## Moonpig Group plc Half-Year Financial Report Summary (H1 FY26)
**Key Highlights**
* **Revenue Growth** 6.7% year-on-year to £168.6 million, driven by 9.4% growth at Moonpig and a return to growth at Greetz (1.3% constant currency, 3.0% reported).
* **Adjusted EBITDA** Increased 7.7% to £45.0 million, with margin expanding to 26.7%.
* **Adjusted Profit Before Tax** Grew 11.4% to £30.5 million.
* **Adjusted EPS** Up 13.1% to 6.9 pence.
* **Active Customers** Increased to 12.1 million, with growth at both Moonpig and Greetz.
* **Gift Attach Rate** Improved to 17.8% (H1 FY25: 17.3%).
* **Customer Occasion Reminders** Database grew to 107 million (October 2024: 96 million).
* **Moonpig Plus and Greetz Plus Subscriptions:** Increased to 1.02 million members (October 2024: 0.75 million).
* **Interim Dividend** Increased 25% to 1.25 pence per share.
* **Share Buyback** £30.0 million completed in H1 FY26, with intention to repurchase up to £60.0 million during the year.
**Divisional Performance**
* **Moonpig** 9.4% revenue growth, driven by increased orders and average order value. New Markets (Ireland, Australia, US) grew 32.3%.
* **Greetz** Returned to growth with 1.3% constant currency revenue increase, exiting the period with low-to-mid single digit constant currency growth.
* **Experiences** Revenue declined 8.9%, but recent trading has been encouraging with improved performance in the second half.
**Outlook**
* Trading performance in line with expectations, with strong revenue growth at Moonpig and positive momentum at Greetz. Experiences showing encouraging signs of improvement. Full-year expectations remain unchanged.
**CEO Commentary (Nickyl Raithatha)**
* Highlights strong first half performance, driven by Moonpigs momentum and Greetzs return to growth.
* Emphasizes customer engagement through innovative features and growing Plus subscriptions.
* Notes encouraging trading at Experiences and the focus on innovation, data, and AI.
* Expresses confidence in the Groups position as a leading online greeting card and gifting platform.
**Financial Review**
* Details revenue growth, margin expansion, and profitability improvements across segments.
* Highlights the strength of the business model, characterized by high customer loyalty, data-driven insights, and efficient capital allocation.
* Discusses international expansion strategy, focusing on Australia and the US.
* Provides insights into the Experiences segments repositioning and recent improvements.
**Alternative Performance Measures**
* Defines and reconciles key non-GAAP metrics like Adjusted EBITDA, Adjusted EBIT, and Adjusted PAT.
**Principal Risks and Uncertainties**
* Identifies key risks such as technology security, consumer demand, strategy execution, postal service changes, brand reputation, and operational disruptions.
* Outlines mitigation strategies for each risk.
**Independent Review Report**
* PricewaterhouseCoopers LLP expresses no concerns regarding the preparation of the interim financial statements.
**Overall**
The report presents a positive picture of Moonpig Groups performance in H1 FY26, highlighting revenue growth, margin expansion, and strategic progress. The company remains confident in its outlook for the full year, despite challenges in the Experiences segment. The focus on innovation, data, and customer engagement positions the Group well for continued growth in the online greeting card and gifting market.