 June 2026 (net cash £4.1m at 31 December 2025) Operating cashflow £36.2m £75.5m (£2.3m) (£22.4m) £1.3m (£17.3m) £1.4m (£4.1m) (£16.5m)£29.2m (£48.5m) (£35.8m) 1 (£2.9m)
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15 Maximising shareholder value, confident in delivering within consensus 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. We remain well-positioned to deliver sustainable, profitable growth. Market expectations for 2026 adjusted EBITDA from our company compiled consensus ranges from £140m to £148m with a mid point of £146m. Results in line with market expectations Maximising shareholder value • MONY Group has an established and disciplined capital allocation policy driving the creation of long-term sustainable shareholder value • Over £90m package of shareholder returns for 2026 comprises • Interim dividend – progressive growth policy maintained, +1% growth – interim dividend per share of 3.36p • Ongoing share buyback - EPS accretive programme ongoing with over £19m repurchased to date, on track to complete in H2 Organic growth AcquisitionsOrdinary dividends Enhanced distribution 1 Consensus is available to view here: https://www.monygroup.com/investors/analyst-consensus/
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Peter Duffy
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Appendix
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23 Strategic highlights: saved households an estimated £1.5bn in 2026 Nb: Travel is included in the comparative period for Group marketing margin only. All other Group KPIs are unaffected. Estimated Group customer savings £1.5bn H1 2025: £1.4bn Group marketing margin 56% H1 2025: 58% like-for-like MSM and MSE net promoter score 74 H1 2025: 72 MSM and Quidco active users 12.5m H1 2025: 13.0m MSM & Quidco revenue per active user £20.80 H1 2025: £19.83 MSM cross channel enquiry 22% H1 2025: 22% H1 2025: 57% reported
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24 Investment proposition 1 Adjusted EBITDA is operating profit adjusted for depreciation, amortisation and adjusting items 2 Adjusted EBITDA contribution margin is calculated by dividing adjusted EBITDA contribution by revenue 3 Like-for-like excludes the Travel business disposed of on 1 December 2025 Clear social purpose Helping households save money; estimated £1.5bn saved in 20261. Scalable tech platform Powering price comparison across the Group, and for our B2B partners2. Power of our data Single source of rich, real-time data and proprietary ‘Dialogue’ data platform3. Leading, trusted brands 74 Group net promoter score4. Strength in breadth Unmatched breadth of products and services across the Group5. The result • Strong operating cashflow with efficient capital allocation 2% 3% 33% 33% £43.7m £36.2m 1% 6% • Highly profitable growth • Growth from core and new markets Organic revenue growth3 H1 2025 H1 2026 H1 2026 H1 2025 Operating cashflow H1 2026 H1 2025 • Consistent margin despite cost pressures H1 2026 H1 2025 Adjusted EBITDA1 growth3 Adjusted EBITDA2 margin (1% Reported) (1% Reported) (1% Reported) (1% Reported)
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25 £122m +4% Revenue £58m +9% Revenue £28m +30% Revenue £24m -13% Revenue £ - -100% Revenue % of Group revenue % of Group revenue % of Group revenue % of Group revenue Minority interest held in Travel since Dec 2025. 2024 and 2025 include 6 months of Travel segment revenue. INSURANCE Our Group 1 Group revenue of £227m is presented net of inter -vertical eliminations of £5m (HY 2025: £5m) 2 Revenue presented on a like-for-like basis, excluding Travel segment from comparatives. On an external reported basis, revenue is 1% higher YoY. 120 118 122 2024 2025 2026 51 53 58 2024 2025 2026 MONEY HOME SERVICES TRAVEL HY26 Revenue: £227m1, up 6% (like-for-like basis)2 and up 1% (reported basis) 54% 25% 12% 17 22 28 2024 2025 2026 30 27 24 2024 2025 2026 CASHBACK 10% 12 11 0 2024 2025 2026
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26 Adjusted cost base1 and marketing spend 1 Adjusted cost base excludes adjusting items including amortisation of acquired intangible assets, irrecoverable VAT provision s and related costs 2 Cashback and rewards include cashback incentives payable to members (relating to the Cashback vertical) and other customer in centives and rewards (e.g. SuperSaveClub) 3 Other includes commissions payable to partners and affiliates, plus other marketing costs 4 Presented on a like-for-like basis, excluding Travel segment from comparatives. • 2 Includes >£6m of Travel costsIncludes £10m of Travel costs Adjusted cost base1 £48m £42m £56m £24m £24m £22m £14m £14m £11m £10m £10m £12m 58%£96m 57% £101m 56% Like-for-like D&A 5% VAT & other admin 6% People costs (6%) Marketing 12% Total 8% £159m Like-for-like Other3 18% TV & radio (18%) Cashback and rewards 2 (10%) Online spend 34% Total 12% Marketing spend and margin (%) H1 2025 (reported) H1 2026 £96m £90m £101m £30m £28m £26m £24m £23m £25m £8m £7m £7m £90m H1 20254 (Like-for-like) £148m H1 20254 (Like-for-like) £158m H1 2025 (reported) H1 2026
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27 Product engineering investment Note: Product Engineering investment includes all opex and capex spend within the Product, Technology, CRM (excluding CRM tools) and Data infrastructure areas. The reinvestment rat e expresses the total investment in these areas as a percentage of revenue. The figures include both revenue and investment for acquired businesses from the time of acquisition. £4m £5m £19m £14m HY25 HY26 Total product engineering investment Reinvestment rate HY25 HY26 +8% • Total product engineering costs down YoY due to reduced headcount £19m £23m Product engineering operating costsProduct engineering capital investment +10%
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28 Income statement £million H1 2026 H1 2025 Growth (Reported) Revenue 227.1 225.3 1% Gross profit 142.4 147.7 (4%) Gross margin 63% 66% Adjusted EBITDA1 75.5 75.1 1% Adjusted EBITDA margin2 33% 33% Depreciation (1.6) (1.9) Amortisation of technology related intangible assets (5.8) (5.7) Adjusting items 3 (5.7) (6.3) Operating profit 62.4 61.2 2% Net finance expense (1.2) (1.4) Share of loss of associate (0.2) - Taxation (14.9) (14.2) Profit for the year 46.1 45.6 1% Attributable to owners of the Company 46.5 45.9 Attributable to non-controlling interest (0.4) (0.3) Profit for the year 46.1 45.6 1% Adjusted basic EPS4 9.7 9.3 5% DPS 3.36 3.33 1% 1 Adjusted EBITDA is operating profit adjusted for depreciation, amortisation and adjusting items. 2 Adjusted EBITDA contribution margin is calculated by dividing adjusted EBITDA contribution by revenue. 3 Adjusting items comprise amortisation of acquisition -related intangibles and irrecoverable VAT provisions and related costs. 4 Adjusted Basic EPS takes into account adjusting items and non -controlling interest in respect of Podium Solutions Limited for 20 26, it also includes Ice Travel Group in 2025 (disposed of in H2 2025).
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29 Income statement £million H1 2026 H1 2025 Growth (Reported) Operating profit 62.4 61.2 2% Depreciation 1.6 1.9 Amortisation of technology related intangible assets 5.8 5.7 Adjusting items (for EPS only): Amortisation of acquisition related intangible assets 3.4 4.1 EBITDA 73.2 72.9 0% Adjusting items (for EBITDA and EPS): Irrecoverable VAT provisions and consultancy costs 2.3 2.2 Adjusted EBITDA1 75.5 75.1 1% 1 Adjusted EBITDA is operating profit adjusted for depreciation, amortisation and adjusting items.
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30 Segmental measure of EBITDA contribution 1 Adjusted EBITDA contribution margin is calculated by dividing adjusted EBITDA contribution by revenue HY 2025 £million Insurance Money Home Services Travel Cashback Shared costs Inter-vertical eliminations Total Revenue 117.7 52.8 21.6 11.4 27.2 - (5.4) 225.3 Directly attributable expenses (51.4) (18.6) (7.1) (9.4) (23.0) (46.1) 5.4 (150.2) Adjusted EBITDA contribution 66.3 34.2 14.5 2.0 4.2 (46.1) - 75.1 Adjusted EBITDA contribution margin1 56% 65% 67% 17% 15% 33% Irrecoverable VAT provisions and related costs (2.2) Depreciation and amortisation (11.7) Net finance costs (1.4) Profit before tax 59.8 Taxation (14.2) Profit for the period 45.6 HY 2026 £million Insurance Money Home Services Travel Cashback Shared costs Inter-vertical eliminations Total Revenue 122.1 57.6 28.2 - 23.8 - (4.6) 227.1 Directly attributable expenses (64.4) (22.0) (8.8) - (19.5) (41.5) 4.6 (151.6) Adjusted EBITDA contribution 57.7 35.6 19.4 - 4.3 (41.5) - 75.5 Adjusted EBITDA contribution margin1 47% 62% 69% - 18% 33% Irrecoverable VAT provisions and related costs (2.3) Depreciation and amortisation (10.8) Share of profit of equity accounted investees (0.2) Net finance costs (1.2) Profit before tax 61.0 Taxation (14.9) Profit for the period 46.1
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31 Segmental notes: measure of Adjusted EBITDA contribution • Results include a measure of segmental profit by vertical in line with IFRS 8 • Adjusted EBITDA contribution = Revenue – directly attributable cost of sales – directly attributable operating expenses Directly attributable cost of sales include: • Paid search costs • Incentives paid to SuperSaveClub members and MSE Cheap Energy Club • Cashback to Quidco members • Credit checking charges for Money products • B2B revenue share – relates to Decision Tech, which sits within Home Services and Insure Directly attributable operating expenses include: • Directly attributable costs, for example costs of teams working exclusively within one vertical • Directly attributable marketing costs for example specific vertical brand marketing campaigns • Irrecoverable VAT – predominantly relates to Insurance – part of this is included in adjusting items Shared costs: • The Group has several teams, capabilities and infrastructure used to support all/multiple verticals e.g. data platforms, brand marketing, technology costs such as website hosting and licences, office costs • No direct or accurate way for allocating these to segments so they are disclosed separately