Moonpig Group (MOON) H2 2025 earnings summary

Executive summary

• Achieved strong financial and strategic performance, with group revenue of £350 million and Moonpig revenue up 8.6%, driven by customer loyalty, technology-led personalization, and operational efficiency.

• Nearly 90% of revenue comes from existing customers, with 920,000 subscription members and over 100 million reminders, supporting high retention and repeat purchases.

• EBITDA margin reached 27.6%, and adjusted EPS grew 18% year-on-year, reflecting operational efficiency and lower finance costs.

• Initiated shareholder distributions for the first time, including a buyback and dividend, reflecting confidence in outlook.

• Technology and data leveraged to drive loyalty, gift attach, and operational efficiency.

Financial highlights

• Group revenue increased to £350.1 million, with 4.4% year-on-year growth after adjusting for prior COVID-era voucher breakage.

• Adjusted EBITDA was £96.8 million (27.6% margin), and free cash flow rose to £66.1 million.

• Adjusted EPS grew 18% to £0.15, aided by lower net finance charges and refinancing.

• Net leverage reduced to just below 1x, in line with targets.

• Moonpig brand revenue grew 8.6% to £262.0 million; Greetz revenue declined 4.7% to £48.9 million.

Outlook and guidance

• FY 2026 guidance: group-adjusted EBITDA to grow mid-single-digit percentage, adjusted EPS growth of 8%-12%, and continued strong free cash flow.

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

• Capex expected at upper half of 4–5% of revenue in FY26–27; net leverage targeted at ~1.0x.