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Annual Report and
Accounts 2025
Look out for QR codes
throughout this report to
access further content
online at monygroup.com
Strategic report
2 Highlights
4 At a Glance
6 Investment Case
8 Chair’s Statement
12 Chief Executive Officer’s Review
18 Our Strategy
23 Our Markets and Trends
27 Technology and AI
30 Our Business Model
32 Section 172 of the Companies Act 2006
– Stakeholder Engagement
39 Sustainability
47 Climate Risk Disclosures
52 Non-Financial and Sustainability
Information
54 Financial Review
60 Risk Management
64 Principal Risks and Uncertainties
66 Viability Statement
Governance
68 Chair’s Introduction to Governance
71 Governance at a Glance
72 Board of Directors
74 Corporate Governance Statement
88 Employee Champion Report
90 Nomination Committee Report
94 Audit Committee Report
100 Risk and Sustainability
CommitteeReport
103 Remuneration Committee Report
126 Directors’ Report
131 Statement of Directors’ Responsibilities
in Respect of the Annual Report
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
176 Company Statement of Changes
inEquity
177 Notes to the Company
FinancialStatements
180 Glossary
181 Shareholder Information
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.
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
MONY Group PLC Annual Report and Accounts 2025 – 1Financial statementsGovernanceStrategic report
Highlights
Strategic KPIs
Please see page 57 - 58 for definitions of strategic KPIs
MSM and Quidco activeusers
12.7m
MSM
1
and Quidco revenueperactive user
£20.21
MSM cross-channelenquiry
22%
13.8
14.2
18.54
17.82
25
24
Estimated Group customersavings
£2.8bn
Group marketing margin
57%
MSM and MSE
2
netpromoterscore
73
72
70
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2.9
2.7
2.8
2025
58
58
57
2025
73
2025
12.7
2025
20.21
2025
22
2025
Insurance Money Home
services
Cashback
Our product segments
Travel
3
1 MoneySuperMarket (MSM).
2 MoneySavingExpert (MSE).
3 See page 13 for details of part-disposal of
Travel segment.
MONY Group PLC Annual Report and Accounts 2025 – 2Financial statementsGovernanceStrategic report
2025 overview
Headline performance*
Revenue
1
(£m)
£446.3m
439.2
432.1
387.6
316.7
2024
2023
2022
2021
446.3
2025
Profit before tax (£m)
£110.5m
108.7
92.1
85.2
70.2
2024
2023
2022
2021
110.5
2025
Adjusted EBITDA
2
(£m)
£145.1m
141.8
132.9
115.5
100.5
2024
2023
2022
2021
145.1
2025
Basic EPS (p)
15.3p
15.0
13.5
12.7
9.8
2024
2023
2022
2021
15.3
2025
Adjusted basic EPS (p)
17.9p
17.1
16.0
14.4
11.9
2024
2023
2022
2021
17.9
2025
Total dividendpershare (p)
12.63p
12.50
12.10
11.71
11.71
2024
2023
2022
2021
12.63
2025
Revenue by product segment
1
236
220
2024
2023
Insurance
£233m
233
2025
98
100
2024
2023
Money
£106m
106
2025
36
39
2024
2023
Home services
£48m
48
2025
20
21
2024
2023
Travel
*
£18m
18
2025
61
60
2024
2023
Cashback
£53m
53
2025
1 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).
2 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.
MONY Group PLC Annual Report and Accounts 2025 – 3Financial statementsGovernanceStrategic report
At a Glance
Market-leading
brands trusted
by millions
At 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.
MONY Group PLC Annual Report and Accounts 2025 – 4Financial statementsGovernanceStrategic report
At a Glance continued
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.
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.
MONY Group PLC Annual Report and Accounts 2025 – 5Financial statementsGovernanceStrategic report
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.
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.
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.
Investment Case
Our fundamentals
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
1 2 3
MONY Group PLC Annual Report and Accounts 2025 – 6Financial statementsGovernanceStrategic report
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.
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.
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.
Investment Case continued
The result
Highly profitable growth
A track record of profitable growth and
high adjusted EBITDA margins across
theGroup. Adjusted EBITDA reached a
record level in 2025, and alongside this
we expanded our adjusted EBITDA
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 growth (%)
Adjusted EBITDA¹ margin (%)
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)
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 (%)
4 5
7
2025*
2024
2
14
2023
32
2025*
2024
33
31
2023
115.6
2025*
2024
107.7
102.2
2023
2
2025*
2024
2
11
2023
MONY Group PLC Annual Report and Accounts 2025 – 7Financial statementsGovernanceStrategic report
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.
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)
Strong strategic
delivery
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.
Jonathan Bewes
Chair
Chair’s Statement
MONY Group PLC Annual Report and Accounts 2025 – 8Financial statementsGovernanceStrategic report
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.
Chair’s Statement continued
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.
MONY Group PLC Annual Report and Accounts 2025 – 9Financial statementsGovernanceStrategic report
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.
Chair’s Statement continued
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.
MONY Group PLC Annual Report and Accounts 2025 – 10Financial statementsGovernanceStrategic report
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
MONY Group PLC Annual Report and Accounts 2025 – 11Financial statementsGovernanceStrategic report
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 on
pages 18 – 22
Chief Executive Officer’s Review
Delivering sustainable growth,
driven by our two-sided
marketplace strategy
2025 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
Watch our CEO
interview online
MONY Group PLC Annual Report and Accounts 2025 – 12Financial statementsGovernanceStrategic report
Revenue by segment – FY25 Revenue: £446m
1
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 £496
2
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.
Chief Executive Officer’s Review continued
1 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).
2 Savings based on Consumer Intelligence data for December 2025; 51% of consumers could save up to £496.
MONY Group PLC Annual Report and Accounts 2025 – 13Financial statementsGovernanceStrategic report
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.
MONY Group PLC Annual Report and Accounts 2025 – 14Financial statementsGovernanceStrategic report
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
MONY Group PLC Annual Report and Accounts 2025 – 15Financial statementsGovernanceStrategic report
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 43
Social 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 - 46
Outlook
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
MONY Group PLC Annual Report and Accounts 2025 – 16Financial statementsGovernanceStrategic report
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.
MONY Group PLC Annual Report and Accounts 2025 – 17Financial statementsGovernanceStrategic report
Our 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.
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
Our two-sided
marketplace strategy
Leading
growth
partner
One tech
platform
Efficient
customer
acquisition
More value
from data
Best
experiences
Everyday
member
engagement
Compelling
member
propositions
Tenancy
and data
champion
Product
innovation
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MONY Group PLC Annual Report and Accounts 2025 – 18Financial statementsGovernanceStrategic report
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.
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.
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.
1 Excluding depreciation, amortisation and adjusting items.
Our Strategy continued
Best provider
proposition
Loyal engaged
members
Leading
platform
SuperSaveClub members
2.1m
MSM and Quidco active users
12.7m
MSE weekly newsletter subscribers
Over 9m
Combined growth of provider services
13%
Providers benefiting from Market Boost
Over 100
B2B providers on our platform
Over 30
Leading platform supporting cost efficiencies
4%
reduction in Group operating costs
1
MONY Group PLC Annual Report and Accounts 2025 – 19Financial statementsGovernanceStrategic report
Our Strategy continued
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 million
1
, 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
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.
Loyal engaged members
Growing our member-based offers
FY25
Members
transact
more
frequently
2
£35
ARPU
Strong
margin
performance
maintained
3
75%
Margin
Cross-
channel
enquiry
remains
materially
higher
45%
Cross-channel
enquiry
Increasing
MSM app
engagement
44%
Increase in
downloads
Increase in
new-to-book
members
70%
Increase
1 c.1,000,000 members reported at FY24 results in Feb 2025
2 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
3 Ongoing margin on additional sales, post joined activity, for
active members
MONY Group PLC Annual Report and Accounts 2025 – 20Financial statementsGovernanceStrategic report
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.
MONY Group PLC Annual Report and Accounts 2025 – 21Financial statementsGovernanceStrategic report
Our Strategy continued
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.
Best provider proposition
Developing best provider propositions
MONY Group PLC Annual Report and Accounts 2025 – 22Financial statementsGovernanceStrategic report
Our Markets and Trends
Trends in
our chosen
markets
Our leading data and
technology position
uswell to grow in the
markets we operate in,
helping customers to
save even more.
Our Markets and Trends
Price comparison (overall market)
Link to strategy:
 
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.
Strategic priorities
 Loyal engaged members
 Best provider proposition
 Leading platform
Our brands
 MoneySuperMarket
 MoneySavingExpert
 Quidco
 
MONY Group PLC Annual Report and Accounts 2025 – 23Financial statementsGovernanceStrategic report
Our Markets and Trends continued
Price comparison (overall market) continued
Link to strategy:
 
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 quot