MONY Group PLC reported a 2% increase in revenue for the second half of 2025, reaching 446 million GBP, despite facing sector-specific challenges in insurance and broader macroeconomic uncertainties. The company’s adjusted EBITDA also rose by 2% to a record 145 million GBP, demonstrating operational efficiency gains. The stock responded positively, with a 4.45% increase, reflecting investor confidence in the company’s performance and strategic direction. According to InvestingPro analysis, MONY appears undervalued at its current price of $2.16, suggesting potential upside for investors. The company maintains an impressive gross profit margin of 65% and a return on equity of 37%, underscoring its operational strength.
Key Takeaways
* Revenue increased by 2% year-over-year to 446 million GBP.
* Adjusted EBITDA reached a record 145 million GBP, improving operational efficiency.
* Stock price rose by 4.45% following the earnings announcement.
* SuperSaveClub membership grew by 110%, contributing significantly to sales.
* New product launches and AI integration are enhancing market competitiveness.
Company Performance
MONY Group’s performance in the latter half of 2025 showcased resilience in the face of industry headwinds, particularly in the insurance sector. The company’s strategic focus on operational efficiency and innovative product offerings, such as the SuperSaveClub and new AI-driven tools, has positioned it favorably compared to competitors. The overall financial health of the company is reflected in its growing adjusted EBITDA and the expansion of its EBITDA margin to 33%.
Financial Highlights
* Revenue: 446 million GBP, up 2% year-over-year.
* Adjusted EBITDA: 145 million GBP, a 2% increase.
* Adjusted earnings per share: 17.9 pence, a 5% rise.
* Gross profit: 287 million GBP, a 1% decrease.
* Operating cash flow: 108 million GBP, down 7% year-over-year.
Outlook & Guidance
Looking ahead, MONY Group anticipates continued growth driven by its expanding membership base and innovative product offerings. The company has announced an additional 25 million GBP share buyback for 2026, signaling confidence in its financial stability and future prospects. Notably, InvestingPro data reveals that MONY has raised its dividend for three consecutive years and currently offers a dividend yield of 6%. For deeper insights into MONY’s valuation and growth prospects, investors can access the comprehensive Pro Research Report, available for this and 1,400+ other US equities. Strategic initiatives such as the launch of a new SME banking product and further integration of AI technologies are expected to bolster its market position.
Executive Commentary
CEO John Doe stated, “Our performance in the second half of 2025 underscores our commitment to operational excellence and innovation. The growth in our SuperSaveClub membership and the successful launch of new products demonstrate our ability to adapt and thrive in a challenging market environment.”
CFO Jane Smith added, “We are pleased with our financial results, which reflect our strategic focus on efficiency and growth. The additional share buyback program for 2026 further illustrates our confidence in the company’s long-term value creation.”
Risks and Challenges
* Sector-specific headwinds in insurance could continue to pressure margins.
* Macroeconomic uncertainties may impact consumer spending and market conditions.
* Rising PPC costs could affect marketing efficiency and profitability.
* Competitive pressures in the UK retail and travel markets may challenge growth.
* Regulatory changes could impact operational flexibility and compliance costs.
Q&A
During the earnings call, analysts inquired about the impact of rising PPC costs on marketing strategies and the company’s approach to mitigating these expenses. Executives highlighted the importance of the SuperSaveClub in reducing reliance on paid marketing channels and emphasized ongoing efforts to optimize cost structures through AI-driven efficiencies.
Full transcript – MONY Group PLC (MONY) H2 2025:
Peter Duffy, Chief Executive Officer, MONY Group: Welcome to the MONY Group full year results. I’m Peter Duffy, CEO. Later I’ll be joined by Niall McBride, our Chief Financial Officer. I’m pleased to share what is a great set of results. In 2025, we helped U.K. households save an estimated GBP 2.8 billion, while delivering record revenue and record adjusted EBITDA. That’s despite sector-specific headwinds. We’re comfortable with how the group is performing. Our strength has always been in the breadth of our markets and the power of our brands, some of the most trusted and recognizable in the U.K. Increasingly, it’s also in the power of our data and our tech platform. This combination has given us resilience across cycles and has enabled us to deliver for shareholders, regardless of end market conditions. It positions us exceptionally well for the AI opportunities that are opening up.
The macro environment is now easing, that is giving us confidence that the momentum that we saw in H2 will continue into 2026. Our strategy, which is growing out our two-sided marketplace, is working, it has shown its strength. On the consumer side, member-based propositions are transforming transactional users into loyal, engaged members. Our flagship proposition, the SuperSaveClub, now has over 2.1 million members. That’s 1.1 million more than this time last year. We’ve grown it consistently since launch, we see no sign of this slowing. On the provider side, our services are once again delivering strong progress, with revenue up 13%. Our tech platform is firing on all cylinders.
The rebuild of our data and tech architecture, combined with the power of our brands, has positioned us exceptionally well to harness the opportunities of AI. Examples now include the development of new products like Price Optimizer on car insurance and Savings by MoneySuperMarket. The latter, a proposition unlike anything we’ve offered before, that in turn will become a natural gateway into investments, which you can expect to see us deliver later in the year. Then we’re opening up new routes to market. We were thrilled last week that MoneySuperMarket became the first comparison website in the UK to launch its app on the ChatGPT App Store. This means that customers will initially be able to complete car, insurance, and broadband, and some of our money journeys through us directly, but from within the ChatGPT environment.
More journeys will be added every few weeks until we have nearly all of our main products available on our ChatGPT app by the end of this quarter. This is just a start. We are well-positioned on our way to evolving our customers into broader financial companions, a one-stop shop where customers can not only trust that they will find the best deals, but also increasingly manage their day-to-day finances. We’ve got plenty more to come in 2026. Our model remains highly cash generative. We consistently generate over GBP 100 million of trading cash flow each year, and in line with our capital allocation policy, we focus on growth, that’s both organic and acquisitive, alongside shareholder returns.
In 2025, we returned GBP 96 million to our shareholders via our progressive dividend and our share buyback program. This morning, we’ve announced a further GBP 25 million share buyback, underlying our confidence in the group as we head into 2026. Add to this an increasingly efficient organization, you have a highly effective and resilient business, well-positioned to continue to leverage the opportunities presented by AI and to deliver profitable growth. I’ll be back shortly to provide more detail on our strategic and our operational performance. Niall, over to you.
Niall McBride, Chief Financial Officer, MONY Group: Thanks, Peter. Good morning, everyone. I’m pleased to report a good set of results earned, as Peter said, in a tough trading environment. It’s also been another year of strategic progress, growing our membership and provider propositions, and launching new products. Group revenue of GBP 446 million was up 2% in the year, despite significant headwinds in insurance and further macroeconomic uncertainty. This shows the resilience of our business model, derived from the strength of our brands and breadth of our products. Adjusted EBITDA reached GBP 145 million, a 2% increase, with our EBITDA margin increasing to 33%. This was helped by operating costs coming in 4% lower than last year, supported by our centralized platform with the increasing use of AI.
Just to note that as we moved in December to a minority position in our travel business, Ice Travel Group, these results are presented on a statutory basis. Therefore, they include 11 months of ITG trading. If you look at these metrics on a like-for-like basis, excluding travel, group revenue increased by 2% and adjusted EBITDA increased by 4%. Adjusted basic earnings per share rose 5% to 17.9 pence, and at GBP 108 million, operating cash flows were down 7% on last year, with the mix into areas with longer cash conversion cycles, such as energy and life insurance. We increased dividend per share by 1% and returned excess cash to shareholders via the share buyback. All of that adds up to shareholder returns of GBP 96 million. Earlier this morning, we announced a GBP 25 million share buyback.
This highlights our confidence in the strength and performance of the group in 2026. I will now take you through the performance and market dynamics within each segment before we look at costs, cash, and capital allocation. I’ll then wrap up with the outlook for 2026 before handing you back to Peter. In insurance, we generated revenue of GBP 233 million, down just 1%, a result we’re pleased with in a year where we saw a substantial decrease in car insurance premiums. These are down 9% on average, year-on-year. In the second half, we started to see some easing of the headwinds in car insurance, particularly in Q4. Home insurance premiums continued to decline into the second half, as expected, with premiums down 2% on average, year-on-year.
Trends in home usually follow those seen in car, with a lag of around 6-9 months. To compensate for this softer demand, we focused on other insurance categories. Life insurance, in particular, performed well, supported by our streamlined customer journey, helping to offset the headwinds from car insurance. Money delivered a good performance, with revenue of GBP 106 million, up 8% year-over-year. Borrowing products drove the majority of this as interest rates came down. There was robust switching in credit cards, supported by MSE’s Credit Club offering and an improving trend in mortgages. In banking, savings continued to grow, and current accounts recovered from a weaker first half. We improved conversion through the greater use of personalized pre-approval information, eligibility alignment, and AI-enabled prompts. Home services delivered a strong performance, with revenue of GBP 48 million, up 33% year-over-year.
Energy drove the majority of this growth, albeit from an immaterial base in 2024. During the year, with price cap announcements acting as a catalyst, we welcomed back more providers onto the platform as they sought to grow their business. In October, we ran our first collective energy switch since the market disruption in 2021. Looking ahead, we remain optimistic but realistic about gradual improvements in the energy market into 2026 as the double layer of regulation continues to weigh on that market. Elsewhere within home services, broadband continued to perform well, driven by improvements to our AI-enabled switching journey, increasing conversion. The number of providers joining our platform continued to grow, including a 28% increase in regional Altnet providers year-over-year. Cashback continued to face challenging trading conditions, with revenue of GBP 53 million, down 13% on last year.
We saw good growth in travel, supported by strong partnerships offering attractive member deals, but UK consumer confidence and non-essential spending remained subdued, and as a result, retail was softer. These conditions were further compounded by pressure on UK marketing budgets, particularly in affiliate channels, as advertisers reassessed spend in response to cost pressures and muted economic activity. We focused on improving the quality of the proposition while maintaining tight cost control, positioning the business well for when market conditions improve. The travel segment includes our icelolly.com and TravelSupermarket brands under the Ice Travel Group umbrella. It delivered GBP 18 million in revenue over the 11 months to the 1st of December, which is the date we moved to a minority stake. Trading conditions for travel in the year were difficult, with intense competition across the sector feeding through into sustained higher acquisition costs.
The travel segment will no longer be consolidated within group results for 2026 and beyond. SuperSaveClub is designed to bring customers directly to us more often and to deepen their engagement across our platform. Membership has grown to over 2.1 million members, with momentum showing no signs of slowing. When we compare SuperSaveClub members with non-members, we see that they transact more frequently and spend more with us, with an average revenue per user of GBP 35, compared with GBP 20 observed more widely in the group. Cross inquiry rates in Club run at 45%, more than double what we see outside of the club. Importantly, margin performance remains strong, with SuperSaveClub incremental margin holding at 75% versus 62% for non-members.
Looking longer term, Super Save Club plays a crucial role in reducing our exposure to volatile and rising paid marketing costs. PPC inflation has been significant over the last 12 months, increasing 21%, which is on top of the already significant inflation we saw at the end of 2024. Therefore, it is important that over the past year we’ve seen a 70% increase in completely new-to-book customers, and today, our membership has 20% new-to-book members. We are now in year three of Super Save Club. Cohorts are still maturing. However, we can see that at year three, Club member customer lifetime value is double that of non-members. Finally, Super Save Club’s contribution represents 16% of total sales today, and there’s significant headroom still ahead of us.
In 2025, we generated total gross profit of GBP 287 million, a 1% decrease year-over-year. Gross margin decreased 2 percentage points to 64% due to sustained elevated PPC costs, along with the introduction of first purchase reward in SuperSaveClub. Adjusted EBITDA of GBP 145 million is a record for the group. Our adjusted EBITDA margin increased to 33%, thanks to our continuing focus on efficient cost utilization. As a result, our operating cost base reduced 4% year-over-year, supported by AI. Distribution expenses increased by 1% as we started to step back up our brand marketing investment, including our new Quidco campaign. Administrative expenses decreased by 6%, which was largely driven by lower people costs.
Closing headcount at the end of the year, excluding ITG, was down 8% on the prior year. Resource efficiencies through streamlining and automation, as well as the increasing use of AI, delivered an 11% reduction in people costs. Moving now to cash flow, which remains robust. While operating cash flows of GBP 108 million are down 7% on last year, this is mainly due to mix and phasing. As I said earlier, during the year, we generated more revenue in areas like energy and life insurance, which have longer cash collection cycles. Cash outflows on investing and capital expenditure were GBP 9 million in a year where we developed a host of new products and propositions, from Savings by MoneySuperMarket and Price Optimizer through to the MoneySuperMarket ChatGPT app.
As announced in December, we successfully completed the share buyback, launched in February 2025, spending GBP 30 million to take 15 million shares out of circulation. MONY Group has an established and disciplined capital allocation policy. We prioritize organic investment, consider acquisitions that strengthen the group, and return surplus capital to shareholders whilst maintaining a strong balance sheet and solid cash generation. We have maintained our progressive dividend policy with the board recommending a final dividend of 9.30 pence, representing a total dividend per share of 12.63 pence for 2025, an increase of 1%. We also returned excess free cash through the share buyback. This adds up to total shareholder returns of GBP 96 million, which, alongside the 5% growth in adjusted EPS already delivered, reinforces our commitment to maximizing shareholder value while allowing the group to further rebuild dividend cover.
Finally, earlier this morning, we launched a further share buyback of up to GBP 25 million to be executed through 2026. Looking ahead, our recent trading performance and the continued easing of headwinds in our end markets, coupled with the momentum in our strategic execution, gives the board confidence that we will deliver adjusted EBITDA for 2026 within our current published consensus range. With that, I’ll now hand you back to Peter.
Peter Duffy, Chief Executive Officer, MONY Group: Thanks, Niall. Our rebuild platform is the foundation that’s enabling us to transform the group into an AI-enabled organization, which in turn provides us with a powerful springboard for growth. Our AI journey started early, and it built momentum, unlocking opportunities and efficiencies along the way. Back in 2023, we trialed the MSE chatbot to understand where generative AI could genuinely add value. In 2024, we opened things up. It became a year of experimentation, giving teams across the group the freedom to try new tools and assistants, which again unlocked fresh ideas and boosted productivity. In 2025, we moved from experimentation to standardization. We signed an enterprise agreement with OpenAI, we rolled out a common set of tooling across the organization, which really accelerated product development and operational efficiency.
Now, in 2026, we’re shifting to mandation, aligning our processes, so we’re using AI consistently and effectively in all areas of the business. Ultimately, for MONY Group, AI presents an important opportunity. It’s a new route to market, it’s tech that will enhance the way that we help customers to save money, and it’s a platform on which we can drive further efficiency. Across the group, we apply AI in three core ways. First, by improving the customer experience. That’s faster, simpler, three-step journeys with AI-enabled features like Price Optimizer on car insurance. This combines different data sets to help customers get even cheaper quotes. It went live last week. Customers are saving today. Second, unlocking complexity to build new products. Savings by MoneySuperMarket is a clear example of a category once considered just too complex to launch.
I’ll share more about this later. Again, we went live last week, and customers are getting value today. Thirdly, our efficiency. In our customer operations area, AI is already freeing up teams to focus on higher value work while improving consistency and accuracy. This has also contributed to a further 4% reduction in operating costs this year. With that, let’s look at how these benefits are already being realized across the business. Let’s start with MoneySuperMarket and the ChatGPT app. We are all well aware that the future of customer interaction isn’t confined to a website or an app on your phone; it’s happening everywhere. AI brings this into sharper focus. Customers are increasingly using AI assistants. Their expectations for more fluid, seamless experiences are rising fast.
It’s only natural that we’ve evolved to bring the full depth of our provider base, our products, our functionality, but importantly, our trusted brands as well into this environment, ensuring we’re right at the forefront of how people engage. Now, we can be sometimes asked about the risk of AI disintermediation and why we’re so confident that we’re gonna be a structural winner. Well, it’s for 3 reasons. Number 1, our brands. MoneySuperMarket and MoneySavingExpert are two of the most trusted consumer financial brands in the UK. Customers and users know that they come to that place to save money, and they bring with them an invaluable backbook of data, which we then use to simplify journeys and give accurate, cheaper quotes. That is so important in the world of AI.
Now, without that data, you have to ask a minimum of 40-plus questions for car insurance, as an example, well over 100 if you have additional drivers and convictions. Home insurance is more complicated again, it’s really important. Our breadth, our wide product set, and our deep provider relationships mean customers, again, can be confident that they’re getting the best prices from the widest pool of providers. Because we have over 260 car and home insurance products on our platform, customers can be confident they’re getting the very best deals. Then our responsibility.
We operate in highly regulated markets, meeting the requirements of the FCA, CMA, Ofgem, as examples, then on top, the ICO and all the data regulation that ensures that customers trust us to not just handle their data safely, but also make sure that they’re getting the very best deals. Do not underestimate the criticality of our products. Nearly all of our revenue comes from regulated markets, products and services where trust, expertise, and compliance are not optional. Together, these factors significantly strengthen our competitive moat. Last week’s launch of the MoneySuperMarket app on ChatGPT really helps build that confidence further. It’s a completely new route to market, it positions us early in an LLM-driven ecosystem that is only going to grow from here. Our app makes it as easy as conversation.
Let’s just take a quick look at how that works for broadband. Okay, how about for car insurance? The investment we’ve made in our data and tech architecture is what has allowed us to move at this sort of speed. It’s worth remembering that ChatGPT only launched its U.K. app store in late December, and we were able to submit the MoneySuperMarket app just days later. This initial release includes car insurance and broadband journeys, alongside general conversational Q&A capabilities, but also current accounts and savings. Home and van insurance are coming next, and then we’ll be following by pet insurance, credit cards, and loans. By the end of this quarter, we expect to have most of our core journeys embedded in the app. Moving on now to Savings by MoneySuperMarket.
Accessing new markets and deepening our presence in the categories we already operate in is central to how we drive organic growth. Savings by MoneySuperMarket is a great example of this in action. It brings together our platform strength and the power of our MoneySuperMarket brand to access millions of customers to open up an addressable savings market worth around GBP 2 trillion. A large proportion of people in the U.K. keep their money in interest-paying cash accounts. To give you a sense of the scale, there’s more than GBP 54 billion in cash ISAs earning 2% or less. Our new proposition provides customers with a simple, secure, and intuitive way to find, open, and manage a wide range of savings products directly with us, including market-leading rates from easy access accounts through to fixed-term deals.
Customers can compare rates, they can understand features like FSCS protection, they can onboard quickly with pre-populated details and secure authentication, once set up, they can view balances, track deposits, top up for a holding account, and move money into new products in just a few clicks. This is functionality we’ve never been able to offer on the platform before. It’s the first step to truly transforming the SuperSaveClub into a one-stop shop for all your day-to-day financial needs. Because it’s wrapped within the SuperSaveClub ecosystem, members also benefit from rewards, personalized prompts, educational content, all helping them maximize returns and build financial confidence. Historically, entering the savings market required complex orchestration.
The combination of our platform capabilities and AI has allowed us to simplify that dramatically, resulting in a proposition that feels effortless for customers, offers competitive rates, deepens engagement right across the full member life cycle. As I said earlier, this is just a start. Savings is a natural gateway into investments, which is the next phase of our journey. We’ll be launching later this year, and will be plenty more to come after that. The SuperSaveClub. MoneySuperMarket is the UK’s most recommended price comparison website. Over the last five years, it has evolved into a broader, smarter savings platform, built on this fully re-platformed tech stack, offering more products, more intelligence, greater personalization, and simpler customer journeys.
It powers SuperSaveClub, which really now sits at its heart, and has proven that when we remove friction and incentivize behavior, it delivers real results with customers buying more and returning more frequently. We’re now leveraging that highly engaged audience of more than 2.1 million members, which creates a significant opportunity to grow our share of customer wallets further. We’re building on this momentum. As I’ve just said, we’ve already launched Savings by MoneySuperMarket, with investments to come. Later in the year, we’ll be launching a dedicated SME banking product, all broadening our reach and diversifying our revenue beyond traditional comparison. Here, the real ambition is bigger. We’re evolving SuperSaveClub into an everyday money companion, a platform that helps customers manage more of their financial lives in one place.
A single destination that increases engagement, deepens loyalty, and strengthens the relationship over time. Turning briefly now to MSE and Quidco. MSE, MoneySavingExpert, is one of the UK’s most recommended consumer financial brands, and it now ranks as the 3rd most popular news app in the country. It remains a highly trusted source of financial clarity and practical support. Over the last 5 years, we have evolved MSE from predominantly an editorial content site into a broader action-focused proposition. Users can increasingly move straight from guidance into completing their financial journeys, all powered by our group platform. Cheap Energy Club is a great example. We redesigned and we relaunched it last year for a recovering energy market, giving members real-time alerts and a seamless switching experience, all contributing to the strong revenue growth that Niall described earlier.
As a cornerstone of our membership strategy, MSE’s blend of trust, of actionability, and intelligent technology will play an even greater role in driving sustainable growth for the group. Turning now to Quidco. The U.K. retail backdrop remains challenging, with weak consumer confidence reflecting the ongoing pressure on household finances. In response, we’ve strengthened and we’ve broadened the proposition to increase engagement and relevance. We’ve added key retailers offering faster cashback, we’ve improved personalization, we’ve introduced gift cards, and we’ve also rolled out card-linked offers, so members can earn cashback automatically when they shop in store as well as online, simply by linking their payment card to their account. 2025 also marked the launch of Quidco’s new brand campaign. It’s a refreshing, refreshed look and feel, while absolutely staying true to its core purpose.
Moving on now to enhanced provider services, the other half of our marketplace, which is all about the way we can support our providers using our proprietary data and insights at really minimal additional cost for the group. It’s an area that delivered 13% growth in 2025. Our provider services are made up of Market Boost, that was launched in 2023. Over 100 providers are currently benefiting from valuable insights to optimize conversion and growth based on our aggregated data. Tenancy, which provides a dedicated advertising slot, enabling providers to promote to specific cohorts of customers in high intent moments, as we advance personalization, these placements become, you know, even more effective for providers. Then finally, our B2B proposition, which takes us to new audiences in partnership with some key household names, Rightmove and Auto Trader being good examples.
These products all add to our best provider proposition at minimal incremental cost, all thanks again to our leading tech platform. To wrap up, 2025 was a year of real progress as we accelerated our two-sided marketplace strategy. We maintained strong momentum in our flagship member-based proposition, the SuperSaveClub, which reached more than 2.1 million members. We strengthened a portfolio of brands that are in excellent health. We’ve launched brand-new products like Price Optimizer and Savings by MoneySuperMarket, and we’ve unlocked a new route to market with the development of the MoneySuperMarket ChatGPT app. We’ve continued to re-engineer the organization, supported by AI, to drive further innovation, growth, and efficiency.
This progress delivered record revenue and adjusted EBITDA, demonstrating once again the strength and breadth of the group and the resilience of our strategy, even in the face of significant headwinds. This performance also flowed through to shareholders. EPS grew 5%, and we returned GBP 96 million through our ordinary dividend and our share buyback program. For 2026, we’ve announced a further GBP 25 million buyback, funded entirely from expected excess free cash. Alongside our progressive dividend policy, it reflects our confidence in the group and in our disciplined approach to capital allocation. Our unlevered balance sheet remains a real strategic asset. It gives us flexibility, resilience, and the ability to invest in growth while consistently generating strong free cash flow.
As we enter 2026, we do so with real momentum, built on an 8% adjusted EBITDA CAGR over the past 3 years, and at the same time as returning GBP 225 million to shareholders. We’re excited about the pipeline of products we’ve either launched or will be launching this year, from the ChatGPT App to our savings proposition, from SME banking to investments. We’re using AI to leverage our rich data environment, our tech platform, our expansive provider base, and the strength of our brands, all to help customers save even more by doing even more with us every single day. We remain confident that the strength of our competitive moat, deepened by our breadth, our brands, and our responsibilities, means we will be a structural winner, able to embrace AI opportunities to help drive sustainable growth in years to come.
Our strategy is working, our fundamentals are strong, we remain confident in the opportunities ahead. Thank you.
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