Moonpig Group Reports Strong Start to FY26 with 10% Revenue Growth and 1 Million Subscriptions

Moonpig’s FY26 starts strong: 10% revenue growth and 1 million Plus subscribers

Moonpig Group has kicked off FY26 with momentum intact. Management says revenue is growing at approximately 10% year on year, Greetz has returned to modest growth, and the subscription base across Moonpig and Greetz Plus has surpassed one million members. Importantly, the company reiterates that it is on track to deliver its FY26 guidance.

There’s a clear theme in this update: deeper customer engagement. Personalisation is now central to the proposition, adoption keeps climbing, and that’s feeding higher average order values. For a business with peak seasons and gifting attachments, that’s exactly where you want to see traction.

Revenue momentum driven by customer growth and AI personalisation

Growth in orders is being underpinned by an expanding active customer base (exact numbers not disclosed). At the same time, customers are using more personalisation – around 50% of all cards now include features such as AI-generated stickers, audio or video messages, or personalised handwriting.

The CEO highlights that AI-generated Stickers are the most widely adopted innovation to date, with customers creating two million personalised images every month. That’s not just a clever add-on; it signals product-market fit for Moonpig’s tech-led edge and supports higher spend per order.

Greetz returns to growth: a useful inflection in the Netherlands

After a tougher patch, Greetz is now showing modest year on year revenue growth on both a reported and constant currency basis. It’s incremental, but strategically important: the Netherlands is Moonpig’s second core market and a return to growth there helps de-risk the group’s dependency on the UK.

With Plus subscriptions growing and personalisation adoption rising at Greetz too, the mechanics look similar to the UK playbook. That consistency should help margins and marketing efficiency over time.

Higher average order value and rising gift attach rates

Average order value is rising at both Moonpig and Greetz. Management links this to the uptake of Moonpig Guaranteed Delivery and gift attach rate growth consistent with H2 FY25 (no exact percentages disclosed). In plain English, more customers are adding gifts to their cards and opting for premium delivery.

Upcoming brand launches in flowers and gifting – Laura Ashley Flowers, Next Flowers and JoJo Maman Bébé – should support attach rates through the key Christmas, Valentine’s Day and Mother’s Day peaks. Last year’s additions, Hotel Chocolat and The Entertainer, laid the groundwork; these new names broaden choice and trust.

Experiences division (Buyagift, Red Letter Days): new products live, pipeline to accelerate

Experiences continues to build operational momentum under a strengthened management team. New products across subscription gifting, live experiences and casual dining are now live on Buyagift, with a broader pipeline of launches expected to accelerate over the coming months.

The RNS doesn’t quantify performance by division, but the tone suggests stabilisation and product-led growth. For investors, a healthier Experiences arm helps smooth seasonality and widens the customer proposition beyond cards and flowers.

FY26 outlook reaffirmed: EBITDA, EPS and £60 million buyback

Guidance is unchanged. For FY26, Moonpig expects Group Adjusted EBITDA to grow at a mid-single digit percentage rate and Adjusted earnings per share to grow between 8% and 12%. The company also flags strong free cash flow generation, expected to fund growth investments plus shareholder returns.

Those returns include dividends and share repurchase programmes of up to £60 million in FY26. Medium-term targets remain unchanged. Net debt, cash and margin specifics were not disclosed in this update.

Key numbers from Moonpig’s AGM trading update

Group revenue growth	Approximately 10% year on year
Greetz revenue	Modest year on year growth (reported and constant currency)
Card personalisation adoption	Around 50% of all cards
AI-generated stickers	Two million personalised images created every month
Moonpig and Greetz Plus subscriptions	Surpassed one million members
Average order value	Rising at Moonpig and Greetz (no figure disclosed)
Gift attach rate	Growth consistent with H2 FY25 (no figure disclosed)
FY26 Adjusted EBITDA	Expected to grow at a mid-single digit percentage rate
FY26 Adjusted EPS	Expected growth of 8% to 12%
FY26 share repurchases	Up to £60m
Free cash flow	Strong (qualitative)
Medium-term targets	Unchanged

Why this matters: engagement, pricing power, and frequency

Moonpig’s edge is turning occasions into higher-value baskets. Rising personalisation adoption and Plus subscriptions deepen engagement, which typically lifts purchase frequency and lowers churn. Add gift attachments and premium delivery, and you get a business model that compounds small unit gains at scale.

The return to growth at Greetz is a helpful proof point. It shows the model can travel and suggests marketing and product levers are working beyond the UK.

Watchouts and what I’m tracking next

• Peak season execution: Christmas, Valentine’s Day and Mother’s Day will test attach rates and the new brand partnerships.
• Experiences trajectory: new product launches are promising, but sustained momentum is key (no divisional KPIs disclosed).
• Profit conversion: EBITDA and EPS guidance is solid; I’d like to see continued discipline on costs alongside growth in AOV.
• Macro sensitivity: gifting can feel the pinch in tougher consumer environments, though subscriptions and personalisation help resilience.

Josh’s take: steady execution with useful catalysts ahead

This is a clean, confident update. Double-digit revenue growth, one million Plus members, and a clear path to EPS growth of 8% to 12% is exactly what you want ahead of the big seasonal quarters. The £60 million buyback capacity and commitment to dividends underscore conviction in cash generation.

There’s still work to do – chiefly proving that the Experiences pipeline delivers and that Greetz can build on its return to growth. But with half of cards now personalised and AI features scaling, Moonpig’s differentiation is sharpening. On balance, a positive read-across for FY26 delivery.