MONY Group Posts Resilient FY25 Results with AI Integration and New £25m Buyback

MONY Group FY25: record revenue, resilient margins and more cash back to shareholders

MONY Group has posted another steady year in choppy markets. Revenue hit a record £446.3m, up 2%, and Adjusted EBITDA rose 2% to £145.1m, lifting the margin to 33%. Adjusted Basic EPS increased 5% to 17.9p and the total dividend nudged up 1% to 12.63p. Net cash ended the year at £4.1m and the Board has followed a completed £30 million buyback in 2025 with a fresh £25 million programme for 2026.

Under the bonnet, the Money and Home Services verticals did the heavy lifting while Insurance was softer, as expected. Meanwhile, the membership flywheel – SuperSaveClub – passed 2.1 million members and now contributes 16% of Group revenue. The Group estimates it helped households save £2.8bn in 2025.

Key FY25 numbers at a glance

Definitions: Adjusted EBITDA strips out non-underlying items to show underlying trading. EPS is earnings per share. Margin equals profit divided by revenue.

Where growth came from: Money and Home Services offset Insurance

Segment performance and H2 trading colour

• Insurance: £232.5m, down 1%. Car and home were tough – average car premiums fell 9% vs last year and home premiums fell 2%. Life insurance was a bright spot after journey improvements. H2 Insurance was also down 1%, though headwinds eased into Q4.
• Money: £105.7m, up 8%. Strong banking and borrowing activity – better credit card switching and improved mortgage trends, plus attractive savings deals as base rate dynamics encouraged competition. H2 Money grew 13%.
• Home Services: £48.2m, up 33%. Energy switching returned from a low base, helped by the first collective switch in five years with exclusive, market-leading deals. Broadband performed well; mobiles were quieter as more people chose SIM-only. H2 growth was 37%.
• Travel: £17.6m, down 10%, reflecting 11 months of trading to 1 December 2025 and higher acquisition costs in a competitive market. From 1 December 2025, MONY moved to a minority stake in Ice Travel Group, so Travel is no longer consolidated.
• Cashback: £52.7m, down 13% as weak consumer confidence hurt retail spending and marketing budgets. Strategically, Quidco added card-linked offers and gift cards to deepen engagement. H2 Cashback fell 18%.

Membership momentum: SuperSaveClub keeps compounding

SuperSaveClub (SSC) now tops 2.1 million members and contributes around 16% of Group revenue. Members are more valuable and more engaged: average revenue per user is £35 for SSC versus £20 group-wide; cross-enquiry sits at 45% for SSC – more than double outside the club. SSC’s incremental margin is 75% versus 62% for non-club customers, underlining the economics.

Importantly, cohorts are maturing well. By year three, SSC member customer lifetime value is double that of non-members. The Group has also seen a c.70% increase in customers completely new to the Group and continues to push traffic direct to its apps and sites. App downloads improved 44% after first purchase rewards were introduced, and rewards are now app-only to deepen direct engagement.

AI-enabled platform: OpenAI deal, ChatGPT app and new products

MONY has rebuilt its tech stack into a modern, cloud-native platform, then leaned into AI. In 2025 it signed an enterprise agreement with OpenAI, launched a MoneySuperMarket ChatGPT app, and rolled out Price Optimiser to help customers secure cheaper quotes.

Savings by MoneySuperMarket is the big new product. It lets customers find, open and manage a wide range of savings accounts directly on-platform with secure onboarding, balance tracking and easy switching – tapping into an addressable market worth £2 trillion. Built inside the SSC ecosystem, it adds rewards, personalised prompts and educational content. Investments are slated to follow later in the year.

Across the stack, AI is being used for personalisation, CRM optimisation, identity and onboarding, risk and compliance, as well as boosting engineering and marketing efficiency.

Margins, costs and marketing dynamics

Operating costs fell 4% thanks to ongoing efficiency work and benefits from the single platform and AI. Gross margin dipped to 64.4% (from 66.2%) due to higher pay-per-click (PPC) costs and mix into lower-margin B2B. PPC costs rose 21% during the year, compounding the 21% step-up seen in H2 2024 versus H1 2024.

Group marketing margin – the inverse relationship between revenue and total marketing spend – slipped to 57% from 58% as competitive intensity in search remained elevated. Adjusting items included a £4.4m irrecoverable VAT provision and related costs linked to ongoing HMRC discussions on the Group’s partial exemption special method.

Cash, dividends and buybacks: disciplined returns

Operating cashflow was £107.7m, down 7% year on year, reflecting working capital movements from growth in channels with longer cash collection (energy and life). Net cash closed at £4.1m. The Group had £14m drawn on its £125m revolving credit facility at year end, which has been repaid in full since the period end.

The Board proposed a final dividend of 9.30p, taking the total dividend to 12.63p. Payment is due on 8 May 2026 to shareholders on the register on 27 March 2026. Shareholder returns in 2025 totalled £96m, including a completed £30m buyback that removed 15 million shares. A further £25m buyback has been announced for execution in 2026, funded by expected excess cash generation, while the Group rebuilds dividend cover.

Outlook and guidance: steady confidence for FY26

The Board expects 2026 Adjusted EBITDA to land in line with current consensus. The published analyst consensus is £146m, with a range of £142m to £153m. With membership traction, energy switching back in the mix, and new AI-enabled products rolling out, management sounds confident heading into 2026.

What this means for investors

Positives to note

• Record revenue and record Adjusted EBITDA, with a higher 33% margin and 5% growth in Adjusted EPS.
• SuperSaveClub scale and quality: 2.1 million members, 16% of Group revenue, stronger unit economics (ARPU, cross-enquiry, margin) and rising customer lifetime value.
• Home Services recovery driven by energy – plus continued momentum in Money – diversified the growth engine away from car insurance cycles.
• Real cash returned: £96m in 2025, a 12.63p dividend and a new £25m buyback for 2026, alongside a net cash balance and RCF repayment post year end.
• AI integration is tangible – OpenAI agreement, ChatGPT app, Price Optimiser and a new Savings proposition – creating new routes to market and deeper on-platform journeys.

Watch-fors and risks

• Insurance headwinds have eased but not vanished; active users fell to 12.7m as car volumes mixed out.
• Gross margin pressure from PPC inflation and B2B mix remains a theme; marketing margin ticked down to 57%.
• Cashback is still battling weak consumer confidence and tighter advertiser budgets.
• Travel is deconsolidated after 1 December 2025, crystallising a £6.7m loss on disposal – simplification is a plus, but sector remains competitive.
• HMRC VAT discussions add uncertainty – £4.4m in provisions and related costs recognised, with resolution expected to continue through 2026.

What to watch in 2026

• SuperSaveClub’s share of revenue and engagement metrics – especially cross-enquiry and ARPU expansion.
• Energy switching momentum and any further collective switches via MoneySavingExpert.
• Adoption of Savings by MoneySuperMarket and the planned Investments launch later in the year.
• Delivery against the Adjusted EBITDA consensus range (£142m to £153m) and trajectory of PPC costs.
• Update on the VAT PESM with HMRC and any impact on provisions.

Overall, this is a tidy set of results in a mixed market. The membership engine is doing what it should, AI is moving from talk to action, and cash is making its way back to shareholders. If Insurance stabilises further and the new Savings proposition scales, 2026 could look a shade brighter.