Moonpig Group (MOON) H1 2026 earnings summary

Executive summary

• Revenue grew 6.7% year-over-year to £168.6m, with Moonpig up 9.4% and Greetz returning to growth at 1.3% in constant currency; Experiences revenue declined 8.9% but improved in H2.

• Adjusted EBITDA increased 7.7% to £45.0m, margin at 26.7%; Adjusted EPS up 13.1% to 6.9p, supported by profit growth and share buybacks.

• Active customers rose 3% to 12.1m, Plus subscriptions surpassed one million, and gift attach rate improved to 17.8%.

• Interim dividend increased 25% to 1.25p; £30m share buyback completed in H1, with up to £60m planned for FY26.

• Experiences business transformation nearly complete, with improved tech, team, and product range; Moonpig for Business launched, showing strong early growth.

Financial highlights

• H1 FY26 revenue: £168.6m (+6.7% YoY); Adjusted EBITDA: £45.0m (+7.7% YoY); Adjusted basic EPS: 6.9p (+13.1% YoY).

• Gross profit up 3.7% YoY to £97.0m; group gross margin 57.6%.

• Adjusted PBT: £30.5m (+11.4% YoY); reported PBT: £26.6m.

• Free Cash Flow: £8.6m (H1), £64.5m (LTM); net leverage 1.24x, expected to reduce to ~1.0x by year-end.

• Net debt at £124.3m; committed RCF of £180m maturing 2029.

Outlook and guidance

• Full-year expectations unchanged, with strong revenue growth at Moonpig, positive momentum at Greetz, and Experiences improving in H2.

• FY26 capex expected at ~£17m; depreciation/amortisation ~£19m; net finance costs ~£11m; effective tax rate 25–26%.

• Net leverage targeted at ~1.0x Adjusted EBITDA by year-end.

• EBITDA margin guidance remains flat at 25%-27%, with surplus reinvested for growth, especially in new markets.

• H2 expected to see similar growth drivers as H1, with high single-digit to near 10% revenue growth for the core brand.