Annual Report and Accounts 2025
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MONY Group plc is a tech-led consumer finance platform with the clear purpose of helping households save money.
As the Group has grown, so too has the breadth of ways we help
consumers save. Today, MONY Group brings together a portfolio of powerful and trusted consumer brands.
We help people make confident financial decisions and save money, while enabling our partners to reach customers more efficiently and grow their businesses.
All of this is underpinned by our leading data and technology platform, which connects consumers and providers, powers innovation across our brands, and continues to strengthen the value we deliver across the Group.
2 | Highlights | 68 | Chair's Introduction to Governance |
4 | At a Glance | 71 | Governance at a Glance |
6 | Investment Case | 72 | Board of Directors |
8 | Chair's Statement | 74 | Corporate Governance Statement |
12 | Chief Executive Officer's Review | 88 | Employee Champion Report |
18 | Our Strategy | 90 | Nomination Committee Report |
23 | Our Markets and Trends | 94 | Audit Committee Report |
27 | Technology and AI | 100 | Risk and Sustainability |
Strategic report
30 Our Business Model
32 Section 172 of the Companies Act 2006 - Stakeholder Engagement
39 Sustainability
Governance
Committee Report
103 Remuneration Committee Report
126 Directors' Report
47 52 | Climate Risk Disclosures Non-Financial and Sustainability | in Respect of the Annual Report 176 | Company Statement of Changes in Equity |
Information | 177 | Notes to the Company | |
54 | Financial Review | Financial Statements | |
60 | Risk Management | 180 | Glossary |
64 | Principal Risks and Uncertainties | 181 | Shareholder Information |
66 | Viability Statement |
131 Statement of Directors' Responsibilities and the Financial Statements
Financial statements
132 Independent Auditor's Report
140 Consolidated Statement of Comprehensive Income
141 Consolidated Statement of Financial Position
142 Consolidated Statement of Changes in Equity
144 Consolidated Statement of Cash Flows
146 Changes in Liabilities from Financing Activities
147 Notes to the Consolidated Financial Statements
175 Company Balance Sheet
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MONY Group PLC Annual Report and Accounts 2025 - 1
Welcome,2025 marked another year of strong progress, helping UK households save an estimated £2.8 billion. Our strategy continues to demonstrate its strength, powered by trusted brands, a growing base of loyal members, and the scalability of our data driven,
AI-enabled platform.
Peter Duffy
Chief Executive Officer
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MONY Group PLC Annual Report and Accounts 2025 - 2
Highlights
Strategic KPIs
Estimated Group customer savings
2025 | 2.8 | 2025 | 57 | 2025 | 20.21 |
2024 | 2.9 | 2024 | 58 | 2024 | 18.54 |
2023 2.7 | 2023 58 | 2023 17.82 | |||
MSM and MSE2 net promoter score
73Group marketing margin
57%MSM and Quidco active users
12.7mMSM1 and Quidco revenue per active user
£20.21MSM cross-channel enquiry
22%2025
2024
2023
73
72
70
2025
2024
2023
12.7
13.8
14.2
2025
2024
2023
22
25
24
Please see page 57 - 58 for definitions of strategic KPIs
Our product segments
Insurance
Money
Home services
Cashback
Travel3
MoneySuperMarket (MSM).
MoneySavingExpert (MSE).
See page 13 for details of part-disposal of Travel segment.
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MONY Group PLC Annual Report and Accounts 2025 - 3
2025 overview Headline performance*
Revenue1 (£m)
£446.3mProfit before tax (£m)
£110.5mAdjusted EBITDA2 (£m)
£145.1m2025
2024
2023
2022
2021
446.3
2025
2024
2023
2022
2021
110.5
2025
2024
2023
2022
2021
145.1
439.2 | |
432.1 | |
387.6 | |
316.7 | |
108.7 | |
92.1 | |
85.2 | |
70.2 | |
141.8 | |
132.9 | |
115.5 | |
100.5 | |
Basic EPS (p)
15.3pAdjusted basic EPS (p)
17.9pTotal dividend per share (p)
12.63p15.0 | |
13.5 | |
12.7 | |
9.8 | |
2025
2024
2023
2022
2021
15.3
2025
2024
2023
2022
2021
17.9
2025
2024
2023
2022
2021
12.63
17.1 | |
16.0 | |
14.4 | |
11.9 | |
12.50 | |
12.10 | |
11.71 | |
11.71 | |
Revenue by product segment1
Insurance
£233m
Money
£106m
Home services
£48m
Cashback
£53m
Travel*
£18m
2025
2024
2023
233
236
220
2025
2024
2023
106
98
100
2025
2024
2023
48
36
39
2025
2024
2023
53
61
60
2025
2024
2023
18
20
21
Group revenue of £446m is presented net of inter-vertical eliminations of £10.4m (2024: £10.7m) and includes 11 months of Travel segment results (2024 and 2023: 12 months of Travel results).
The use of alternative performance measures ('APMs') is detailed in the Financial Review on page 58 and APMs are defined in the Glossary on page 180.
* 2025 results include 11 months of trading up to 30 November 2025 for Travel segment (2024 and 2023: 12 months of Travel results). See page 13.
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MONY Group PLC Annual Report and Accounts 2025 - 4
At a Glance
Market-leading brands trusted by millionsAt MONY Group our job is to help households save money. We were founded over 30 years ago to make it easy for people to compare prices across hundreds of providers for all their household bills. As our Group has expanded, we've added more ways to save.
MONY Group unites powerful, trusted consumer brands, and we attract our customers by marketing, advertising and publishing, as well as via external brands to which we offer comparison services.
Our technology platform is scalable and a barrier to competition.
Our financial products comparison site MoneySuperMarket is the UK's most recommended price comparison website, making it easy for customers to find great deals on household bills and financial products, from car, pet, travel and home insurance to credit cards, loans, savings, pensions, mortgages, bank accounts, broadband and TV packages. When a customer visits us, they answer a set of questions and then, in seconds, they can compare prices and find the best deal from hundreds of leading brands. We guarantee not to be beaten on price,
with the SuperSave Price Promise.
MoneySuperMarket's loyalty programme, the SuperSaveClub, launched in 2023.
Members receive cash rewards every time they save on their household bills, plus
12 months of benefits including unlimited free days out at thousands of leading destinations nationwide. The club is free to join, and available to anyone who has purchased a product through MoneySuperMarket.
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MONY Group PLC Annual Report and Accounts 2025 - 5
At a Glance continued
MoneySavingExpert was ranked in the top five most recommended brands in the UK by YouGov in 2025, and one of the UK's top 10 best brands. The MSE website and app are packed full of money saving tips and tools and information to help people take control of their finances. Over 9 million people receive the MoneySavingExpert tip email each week. MoneySavingExpert speaks up for consumers, and our national campaigns help households across the UK.
Our travel comparison sites TravelSupermarket and Icelolly help people save on their holidays. We filter through a huge range of travel deals from the UK's leading travel companies and find customers the deal that suits them. We compare prices on a broad range of holiday options including
thousands of individual package holidays, hotels, low-cost and charter airlines and car hire providers.
We're a highly effective and flexible way for providers to find and convert customers, and we show their products to millions across the UK.
Quidco is one of the top cashback sites in the UK. Quidco customers earn free cashback from around 5,000 online retailers including household brand names in travel, fashion,
DIY and health and beauty. Quidco now
has comparison services powered by Group technology, helping customers save on their car, home and other insurance needs.
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MONY Group PLC Annual Report and Accounts 2025 - 6
Investment Case Our fundamentals
2
Scalable tech platform
We have a scalable tech-led savings platform serving customers and providers. Our Group comprises
a price comparison site, cashback service, a consumer finance content-led brand and specialist services for our partner providers.
We have two sides to our marketplace, matching consumers to providers in an efficient way. New and existing customers can come to a single site, answer a simple question set and let us do the work of providing them with a wide choice of deals to compare and switch to. For providers, it is a
cost-efficient and flexible way to access millions of customers.
Our comparison platform is scalable to support our own brands as well as those of leading third parties. Our B2B proposition extends both our reach and market share, leveraging our technology investment and increasing our customer base as we scale to power comparison technology and market insights for the industry.
3
Power of our data
Our data creates links between the wealth of data that customers provide, which we use to help get them the best deals.
We have improved the customer experience through our proprietary "Dialogue" platform, designed to shorten and simplify the information requested from the user across different products, helping make journeys as simple as possible
for customers.
Our data is centralised, enabling customer-facing innovation and the growth of our membership propositions. Consolidating our data has given us a single source of rich, real-time data and improved our efficiency. This data is available operationally to drive growth and increase marketing efficiency.
The quality of our referral leads
and first-party data put us in a strong position to deliver valuable services to our providers including Tenancy and data services such as Market Boost.
1
Clear social purpose
Our purpose is to help households save money. All our brands support users to make significant savings on their household bills and purchases, with additional consumer benefits from our member-based propositions across MoneySuperMarket, MoneySavingExpert and Quidco.
MoneySavingExpert is a highly trusted consumer champion that provides personal finance tips and tools to millions of readers across the UK every year through its app,
website and weekly email.
Almost
£12bn
Estimated savings¹ for households over the last five years.
1 See page 57 for definition of strategic KPI for estimated customer savings.
Investing in strength and scale
We are a tech business with a purpose: helping households save money. We have leading consumer finance brands powered by our proprietary tech-led savings platform.
When combined with our data-rich environment, we offer more ways to save for providers and consumers. The business model is highly profitable, cash generative
and asset light, with opportunities for growth across the breadth of our markets.
Discover more about our membership propositions online
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MONY Group PLC Annual Report and Accounts 2025 - 7
Investment Case continued
The resultHighly profitable growth
5
Strength in breadth
MONY's breadth of products and services spans insurance, money, home services, travel comparison and cashback; we have a strength in our breadth that structurally differentiates the Group.
This breadth means we have more ways to help households save more money and provide an attractive marketplace for providers to acquire new customers in a cost-effective way. It also translates into resilience in the face of market headwinds.
Our membership propositions are shifting the Group from a transactional marketplace to a growing, loyal and engaged member base. We have launched new propositions and opened up new routes to market, enabling further diversification of our revenue streams.
We are expanding our provider data services including tenancy, Market Boost and B2B. These services all utilise our platform and proprietary data to help enhance provider performance, delivering growth at limited incremental cost to the Group.
4
Leading and trusted brands
We have a Group net promoter score of 73, a customer loyalty and satisfaction measurement
indicating the likelihood of customers recommending our brand services
to others.
MoneySuperMarket is the
UK's most recommended price comparison website.
MoneySavingExpert is the UK's most recommended consumer finance brand, and the third most popular news app in the UK. It remains uniquely positioned and continues to be one of the UK's most trusted sources for financial clarity, reassurance and practical support.
Quidco is one of the UK's leading cashback sites, offering
an increasingly personalised user experience which is key to driving repeat engagement, customer loyalty and enhanced conversion.
A track record of profitable growth and high adjusted EBITDA margins across the Group. Adjusted EBITDA reached a
Adjusted EBITDA¹ growth (%)
2025* 2
7
2024
record level in 2025, and alongside this we expanded our adjusted EBITDA
2023 14
margin to 33%.
Operating efficiently is now in our DNA. Our leading tech platform has enabled us re-engineer the Group to embrace AI and unlock cost savings.
Adjusted EBITDA¹ margin (%)
33
2025*
2024 32
2023 31
Strong operating cash flow with efficient capital allocation
Our financial model is highly profitable, strongly cash generative and capital light. In 2025 we delivered operating cash flow of £108m. In line with our capital allocation policy we delivered a balanced package of
shareholder returns in 2025 totalling £96m. This comprised 1% ordinary dividend growth and a £30m share buyback.
Operating cash flow (£m)
107.7
2025*
2024 115.6
2023 102.2
Growth from core and new markets
We operate in markets with headroom for growth. Our strategy, combined with the strength and resilience of our business model, has positioned us well to navigate the headwinds experienced in our end markets during 2024 and 2025, whilst also positioning us well for future growth.
Organic revenue growth (%)
2025* 2
2024 2
2023 11
1 The use of alternative performance measures ('APMs') is detailed in the Financial Review on page 58 and APMs are defined in the Glossary on page 180.
* 2025 results include Travel segment for 11 months (2024 and 2023: 12 months). See page 13.
MONY Group PLC Annual Report and Accounts 2025 - 8
Revenue (£m)
£446.3m
Up 2%
(2024: £439.2m)
Adjusted EBITDA¹ (£m)
£145.1m
Up 2%
(2024: £141.8m)
Profit before tax (£m)
£110.5m
Up 2%
(2024: £108.7m)
Adjusted basic earnings per share
17.9p
Up 5%
(2024: 17.1p)
Total dividend per share
12.63p
Up 1%
(2024: 12.50p)
In my first full year as Chair of MONY Group I want to begin by expressing my sincere thanks to the Board, the Executive Team and all colleagues across the business for their dedication and support. Their professionalism, commitment and agility have underpinned a year of resilient performance, delivered against a backdrop of sector-specific headwinds and continued macro-economic uncertainty.
Despite these challenges, MONY Group has remained firmly anchored to its purpose of helping households save money. In an environment where consumer budgets have been under sustained pressure, our role has never been more relevant and I am delighted that we helped save our customers an estimated £2.8bn this year (2024: £2.9bn).
2025 was a year of strong strategic delivery for MONY Group as we continued to execute with focus and ambition. We further advanced our membership propositions, strengthened our provider services, and leveraged our technology and data platform to deliver growth. These actions have supported another year of record results and enhanced shareholder returns, achieved in the context of a challenging economic environment.
Our performance this year reflects the resilience of our business model and the disciplined leadership of our management team. Most importantly, it is a testament to the commitment and talent of our people across the Group, whose work continues to drive sustainable value for our customers, partners and shareholders.
The strength and trust embedded in our brands continue to differentiate us, enabling us to support millions of customers while driving long-term value for shareholders.
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Chair's Statement
Strong strategic deliveryThe strength and trust embedded in our brands continue to differentiate us, enabling us to support millions of customers while driving long term value for shareholders.
Jonathan Bewes
Chair
Chair's Statement continued
Group performance - delivering value for shareholders
In 2025, the Group delivered robust financial performance against a tough backdrop.
Despite the significant headwinds faced in our major end markets, revenue increased by 2% to £446m, and adjusted EBITDA grew 2% to £145m - both record figures. Profit before tax grew 2% to £110m and adjusted basic earnings per share grew 5% to 17.9 pence. We continued to generate good cash flow, with operating cash flow of £108m (2024: £116m), representing healthy cash conversion of over 80%.
We remained disciplined in our capital allocation, with EPS growth and total shareholder returns remaining central measures of our value-creation approach, as reflected in our consistently executed capital allocation policy.
The diversity of our portfolio once again proved its strength in breadth. In Insurance, growth in life insurance revenues largely offset the impact of headwinds felt in car insurance. Home Services continued to grow, supported by the re-launch of the MSE Cheap Energy Club and the Group's first collective energy switch since 2021, and in Money we saw good growth in savings and credit cards driven by attractive commercial deals. This helped to offset more subdued activity in Insurance and parts of our cashback offering, given continued weak consumer confidence impacting the retail sector.
Strategically, we made strong progress throughout the year. Our member-based propositions continued to scale, with SuperSaveClub surpassing 2.1 million members and making an increasingly meaningful contribution to Group revenue.
Our deepening relationships with providers and B2B partners strengthened the two-sided marketplace model at the heart of our strategy.
We embraced AI across the Group - from signing an enterprise agreement with OpenAI through to rolling out our money concierge solution "Agent i" across even more products - giving customers clearer explanations, faster access to eligible products and greater confidence in decision making.
We also launched new products, including Savings by MoneySuperMarket, gaining further depth in our existing verticals, and enhanced the user experience across our website and app, all supported by our AI capabilities.
In our travel business, we moved from a majority to a minority position in December 2025, enabling a greater focus on growth in our core, centralised platform-based propositions.
Technology and innovation - a platform for long-term growth
2025 marked a pivotal year in the evolution of our technology estate. We completed the Group re-platforming programme, delivering a unified data and technology architecture that positions MONY favourably for continued innovation and scalable growth. This was a fundamental re-engineering of our core systems so calling the end of this programme
is a materially important milestone. We have moved from transformation to a new cycle of continuous improvement, innovation and platform agility.
Our data-led platform is increasingly powering sophisticated AI adoption across the Group, supporting enhanced customer experiences, more personalised interactions, operational efficiencies and improved problem-solving capability in complex categories. There is a real buzz of excitement across the Group about the opportunities AI presents us with.
Chair's Statement continued
Technology and innovation - a platform for long-term growth continued
Our focused approach to data handling, compliance and regulation remains a critical competitive advantage. As AI adoption accelerates across our markets, the ability to innovate responsibly, transparently and securely will be a defining differentiator, and
MONY is well positioned to lead in this space, as we seek to maintain the trust of customers and regulators alike.
Our colleagues and culture
Our culture remains one of MONY's greatest strengths. Our purpose is evident across the Group, and reflected in the energy, expertise and commitment of our colleagues, under the expert leadership of the Executive Team, who continue to shape a culture that is high performing, inclusive and collaborative.
Throughout my first full year as Chair,
I have been consistently impressed by the professionalism and integrity with which colleagues work together - embracing our values and delivering for our customers, providers and shareholders.
Across the Group, colleagues have continued to create meaningful value - helping millions of households navigate essential costs while contributing positively to our business, our communities and the environment. This blend of commercial impact and social purpose has long been central to who we are and remains a distinctive strength of MONY.
Being a responsible and fair employer is fundamental to the trust our colleagues place in us. We invest in wellbeing, development and a healthy workplace culture, and we continue to contribute to the communities in which we operate through targeted charitable partnerships and local engagement.
We remain committed to fostering a
high-performing, inclusive and purpose-driven culture, one where every colleague can thrive. I am proud that we have maintained our strong diversity metrics this year, with 47% female representation on our Board and Executive Team, and we're proud to continue be recognised in the FTSE Women Leaders Review for the fifth consecutive year, securing position number two in the Technology sector in 2025.
Sustainability and society
We remain committed to operating responsibly and transparently. Consumer duty, data privacy and responsible innovation sit at the core of our governance processes.
MONY Group's sustainability strategy brings together our environmental, social and governance priorities, reflecting our
commitment to responsible and transparent business practices. A key focus is reducing our environmental footprint, with a target of achieving Operational Net Zero by 2030. This includes a planned 90% reduction in Scope 1 and Scope 2 emissions, supported by our continued approach of offsetting all residual emissions to remain carbon neutral.
We are pleased to report an improvement in our Carbon Disclosure Project rating, rising to a B in Climate Change for 2025, recognising the progress we have made in managing and reporting our environmental impact.
Our Climate Transition Plan, published on our website, sets out our pathway to Net Zero and confirms that we remain on track against our stated milestones.
As a signatory to the United Nations Global Compact, we continue to align our operations with its ten principles across human rights, labour standards, environmental stewardship and anti-corruption.
As part of our efforts to understand and support people with their everyday costs, we launched our MoneySuperMarket Household Money Index in 2023 - a quarterly barometer of people's daily spending across the country. It tracks how families and individuals are spending and saving across a wide range of different costs and essentials such as rent, mortgages, and energy bills.
The Group has a multi-award-winning charity partnership with suicide prevention charity Campaign Against Living Miserably ('CALM'). To date, this partnership has seen MONY Group donate over £400,000 funding more than 33,000 lifesaving calls to CALM's helpline and as a result of significant colleague engagement we extended the partnership
by an additional two years to 2027. This partnership has inspired remarkable staff engagement, from our Money Talks event at the Houses of Parliament in May, to the Balkan Three Peaks challenge. This all helped to raise over £139,000 for CALM in 2025.
Board and governance
The Board remains dedicated to maintaining the highest standards of corporate governance and ethical conduct. We are committed to transparency, accountability, and fostering
a culture of integrity.
The Board receives regular updates from the Executive Team on the Group's performance, operations, colleagues, customers, providers, investors and communities, as well as the risks and opportunities we face as a business. We regularly consider and monitor the real and potential risks and impacts of macro-economic and other disruption to our end markets, along with mitigating actions.
Our Board collectively possesses a broad range of experience, skills and knowledge from various backgrounds which supports the strategic and operational direction of the Group.
The Board remained stable during 2025. Succession will be an area of focus during 2026 as we have a Board member who is nearing their nine-year tenure in 2027 and, in line with best practice, will step down from the Board.
We maintained Board diversity and continue to exceed the recommendations of the Hampton Alexander Review and meet the requirements of the Parker Review.
Our governance framework continues to evolve in line with best practice, ensuring robust oversight of risk management, corporate culture, compliance and capital allocation. We remain vigilant to emerging risks and confident in the foundations of our governance structure.
Capital allocation and shareholder returns
Our capital allocation policy remains consistent and disciplined. The policy reflects the Group's strong cash generation along with the strength of our balance sheet. It has enabled us to invest organically in the business, pay dividends, fund acquisition activity and to effectively return excess capital to shareholders.
The Board is recommending a final dividend of 9.30 pence per ordinary share, making a total dividend for the year of 12.63 pence per ordinary share, an increase of 1% on 2024. If approved by shareholders at the forthcoming Annual General Meeting on 30 April 2026, the final dividend will be paid on 8 May 2026 to shareholders on the register on 27 March 2026.
In line with our capital allocation policy, the Group announced a share buyback in February 2025, funded by expected surplus free cash generated during the year. The buyback programme launched in February and was successfully executed throughout the year, concluding in December 2025, having bought back £30m shares, taking around
15 million shares out of circulation.
Over the course of 2025, the Group delivered EPS growth of 5% alongside a strong dividend yield of over 6%, reflecting our commitment to delivering sustainable returns underpinned by the strength of our business model. As part of our ongoing approach to balancing immediate shareholder distributions with long-term financial resilience, we have intentionally moderated the rate of dividend growth. This allows us to rebalance the mix of returns, rebuild dividend cover to a level consistent with our future growth ambitions and maintain the flexibility to invest appropriately across the Group.
Reflecting the Board's continued commitment to long-term shareholder value and our policy to return expected excess free cash flow generated in the year to shareholders, we are pleased to have announced a £25m share buyback programme to be executed throughout 2026. This reinforces our focus on delivering a balanced package of returns, combining earnings per share growth, ordinary dividends and targeted cash distributions, while preserving our capacity to pursue
value-accretive, strategically aligned acquisitions.
Looking to 2026
This has been another year of continued progress for the Group. We delivered financial and strategic performance, and enhanced returns for shareholders, and see signs of easing in our end markets. This, combined with our diversified model, positions MONY to capture growth opportunities as markets stabilise.
Our strategic priorities remain clear:
deepening member engagement;
strengthening provider partnerships;
further leveraging our data, technology and AI capabilities; and
continuing to grow and optimise our diversified portfolio.
We remain steadfast in our purpose of helping households save money, creating value for all stakeholders as we do so. With strong execution, disciplined capital allocation and a scalable technology platform now fully in place, MONY is well positioned to continue to deliver sustainable growth in 2026
and beyond.
Jonathan Bewes
Chair
20 February 2026
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MONY Group PLC Annual Report and Accounts 2025 - 12
Chief Executive Officer's Review
Delivering sustainable growth, driven by our two-sided marketplace strategy2025 was a year where we moved the business forward at pace as we continued to drive our
two-sided marketplace strategy and strengthened a portfolio of brands that are in excellent health.
Peter Duffy
Chief Executive Officer
2025 was another year of strategic and financial progress for the Group. We helped UK households save more than
£2.8bn, which contributes to savings of almost £12bn over the last five years. This was achieved during a period of significant pressure on consumer finances, with soaring inflation and rising interest rates intensifying the cost-of-living crisis.
Our portfolio of leading brands, member propositions and provider services together forms a resilient two-sided marketplace that has proven it can deliver regardless
of market conditions and positions us well for continued, sustainable growth.
We have centralised our data and made it available to colleagues across the Group in real time and have adopted enterprise-grade marketing technology. We have introduced new products and enhanced journeys to help people save more money and to support our providers more effectively.
Our strategy enables us to use our unified platform to drive more efficient acquisition, retention and growth. By leveraging our centralised data and tech stack, we're
able to efficiently expand our propositions, launching new membership-based products and strengthening the services we offer
to providers.
Our platform provides us with scale, flexibility and a data foundation that has allowed us to embed Artificial Intelligence ('AI') across the Group.
During 2025 we continued to generate momentum across our member-based propositions: MoneySuperMarket SuperSaveClub, MoneySavingExpert
app and Quidco. We are delighted to have welcomed over 2.1 million members to SuperSaveClub since its launch in late 2023 - an increase of 1.1 million on last year.
Our provider services - which include B2B, Market Boost and Tenancy - also performed well, with revenues increasing 13%. In B2B, we welcomed new brands to the platform -including Which? - whilst maintaining key partnerships with household names including Rightmove and Autotrader.
Read more about Our Strategy onpages 18 - 22
Watch our CEO interview online
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MONY Group PLC Annual Report and Accounts 2025 - 13
Chief Executive Officer's Review continued
Revenue by segment - FY25 Revenue: £446m1
Insurance
£233m
(2024: £236m)
Households can save money on a number of different insurance
products, including car, travel, life, home and pet.
Revenue was down 1% on 2024, driven by significant headwinds
in car insurance. As anticipated, car insurance premiums in our largest revenue stream fell substantially over 2025. In the second half of the year,
we started to see some easing of these headwinds. Car insurance premiums ended the year 9% lower than 2024.
Following substantial increases in the cost of car insurance in previous years, absolute premium levels remain high. As a result, consumers can still save up to £4962 on their car insurance with us.
Home insurance premiums ended the year down 2%, with trends in Home usually following those seen in car with a lag of around six to nine months.
To compensate for this softer demand, we focused other insurance categories. Life insurance performed well, supported by our streamlined customer journey, helping to largely offset the headwinds from car insurance.
Money
£106m
(2024: £98m)
Users are able to compare a wide range of credit cards, loans, savings, current accounts and mortgage products. Our websites and apps provide users with access to their credit scores and information
on topics such as mortgage affordability, different types of lending and household budgeting.
Revenue was up 8% on 2024, driven by strong credit card switching demand, supported by our Credit Club offering, along with an improving trend
in mortgages.
We secured several strong exclusive credit card deals during the year. We also launched a new car finance journey, which unlocked a new, growing revenue stream.
In banking, growth in savings continued through the year following strong demand in the lead up to
ISA season.
We also saw an increase in the number of attractive current account switching deals available to customers.
We improved conversion through greater use of personalised
pre-approval information, eligibility alignment and AI-enabled prompts.
Home Services
£48m
(2024: £36m)
Customers are able to save money on a broad range of products, including broadband, energy, landline and mobile phones.
Revenue was up 33% on 2024, primarily as a result of growth in
energy, from a low base in 2024. During the year, we welcomed more providers back onto the platform, and price cap announcements acted as a catalyst, encouraging suppliers to offer more compelling deals for consumers.
In October, we ran our first collective energy switch since the market disruption in 2021. Exclusive, market-leading deals, promoted by MoneySavingExpert, offered savings of up to 15% versus
the price cap.
Broadband continued to perform well. Improvements to our AI-enabled switching journey means customers can switch providers without leaving the site, which increased conversion. The number of providers joining our platform also continued to grow, including a 28% increase in regional alternative-network providers.
Cashback
£53m
(2024: £61m)
Quidco is one of the UK's leading cashback services and helps users earn cashback on their online spending with thousands
of brands.
Revenue was down 13% on 2024, with UK consumer confidence remaining subdued throughout the year, reflecting continued pressure on household finances, despite some easing in inflation.
We also saw many affiliate marketing budgets being re-evaluated in response to cost pressures and muted economic activity. This limited promotional intensity from retailers and partners.
We focused our investment on improving the quality of member engagement, whilst maintaining tight cost control. We launched new
propositions, including gift cards and the ability for customers to pay in-store, called card-linked offers, expanding
the range of ways members can earn cashback.
Alongside this, we continued to enhance personalisation and roll out faster cashback with key merchants, increasing everyday relevance and positioning the business strongly for when market conditions improve.
Travel
£18m
(2024: £20m)
TravelSupermarket and icelolly. com help people to save money on their holiday.
Travel revenue reduced in 2025
as a result of conditions becoming increasingly competitive through the year.
Both Icelolly and TravelSupermarket sit under the Ice Travel Group ('ITG') umbrella. On 1 December 2025 we moved to a minority stake in Ice Travel Group, as detailed in our December 2025 Trading Statement. This revenue therefore reflects the 11 months of trading up to 30 November 2025.
The move to a minority stake reduces the Group's operational complexity since ITG sat outside our centralised data and tech platform. This enables a greater focus on growth in our core business whilst allowing ITG to continue with its goals.
Group revenue of £446m is presented net of inter-vertical eliminations of £10m (2024: £11m) and includes 11 months of trading results for Travel segment (2024: 12 months of trading results).
Savings based on Consumer Intelligence data for December 2025; 51% of consumers could save up to £496.
Chief Executive Officer's Review continued
Strong business performance
The Group generated record revenue and adjusted EBITDA during 2025, despite the headwinds faced in our major end markets. We are delighted to have helped households to save an estimated £2.8bn during 2025.
Group revenue increased 2% to £446m and adjusted EBITDA rose 2% to £145m.
Operating costs reduced by 4% as we continued to re-engineer the cost base and capture efficiencies from our single platform and increasing use of AI. In turn this helped to expand our adjusted EBITDA margin, which was up one percentage point to 33%.
Free cash flow generation remained strong, supporting both investment and shareholder returns. We returned £96m to shareholders in 2025 through a balanced package of returns comprising ordinary dividends and a £30m share buyback.
This, alongside the 5% growth in adjusted EPS already delivered, reinforces
our commitment to sustainable shareholder value.
We have also announced a share buyback of up to £25m which will be implemented over 2026 and funded by our expected excess cash generation. This underscores our confidence in the strength and performance of the Group in 2026.
Revenue growth was driven by good performance in Money, fuelled by banking and borrowing activity, alongside a return to growth in energy revenues, as customers took advantage of several compelling deals. In Insurance, we saw an easing of the headwinds in car insurance during the second half of the year and strong performance in life insurance, while
home insurance remained broadly flat. Cashback and Travel continued to face challenge from weak consumer confidence.
The strength in the breadth of our brands and business model continues to provide us with resilience, as different markets move through their cycles. All of this translates to a highly effective, resilient and profitable business, with strong operating cash flow and efficient capital allocation, that is well positioned to deliver sustained and consistent growth.
Our platform
As a leading tech company, our single, common platform powers our ability to help users save money. Over the last few years, we have transformed the tech stack from siloed connections in each product area to one platform across our leading brands. Our entire tech architecture has moved to a
best-in-class, modern, cloud-native stack, providing a solid foundation that has enabled us to embed AI across the Group.
In 2025 we signed an enterprise agreement with OpenAI, giving the Group access to cutting-edge models as we continue to innovate. We think of AI in three ways:
First, improving the user experience -shaping how users discover, interact with and understand our products. Our "Agent i" functionality helps to turn complex financial decisions into clear, personalised guidance that boosts confidence and clarity. We have also developed the MoneySuperMarket ChatGPT app which gives a new route to market, positioning us early in an ecosystem that is likely to expand rapidly over the next few years.
Second, helping to unlock complexity -meaning we're able to expand into areas previously considered too operationally complex. A great example is Savings by MoneySuperMarket. AI helped strip away barriers, simplify processes and allow us to build a simple, flexible and scalable proposition.
Third, helping to re-engineer the organisation - AI has already supported a reduction in
manual intervention, accelerated development, boosted innovation and lowered costs. In Customer Operations alone this is freeing our colleagues to focus on higher-value work, whilst improving consistency, accuracy
and speed.
AI now supports personalised decision making, CRM optimisation, secure identity and onboarding, risk and compliance,
engineering productivity and marketing efficiency, helping us run a leaner, faster and more innovative organisation.
Looking ahead, the next phase is about unifying our AI-enabled experiences - making them more visible, more consistent and increasingly embedded within our day to day. AI will become even more central to how customers experience our brands and
how we drive personalisation, efficiency and long-term growth.
Chief Executive Officer's Review continued
Our brands
Our portfolio of trusted, market-leading brands continues to set the standard for clarity, confidence and value, earning the loyalty of millions and reinforcing our position as one of the UK's most relied-upon consumer finance platforms. Our price comparison brand, MoneySuperMarket ('MSM'), and MoneySavingExpert ('MSE'), our content-led brand, saw their combined net promoter score increase to 73 in 2025.
MoneySuperMarket is the UK's most recommended price comparison website.
Over the last five years it has been transformed into a broader, smarter savings platform operating on a completely re-platformed tech stack now offering more products, more intelligence, greater personalisation and quicker and simpler customer journeys than ever before. It powers SuperSaveClub, our flagship membership proposition, which now sits at its heart, and has grown rapidly and consistently since we launched in late 2023, creating a loyal, engaged base of
more than 2.1 million members - an increase of 1.1 million since last year.
It has proven that when we bring together great content, personalised insights and incentive-driven activity, we generate value for customers and the Group alike.
Across 2026, we are redesigning the MoneySuperMarket app experience, rolling out enhancements and shifting the app towards being a money-saving companion, rather than just an incentive-led comparison tool.
Dialogue, our proprietary data platform, has already removed friction by shortening or entirely removing question sets, personalising the experience in real time and making switching simpler. We're now working on making
our cross-sell even smarter, giving customers more opportunities to save and removing barriers to conversion and repeat purchases.
February marked a major step forward with the launch of "Savings by MoneySuperMarket" - a proposition enabling customers to more easily switch between market-leading deals. This provides a natural gateway into Investments and a seamless path from short-term savings to longer-term financial growth which we will be launching later in the year.
MoneySavingExpert is the UK's most recommended consumer finance brand and the third most popular news app in the UK. It remains uniquely positioned and continues to be one of the UK's most trusted sources for financial clarity, reassurance and practical support.
App downloads have now reached 3 million and over 9 million people receive the MSE weekly tip email.
Over the past five years MSE has evolved from a predominantly editorial offering into a far wider proposition. After receiving the information and support of MSE's editorial content, users can increasingly fulfil many of their financial journeys within that environment, powered by our Group platform. This includes an expanding suite of tools and app functionality to help users act on the guidance we provide.
An example of this is our Cheap Energy
Club - redesigned and relaunched last year to be ready for recovery in the energy market. Members now get real-time alerts and a seamless, hassle-free switching experience, and they've already felt the benefit. We ran our first collective switch in five years, helping
customers lock in market-leading, exclusive deals over a two-week period.
Quidco is one of the largest cashback brands in the UK which we acquired in 2021. Thanks to the work we've done to re-platform our data and tech, customers are now enjoying an improved and increasingly personalised user experience, which is key to driving revenue per user, repeat engagement, customer loyalty and enhanced conversion.
Here the UK retail backdrop is still tough, with weak consumer confidence showing the sustained pressure on consumer finances. In response, we've strengthened and broadened the proposition, to enhance engagement and relevance. That includes increasing
the number of key retailers offering faster cashback, improving personalisation and introducing the use of gift cards. We've also introduced card-linked offers which allow members to earn cashback automatically when they shop in-store as well as online, simply by having a payment card linked to their Quidco account. Importantly, Quidco is now embedded within SuperSaveClub, increasing touchpoints with customers and benefiting from operating on a single, integrated platform.
This year we also launched our bold new "Did Ya Quidco?" campaign. This distinctive, comic-book-inspired marketing is running across TV, radio and a range of other channels to grab attention and remind customers not to miss out on cashback when they shop.
Our brilliant people drive the success of the Group. Our strong company culture is the foundation to
our success.
Peter Duffy
Chief Executive Officer
Chief Executive Officer's Review continued
Culture
This great progress would not be possible without our hard-working teams. We are committed to embracing and promoting diversity, inclusion and equal opportunities. Our people drive our business and our success. Our strong company culture is the foundation to our strategy.
Our culture of inclusion, innovation and delivery at pace is part of the core of what we do. We promote an environment where all our employees can grow and develop.
We have a culture of inclusion where all perspectives are valued and champion diversity. Our culture promotes an agile, entrepreneurial, fast-paced learning organisation to deliver greater innovation for our users. We are proud to be recognised in the FTSE Women Leaders Review for a fifth consecutive year, securing a number two position in the Technology sector in 2025.
For information on these and on people and culture more widely, please see page 43Social impact
As well as helping households save money, we aim to make a positive difference to our people, the wider community and the environment. To do that we invest in our employees' wellbeing and the communities we are based in, whilst building a broader social impact inspired by our
charitable activities.
As part of our efforts to understand and support people with their everyday costs, we launched our MoneySuperMarket Household Money Index in 2023 which tracks how families and individuals are spending and saving across a wide range of different costs and essentials such as rent, mortgages and energy bills.
The Group has a multi-award-winning charity partnership with suicide prevention charity Campaign Against Living Miserably ('CALM'). To date, this partnership has seen MONY Group donate over £400,000 and has inspired remarkable staff engagement,
from our Money Talks event at the Houses of Parliament, to the Balkan Three Peaks challenge. This all helped to raise over
£139,000 for CALM in 2025.
We are committed to minimising our environmental impact, with our goal of achieving Operational Net Zero by 2030. This target includes a 90% reduction in Scope 1 and Scope 2 emissions, as well as remaining as a 'Carbon Neutral' business by offsetting 100% of our carbon emissions.
Read more about our sustainability strategy on pages 39 - 46Outlook
Our recent trading performance and the continued easing of the headwinds in our end markets, coupled with momentum in our strategic execution, gives the Board confidence that we will deliver adjusted EBITDA for 2026 within our current published consensus range.
Peter Duffy
Chief Executive Officer 20 February 2026
Chief Executive Officer's Review continued
Strategy in action
Spotlight on: MoneySuperMarket ChatGPT app
We've leveraged the power of AI to unlock a new route to market with the development of the MoneySuperMarket app on the ChatGPT app store. The app makes it as easy as a conversation -enabling users to access MoneySuperMarket services directly within the ChatGPT interface, creating a conversational way to search, compare and find the best deal for them.
The initial launch - with much more to come - includes:
Car insurance quick estimates -answer just five questions to get a car insurance quote
Automated car insurance quotes for MoneySuperMarket customers who securely sign in and connect via the ChatGPT app - making it easier for drivers to get the best deal
Tailored broadband deal searches and personalised speed suggestions
- helping households find the best value option for their specific broadband needs
Search and compare current accounts and savings accounts
Integrated access to MoneySuperMarket's guides so users can ask questions to get information more quickly and easily.
Financial statements
Strategic report
Governance
MONY Group PLC Annual Report and Accounts 2025 - 18
Our Strategy
Our two-sided marketplace strategy
Our purpose
Our purpose is helping households across the country to save money on their bills, which fundamentally drives our business and culture.
Our strategy
Our strategy continues to focus on strengthening our
two-sided marketplace, differentiated by the breadth of our brands, propositions and markets, creating a model that delivers resilient performance. On one side are the products and services we offer to customers; on the other are the services we offer to providers and third-party brands. By connecting both sides at scale through our trusted brands,
we create value for customers and partners, ultimately helping households across the country save more money.
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Our leading marketing tools, centralised data and single technology platform mean we can acquire traffic more effectively, engage users more meaningfully and, in turn, retain and grow our customer base over time.
With these foundations in place, the strategy is increasingly focused on using the scalability of our leading platform to support the selective expansion of new products and services. This allows us to create more frequent and sustained customer engagement, while continuing to work closely with partners to deliver propositions that meet evolving customer needs and support sustainable growth across both sides of the marketplace.
See our business model on page 30
Efficient customer acquisition
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Our Strategy continued
Loyal engaged members
For customers, we are focused on strengthening our membership-based propositions to drive loyalty, direct engagement, and more frequent use of our brands. This supports stronger customer retention and reduces our reliance on paid-for marketing.
Our strategy is delivered through our established membership-based offers, SuperSaveClub, the MoneySavingExpert app and Quidco, which are designed to drive repeat usage, improve retention and increase direct traffic across the Group.
Building on this foundation, we are broadening the role we play across customers' financial lives, expanding the range of products and services
customers can manage with us, such as the recently launched Savings by MoneySuperMarket.
SuperSaveClub members
2.1m
MSM and Quidco active users
12.7m
MSE weekly newsletter subscribers
Over 9m
Best provider proposition
On the provider side of our marketplace, we continue to improve the services we offer to deliver greater value to partners. Investment in our technology and data has simplified partner access to our audiences and enhanced their ability to leverage our insights to improve performance.
Our advertising (Tenancy) and data insights (Market Boost) give partners a single route to reach audiences across our brands. Through our B2B solutions (Decision Tech), we also power embedded and white-label switching journeys for third parties, extending our reach and market share.
By bringing our brands together on a unified platform, we have improved the speed and simplicity of partner onboarding, and created more scalable, commercially attractive ways for partners to work with us.
Combined growth of provider services
13%
Providers benefiting from Market Boost
Over 100
B2B providers on our platform
Over 30
Leading platform
As a leading technology company, our shared platform underpins our ability to help households save money. In recent years, we have brought our brands onto a single, Group-wide platform, improving performance, resilience and the speed at which we can deliver new products and features.
A consolidated data foundation enables more relevant propositions and better experiences for customers and providers. Our platform also supports digital businesses in offering comparison and switching services, reinforcing our role as a trusted technology partner for B2B solutions.
The completion of our tech re-platforming positions us for an AI-native future, enabling automation at scale, acceleration of development programmes, enhanced customer and provider experiences,
and increased productivity.
Leading platform supporting cost efficiencies
4%
reduction in Group operating costs1
1 Excluding depreciation, amortisation and adjusting items.
Our Strategy continued
Loyal engaged members
Growing our member-based offers
SuperSaveClub
Launched in September 2023, the SuperSaveClub ('SSC') plays a central role in delivering our mission to help households save money. It rewards customers each time they reduce the cost of their household bills, underpinned by the reassurance of our Price Promise.
SuperSaveClub is free to join for any customer purchasing an eligible product through MoneySuperMarket. Members earn a cash reward for every purchase of an eligible product with reward values varying by category, including £20 for loans and broadband, £15 for car, home, van insurance, and current account switches, and £10 for energy, credit cards and pet insurance.
Throughout the year members can benefit from exclusive products or rates, offers and boosted rewards with selected partners.
Rewards can be withdrawn through the MoneySuperMarket app as a pre-paid Mastercard or vouchers for leading retailers. Members also have access to year-round benefits such as cashback on their everyday
spending, exclusive offers and discounts with popular brands. By keeping rewards
compelling, simple and flexible, SuperSaveClub encourages customers to come directly to us and to buy more from us, year after year.
In 2025 the membership base doubled to over 2 million1, with a 70% year-on-year increase in new-to-book customers joining, all of whom had never previously created a MoneySuperMarket account. Now that our earliest member cohorts have passed two years in the club, we have clear evidence that
SuperSaveClub is delivering on its ambition by strengthening loyalty and retention, reducing our reliance on paid marketing, and driving more frequent engagement. Members are returning to us directly, purchasing across a wider range of products and, as a result, demonstrating higher lifetime value.
During the year, we improved member services, including a redesigned Credit Score experience delivering clearer, more personalised insights and stronger links to credit-related outcomes, supported by an
enhanced CRM programme with more relevant and frequent member communications.
More recently, we broadened our proposition with the launch of Savings by MoneySuperMarket. Through our platform, members can access a wide range of savings products with several banks and products
enquiry
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FY25
across easy-access, fixed-term and notice, with more to follow. Customers can compare rates, open and manage accounts, and deposit funds all in one place, with the experience fully integrated into SuperSaveClub so members continue to earn rewards as they save.
Savings by MoneySuperMarket marks an important milestone in diversifying our revenue streams beyond traditional comparison into everyday money management, and positions us well to continue expanding our offering to help customers improve their day-to-day financial wellbeing.
c.1,000,000 members reported at FY24 results in Feb 2025
ARPU defined as Revenue (within SSC eligible channels) per active user, post-joining SuperSaveClub. Joined SSC members continue to enquire and transact at a greater rate than SSC non-members
Ongoing margin on additional sales, post joined activity, for active members
Our Strategy continued
Loyal engaged members
continued
MoneySavingExpert app
Millions of consumers rely on MoneySavingExpert ('MSE') for trusted information, tools and guidance to help them save money. The member-based MSE app plays an increasingly important role in delivering this, enabling users to access trusted content and practical money saving tools in one place.
Now in its fourth year, the MoneySavingExpert app continues to build strong momentum. It is the third most popular news app in the UK and remains highly rated by users, with average scores of 4.9 on Apple and 4.8 on Android across more than 145,000 reviews. Downloads have surpassed 3 million, up by 1 million on 2024, and more than 9 million people receive the MSE weekly tips email.
During the year, we strengthened the app to help households navigate an increasingly complex energy market with greater clarity and confidence. By re-platforming Cheap Energy Club, used by 4.4 million members, we created a simpler and more intuitive switching journey that supports customers in choosing the right tariff for their needs.
The redesigned experience highlights the best available tariffs, including exclusive and collective deals. Single sign-on across the MSE app, Cheap Energy Club and Credit Club now enables members to access their key money saving tools more seamlessly in
one place.
We continue to expand and enhance our broader suite of mobile-optimised tools, powered by our Group platform, making it easier for users to manage their finances and identify relevant savings. During the year, we launched new and enhanced comparison, savings and eligibility tools, including across home and car Insurance through our Compare+ propositions. Notably, we rebuilt our free Car Finance Reclaim tool to support consumers who may be eligible for compensation, which has attracted over 5 million page views.
By combining trusted MSE content with personalised, app-based tools, we help users take greater control of their finances, which encourages repeat engagement over time.
Quidco
Quidco remains one of the UK's leading cashback platforms, helping members save across retail, travel and through our embedded comparison services across
insurance, communications and energy. With access to almost 5,000 merchants, members can earn cashback while they shop, making saving money a simple and seamless part of daily life.
This year we continued to enhance the Quidco member experience. This included the launch of Faster Cashback, which delivers cashback significantly sooner across key retail partners, with further rollout planned.
Through the year we continued to strengthen member personalisation, using advanced data and CRM tooling to deliver more relevant and timely engagement across the customer lifecycle, enabled by our unified tech platform and data foundations. Importantly, Quidco is now embedded within SuperSaveClub, increasing touchpoints with customers and benefiting from operating on a single, integrated platform.
Increasingly, Quidco is broadening its proposition to become a more comprehensive rewards destination.
This includes expanding beyond online cashback into digital gift cards, in partnership with brands such as Starbucks, Ikea, M&S, Boots and several major supermarkets and restaurant chains. Quidco members can purchase gift cards via the web or app and use them immediately online or in store, with cashback validated the same day, and paid back within a week. Quidco has also introduced in-store, card-linked cashback offers with leading brands, where members can link their payment card and earn rewards automatically when they shop offline.
These new propositions give members more ways to save as part of their everyday shopping. Supported by the launch of the new "Did Ya Quidco?" brand campaign,
we are broadening Quidco's reach and strengthening its position as a leading rewards destination, while continuing to expand and enhance the experience to deliver greater value for members over time.
Our Strategy continued
Best provider proposition
Developing best provider propositions
Tenancy
Tenancy is a tailored advertising solution that allows providers to promote their products or brands in clearly labelled sponsored positions across our sites. Placements are informed by first-party data insights from our platform and are available across all our core product lines.
During the year, we strengthened our Tenancy proposition to improve customer experience while giving providers more flexible and cost-effective ways to participate. These enhancements have broadened customer choice and increased provider engagement.
We also continued to scale Tenancy within SuperSaveClub, expanding it to include featured offers and discounts from leading brands.
Market Boost
Market Boost is our proprietary data and insights suite, using first-party data to help providers understand how their products perform across our platforms and to develop more relevant propositions for customers.
The suite comprises three products: Market Pulse, providing dashboards and visualisation tools; Data Boost, enabling partners to access datasets for integration with their systems; and Future Boost, offering advanced modelling and predictive insights.
Since launch in 2023, Market Boost has expanded to six channels and is used by over 100 providers.
During the year, car and home Insurance were transitioned onto our own platform, enabling faster innovation and greater flexibility in how insights are delivered. We continue to explore opportunities to extend Market Boost to more channels and partners.
B2B
Our white-label B2B proposition leverages the Group's technology platform to power comparison services for third-party brands. We now work with over 30 partners across car, home and travel insurance, broadband, mobile and energy, with leading brands including Rightmove, Autotrader, and Which?.
During the year, we introduced new features to improve the B2B customer experience and increase value for partners by leveraging our platform capabilities, including the rollout of our three-step quoting experience to Autotrader and other partners.
The B2B model generates attractive revenue at minimal incremental cost by maximising the value of our platform investment, while extending our reach to new audiences and strengthening relationships with providers.
Financial statements
Strategic report
Governance
MONY Group PLC Annual Report and Accounts 2025 - 23
Our Markets and Trends
Trends in our chosen marketsOur leading data and technology position us well to grow in the
markets we operate in, helping customers to save even more.
Price comparison: Regulatory focus Brands affected: | ||
Trend Governmental and regulatory bodies continue to focus on empowering customers. | Impact Regulation continues to play an increasingly important role in the price comparison sector. | Opportunities Regulation focused on driving transparent pricing and empowering customers to save money is fully aligned with our purpose of helping households save money. |
Data Use and Access Act | Brands affected: | |
Trend The Data Use and Access Act is now law. This new legislation amends (but does not replace) key aspects of data protection law, making it easier for UK businesses to protect people's personal information while growing and innovating their products and services. | Impact The Act amends elements of the UK data protection regime, providing clearer guidance on how organisations can use personal data, including for marketing and digital services. These changes may require some adjustments to processes to ensure ongoing compliance. | Opportunities The changes create a more enabling regulatory environment for data-driven activity, offering opportunities for the Group to use data in ways that better support customer needs, improve digital experiences and enable more relevant engagement, while remaining fully compliant. |
Price comparison: Artificial intelligence | Brands affected: | |
Trend Artificial intelligence ('AI') has advanced substantially and continues to offer new and improved capabilities. | Impact AI may influence elements of the price comparison value chain and experience, including consumer search behaviour over time, although the scale and pace of change are still evolving. | Opportunities AI is creating opportunities to improve the user experience, unlock complexities and reduce manual effort. We are already leveraging AI to scale our digital marketing efforts, deliver new strategic initiatives more efficiently, automate internal processes, and deliver more personalised experiences for our customers by embedding it directly into our customer-facing journeys. |
Price comparison (overall market) Link to strategy:
Strategic priorities
Loyal engaged members Best provider proposition
Our brands
MoneySuperMarket MoneySavingExpert Quidco
Leading platform
Financial statements
Strategic report
Governance
MONY Group PLC Annual Report and Accounts 2025 - 24
Our Markets and Trends continued
Price comparison (overall market) continued Link to strategy:
Strategic priorities
Loyal engaged members Best provider proposition Leading platform
Our brands
Insurance: Pricing regulation Brands affected: | ||
Trend The FCA's investigation into premium finance and fair value for consumers. | Impact Providers may take a more cautious approach to premium pricing and the FCA may intervene on premium finance. | Opportunities We are well placed to help consumers scrutinise and compare offers to ensure they obtain fair value. With over 367 insurance products available across our sites in 2025, our comparison services play an increasingly important role in helping customers navigate their options and find the best deal. This is further strengthened by the rollout of new AI-powered tools, such as Price Optimiser in car and home insurance, which help customers understand price changes and identify actions that may reduce their premiums. |
Insurance: Premium inflation | Brands affected: | |
Trend During 2025, motor and home insurance premiums softened following the sharp inflation experienced in 2023 and stabilisation in 2024. Despite this easing, prices remained elevated relative to historical norms. A Government task force established in late 2024 continued work during 2025 to explore measures to address these pressures. | Impact Softening premiums may reduce customers' incentive to switch, as renewal quotes become more acceptable even though prices remain high by historical standards. | Opportunities The combination of elevated premiums and ongoing cost-of-living pressures may encourage customers to review their insurance spending and seek better value. This supports increased demand for price comparison services as customers continue to look for savings. With tools that help customers secure competitive prices while earning rewards, we are well positioned to capture this demand. |
Insurance: Pure Protection | Brands affected: | |
Trend The FCA's Pure Protection review has highlighted concerns around commission structures, competition dynamics, consumer understanding and a protection gap within products, which may harm customers. | Impact The FCA may intervene in commission structures which may not offer fair value. | Opportunities Strengthening expectations around fair value provides an opportunity for the Group to reinforce our commitment to helping customers make informed protection choices. We have continued to engage with regulators and industry stakeholders, including through the Pure Protection Market Study, supporting efforts to improve understanding, transparency and value across the market. |
MoneySuperMarket MoneySavingExpert Quidco
Financial statements
Strategic report
Governance
MONY Group PLC Annual Report and Accounts 2025 - 25
Our Markets and Trends continued
Price comparison (overall market) continued Link to strategy:
Strategic priorities
Loyal engaged members Best provider proposition
Our brands
Money: High interest rates Brands affected: | ||
Trend Interest rates in major economies have begun to ease from recent peaks though they remained elevated relative to the long-term historical norm. | Impact Easing rates may encourage greater borrowing activity, although rates that remain high by historical standards could still constrain affordability. Lower savings returns may also reduce the appeal of traditional savings products. | Opportunities As interest rates gradually ease, borrowing markets may continue to strengthen, and we are well placed to help customers secure the best value across a broad range of borrowing products. |
Home services: BAT (energy) | Brands affected: | |
Trend The Ban on Acquisition-only Tariffs ('BAT') is currently in effect and will remain until at least 31 March 2027. | Impact The BAT continues to play a major role in inhibiting the return of a material energy switching market, preventing energy suppliers from offering lower prices exclusively to new customers. | Opportunities We continue to work with partners to offer deals to customers when they become available, securing exclusive products for the Group from multiple partners. MSE editorial is uniquely positioned to guide consumers and continues to provide support to consumers on energy via its Cheap Energy Club. |
Home services: Regulation of Third-Party Intermediaries (TPIs) in energy | Brands affected: | |
Trend DESNZ has set out plans to introduce regulation for Third-Party Intermediaries (TPIs) in energy, with Ofgem expected to progress this work in 2026 across a 12-18-month implementation period. | Impact While the details of the new regime are not yet known, MONY will likely be required to apply for authorisation and may need to meet additional regulatory requirements. It also remains unclear how these changes will interact with the existing Confidence Code. | Opportunities We are well placed to respond to the introduction of a new regulatory regime, supported by our strong compliance foundations and experience in operating within regulated markets. Clearer standards may also help build customer trust and support a more level playing field across the sector. |
MoneySuperMarket MoneySavingExpert Quidco
Leading platform
Financial statements
Strategic report
Governance
MONY Group PLC Annual Report and Accounts 2025 - 26
Our Markets and Trends continued
Price comparison (overall market) continued Link to strategy:
Cashback: Online spending demand Brands affected: | ||
Trend UK consumer confidence remains weak despite easing inflation, with households continuing to focus on value and managing discretionary spending. | Impact Persistently weak consumer confidence may lead households to remain cautious in their discretionary spending and continue seeking ways to reduce the cost of everyday purchases. | Opportunities Cashback continues to offer consumers a simple way to save money on everyday purchases at a time when UK consumer confidence remains weak. Ongoing pressure on household budgets increases the appeal of platforms such as Quidco, creating the potential for wider and more frequent engagement, which we are well placed to capture. There is also potential for us to benefit from insurance-switching market tailwinds through our Quidco Compare proposition. |
Strategic priorities
Loyal engaged members Best provider proposition
Our brands
MoneySuperMarket MoneySavingExpert Quidco
Leading platform
Strategic report
Governance
Financial statements
MONY Group PLC Annual Report and Accounts 2025 - 27
Technology and AI
Technology meets intelligenceLeading platform
Our multi-year investment to unify data and technology onto a single, scalable platform is now complete. Core data is now organised under a single schema, and customer journeys operate on a common architecture. This has significantly lowered system complexity and created a more resilient and scalable foundation to support innovation and growth. During the year, the platform enabled the launch
of new and enhanced propositions, including life insurance on MoneySuperMarket, Compare+ for home insurance on MoneySavingExpert, and the relaunch of Cheap Energy Club and our broadband services.
Over recent years we've rebuilt our entire tech architecture, moving to a modern, cloud-native stack, partnering with Google Cloud Platform and AWS. We now operate on one of the leading platforms in our industry. It gives scale, flexibility and a data foundation enabling us to embed and benefit from all the opportunities AI presents.
In 2025, we also extended Dialogue, our bespoke question-set capability for three-step quoting to more customers and channels. Building on its ability to replay known customer information, we also introduced new features to further reduce friction and
improve accuracy, including pre-populating customer details using trusted external data sources and enhanced entity selection, enabling customers to more easily identify the correct vehicle, address, or household item.
Our three-step quoting journey is now available across motor, home and van insurance, and cards, loans and our motor B2B channel, with 78% of customer enquiries now eligible for the upgraded flow, which has resulted in materially higher engagement and conversion than traditional journeys.
Financial statements
Strategic report
Governance
MONY Group PLC Annual Report and Accounts 2025 - 28
Technology and AI continued
Artificial intelligence strategy
Our AI strategy positions MONY Group for the future by transforming customer experiences at scale and improving Group-wide operations, enabled by our unified data and technology platform.
As part of this, we continue to scale our agentic architecture. In 2025, we upgraded our APIs to expose our services via Model Context Protocol ('MCP') servers, laying the foundations for secure interactions with external agents,
as AI-enabled interfaces become more mainstream. This work has supported the development of the MoneySuperMarket ChatGPT app - providing a new route to market in an LLM-driven ecosystem.
Customer experiences
Following a successful trial in 2024,
in 2025 we embedded AI more widely across MoneySuperMarket's core on-site
experience. Built on our agentic architecture, AI now supports customers across multiple journeys, helping them navigate complex choices with greater confidence.
Key developments include:
Market-first AI-enabled broadband comparison experience, allowing customers to use natural language to find the broadband deal and speed best suited to their needs
AI-generated insights across credit
cards, car and home insurance, delivering personalised guidance to help customers understand financial implications and identify ways to save. For example, our credit card agent uses a customer's credit profile to highlight opportunities
to optimise interest payments
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Mony Group plc published this content on March 09, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on March 09, 2026 at 07:20 UTC.
