Moonpig Group Plc · LSE:MOON
Moonpig — H1 FY2026 Earnings Presentation
40 slides from Moonpig's earnings presentation, Dec 9, 2025
Slide 1: Half year results presentation
Half year results presentation Six months ended 31 October 2025 9 December 2025 Strictly Private and Confidential
Slide 2: Disclaimer
Disclaimer This presentation and the discussion which follows it may include certain forward-looking statements with respect to the business, strategy and plans of the Company (together with its subsidiaries, the “Group”) and its current goals and expectations relating to its future financial condit
Slide 3: Agenda
Agenda 1 Overview – Nickyl Raithatha 2 Financial performance – Andy MacKinnon 3 Strategic progress – Nickyl Raithatha 3
Slide 4: Moonpig Group: the leading online platform for card giving and gifting
Overview Moonpig Group: the leading online platform for card giving and gifting Leverages data Standout financial Category-defining Large stable Four iconic market and technology to model with high profit Significant runway for online market market that is leading brands drive exceptional margins an
Slide 5: Continued momentum at Moonpig and a return to growth at Greetz in H1
Overview Continued momentum at Moonpig and a return to growth at Greetz in H1 Strong H1 financials Ongoing strategic delivery Strong start to H2 • Moonpig revenue increased by • Active customers increased by 3.0% • Strong start to the second half, in line 9.4%, underpinned by active customer to 12.1
Slide 6: Financial performance
6 Financial performance Andy MacKinnon Chief Financial Officer
Slide 7: Revenue growth and strong margins driving +13.1% Adjusted EPS in H1
Financial performance Revenue growth and strong margins driving +13.1% Adjusted EPS in H1 Strong Sector leading Compounding Consistent revenue growth margins EPS growth cash generation £168.6m £45.0m 6.9p £64.5m 1 1 H1 revenue H1 Adjusted EBITDA H1 Adjusted basic EPS LTM Free Cash Flow1 6.7% 26.7% 1
Slide 8: Both our card-first brands are now in growth
Financial performance Both our card-first brands are now in growth Moonpig revenue Greetz revenue £m £m • Continued momentum at Moonpig, GBP EUR1 with H1 revenue growth at +9.4% H1 YoY +9.4% H1 YoY +3.0% +1.3% • Return to growth at Greetz: • H1 revenue increased +1.3% in constant currency • FX tailw
Slide 9: AOV growth driven by higher gift attachment and upsell
Financial performance AOV growth driven by higher gift attachment and upsell Moonpig and Greetz average order value £ / order • Across Moonpig and Greetz, we grew average order value at +5.6%: H1 YoY +5.6% • Growth in gift attach rate • Postage mix, including higher uptake of Moonpig Guaranteed Deli
Slide 10: Continued scaling of the active customer base
Financial performance Continued scaling of the active customer base Moonpig and Greetz orders Moonpig and Greetz orders • Order growth of +2.5% driven by customer acquisition Millions • Active customers grew by 0.4m to 12.1m1 • Customer base in growth at both Moonpig and Greetz H1 YoY +2.5% • Strong
Slide 11: Cards and attached gifting revenue both growing year-on-year
Financial performance Cards and attached gifting revenue both growing year-on-year Moonpig and Greetz Moonpig and Greetz cards revenue attached gifting revenue Moonpig and Greetz - Cards revenue Moonpig and Greetz - Attached gifting revenue • Cards revenue growth +9.7%: £m £m • Order volume growth Y
Slide 12: Repositioning Experiences ahead of the pre-Christmas trading period
Financial performance Repositioning Experiences ahead of the pre-Christmas trading period Experiences revenue £m • Operational focus on preparation for the key pre-Christmas trading period: • New commercial leadership team in place H1 YoY -8.9% • Improved UX ahead of Christmas peak • Onboarding of n
Slide 13: Year-on-year growth in gross profit at 3.7%
Financial performance Year-on-year growth in gross profit at 3.7% Gross profit £m, % of total revenue Group gross margin 59.2% 57.6% • Moonpig gross margin rate -1.7%pts: Moonpig gross margin 57.5% 55.8% • Primary impact from mix, reflecting higher gift attachment, greater use of tracked postage and
Slide 14: Adjusted EBITDA margin rate increased to 26.7%
Financial performance Adjusted EBITDA margin rate increased to 26.7% Adjusted EBITDA £m, % of total revenue Group margin rate 26.5% 26.7% Moonpig margin rate 31.1% 30.0% Greetz margin rate 11.9% 15.4% • Moonpig Adjusted EBITDA margin -1.1%pts, with lower gross margin offset by planned indirect cost
Slide 15: Adjusted EPS growth driven by higher profit and share buybacks
Financial performance Adjusted EPS growth driven by higher profit and share buybacks Adjusted EBITDA to Adjusted PBT £m H1 FY26 H1 FY25 YoY (%) Adjusted EBITDA 1 45.0 41.8 7.7% • The reduction in depreciation and amortisation reflects Depreciation and amortisation (8.9) (9.2) 3.2% relatively low pri
Slide 16: Consistently strong Free Cash Flow generation
Financial performance Consistently strong Free Cash Flow generation FCF seasonally weighted into H2 H1 FCF reflects higher capex for UK fulfilment automation and insourcing Free Cash Flow Adjusted EBITDA conversion to Free Cash Flow - H1 FY26 £m (Last Twelve Months ended 31 October) £m Year-on-year
Slide 17: Significant ongoing returns of capital to shareholders
Financial performance Significant ongoing returns of capital to shareholders 1 2 3 4 Capital Investment to support Progressive dividend, Selective, value Return of excess allocation organic growth targeting 3x to 4x cover accretive M&A capital to shareholders hierarchy • We continue to expect net le
Slide 18: Our expectations for FY26 remain unchanged
Financial performance Our expectations for FY26 remain unchanged • Overall Group trading performance has remained in line with our expectations since the start of Current the second half. Growth remains underpinned by consistent strong revenue growth at Moonpig trading and and positive trading momen
Slide 19: Strategic progress
19 Strategic progress Nickyl Raithatha Chief Executive Officer
Slide 20: At Moonpig and Greetz, we leverage data to drive loyalty and gift upsell
Strategic progress At Moonpig and Greetz, we leverage data to drive loyalty and gift upsell Card-first Gift attach Profitable customer acquisition The most relevant gifting platform with high loyalty with minimal acquisition cost ✔ 51m card buyers in UK & NL 1 ✔ >63% cards given with a gift 1,2 20 ✔
Slide 21: We have three compounding revenue growth levers
Strategic progress 1 Active customers 2 Frequency 3 Average order value We have three compounding revenue growth levers 3 17.8% 3.5x 63% occasions where a H1 FY26 attach gift is purchased Average order rate 4 alongside a card 1 × value 2 3.5 19.4 LTM cards per active 5.5x online and offline card pur
Slide 22: Active customer base continues to scale across both Moonpig and Greetz
Strategic progress 1 Active customers 2 Frequency 3 Average order value Active customer base continues to scale across both Moonpig and Greetz Active customers grew 3.0%, Targeted marketing partnerships GEO (Generative Engine Optimisation) with the base increasing at both brands support efficient cu
Slide 23: Plus frequency uplift continues to rise across a fast growing base
Strategic progress 1 Active customers 2 Frequency 3 Average order value Plus frequency uplift continues to rise across a fast growing base Continued strong growth in the Members are saving money Behavioural-led UX makes Plus benefits now surfaced at Plus subscriber base and purchasing more often joi
Slide 24: Our growing reminders ecosystem powers loyalty and frequency
Strategic progress 1 Active customers 2 Frequency 3 Average order value Our growing reminders ecosystem powers loyalty and frequency Reminders volume continue to Redesigned opt-in UX increased Reminders by SMS launched to Pre-personalised galleries grow, deepening engagement reminders collection on
Slide 25: AI powered card galleries pre-personalise cards with specific birthday age
Strategic progress 1 Active customers 2 Frequency 3 Average order value AI powered card galleries pre-personalise cards with specific birthday age Dynamic galleries now live, automatically inserting the recipient’s Roadmap will extend and automate pre-personalisation to age to personalise card desig
Slide 26: AI card creative features driving rapid adoption and customer frequency
Strategic progress 1 Active customers 2 Frequency 3 Average order value AI card creative features driving rapid adoption and customer frequency Customer adoption of creative Face Swap launching in H2 to Improved editor experience, with better AI-powered stickers features has accelerated further boos
Slide 27: Continued additions to our gifting range driving higher attach rates
Strategic progress 1 Active customers 2 Frequency 3 Average order value Continued additions to our gifting range driving higher attach rates Digital multi-choice vouchers launched on Expanding trusted-brand partnerships across key gifting categories Moonpig to drive experience sales H1 FY26: Flowers
Slide 28: Investing in operations to enhance efficiency and customer experience
Strategic progress 1 Active customers 2 Frequency 3 Average order value Investing in operations to enhance efficiency and customer experience Moonpig Guaranteed Delivery now chosen We have insourced giant card fulfilment New AI chat system already resolves around by almost 40% of UK customers and au
Slide 29: A step-change in the Experiences proposition
Strategic progress A step-change in the Experiences proposition Upgraded UX including price “with code”, city-level location filters Expanded range across subscriptions, casual dining, and upgraded product pages with video days out, social and immersive experiences 29
Slide 30: High growth continues across our new markets, fully self-funded
Strategic progress High growth continues across our new markets, fully self-funded Revenue grew 32% YoY across Ireland now sustainably Australia is our priority for US remains in Ireland, Australia and the US profitable incremental investment early optimisation phase New Markets revenue £m Ireland g
Slide 31: Continued momentum at Moonpig and a return to growth at Greetz
Continued momentum at Moonpig and a return to growth at Greetz 1 Strong H1, with Adjusted PBT +11.4% and Adjusted EPS +13.1% Strong start to H2, underpinned by consistent strong revenue 2 growth at Moonpig and positive trading momentum at Greetz Encouraging current trading at Experiences, with impro
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Slide 33: Appendix
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Slide 34: Technical guidance (1 of 2)
Technical guidance (1 of 2) Capital • Our medium-term target for tangible and intangible capital expenditure is approximately 4% to 5% of revenue. expenditure • We expect capital expenditure of around £17m in FY26 as we continue to invest in insourcing and automation at our UK fulfilment centre. • D
Slide 35: Technical guidance (2 of 2)
Technical guidance (2 of 2) • The Group’s debt facilities consist of a £180.0m committed revolving credit facility with a maturity date of 28 February 2029. • The RCF is subject to two covenants, each tested at six-monthly intervals. For the remaining term of the facility, these are as follows: Fina
Slide 36: Income Statement - Alternative Performance Measures
Income Statement - Alternative Performance Measures Reconciliation of Alternative Performance Measures to IFRS Measures Six months ended Six months ended 31 October 2025 31 October 2024 Adjusted Adjusting IFRS Adjusted Adjusting IFRS Measures Items Measures Measures Items Measures EBITDA (£m) 45.0 -
Slide 37: Adjusting Items
Adjusting Items Adjusting Items Six months ended Six months ended Year-on-year £m 31 October 2025 31 October 2024 movement Acquisition amortisation (3.8) (3.9) 0.1 Impairment of goodwill - (56.7) 56.7 Operating profit impact of Adjusting Items (3.8) (60.6) 56.8 Taxation on acquisition amortisation 0
Slide 38: Free Cash Flow
Free Cash Flow Free Cash Flow Six months ended 31 October 2025 Six months ended 31 October 2024 £m Adjusted Adjusting IFRS Adjusted Adjusting IFRS Measures Items1 Measures Measures Items1 Measures Profit before tax 30.5 (3.8) 26.6 27.3 (60.6) (33.3) Add back: net finance costs 5.7 - 5.7 5.3 - 5.3 Ad
Slide 39: Net debt
Net debt Net debt As at As at As at 31 October 2025 31 October 2024 30 April 2025 Borrowings (£m) (120.5) (117.2) (95.1) Bank overdraft (£m) (2.5) - - Cash and cash equivalents (£m) 10.9 12.4 12.6 Borrowings less cash and cash equivalents (£m) (112.1) (104.8) (82.5) Lease liabilities (£m) (12.2) (14
Slide 40: Net cash used in financing activities
Net cash used in financing activities Net cash used in financing activities Six months ended Six months ended £m 31 October 2025 31 October 2024 Free cash Flow1 8.6 10.1 Interest and fees paid on borrowings, leases and hedging instruments (4.1) (4.3) Net drawdown / (repayment) of borrowings 25.0 (1.