Moonpig Group Plc · LSE:MOON
Moonpig — FY2025 Earnings Presentation
42 slides from Moonpig's earnings presentation, Jun 26, 2025
Slide 1: Full year results presentation
Full year results presentation Year ended 30 April 2025 26 June 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 Category-defining 12.0m #1 70% Active Online online leader customers1 Market market share2 Significant runway Four iconic market position2 for future growth leading brands Total UK single 19.1 cards market FY25 Group rev
Slide 5: A year of strong strategic progress and profitability
Overview A year of strong strategic progress and profitability Strong financials Ongoing strategic delivery Confidence in outlook • Moonpig revenue increased by • Leveraging data and technology to • YTD trading in line with expectations: 8.6%, underpinned by growth in the drive revenue growth: • Dou
Slide 6: Financial performance
6 Financial performance Andy MacKinnon Chief Financial Officer
Slide 7: Adjusted EPS growth of +18% and Free Cash Flow of £66m
Financial performance Adjusted EPS growth of +18% and Free Cash Flow of £66m Revenue growth High Strong growth in Consistent growth in driven by Moonpig Adjusted EBITDA Adjusted basic EPS Free Cash Flow £350.1m £96.8m 15.0p £66.1m 2 2,3 Revenue Adjusted EBITDA Adjusted basic EPS Free Cash Flow2 4.4%
Slide 8: Moonpig revenue growth built on resilient cohorts of loyal customers
Financial performance Moonpig revenue growth built on resilient cohorts of loyal customers Moonpig - revenue by customer cohort 1 £m Covid cohort acquisition 3 FY20-FY21 FY25 Existing customer revenue mix 2 281.7 262.0 241.3 234.7 223.1 87% 89% FY24: 89% FY24: 90% 126.5 96.6 87.5 79.4 59.2 69.4 51.7
Slide 9: Continued scaling of the active customer base
Financial performance Continued scaling of the active customer base Moonpig and Greetz orders • Order growth of +4.1% driven by new customer Moonpig and Greetz orders Millions acquisition • Active customers grown +4.1% to 12.0 million1 • Well-optimised marketing engine FY YoY +4.1% • Increased new c
Slide 10: AOV growth driven by strengthening gift attach rate
Financial performance AOV growth driven by strengthening gift attach rate Moonpig and Greetz average order value • Increased average order value: £ / order • Strengthening growth in gift attach rate, rising by +0.2%pts in H1 and +0.7%pts in H21 • Pass-through of UK first class postage price FY YoY +
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 • Cards revenue growth at 8.1% Moonpig and Greetz - Cards revenue Moonpig and Greetz - Attached gifting revenue £m £m • Growth in orders • P
Slide 12: Group revenue growth driven by the Moonpig brand
Financial performance Group revenue growth driven by the Moonpig brand Moonpig revenue Greetz revenue • Strong trading at Moonpig: £m £m • Active customer base in growth at both brands GBP EUR1 • Gift attach rate strengthening through the year FY YoY +8.6% FY YoY -4.7% -2.4% • Rapid growth in tracke
Slide 13: Strong operational momentum at Experiences
Financial performance Strong operational momentum at Experiences Experiences revenue £m • FY24 revenue includes the £5.9m benefit from temporarily higher non-redemption on vouchers sold during Covid with extended expiry dates 1 • Strong operational momentum, which we will continue to FY YoY -19.3% b
Slide 14: Continued strong gross margin underpinned by Moonpig
Financial performance Continued strong gross margin underpinned by Moonpig Gross profit £m, % of total revenue • Moonpig gross margin rate increased by +1.8%pts: Group gross margin 59.4% 59.6% • Strong intake margin management on gifting Moonpig gross margin 55.2% 57.0% • Operational efficiency proj
Slide 15: Continued strong Adjusted EBITDA margin rate
Financial performance Continued strong Adjusted EBITDA margin rate Adjusted EBITDA £m, % of total revenue Group margin rate 28.0% 27.6% • Moonpig Adjusted EBITDA margin increased by Moonpig margin rate 30.1% 31.2% 1.1%pts to 31.2%: Greetz margin rate 15.3% 13.2% • Increase in gross margin rate of 1.
Slide 16: Strong growth in Adjusted EPS driven by lower net finance costs
Financial performance Strong growth in Adjusted EPS driven by lower net finance costs Adjusted EBITDA to Adjusted PBT £m FY25 FY24 YoY (%) Adjusted EBITDA 1 96.8 95.5 1.3% • Growth in depreciation and amortisation: Depreciation and amortisation (18.9) (17.4) 8.6% • Reflects technology investment in
Slide 17: Consistent, strong free cash flow generation
Financial performance Consistent, strong free cash flow generation Strong FCF, weighted into H2 Capex-light with negative net working capital Free Cash Flow Adjusted EBITDA conversion to Free Cash Flow - FY25 £m £m H1 H2 1. Adjusted EBITDA and Free Cash Flow (FCF) are Alternative Performance Measure
Slide 18: Significant returns of capital to shareholders
Financial performance Significant returns of capital to shareholders Capital allocation framework 1 Organic investment to support • We intend to maintain year-end net leverage at around 1.0x. It is likely to be moderately above that level growth at the half year, reflecting the seasonality of Free C
Slide 19: FY26 outlook
Financial performance FY26 outlook • Since the start of the year, trading across the Group has been in line with our expectations, including strong Father’s Day trading. Moonpig is growing at double-digit levels and Greetz revenue is in line with the prior year. At Experiences, we continue to build
Slide 20: Strategic progress
20 Strategic progress Nickyl Raithatha Chief Executive Officer
Slide 21: 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 ✔ 51 million card buyers in UK & NL 1 ✔ >63% cards given with a gift 1
Slide 22: 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 17.7% 3.6x 63% occasions where a FY25 attach gift is purchased Average order rate 4 alongside a card 1 × value 2 3.5 19.4 FY25 cards 5.5x online and offline card purchases Freque
Slide 23: Active customer base increased to 12.0 million
Strategic progress 1 Active customers 2 Frequency 3 Average order value Active customer base increased to 12.0 million We have continued to scale the Moonpig New features such as social login lifted the Elevating our brand with “Moonpig and Greetz active customer base conversion of visitors into new
Slide 24: Deepening engagement through reminders and card creativity features
Strategic progress 1 Active customers 2 Frequency 3 Average order value Deepening engagement through reminders and card creativity features We grew our database of customer occasion Launched personal handwriting in December Total usage of card creative features reminders by +12% to 101m 2024 and AI
Slide 25: Membership of our flagship Plus programme grown by 70%
Strategic progress 1 Active customers 2 Frequency 3 Average order value Membership of our flagship Plus programme grown by 70% Membership of the Plus subscription scheme Members are saving money and Plus members are our most engaged grew by 70% year-on-year to 920,000 driving incremental revenue and
Slide 26: Gift attach in growth, with strong momentum
Strategic progress 1 Active customers 2 Frequency 3 Average order value Gift attach in growth, with strong momentum Strengthening upward momentum Ongoing launch programme with strategic Deepening our relationship with existing in gift attach rate category partners in gifting partners to drive sales
Slide 27: Leveraging technology to drive revenue growth at Greetz
Strategic progress Leveraging technology to drive revenue growth at Greetz Technology development has unlocked Leveraging AI to improve the tagging of Tailoring UX on the central platform to Dutch access to group central capabilities Greetz greeting card designs market preferences Migration to a sin
Slide 28: At Experiences, re-platforming has unlocked new feature development
Strategic progress At Experiences, re-platforming has unlocked new feature development to improve product discovery and location-based navigation Location based New product details Upgraded filters for Dynamic contextual Gift finder tool navigation pages mobile browsing recommendations improvements
Slide 29: Enhancing the Experiences proposition and driving third party distribution
Strategic progress Enhancing the Experiences proposition and driving third party distribution Recent launches Proposition expansion Strong pipeline of new in live experiences and product launches for casual dining the first half of FY26 Driving sales for live events and cinema Pipeline of subscripti
Slide 30: Experiences drivers of medium-term double-digit revenue growth
Strategic progress We expect strategy execution at Experiences to drive double-digit medium-term revenue growth once cyclical headwinds subside Experiences - drivers of medium term target for double-digit revenue growth + + + Orders on the Average Third party Recipient customer websites order value
Slide 31: International expansion remains self-funded, with Australia prioritised
Strategic progress International expansion remains self-funded, with Australia prioritised for incremental investment in FY26 Combined new markets revenue Scaling our gifting range and delivery options in each international market growth at +36.1% to £11.8m New Markets revenue £m US +60.4% Australia
Slide 32: Technology driven growth, underpinned by the Moonpig brand
Technology driven growth, underpinned by the Moonpig brand Strong trading at Moonpig, continued progress towards growth at 1 Greetz Continuing to build on recent operational momentum at 2 Experiences High profit margin, strong Adjusted EPS growth and 3 consistent Free Cash Flow generation Confidence
Slide 33: MOONHIG group ple
MOONHIG group ple
Slide 34: Appendix
moonpig group ple Appendix 34
Slide 35: Medium-term targets
Medium-term targets Medium-term operating targets Revenue growth rate Adjusted EBITDA margin rate 1 Adjusted EPS 1 growth rate Double-digit percentage 25% to 27% Mid-teens percentage Strong operating cash flow and capital efficiency Inventories Capex Operating cash conversion 1 Single digit millions
Slide 36: Technical guidance (1 of 2)
Technical guidance (1 of 2) • We expect a year-on-year increase in the ratio of capex to revenue. Tangible and intangible capital expenditure in FY26 and FY27 is expected to sit Capital in the upper half of our 4% to 5% medium-term target range. expenditure • In both years, this includes mid-single
Slide 37: Technical guidance (2 of 2)
Technical guidance (2 of 2) • The Group’s debt facilities consist of a £180.0m committed revolving credit facility which now has a maturity date of 29 February 2029. This reflects the exercise during the year of a one-year extension option, which was approved by the lenders. • The RCF is subject to
Slide 38: Income Statement - Alternative Performance Measures
Income Statement - Alternative Performance Measures Reconciliation of Alternative Performance Measures to IFRS Measures Year ended 30 April 2025 Year ended 30 April 2024 Adjusted Adjusting IFRS Adjusted Adjusting IFRS Measures Items Measures Measures Items Measures EBITDA (£m) 96.8 (56.7) 40.1 95.5
Slide 39: Adjusting Items
Adjusting Items Adjusting Items Year ended Year ended Year-on-year £m 30 April 2025 30 April 2024 movement Pre-IPO share-based payment charges - (1.1) 1.1 Pre-IPO bonus awards - (2.4) 2.4 Acquisition amortisation (7.9) (8.3) 0.4 Impairment of goodwill (56.7) - (56.7) Total Adjusting Items (64.6) (11
Slide 40: Free Cash Flow
Free Cash Flow Free Cash Flow Year ended 30 April 2025 Year ended 30 April 2024 £m Adjusted Adjusting IFRS Adjusted Adjusting IFRS Measures Items Measures Measures Items Measures Profit before tax 67.5 (64.6) 3.0 58.2 (11.8) 46.4 Add back: net finance costs 10.3 - 10.3 19.9 - 19.9 Add back: deprecia
Slide 41: Net debt
Net debt Net debt Year ended Year ended 30 April 2025 30 April 2024 Borrowings (£m) (95.1) (118.4) Cash and cash equivalents (£m) 12.6 9.6 Borrowings less cash and cash equivalents (£m) (82.5) (108.8) Lease liabilities (£m) (13.5) (16.3) Net debt (£m) (96.0) (125.1) Adjusted EBITDA (£m) 96.8 95.5 Ne
Slide 42: Net cash used in financing activities
Net cash used in financing activities Net cash used in financing activities Year ended Year ended £m 30 April 2025 30 April 2024 Free cash Flow1 66.1 61.0 Interest and fees paid on borrowings, leases and hedging instruments (8.8) (15.1) Net repayment of borrowings (23.3) (54.7) Net repayment of leas