Moonpig Group (MOON) H1 2025 earnings summary

Executive summary

• Revenue grew 3.8% year-over-year to £158.0m, with Moonpig brand achieving 10% growth and strong order volumes, while Greetz revenue declined 4% (2% on constant currency) but showed sequential improvement.

• Adjusted EBITDA margin reached 26.5%, above the medium-term target, and Adjusted PBT rose 9% to £27.3m, driven by trading growth and lower interest costs.

• Experiences segment faced a challenging market, with revenue down 20.8% and a £56.7m non-cash impairment charge recognized.

• Announced inaugural interim dividend of 1.0p per share and ongoing share buyback program of up to £25m, reflecting strong cash generation.

• Continued investment in data, technology, and AI, including launch of AI handwriting tool and expansion in new markets.

Financial highlights

• Group revenue was £158.0m, up 3.8% year-over-year; Moonpig and Greetz revenue: £143.1m (up 7.3%).

• Adjusted EBITDA was £41.8m (26.5% margin), and Adjusted PBT was £27.3m (17.3% margin).

• Net leverage reduced to 1.25x, with net debt at £119.5m.

• Gross margin increased to 59.2%, with Moonpig segment at 57.5%.

• International (US, Australia, Ireland) revenue grew 42.5% year-over-year.

Outlook and guidance

• Full-year revenue expectations unchanged; trading in line with expectations.

• Medium-term targets: double-digit annual revenue growth, Adjusted EBITDA margin of 25%-27%, and mid-teens Adjusted EPS growth.

• Capex expected at 4%-5% of revenue; FY25 depreciation/amortisation £19m-£21m; net finance costs ~£11m.

• Moonpig expected to sustain double-digit growth in H2; Greetz to continue sequential improvement, with positive growth likely in 2026.