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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 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.
Strategic priorities
 Loyal engaged members
 Best provider proposition
 Leading platform
Our brands
 MoneySuperMarket
 MoneySavingExpert
 Quidco
MONY Group PLC Annual Report and Accounts 2025 – 24Financial statementsGovernanceStrategic report
Our Markets and TrendsOur Markets and Trends continued
Price comparison (overall market) continued
Link to strategy:
 
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.
Strategic priorities
 Loyal engaged members
 Best provider proposition
 Leading platform
Our brands
 MoneySuperMarket
 MoneySavingExpert
 Quidco
MONY Group PLC Annual Report and Accounts 2025 – 25Financial statementsGovernanceStrategic report
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
 Leading platform
Our brands
 MoneySuperMarket
 MoneySavingExpert
 Quidco
MONY Group PLC Annual Report and Accounts 2025 – 26Financial statementsGovernanceStrategic report
Technology and AI
Leading 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.
Technology meets intelligence
MONY Group PLC Annual Report and Accounts 2025 – 27Financial statementsGovernanceStrategic report
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
MONY Group PLC Annual Report and Accounts 2025 – 28Financial statementsGovernanceStrategic report
Technology and AI continued
Customer experiences continued
· Price Optimiser feature for car insurance,
which analyses a customer’s quote, and
provides personalised intelligent insights
to help reduce the premium in real time
· Policy summary feature for car insurance,
which quickly summarises the policy
details and supports natural-language
Q&A, with responses drawn directly from
the policy information
· Energy tariff summaries, which simplify
complex energy products into clear,
comparable explanations
· Deployment of on-site AI capabilities into
the MoneySuperMarket app
These developments mark a shift from
experimentation to scaled, customer-
impacting use cases, with further
rolloutunderway.
Marketing optimisation
We continue to deploy AI to improve
theeffectiveness and efficiency of
ourmarketing across acquisition and
performance channels. Use cases include
AI-powered design, production and iteration
of creative assets, and proprietary tools in
organic channels to optimise content quality,
relevance, and compliance with evolving
search standards. Taken together, these
capabilities are improving marketing
performance and are driving more
engagedcustomer interactions.
Automating core operations
Our AI strategy also focuses on embedding
an AI-enabled operating model across the
Group. During the year we have applied
AItoautomate processes at scale,
particularly within customer operations.
Thishas improved speed, accuracy and
consistency, reduced manual effort, and
enabled teams to focus on higher-value
customer interactions.
Key developments include:
· Fin, our AI customer agent handles around
270,000 annual customer queries for
MoneySuperMarket and more recently,
Quidco. In 2025 we expanded Fin’s reach
to include SuperSaveClub member
queries, rewards updates, and Quidco
claims and transaction support. 90% of
MoneySuperMarket contacts now touch AI
and 65% are resolved without human
intervention, freeing our teams to focus on
more complex customer interactions
· AI-powered product compliance capability,
automating manual compliance checks, for
example in travel insurance on
MoneySuperMarket
Strengthening decision making
with AI analytics
In 2025, we began deploying AI-powered
analytics and data products across the
Group, focusing on priority use cases to test,
learn and demonstrate value. These products
are built on our unified data platform on
Google Cloud Platform (‘GCP’), providing a
scalable foundation for future expansion.
Initial deployments include:
· Always-on anomaly detection, monitoring
over 500 KPIs across brands and journeys
and proactively alerting teams to emerging
issues
· AI analyst capability, enabling colleagues to
generate insights from natural language
queries, reducing reliance on manual
analysis
These deployments represent the first phase
of our AI analytics strategy, with successful
use cases to be scaled more widely.
Preparing our people for an
AI-enabled future
We recognise the impact AI will have on the
future of work and our responsibility to
prepare colleagues for this change. Our
focus is on equipping teams with the tools,
skills and confidence to use AI responsibly
today, while building capabilities for the roles
of tomorrow.
Throughout 2025, we accelerated the
adoptionof artificial intelligence across the
Group, supported by targeted training and
anew enterprise agreement with OpenAI.
Byembedding AI directly into our workflows,
most notably within our Engineering teams,
wehave increased our capacity for rapid
innovation. A prime example of this impact was
the launch of Savings by MoneySuperMarket,
where AI was instrumental in simplifying
processes and removing technical barriers,
allowing us to build a simple, scalable, and
market-leading proposition.
Having moved from experimentation in 2024
to scaled adoption in 2025, our focus in 2026
will be on embedding AI as a standard
capability across the Group and extending
its application at a workflow level, including
through low-code and no-code tools.
MONY Group PLC Annual Report and Accounts 2025 – 29Financial statementsGovernanceStrategic report
Our tech-led savings platform
andmembermodel
Our Business Model
Our key strengths andresources
Differentiated portfolio
A diverse range of brands spreads risk across
markets and customer segments, providing
stability, resilience and steady cash flow that
supports sustainable growth and value creation.
Technology
Our offer is underpinned by our scalable
andflexible technology solutions that are
increasingly able to support multiple in-house and
external brands from a common platform.
Data
Our strong analytical capabilities andupgraded
infrastructure allow us to personalise the customer
experience, generate real-time performance
information, and provide relevant, useful data and
insights toproviders.
Relationships
Our strong relationships with our providers and
B2B brands allow us to offer exclusive and
market-leading deals.
People
Our talented people ensure we provide
customers with the best experience.
  Read more about how we support our
employees onpage 43
Leading brands
We operate well-known brands which aretrusted
by our customers.
  Read about our brands on pages4 and 5
Marketing platforms
We have leading marketing platforms integrated
with our centralised data, improving our customer
acquisition efficiency.
  Read more about the effectiveness of our
marketing on page 21
1 SEM: search engine marketing.
2 SEO: search engine optimisation.
3 CRM: customer relationship management.
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MONY Group PLC Annual Report and Accounts 2025 – 30Financial statementsGovernanceStrategic report
Our purpose:
Helping households save money
Our Business Model continued
Our value cycle
We provide products and services to help users make
meaningful savings across their household finances. At
the same time we help providers to acquire new
customers in an efficient and cost effective way.
1.
Our brand strength,
marketing, high-
quality content,
clubs and tools
attract users and
providers to our
well-established
platform
2.
Efficient switching
journeys help
users easily switch
and save
3.
Providers target and
pay for high-quality
marketing leads
accessed via our
platform at scale and
benefit from advanced
insight from our data
propositions
4.
We remind users
when it is time to
re-switch; we use
data to prioritise
and market
further switching
opportunities
5.
We generate
insights from
users and
providers to
optimise our
propositions
andidentify
growth
opportunities
6.
We expand into
newmarkets
andadditional
services
How we share value with our stakeholders
Our customers
Savings through readily accessible,
personalised information
In 2025 our customers are
estimated to have saved
£2.8bn
(2024: £2.9bn)
Our providers
Cost-effective customer acquisition via
accessto millions of informed customers
Number of providers
andmerchants
c.5,000
(2024: c.5,000)
Our people
An inclusive place to work where
employeesfeel that they belong
71%
Feel that we work in a trusting and
openenvironment
1
Our communities
Positive impact through work experience,
charitable donations and volunteering
Donated to charitable causes
in2025
£0.3m
(2024: £0.3m)
Our shareholders
Full year dividend up 1%
Share buyback of £30m in 2025
Cash returned to shareholders
(2025)
£96m
(2024: £67m)
Share buyback programme
£25m
Announced on 23 February 2026 to be
delivered through 2026
Underpinned by our responsible approach
· Minimising our environmental impact
· Our social responsibility
· Robust governance and ethics
· Risk management framework
  See Sustainability on page 39
  See Risk on page 60
1 Measured as part of our employee engagement survey.
This is a new measure for 2025.
MONY Group PLC Annual Report and Accounts 2025 – 31Financial statementsGovernanceStrategic report
Section 172 of the Companies Act 2006 – Stakeholder Engagement
Who are the Group’s
keystakeholders?
Effective stakeholder
engagement underpins our
commitment to responsible
business practices and long-
term resilience.
We strive to maintain open and positive
relationships, recognising the importance
ofstakeholders to both the Group’s
performance and sustainability. We work
with a significant number and variety of
stakeholders, considering those individuals
or groups with a significant interest in or
impact on our activities.
The following table, together with further
stakeholder information available on our
website, sets out who the Group’s key
stakeholders are and outlines how the
Directors have performed their duties in
relation to section 172 of the Companies Act
2006, demonstrating how stakeholder
engagement informs our decisions and
reflecting stakeholders’ primary interests
and the importance of engaging with them.
Long-term decision making
For the Board’s activities during the year,
please refer to page 79.
Reputation for high standards
of business conduct
The Board oversees the cultivation of a
corporate culture grounded in integrity and
transparency. Through a comprehensive
corporate governance framework, it
supports policies and procedures that
uphold ethical conduct and champion
corporate responsibility.
For details regarding how the Board
manages the culture of the business, please
refer to page 78. Details on risk management
can be found on pages 60 to 63.
Customers
How we engage
· We have established a structured
approach to regular research, testing and
analysis, enabling us to better understand
consumer needs and how they experience
our brands.
· Our User Testing team deploys a range of
tools to efficiently and effectively evaluate
the usability of new and existing features
– a key part of the product lifecycle and a
fundamental component of our Consumer
Duty responsibilities.
· Quidco, MSM and MSE offer dedicated customer
service support via chatbots, live chat, email and
social media channels in relation to FAQs, complaints
and data protection queries. We can also outbound
call customers on request.
How the Board engages
Direct engagement:
· The Board reviewed and approved the
Consumer Duty Annual Report, which set
out the frameworks and controls in place
to monitor and deliver positive customer
outcomes, confirming the Group’s
compliance with the Duty and ensuring
our business strategy remains aligned
with its obligations.
Indirect engagement:
· The Board received monthly Consumer Duty
dashboard reports, covering a range of key metrics
to support effective oversight, including customer
complaints and complaint resolution timeframes.
· The Board received monthly updates on the key
insights gained from quantitative and qualitative
customer research used to inform our strategy,
constructively challenging management on the
contents as appropriate.
· An annual deep dive into customer insights was
presented by the Chief Customer Officer to the
Board in September, providing a comprehensive
understanding of customer needs, brand
perceptions and customer experience.
· A designated Non-Executive Director served as the
Customer and User Champion, bringing the voice of the
Group’s customers and users into Board discussions,
ensuring the Consumer Duty remained a priority.
Significant feedback
· For Moneysupermarket.com, the ability to
find a great deal is the most important
driver of customer and user satisfaction.
However, experiential factors such as ease
of use and saving time are increasing in
importance.
· The MSE app has 139,000 user ratings,
with an average of 4.9 out of 5 on Apple
and 4.8 out of 5 on Android.
· Customer satisfaction across our core six products
remains strong, at 81.5% for 2025. SuperSaveClub
members continue to be more satisfied and their
satisfaction for the same period was 86.2%.
· Our Quidco members continue to stress the
importance of efficient payment of cashback and an
increase in communications to keep them updated
during this process. Tied to this is the importance of
resolving Quidco members’ claims following merchant
tracking errors.
Further details regarding
who we consider our key
stakeholders to be and
why we engage with
them can be found online
MONY Group PLC Annual Report and Accounts 2025 – 32Financial statementsGovernanceStrategic report
Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Outcomes
· We continually iterate and improve our
Moneysupermarket.com and Quidco Help
Centres and AI chatbots to ensure we are
providing customers with the support
they need, promoting efficiency through
one-contact resolution.
· We test our advertising with leading
research third parties as well as YouGov
brand tracking and the results continue to
show our brand and advertising performs
well compared with others in our category.
· MSE app users now enjoy frictionless
access to MSE’s major tools and apps and
they can now use the same credentials to
access Credit Club and Cheap Energy
Club, and see features of each club within
a personalised dashboard, with enhanced
notifications to alert users to credit file
and score changes, new energy deals and
when fixed tariffs are ending. Almost
800,000 users are registered to receive
notifications from the MSE app, which can
be controlled by users in a newly launched
preference centre. App users now also
benefit from AI-powered search features
to help them quickly find the information
they need tosave. Further information
can be found on pages 27 to 29.
· Quidco relaunched Faster Cashback in the
year in an effort to improve the speed of
payments post transaction for selected
merchants. This is an ongoing process as
it is currently only available for specific
merchants and services; however, we plan
to expand the Faster Cashback offering
over time.
· MSE re-platformed its Cheap Energy Club,
redesigning the user experience to support
households in choosing a tariff in a complex
andchallenging energy market. This gives usersan
enhanced interface, an improved mobile experience
and new journeys to present users with cheap deals in
the market, as well as exclusive and collective deals
only available to MSE users. This has been supported
by an expanded service communication programme,
designed to keep users informed about the latest
developments in the energy market, the status of their
switch and when it is time to switch, across both their
email and app.
· Building on last year’s relaunch of MSE’s Credit Club,
we have now launched “activity alerts”, notifying
users across both email and app when there are
important changes to their credit reports. Credit
Club also offers its bespoke Credit Eligibility Rating,
alongside free access to credit reports, scores and
various eligibilitycalculators.
· Quidco has continued to review the contents of
offers and promotions available on site to ensure
that they are appropriate for the Quidco audience.
This includes removing some merchants from the
website where we do not believe any value is
provided to members.
· Significant progress has been made in auditing and
updating Quidco members’ claims for failed
transactions this year, supported by our newly
invigorated “Member First” approach. Our
Commercial team continues to work to ensure that
our affiliate network partners respond to the
demands of our members in resolving claims within
significantly shorter and more appropriate timeframes.
MONY Group PLC Annual Report and Accounts 2025 – 33Financial statementsGovernanceStrategic report
Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Employees
How we engage
· Our CEO and Executive Team used a variety of
face-to-face, virtual and hybrid methods to stay
connected with employees across our locations,
including fortnightly all-employee “Company
updates” to update colleagues on business
developments and provide an opportunity to ask
our Executive Team and project leaders questions,
including anonymously.
· We have eight active Employee Resource Groups
(‘ERGs’), including a new ERG for Race and Ethnicity
Awareness (‘REA’). This group was formed by
colleagues after a period of close collaboration
and consultation. We also reinstated our quarterly
ERG meetups where colleagues can come together
to learn from each other and help integration into
key employee touchpoints, including onboarding.
· We conducted our annual employee engagement
survey which incorporated questions relating to
diversity and inclusion, and a further “pulse”
survey, the results of which are reported to
theBoard.
· We ran our third Big MONY Workshop in June, an
initiative which gave colleagues a working day to
live our purpose under the banner “Helping YOU
save money”. Talks and webinars ran in office and
online and interactive sessions were hosted by
providers and Martin Lewis, supplying guides and
tips on how our colleagues could save money.
· Our Female Leadership Forum completed its
second year in 2025. We explored themes
including building a personal brand and
networking, developing resilience, and mastering
effective communication.
· We rolled out our suite of mandatory training to
ensure our colleagues understand standards
and expectations and added new training on
sexual harassment to ensure that recent
legislative changes were fully understood by all.
· We undertake exit interviews when our
employees leave to gain feedback which can
beescalated to relevant senior leaders,
asappropriate.
· We held a Gender and Ethnicity Pay Gap deep
dive session, open to all employees, following
the publication of our 2025 data. Colleagues
were able to ask questions about our progress
and policies.
· Following external announcements, internal
Group-wide updates were held to gain an
understanding of the reaction of employees to
the trading updates and respond to any queries
or concerns.
How the Boardengages
Direct engagement:
· Our Non-Executive Directors held informal
confidential sessions with employees to
understand what it feels like to work at MONY
Group. The Board held meetings in March, July
and September, offering employees the
opportunity to feed back on key topics which
included innovation, Employee Resource Groups
and the Group’s strategy. See our Employee
Champion Report on pages 88 and 89 for
furtherinformation.
· The Board reappointed Mary Beth Christie
asthe Group’s NED Employee Champion in
September 2025 – a role responsible for
championing the interests of employees by
bringing their views into the Boardroom.
· Our Executive Team and key members of
senior management provided the Board with
updates on their respective strategies and
areas of management control, facilitating
informed discussion, feedback, and
constructive challenge.
How the Boardengages continued
Direct engagement: continued
· All members of the Board were invited to
attend ERG events and Female Leadership
sessions. Rakesh Sharma attended our talk on
Neurodiversity and Caroline Britton attended a
Female Leadership Forum event.
· Members of the Board volunteered for
mentoring conversations with the Executive
Team, for example, on becoming a Non-
Executive Director.
Indirect engagement:
· The Board conducted a thorough review of
executive and senior management succession
planning, providing constructive challenge to
management on plans for key talent across the
Group, aligning short-term and long-term
interests between all stakeholder groups and
the Company’s values and culture.
· The Board received the results of the annual
employee engagement and ”pulse” surveys.
· The Board received reports relating to our
whistleblowing helpline, an independent
service which allows all staff to raise concerns
confidentially.
· As part of its regular functional updates, the
Board received updates on progress with
diversity and inclusion initiatives.
Significant feedback
· 88% of eligible colleagues took part in our
September employee survey. The statement “AI
will have a positive impact on our ways of
working”, received a 72% favourable response,
with the highest scoring statement in the survey,
at 83% favourable, being “I see change as an
opportunity for growth and improvement”.
· Feedback from our second Female Leadership
Forum indicated strengthened confidence,
and equipped our female leaders with tools to
lead with clarity and impact.
Outcomes
· We answered employee questions or concerns
raised during our regular Company update
sessions.
· We were ranked second in the FTSE Women
Leaders Review 2025 for Consumer Digital Services.
· In 2025, colleagues met or exceeded their
attendance requirement.
· We were recognised as thought leaders in the
FTSE 350 in Encompass Equality’s Women in
Leadership July 2025 Report.
· Our Finance team was awarded the 2025 Fast
Payers Award by Good Business Pays.
· Our third Big MONY Workshop saved
employees £50,640.
· We delivered an Inclusive Leadership Workshop
led by experts from Pearn Kandola to help
managers become better equipped to
understand and deal with non-inclusive
behaviours, bias and microaggressions.
· As at September 2025, we have rolled out
ChatGPT Enterprise and Microsoft Copilot
licences to our teams.
MONY Group PLC Annual Report and Accounts 2025 – 34Financial statementsGovernanceStrategic report
Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Shareholders
How we engage
· Our comprehensive programme of engagement
during 2025 included roadshows and
conferences across the UK, Europe and North
America, engaging with hundreds of current and
prospective shareholders.
· During 2025, we ensured our market disclosure
was clear and consistent. We held full and half-year
results presentations, in February and July,
respectively, along with publishing two trading
updates, in May and December. We held dedicated
investor roadshows and Q&A sessions following
each set of results, with the CEO, CFO and Head
of Investor Relations.
· We maintained ongoing, constructive dialogue
with our shareholders through one-to-one and
group meetings with the CEO, CFO and Head of
Investor Relations, including in-person and
virtual “fireside” chats.
· The Head of Investor Relations engaged
frequently with our community of equity
research analysts and ensured access to
Management. We held an informal dinner for
our analysts to meet with our Executive Team
and gain a greater understanding of our strategy
and operations.
· We maintained a comprehensive corporate
website with dedicated investor content, and
published our Company compiled three-year
consensus.
· We refreshed our annual targeting strategy
andmaintained a rolling 18-month plan of
engagement, enabling us to meet with the
majority of our institutional shareholders and
provide access to management and the Investor
Relations teams for prospective shareholders.
· We held hybrid and in-person shareholder
meetings and investor conferences to provide
a greater level of market engagement and
access to management.
· Every three years we consult with shareholders
on proposed changes to the Group’s
remuneration policies. In 2025 we wrote to
investors detailing the proposals and rationale
and offered meetings with the Chair of the
Group’s Remuneration Committee. See pages
103 to 125 for further details.
· Our market engagement is supported
byourcorporate brokers, Barclays and
MorganStanley.
How the Boardengages
Direct engagement:
· The Board attended our AGM, providing
shareholders with the opportunity to engage
and raise questions about the Group’s
performance, governance and strategy.
· The Chair of the Remuneration Committee
engaged with major shareholders as part of
thewider remuneration policy consultation
being undertaken.
Indirect engagement:
· Feedback from shareholders and potential
investors gathered at results roadshows and
investor conferences was presented to theBoard.
· The Board received updates from the Group’s
Head of Investor Relations during specific
consultation exercises and upon the publication
of trading statements, financial results and
analyst reports.
· Investor associations’ voting recommendations
and commentary on our general meeting
resolutions and Annual Report and Accounts
are brought to the Board’s attention ahead of
our Annual General Meeting.
Significant feedback
· The Group’s capital allocation framework
remains front of mind for investors, given the
Group’s level of free cash flow.
· Growth was a significant focus for investors,
especially in light of the anticipated trading
headwinds in insurance experienced in 2025.
Outcomes
· All resolutions at the 2025 AGM were approved.
· In line with the Group’s established and
consistent capital allocation policy, the Group
announced and initiated a £30m share buyback
in February 2025, which successfully concluded
in December 2025.
· The Board remains confident of the future
prospects and growth of the Group and
recognised the importance placed on the
dividend by our shareholders. In 2025, £66.9m
was paid in dividends during the year.
MONY Group PLC Annual Report and Accounts 2025 – 35Financial statementsGovernanceStrategic report
Suppliers and providers
How we engage
· Our Commercial team provides a crucial link with
our providers, actively managing the provider
relationships to ensure best value outcomes.
· We have further increased face-to-face time with
providers to build stronger relationships and
better understand their needs to maximise their
efficacy on the Group’s commercial platform.
· We have further increased face-to-face time with
providers to build stronger relationships and
better understand their needs to maximise their
efficacy on the MONY Group commercial platform.
· We undertook a provider satisfaction survey to
gain feedback on our account management
efficacy onboarding processes and data
provision to identify any areas for improvement
and to inform our strategic choices for 2025 and
into 2026.
· Partners continue to be involved in the development
of our data proposition, Market Boost, through
the account management process, ensuring the
proposition provides them with valuable data in
a way that meets their needs.
· Quidco has a constant review process with its
commercial partners aligned to each individual
campaign as well as structured quarterly reviews
with key partners.
· The Procurement team proactively engaged
with the business for any new purchases or
renewals worth over £100k annually. The tail
spend was largely managed via aggregators
OCS, Softcat and Sastrify, which are managed
to drive efficiencies.
· The Procurement team led a rigorous
onboarding process in partnership with the
Risk, Data Protection, and Cyber Security
teams, ensuring compliance and mitigating risk.
· For strategic suppliers, the Procurement team
participates in quarterly business reviews and
acts as an escalation point for operational
issues.
· As part of our Science Based Targets initiative
(‘SBTi’) submission we directly engaged our top
100 suppliers to understand their levels of
maturity and gathered their emissions data to
support this submission. We invested in
focused training sessions with our largest
suppliers to help them better understand
carbon reporting and ways in which they can
manage their greenhouse gas emissions.
Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
How the Board engages
Indirect engagement:
· The Board reviews overall procurement activity
and receives regular supplier oversight updates.
This includes approving major contracts –
whether significant due to their duration, value
or associated liabilities – while also monitoring
the contract pipeline and the commercial
savings and performance delivered by the
Procurement team. The Board’s oversight also
covers Procurement’s role in advancing the
organisation’s Scope 3 supplier emissions
strategy and the integration of AI into our
procurement processes.
· The Commercial function conducts an annual
provider survey to understand provider
sentiment and ensure the Board has a view
from the supply side of the MONY Group
marketplace. The Board received an update in
December 2025 which confirmed that, overall,
satisfaction had continued to improve versus
the prior survey. Partner feedback highlighted
there were strategies to deploy to elevate
sentiment through AI and these are aligned
with the wider Group strategy for 2026.
Significant feedback
· We reviewed feedback from our providers
thatthey would welcome deployment of AI
automation for onboarding, a review of the
feature set and a focus on further efficiencies
with the assistance of AI.
· Our management teams reported continued
satisfaction in our procurement process, and
we continue to work internally to enhance our
procurement systems landscape.
Outcomes
· We continue to develop “Hubspot” as a tool
utilised by our Commercial team to improve the
effectiveness of our Commercial Manager and to
build on the high approval rating of our
relationship management.
· We have invested in a range of training to
support our provider-facing team to continue
tostrengthen relationships.
· We have increased investment in data solutions
to bolster our current offering and to aid
informed decisioning by our providers and the
Partner Relationship team.
· We are encouraging our partners to work with
us on a more robust sales data process, helping
to drive marketing efficiencies and allow more
customers to benefit from our reward scheme.
· We have expanded our capability to connect
directly with MONY Group for credit card and
loans comparison. This reduces costs for
partners and gives greater control in how they
operate on the MONY Group platform.
· We have expanded our new data proposition,
Market Boost. It is now available in cards,
loans, car, home, travel, and pet insurance.
Thepartner survey tells us the demand for rich
data is essential for tailoring their customer
acquisition and pricing strategies. In 2026 we
will continue to develop the channels covered
and enhance the features offered.
· During 2025 the Procurement team continued
to lead on all significant contract renewals and
support the wider business proactively on its
supplier management and contracting.
MONY Group PLC Annual Report and Accounts 2025 – 36Financial statementsGovernanceStrategic report
Communities and environment
For further information, please refer to our Sustainability Report on page 39.
How we engage
· We actively support a variety of community
projects, both within our organisation and
externally. For more detailed information,
pleaserefer to pages 43 to 46 of our
Sustainability Report.
· Our team responsible for sustainability
mattersmeets to discuss key sustainability
topics, such as collaboration with the Green
Team, Scope 3 supplier reporting, and effective
communication of the Sustainability Framework
across the Group.
· We continuously work with our sustainability
consultants to understand what measures
wecan take to achieve our target of becoming
net zero by 2050.
How the Board engages
Direct engagement:
· The Board received regular updates on the
Group’s sustainability and ESG activities.
· The Board annually reviews and approves our
Climate Change Transition Plan, outlining how
we intend to meet our long-term sustainability
goals, including emissions reduction and climate
resilience, while ensuring alignment with global
climate goals and business growth opportunities.
Indirect engagement:
· Throughout the year the Board received
updates on the Sustainability Framework,
enhancing awareness and understanding of
crucial environmental, social and governance
(‘ESG’) principles.
Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Significant feedback
· We hosted a breakfast at The House of
Commons to share findings from our latest
Money Talks Report.
Outcomes
· We have worked with Climate Impact in relation
to procuring three carbon offsetting projects
which offset all of our GHG emissions for 2024.
These projects are a combination of clear water,
clean cooking and solar renewables projects
that will help both the environment and local
communities. See page 42 of our Sustainability
Report for further information.
· To encourage our colleagues to support their
community, a charity, or initiatives aligned with
our Group’s purpose of helping households save
money, we provide paid time off to volunteer.
· As a result of our carbon reduction strategy,
wehave continued to monitor our greenhouse
gas emissions and have been consistently
working on sourcing renewable energy for
moreof our offices.
· The Green Team supported colleagues on their
carbon reduction journeys throughout the
year, from purchasing sustainability books and
handing these out across offices, to providing
internal articles on how we can be sustainable
in winter and getting colleague engagement
across the Group.
· During the tenure of our partnership, we have
donated over £400,000 to our charity partner,
CALM, via fundraising initiatives, including the
Balkans Three Peaks Challenge. This equates to
being able to fund 33,135 life-saving calls to
CALM’s helpline. As a result of significant
colleague engagement with CALM, we
extended the partnership by an additional
twoyears and revised our donation target to
£500,000 across the full five-year partnership.
· Our Money Talks 2.0 campaign won the
Campaign Media Award for “Best Use of Insight”.
MONY Group PLC Annual Report and Accounts 2025 – 37Financial statementsGovernanceStrategic report
Section 172 of the Companies Act 2006 – Stakeholder Engagement continued
Regulators/Government
How we engage
· We provide the FCA with quarterly, half-yearly
and annual reporting that includes financial
information, complaints and regulatory
capital.This reporting is one of the FCA’s
supervisorytools.
· We have regular interactions with key regulatory
bodies, including the FCA and Ofgem and, where
appropriate, the ICO, CMA, ASA and Ofcom.
· We have monitored and responded to new and
emerging regulatory developments, including the
FRC Corporate Governance Code 2024, the FCA
Consumer Duty, the FCA premium finance market
study, the FCA pure protection market study, the
CMA investigation into the strategic market status
of Google search, Ofcom’s implementation of the
Online Safety Bill, energy market reform and the
proposed regulation of energy third-party
intermediaries.
· The MSE Campaigns team engaged with the
current and previous Governments on key
consumer issues such as energy bills
(back-billing, standing charges and smart
meters), buy now, pay later regulation, lifetime
ISAs, carer’s allowance, child benefit, pension
credit, student finance and the landscape for
dispute resolution.
· MSE responded to regulators’ key
consultations on targeted support, mortgage
rules, changes to the energy and financial
services consumer redress scheme, motor
finance, and energy standing charges.
How the Board engages
Indirect engagement:
· As the Corporate Governance Code 2024 came
into effect on 1 January 2025, with Provision 29
being applied from 1 January 2026, the Board
oversaw and approved management’s
enhancement of the Group’s material controls,
including attestation and testing.
· The Board oversaw the Group’s approach
toregulatory engagement, the pipeline of
regulatory changes and responses to regulatory
consultations. The Board additionally oversaw
compliance with key regulatory requirements
including the Consumer Duty and the Appointed
Representatives Regime.
· In September, the Board received the
Consumer Duty scorecard of metrics to
monitor customer outcomes and regular
reporting on compliance, regulatory
changeand management’s engagement
withregulators.
Significant feedback
· MSE’s engagement with Government and
parliamentary stakeholders led to constructive
dialogue across multiple departments, including
HM Treasury, the Department for Energy
Security and Net Zero, the Department for
Science, Innovation and Technology and the
Ministry of Housing, Communities and Local
Government. Discussions focused on key
consumer issues such as savings policy,
cost-of-living pressures, motor finance, energy
affordability and billing practices, financial
inclusion and student finance.
· MSE has engaged closely with the FCA on
thetreatment of vulnerable customers and
onmotor finance mis-selling – to such an
extent now that MSE is the leading source
offree help for consumers affected by the
mis-selling scandal.
Outcomes
· As a result of MSE’s campaigning, financial
education will be added to school curriculums,
while the Government restored the Winter Fuel
Payment for many. Changes to the way that
council tax is administered are being consulted
on, including changes to the Severe Mental
Impairment discount, while a renewed approach
to the smart meter rollout is being worked on
with MSE’s feedback in mind. The Government is
also consulting on reducing energy standing
charges, a long-standing MSEcampaign.
· The Group has maintained a clear
understanding of current and emerging
regulatory requirements with which it
seekstocomply.
MONY Group PLC Annual Report and Accounts 2025 – 38Financial statementsGovernanceStrategic report
Sustainability
A Sustainable
Future
Sustainability is a long-term
commitment for MONY Group. We are
dedicated to building a sustainable
future while delivering value for
households and communities.
Shazadi Stinton
General Counsel and Company Secretary
Further information about our
Sustainability Framework and
our external environmental
targets can be found online
Introduction
At MONY Group, we understand the challenges
and complexities involved in making real
progress towards a sustainable future.
Overthe past year, we have concentrated
onreducing our environmental impact,
enhancing resource efficiency, advancing
socialresponsibility, and continued to
ensurethat wehave a robust governance
framework. As aproud signatory of the UN
Global Compact, we continue to uphold our
commitment toresponsible and sustainable
business practices.
Whilst we have reached important
milestones, we recognise there is more to
achieve. At the heart of our mission is a clear
goal: helping households save money while
remaining firmly aligned with sustainable
principles.
We understand that sustainability is a
long-term commitment, and we are
dedicated to continue to make progress in
achieving our Science Based Targets (‘SBTi’).
Our approach is grounded in transparency,
accountability and a genuine desire to make
a positive difference. We value the dedication
and collaboration that have brought us to
this point, and we remain unwavering in our
commitment to creating a more sustainable
future for everyone.
Sustainability
Framework
Our Sustainability Framework outlines
ourEnvironmental, Social and Governance
(‘ESG’) ambitions.
We remain committed to minimising our
environmental impact. In 2025, we have
made strong progress against our SBTi goals
and enhanced collaboration across our
supply chain to identify and understand
Scope 3 emissions relating to our business
more accurately.
Our report details our Greenhouse Gas
(‘GHG’) emissions, our Streamlined Energy
and Carbon Report, and our UK Climate-
related Financial Disclosure Regulations
2022. Additionally, we provide information
on our social responsibility efforts towards
our communities and employees.
We continue to uphold a strong
governanceframework supported by
ourCodeof Conduct,which applies to all
employees. ThisCode promotes ethical
behaviour, compliance withrelevant laws and
regulations, and makingthe right decisions.
Italso reinforces our commitment to globally
recognised human rights principles as outlined
in the International Labour Organization’s
Declaration on Fundamental Principles
andRights at Work and the United Nations’
Universal Declaration of Human Rights. In
2025, we undertook a comprehensive review
of all Group Policies toensure they remain
relevant and effective. Key policies reinforcing
our Code of Conduct include our Anti-Slavery
and Human TraffickingPolicy, Anti-Bribery and
CorruptionPolicy, Competition Law Policy,
andWhistleblowing Policy.
MONY Group PLC Annual Report and Accounts 2025 – 39Financial statementsGovernanceStrategic report
Sustainability continued
Table 1 – Energy SECR Summary*
kWh
Energy from:
Total (1 January 2025–
31 December 2025)
Total (1 January 2024–
31 December 2024) % change
Scope 1: heating fuels 295,207 260,634 +13%
Scope 2: purchased electricity 559,227 628,680 -11%
Scope 3: employee mileage 45,198 85,261 -47%
Total energy 899,631 974,575 -8%
* Due to rounding, the numbers presented in Table 1 may not add up precisely to the totals provided and the percentages may
not precisely reflect the absolute figures.
Table 2 – Carbon SECR Summary*
Reporting Area
Reporting Parameter
(tCO
2
e)
Total
(1 January 2025–
31 December 2025)
Total
(1 January 2024–
31 December 2024) % change
Scope 1 (direct) Natural gas 54.0 47.7 +13%
Scope 2 (indirect)
Purchased electricity
(location based) 99.0 130.2 -24%
Purchased electricity
(market based) 7.7 6.2 +24%
Scope 3 (indirect) Employee mileage 11.5 20.5 -44%
Summary
Total gross
emissions (Scope 1,
Scope 2, (location
based), Scope 3) 164.5 198.4 -17%
Total gross
emissions (Scope 1,
Scope 2, (market
based, Scope 3) 73.2 74.4 -2%
* Due to rounding, the numbers presented in Table 2 may not add up precisely to the totals provided and the percentages may
not precisely reflect the absolute figures.
Environmental
Greenhouse gas (‘GHG’) emissions
This section includes our mandatory
reporting on GHG emissions and global
energy use pursuant to the Companies Act
2006 (Strategic Report and Directors’ Report)
Regulations 2013 and the Streamlined
Energy and Carbon Reporting (‘SECR’) under
the Companies (Directors’ Report) and
Limited Liability Partnerships (Energy and
Carbon Report) Regulations 2018. Our
emissions calculations are based on the
GHGProtocol Corporate Standard and
correspond with our financial year.
Below, we present our annual carbon
intensity in tCO
2
e per £m revenue.
We disclose our emissions specifically
against Scope 1, Scope 2 and Scope 3
(employee mileage only) as required under
SECR, using emissions factors from UK
Government GHG conversion factors for
company reporting. Our carbon reduction
plans are based on 2019, the year of our
baseline GHG assessment.
The chosen intensity ratios are:
· Total gross emissions in metric tonnes
CO
2
e per full-time equivalent employee
(‘FTE’). The average FTEs for the 2025
reporting period was 618.
· Total gross kilowatt hours (‘kWh’) usage
against floor area. The average floor area
for all offices in the 2025 reporting period
was 94,787 sq ft. This has reduced since
last year as we have surrendered a lease of
a floor at our Manchester office.
· Total gross emissions in metric tonnes
CO
2
e per £1,000,000 revenue. The revenue
for the 2025 reporting period was
£446.3m.
Streamlined Energy and
CarbonReport
Set out below is our Scope 1, Scope 2 and Scope
3 (employee mileage) emissions as required
under SECR. Our full Scope 3 emissions data for
previous years is available in our CDP report.
Dual reporting update
MONY Group has reported location-based
emissions and market-based emissions for
Scope 2. This dual reporting approach is
encouraged by the SECR guidelines and the
GHG Protocol. The Scope 2 (market-based)
emission calculations have been carried out
inline with the GHG Protocol’s Scope 2
Guidance. Evidence of all renewable energy
procurement has been obtained and verified
by MONY Group.
MONY Group’s total (market-based) carbon
emissions remained broadly similar to last year
as it decreased by 2% between 2024 and 2025,
to a total of 73.2tCO
2
e from 74.4tCO
2
e.
MONY Group’s total energy consumption for the
reporting period 1 January 2025 to 31 December
2025 was 899,631kWh, which equates to total
gross emissions of 165tCO
2
e (location based) and
73tCO
2
e (market based). This is a reduction of 8%
from 2024.
We measure the intensity ratio of kgCO
2
e per
employee, which includes emissions from all
scopes, whereas the floor area carbon intensity
ratio only includes Scope 1 and 2 emissions
related to building activity. MONY Group’s total
carbon intensity ratio (market based) has
reduced by 3% in 2025 from 2024.
Table 1 presents a breakdown of MONY
Group’s energy consumption, Table 2
presents the resultant GHG emissions, and
Table 3 presents the chosen intensity ratios.
All tables provide comparison to the
previous year’s (2024) results.
MONY Group PLC Annual Report and Accounts 2025 – 40Financial statementsGovernanceStrategic report
Sustainability continued
Table 3 – Intensity ratios SECR Summary*
Intensity ratio
Total
(1 January 2025–
31 December 2025)
Total
(1 January 2024–
31 December 2024) % change
Floor area: kWh/sq ft/year 9.49 8.99 +6%
Employees: tCO
2
e/employee/year
(marketbased) 0.12 0.11 +6%
Employees: tCO
2
e/employee/year
(locationbased) 0.27 0.30 -10%
Revenue: tCO
2
e/£m/year (market based) 0.16 0.17 -3%
Revenue: tCO
2
e/£m/year (location based) 0.37 0.45 -18%
* Due to rounding, the numbers presented in Table 2 may not add up precisely to the totals provided and the percentages may
not precisely reflect the absolute figures.
Scope 1 Renewable Energy Procurement
In 2025, MONY Group procured Renewable Gas Guarantees of Origin (‘RGGOs’) at two sites:
Manchester and Dean Street (London). These RGGOs certify that MONY Group is purchasing
biogas (green gas) during the specified period.
Currently, RGGOs and associated “market-based” Scope 1 emissions reporting are not
officially recognised in the Greenhouse Gas Protocol. However, MONY Group has calculated
the potential impact of the RGGOs on the GHG footprint, to provide a clear and transparent
account of their efforts to procure and use renewable energy sources.
The emission factor provided on the RGGO certificates represents a lifecycle emission factor,
which may include certain emissions more appropriately allocated to Scope 3. However, to
adopt a conservative approach, and given that Scope 1 market-based reporting is not widely
accepted under the GHG Protocol, this factor has been utilised.
When the RGGOs are considered in the GHG footprint, Scope 1 emissions decrease by 8%
from 54tCO
2
e to 50tCO
2
e. The total market-based emissions decrease by 6%, from 73tCO
2
e
to69tCO
2
e.
MONY Group PLC Annual Report and Accounts 2025 – 41Financial statementsGovernanceStrategic report
Sustainability continued
SELCO Solar Energy
Access,India
Renewable
Energy
This is a pioneering initiative in India that
delivers rooftop solar panels and battery
storage.Leveraging carbon finance and
microloans, SELCO has empowered over
one million people, including schools and
small businesses. With continued growth
in solar lighting, water heating and
photovoltaic installations, the project
supports six UNSustainable Development
Goals – spanning clean energy, education,
gender equality and climate action.
Aqua Clara Filters, Kenya
Clean Water
This Project in Kenya is transforming lives by
providing affordable, safe drinking water to
households, schools and communities
across 32 counties. Through the distribution
of BioSand and Hollow Fibre Filters, the
project has reduced waterborne diseases
and improved indoor air quality, while
eliminating the need for burning biomass
forwater sanitation. Community outreach
and hygiene education have reached more
than 900 people, fostering healthier,
moreresilient communities and driving
sustainable development.
Through our partnership with Climate Impact Partners,
wehave supported three verified emissions reductions
projects to offset all our carbon emissions relating to
FY24.These projects aim to cut carbon and deliver
sustainable development impacts around the world.
Eachofthe projects we have supported have been
independently verified by organisations such as the
GoldStandard and the Verified Carbon Standard.
Bondhu Chula Stoves, Bangladesh
Clean cooking
Bondhu Chula, meaning “friendly stove”, is a clean cooking initiative in Bangladesh
designed to reduce harmful smoke in domestic homes by replacing traditional open
firepits with efficient cookstove technologies. We are continuing to support this project,
todistribute high-efficiency cookstoves that cut carbon emissions by 50% while
reducingharmful indoor air pollution. This project also helps to train individuals in
stoveproduction, sales and marketing. Carbon finance is used to subsidise 50% of
thecost ofthe stove installation making it more affordable for the local community.
MONY Group PLC Annual Report and Accounts 2025 – 42Financial statementsGovernanceStrategic report
Sustainability continued
Social
Being a fair and socially
inclusive employer
Our strategic aim is that inclusion is alive in
our day-to-day experience so that we are
attracting and retaining the best talent to the
group. That’s why Diversity, Equity, Inclusion
and Belonging (‘DEIB’) initiatives have become
part of our DNA, and form part of our wider
talent attraction and retention strategy. In
2025, we looked beyond continuing to
support our existing colleagues to
consolidating the link between our DEIB
initiatives and our employer brand, with a
particular focus on readiness to attract next
gen AI savvy talent.
We delivered initiatives under our three
pillars of development, inclusive hiring
andallyship.
Data from 2025 indicates continued success
in our inclusive hiring efforts. 52% of new
starters are women and 35% identify as from
an ethnic minority group (up from 24% across
2024). Our ethnicity disclosure rate remains
strong at 84.6%, reflecting good confidence in
the disclosure process. This suggests that the
changes we made to create a more inclusive
recruitment experience have embedded.
To test this, in our 2025 engagement pulse
we asked colleagues: “Is there anything we
can do to make MONY a more supportive
and inclusive environment?” In response,
they reported that they widely perceive the
organisation as highly inclusive and
supportive, with some expressing that MONY
already excels in this area. Numerous
comments highlighted the Group’s strong
commitment to fostering a positive culture,
often going above and beyond expectations.
The existing initiatives, policies and support
for various groups were frequently praised.
Benefiting our employees
Learning and development opportunities
continue across the Group with both
functional expertise building sessions
anddedicated support to grow managerial,
inclusive leadership and “corporate
governance” skills. In addition, we are
incredibly proud of the Female Leadership
Forum, which, having now completed its
second year, continues to receive high praise,
with strong attendance and engagement
across all sessions. See page 44 for
moreinformation.
However, our most significant learning
focusthis year has been in enabling our
colleagues to experiment with and learn
about AI. At the heart of our approach is a
fundamental beliefin our responsibility as a
best-in-classemployer to ensure that our
colleagues have the knowledge, skills and
behaviours needed to embrace and work
effectively with emergent AI technologies.
Ourapproach is detailed on page 45.
The Group is also committed to
supportingcolleagues’ wellbeing through a
comprehensive suite of resources. We offer
24/7 confidential mental health support,
including counselling, a free Headspace
subscription and access to Mental Health
First Aiders. Financial wellbeing is prioritised
via expert coaching, budgeting tools and our
annual Big MONY Workshop. Physical health
benefits include a fully funded health cash
plan, GP access and voluntary insurance
options. Policies and benefits are in place to
support bereavement, caring responsibilities
and menopause support, ensuring holistic
care for all colleagues and their families.
In 2025 we relaunched our Employee
Resource Groups (‘ERGs’) with renewed
energy, reinstating quarterly ERG Lead
meetings – not as update sessions, but as
working forums focused on solving three
shared challenges:
· integration of ERG visibility into key
employee touchpoints, including
onboarding;
· clearer articulation of ERG purpose, goals
and value; and
· a focus on storytelling and presence
through internal events and campaigns.
We’ve seen strong progress in rebooting
core communities such as the Women in
Tech group, relaunching ERG collaboration,
and continuing our investment in inclusive
capability building through training and
leadership development. We’re also
leveraging awareness weeks and cross-
functional partnerships to maintain visibility,
inspire allyship and create meaningful
learning experiences for all colleagues.
Our new Race & Ethnicity (‘RAE’)
EmployeeWorking Group has now defined
its mission and ways of working. namely to
foster an inclusive and equitable workplace
where individuals of all racial and ethnic
backgrounds feel valued, supported and
empowered to be their authentic selves.
Thisyear also saw us build out Support
Pathways for Neurodivergent
Colleagues, to ensure colleagues can easily
access tailored support in a timely manner.
Our continued partnership with Carers UK
saw the delivery of a “Carers’ Rights” Lunch &
Learn session that highlighted the importance
of recognising and supporting carers in the
workplace, as well as the practical resources
available through Employers for Carers.
More broadly we were pleased to also
donate the cost of four seats at the Carers
UK Awards, ensuring that carers themselves
could be there to celebrate the achievements
of their community.
MONY Group PLC Annual Report and Accounts 2025 – 43Financial statementsGovernanceStrategic report
Sustainability continued
Case study
Female Leadership
Forum
The journey so far
Launched in April 2024, the Female
Leadership Forum was introduced to
empower and elevate senior female talent
across the business, helping them to excel in
their career with confidence at MONY Group
and beyond. Ultimately, we aim to retain
existing talent and attract future female
leaders reinforcing a balanced and thriving
leadership team.
Informed by insights from focus groups,
engagement surveys and people trends, the
forum’s first year focused on strengthening
mindset, confidence and connection through
sessions on success, personal leadership
styles and resilience. Building on this
foundation, 2025 saw the forum continue
togrow in momentum, with development
sessions centred around elevating personal
impact. This included strengthening
confidence, enhancing communication
stylesand increasing visibility to support
ourtalented women in leading with clarity
andinfluence.
A Closer Look at Our 2025
Development Journey
We began with a deep exploration of
personal branding and networking,
encouraging participants to think
intentionally about how they present
themselves and how this shapes their
professional visibility. The session
emphasised the value of authenticity –
highlighting how owning one’s personal
brand can influence perceptions both within
the organisation and across the wider
industry. Participants also considered
practical approaches to building meaningful
networks, learning how to leverage their
strengths, initiate new connections, and
nurture relationships that support long-term
career progression.
The second theme focused on effective
communication, particularly in high-
pressureor complex workplace situations.
This session provided tools for navigating
challenging conversations, building clarity,
and establishing authority in meetings.
Through discussion and practical exercises,
participants explored how communication
style influences impact and how to adapt
their approach to suit different
professionalcontexts.
Our final focus area was strategic
workplaceconfidence. This session
examined confidence as a leadership tool,
guiding participants to reflect on self-talk,
challenge limiting beliefs, and express ideas
with greater clarity and presence. The group
also explored how aligning personal values
with professional behaviour can strengthen
leadership credibility and support more
intentional career development.
The impact for MONY
Our employee engagement survey data
shows a clear uplift in the engagement
ofwomen since the launch of the
FemaleLeadership Forum in April 2024.
Namely notable increases in both overall
commitment and motivation to go
beyondwhat is asked. This suggests
theforum is having a positive impact
ontheexperience and enthusiasm of
womenacrossthe organisation.
Since launching the forum, we’ve also seen
a50% increase in women applying to be
mentees and over a 75% increase in women
mentors in 2025 vs 2023. This reflects the
forum’s ongoing focus on encouraging
development for all women, irrespective
ofwhether they are current members of
theGroup.
Additionally, we have opened up some
non-core sessions of the Female
LeadershipForum to all colleagues,
includingmen, to strengthen allyship
andfoster development for all.
How we are giving back
The Female Leadership Forum sponsored
and attended the Smart Works Careers
Fairin October 2025, strengthening our
commitment to supporting women’s
employability and confidence. This
involvement helped raise awareness of the
forum’s mission while building connections
with an organisation aligned to our values.
Being in the room with
so many great women
was amazing.
MONY Group PLC Annual Report and Accounts 2025 – 44Financial statementsGovernanceStrategic report
everyday work. Their involvement has helped
accelerate experimentation, build confidence
and foster a culture of curiosity around
emerging technologies within their functions.
In July, we went further by giving every
colleague the opportunity to choose the
large language model (‘LLM’) that best suits
their role and workflow, selecting either
Microsoft Copilot or ChatGPT. This colleague-
led choice empowered individuals to work in
the way that suits them best while ensuring
that everyone has access to cutting-edge
tools regardless of their role.
Alongside access to tools, we have delivered
structured training to build capability across
the business. This includes Copilot training,
ChatGPT skills development and dedicated
prompting workshops to ensure colleagues
can use these technologies effectively and
safely. Early feedback highlights increased
confidence, improved efficiency and a growing
sense of excitement about the possibilities AI
can unlock. Testimonials shared by colleagues
reflect how accessible and transformative
these learning experiences have been.
Case study
Preparing our people
for thefuture of AI
At MONY Group, we recognise the profound
impact AI will have on the future of work. As
part of our commitment to responsible
transformation, we are actively preparing our
colleagues for this shift. Our focus is not only
on equipping teams with the tools that can
accelerate performance today, but also on
ensuring they develop the skills and confidence
needed for the roles of tomorrow. We see it as
our responsibility to empower every colleague
with the knowledge and capability to navigate a
rapidly evolving digital landscape.
To support this ambition, we continued to
invest in AI enablement across the Group. This
included launching our AI Champions network,
a diverse group of colleagues from across
functions who help shape adoption, share best
practice and bring AI opportunities closer to
The interactive exercises and
personalised feedback helped
me see exactly where I could
improve and boosted my
confidence in using AI tools.
Innovation Week further strengthened our
commitment to building a future-ready
workforce. Designed to spark creativity and
accelerate understanding of AI’s potential, the
week gave colleagues dedicated time to learn,
trial new tools and explore what AI could
mean for their roles and teams. The most
significant outcome was the space it created
for focused exploration, allowing colleagues
to step away from day-to-day work and
immerse themselves fully in experimentation.
This dedicated time unlocked new ideas,
boosted confidence and showed the powerful
impact of giving people room to innovate.
Between March and September, our
engagement survey showed strong
improvements in how colleagues perceive
innovation and AI. Our overall innovation
score rose by 8 points, with confidence in the
ability to use AI tools increasing by 13 points.
These results demonstrate meaningful shifts
in both mindset and capability, and we will
continue to track these measures as our AI
enablement programme evolves.
Together, these initiatives reflect our long-
term commitment to preparing colleagues for
the future of work. By investing in both skills
and mindset, we are laying the foundations
for a more capable, confident and innovative
organisation. One where every colleague is
equipped not only to support MONY Group’s
transformation today, but to thrive in the
changing world oftomorrow.
We’re already seeing how AI can make a
realdifference. A great example is how
ourData and Finance teams are working
together to use AI for smarter decisions.
We’ve introduced an internal AI analyst
thatlets colleagues ask questions in plain
English and get quick, actionable answers.
Bycutting out the need to navigate multiple
dashboards, we’re speeding up decision
making, starting with a focus on trade
performance. All of this is powered by our
world-class Google Cloud platform, bringing
our data together so we can move faster,
innovate more and scale what works.
The use of MONYlytics,
usingChatGPT-enabled direct
queries, is already showing
strong potential in Finance.
Weekly analytics, commentary
and insight now run alongside
existing processes, and the
results are impressive.
Tim Davies
Head of Finance
MONY Group PLC Annual Report and Accounts 2025 – 45Financial statementsGovernanceStrategic report
Sustainability continued
Benefiting our community
Continuing on the partnership theme, we
were proud to once again reinforce our
public commitment to racial equity and
allyship and serve as silver sponsors for
Black Inclusion Week. The week-long
campaign offered a series of events,
resources and discussions designed to
inspire, educate and empower.
Our partnership with Campaign Against
Living Miserably (‘CALM’), now in its third
year, is stronger than ever and continues to
drive meaningful change. We extended the
partnership by a further two years and
increased our overall donation target to
£500,000. To date, colleagues across the
business have helped donate over £404,250
to CALM – funding an incredible 33,125
life-saving calls. Engagement has remained
exceptional, with 25 colleagues taking on
andconquering the Balkans 3 Peaks
Challenge, raising more than £70,000 in
ourbiggest independent fundraising
achievement to date.
A highlight of 2025 was taking our insights
toParliament, where we hosted a breakfast
reception at the House of Commons to share
key findings from our latest Money Talks
Report. This year’s Money Talks campaign
centred on the Youth Tax, created to
confrontthe worrying rise in youth suicide by
shedding light on the financial pressures young
people face today. The campaign went on to
win the Campaign Media Award for “Best Use
of Insight,” and the full suite of Money Talks
resources remains open source and
availableon the MoneySuperMarket
andCALMwebsites.
Our community fund, created to support
small-scale grassroots charities, invested
£14,335 this year in projects that made
atangible difference. From providing
waterproof sleeping bags for people
withouta roof, to funding tech upgrades in
schools shaping future minds, and offering
confidence-boosting support for women
jobseekers, every penny was used with
purpose. We also backed community hubs,
playground improvements and grassroots
football initiatives, ensuring that opportunity,
safety and support are never determined by
a postcode.
In May we invited some of our providers to
join us at our sponsored table at “A Night of
Wishes” at The Savoy in aid of Make-A-Wish
UK. Make-A-Wish UK aims to support over
134,000 children in the UK, who are today
dealing with the gruelling daily reality of life
with a critical illness.
MONY Group also donated £110,000 to the
MSE Charity, which provides grants of up to
£10,000 to support non-profit organisations,
such as social enterprises and registered
charities, with money education projects
thattarget young people and underserved
communities. 17 projects have been funded
in 2025 across the UK.
£404,250
raised for CALM
£110,000
donated to MSE Charity
MONY Group PLC Annual Report and Accounts 2025 – 46Financial statementsGovernanceStrategic report
Climate Risk Disclosures
Board statement on its
commitment to becoming
operational net zero
The Board of MONY Group PLC acknowledges
the substantial risks associated with climate
change and the imperative role we must
undertake to alleviate its impacts on both the
broader world and our own business. We are
committed to diminishing our environmental
footprint by actively reducing carbon
emissions, minimising waste production and
engaging in responsible sourcing practices.
We report consistently with the
recommendations of the Task Force on
Climate-related Financial Disclosures (“TCFD”)
and have continued to review the risks and
opportunities posed by climate change and
how they might impact our business.
These climate-related disclosures,
complemented by our comprehensive
Annual Report and Accounts, articulates our
approach to overseeing and governing
climate-related risks and opportunities.
Our comprehensive net zero plan strategically
addresses the most material aspects of our
business. As a testament to our commitment
to environmental responsibility, we proudly
operate as a carbon neutral business.
Together with this, we are also committed
toachieving our science-based emissions
reduction targets across all scopes, in line
with 1.5°C emissions circumstances. Further
information in relation to this can be found in
our Climate Transition Plan.
We are proud of the progress we have
madeso far, but we acknowledge that our
journey towards sustainability is an ongoing
commitment. Looking ahead to 2026, we will
continue to collaborate with our supply chain
partners to understand their emissions
footprint further and strategise on effective
measures to reduce these emissions, ensuring
alignment with our overarching targets.
1:
Governance
arrangements
Board oversight of climate-
related risks and opportunities
The Board holds ultimate accountability
foroverseeing the Group’s risks and
opportunities, including those related
toclimate change. It receives regular
updatesfrom management and the Risk and
Sustainability Committee on environmental
and climate-related matters and reviews the
risks and opportunities arising from climate-
related change at least three times a year.
During the year, the Board considered
climaterisks and opportunities across the
Group, and discussed whether there had
been any increase from climate risk to the
business. The outcome of these discussions is
set out in section 2 of these climate-related
disclosures. The Board also reviewed and
approved our Climate Transition Plan targets.
Reporting to the Executive Risk and
Sustainability Committee is our Sustainability
Steering Committee, chaired by the Group
General Counsel and Company Secretary
and composed of Executives and senior
management who have responsibility for
delivery of the Sustainability Framework
across the Group. The governance diagram
on the following page illustrates how our
sustainability governance is structured.
We recognise the significant
challenge of addressing climate
change and acknowledge the broad
scientific consensus that the time to
act is rapidly diminishing. Our focus
is on helping households save money
while remaining conscious of the
climate realities we face.
We consider this section of the Annual
Report to be consistent with the
requirements of UK Climate-related
Financial Disclosure Regulations 2022.
MONY Group PLC Annual Report and Accounts 2025 – 47Financial statementsGovernanceStrategic report
Climate Risk Disclosures continued
1:
Governance
arrangements
continued
Board oversight of climate
related risks and opportunities
continued
Assurance of climate-related
measurement and reporting
We continue to operate the internal
processes we introduced in 2022, to include
the peer review of data submitted to our
external partner which helps us to produce
our carbon footprint to ensure its accuracy,
traceability and completeness.
Management’s role in assessing and
managing climate-related risks and
opportunities
The Group General Counsel and Company
Secretary plays a central role in driving our
climate change agenda, ensuring our
environmental ambitions and commitments
are communicated across the organisation.
This includes working with the Green Team,
Executives, senior management and the
Board, to explore ways to reduce waste, lower
our carbon footprint and raise awareness of
climate-related risks and opportunities.
The Chief Risk Officer oversees our
comprehensive risk management framework,
including the assessment and management
of climate-related risks, reinforcing our
commitment to integrating environmental
considerations within our risk management
strategy. Together, these key roles ensure a
co-ordinated approach to sustainability,
aligned with our climate change goals.
Externally, a GHG reporting consultant
supports the Group, while industry updates
keep us informed of broader trends. Both
the General Counsel and the Chief Risk
Officer actively participate in Risk and
Sustainability Committee meetings,
reporting on sustainability and risk matters
throughout the year. The insights garnered
from these meetings are shared with the
Board, providing a comprehensive overview
of the Company’s stance on sustainability
and risk management.
The operational management of our
climate-related risks and opportunities
continues to be embedded within our
business strategy and operations, as
detailed in section 2 below.
2:
Identifying, assessing
and managing climate-
related risks and
opportunities
Climate-related risks and
opportunities identified over
the short, medium and
longterm
The processes used to identify the material
climate-related risks and opportunities
include several scenario analyses (below) and
detailed risk assessments, in consultation
with relevant stakeholders across our
business. Risks are classified, assessed and
managed in accordance with our Group risk
management framework described on pages
60 to 65. In considering this risk assessment,
we defined the following timescales:
Sustainability Governance Overview
Group Green
Team
Employee led
group to identify
and put
intoaction
environmental
initiatives on a
day-to-day basis
Environment
Minimising our
impact on the
environment:
General Counsel
&Company
Secretary
Social
Our social
purpose:
ChiefPeople
Officer
Governance
Robust
governance
andethics:
General Counsel
andCompany
Secretary
MONY GROUP PLC Board
Oversight of Company strategy and ensuring the long-term success of the Group
Risk and
Sustainability
Board
Committee
Provides guidance
and direction to
the Group’s
sustainability
strategy and
framework
Advises the Board
on the Group Risk
Framework and
riskappetite
Executive Risk
and
Sustainability
Committee
Meetings to
discuss how the
Group is managing
its risks as well as
how internal and
external
sustainability
targets are
achieved
Sustainability
Steering
Committee
Group General
Counsel
responsible for
delivery of the
Sustainability
Framework across
the Group, with
functional
representatives
MONY Group PLC Annual Report and Accounts 2025 – 48Financial statementsGovernanceStrategic report
Climate Risk Disclosures continued
· Short Term (up to three years) reflecting
the period over which we prepare financial
projections which are used to manage
performance and expectations;
· Medium Term (three to seven years)
including the period over which we
committed to achieve operational net zero
(2030); and
· Long Term (beyond seven years) reflecting
the period over which longer-term climate,
consumer and structural trends will
takeplace.
In assessing the potential impact of climate
change scenarios, we have considered the
following risks:
Physical risks – risks from the direct impacts
of climate-related and environmental hazards
with human and natural systems, such as
droughts, floods and storms. These impose
direct costs on the business, and indirect
costs by disruption of supply chains. These
can either be acute or chronic.
Transition risks – those that arise from
transitioning to a lower carbon economy
which entail extensive policy, legal, technology
and market changes to address mitigation
and adaptation requirements related to
climate change.
3:
Climate-related risks
and opportunities to
the Group
Physical risks
As a UK-based, low-carbon intensity business,
we do not operate in the most immediately
susceptible areas and so we consider that the
Group has limited exposure to potential direct
physical climate-related risks. Not all direct
physical risks are relevant to the Group and
therefore our analysis has focused on the risk
of increased damage from floods in the UK
(potentially impacting our offices), the risk of
loss of productivity in employees and the risk
of increased one-off operational events. Our
analysis shows that the direct physical risks to
the Group under each scenario are low.
Transition risks
We consider that there is the potential for
transition risk to impact the Group over the
medium to long term. We have considered
four categories of transition risk in our
assessments:
· Risks from developments in climate policy,
legislation and regulation – the Group has
committed to net zero by 2050 which means
that it is already exposed to high levels of
policy, legislation and compliance risks
envisaged under the scenarios. Currently
these costs are not projected to result in
additional costs to the Group over the
medium to long term.
· Risks from new, lower carbon technologies
that substitute for existing products and
services – this should not significantly impact
the Group as we are not producing products
and services which could be beaten by lower
carbon intensive products and services.
· Risks from changing consumer behaviour
and investor sentiment – we anticipate
that such risks may arise in response to
consumer behaviour changes within our
Insurance and Travel sectors, in particular
changes in insurance requirements, car
ownership and international travel.
· Reputational risks – these risks arise from
changing consumer perceptions of the
Group or the industry it operates.
Reputational risks to the Group are low
under all scenarios, especially as the Group
is already committed to Net Zero by 2050.
Impact of climate-related risks
and opportunities on our Group
To understand the impact on the Group,
welook through the lens of both the physical
impacts and potential socioeconomic
developments. Under each of our scenario
analyses, we anticipate that our providers
would likely seek to evolve their products,
e.g.insurance policies and energy tariffs,
inresponse to climate-related risks and
opportunities. We expect consumers would
still seek to engage with switching sites and
seek to compare products across additional
criteria, rather than purely in relation to price.
As a Group we are well placed to deliver the
tools consumers would need to understand
which products provide good value.
Having undertaken our risks and opportunities
assessment, we do not anticipate any specific
opportunities for the business in the short
term. As green products become more
available (and potentially more desirable,
particularly if regulatory change leads to an
increase in demand in certain products) over
the medium term, we will act to identify these
to our users and provide guidance as to the
pros and cons of such products. At this point,
we do not expect that climate-related matters
will have a material impact on areas of financial
planning over the short term. We will continue
to assess consumer demand for such products
to prioritise such initiatives in the future.
Our strategic aims to develop “compelling
member propositions” and “become a leading
growth partner” give us opportunity to
broaden the Group’s offering and should
provide additional diversification, enabling us
to take advantage of emerging climate-related
opportunities and reduce the impact of
climate-related changes from any area of
theGroup.
4:
Analysis of the
resilience of our Group
strategy, taking into
consideration different
climate-related
scenarios (including a
2°C or lower scenario)
In 2025, we have continued to build and
enhance our resilience assessment. Our
climate scenarios were based on the Network
for Greening the Financial System (‘NGFS’) for
our risk assessments. These scenarios were
developed by NGFS with an expert group of
climate scientists and economists and provide
a common and up-to-date reference point for
understanding how climate change, climate
policy and technology could evolve in the
future. The NGFS scenarios were chosen as
our scenarios as they provide a standardised
set of scenarios; the NGFS scenarios are used
by the financial services sector. As a tech-
based comparison business operating
primarily in the financial services industry,
these were considered the most relevant.
There are six scenarios grouped into three
representative categories: Orderly (where
climate policies are introduced early and
become more stringent over time), Disorderly
(where implementation of policies is delayed
or divergent) and Hot House World (where
some policies are introduced but global
efforts are insufficient to halt significant
global warming), comprising:
MONY Group PLC Annual Report and Accounts 2025 – 49Financial statementsGovernanceStrategic report
Climate Risk Disclosures continued
4:
Analysis of the
resilience of our Group
strategy, taking into
consideration different
climate-related
scenarios (including a
2°C or lower scenario)
continued
1. Orderly: net zero 2050 – an ambitious
scenario that limits global warming to
1.5°C through stringent climate policies
and innovation, reaching net zero CO₂
emissions around 2050. Physical risks are
low and transition risks are medium.
2. Orderly: below 2°C – assumes that
climate policies are more stringent in the
building and transport sectors, but less
so in other sectors. Physical risks are
higher and transition risks are lower than
in scenario 1.
3. Orderly: Low Demand – assumes that
significant behavioural changes, reducing
energy demand, mitigate the pressure on
the economic system to reach global net
zero CO
2
emissions around 2050.
4. Disorderly: delayed transition – Global
annual emissions do not decrease until
2030, and rapid climate action is then
needed to limit warming to below 2°C.
This leads to higher physical risks and
lower transition risks compared to
scenario 3: divergent net zero – climate
policies are not co-ordinated giving a
67% chance of limiting global warming to
below 2°C.
5. Hot house world: Nationally Determined
Contributions (‘NDCs’) – assumes that
current (moderate) levels of climate
action continue, so emissions decline but
only to limit warming to 2.5°C. Physical
risks are high but transition risks are
relatively low.
6. Hot house world: current policies – only
currently implemented policies are
preserved, leading to high physical risks.
Emissions increase until 2080 and lead to
3°C of global warming. Physical risks are
very high and transition risks are low.
7. Too little, too late: Fragmented World
– scenario assumes delayed and
divergent climate policy ambition
globally, leading to elevated transition
risks in some countries and high physical
risks everywhere due to the overall
ineffectiveness of the transition.
Based on our current analysis, under all
scenarios described above, we expect the
Group strategy to be resilient to any physical
risks which may materialise. We expect the
potential impact of transition risks to be
higher (which are greatest under the
disorderly scenarios); however, our analysis
indicates our Group business model and
strategy will be sufficiently resilient to not be
materially impacted by transition risks and
flexible enough to allow the Group to
capitalise on climate-related opportunities.
In 2025 the Group has additionally analysed
four short-term risk scenarios:
1. Highway to Paris – orderly transition
seeing short-term energy price rises,
butstrong economic growth will offset
impacts of energy prices. High polluting
sectors face rising credit risks and
capitalcosts.
2. Diverging realities – transition which
seesadvanced economies orderly
transitioning. Supply chain disruptions
inraw materials create spillover effects
and increase the costs for low-carbon
transition.
3. Sudden wake-up call: consumers’ and
investors’ preferences shift abruptly
leading to a sharp surge in carbon prices
and financial instability which changes
the value of assets abruptly.
4. Disaster and policy stagnation – region-
specific extreme weather events occur
within the short term which reduce
productivity and production, cascading
economic impacts across the world and
amplifying financial and economic
instability.
Based on our current analysis, under each
ofthe short-term scenarios described above,
we expect the Group strategy to be resilient
to short-term physical risk. We expect the
potential impact of transition risks; however,
our analysis indicates our Group business
model and strategy are sufficiently resilient.
MONY Group PLC Annual Report and Accounts 2025 – 50Financial statementsGovernanceStrategic report
Climate Risk Disclosures continued
5:
Integration into
the Group risk
management
framework
Our processes for identifying
and assessing climate-related
risks and integrating climate-
related risks within our overall
risk management framework
Our approach to the identification and
assessment of climate-related risks fits into
ouralready established risk management
framework. These risks are identified, classified
and assessed alongside the other risks which
the Group faces. See pages 60 to 65 on risk
management in the Group. Climate change
risks and, where applicable, opportunities are
reported to the Executive Team and the Board
(see section 1 on Governance above for detail).
Climate-related risks have been assessed in
accordance with our Group Risk Framework
and we have continued to consider climate
change as an emerging risk to our business,
rather than a principal risk.
We monitor existing and emerging
regulatoryrequirements related to climate
change to understand the potential impact
and opportunities for our business and
stakeholders, recognising that climate
change regulations could require us to make
changes to our processes or operations,
butalso that changes in climate change
regulations could present opportunities if
they result in an increase in the demand for
energy efficiency products or services.
Processes for identifying,
assessing and managing
climate-related risks into the
Group’s risk management
framework
Our approach to assessing and managing
the climate-related risks is consistent with
our approach to other risks which the
Groupfaces and is described as part of
ourGroup risk management framework
onpages 60 to 65. Atthis point, we consider
the potential impact of climate change
includes strengthening our operational
resilience toclimate-related risks by reducing
our emissions across our activities.
6:
Group metrics to
assess climate-
related risks and
opportunities in line
with our strategy
andrisk management
processes
We are committed to achieving operational
net zero emissions by 2030 and overall net
zero by 2050, in line with our pledge to limit
our carbon footprint and keep global
warming below 1.5ºC.
We report on various GHG emissions and
intensity metrics to evaluate our impacts and
performance. Detailed information on our
Scope 1, 2 and 3 GHG emissions and
intensity ratios is available on page 41.
Currently, we only use GHG emissions
metrics to assess and manage risks and
opportunities due to their limited nature.
However, we continuously review this
approach and will update our position in
future TCFD reports.
7:
Group targets to
manage climate-
related risks and
opportunities
and performance
againsttargets
As a Group, we are dedicated to having a
positive environmental impact. We aim to
achieve operational net zero emissions by
2030, targeting a 90% reduction in Scope 1
and 2 emissions, aligned with the SBTi
(1.5ºCpathway).
For our long-term goals, we aspire to reach
net zero by 2050. Following a 2022 review of
our Scope 3 net zero targets, we have set
ambitious plans to reduce emissions across
Scope 1, 2 and 3 by 90% by 2050.
We actively work to minimise emissions.
OurLondon, Manchester and Ewloe offices
now operate on 100% renewable electricity
tariffs, and we no longer occupy energy-
intensive data centres. Further details are
onpage 40.
Engaging with third-party suppliers is crucial
to achieving our targets. We have worked
hard this year in collaborating with particular
suppliers to better understand their carbon
footprint. Over the next year, we will
continue to engage with our supply chain to
consider how we can reduce our supplier
Scope 3 emissions even further.
GHG emissions and the
relatedrisks
Our GHG emissions are detailed on page 40
of this Annual Report. In addition to reporting
Scope 1 and Scope 2 emissions, we have also
publicly disclosed our Scope 3 employee
mileage GHG emissions. We provide a
description of the methodologies used
forcalculating or estimating these metrics.
Ourfull Scope 3 emissions data is available
inour CDP report. For emissions we have
notyet eliminated, we offset 100% through
investment in verified carbon offset projects.
Please refer to page 42 for further details.
MONY Group PLC Annual Report and Accounts 2025 – 51Financial statementsGovernanceStrategic report
Non-Financial and Sustainability Information
We comply with the non-financial reporting requirements contained in sections 414CA and 414CB
oftheCompanies Act 2006.
The below table outlines our position on non-financial matters and provides signposts to where these issues are addressed in the report.
Reporting
requirement
Policies and standards which
govern our approach
Additional information
and risk management
Stakeholders
Section 172 Statement pages 32
to 38
Board activities pages 77 to 79
Sustainability disclosures pages
39 to 46
Employee Champion Report
pages 88 and 89
Corporate Governance
Statement pages 80 to 87
Audit Committee Report pages
94 to 99
Environmental
Environmental Policy
Sustainability Framework
Sustainability disclosure pages
39 to 46
Employees
Code of Conduct
Equal Opportunities &
DiversityPolicy
Flexible Working – “Work Your Way”
Policy
Whistleblowing Policy and
Framework
Health and Safety Policy Statement
Sustainability disclosure pages
88 and 89
Employee Champion Report
pages 126 to 130
Human rights
Anti-Slavery & Human
TraffickingPolicy
Code of Conduct
Corporate Governance
Statement pages 74 to 87
Social matters
Anti-Slavery & Human
TraffickingPolicy
Volunteering Guide (Time-Off
Policy)
Sustainability disclosures pages
39 to 46
Directors’ Report pages 126
to130
Reporting
requirement
Policies and standards which
govern our approach
Additional information
and risk management
Anti-corruption
andbribery
Anti-Bribery & Corruption Policy
and Procedure
Competition Law Policy
Conflicts of Interest Policy and
Procedure
Hospitality & Gifts Policy and
Procedure
Fraud Investigation Policy
Share Dealing Policy and Code
How to Buy Guidelines
Directors’ Report pages 126 to
130
Principal risks
andimpact
on thebusiness
Risk Management Framework
Risk Appetite Framework Statement
Conduct Risk Policy
Compliance Risk Group Policy
Operational Risk Policy
Data Risk Group Policy
Strategic Risk Group Policy
Risk management pages 60 to 63
Principal risks pages 64 and 65
Business model pages 30 and 31
Risk Committee Report pages
100 to 102
Description of
businessmodel
Business model pages 30 and 31
Sections 414CA
and414CB of the
Companies Act 2006
Task Force on Climate-Related
Financial Disclosures,
Sustainability Disclosures
pages39 to 51
MONY Group PLC Annual Report and Accounts 2025 – 52Financial statementsGovernanceStrategic report
Non-Financial and Sustainability Information continued
People
At MONY Group, we understand that our
behaviour, our operations and how we treat
our employees all have an impact on the
environment and society. We recognise the
importance of health and safety and the
positive benefits to the Group. The Group
has a Health and Safety Policy which is
communicated to all employees through a
health and safety handbook, which is
regularly reviewed and updated. Behaving
ethically is an essential part of working for
our Group, fundamental to how we do
business and vitally important to the
reputation and success of our Group. Our
Code of Conduct applies to all employees
and sets out our commitment to:
· behave ethically;
· comply with relevant laws and
regulations;and
· do the right thing.
Human rights
Our Code of Conduct also confirms that we
respect and uphold internationally
proclaimed human rights principles as
specified in the International Labour
Organization’s Declaration on Fundamental
Principles and Rights at Work (the ‘ILO
Convention’) and the United Nations’
Universal Declaration of Human Rights. In
addition, we have an Anti-Slavery and Human
Trafficking Policy for suppliers and a separate
one for employees. Training is provided to all
employees on issues of modern slavery in
conjunction with the Code of Conduct
e-learning module. We have a zero-tolerance
approach to modern slavery, and are
committed to acting ethically and with
integrity in all our business dealings and
relationships, and to implementing and
enforcing effective systems and controls to
ensure modern slavery is not taking place
anywhere in our own business or in any of
our supply chains. We publish our Modern
Slavery Act Transparency Statement
annuallyand this, together with previous
statements, can be viewed on our website
athttps://www.monygroup.com/.
Anti-corruption and anti-bribery
We also have Anti-Bribery and Anti-Corruption
and Competition Law Policies that incorporate
the Group’s key principles and standards,
governing business conduct towards our key
stakeholder groups.
We believe we should treat all of these groups
with honesty and integrity. Our Anti-Bribery
Policy is supported by clear guidelines and
processes for giving and accepting gifts and
hospitality from third parties.
Whistleblowing
Our Whistleblowing Policy is supported by an
external, confidential reporting hotline which
enables employees of the Group to raise
concerns in confidence. Any reported issues
will be reported to the Audit Committee and,
where appropriate, remedial actions taken.
Tax Policy
Our Group is guided by our purpose to help
households save money. We believe that our
business makes a valuable contribution to
UK society and we are proud that MSM and
Quidco have helped 12.7 million active users,
as defined on page 58, to save an estimated
£2.8bn on their household bills in 2025 by
finding a better deal on their Insurance,
Energy and Banking products.
Alongside this, we want to make our
contributions to the communities that our
customers live in by paying the right amount
of tax, at the right time. In 2025, we paid
£30.1m in corporation tax (see page 144) and
over £32.3m in other taxes (including VAT
and employer’s National Insurance). This
does not include taxes collected on behalf of
individuals in the form of PAYE and
employees’ NI. We are committed to acting
with integrity and transparency in all tax
matters. We will not support proposals to
reduce our tax cost through implementing
artificial structures, but we will seek
tostructure commercial transactions
inanefficient and legitimate way.
Acopyofourtaxstrategy is available
athttps://www.monygroup.com/.
Dividend Policy
In determining the level of dividend in any
year in accordance with the policy, the Board
also considers a number of other factors that
influence the proposed dividend through its
annual and strategic planning processes and
the scenario planning described below in our
viability review section, which includes: the
level of available distributable reserves in the
Parent Company; future cash commitments
and investment needs to sustain the
long-term growth prospects of the business;
potential strategic opportunities; a prudent
buffer; and the level of dividend cover.
MONY Group PLC, the Parent Company of
the Group, is a non-trading investment
holding company, which derives its distributable
reserves from dividends paid by subsidiary
companies. The Board reviews the level of
distributable reserves in the Parent
Company biannually, to align with the
proposed interim and final dividend
payments. The distributable reserves of the
Parent Company approximate to the balance
on the profit and loss account reserve, which
at 31 December 2025 amounted to £133.0m
(2024: £110.0m) (as disclosed in the Company
balance sheet on page 175). The total
external dividends relating to the year
ended31 December 2025 amount to
£66.3m(2024: £67.0m).
The Group is well positioned to continue
tofund its dividend, which is suitably
coveredby cash generated by the business.
The distributable reserves are sufficient to
pay dividends for a number of years as, when
required, the Parent Company can receive
dividends from its subsidiaries to increase its
distributable reserves. Details on the Group’s
continuing viability and going concern can be
found on pages 66 and 67 and 59.
The ability of the Board to maintain a
futuredividend policy will be influenced by
anumber of the principal risks identified on
pages 64 and 66 that could adversely impact
the performance of the Group.
The Strategic Report on pages 1 to 67 was
approved by the Board of Directors and
signed on its behalf by:
Peter Duffy
Chief Executive Officer
20 February 2026
MONY Group PLC Annual Report and Accounts 2025 – 53Financial statementsGovernanceStrategic report
Highlights
· Resilient financial performance despite significant headwinds in car insurance
· Record revenue of £446.3m, up 2%, fuelled by strong performance in Money and
Home Services
· Highest ever adjusted EBITDA, up 2% to £145.1m, with adjusted EBITDA margin
increased to 33%
· Operating costs down 4% demonstrating continued robust cost management
· Adjusted basic earnings per share of 17.9p, up 5%
· Strong balance sheet position with net cash of £4.1m
Year ended 31 December
2025
£m
2024
£m
Growth
%
Group revenue 446.3 439.2 2
Adjusted EBITDA
1
145.1 141.8 2
Profit after tax 80.7 80.2 1
Adjusted basic EPS
2
17.9p 17.1p 5
Basic EPS 15.3p 15.0p 2
Operating cash flow 107.7 115.6 (7)
Net cash
3
4.1 8.4 (51)
Dividend per share 12.63p 12.50p 1
Notes:
1 Adjusted EBITDA is operating profit before depreciation and amortisation and adjusted for other non-underlying costs as
detailed on page 57. This is consistent with how business performance is measured internally.
2 Adjusted basic earnings per share is profit before tax adjusted for amortisation of acquisition related intangible assets and
other non-underlying costs as described on page 57. A tax rate of 25.0% (2024: 25.0%) is applied to calculate adjusted profit
after tax. This is divided by the number of weighted average shares. A reconciliation of adjusted basic earnings per share to the
financial statements is included in note 9.
3 Net cash is cash and cash equivalents of £20.3m (2024: £22.4m) less borrowings of £14.0m (2024: £12.0m) and loan notes
payable to Podium’s non-controlling interest of £2.2m (2024: £2.0m). It does not include lease liabilities.
Financial Review
Continued strong
strategic and
financial progress
This is a good set of results,
withrecord revenue and adjusted
EBITDA – earned in a tough market.
Niall McBride
Chief Financial Officer
MONY Group PLC Annual Report and Accounts 2025 – 54Financial statementsGovernanceStrategic report
Financial review
Group revenue increased 2% to £446.3m (2024: £439.2m) with profit after tax increasing 1%
to £80.7m (2024: £80.2m). When reviewing performance, the Board reviews several adjusted
measures, including adjusted EBITDA which increased 2% to £145.1m (2024: £141.8m), and
adjusted basic EPS, which increased 5% to 17.9p (2024: 17.1p), as shown in the table below.
Adjusting items included in EBITDA include a provision made for VAT and related costs of
£4.4m (2024: £3.0m) (explained on page 57). This is due to ongoing discussions with HMRC
regarding the method we use to recover VAT, a Partial Exemption Special Method (‘PESM’).
Theadjusted EPS calculation includes a profit on disposal of investments of £2.5m (2024: £nil),
a profit on disposal of property, plant and equipment of £0.6m (2024: £nil) and a loss on
partial disposal of the ITG subsidiary of £6.7m (2024: £nil) as adjusting items.
Extract from the Consolidated Statement of Comprehensive Income
for the year ended 31 December
2025
£m
2024
£m
Growth
%
Revenue 446.3 439.2 2
Cost of sales (159.1) (148.6) 7
Gross profit 287.2 290.6 (1)
Operating costs (169.8) (17 7.3) (4)
Operating profit 117.4 113.3 4
Amortisation and depreciation 23.3 25.5 (9)
EBITDA 140.7 138.8 1
Profit after tax 80.7 80.2 1
Earnings per share:
– basic (p) 15.3 15.0 2
– diluted (p) 15.2 14.9 2
Reconciliation to adjusted EBITDA:
2025
£m
2024
£m
Growth
%
EBITDA 140.7 138.8 1
Irrecoverable VAT provision and related costs 4.4 3.0 47
Adjusted EBITDA 145.1 141.8 2
Adjusted earnings per share
1
:
– basic (p) 17.9 17.1 5
– diluted (p) 17.8 17.0 5
1 A reconciliation to adjusted EPS is included within the adjusting items on page 57.
Financial Review continued
Revenue
for the year ended 31 December
2025
£m
2024
£m
Growth
%
Insurance 232.5 235.6 (1)
Money 105.7 97.8 8
Home Services 48.2 36.1 33
Travel 17.6 19.6 (10)
Cashback 52.7 60.8 (13)
Inter-vertical eliminations (10.4) (10.7) (3)
Total 446.3 439.2 2
Revenue grew 2% to £446.3m. Growth was led by strong performance in Money and Home
Services offsetting more challenging trading conditions in other verticals including market
headwinds in car.
Insurance
Insurance revenue fell 1% to £232.5m. As anticipated, market headwinds impacted
performance in car with offset from good growth in other products such as life, enabled by a
streamlined customer journey.
Car insurance premiums saw a substantial decrease, down 9% on average compared to last
year. In the second half we started to see some easing of these headwinds, particularly in Q4,
with December marking the fourth consecutive month of easing in the previous deflation.
Home insurance premiums continued to decrease into the second half as expected, with
premiums down 2% on average compared to the prior year.
Money
Money revenue grew 8% to £105.7m. Borrowing products drove the majority of this with
robust switching in credit cards, supported by our Credit Club offering, and an improving
trend in mortgages. We secured several strong exclusive credit card deals in the second half
as we continued to capitalise on consumers actively seeking better value.
In banking, base rate changes stimulated demand and competitive savings deals which
further accelerated growth from the first half which saw strong demand leading into the ISA
season. Current accounts recovered from a weaker first half, driven by an increase in the
number of attractive deals available to customers.
We made good strategic progress and improved conversion by use of personalised pre-
approval information, eligibility alignment and AI-enabled prompts. These enhancements,
alongside the depth of our partnerships and exclusive deals, continue to reinforce our
competitive position in Money products.
MONY Group PLC Annual Report and Accounts 2025 – 55Financial statementsGovernanceStrategic report
Financial Review continued
Revenue continued
Home Services
Home Services revenue grew 33% to £48.2m. Energy drove the majority of this growth, albeit
from an immaterial base in 2024. During the year, we welcomed more providers back onto the
platform; the price cap announcements acted as a catalyst, encouraging suppliers to re-enter
the market with more compelling offers for consumers.
Growth accelerated in the second half supported by 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.
Elsewhere within Home Services, broadband continued to perform well. Improvements to our
AI-enabled switching journey means customers can switch providers without leaving the site,
which increased conversion. This was offset by mobiles where switching was subdued as
customers increasingly chose SIM-only deals in light of handset innovation slowing and
pressure on discretionary spend.
Travel
Travel revenue fell 10% to £17.6m. This reflects 11 months of trading in 2025, and the impact
of intense competition across the sector, resulting in higher acquisition costs.
Following the Group’s movement to a minority position as of 1 December 2025, the Travel
segment will no longer be consolidated within our Group results, with share of Ice Travel
Group (‘ITG’) earnings recognised below EBITDA from this date.
The move to a minority stake reduced the Group’s operational complexity since ITG sat
outside the Group’s centralised data and tech platform. This move enables a greater focus on
growth in our core business whilst allowing ITG to continue with its goals.
Cashback
Cashback revenue fell 13% to £52.7m with consumer confidence remaining subdued,
impacting retail spending. The challenging macro trading conditions for retail have been
compounded by sustained pressure on UK marketing budgets, with many advertisers
reducing promotional intensity.
Travel products did see modest growth as we built out and leveraged partnerships, delivering
attractive offers for members.
Cashback saw good strategic progress in the year, launching a number of new propositions
such as card-linked offers and gift cards to improve quality of our member proposition and
enhance engagement.
Gross profit
Gross profit was down 1% to £287.2m, while gross margin decreased to 64.4% (2024: 66.2%).
The margin was impacted by increased PPC costs caused by continued competitive markets
through the year and search dynamics, as well as the growth of B2B which has structurally
lower margins.
Operating costs
for the year ended 31 December
2025
£m
2024
£m
Growth
%
Distribution expenses 34.9 34.4 1
Administrative expenses 134.9 142.9 (6)
Operating costs 169.8 17 7.3 (4)
Within administration expenses
Amortisation of technology related intangible assets 11.5 10.3 10
Amortisation of acquisition related intangible assets 8.1 10.8 (24)
Depreciation 3.7 4.4 (17)
Amortisation and depreciation 23.3 25.5 (9)
Operating costs reduced by 4% year on year, largely due to continued people cost efficiency
gains as well as other administrative cost savings, and a decrease in amortisation of acquired
intangible assets.
Distribution expenses were up a modest 1%, with a new brand marketing campaign launched
for Quidco.
Administrative expenses decreased by 6%. This included a reduction in amortisation of
acquired intangible assets from acquisitions in 2021.
Excluding depreciation, amortisation and adjusting items, underlying administrative expenses
decreased by 6%. This follows continued development of our platform which enabled further
automation and supported by AI, helped to unlock targeted cost savings. The Group delivered
continued efficiency gains on people costs of 11%
1
and further savings on other
administration costs.
Included within operating costs are £4.4m of irrecoverable VAT provisions and related legal
and professional fees which have been presented as adjusting items.
1 11% reduction in people costs, excluding ITG.
MONY Group PLC Annual Report and Accounts 2025 – 56Financial statementsGovernanceStrategic report
Adjusting items
1
for the year ended 31 December
2025
£m
2024
£m
Growth
%
Amortisation of acquisition related intangible assets 8.1 10.8 (24)
Irrecoverable VAT provision and related costs 4.4 3.0 47
Adjusting items included in operating profit 12.5 13.8 (9)
Profit on disposal of investments (2.5) — —
Profit on disposal of property, plant and equipment (0.6) — —
Loss on disposal of subsidiary 6.7 — —
Adjusting items included in profit before taxation 16.1 13.8 17
1 Amortisation of acquisition related intangible assets, profit on disposal of investments, profit on disposal of property, plant
andequipment and loss on disposal of subsidiary are not included in EBITDA and are therefore only adjusting items in the
adjusted EPS calculation. Irrecoverable VAT and related costs are adjusting items in both the adjusted EBITDA and adjusted EPS
calculations.
Amortisation of acquisition related intangible assets relates to technology, brands and
member relationships arising on the acquisitions of Quidco and Podium, as well as the
combination of TravelSupermarket and icelolly.com, in prior years. The charge is lower this
year as more assets have become fully amortised.
The Group is in discussions with HMRC regarding its Partial Exemption Special Method
(‘PESM’) which it uses to recover VAT on expenditure. Provisions for irrecoverable VAT and
related legal and professional fees incurred during the year have been presented as adjusting
items in order to enable like-for-like comparison of the Group’s financial performance
between reporting periods.
Since 2016 work has been ongoing with HMRC on an update to the PESM which was originally
agreed in 2012. In the prior year, HMRC concluded that it no longer agreed with the principles
of the PESM that it approved in 2012 and it subsequently issued a Special Method Override
Notice. Consequently, the Group no longer has an agreed basis for operation of a PESM
withHMRC.
We disagree with HMRC’s position and we are progressing multiple paths to remediation.
TheGroup is expecting assessments from HMRC and in accordance with accounting
standards the Group is obliged to recognise a provision in respect of this. Although we do not
view HMRC’s position as appropriate and we are aiming to reach a resolution promptly, this
process is expected to continue throughout 2026. While dialogue with HMRC is ongoing, the
amounts recognised remain estimates of uncertain timing and amount. Until the outcome of
this matter is determined and while the amounts recognised remain uncertain, we are
presenting the charges as adjusting items.
Profit on disposal of investments relates to the sale of the Group’s minority shareholding
inFlagstone Group Limited.
Profit on disposal of property, plant and equipment relates to a lease modification
duringtheyear.
On 1 December 2025, the Group ceded control of ITG following a share buyback and
cancellation of shares (see note 29) resulting in a loss on disposal of subsidiary of £6.7m.
Thisreflects a strategic decision to reduce Group operational complexity whilst retaining
influence. ITG will benefit from greater operational independence, enabling the business to
accelerate its plans while continuing to benefit from MONY’s support and expertise.
Key performance indicators
The Board reviews key performance indicators (KPIs) to assess the performance of the
business against the Group’s strategy. We measure six key strategic KPIs: estimated customer
savings, net promoter score, active users, revenue per active user, marketing margin and
cross-channel enquiry.
31 December
2025
31 December
2024
Estimated Group customer savings £2.8bn £2.9bn
Group marketing margin
1
57% 58%
MSM and MSE net promoter score 73 72
MSM and Quidco active users 12.7m 13.8m
MSM and Quidco revenue per active user £20.21 £18.54
MSM cross-channel enquiry 22% 25%
1 Marketing spend for the year is £194.0m (2024: £183.0m).
KPI definitions reflect the parts of the Group most relevant for assessing its performance and
where data is available: NPS includes our two biggest consumer brands. Active users is most
relevant for MSM and Quidco where user accounts are identified as a key part of the
transactional journey. Cross-channel enquiry relates only to MSM as this metric is aligned to
our aim of offering more products to users as part of our retain and grow strategy.
Estimated Group
customer savings
This is calculated by multiplying sales volume by the market average price
per product based on external data compared to the cheapest deal in the
results table for core channels. Savings for other channels are estimated by
applying the savings for core channels proportionally to revenue for other
channels. The cashback earned by Quidco members is included in this KPI.
Group marketing
margin
The inverse relationship between Group revenue and total marketing spend
represented as a percentage. Total marketing spend is the direct cost of
sales plus distribution expenses.
MSM and MSE net
promoter score
The 12 monthly rolling average NPS (1 January 2025 - 31 December 2025
inclusive) measured by YouGov Brand Index service Recommend Score
weighted by revenue for MSM and MSE to create a combined NPS.
Financial Review continued
MONY Group PLC Annual Report and Accounts 2025 – 57Financial statementsGovernanceStrategic report
Financial Review continued
Key performance indicators continued
MSM and Quidco
active users
The number of unique MSM accounts running enquiries on MSM (car
insurance, home insurance, life insurance, travel insurance, pet insurance,
van insurance, credit cards, loans and energy channels) in the last 12-month
period, plus the number of unique Quidco members making a purchase in
the last 12-month period.
MSM and Quidco
revenue per active
user
The revenue for MSM channels (car insurance, home insurance, life insurance,
travel insurance, pet insurance, van insurance, credit cards, loans and energy
channels) plus Quidco revenue net of member commission divided by the
number of MSM and Quidco active users for the last 12 months.
MSM cross-channel
enquiry
The proportion of MSM active users that enquire in more than one channel
(car insurance, home insurance, life insurance, travel insurance, pet insurance,
van insurance, credit cards, loans and energy) within a 12-month period.
Estimated customer savings has reduced by £0.1bn to £2.8bn, primarily due to softer car and
home insurance market conditions, with reduced switching volumes and lower savings per
sale. This has been partially offset by savings improvements in energy through better deal
availability and increased switching momentum, as well as higher savings delivered for
borrowing products, savings, and life insurance channels.
The decrease in marketing margin reflects movements in gross margin, described below,
andincreased marketing operating expenses in 2025.
Trust and satisfaction in our brands remained strong, NPS has increased from 72 to 73.
Active user numbers have reduced by 1.1m to 12.7m, this is primarily driven by the expected
mix out of car insurance enquiries with market contraction, partially offset with growth in
other channels such as life insurance.
Revenue per active user has grown by £1.67 to £20.21, supported by increased levels of
energy switching, stronger revenue and sales in life insurance, and increased activity across
borrowing channels, helping to offset the continued mix shift out of car insurance.
The cross-channel enquiry rate has held since half year end at 22%. The 3% fall year on year
reflects volume mix out of car insurance from anticipated market contraction, with some
offset from growth in cross-enquiry from SuperSaveClub members.
Alternative performance measures
We use a number of alternative (non-Generally Accepted Accounting Practice (‘non-GAAP’))
financial measures which are not defined within IFRS. The Board reviews adjusted EBITDA and
adjusted basic EPS alongside GAAP measures when reviewing the performance of the Group.
Executive management bonus targets include an adjusted EBITDA measure and the Long-
Term Incentive Plans include an adjusted basic EPS measure.
The adjustments are separately disclosed and are usually items that are non-underlying to
trading activities and are significant in size. Alternative performance measures used within
these statements are accompanied with a reference to the relevant GAAP measure and the
adjustments made. These measures should be considered alongside the IFRS measures.
Dividends
The Board has recommended a final dividend of 9.30p per share (2024: 9.20p), making the
proposed full-year dividend 12.63p per share (2024: 12.50p).
The final dividend will be paid on 8 May 2026 to shareholders on the register on 27 March 2026,
subject to approval by shareholders at the Annual General Meeting to be held on 30 April 2026.
Tax
The effective tax rate of 27.0% (2024: 26.2%) is higher than the UK standard rate of 25.0%
primarily due to the loss on disposal of subsidiary which is not deductible for corporation tax.
Last year the effective tax rate was higher due to timing differences in our estimation of
share-based payments which increased the tax charge.
Earnings per share
Basic earnings per share has increased by 2% to 15.3p (2024: 15.0p) due to the reduction in
shares from the buyback and higher profit after tax. Earnings per share is calculated using
theweighted average number of shares in the year which means that the full impact of the
buyback, which took place over the course of the year, will not be seen until next year.
Adjusted earnings per share is based on profit before tax after adding back adjusting Items.
Atax rate of 25.0% (2024: 25.0%) is applied to calculate adjusted profit after tax. Adjusted
basic earnings per share increased by 5% to 17.9p per share (2024: 17.1p), which is higher than
the growth in adjusted EBITDA due to the reduction in depreciation, amortisation and net
finance expense.
Cash flow and balance sheet
Operating cashflows decreased to £107.7m (2024: £115.6m) driven by working capital
movements arising from revenue growth in channels with longer cash collection periods,
suchas energy and life insurance.
Cash outflows on investing activities include £9.6m (2024: £14.1m) of cash capital expenditure
and £2.7m (2024: £nil) net inflows from acquisitions and disposals.
Having started the year with positive net cash of £8.4m, we generated a further £93.0m of
cash before returns to shareholders. At the year end, after paying dividends (£66.9m) and
repurchasing shares (£30.2m) we remained net cash positive at £4.1m
1
.
Capital expenditure
Capital expenditure outflows were £9.6m (2024: £14.1m), including technology investment
of£8.6m (2024: £13.3m).
The amortisation charge for technology assets has increased slightly from £10.3m to
£11.5mas a result of the full-year impact of higher spend last year.
1 Net cash is presented net of amounts owed to non-controlling interest which increased by £0.2m interest during the year.
MONY Group PLC Annual Report and Accounts 2025 – 58Financial statementsGovernanceStrategic report
Capital allocation
MONY Group has an established and disciplined capital allocation policy, focused on the
creation of long-term sustainable shareholder value, through organic and inorganic growth
and shareholder returns.
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 to
1%. 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.
Shareholder returns for 2025 totalled £96m. This comprised the ordinary dividend and £30
million share buyback, alongside the 5% growth in adjusted EPS already delivered.
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.
Going concern
The Directors have prepared the financial statements on a going concern basis for the
following reasons.
As at 31 December 2025, the Group’s external debt comprised a revolving credit facility (‘RCF’),
(of which £14m of the £125m available was drawn down). The RCF is due for renewal in June
2028. Since the year end, this has been repaid in full and no further amounts have been
drawn down. The operations of the business have been affected by macroeconomic
Capital allocation framework
Organic
investment
Ordinary
dividends
Acquisitive
growth
Enhanced
shareholder
distributions
Strong and flexible balance sheet to support growth strategy
uncertainty and cost of living impacts, as well as the expected contraction in car and home
insurance switching markets. However, the Group remains profitable, cash generative and
compliant with the covenants of its borrowings.
The Directors have prepared cash flow forecasts for the Group, including its cash position,
fora period of at least 12 months from the date of approval of the financial statements.
TheDirectors have also considered the effect of potential trading headwinds and recession,
competition such as new entrants upon the Group’s business, as well as risks from cyber
anddata on the Group’s financial position, and liquidity in severe, but plausible,
downsidescenarios.
The scenarios modelled take into account the potential downside trading impacts from
recession, consumer confidence, competitive pressures and any one-off cash impacts on top
of a base scenario derived from the Group’s latest forecasts. A detailed assessment has been
performed to model the impact of the severe but plausible downside scenarios and in some
of the more severe scenarios, included the cost saving mitigations that would be taken. The
impact these scenarios have on the financial resources, including the extent of utilisation of
the available debt arrangements and impact on covenant calculations, has been modelled.
The possible mitigating circumstances and actions in the event of such scenarios occurring
that were considered by the Directors included cost mitigations such as a reduction in the
ordinary dividend payment, a reduction in operating expenses or the slowdown of capital
expenditure. A reverse stress test has also been performed, which assumes the maximum
available drawdown of borrowings, whilst maintaining covenant compliance.
The scenarios modelled and the reverse stress test showed that the Group and the Parent
Company will be able to operate at adequate levels of liquidity for at least the next 12 months
from the date of signing the financial statements. The Directors, therefore, consider that the
Group and Parent Company have adequate resources to continue in operational existence for
at least 12 months from the date of approval of the financial statements and have prepared
them on a going concern basis.
Consideration of climate change
In preparing the financial statements, the Directors have considered the impact of climate
change and there has been no material impact identified in the reporting period on the
financial reporting judgements and estimates. The Directors considered the risks with
respectto going concern and viability, as well as the cash flow forecasts used in the
impairment assessment, and noted no material risks within the planning period. Whilst
thereis no material financial impact to the Group expected from climate change within the
reporting andforecast period of the Group, the Directors will assess these risks regularly
against the judgements and estimates used in preparation of the financial statements.
Niall McBride
Chief Financial Officer
20 February 2026
Financial Review continued
MONY Group PLC Annual Report and Accounts 2025 – 59Financial statementsGovernanceStrategic report
Risk Management
Strategic delivery
enabled through
effective risk
management
Risk
management
process
Risk
reporting
Identify
risks
Risk
register
Risk
categorisation
Monitoring
and risk
acceptance
Assess
inherent
risk
Assess
residual risk
and risk
appetite
Risk
mitigation
Governance and policies
· Risk framework
· Risk appetite
· Risk policies
· Three lines of defence
Risk culture
· Values and behaviours
· Training and awareness
· Embedding in decisions
· Continuous improvement
Effective risk management builds
thetrust that empowers every
customer decision.
Matt Whittle
Chief Risk Officer
MONY Group PLC Annual Report and Accounts 2025 – 60Financial statementsGovernanceStrategic report
Risk Management continued
Risk management approach
Managing risk effectively is central to
safeguarding the Group’s resilience and
enabling sustainable growth. Our approach
is grounded in a clear principle: we only
assume risks that we fully understand and
where the potential returns are
proportionate to the risks taken.
The Group operates a risk management
framework which is supported by a robust
system of internal controls, ensuring that risks
are systematically identified, categorised,
assessed and managed in alignment with our
defined risk appetite. This framework provides
the Board with confidence that risk oversight
remains rigorous and responsive to the
evolving environment we operate within.
Governance and oversight
Our risk governance framework is designed
to be clear, comprehensive and effective,
with well-defined lines of responsibility and
accountability.
The Risk and Sustainability Committee plays
a critical role in supporting the Board by
overseeing Executive Management and
maintaining flexibility in its agenda to
address emerging risks as they arise. Horizon
scanning, conducted by our Legal, Risk and
Compliance teams, enables us to anticipate
and evaluate emerging risks in a rapidly
changing environment.
The Board undertakes a robust assessment
of emerging and principal risks that could
impact our business model, performance,
solvency or liquidity. Our principal risks and
their management strategies are detailed on
pages 64 and 65.
Each year, the Board evaluates the
effectiveness of our risk management
framework and system of internal controls,
covering financial, operational, and
compliance areas. This includes:
· reviewing whether the risk management
framework appropriately defines risk
appetite;
· assessing the operation and integration
ofrisk management and internal controls
with strategic and business planning
· considering changes in nature, likelihood
and impact of principal risks and our
ability to respond;
· evaluating the quality and frequency of
riskmanagement reporting;
· reviewing how identified risks and internal
control weaknesses have been managed
or mitigated; and
· assessing the effectiveness of financial
reporting processes.
This structured approach ensures that
risksare managed effectively, supporting
theGroup’s strategic objectives and
long-term stability.
Role Responsibilities
Board
· Approval of Group Risk Framework, risk appetite and principal risks.
· Carry out an assessment (at least annually) of principal risks and
effectiveness of risk management framework and system of
internal controls, and report to shareholders on such matters.
Risk and Sustainability
Committee
· Advise the Board on Group Risk Framework and risk appetite.
Review and oversight of key risk themes and metrics.
· Oversight of Executive management in management of risks.
· Review of emerging risks and regulatory change.
Management
(First Line of Defence)
· Ensure risk management is an integral part of implementing the
business strategy.
· Operate the business within set risk appetite and risk thresholds.
· Responsibility for managing risks and implementing effective controls.
Risk and Compliance
(Second Line of Defence)
· Implementation of Group Risk Framework and Risk Appetite.
Implement and manage the Group’s system of internal controls.
· Develop and implement risk management policies and tools, and
lead communication and training.
· Monitor progress of the key risk themes.
· Co-ordinate appropriate and timely delivery of risk management
information to Executive Management and the Risk and
Sustainability Committee.
· Advise and challenge management on risk management and
internal control processes.
Internal Audit
(Third Line of Defence)
· Monitor effectiveness of risk management processes.
· Perform tests of internal controls effectiveness.
· Identify and agree corrective actions with management.
· Liaise with Risk and Compliance function, including in relation to
mapping of assurance activities to the Group’s significant risks.
· Report to the Audit Committee.
MONY Group PLC Annual Report and Accounts 2025 – 61Financial statementsGovernanceStrategic report
Risk Management continued
Risk management framework
During 2025, we have monitored the risks
associated with the Group’s strategic
priorities, overseen the Group’s
management of risks associated with
strategic initiatives and strengthened
controls in respect of our approach to
artificial intelligence, cyber security and
business continuity processes and controls.
We have also continued to evolve the
Group’s risk management framework to
reflect regulatory change including evolving
guidance on Consumer Duty, the Online
Safety Act 2023 and Data (Use and Access)
Act 2025.
Risk appetite
“Risk appetite” defines the level and type of risk
the Group is able and willing to accept in order
to achieve its strategic objectives. The Group’s
risk appetite influences the Group’s culture
and operating decisions and is reflected in the
way risk is managed. The Group Risk Appetite
Statement is reviewed annually, in line with the
strategic direction of the Group, recent
experience and the regulatory environment,
and is subject to formal Board approval.
There are certain risk areas where we have a
very low or zero tolerance to take risk, taking
proactive measures to avoid or eliminate this
risk wherever possible. In other areas, such
as strategy and growth, we recognise that
carefully managed risk taking is essential to
achieving our business objectives and goals.
By balancing diligence with ambition, we
ensure that risks are considered thoughtfully
and aligned with our long-term goals.
Risk identification and
assessment
The Group adopts formal risk identification
and management processes which are
designed to ensure that risks are properly
identified and evaluated, in line with risk
appetite. The identification of significant
risks is informed using a bottom-up and
top-down approach with each business area
identifying new risks as well as reassessing
those already being monitored. To aid in the
identification of risks and development of
associated mitigating actions, risks are
categorised into strategic, financial,
operational, compliance, conduct and data
risks. Our regular and ongoing risk oversight
includes risk and control assessments across
all areas of the business, in order to
understand the strength and performance
of the controls in place, and potential gaps
and weaknesses.
Management reporting
Effective risk reporting is fundamental to
maintaining robust governance and informed
decision making across the Group. Our
reporting framework provides management
with clear visibility of the most material risks,
enabling the identification of areas of concern
and prioritisation of actions. It ensures access
to detailed insights that support root cause
analysis and highlight emerging trends, while
facilitating timely escalation and mitigation of
new operational risk issues.
Where risk exposures fall outside the
Group’s defined risk appetite, these are
promptly escalated and reported to the
Riskand Sustainability Committee.
Comprehensive action plans are
developedto bring such risks within
tolerance, with clearly defined timelines.
Thenature and extent of mitigating
actionsare determined by the severity
andcharacteristics of the risk, aligned to
theGroup’s overarching risk appetite.
Future developments
Risk management will remain at the heart of
everyday business decision making across
the Group. We will continue to strengthen
our management information making use of
GRC tooling and ensure that specialist risk
and compliance knowledge is readily
available across the Group. This ensures
informed, risk-based decisions and robust
oversight at every level.
We will continue to augment our risk
management framework in specific areas
offocus, including artificial intelligence, cyber
risks and business continuity. Additionally
wewill be supporting management in the
identification and mitigation of emerging
risksincluding ensuring appropriate internal
controls where required.
The Group recognises that regulation, in
particular the activities of the FCA, the ICO,
Ofgem, Ofcom and the CMA, will continue to
be a feature of both the price comparison
market and the consumer markets in which we
operate. In 2026, we will make preparations for
Ofgem TPI regulation requirements, further
ICO guidance on Data (Use and Access) Act
2025 and manage likely changes in the FCA
SMCR and Consumer Duty requirements.
Managing risk,
poweringconfidence.
Matt Whittle
Chief Risk Officer
MONY Group PLC Annual Report and Accounts 2025 – 62Financial statementsGovernanceStrategic report
Risk Management continued
Our principal risks
(asat31December2025)
Outlined here are the Group’s most significant risks that
may affect our future. We assess the probability of the risk
materialising and the impact of the risk on a residual basis
(taking into account the benefit of mitigating controls).
Likelihood
Impact
2
71
5
4
6
3
 1
Competitive environment and consumer demands
 2
Brand strength and reputation
 3
 4
 5
 6
 7
Data processing and protection
Data security and cyber risk
Relevance to partners
Economic conditions
Regulation
Risk overview
Principal risk heat map – reflecting residual risk ratings
MONY Group PLC Annual Report and Accounts 2025 – 63Financial statementsGovernanceStrategic report
Principal Risks and Uncertainties
The table below summarises the Board’s
view of the material strategic, financial and
operational/conduct risks to the Group and
how the Group seeks to mitigate them.
Risk movement:
 Increasing
 Decreasing
 No change
Strategic priorities:
 Loyal engaged members
 Best provider proposition
 Leading tech and data
1
Competitive environment
andconsumer demands
(strategicrisk)
2
Brand strength
and reputation
(strategic risk)
3
Data processing and
protection
(operational/conductrisk)
Description
The Group operates in a dynamic and highly
competitive marketplace with new competitors
entering the market. We must continually innovate
to keep ahead of competitors and changing
consumer behaviours.
Description
The Group must maintain consumer awareness of
and engagement with its key brands.
Description
The Group must appropriately process and govern
the data our customers share.
As a leading website operator, the Group may
experience operational issues which result in
customers’ personal data being incorrectly
processed and/or shared with partners or
thirdparties.
Mitigating activities
Continuous innovation of new services, including
utilising AI to transforming customer experiences at
scale and improving Group wide operations.
Regular engagement with consumers to
understand changes in how they use our services.
Investment in our technology platforms to
improve customer experience and make
comparing products easier.
Annual strategic planning process defines the
Group’s strategic priorities and ensures identified
opportunities are taken to drive sustainable growth.
Mitigating activities
Our investment in marketing across a range
ofmedia maintains the Group’s brands in
consumers’ minds.
We have developed the MoneySuperMarket
ChatGPT app which gives a new route to market.
Our strong relationships with our providers allow
us to offer exclusive and market-leading deals.
Mitigating activities
Being transparent with customers about why their
personal data is collected and who it may be
shared with.
Specialist data protection knowledge within our
dedicated Data Protection team. Mandatory annual
training for all employees and new starters.
Controls and monitoring of internal processes,
including our data protection framework.
Regular ongoing quality assurance procedures.
Developments in 2025
SuperSaveClub now has over 2.1 million members.
First Purchase Reward has been introduced.
New customer propositions including the launch of
Savings by MoneySuperMarket. Embedded AI more
widely across MoneySuperMarket’s core on-site
experience including AI enabled broadband
comparison, insurance and credit cards results
insights and car insurance price optimiser.
The MSE App has been downloaded by almost
3million people over 9 million consumers now
receive the weekly MSE tip email.
Developments in 2025
MoneySuperMarket and MoneySavingExpert saw
their combined net promoter score increase to 73
in 2025.
We continue to deploy AI to improve the
effectiveness and efficiency of our marketing
andhave developed the MoneySuperMarket
ChatGPT app.
MoneySavingExpert offered users the first
collective energy switch since the energy crisis.
Developments in 2025
Investment in Group re-platforming programme,
delivering a unified data and technology
architecture built for innovation, scalable growth
and compliant data handling.
Reviewed our critical systems to ensure
theymetrelevant requirements when holding
personal data and ensure they met our Data
Handling Standards.
Updated our Record of Processing Activity
document to reflect how customer and employee
personal data is processed, including any systems
it is in (both internal and third parties).
Risk movement Link to strategy Risk movement Link to strategy Risk movement Link to strategy
MONY Group PLC Annual Report and Accounts 2025 – 64Financial statementsGovernanceStrategic report
Principal Risks and Uncertainties continued
4
Data security and
cyber risk
(operational/conduct risk)
5
Relevance to partners
(strategicrisk)
6
Economic conditions
(strategicrisk)
7
Regulation
(strategic risk)
Description
The Group must protect itself from security
breaches or successful cyber attacks which
couldimpact our ability to operate our
websitesand services.
Description
The Group relies on its partners to access
competitive products and technological integration
to provide a seamless customer experience.
Description
Weaknesses in the UK economy, including ongoing
increased cost of living and very high energy costs,
have led to more challenging conditions in one or
more markets in which we operate.
Description
The Group must understand and respond to the
effects of regulatory intervention in the markets in
which we operate.
The Group must comply with existing and new
regulatory requirements which directly apply to
itsactivities.
Mitigating activities
The Information Security Management System
(‘ISMS’) Framework encompasses a comprehensive
set of controls designed to collectively safeguard
the Group’s information assets. These controls
address risks by ensuring the confidentiality,
integrity and availability of information through
robust governance, risk management and
operational practices.
Mitigating activities
Working closely with partners to ensure high-
quality and appropriate products and to maximise
the opportunities for partners to acquire
customers in a cost-effective manner.
Mitigating activities
Maintaining a diversified business across a range
of products.
Regular monitoring of market conditions and
environment.
Focusing on maintaining control of our cost base.
The continued diversity of the Group across a
portfolio of brands and channels offers the Group
protection from cyclical economic changes.
Mitigating activities
We maintain regular and ongoing dialogue with key
regulatory bodies.
Emerging regulatory change is identified through
horizon scanning and assessed for potential
impact to the Group. This enables timely oversight
and informed decision making.
Our Risk and Compliance team works across the
Group to ensure it remains compliant with new and
existing regulations.
Developments in 2025
Completed our extensive technology
re-platforming which has simplified our
technology landscape.
Through the ISMS, continually and consistently
driving forward our services, tooling and
capabilities to improve our cyber maturity.
Developments in 2025
Scaled existing B2B partnerships with
newproducts.
Expanded our first-party data offering across
travel and pet channels to help more providers
understand how they perform across our
platform through Market Boost.
Increased focus to support direct APIs with our
partners, to drive more transparent pricing and
eligibility for our customers.
Developments in 2025
Macroeconomic conditions are reviewed and
updated as part of the quarterly forecasting
processes.
The Group has ensured it has flexibility in
resources to give strategic focus and resource
prioritisation towards products which have the
greatest opportunities arising from market
conditions.
Developments in 2025
The Group has successfully implemented all new
requirements including Ofcom’s requirements
around mid-term price rises and online safety.
We have enhanced our Consumer Duty approach in
response to FCA guidance relating to outcomes
monitoring and Board reporting. We responded to
FCA feedback in relation to our Appointed
Representatives arrangements, as part of its
industry review.
We have engaged with regulators on topics including
the premium finance market study, pure protection
market study and consumer credit reform.
Risk movement Link to strategy Risk movement Link to strategy Risk movement Link to strategy
Risk movement Link to strategy
MONY Group PLC Annual Report and Accounts 2025 – 65Financial statementsGovernanceStrategic report
Viability Statement
As required by Provision 31 of the 2018 UK
Corporate Governance Code, the Directors
have assessed the prospects of the Group
over a three-year period to December 2028.
In making this assessment, the Directors
took account of the business model and
principal risks set out on pages 30 and 31
and pages 64 and 65 of the Strategic Report.
Business model
Our business model is focused on matching
customers with the right providers and
products for them. Our price comparison
services help customers to compare a wide
range of products in one place and make an
informed choice when taking out the
product most suited to their needs; and our
Cashback business provides users with
cashback offerings on their online
purchases. All of our brands supply
providers and merchants with valuable
marketing leads.
For our providers and merchants it offers an
efficient and cost-effective way to reach a
large volume of informed customers who are
actively looking for a product. This business
model operates along the following principles:
· the Group relies on lead referrals and
customer transactions for its revenue
anddoes not have long-term contracted
revenue streams;
· the Group makes money from lead
referrals by helping customers find the
product they want, switch to it and save
themselves money;
· customers will continue to see value
inshopping around for products and
services and will aim to save money
bydoing so; and
· providers will have strategies of new
customer acquisition and develop products
and services to fulfil that strategy.
The Group’s strategy is to grow our two-
sided marketplace, creating compelling
member-based propositions for consumers,
driving retention and cross-sell, and
providing enhanced services to our
providers, making us a compelling partner
for their growth. All of this is underpinned by
a leading data and technology platform.
The Strategic Report sets out the Group’s
performance on the main KPIs which
theBoard monitored for the year ended
31December 2025. The Board monitors and
reviews progress against three time horizons:
quarterly to review and reforecast performance
against the Annual Plan and Budget; annually
to establish a clear Annual Plan and Budget
that will deliver against the Strategic Plan;
and a three-year Strategic Plan reassessed
annually, to determine the strategy of
theGroup.
The Board noted the commentaries issued
by the Financial Reporting Council suggesting
that Viability Statements should be extended
beyond a period of three years; however, due
to the nature of our economic, technological
and regulatory environment, the Board did
not consider it appropriate to alter its current
time frame due to the following reasons:
· the expected life cycle of the Group’s
technology is three years, and this reflects
the frequent changes in the way that
consumers choose to use technology;
· it is difficult to forecast revenue and costs
beyond three years given that the Group’s
revenue and costs are not materially
covered by long-term contracts; and
· within three years costs could be
substantially restructured to compensate
for a major fall in revenue. As such, the
Board proposes to keep the time frame
asthree years rather than extending
beyondthis.
Risk management
As part of the review of the strategic
priorities, the Board identified the Group’s
principal risks around delivering these
priorities which represent a risk or combination
of risks in severe but reasonable scenarios
that can seriously affect the future prospects
or reputation of the Group through threatening
its business model, future performance,
solvency or liquidity. These include competitive
environment and consumer demands, brand
strength and reputation, data processing
and protection, data security and cyber
andrelevance to partners. In addition, the
Directors believe that the Group faces risks
around regulatory change and economic
conditions (including the impact of a deep
recession or increased cost-of-living impacts)
especially as that may influence the availability
of attractive products for customers. Our
principal risks and uncertainties (including
mitigating activities) are on pages 64 and 65.
We have prepared cash flow forecasts for
the Group and have considered the impact
of the economic conditions mentioned
above upon the Group’s business, financial
position and liquidity in severe, but plausible,
downside scenarios, using stress testing and
scenario analysis techniques. The scenarios
use a base scenario derived from the
Group’s latest forecasts and factor in existing
borrowings, including debt repayments and
covenant compliance as well as member
creditor commitments. Our £125m RCF is
due for renewal in June 2028 and we have
assumed that we would be able to renew this
under similar terms.
MONY Group PLC Annual Report and Accounts 2025 – 66Financial statementsGovernanceStrategic report
Viability Statement continued
Risk management continued
The assessment consisted of scenario
(stress) testing including one combined
scenario for those with impacts of medium
or higher likelihood and moderate or higher
residual risk. These stress tests involved
estimating the impact on revenue, EBITDA
and net cash/debt, together with reverse
stress testing to identify the theoretical
sensitivity that the Group could absorb. The
possible mitigating circumstances and actions
in the event of such scenarios occurring that
were considered by the Directors included
cost mitigations such as a reduction in the
ordinary dividend payment, a reduction in
operating expenses or the slowdown of
capital expenditure.
The Board manages risks across the
Groupthrough a formal risk management
framework, designed to ensure that risks are
properly identified, prioritised, evaluated and
mitigated to the extent possible. Key aspects
of this framework include:
· a Risk Appetite Statement expressing the
amount and type of risk the Board is willing
to accept to achieve its strategic objectives;
· regular assessments of current and
emerging risks being faced by the Group
including internal control effectiveness
and mitigating actions;
· risk metrics and thresholds which are
monitored as potential indicators of risk;
· scenario planning based on the principal
risks; and
· oversight from Risk and Compliance and
Internal Audit functions.
The Board has also considered the risks from
climate change and concluded that there is
no material impact with respect to viability
and going concern over the Group’s
planningperiod.
Viability assessment
In making its assessment of viability, the
Board has considered the resilience of the
Group using scenario planning based on the
principal risks to test the Group’s planned
earnings, cash flows and viability over the
three-year period. Using its judgement on
the likelihood of the principal risks and the
probability of them being inter-related, the
Board assessed the risks separately and in
certain combinations of stressed scenarios.
In arriving at its conclusion, the Board is
making the assumption that the key aspects
of customer and provider behaviour set out
above which underpin the business model
will continue. It is also assuming that
customers and providers will continue to
want to transact online.
Based on the Company’s current position
and principal risks, together with the results
of this robust assessment and the Company’s
ongoing risk management processes, the
Directors have a reasonable expectation that
the Group and the Company will be able to
continue in operation and meet their liabilities
as they fall due over the three-year period of
theirassessment.
The Board manages risks across the
Groupthrough a formal risk management
framework, designed to ensure that risks are
properly identified, prioritised, evaluated and
mitigated to the extent possible.
The Board regularly considers and monitors
the real and potential risks and impacts of
macroeconomic and other disruption to our
end markets, along with mitigating actions.
The Board regularly considers and monitors
the real and potential risks and impacts of
macroeconomic and other disruption to our
endmarkets, along with mitigating actions.
MONY Group PLC Annual Report and Accounts 2025 – 67Financial statementsGovernanceStrategic report
Dear fellow shareholder
I am pleased to present the Group’s
Corporate Governance Statement for 2025,
my first year as Chair.
Board focus areas in 2025:
· regular and robust evaluation of the
Group’s strategy and performance,
including the growth of SuperSaveClub –
further details are provided on page 77
to79;
· the successful execution of the Group’s
£30m share buyback programme, which
concluded on 2 December 2025 – see
page 127 for further details;
· reviewing and monitoring the Group’s
principal and emerging risks – further
details are provided on page 64 to 65;
· oversight of the Audit Committee’s
detailed and thorough tender process to
appoint the Group’s external auditors and
the approval of PwC, who will be proposed
to shareholders at the Group’s AGM on 30
April 2025. A summary of the process
followed is contained on page 98;
· the monitoring of the Group’s
performance against its Climate transition
plant – further details are provided on
page 48 to 51;
· oversight of continued progress against
the Group’s diversity and inclusion
strategy – further details are provided
onpages 91 to 92;
· oversight of preparation for compliance
with the 2024 Corporate Governance
Code, which came into effect on 1 January
2025; an internal Board Performance
Review was carried out by me and was
reported to the Board in December 2025.
Further details of this review, including
findings and agreed actions are provided
on pages 84 to 87.
As a Board, we aim to maintain a governance
structure which provides effective control
and oversight of the Group, whilst promoting
the entrepreneurial spirit which has been
central to the Group’s sustained success in
helping households save money. In this
report we describe how our purpose, values
and strategy are aligned with our culture and
behaviours, and how we consider all our
stakeholders in key decisions.
Governance developments
during 2025:
· Completed a re-tender for our External
and Internal Audit partners, including
regular reporting at the Audit Committee
and the forming of a Audit Re-Tender
Steering Group and Subcommittee to
ensure this process is conducted in-line
with the FRC’s Audit Committees and the
External Audit: Minimum Standard.
Further details can be found on page 98;
· Reviewed the Group’s Consumer Duty
Annual Report in September 2025;
· Approval and regular tracking of our
Consumer Duty Scorecard ensured that
the customer was at the forefront of the
Board’s decision making;
In my first year as Chair, the Board has
focused on effective governance, open
dialogue and constructive challenge,
supporting delivery of our strategy
with clear and independent oversight.
Jonathan Bewes
Chair
Chair’s Introduction to Governance
Leadership and
Governance
MONY Group PLC Annual Report and Accounts 2025 – 68Financial statementsGovernanceStrategic report
Chair’s Introduction to Governance continued
· Embedded the actions from the external
Board Performance Review, including a
comprehensive training schedule, as
outlined on pages 84 to 87; and
· Review of our Codes and Policies in the
light of increasing use of Artificial
Intelligence within the Group, including
guidelines for its utilisation within our
Code of Conduct.
Purpose and culture
The cultural tone of the business begins in
the Boardroom. Our purpose of helping
households save money is enabled by the
behaviours that are embedded into our
business and is aligned with our strategy.
Together, these help to create a culture
which optimises performance and delivers
long-term results.
The Board endeavours to promote integrity
and diversity of thought at all levels of the
Group. We are committed to developing a
diverse workforce and an inclusive working
environment. This commitment is
demonstrated in the implementation of our
diversity and inclusion initiatives, including
our LGBTQ+ Guidelines and our ranking 22nd
in the 2024/25 Inclusive Top 50 UK Employers
List.
Further details on our culture, purpose and
values can be found in our Strategic Report
on pages 1 to 67.
Compliance with the 2024 UK
Corporate Governance Code
(the ‘Code’)
During the year ended 31 December 2025,
we have applied the principles and complied
with all the provisions contained in the Code.
This report explains how we as a Board lead
the Group and discharge our governance
duties and outlines the governance initiatives
we have undertaken during the year. The
Corporate Governance Statement also
explains compliance with the FCA’s
Disclosure and Transparency Sourcebook. In
reviewing our Board’s effectiveness, we have
taken into account the Financial Reporting
Council’s (‘FRC’) 2018 Guidance on Board
Effectiveness and applied its guidance where
appropriate. The FRC is responsible for the
publication and periodic review of the UK
Corporate Governance Code, and this can be
found on the FRC’s website, www.frc.org.uk.
The Board also reviewed its governance
framework to ensure it remains fit for
purpose and continues to be compliant with
the Senior Managers and Certification
Regime (‘SMCR’).
Board changes
The Board has remained unchanged
thisyear.
Dividend
I am delighted to report that the Board has
proposed a final dividend of 9.30p per share
to shareholders in respect of 2025.
Looking forward
During 2026 the Board will undertake an
external Board Performance Review and
commence a search to replace one of our
NEDs who will be cycling off in 2027.
Jonathan Bewes
Chair
20 February 2026
MONY Group PLC Annual Report and Accounts 2025 – 69Financial statementsGovernanceStrategic report
The table below shows where shareholders can evaluate how the Company has applied the principles of the Code and where key content can be found in this report.
Section Further information
Board leadership and Company purpose
The cultural tone of the business begins in the Boardroom. The Board has established a clear purpose,
setofvalues and strategy, taking into account the interests of our wider stakeholders. The right resources,
structures and processes are in place to ensure that these are implemented throughout the Group.
Business model – pages 30 and 31
Board activities – pages 77 to 79
Risk management – pages 60 to 63
Shareholder engagement – page 35
Section 172 Statement – pages 32 to 38
Sustainability Report – pages 39 to 46
Workforce engagement – page 34, pages 88 and 89
Division and responsibilities
The respective roles and responsibilities of the Executive and Non-Executive Directors are clear and
consistently applied, providing for effective and constructive dialogue and clear accountability.
Board of Directors – pages 72 and 73
Division of responsibilities – pages 80 to 87
Nomination Committee Report – pages 90 to 93
Composition, succession and evaluation
The Group has a strong Board with a balance of skills, experience, knowledge and diversity. The appointment
process is rigorous and carefully applied, with annual evaluation keeping the effectiveness of the Board and
its Committees under regular review.
Nomination Committee Report – pages 90 to 93
Board skills and experience – page 71
Board Performance Review – pages 84 to 87
Audit, risk and internal control
The Board has established clear processes and procedures to ensure that risks are carefully identified,
monitored and mitigated against and then reported externally in an open and transparent manner.
Thishelps ensure that the Company’s financial statements are fair, balanced and understandable.
Effectiverisk management is critical to achieving our strategy.
Risk management – pages 60 to 63
Audit Committee Report – pages 94 to 99
Risk and Sustainability Committee Report – pages 100 to 102
Board activities – pages 77 to 79
Remuneration
Remuneration supports the Company’s strategy and is appropriate to the size, nature, complexity
andambitions of the business. The Board aims to report in a clear manner, demonstrating that pay,
performance and wider interests are aligned.
Business model – pages 30 and 31
Remuneration Committee Report – pages 103 to 125
Chair’s Introduction to Governance continued
MONY Group PLC Annual Report and Accounts 2025 – 70Financial statementsGovernanceStrategic report
Skills and experience
Number of Directors
Executive and strategic leadership
Finance / Accounting
Technology and innovation
Customer
Audit and risk
Remuneration and people
Strategy and M&A
Brand Marketing
Sustainability and environment
Gender diversity % as at 31 December 2025 Board diversity % as at 31 December 2025
Group employees who are women
 Female – 45.4%
 Male – 54.6%
Women in Group Senior leadership
 Female – 53.8%
 Male – 46.2%
Male/female gender split
 Female – 50%
 Male – 50%
Ethnic minority background split–
combined Board and ExecutiveCommittee
1
 Ethnic minority background – 13.3%
 White – 60.0%
 Undisclosed – 26.7%
1 For the purpose of this reporting, we have included colleagues who have not shared their ethnicity with the business, in the undisclosed category. When calculating ethnicity for the wider business, we would remove colleagues who do not share their
ethnicity from our reporting numbers.
Governance at a Glance
We believe that the
broad range of skills
and experience within
our Board enables both
constructive challenge
and sound decision
making.
Jonathan Bewes
Chair
MONY Group PLC Annual Report and Accounts 2025 – 71Financial statementsGovernanceStrategic report
Jonathan Bewes
Chair of the Board
Committees:
N
Term of office: Appointed as Non-
Executive Chair Designate in July 2024
and as Chair on 1 January 2025.
Jonathan’s contribution to the Board,
key strengths, skills and reasons for
re-election: A chartered accountant,
Jonathan brings to the Board 25 years
of investment banking experience,
having acted as adviser to Boards of
large, predominantly UK public
companies, before becoming Vice
Chairman of Corporate and
Institutional Banking at Standard
Chartered Bank. His roles at SAGE plc
and NEXT plc further mean that
hebrings both strategic and
commercialacumen.
External appointments: Jonathan is
the Audit and Risk Committee Chair at
both SAGE plc and NEXT plc, the
SeniorIndependent Director at Next
plc and also Chairs the Audit and Risk
Committee at the Court of the Bank
ofEngland.
Peter Duffy
Chief Executive Officer
Term of office: Appointed
September2020.
Peter’s contribution to the Board,
key strengths, skills and reasons for
re-election: Peter’s key contributions
to the Board are extensive experience
in digital businesses and a dynamic
leadership style. He was previously
CEO of Just Eat and before that was
Chief Commercial Officer at easyJet
and Marketing Director of Audi UK.
Peter started his career in banking,
holding positions with Barclays,
Yorkshire Bank and TSB. Peter has an
excellent overall track record, as well as
very relevant experience in driving
digital revenues and in all aspects of
marketing. He is well rounded from a
sector perspective having worked in
financial services, airlines, automotive
and consumer internet. This mix has
given him plenty of exposure to
operating within a regulated
environment.
External appointments: Peter is a
Non-Executive Director of Great
Portland Estates plc anda Trustee for
the National Museums Liverpool.
Sarah Warby
Independent Non-Executive
Director and Non-Executive
Director Consumer and User
Champion
Committees:
A
N
RS
RE
Term of office: Appointed June 2018.
Sarah’s contribution to the Board,
key strengths, skills and reasons for
re-election: Sarah has experience of
building valuable brands across
consumer sectors. She was previously
Chief Executive Officer of Lovehoney
and, before that, Chief Growth Officer
of HyperJar Ltd. Prior to that, Sarah was
Chief Marketing Officer at J Sainsbury
plc and Marketing Director of Heineken
UK. She is a fellow of the Marketing
Society and Marketing Academy.
Aproven leader, with strong people
and communications skills, Sarah
brings valuable experience to her
roleas Non-Executive Director and
Consumer Champion.
External appointments: Sarah is Chief
Customer Officer at Nando’s UK&I.
Caroline Britton
Senior Independent Director
Committees:
A
N
RS
RE
Term of office: Appointed
September 2019.
Caroline’s contribution to the Board,
key strengths, skills and reasons for
re-election: Caroline has a strong
financial background, retiring as Audit
Partner at Deloitte LLP after 30 years
of service (2000 to 2018 as Audit
Partner). Caroline is an FCA of the
Institute of Chartered Accountants in
England and Wales and holds an MA in
Economics from Cambridge University.
Caroline’s strong financial background
and regulatory experience make her
ideally skilled to chair the Audit
Committee and she brings to the
Board valuable governance and risk
management expertise.
External appointments: Caroline is a
Non-Executive Director of Sirius Real
Estate Limited where she is Chair of the
Audit Committee and a member of the
Nomination Committee. Caroline is also
a Non-Executive Director of Revolut
Limited where she is Chair of the Audit
Committee and a member of the Risk
and Remuneration Committees and of
the Supervisory Council of Revolut Bank
UAB; a member of the Audit, Finance,
Risk and Investment Committee of
Make-A-Wish International; and a
Trustee of the Royal Opera House.
Mary Beth Christie
Independent Non-Executive
Director and Non-Executive
Director Employee Champion
Committees:
A
N
RS
RE
Term of office: Appointed July 2023.
Mary Beth’s contribution to the
Board, key strengths, skills and
reasons for election: Mary Beth (‘MB’),
a former Chief Product Officer and
Chief Operating Officer, brings to the
Board over 25 years of experience in
digital product, tech, data and
operations across several sectors,
including insurance, media, travel,
property and e-commerce.
External appointments: MB is a
Director at Finsbury Growth & Income
Trust PLC, a Director at Social Finance
Limited, A Director at Product Wisdom
Ltd and a Trust at the Internet
WatchFoundation.
Board of Directors
MONY Group PLC Annual Report and Accounts 2025 – 72Financial statementsGovernanceStrategic report
Rakesh Sharma
Independent
Non-Executive Director
Committees:
A
N
RS
RE
Term of office: Appointed
October 2022.
Rakesh’s contribution to the Board,
key strengths, skills and reasons for
re-election: Rakesh is a former Chief
Executive Officer and brings to the
Board over 30 years’ broad experience
from the tech and cyber industries.
Having successfully overseen
remuneration policy updates when he
was at PayPoint plc, he brings valuable
experience to the Board as Chair of the
Remuneration Committee.
External appointments: Rakesh is
currently the Remuneration Committee
Chair at PayPoint PLC, Chairman of
AIM-listed Kromek Group PLC, Chair of
Horizon Technology Consulting Ltd and
a Director at the Sidney Stringer Multi
Academy Trust.
Lesley Jones
Independent
Non‑ExecutiveDirector
Committees:
A
N
RS
Term of office: Appointed
September 2021.
Lesley’s contribution to the Board,
keystrengths, skills and reasons for
re-election: Lesley was previously a
Non-Executive Director of N Brown
Group plc, ReAssure Group plc (where
she chaired the Risk Committee),
Northern Bank Limited, Close Brothers
Group plc (where she also chaired the
Risk Committee) and an Independent
Member of Moody’s Investor Services
Ltd. Lesley started her career at
Citigroup Inc. where she held a number
of senior roles in relationship and risk
management over a period of 30 years.
She then spent over five years at RBS
Group plc as Group Chief Credit Officer
where she rebalanced the Group’s credit
risk appetite, established a market-
leading credit function and led its credit
quality assurance function. Lesley’s
extensive experience as a global credit
risk manager operating at both executive
and board level means that she is well
placed to chair the Risk and
Sustainability Committee and she brings
her broader financial services expertise
to the Audit and Nomination
Committees.
External appointments: Chair of
Sainsbury’s Bank.
Shazadi Stinton
General Counsel and
CompanySecretary
Term of office: Appointed April 2022.
Shazadi’s contribution to the Board,
key strengths and skills: Shazadi has
over 20 years’ legal experience, having
been Head of Legal Counsel at Severn
Trent and a solicitor at Eversheds
Sutherland. Shazadi’s key contribution
over and above her legal acumen is
herextensive understanding of
environmental and sustainability issues
and requirements, which she has utilised
to enhance the Group’s frameworks,
governance and external reporting.
External appointments: None.
Niall McBride
Chief Financial Officer
Term of office: Appointed
20 February 2023.
Niall’s contribution to the Board, key
strengths, skills and reasons for
re-election: A chartered accountant,
Niall brings strong digital, consumer
and corporate finance experience to
the Board. Niall was previously Chief
Financial Officer at Ocado Retail
Limited and prior to this he was a
Managing Director at Rothschild & Co,
having commenced his career at PwC.
External appointments: None.
Committees:
A
Audit Committee
N
Nomination Committee
RS
Risk and Sustainability Committee
RE
Remuneration Committee
Chair
  Read more about employee
engagement onpages 88 to 89
  Read more about key Board
activities on pages77to 79
Board of Directors continued
Experience andfocus
Selection process:
The Company has a formal, rigorous and transparent
selection process for the appointment of new Directors.
The Nomination Committee is responsible for identifying
and nominating all Board candidates and, before any
appointment is made, evaluates the mix of skills,
experience, knowledge and diversity to ensure the
correctbalance is maintained.
Induction and onboarding
On joining the Board, it is the responsibility of the
Chairand Company Secretary to ensure that all newly
appointed Directors receive a full and formal induction,
which is tailored to their individual needs. The induction
programme includes a comprehensive overview of the
Group and dedicated time with the Directors and
seniormanagement, as well as guidance on the duties,
responsibilities and liabilities as a Director of a
listedcompany.
MONY Group PLC Annual Report and Accounts 2025 – 73Financial statementsGovernanceStrategic report
Risk and Sustainability Committee
The Risk and Sustainability Committee is
responsible for overseeing the Group’s
risk management, internal control and
sustainability frameworks. The
Committee ensures that risks are
appropriately identified, managed and
mitigated, advising the Board on risk
appetite, structure and culture, and
monitors the embedding of the
Sustainability Framework, monitoring
related KPIs and external reporting.
Remuneration Committee
The Remuneration Committee’s key
responsibility is to determine and apply
the shareholder approved Remuneration
Policy to ensure that it promotes the
delivery of our strategy and the long-term
sustainable success of the Group.
Nomination Committee
The Nomination Committee is
responsible for reviewing the Board’s
size, structure and composition, including
the recommendation of appointments to
the Board, succession planning and
development plans for the Board and
overseeing the Group’s diversity plans.
Corporate Governance Statement
Governance framework
The Board
The Board is responsible for the long-term sustainable
success of the Group, with the overall aim of delivering
shareholder value. Principally, we achieve this through:
· setting and monitoring strategy and ensuring the
necessary resources are in place;
· providing entrepreneurial leadership within an effective
risk management framework and internal control
system; and
· reviewing management’s performance.
 Read more about the Board on pages 72 and 73
  Read more about key Board activities on pages 77 to 79
 Read more about division of responsibilities on pages 80 to 87
Audit Committee
The Audit Committee is responsible for
ensuring appropriate challenge and
governance of accounting treatment and
the financial internal control environment,
and ensuring that the Annual Report as a
whole is fair, balanced and
understandable.
Audit Committee Report
 Pages 94 to 99
Risk and Sustainability Committee Report
 Pages 100 to 102
Remuneration Committee Report
 Pages 103 to 125
Nomination Committee Report
 Pages 90 to 93
CEO and Executive Team
Responsibility for the development and implementation of the Group’s strategy and overall
commercial objectives rests with the CEO, supported by the Executive Team and Senior Leadership
Team. The Executive Team is responsible for day-to-day operations, for delivering results and for
driving growth, ensuring this is done in a sustainable and ethical manner.
Information and reporting
Each Committee has an annual forward agenda planner based upon the duties and responsibilities
documented within its Terms of Reference and presented at each meeting for consideration. Company
Secretariat conducted a detailed review of the Terms of Reference during the year, with updated
versions being approved by the Board in December 2025. Papers are circulated to the Board seven
days before meetings take place to ensure that members have adequate time to review and digest.
MONY Group PLC Annual Report and Accounts 2025 – 74Financial statementsGovernanceStrategic report
2025 key shareholder events
Strategy
The Board is responsible for setting and
monitoring progress against the Group’s
strategy, ensuring this is aligned with the
Group’s purpose of helping households save
money and delivers value for shareholders.
High standards of corporate governance
underpin this by ensuring that the Board,
supported by the Executive Team, can
execute effective decision making and create
sustainable long-term value for the benefit of
all of our stakeholders. Further information
on the delivery of our strategy is on pages 18
to 22. Responsibility for the development and
implementation of the strategy and overall
strategic initiatives sits with the CEO who is
supported by senior management.
The Board undertook quarterly reviews
oftheGroup’s overall strategic performance,
including initiatives during the year. In
additionmembers of senior management
attended each Board meeting and provided
presentations on the strategies for each
business and functional area. The Group’s
annual one-day strategy meeting took place
inOctober 2025 whereby the future year’s
strategy was reviewed, with agreed initiatives
being incorporated within operational and
budgetary plans to enable tracking throughout
2026 being agreed in December 2025.
Stakeholder engagement
The success of the Group’s strategy is reliant
on stakeholder engagement. The Board is
focused on driving long-term sustainable
performance for the benefit of our customers,
shareholders and wider stakeholders. The
Board does not seek to balance the interests
ofthe Company and those of its stakeholders.
Instead, it considers all the relevant factors
andchooses the course of action which is
most likely to lead to the Group’s long-term
success. Further information on how the
Group engages with its stakeholders and the
related outcomes can be found in the Group’s
Section 172 Statement on pages 32 to 38.
Shareholder engagement
The Board actively seeks and encourages
engagement with major institutional
shareholders and other stakeholders.
TheCEO, CFO and Head of Investor Relations
regularly meet with analysts and institutional
shareholders to keep them informed of
significant developments and to develop
anunderstanding of their views which are
then discussed with the Board. During 2025,
the Group conducted over 96 meetings with
potential and current investors and attended
six investor conferences across the UK,
Europe and North America, meeting a broad
range of investors in a mixture of group and
one-to-one contexts. The Chair, in his firstfull
year on the Board, also held a number
ofintroductory meetings with
majorshareholders.
Formal presentations are given to
analystsand shareholders covering the
full-year and half-year results, and briefings
are also given on quarterly trading. Virtual
roadshows were attended by the CEO and
CFO during the year to meet with our material
and prospective UK and European investors.
TheGroup also seeks to maintain a dialogue
with various bodies which monitor the
Company’s governance policies and
procedures. TheHead of Investor Relations
generally dealswith ad hoc queries from
individual shareholders.
The Chair initiates contact with major
shareholders after the Annual Report
andAccounts is published to invite them to
engage prior to the Annual General Meeting
(‘AGM’). It is also an opportunity to discuss
important matters such as our strategy.
TheRemuneration Committee Chair also
engages in discussion with shareholders
onsignificant matters relating to Executive
remuneration, in particular any amendments
or material changes to our Remuneration
Policy. Such a consultation has taken place
during 2025, and further details can be
found on pages 105 to 106.
Our Senior Independent Non-Executive
Director is available to shareholders if they
have concerns which contact through the
normal channels of the Chair, the CEO or the
CFO has failed to resolve, or for which such
contact is inappropriate.
All Directors receive formal reports
andbriefings during the year about the
Company’sInvestor Relations programme.
Directors also receive detailed feedback
obtained by the Company’s brokers after
meetings, allowing them to develop an
understanding of the views of major
shareholders. External analysts’ reports on the
Group are circulated to Directors on a regular
basis. The Directors also receive investor
feedback reports on quarterly results.
Annual General Meeting (‘AGM’)
Our 2025 AGM was held on 8 May 2025 at
which shareholders representing c.78% of
the Company’s issued share capital voted
and we received in excess of 82% votes in
favour for all of our resolutions. Our 2025
AGM was conducted at Exchange House,
London, and shareholders were given the
opportunity to submit questions to the
Board ahead of the AGM.
2025
2026
17 February 2025
2024 full-year results
8 May 2025
AGM trading statement
8 May 2025
Annual General Meeting
16 May 2025
Payment of 2024 final dividend
21 July 2025
H1 2025 interim results
3 December 2025
trading statement
23 February 2026
2025 full-year results
Corporate Governance Statement continued
MONY Group PLC Annual Report and Accounts 2025 – 75Financial statementsGovernanceStrategic report
2025 Board attendance
Board member Board Additional
Nomination
Committee
Remuneration
Committee
Audit
Committee
Risk and
Sustainability
Committee
Total number of meetings 8 1 3 4 5 3
Jonathan Bewes 8/8 1/1 3/3 — — —
Niall McBride 8/8 1/1 — — — —
Caroline Britton 8/8 1/1 3/3 4/4 5/5 3/3
Sarah Warby 8/8 1/1 3/3 4/4 5/5 3/3
Mary Beth Christie 8/8 1/1 3/3 4/4 5/5 3/3
Lesley Jones 8/8 1/1 3/3 — 5/5 3/3
Peter Duffy 8/8 1/1 — — — —
Rakesh Sharma 8/8 1/1 3/3 4/4 5/5 3/3
Corporate Governance Statement continued
2025 has been another busy year for the Board, with the
members overseeing the execution of a £30m share buyback
programme, an external audit tender and management’s work
in relation to the Group’s material internal controls.
Shazadi Stinton
General Counsel and Company Secretary
Corporate governance in action
External audit tender
During 2025 the Board approved the appointment
ofa new Group external auditor, with PwC to be
proposed to shareholders at the 2026 AGM. The
AuditCommittee conducted the tender to find the
replacement for KPMG, who have been the Group’s
external auditor since its listing in 2007. This involved
the inception of an Audit Subcommittee to approve
decisions such as company short-listing and a Project
Group to enact the decisions of the Subcommittee.
Two companies were invited to provide an RFP via a
data room and provided with the opportunity to meet
key personnel in order to understand the business
ahead of being asked to complete a technical
assessment and complete presentations. Board
members were engaged throughout and the tender
was conducted in-line with the Audit Committees
Minimum Standard. Full details are contained
onpage98.
5
Subcommittee meetings
4
Project Group meetings
2
Short-listed companies
MONY Group PLC Annual Report and Accounts 2025 – 76Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Our activities during the year
Activities Links
Strategy:
· undertook a review of the Group’s strategy at a number of meetings
attended by the Board and senior management, including a one-day
strategy meeting at which we reviewed and discussed:
– the strategic landscape in which the Group operates;
– the Group’s financial outlook and Long Term Plan;
– compelling customer propositions;
– the Group’s approach to its capital allocation; and
– expanding the Group’s offer;
· reviewed the Group’s plans against the Board’s risk appetite to
ensure that our ambitions for the business are aligned with our
ability to manage risk;
· considered alternative ownership options and defence strategies;
· held “deep dives” at our Board meetings into various aspects of the
business including our data infrastructure, cyber security, brand
and marketing, the deployment of AI across the Group, third-party
risk management and strategic priorities;
· tracked management’s progress against the Group’s SBTi targets
and climate transition plan; and
· considered the risks and opportunities faced by the Group
inresponse to climate change and AI.
Link to strategy:
Link to principal risks:
1
2
5
6
Strategic priorities   Loyal engaged customers   Best provider proposition   Leading data and tech
Activities Links
Governance, risk management and regulatory:
· reviewed and revised our annual programme of business for the
Board and each of the Committees, tailoring the deep dives to
reflect our strategic priorities;
· progressed the actions from the 2024 Board Performance Review,
details of which are on page 86;
· undertook an internal Board Performance Review – see pages 84 to
87 for further details;
· reviewed our governance framework to ensure it remains fit for
purpose and compliant with SM&CR;
· considered the output of the Group’s Consumer Duty Annual review
and regularly reviewed the associated scorecard of metrics;
· considered whistleblowing processes throughout the Group and
received regular whistleblowing updates;
· oversaw the implementation of digital enhancements, including
those pertaining to our cyber and data security capabilities;
· reviewed our application and compliance of the 2024 Code including
reviewing all governance related documentation;
· completed an External Audit Tender and a Tender for the provision
of the Group’s Internal Audit Co-Source provider (further details are
available on page 98);
· agreed the Group’s principal risks and uncertainties, and identifying
emerging risks which could impact the Group, such as those arising
from artificial intelligence and changes to the Group’s end markets;
· reviewed the effectiveness of our internal control and risk
management processes; and
· ensured compliance with the requirements of the Climate Risk
Disclosures, receiving regular updates throughout the year and
approving the Climate Risk Disclosures Report as detailed on pages
47 to 51.
Link to strategy:
Link to principal risks:
3
4
7
MONY Group PLC Annual Report and Accounts 2025 – 77Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Our activities during the year continued
Strategic priorities   Loyal engaged customers   Best provider proposition   Leading data and tech
Activities Links
Leadership, employees and culture:
· re-appointed Mary Beth Christie as our Non-Executive Director
Employee Champion and approved her programme of engagement
activities with employees;
· appointed Sarah Warby as the Consumer and User Champion in
September 2025;
· received “Employee Voice Updates” via a programme of activities
including breakfasts and leadership forums, see page 88 to 89 for
further details;
· reviewed and approved the Group’s Modern Slavery Act Statement;
· received updates on the Group’s Whistleblowing Policy, procedures
and reporting, enabling employees to raise concerns confidentially;
· assessed progress against the Group’s diversity and inclusion
strategy, including the implementation of the Group’s commitment
to the Race at Work Charter; and
· received updates on the Group’s people and culture, organisational
structure, diversity, talent management and employee engagement
including reviewing results of employee surveys and feedback from
the various employee focus groups (diversity and inclusion, mental
health awareness and sustainability matters).
Link to strategy:
Link to principal risks:
1
2
4
5
6
7
Activities Links
Budget, financing and investor relations:
· approved the annual budget and long-term plan;
· oversaw the implementation of the Group’s new External Reporting
Framework, comprising four key market touchpoints, including the
AGM statement and pre-close trading statement, respectively;
· approved audited financial statements for the year ended 31
December 2024, confirming the Group’s going concern statement
and the longer-term viability;
· oversaw the successful implementation of a £30m share buyback
programme, which completed on 2 December 2025, as part of the
Group’s capital allocation policy;
· received reports and updates at each meeting on investor relations
activities; and
· reviewed capital allocation options including approving the interim
dividend and recommending the final dividend to shareholders.
Link to strategy:
Link to principal risks:
6
7
Business performance:
· reviewed the strategic and operational performance of each
ofourbusinesses;
· reviewed market and trading updates and considered the Group’s
financial performance against budget and forecast, including the
market guidance provided within Trading Statements; and
· agreed Group KPIs for 2026 onwards which are aligned with the
Group’s strategic priorities.
Link to strategy:
Link to principal risks:
1
2
5
6
MONY Group PLC Annual Report and Accounts 2025 – 78Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Activities Links
Looking forward to 2026:
· the delivery of the Group’s 2026 strategic initiatives;
· continuing to review and evolve the Group’s strategy in response to
market developments, harnessing the agility we have built through
our leading edge technology platform;
· ensuring rigour and good governance around the enhancement of
our customer facing propositions via the use of branding, data, AI
and our unique proposition, SuperSaveClub, increasing ease of use
and customer retention; and
· continuing to track progress against our SBTi and targets and
Climate Transition Plan.
Link to strategy:
Link to principal risks:
1
2
3
4
5
6
7
Our activities during the year continued
Strategic priorities   Loyal engaged customers   Best provider proposition   Leading data and tech
Activities Links
Section 172: how we bring the stakeholder voice
intotheBoardroom:
· our Board reporting templates include reference to section 172
andrequire paper providers to consider the Group’s stakeholders
during proposal drafting and the Board to factor this into its
decision making;
· the Board receives biannual updates from the Chief People Officer
on people, culture, diversity, talent and engagement;
· Mary Beth Christie provides feedback on engagement sessions for
further discussion by the Board and Board members attended
several colleague facing events during the year, see pages 88 to 89
for further details;
· considered regularly consumer perceptions of our brands, their user
experiences and satisfaction scores, and the usability of our
services, ensuring that the Group’s customers are considered in our
decision making;
· at the annual strategy meeting between the Board and Executive
Team, potential impacts to stakeholders are discussed and
considered, when deciding and agreeing on strategic initiatives;
· members of the Board and the Executive Team meet with major
shareholders and feedback is shared with the wider Board;
· provider feedback is received through business updates given to the
Board during the year with a full summary of survey feedback
presented in December 2025;
· customer and user updates are provided to the Board by the senior
management team on a regular basis;
· key advisers attend and contribute to Board and Committee
meetings; and
· regulatory updates are provided to the Risk and Sustainability
Committee and, where appropriate, to the whole Board, including
direct interaction with the FCA and other regulatory bodies.
For further information please see our Section 172 Statement on
pages 32 to 38.
Link to strategy:
Link to principal risks:
1
2
5
7
MONY Group PLC Annual Report and Accounts 2025 – 79Financial statementsGovernanceStrategic report
Division of
responsibilities
Roles and responsibilities
Board members have clearly defined roles
and responsibilities, as set out in the table
below. As set out in their biographies on
pages 72 and 73, each member of the Board
has a range of skills and experience that is
relevant to the successful operation of the
Group.
Independence of
Non-Executive Directors
The Nomination Committee reviews the
independence of the Non-Executive
Directors annually and has confirmed to the
Board that it considers each of the Chair and
the Non-Executive Directors to be
independent in accordance with the Code.
Time commitment
All Non-Executive Directors are required
todevote sufficient time to meet their
Boardresponsibilities and demonstrate
commitment to their role. During the year,
the Nomination Committee considered the
time commitment of all the Directors and
agreed that the required time commitment
from them remained appropriate. See page
93 of the Nomination Committee Report for
further details.
External appointments
In accordance with the Code, full Board
approval is sought prior to a Director
accepting an external appointment. Prior to
the approval of any external appointments,
the Board considers the time commitment
required by Directors to perform their duties
effectively. As part of the selection process
for any new Board candidates, any significant
time commitments are considered before an
appointment is agreed.
Access to advice
Should any Director judge it necessary
toseek independent legal advice about
theperformance of their duties with the
Company, they are entitled to do so at the
Company’s expense. No such advice was
sought during 2024. All Directors also have
access to the advice and services of the
General Counsel and Company Secretary.
Our key roles and responsibilities
Role Name Responsibility
Chair Jonathan Bewes · leading the Board with integrity and ensuring its
effectiveness in all aspects of its role;
· promoting the highest standards of corporate
governance;
· promoting diversity and inclusion;
· facilitating effective contribution of Non-
Executive Directors and encouraging active
engagement by all Directors, with the appropriate
level of challenge by all Directors;
· ensuring the Board receives accurate, timely and
clear information and is consulted on all matters
important to it;
· ensuring the Board considers the interests of
stakeholders and reviews mechanisms for
engagement with stakeholders; and
· ensuring the Company maintains effective
communication with shareholders and
communicating their views to the Board.
CEO Peter Duffy · leading the performance and management
oftheGroup;
· proposing strategies, business plans and policies
to the Board;
· ensuring effective implementation of the
Board’sdecisions;
· maintaining an effective framework of internal
controls and risk management; and
· leading, motivating and monitoring performance
of the Company’s Executive management, and
focusing on succession planning for the Executive
management.
Corporate Governance Statement continued
MONY Group PLC Annual Report and Accounts 2025 – 80Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Division of responsibilities continued
Role Name Responsibility
Non-Executive
Director
Employee
Champion
Mary Beth
Christie
· helping the Board to establish what channels of
engagement are appropriate, in order to gather
and bring the views and experiences of the
workforce into the Boardroom;
· working with the Board to take appropriate steps
to evaluate, and where possible mitigate, the
impact that the Board’s proposals and decisions
may have on the workforce;
· challenging the Executive Directors, when
required, as to the way in which workforce
engagement is undertaken and the steps to be
taken to address workforce concerns arising out
of business-as-usual activities; and
· giving feedback to employees, where appropriate,
on steps taken to address their concerns or
explain why particular steps have not been taken.
Non-Executive
Consumer and
User Champion
Sarah Warby
· ensuring that consumers and users are
considered in a meaningful way regularly and
raised in all relevant discussions;
· representing the interests of consumers and
users in Board discussions and decision making,
challenging as appropriate; and
· working with the Board to take appropriate steps
to evaluate, and where possible mitigate, the
impact that the Board’s proposals and decisions
may have on consumers and users.
General
Counsel and
Company
Secretary
Shazadi Stinton
· providing comprehensive legal support to the
Board and individual Directors;
· managing the provision of timely, accurate and
considered information to the Board;
· recommending corporate governance policies
and practices to the Chair and CEO; and
· advising the Board and its Committees on
corporate governance and compliance within
theGroup and appropriate procedures for the
management of their meetings and duties.
Role Name Responsibility
CFO Niall McBride · supporting the CEO in developing and
implementing strategy;
· overseeing the day-to-day financial activities
ofthe Group;
· deputising for the CEO as required; and
· together with the CEO, ensuring that policies
andpractices set by the Board are adopted at
alllevels of the Group.
Senior
Independent
Director
Caroline Britton · meeting with the Company’s shareholders and
representative bodies when requested and, if
necessary, discussing matters with them where it
would be inappropriate for those discussions to
take place with either the Chair or the CEO;
· acting as a sounding board for the Chair and as
an intermediary for the other Directors when
necessary; and
· leading the annual appraisal and review of the
Chair’s performance.
Non-Executive
Directors
Caroline Britton
Lesley Jones
Mary Beth
Christie
Sarah Warby
Rakesh Sharma
· bringing external perspective, independent
judgement and objectivity to the Board’s
deliberations and decision making;
· constructively challenging the Executive Directors
and senior management team and helping
develop proposals on strategy; and
· chairing Committees in their area of expertise
asappropriate.
Our key roles and responsibilities continued
MONY Group PLC Annual Report and Accounts 2025 – 81Financial statementsGovernanceStrategic report
Risk management and
internalcontrol
The Board has overall responsibility for setting
the risk appetite of the Group, maintaining the
Group’s risk management framework and
system of internal control and reviewing their
effectiveness. We have an ongoing process
foridentifying, evaluating and managing the
principal risks faced by the Group which has
been in place for the year under review and up
to the date of approval of the Annual Report.
The Risk and Sustainability Committee and
theAudit Committee assist us in discharging
these duties.
A description of the process for managing risk,
together with a description of the emerging
and principal risks and strategies to mitigate
those risks, is provided on pages 60 to 65.
The main features of the Group’s internal
controls in respect of financial reporting and
the preparation of accounts are:
· a comprehensive annual business planning
and budgeting process, requiring Board
approval, through which risks are
identified and appraised;
· a comprehensive financial reporting
system, regularly enhanced, within which
actual and forecast results are compared
with approved budgets and the previous
year’s figures on a monthly basis and
reviewed by the Board;
· a review of Group policies relating to the
maintenance of accounting records,
transaction reporting and key financial
control procedures;
· an investment evaluation procedure to
ensure an appropriate level of approval for
all capital expenditure and other
capitalised costs;
· monthly finance team meetings which
include reviews of internal financial reporting
and financial control monitoring; and
· ongoing training and development of
financial reporting employees.
Other controls in place to manage our
business in accordance with our Group Risk
Framework include:
· an annual strategy meeting to discuss and
approve the Group’s strategic direction,
plans and objectives and the challenges to
achieving them;
· a schedule of matters reserved for approval
by the Board to ensure it maintains control
over appropriate strategic, financial,
organisational, compliance and capital
investment issues;
· an organisational governance structure
with clearly defined lines of responsibility
and delegation of authority;
· a formal risk management framework with
supporting policies and procedure manuals;
· regular reviews of the principal risks facing
the Group to ensure they are being
identified, evaluated and appropriately
managed;
· a process for regular assessment of the
effectiveness of key internal controls
across the Group;
· a Risk and Compliance function responsible
for overseeing the implementation of the
Group Risk Framework;
· an Internal Audit function providing
assurance over key risks, processes and
controls; and
· a whistleblowing hotline which employees
can use to report any instances of suspected
wrongdoing.
Our internal control effectiveness is assessed
through the performance of regular checks,
which in 2025 included the following areas:
· reviewing and testing the Group’s financial
reporting processes;
· completion of the Group’s Internal
Auditplan;
· performing risk oversight and monitoring
activities including financial promotion
reviews and complaints handling;
· assessment of the identification and
management of risks connected to the
Group’s capital investment programme;
· assessment of the Group’s processes for
identifying and mitigating potential conflicts
of interest;
· assessment of the identification and
management of risks across the Group,
including cyber risk, compliance risk, data
risk and operational risk; and
· monitoring the completion of the Group’s
mandatory regulation, data protection,
cyber security and Code of Conduct
training for new starters and refresher
training for all employees.
Risk review and assessment
The Group’s systems and procedures are
designed to identify and manage and, where
practicable, reduce and mitigate the risk of
failing to achieve the Group’s objectives. They
are not designed to eliminate such risk, but the
Group seeks to understand its key risks and
manage them within our risk appetite.
The Group’s principal risks and the Group
Risk Framework and Risk Appetite Statement
are reviewed by the Board. During these
reviews, the Board takes account of the
significance of any environmental, social and
governance matters to the business of the
Group, ensuring any related risks and
associated mitigation have been identified.
The risk register is a key element in our risk
management framework and is used in the
assessment and reporting of key risks being
managed by the Group. Senior management
works alongside the Risk and Compliance
function to ensure the risk register
incorporates any new risks and movements in
risks. The risk register is managed by the Risk
and Compliance function; risks and internal
controls are owned by a member of the
Executive Team who is responsible for the
ongoing effectiveness assessment and the
delivery of mitigating actions. Robust risk and
control assessments are regularly carried out
across all areas of the business, in order to
understand the strength and performance of
the controls in place, and potential gaps and
weaknesses. The results of risk register
assessments, together with risks identified
through other tools within our risk
management framework, including findings
from Internal Audit and Risk and Compliance
monitoring, are reviewed on a regular basis by
the Risk and Sustainability Committee.
The Risk and Compliance function provides
challenge to the Executive Team in its
assessment and management of risks with
particular focus on the actions being taken to
reduce risk. Reporting to the Executive Team
and Risk and Sustainability Committee
provides clear visibility of the most significant
risks, identifies areas of concern and/or
priority, analyses root cause and identifies
underlying trends. Reporting to the Risk and
Sustainability Committee enables the
Directors to have clear visibility of the most
significant risks; identify areas of concern
and/or priority; and ensure actions to
potentially mitigate the impact of new risks
are taken in a timely manner.
Corporate Governance Statement continued
Division of responsibilities continued
MONY Group PLC Annual Report and Accounts 2025 – 82Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Division of responsibilities continued
Risk review and assessment
continued
Process for review of effectiveness
The Risk and Sustainability Committee is
responsible for reviewing the effectiveness
of the systems of internal controls. The steps
it takes in relation to the review are set out
on page 101. The Risk and Sustainability
Committee makes a recommendation to the
Board on effectiveness, which the Board
considers in forming its own view on the
effectiveness of the risk management and
internal control systems.
A review of the effectiveness of the Group’s
risk management and internal control
systems was undertaken in 2025. We
confirm that the processes outlined on page
101 have been in place for the year under
review and up to the date of approval of this
Annual Report, and that these processes
accord with the Code and the FRC Guidance
on Risk Management, Internal Control and
Related Financial and Business Reporting
(September 2016 version). We have
strengthened and expect to continue to
embed enhanced controls in respect of
cyber security and data privacy. A summary
of actions we have taken in 2025 is set out in
the Risk and Sustainability Committee Report
on pages 100 to 102. The Board has carried
out a robust assessment of the emerging
and principal risks facing the Group,
including those that would threaten its
business model, future performance,
solvency or liquidity and these, together with
how they are managed or mitigated, are set
out on pages 64 and 65.
Composition, succession and
evaluation
Board composition and appointments
Our Board comprises the Chair (who
wasindependent on appointment), five
Independent Non-Executive Directors
andtwo Executive Directors. The details
oftheir career background, relevant skills,
Committee membership, tenure and external
appointments are set out on pages 72 and
73. Further details on the role of the Chair
and members of the Board can be found
onpages 80 and 81. The Chair, Senior
Independent Director and Non-Executive
Directors are appointed for a three-year term,
subject to annual re-election by shareholders
following consideration of the annual Board
Performance Review. The composition of our
Board continued to be an area of focus this
year for the Nomination Committee to ensure
that it retains the necessary balance of skills,
experience and independence, in accordance
with the Board Diversity Policy, the statement
for which is detailed in the Nomination
Committee Report. Any new appointments to
the Board result from a formal, rigorous and
transparent procedure, responsibility for
which is delegated to the Nomination
Committee, although decisions on
appointment are a matter reserved for the
Board. Further information on the work of the
Nomination Committee is on pages 90 to 93.
During 2025, the Board and Nomination
Committee have fully considered Board
succession to ensure that the Board has the
right mix of skills and experience, as well as
the capability to provide constructive
challenge and promote diversity. Additional
detail can be found within the Nomination
Committee Report on pages 90 to 93.
Board induction and training
We develop a detailed, tailored induction
foreach new Non-Executive Director. This
includes one-to-one meetings with the Chair
and each of the existing Non-Executive
Directors. They have one-to-one meetings
with the CEO, the CFO and the Company
Secretary along with other members of
senior management. New appointees to
theBoard would meet with members of the
operational team and visit our three offices
in London, Manchester and Ewloe as part
ofthe annual Board meeting cycle. New
Directors receive a briefing on the key duties
of being a Director of a listed company. We
regularly review the induction programme,
building in feedback from new appointees
and the internal and external Board
effectiveness evaluations.
Directors are continually updated on
theGroup’s business, the markets in which
weoperate and changes to the competitive
andregulatory environments through
presentations and briefings to the Board
from Executive Directors and senior
management. The Company Secretary
alsomaintains a record of the Board’s
collective training plan, the 2026 plan
havingbeen approved by the Board in
February 2026. The Board received the
following training during 2025:
Topic Provided by Purpose and outcomes
MSE Forum Internal
management
An update on the forum which included a summary
of the implications of the Online Safety Act and the
Editorial Code and potential implications for the
interactions between MSE and the Group.
Cyber Security Internal
management
A detailed summary of the Group’s Cyber position
and lessons learned from external cyber incidents.
Economic Outlook Morgan Stanley A detailed summary of the UK markets, including
projected growth in the short, medium and long term
and key developments on the London Stock Market.
MONY Group PLC Annual Report and Accounts 2025 – 83Financial statementsGovernanceStrategic report
Composition, succession
andevaluation continued
Board induction and training continued
Directors received briefings from the
General Counsel and Company Secretary
during 2025 on governance and compliance
matters and relevant legislative changes.
TheBoard was also provided with
trainingmaterials on the external market
andregulatory and competition law
developments for UK-based providers and
operators. Training was also provided on
environmental regulations and diversity and
inclusion. In addition, individual Directors
receive tailored training where beneficial or
required in order for them to adequately
discharge their duties.
To ensure that Directors are able to fully
acquaint themselves with current trading
and matters requiring discussions and
decisions, comprehensive Board papers
andCommittee papers are circulated
electronically approximately one week
priorto scheduled meetings.
The Directors also have available to them a
regularly updated electronic “Resource
Centre” acting as a Board manual which
includes extensive information including
financial and analyst reports, current and
historical regulatory publications, Group
codes and policies, organisational structure
documentation, and information on
Directors’ duties.
Directors’ skills and experience
An effective Board requires the right mix of
skills and experience. Our Board is a diverse
and effective team focused on promoting the
long-term success of the Group. The Board
Skills Matrix on page 71 details some of the
key skills and experience that our Board has
identified as particularly valuable to the
effective oversight of the Company and
execution of our strategy. For further details
on our Board Skills Matrix and process,
please see our Nomination Committee
Report on pages 90 to 93.
Board Performance Review
The annual Board Performance Review
provides the Board and its Committees with
an opportunity to consider and reflect on
the quality and effectiveness of its decision
making, and the range and level of
discussions, and for each member to
consider their own contribution and
performance. For further information,
pleasesee our Nomination Committee
Report on pages 90 to 93.
The Group’s 2025 Board and Committee
Performance Review was internally facilitated
by the Group’s Company Secretariat.
Corporate Governance Statement continued
Division of responsibilities continued
2023
Externally facilitated evaluation
process conducted by
IndependentAudit.
2025
Internal Board Performance
Review conducted by the Chair
andGeneral Counsel and
Company Secretary.
2024
Internal Board
Performance Review
conducted by the
Chair and General
Counsel and Company
Secretary.
Board, Committee
and Directors’
Performance
Review cycle
MONY Group PLC Annual Report and Accounts 2025 – 84Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Division of responsibilities continued
2025 Approach and
methodology
In undertaking the Board performance review:
· Board members were asked to complete
detailed questionnaires about the
performance of the Board, its Committees
and the Chair;
· The Chair met with all Board members
toevaluate their performance during
theyear;
· Members of the Executive Team and
regular attendees of Board and Committee
meetings were also asked to complete
detailed questionnaires regarding their
experiences of the Board and directors;
· The SID prepared a report based on the
feedback of the Chair in the year;
· The preparation of a report by Company
Secretariat, which was discussed with the
Chair and presented at the December
Board meeting; and
· A schedule of actions was agreed between
the Chair and General Counsel and
Company Secretary before being
presented to the Board for approval in
February 2026. This included the 2026
Board Training Plan, following which the
Board’s forward agenda planner was
updated accordingly.
2025 Board performance review:
outcome and action
The performance review assessed the Board
as having many strengths as follows:
· Jonathan Bewes was considered to have
settled into the role of Chair very well
during his first year in post;
· The balance of skills and experience was
rated positively; however, it was suggested
that the Board continue to expand the
range of colleagues from whom it receives
reports to broaden its thinking;
· The Board’s strategic oversight was
positively viewed overall and the short-
term strategy was understood. Further
clarity regarding the Group’s longer term
strategy continued to be welcomed
however;
· The Board is well supported by a strong
Company Secretarial team, headed by the
General Counsel and Company Secretary;
· Respondents felt that Board cohesion
hadcontinued to improve from increased
levels of informal contact during 2025.
Itwas considered that there was good
rapport between Board members without
the risk of Group Think; and
The Board discussed the priority areas
andagreed the following focus areas for
enhancement during 2026:
· Executing strategy and looking ahead
– Talent and Succession – it was
agreed that the Nomination
Committee would consider further
documenting the qualities which would
be required from external successors
for senior roles should there not be a
suitable internal candidate.
– Investments and Strategic
Initiatives – itwas requested that
increased discussion regarding how
potential investment activity could
underpin the Group’s long term
ambitions occur during 2026.
· Shareholder & Stakeholder
Engagement and Reporting – the Board
agreed that there was good information
from management as to shareholder
feedback, and there was a request that
this is further supplemented by an
enhanced reporting regarding supplier
processes and interactions. .
· Presentations to the Board – the Board
considered that management’s papers
were of good quality, and would welcome
enhanced visual representation of the
Group’s sustainability matters to bring
management’s work and the outcomes
tolife.
MONY Group PLC Annual Report and Accounts 2025 – 85Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Division of responsibilities continued
Progress against the 2024 evaluation action plan
The Board also reviewed its progress against actions identified in the externally facilitated
2023 Board Performance Review.
An update on progress against these actions during 2024 is set out below:
Action item Our progress
Talent and Succession
It was agreed that the Nomination
Committee would consider further
Committee Chair succession and
emergency cover planning following
updates to Board membership
during2025.
Committee chair succession was discussed,
agreed and documented at the May 2025
Nomination Committee meeting.
Investments and
StrategicInitiatives
It was agreed that management insight
as to the potential Group’s investment
pipeline information should be provided
on a more regular basis to theBoard.
Investment pipeline updates were provided
atevery Board meeting during 2025, with
additional communications to the Board
members outside of meetings as appropriate.
Shareholder Engagement and
Reporting
The Board agreed that there
wasgoodinformation from management
as to shareholder feedback, and there
was arequest that this is further
supplemented by an enhanced report
from investor relations on shareholder
interactions throughout the year.
Investor relations reporting was enhanced
during 2025 to include share price performance,
commentary and trading context and
management’s rolling twelve month market
engagement programme.
Presentations to the Board
The Board considered that
management’s papers were of good
quality, and these could be further
enhanced through the CoSec team
working with presenters as to what input
they would like the Board to provide.
Feedback was provided to presenters to ensure
that the ask of the Board was clearly indicated
within paper submission reports and during
item discussions.
Action item Our progress
Executive Reward – Remuneration
Committee Role
To increase the Board’s visibility of key
stakeholder groups and their feedback
and to develop a more proactive approach
to engagement.
The development and implementation of a
stakeholder engagement strategy to
ensure the appropriate type, level and
frequency of engagement with each
stakeholder.
During 2025 the RemCo conducted a
shareholder consultation regarding the Group’s
updated Remuneration Policy. Letters were sent
to major shareholders offering meetings with
the RemCo chair to discuss the proposed policy
and shareholder feedback discussed in detail
within RemCo meetings. Full details of this
consultation are contained on pages 105 to 106.
Strategy – Short & Long Term
Definition & Planning
The Board should define what it means by
“long-term” in relation to its strategy and
have open conversations regarding
matters such as: the NEDs’ appetite for
expansion opportunities; the deployment
of artificial intelligence within the Group;
the balance between short-term and
long-term strategic thinking; and deciding
when and how the Board should discuss
strategic initiatives.
The Board defined what amounted to long term
during 2024 and during 2025 the Group’s
performance against its agreed strategic
initiatives was reviewed by the Board on a
quarterly basis, with detailed milestone
reporting provided by management.
Chair Succession
Whilst the process for the recruitment of a
new Chair had been open and
transparent, no final candidate had been
sourced at the time of writing and it was
recommended that, given the importance
of the role, especially at this point in the
Group’s development, the Board consider
taking the Chair up on his offer to remain
in post whilst the right person to lead the
Board is found.
The new Non-Executive Chair Designate was
appointed to the Group on 1 July 2024 and
became Chair on 1 January 2025. Between
1July2024 and 1 January 2025 Jonathan Bewes
undertook a tailored and detailed induction
and Robin Freestone remained in post during
this period to ensure an effective handover
ofresponsibilities. As Jonathan has now
successfully completed his first full year as Chair
of the company this action is considered closed.
MONY Group PLC Annual Report and Accounts 2025 – 86Financial statementsGovernanceStrategic report
Corporate Governance Statement continued
Division of responsibilities continued
Outcome of the Chair
effectiveness review
The review carried out by the Board and
coordinated by the Senior Independent
Director included consideration of the
Chair’s effectiveness. The assessment
identified that the Chair had settled into
hisrole and the company very well, had an
inclusive chairing style, and had made a
verypositive contribution during his first
year in post. Following discussion by Board
members (excluding the Chair), it was
concluded that the Chair was performing
hisrole of leading the Board effectively.
Outcome of the individual
Director effectiveness review
and reappointment
Individual Director performance and
contribution were assessed with individual
performance and development discussions
held with the Chair. The Nomination
Committee conducted its annual review
ofBoard and Committee composition in
October 2025 and concluded that the
Directors had the requisite skills, experience,
knowledge, independence and time to
successfully fulfil their responsibilities to the
Company. The Nomination Committee and
Board considered that each Director in role
at the time of its review continued to be
committed to their roles and contributed
effectively agreeing that, with the exception
of Robin Freestone, who cycled off the Board
on 31 December 2025, all Directors stand for
election or re-election at the 2026 AGM.
MONY Group PLC Annual Report and Accounts 2025 – 87Financial statementsGovernanceStrategic report
Employee Champion Report
Listening to our
colleagues
As Employee Champion I am pleased to report
on the progress that we have made this year in
the engagement with our people.
As a Group, we recognise the benefits that
Board engagement with our people can bring.
It is vital, when discussing strategy andculture,
to hear their views.
Role of the Employee Champion
I have quickly formed the relationships
necessary to successfully discharge my duties
and become a trusted person to whom people
can speak openly and transparently, without
fear of recrimination. I always anonymise any
reports and verbatim feedback before sharing.
In 2025 we continue to provide colleagues
with opportunities to provide summarised
and anonymous feedback regarding the
Group and Executive outside of the
Boardroom, with key themes discussed as
part of the CEO’s update at each meeting as
appropriate. This continued to enable the
CEO to address such feedback in advance
ofmeetings and then to report back to the
Board on any actions undertaken as a
consequence. There were no concerns which
needed to be raised urgently during 2025 and
as such the Board received routine updates.
At MONY, our Board members value the
opportunity to hear directly from our
colleagues, rather than just relying on
employee survey results or filtered feedback
from the employee champion and to this end
we continued to meet with them via breakfasts
and lunches during 2025. We ensure that we
meet with all the Group’s different
departments and that we visit each of the
locations – London, Ewloe, and Manchester.
These sessions continued to involve all our
independent Board members and up to 20
colleagues, divided into smaller cohorts during
2025. We ensure that our colleagues trust that
such events are safe spaces, where we
encourage everyone to share their honest
The insights provided by our colleagues
arealways valuable to the Board as they
help us better understand our business
andprovide tangible strategic and
operational solutions.
Mary Beth Christie
NED Employee Champion
experiences at MONY. This year, we probed the
findings from our annual employee survey,
heard shared learning from our Employee
Resource Groups, explored how organisational
structure can foster innovation and discussed
our internal communications. These sessions
ensure alignment between what is being
discussed in the boardroom and what is
happening on the front line.
Activities in 2025
Employee engagement takes several forms,
and the Board utilises several methods to
give us a fuller and more accurate picture.
These are:
NED breakfasts and lunches
Along with my fellow NEDs, we have held face
to face Employee/NED breakfasts and lunches
throughout the year. These are held in each
ofour core office locations to ensure that
everyone has the ability and opportunity to
be“heard”. Whilst we seek to meet as varied
apopulation as possible and work on a rolling
basis where possible anyone that wants to
attend is able to do so by registering
forevents..
Where people are unable to attend,
whetherfor personal or work priorities, they
are encouraged to make their views known
toother colleagues who may be attending.
Thesebreakfasts and lunches incorporate a
mix of discussion topics, often incorporating
outcomes from our employee survey which is
discussed later in this report. Participants in
these meetings have commented that they
value the open and transparent dialogue that
takes place and appreciate the time the NEDs
take to listen to them. It should be noted that
the Executive Directors are not present during
these events. Topics that have been discussed
include findings from our annual employee
survey, shared learnings from our Employee
Resource Groups, fostering innovation and
effectiveness of internal communication.
MONY Group PLC Annual Report and Accounts 2025 – 88Financial statementsGovernanceStrategic report
Employee Champion Report continued
Key outcomes
The Board directly benefits from hearing
theexperiences, insights and suggestions
from our colleagues across the Company.
Itinforms our discussions and decisions,
helping us navigate with a richer set of signals
than we would otherwise. Our colleagues
bring more than their own voices to the table,
they also tell us perspectives of front-line
suppliers, partners, and customers, who they
work with everyday. During 2025 some of the
key themes raised where:
· Fostering Innovation through
organisational structure – now that we
are working on a single tech platform, our
colleagues have been able to work in new
cross functional teams that focus on our
customers. We heard how new collaborative
practices, including implementing new AI
tools, are working across teams and
locations, creating fresh innovative
approaches to customer challenges.
· Internal Communications in the age
ofAI – the pace of change, particularly
withthe emergence of AI, is so rapid that it
requires us to engage with our colleagues
different ways. We have adopted new tools
and practices to keep teams aligned and
informed of everything from strategic
direction to events and accomplishments.
Employee engagement surveys
These provide for regular and structured input
from our people, especially during periods of
change. These surveys are the first step to
understanding underlying colleague sentiment
and by being anonymous they provide valuable
insight. The output is communicated to the
entire organisation and follow-up meetings
areheld by the people team to explore the
answers and better help to educate policy
andculture. The outcomes also help to set
thetopics of conversation for the employee/
NED breakfasts.
Employee Resource Groups
ERGs are voluntary, colleague-led, self-
managed groups that connect those
whoshare common challenges, interests
andexperiences. The aim of the ERGs is
toactasan open forum to meet and support
oneanother in creatively addressing our
internal inclusion challenges and champion
colleaguevoice.
Ad hoc engagement
Throughout the year, NEDs meet with
colleagues across the business on an ad hoc
basis. They have joined the fortnightly Company
Updates given by the CEO, whereby important
information pertaining to the Company’s
strategy, events and culture are shared by key
members of management, with the opportunity
to anonymously “ask Peter Duffy anything”.
Board members have also had individual or
small group meetings to share experience in
their relevant field (e.g. Sarah Warby meets with
members of the marketing team, Caroline
Britton with members of the finance function
and Lesley Jones with the internal audit and
governance teams). In addition, the female
Board members attended and contributed to
several Women in Leadership events run by
management, sharing valuable insights with
female colleagues on their career paths.
Focus areas for 2026
The cost-of-living crisis, AI, and geopolitical
uncertainty continue to dominate the
headlines. We must keep listening to
ourcolleagues’ dreams, hopes, fears
andchallenges to remain relevant and
competitive. Our areas of focus for this
yearwill be on continuing to drive
innovationand growth, fostering
leadershipin the next generation,
andexploring feedback from the
employeesurvey.
Mary Beth Christie
NED Employee Champion
20 February 2026
MONY Group PLC Annual Report and Accounts 2025 – 89Financial statementsGovernanceStrategic report
Nomination Committee Report
Diversity drives
better strategy
The Nomination Committee has
continued to monitor the Group’s
leadership pipeline, ensuring we can
successfully execute our strategy and
preparing us for the marketplace of
the future.
Jonathan Bewes
Chair of the Nomination Committee
Board composition
The Board supports the recommendations
of the FTSE Women Leaders on gender
diversity and the Parker Review on ethnic
diversity. The Board has achieved the
minimum recommended composition;
thiscurrently stands at four female
Directors(50%) and includes one
Non-Executive Director from an ethnic
minority background. At the same time,
theCommittee will keep under review and
evaluate, on behalf of the Board, its balance
to ensure that it has the appropriate mix of
skills, experience, independence and
knowledge to ensure continued
effectiveness.
All appointments to the Board will be
madeon merit and against objective criteria.
The process will take into account suitability
for the role, the Board composition, its
balance and the required mix of skills,
background and experience, including a
consideration of all aspects of diversity.
Other relevant matters will also be taken
intoaccount, such as independence, subject
matter knowledge and the ability to fulfil
required time commitments. Combined,
thiswill form part of the role specification
forall Board recruitment.
Prior to making any recommendations for
appointment to the Board, the Committee
will consider suitably qualified candidates
forNon-Executive Director roles from as
wide a pool as appropriate and whose skills
and experience will add value to the Board.
The Committee only works with executive
search consultants who understand and
agree with the Group’s approach to
diversityand inclusion, including the
Board’sDiversity Statement, and will
consistently apply it when identifying
andproposing suitable candidates.
I am pleased to present the Committee’s
report for the year ended 31 December
2025. I have set out below our role and
activities in reviewing the Board’s size,
structure and composition, reviewing
succession and development plans for the
Board and Executive management, and
overseeing the Group’s diversity and
inclusion strategy.
The Committee is comprised of all
Independent Non-Executive Directors,
together with me as Chair of the Board
(Iwasindependent on appointment).
Onlymembers of the Committee have
theright to attend Committee meetings.
Otherindividuals such as the CEO, the
ChiefPeople Officer, senior management
and external advisers may be invited to
attend meetings as and when appropriate.
For full details of the Committee’s
membership and attendance during 2025,
please see page 76.
Role and responsibilities
The Nomination Committee plays a key role
supporting the Board within the governance
framework in reviewing the composition of the
Board and its Committees. This includes an
assessment of whether the balance of skills,
experience, knowledge and independence of
the Board is appropriate to enable it to operate
effectively. The Committee also assisted the
Board in its consideration of conflicts of
interest and independence issues. No conflicts
of interest or independence issues were
identified as a result of this activity.
The Committee has an annual schedule of
work, developed from its Terms of Reference
(available on our website at https://www.
monygroup.com), with standing items that it
considers at each meeting, in addition to any
specific matters upon which the Committee
has decided to focus.
MONY Group PLC Annual Report and Accounts 2025 – 90Financial statementsGovernanceStrategic report
What we have done in 2025
Reviewed in detail the talent within the
Group, with an increased focus on
succession planning and development
within both the Executive and Senior
Leadership populations.
Reviewed the composition of the Board,
including the balance of skills, knowledge
and experience, taking into account the
experience and understanding of our
stakeholder groups.
Reviewed progress made against the Board
Diversity Policy, including the targets of 33%
female representation and one Director
from an ethnic minority background by
2024, which we achieved.
Considered the ongoing contribution of each
Board Director, including their time
commitments, and recommended to the
Board the re-election of all Directors at the
2025 Annual General Meeting.
Reviewed the Group’s Conflicts of Interest
Policy and process and the Register of
Directors’ Conflicts of Interest.
Reviewed the Group’s diversity and inclusion
strategy.
Reviewed the size, structure and
composition of the Board and its
Committees.
Considered the continued development of
the Executive Team to ensure a pipeline for
the role of CEO.
Considered the skills of the Board in relation
to the ever increasing adoption of Artificial
Intelligence (AI), including related training on
the Group’s successful deployment of AI
tools.
Board Performance Review
An internal Board, Committee and individual
Director performance review was conducted
during the period October to December
2025, full details of which are available on
pages 84 to 87.
Succession planning
The Group’s succession planning is a
continual cycle of activity and as part of this
the Committee reviewed succession plans
for our Executive and Senior Leadership
Teams. The Executive summarised its
performance and development areas,
identifying whether there was internal
talentable to fulfil the role immediately,
within two years, or whether alternative
resourcing would occur.
This included information pertaining to
eachindividual’s current performance
andfuture potential.
Talent development
We recognise the importance of developing
our people and, as such, the talent pipeline
within our business remains a key focus for
the Committee. We’ve spent time this year
refreshing our Leadership Development
Curriculum as well as launching the LinkedIn
Learning platform to all employees to
complement our in-person training and
development opportunities. We are also
partnering with Ezra to provide dedicated
coaching to identified talent with a specific
emphasis on our female colleagues. In 2025
we continued the work of our Women in
Leadership Forum, which met three times
and at which female members of the Board
attended to share their knowledge and
experience with senior female colleagues
within the business. For further information
about the Women in Leadership Forum
please see page 44.
Diversity and inclusion
As described earlier in this report, the
Boardand Committee continue to drive
theagenda of diversity and inclusion across
the Group and are proud of the progress
made,especially in respect of female
representation on the Board and Executive
Team of 50% and 42.9% respectively when
including Executive Directors. A breakdown
by gender of the number of persons who
were Directors of the Company, senior
managers (as defined in the 2018 Code and
Companies Act 2006), and other employees
is set out on page 92. To reflect the Group’s
continued focus on this area, Diversity,
Equity, Inclusion and Belonging and
Sustainability updates, including progress
against our diversity strategy, have been
added as a standing agenda item for all
Committee meetings.
The Board’s Statement on Diversity is
asfollows: The Board recognises the
importance of diversity in its broadest
senseas one of the key drivers of Board
effectiveness. Diversity encompasses
diversity of perspective, insight, experience,
educational and professional background,
and personal demographics such as
genderidentity, race and ethnicity, age,
disability, neurodiversity, social mobility
andsexual orientation.
Diverse membership of the Board
supportsbetter decision making and
reduces the risk of groupthink by providing
different viewpoints, ideas and challenges.
Through 2025 we have continued with our
DEIB strategy around the pillars of Hiring,
Development and Allyship with impact being
made across each pillar.
The Board’s diversity and inclusion objective
during 2025 was to improve our approach to
how we attract and source talent with a
focus on delivering real change in our
diversity mix. This has been achieved by:
· dramatically reducing our use of agencies
in hiring, to ensure that we influence the
full sourcing process and focus on a wider
talent pool. 86.25% of hires in 2025 were
direct and 35% of all hires in the year have
come from ethnic minority groups. Our
representation from ethnic minority
groups has increased from 16.5% in 2024
to 18.6% (with a 84.6% disclosure rate) as
at the end of December 2025;
· spending time to reinvigorate our
Employee Resource Groups and
introduced a new group in 2025 - Race
andEthnicity;
· being reverified with Flexa Careers, in
2025 for the third year, with top scores
across Family Friendly, Diversity and
Inclusion. We have a transparency rating
of 9.4, which is higher than similar tech
companies, with our scores all being
“above average”;
· introducing Neurodiversity pathways in
2025, which we will build on in 2026,
helping to ensure that we can fully support
the needs of our Neurodiverse applicants
and colleagues; and
· continuing with our Transgender and
Gender Non-Conforming Guidelines for
both colleagues and managers.
Nomination Committee Report continued
MONY Group PLC Annual Report and Accounts 2025 – 91Financial statementsGovernanceStrategic report
Nomination Committee Report continued
Supporting racial equity
The Group has been an official signatory of
the Race at Work Charter since 2020, a public
commitment to prioritising action on race
equity, as part of the Group’s Race Equity
Plan. The Charter requires us to have in place
five things:
· an appointed executive sponsor for race;
· the capturing of our ethnicity data and
publicising of our progress;
· a Board-level commitment to zero
tolerance of bullying and harassment;
· that equity, diversity and inclusion are
made the responsibility of all our leaders
and managers; and
· actions that support Black, Asian, mixed
race and other ethnically diverse employee
career progression.
The Board has committed that all allegations
of racial bullying or harassment will be taken
seriously, and managed consistently and in
line with the Group’s Anti-Bullying and
Harassment Policy, with formal action taken
where necessary. Any material grievances
are reported to the Audit Committee via the
whistleblowing report.
We are dedicated to continuing the
progresswe have made under the five
principles of the 2020 Charter and are
pleased to reconfirm our commitment
tothese principles.
Board appointments
The Committee has a formal, rigorous and
transparent procedure for the appointment
of new Directors to the Board. When the
need to appoint a Director is identified, we
prepare a candidate profile indicating the
skills, knowledge and experience required,
taking into account the Board’s existing
composition and the relevant experience
and understanding of our stakeholder
groups. We engage external executive
searchconsultants and consider the gender,
nationality, educational and professional
background of candidates, as well as
individual characteristics which will
enhancediversity of thinking on the Board.
Suitable candidates are interviewed by
Committee members.
We give careful consideration to ensure
proposed appointees have enough time
available to devote to the role and that the
balance of skills, knowledge and experience
on the Board, with regard to experience
andunderstanding of our stakeholder
groups, is maintained. When the Committee
has identified a suitable candidate, we then
make a recommendation to the Board with
the Board making the final decision.
Number of Board
members
Percentage
of Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
Executive
management
Percentage
of Executive
management
Men 4 50 3 4 57.1
Women 4 50 1 3 42.9
Other 0 0 0 0 0
Not specified 0 0 0 0 0
Number of Board
members
Percentage
of Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in
Executive
management
Percentage
of Executive
management
White British or other
White (including
minority White
groups) 5 62.5 3 4 57.1
Mixed / Multiple
Ethnic Groups 0 0 0 0 0
Asian / Asian British 1 12.5 0 1 14.3
Black/African/
Caribbean/
BlackBritish 0 0 0 0 0
Other ethnic group 0 0 0 0 0
Not specified / prefer
not to say 2 25 1 2 28.6
The above information is as at 31 December 2025. For both gender and ethnicity the Group
utilises self-disclosed information, with colleagues given the option to not specify. When
calculating our ethnicity percentages, we remove any colleagues who leave this information
blank and only report on those who have chosen to share.
MONY Group PLC Annual Report and Accounts 2025 – 92Financial statementsGovernanceStrategic report
Nomination Committee Report continued
Gender diversity % as at 31
December 2025
Group employees who are women
45.4%
Women in Group Senior leadership
53.8%
Board Male/female gender split
50%
Ethnic minority background –
combined Board and Executive
Committee
18.2%
Director conflicts and
independence
The Committee conducted its annual review
of individual Director conflict authorisation
as recorded in the Conflicts of Interest
Register in October 2025. Additionally, the
Board and Committee consider conflicts
ofinterest at every meeting.
The Conflicts of Interest Register sets out
any actual or potential conflict of interest
situations which a Director has disclosed to
the Board in line with their statutory duties.
When reviewing conflict authorisations,
theCommittee considers any other
appointments held by the Director as well
asthe findings of the Board effectiveness
review. Following the review, the Committee
recommended to the Board that each
conflict authorisation remained appropriate.
The independence of the Non-Executive
Directors is formally reviewed annually by
the Committee. The Committee and Board
consider that there are no business or other
circumstances that are likely to affect the
independence of any Non-Executive
Directors and that all Non-Executive
Directors continue to demonstrate
independence. In accordance with the 2024
UK Corporate Governance Code, all of the
eligible Directors will retire at this year’s AGM
and submit themselves for appointment or
reappointment by shareholders. Each of
theNon-Executive Directors seeking
reappointment is considered to be
independent in judgement and character.
Overview of Committee activities for 2026
What we will focus on in 2026
Continue to support management in navigating the market challenges in addressing the Group’s
Gender Pay Gap, noting the significant ongoing work to address the ratio of men to women
within the Group’s tech teams.
Commence the process for the recruitment of a Non-Executive Director as Sarah Warby approaches
her nine-year tenure with the Group in 2027 and will cycle off the Board at that point.
Detailed review of the succession pipeline for the Executive Team, given that the average tenure is now
4+ years.
Continuing to meet with key members of our Senior Leadership Community, ensuring this talent is
harnessed and that they are well prepared should there be any changes within the Executive Team.
This report was approved by the Board and signed on its behalf by:
Jonathan Bewes
Chair of the Nomination Committee
20 February 2026
Time commitment
The expected time commitment of the Chair
and Non-Executive Directors is detailed
within our letter of appointment, and is
assessed, together with any existing external
appointments, during the recruitment
process. Time commitment is reviewed by
the Committee on an annual basis and both
the Committee and Board continue to
consider that the Directors have sufficient
time to undertake their roles effectively.
Nomination Committee
effectiveness
In 2025, we carried out an internal evaluation
of Nomination Committee effectiveness, with
the results being analysed and presented at
the Board meeting in December 2025. The
Committee determined it continues to be
effective in fulfilling its role and remains
independent. There were no specific actions
required of the Committee from this review,
however the 2026 focus areas outlined below
summarise our priorities for the year ahead.
MONY Group PLC Annual Report and Accounts 2025 – 93Financial statementsGovernanceStrategic report
Audit Committee Report
Robust oversight and
sound judgement
· advising the Board on whether the
Committee believes this Annual Report and
the financial statements contained within it,
when taken as a whole, is fair, balanced and
understandable in accordance with the
requirements set out on page 97;
· reviewing and monitoring the external
auditor’s independence and objectivity
and the effectiveness of the audit process,
taking into consideration relevant UK
professional regulatory requirements;
· developing and implementing a policy on the
level, amount and pre-approval of non-audit
services provided by the external auditor;
· advising the Board on the appointment,
reappointment and removal of the external
auditor and the remuneration and terms
ofengagement of the external auditor;
· monitoring the effectiveness of the Group’s
financial reporting related internal control
systems, including whistleblowing and
fraudcontrols;
· reviewing the scope, resourcing, activities
and results of the Group’s Internal Audit
function;
· carrying out an annual performance
evaluation exercise, noting the satisfactory
operation of the Committee and ensuring
the Committee Terms of Reference are
reviewed by the Board annually; and
· reporting to the Board on how the
Committee has discharged its responsibilities.
The Committee has an annual schedule
ofwork which is linked to the Group’s
financial reporting cycle and developed
fromits Terms of Reference (available on our
website at https://www.monygroup.com/),
with standing items that it considers at each
meeting, in addition to any specific matters
upon which the Committee has decided
tofocus.
On behalf of the Audit Committee, I am
pleased to share its report for the year ended
31 December 2025. In this report I will explain
the Committee’s role in overseeing the
appropriate application of accounting
treatment and its work to confirm that the
Group’s internal control environment is robust.
Our role in challenging and supporting
management in this regard underpins the
Committee’s conclusion that the Annual
Report as a whole is fair, balanced and
understandable. I look forward to attending
the AGM on 30 April 2026 to answer any
questions on the work of the Committee.
The Committee comprises a wide range of
business and financial experience, including
competence relevant to the sector in which the
Company operates in compliance with Code
Provision 24 (Committee attendance can be
found on page 76). Lesley Jones, Risk and
Sustainability Committee Chair, works closely
with me to ensure that the efforts of both
Committees are co-ordinated, especially with
regards the monitoring of internal controls.
Role and responsibilities
The primary roles of the Audit Committee are
to monitor the integrity of the financial
statements of the Group and other financial
information prior to publication and review the
significant reporting judgements contained
therein. We oversee the financial reporting and
audit processes and monitor the effectiveness
of the Group’s financial internal controls by:
· monitoring the integrity of the financial
statements of the Company, and discussing
formal announcements relating to the
Company’s financial performance and any
significant issues and judgements
contained in them;
· reviewing and approving the Group’s tax
strategy and appropriateness of key tax
policies and judgements on tax matters;
The Committee has had a busy year,
conducting comprehensive tenders for
the provision of the Group’s external audit
and internal audit co-source services and
overseeing management’s enhanced
attestation and testing processes over
ourmaterial financial controls.
Caroline Britton
Chair of the Audit Committee
MONY Group PLC Annual Report and Accounts 2025 – 94Financial statementsGovernanceStrategic report
Financial statements and reports
The Committee is responsible for reviewing the appropriateness of the Group’s half-year reporting and annual financial statements. We do this by considering, among other things: the
accounting policies and practices adopted by the Group; the correct application of applicable reporting standards and compliance with broader governance requirements; the approach taken
by management to report the key judgemental areas of reporting; and the comments of the external auditor on management’s chosen approach.
Financial statement reporting matters
We consider these areas to be most relevant taking into account the level of materiality and degree of judgement exercised by management. We discussed the issues in detail to ensure that the
approaches taken were appropriate. This included reviewing presentations and reports from both management and the external auditor. In the current year we do not consider a reasonably
possible change in the estimate and judgement would lead to a material difference in these matters.
What we have done in 2025
Reviewed and approved the 31 December 2024 Annual Report and Financial Statements and the
half-year statement to 30 June 2025, together with reports from the external auditor, examining
key points of disclosure and presentation to ensure accuracy, clarity and completeness.
Reviewed and approved the rolling 12-month Internal Audit plan for appropriate risk coverage,
including quarterly in-year updates for any changes, and considered the different sources of
assurance against the Group’s key risks to ensure there is comprehensive risk and assurance
coverage. Agreed and monitored the balance of audit focus across strategic, operational, third-
party and core assurance areas.
Reviewed and challenged management’s accounting treatment and disclosures of key judgements
and estimates, notably revenue recognition, the part disposal of Ice Travel Group, divestment of
Flagstone and impairment of goodwill.
Reviewed and approved the Group’s Treasury and Tax Policies and strategies and noted the
results of an HMRC business risk review which provided a ‘low’ risk rating for the Group.
Reviewed and approved the Internal Audit Charter. Received reports from management in relation to the Group’s anti-bribery and corruption
processes, including whistleblowing, fraud and gifts and hospitality.
Oversaw the work of our Internal Audit function, ensuring it retained the right expertise and
experience to provide effective challenge throughout the organisation and measured the
effectiveness and value of the function, including co-source arrangements, through
questionnaires, metrics and assessments.
Reviewed, approved and recommended to the Board the Group’s going concern statement (see
page 59) and long-term Viability Statement and underpinning viability scenarios as contained on
pages 66 and 67.
Considered management’s and Internal Audit’s assessment of the effectiveness of key controls
(across finance, operational and information security risks), in particular ongoing improvements
made to the documentation and evidence of controls.
Considered Internal Audit reports, including any unsatisfactory audit findings, root causes and
related actions plans, and satisfied ourselves that management had resolved or was in the
process of resolving them.
Reviewed, considered and approved the scope and methodology of the audit work to be
undertaken by the external auditor, including the terms of engagement and fees to be paid to the
external auditor for the audit of the 2025 financial statements.
Received summary reports on the progress of the Revenue Assurance function.
Conducted comprehensive tenders for the provision of our external audit and internal audit
co-source services, utilising the services of a Subcommittee to make key decisions and ensuring
compliance with the FRC’s Audit Committees and the External Audit: Minimum Standard (the
‘Standard’). Thereafter recommending to the Board on the appointment of PwC as the Group’s
new external auditor, and proposing the same to shareholders at the 2026 AGM. Further details
are on page 98.
Oversaw management’s approach to ongoing discussions with HMRC with regards to HMRC’s
change in position on the Group’s VAT approach with their rejection of the previously approved
Partial Exemption Special Method. Considered related judgements and disclosures, with input
from external specialists.
Reviewed and approved management’s recommendation for the Group’s Internal Audit co-source
partner, Deloitte.
Received regular updates from management and Internal Audit in relation to the Group’s key
internal financial controls, including control testing, confirming adequate design and operating
effectiveness in preparedness for Corporate Governance Reform changes.
Audit Committee Report continued
MONY Group PLC Annual Report and Accounts 2025 – 95Financial statementsGovernanceStrategic report
Audit Committee Report continued
Reporting matter Committee review
Goodwill and intangible assets impairment assessments
All CGUs have been tested for impairment and sensitivity modelling has shown that no reasonably possible
change to any key assumptions could lead to an impairment. As explained in our impairment review in note
12 to the accounts, the recoverable amount for Insure, Home Services and Money is determined based on
their value in use (‘VIU’) whilst the Cashback CGU is determined on the fair value less costs of disposal
(‘FVLCD’). No indicators of impairment have been identified in respect of the Group’s other intangible assets
and therefore no further impairment testing has been performed.
The Committee reviewed and challenged management’s impairment testing approach and outcomes
including:
· the appropriateness of inputs to the VIU and FVLCD models;
· the reasonableness of the discount rates;
· the sensitivity of key assumptions; and
· the associated disclosures (note 12) to confirm they provide adequate transparency and are fair,
balanced and understandable; and that they comply with accounting standards.
We also heard from KPMG on the risk assessment procedures they performed over this balance (see
page 133).
Our conclusions upon review are aligned with management that no CGU is impaired.
Capitalisation of software and development costs
As more fully described on page 150 of the financial statements, the Group holds intangible asset
balances arising from the capitalisation of certain software and development costs principally relating to
developments in the Group’s front-end platforms and back-office data platforms.
The judgements in relation to software and development assets largely relate to the future economic
benefits associated with the assets and confirm that capitalisation is in accordance with the relevant
accounting standards.
We assessed the operation of key financial controls relating to investment appraisal, capitalisation and
ongoing monitoring of intangible assets and we were comfortable with their integrity as reported by
management. Sample testing was also conducted by the Internal Audit team on the related controls as
part of the core assurance programme. We are also reassured by the fact that business plans in relation
to the capitalised assets receive either direct Board approval or approval via appropriate delegated
authority within pre-agreed limits.
VAT arrangements for the Group
The Group is in discussions with HMRC regarding its partial exemption special method (‘PESM’) which it
uses to recover VAT on expenditure. Since 2016, management have been in discussions with HMRC in
respect of an update to the PESM which was originally agreed in 2012. During the prior year, HMRC
concluded that it no longer agreed with the principles of the PESM that it approved in 2012 and it
subsequently issued a Special Method Override Notice. Consequently, at the year end the Group no
longer had an agreed basis for operation of a PESM with HMRC.
Management disagrees with HMRC’s position and is progressing multiple paths to remediation. In
accordance with accounting standards the Group is obliged to recognise a provision in respect of this
and while discussions with HMRC are ongoing, the amounts recognised remain estimates of uncertain
timing and amount. Until the outcome of this matter is determined and while the amounts recognised
remain uncertain, the Group is presenting the charges as adjusting items.
The Committee has received regular updates from management on the progress of the ongoing
discussions with HMRC, overseeing key developments and the appropriateness of management’s
approach. This has included the views of specialist tax advisers, tax counsel and our external auditors.
The Committee has considered the financial reporting implications of the matter and whilst the situation
is uncertain in timing and impact, has concluded that the accounting treatment and related disclosures
are appropriate. The Committee considers the presentation of the provision and related charges as
appropriate within adjusting items in order to enable like-for-like comparison of the Group’s financial
performance between reporting periods.
Revenue recognition
Revenue is recognised when an internet lead is transferred to a provider’s website (a “click”) as this is the
point at which the Group has satisfied its performance obligations. The sales price for providing clicks
depends on the contractual terms and is often measured based on completed sales transactions
between the user and provider, sometimes including future renewals. At each period end, accrued
revenue is recognised in respect of clicks that have not yet been invoiced and is measured using an
expected sales price per click.
We reviewed and challenged the judgements, assumptions and estimates made by management
regarding variable consideration under new and existing contracts. We also obtained the external
auditor’s views on the appropriateness of the approach and conclusions. The results of this review were
that we were satisfied with the conclusions reached.
Going concern and viability statements
Management has prepared sensitised forecasts to support the disclosures relating to going concern and
the Group’s viability statement.
In assessing the validity of the statements detailed on pages 59, 66 and 67, we approved the viability
scenarios selected and management’s approach to the viability assessment. We reviewed and
challenged management’s assessment of the Group’s resilience to the principal risks under various
scenarios and gained appropriate assurance that sufficient rigour was built into the process. We also
obtained the external auditor’s views on the going concern disclosures.
MONY Group PLC Annual Report and Accounts 2025 – 96Financial statementsGovernanceStrategic report
Audit Committee Report continued
Fair, balanced and
understandable Annual Report
and Financial Statements
One of the Committee’s key roles is to
recommend to the Board that the Annual
Report and Financial Statements, taken as a
whole, is fair, balanced and understandable
and provides the information necessary for
shareholders to assess the Group’s position
and performance, business model and strategy.
Ensuring this standard is met requires
continuous assessment of the financial
reporting issues affecting the Group, in addition
to the focused exercises which take place
during the production of the Annual Report
and Financial Statements. These focused
exercises can be summarised as follows:
· a qualitative review of disclosures and a
review of internal consistency throughout
the Annual Report and Financial Statements;
· a review by the Committee of all material
matters, as reported elsewhere in this
Annual Report and Financial Statements;
· a risk comparison review, which assesses the
consistency of the presentation of risks, and
significant judgements throughout the
main areas of risk disclosure in this Annual
Report and Financial Statements;
· a review of the balance of good and bad
news; and
· ensuring it correctly reflects:
– the Group’s position and performance
as described on pages 54 to 59;
– the Group’s business model, as
described on pages 30 and 31; and
– the Group’s strategy, as described on
pages 18 to 22.
The Directors’ statement on a fair, balanced
and understandable Annual Report and
Financial Statements is set out on page 131.
External auditor
The Committee is responsible for making
recommendations to the Board in relation to
the appointment of the external auditor. We
also approve the terms of engagement and
fees of the external auditor, ensuring they
have appropriate audit plans in place and
that an appropriate relationship is
maintained between them and the Group.
Independence and non-audit
services
The Committee evaluated the independence
and objectivity of the external auditor, having
regard to: (a) a report from the external auditor
describing its arrangements to identify, report
and manage conflicts of interest; (b) the extent
and nature of non-audit services provided by
the external auditor; and (c) the tenure of the
audit partner, who is required to rotate every
five years in line with ethical standards.
There are policies and procedures in place in
relation to the provision of non-audit services
bythe external auditor which are reviewed
regularly. These ensure that the Group benefits
in a cost-effective manner from the cumulative
knowledge and experience of its auditor, whilst
also ensuring that the auditor maintains the
necessary degree of independence and
objectivity. The external auditor is not permitted
to perform any work which it may later be
required to audit, or which might affect its
objectivity and independence or create a
conflict of interest. Key points from our internal
procedure for approval of work given to the
external auditor are:
· no non-audit work may be placed with the
external auditor without the specific
approval of the Committee;
· any approved non-audit services must be
in line with the cap limits as enforced by
the Financial Reporting Council (‘FRC’);
· the non-audit fees are reported regularly
to the Committee; and
· various services are prohibited, including
the provision of most types of tax services,
valuation services, appraisals or fairness
opinions, outsourcing of Internal Audit
services, management functions,
recruitment services and legal services.
During the year, the value of non-audit services
provided by the external auditor amounted to
£0.07m (2024: £0.07m). The non-audit services
during 2025 and 2024 related to the review of
the Group’s half-year reporting. No other
non-audit services were provided by the
external auditor; therefore, the Group
operated within required cap limits.
The assurance provided by the external
auditor on this item is considered by the Group
as strictly necessary in the interests of the
Group. The non-audit services offered reflect
the auditor’s knowledge and understanding of
the Group. The Group has also continued with
the appointment of other accountancy firms to
provide certain non audit services to the
Group in connection with internal audit, tax,
systems and regulatory advice, and anticipates
that this will continue in 2026.
The external auditor was not engaged during
the year to provide any services which may
have given rise to a conflict of interest. The
Committee is satisfied that the overall levels
of audit and non-audit fees are not material,
relative to the income of the external auditor
as a whole, and therefore that the objectivity
and independence of the external auditor
were not compromised. 
External audit effectiveness
The Committee considered the quality and
effectiveness of the external audit process
and worked with KPMG to understand its
judgements about materiality and considered
the way it communicated key accounting
andaudit judgements. This approach was
supplemented by members of the Committee
completing a detailed questionnaire.
Thequestionnaire evaluated the overall
effectiveness of the external auditor including
the audit partner’s and his team’s approach,
communication, independence, objectivity
and reporting. We also assessed the value for
money of the audit process, including KPMG’s
existing and proposed audit fees. The results
of the questionnaire were then reported to
and discussed by the Committee and the
findings reported to the Board as part of
ourrecommendation for the reappointment
of KPMG as the Group’s auditor at the
2025AGM.
As in prior years, at the planning meetings for
the half-year review and year end audit, the
external auditor presented its assessment
ofaudit risks, by reference to the Company’s
specific circumstances and changes in the risks
and reasons for those changes. We explored
the auditor’s understanding of our business
and industry knowledge which informed
itsapproach to identifying risks. We also
considered the auditor’s use of specialists
inits work to support its core team.
The Committee held private meetings
withthe external auditor as necessary after
Committee meetings to review key issues
within its sphere of interest and responsibility.
Audit Committees and the
External Audit: Minimum
Standard
The Committee has reviewed itself
againstthe‘Standard’ and I can confirm that
the Committee has fully complied with the
requirements for the year ended 31 December
2025, and this report serves as the Group’s
reporting against the requirement as required
under point 26 of the Standard.
MONY Group PLC Annual Report and Accounts 2025 – 97Financial statementsGovernanceStrategic report
Audit Committee Report continued
External audit tender and
appointment of the external
auditor
KPMG was appointed as the auditor to the
Company on its flotation in 2007. The lead
audit partner rotates every five years to
ensure independence, with the last rotation
in 2023. Following a formal competitive
tender exercise during 2016, the Board
approved the Committee’s recommendation
to put a resolution to shareholders at the
2017 AGM to reappoint KPMG, which
shareholders approved.
We therefore complied with the requirement
to ensure the external audit contract is
tendered within the ten years prescribed by
EU and UK legislation and the Code’s
recommendation. We confirm we have
complied with the provisions of The Statutory
Audit Services for Large Companies Market
Investigation (Mandatory Use of Competitive
Tender Processes and Audit Committee
Responsibilities) Order 2014.
Since KPMG’s reappointment, we have
considered further the length of their tenure
and have conducted detailed stakeholder
surveys on its performance to assess its
continued effectiveness and independence.
Throughout 2025 we remained satisfied with
the work of KPMG and that it continued to
remain independent and objective. In
accordance with ISA (UK) 260 and Ethical
Standard 1 issued by the Financial Reporting
Council, and as a matter of best practice,
theexternal auditor has confirmed its
independence as auditor of the Company,
ina letter addressed to the Directors.
External and internal audit
re-tender
In July 2024 the Committee commenced a
formal audit re-tender process with the
intention of appointing both new internal
and external auditors, with the intention of
proposing the appointment of the external
auditor via resolution to shareholders at the
2026 AGM.
The Committee delegated elements of this
process to an Audit Tender Subcommittee,
comprising of myself, Jonathan Bewes, Niall
McBride and key stakeholders from within
the finance, Company Secretarial, Internal
Audit and information security teams.
Underneath this Subcommittee an Audit
Tender Project Team was incepted comprising
key members of management to drive the
project and implement the decisions of the
Steering Committee. The outputs and
decisions of both these forums was
documented and reported back to the
Committee for final decision, ensuring that the
Committee retained control of the process.
A total of five Subcommittee meetings took
place during January and June 2025,
including one day of presentations by the
two final shortlisted tendering companies.
Atthe Subcommittee in January 2025, the
Subcommittee agreed a timeline for the
tendering process and the key RFP areas and
weighting applied to each. A shortlist of three
potential tendering companies was agreed,
with accompanying lead partner CVs
considered. These companies comprised
members of both Big 4 and mid-tier firms.
The Committee met in February 2025 to
discuss the proposed shortlist and approved
two of the firms for progression to RFP stage.
A second Subcommittee meeting took place
inMarch 2025 to consider the tendering
companies, RFP clarification questions and the
outcome of their respective team meetings with
management. The Subcommittee ensured that
RFP clarification responses were provided to the
tendering companies via a dedicated data room
at the same time to ensure equity in treatment.
The Subcommittee met again in April 2025 to
discuss the results of the RFP and the Lead
Audit Partner interviews. The firms had scored
highly for their RFP responses. It was at this
juncture that the Subcommittee considered
the matter of the tendering companies
proposed audit hours, to check their
understanding of the nature and complexity
of the business and confirm there was
sufficient resource available to meet the
Group’s needs. The Subcommittee also
considered the results of the technical
assessment undertaken by the tendering firms
which had been designed by management,
noting that both had performed very capably.
I provided the Audit Committee with an update
on progress made by the Subcommittee at
its meeting in May 2025.
The Subcommittee met again in May 2025 to
receive final presentations from the tendering
firms. The Subcommittee were introduced to
the full teams from each company and asked
questions pertaining to the respective firms’
approach to key audit matter identification,
audit clear down approach, the technical tools
utilised by each and how they had calculated
the number of proposed audit hours.
Once in receipt of all the information, including
the Lead Audit Partner and team, RFP scoring,
technical assessment and performance at
presentation, the Subcommittee met in June
2025 to make the final decision. Whilst both
firms had performed well and were considered
capable of conducting the Group’s audit, the
Subcommittee had scored one firm higher due
to the more bespoke nature of their offering
and flexibility to tailor the audit process to
the Group’s risks and business model. It was
therefore agreed that PwC be proposed to the
Committee as the Group’s external auditor.
At an additional meeting in June 2025 the Audit
Committee approved the appointment of PwC
as the Group’s external auditor and proposed
the same to the Board for approval.
Subsequent to this the Board met and
approved the appointment and PwC will
berecommended to shareholders as the
Group’s external auditor at the 2026 AGM.
Internal controls
The Committee is responsible for monitoring
and reviewing the effectiveness of the Group’s
internal control and risk management systems.
The Committee delivers on this objective by
reviewing management’s reports on internal
control effectiveness via self-assessment
andfirst line testing of key financial controls,
including review of any significant control
deficiencies, the monitoring of control
improvement plans and consideration of
themitigating controls in operation. The
Committee also receives assurance reports
onkey financial controls from independent
testing by Internal Audit, as well as
management control points from External
Audit. Through monitoring the effectiveness
ofits internal controls and risk management,
the Committee is able to maintain a good
understanding of business performance,
keyjudgemental areas and management’s
decision-making processes. We consider
theadequacy of management’s response
tomatters raised and the implementation
ofrecommendations made. The Board’s
statement on internal control and risk
management can be found on pages 82
and83.
During 2025 the Committee has overseen
thedesign and operating effectiveness of key
financial controls to feed into the readiness
assessment for reform changes as overseen
by the Risk Committee (see page 101). This
included management’s first line testing of
key finance controls, independent Internal
Audit testing, external audit control points
and where deficiencies are noted,
consideration of the impact assessment
andadequacy of any remediation plans.
MONY Group PLC Annual Report and Accounts 2025 – 98Financial statementsGovernanceStrategic report
Audit Committee Report continued
The Committee considered the results of
several rounds of Internal Audit testing over
the design and operational effectiveness of
the Group’s material controls and noted the
continued strong progress made, whilst also
ensuring any gaps were suitably remediated.
Internal Audit
The Group’s Internal Audit function, in
conjunction with a co-sourcing arrangement,
delivers a risk-based Internal Audit plan that
provides independent assurance over key
risks. During 2025, the Internal Audit team
conducted a tender for the provision of its
co-sourcing provider and appointed Deloitte
in H2 2025. PwC had previously been the
co-source provider but had cycled off in
December 2024 to enable them to tender
forthe Group’s external audit services.
Deloitte conducted specialised reviews,
including those of a highly technical nature,
such as SDLC Design Implementation. The
Audit Committee holds an annual meeting
with the Head of Internal Audit, without
management present, to discuss pertinent
topics. Additionally, the Head of Internal
Audit engages with the Chair of the
Committee throughout the year to
discussInternal Audit objectives.
Internal auditor effectiveness
The Committee considered the quality
andeffectiveness of the Internal Audit
function and Head of Internal Audit by
wayofcompleting a detailed questionnaire.
In 2025 the questionnaire evaluated the
overall effectiveness of the Internal Audit
function including the team’s approach,
communication, independence, objectivity
and reporting. In 2025 the review found that
Internal Audit was recognised as a function
which provided quality challenge, was able to
balance its independence with proximity to
and understanding of the business, was
flexible enough to adapt its planned
activities in the case of new and emerging
risks and had the appropriate balance of
skills, experience and capacity to successfully
execute its activities.
As in other years, the Head of Internal Audit
undertook an annual self-assessment of the
Internal Audit function against the Chartered
Institute of Internal Audit Standards and
reports the results to the Committee.
The Committee approves the Internal Audit
Charter on an annual basis and reviews and
monitors progress against the annual
Internal Audit plan. The Committee further
seeks confirmation from the Head of Internal
Audit at each meeting that the Internal Audit
function has the requisite expertise and
resources to successfully fulfil its role.
Following the completion of these reviews
the Committee determined that Internal
Audit was performing effectively and in line
with required standards.
Whistleblowing and Fraud
The Group has established procedures by
which all employees may, in confidence, report
any concerns. Our whistleblowing process
setsout the ethical standards expected of
everyone that works for and with us and
includes the procedures for raising concerns
instrict confidence. Our workforce can raise
concerns through their manager or senior
management and through our confidential and
independent whistleblowing helpline, operated
by Safecall. All investigations are carried out
independently by the General Counsel and
Company Secretary, with findings being
reported to the Committee.
The Board, as a whole, monitors and
reviewsthe effectiveness of the Group’s
whistleblowing arrangements annually, to
ensure that it has sufficient oversight to
support its work on culture, risk and
stakeholder engagement. The Committee
receives reports on investigations and all
significant matters are reported directly to
the Board. The Board has reviewed these
processes and is satisfied that they are
effective, facilitate the proportionate and
independent investigation of reported
matters and allow appropriate follow-up
action to take place.
The Group is subject to high-level regulatory
requirement to identify and manage fraud
andcounter financial crime. It has established
procedures to comply with the requirements
of the Fraud Act 2006, the Bribery Act 2010 but
its activities do not meet the requirements
tobe captured by the Money Laundering
Regulations 2007, nor the FCA’s SYSC
requirements in relation to financial crime.
The Group does not tolerate deliberate
actsof internal fraud, bribery and corruption,
with appropriate action against any individual
who is found to be involved in, or assists with,
committing an act of fraud or bribery. The
Group also seeks to reduce the risk of the
business being used as a vehicle for financial
crime by third parties. The identification and
assessment of fraud is integrated into the
Group’s risk management framework. Fraud
risk is considered as part of all significant
business initiatives. New joiners to the Group
are subject to background checking and due
diligence performed on new third parties
withmonitoring on an ongoing basis.
TheCommittee is responsible for assessing
the Group’s approach to fraud and financial
crime, receives the results of an annual fraud
risk assessment and receives regular reports
on any significant matters are reported
accordingly. The Committee has reviewed
theGroup’s arrangements during 2025
andissatisfied they are effective.
Audit Committee effectiveness
In 2025, we carried out an internal
evaluationof Committee effectiveness,
withthe results being analysed and
presentedat the December 2025 Board
meeting for discussion(for further details see
pages84to87). The Committee determined
that it both continues to be effective in
fulfilling its role and remains independent.
Overview of Committee
activities for 2026
The Committee’s focus areas for 2026 are
summarised below. The Committee will
alsocontinue to consider and oversee the
Group’s response to emerging issues and
topics as they arise.
· Continue to oversee management’s
approach to HMRC discussions on the
Group’s VAT arrangements, ensuring that
appropriate financial disclosures
aremade.
· Oversee the transition between KPMG and
PwC as the Group’s external auditor.
· Finalise arrangements ahead of the
Group’s first full year’s reporting against
Code Provision 29.
This report was approved by the Board and
signed on its behalf by:
Caroline Britton
Chair of the Audit Committee
20 February 2026
MONY Group PLC Annual Report and Accounts 2025 – 99Financial statementsGovernanceStrategic report
Risk and Sustainability Committee Report
Agility with resilience
This year, the Committee monitored
enhancements to the Group’s internal
control environment, including clear
ownership and oversight of material
controls.
Lesley Jones
Chair of the Risk and Sustainability Committee
· overseeing the application of the risk
management framework;
· overseeing the management of key risks,
including strategic, operational, regulatory,
conduct and data risks across the Group;
· monitoring the internal control framework,
including those financial controls identified
as ‘material’ to the functioning of the
business, including those over Entity
LevelControls;
· reviewing reports received from
management, the Risk and Compliance
function and, where appropriate, Internal
Audit or third parties on the identification,
management and mitigation of risks;
· reviewing reports from the legal team
inrelation to legal matters affecting
theGroup;
· receiving “deep dive” updates into key risk
areas including cyber, data protection and
third-party risks;
· overseeing compliance with relevant legal
and regulatory requirements;
· overseeing and monitoring the Group’s
sustainability and environmental initiatives
and outputs of the Group Sustainability
Steering Committee; and
· considering and approving the remit of
theRisk and Compliance function and
ensuring it has adequate resources. 
I am pleased to present the Committee’s
report for the year ended 31 December
2025. I have set out our role and activities in
overseeing the Group’s risk management
framework, ensuring risks are appropriately
identified, managed and mitigated, and
advising the Board on risk appetite, tolerance
and strategy.
The Risk and Sustainability Committee
worksclosely with the Audit Committee,
withthe Chair of each Committee being a
member of the other. The cross-membership
and liaison between the Committees, on
agenda items and reports ensures effective
linkage between both Committees on matters
pertaining to internal control and financial
reporting. Further to this I, as Chair of
theRiskand Sustainability Committee,
providedassurance to the Remuneration
Committee onthe performance of the
business and control functions to allow
theRemuneration Committee to satisfy
itselfon the appropriateness of its
remuneration decisions.
Role and responsibilities
The primary role of the Risk and
Sustainability Committee is to assist the
Board in its oversight of risk management
and delivery of its sustainability strategy
within the Group. The Committee achieves
this by:
· advising the Board on the overall risk
appetite, tolerance, strategy and culture;
· overseeing and advising the Board on
thecurrent risk exposures and future
riskstrategy;
MONY Group PLC Annual Report and Accounts 2025 – 100Financial statementsGovernanceStrategic report
What we have done in 2025
Received reports from management on risks associated with the strategic initiatives and
received ad hoc reports relating to new or emerging risks, focusing in detail on management’s
risk assessment and mitigation methodologies.
Monitored the Group’s Consumer Duty Scorecard and related metrics, including complaints
data, ensuring there were no systemic issues.
Received updates at each meeting on the Group’s key risks, challenging management on
assessments and mitigating actions.
Approved the risk management framework and risk appetite framework and statement,
receiving reports on actions and progress against the Group’s risk acceptances, including
whether these continued to be appropriate.
Oversaw management’s progress in relation to the Group’s continual cyber maturity programme.
Approved the Risk and Compliance plan and monitored management’s progress against the same.
Reviewed the resources and considered the effectiveness of the Risk and Compliance function.
Provided assurance to the Remuneration Committee on the performance of the business and
control functions on an annual basis to allow the Remuneration Committee to satisfy itself on
the appropriateness of its remuneration decisions. This will become an integral part of the
Group’s annual remuneration process.
Oversaw and monitored the Group’s sustainability and environmental initiatives, including the
approval of the Group’s approach to measuring and reducing supplier Scope 3 emissions, the
review of the Group’s Carbon Transition Plan in December 2025 and related reporting within the
2025 Annual Report and Accounts.
Received a detailed review of climate-related risks and opportunities to the Group over the
short, medium and longer term in September 2025, including physical and transition risks and
scenario analysis.
Approved management’s Annual Appointed Representative Self-Assessment.
Reviewed the Group’s division of responsibilities amongst Senior Managers in accordance
with SMCR.
Received an update on the Group’s Governance Pillar of our Sustainability Framework.
Considered the risks to the business model posed by both internal and external use of AI.
The Committee held three meetings in 2025 and has an annual schedule of work, developed
from its Terms of Reference (available on our website at https://www.monygroup.com/), with
standing items that it considers at each meeting, in addition to any specific matters upon
which the Committee has decided to focus. 2025 was the first year of the Committee’s
oversight of non-financial controls, with the Audit Committee retaining oversight of those
controls deemed material from a financial reporting perspective.
Risk and Compliance
The Group has a Risk and Compliance function,
led by the Chief Risk Officer, which oversees
the Group’s risks and controls together with
the Group’s compliance with the requirements
of the various bodies that regulate the Group’s
activities. These regulatory bodies include the
CMA, the FCA and the ICO as well as Ofgem
and Ofcom (which operate voluntary price
comparison codes in the energy and home
communications sectors to which brands in
the Group subscribe). The Chief Risk Officer is
a member of the Executive Team, reflecting the
importance of the risk management and
internal control processes to the Group. The
Chief Risk Officer has direct and independent
access to the Risk and Sustainability
Committee and meets non-executive
members of the Committee at the conclusion
of each Committee meeting without other
members of the Executive Team. This ensures
that the Chief Risk Officer has the opportunity
to discuss any matters of concern which may
need to be brought to the Non-Executive
Directors’ attention.
The Group has a Risk and Compliance plan,
which defines the scope of the work that the
function will undertake, including compliance
monitoring and assurance activities across
the Group. In 2025, this focused on the
Group’s preparations and assessment of
internal controls for the purposes of provision
29 of the 2024 Corporate Governance Code,
assuring the operation of data handling
controls into our core systems, developing and
embedding governance framework and
controls for AI tools and delivering regulatory
change across the Group, including evolution
of our approach to Consumer Duty.
Principal and emerging risks
In accordance with the 2024 UK Corporate
Governance Code Principle O, the Board has
established an effective risk management
and internal control framework.
The Committee undertook an assessment of
the Group’s principal and emerging risks,
including those which had the potential to
impact delivery of our strategy, culture and
future performance. Details of the Group’s
principal risks and uncertainties, including
their type, link to the Group’s strategy and
trend information, are provided on pages 64
and 65.
In accordance with the 2018 UK Corporate
Governance Code Provision 29, the Board
has performed a review of the effectiveness
of the Group’s risk management and internal
controls systems.
The key risks are managed by one or more
control owners across the Group and are
recorded in the Risk Register. Controls
designed to mitigate each risk have been
identified and allocated a control owner
andare documented. Reviews of controls
areconducted by control owners to
confirmtheir effectiveness. Control owners
and the relevant Executive member attest
tothe effectiveness of their controls
annually. An independent annual review
ofinternal controls is undertaken by the
Internal Audit function.
Risk and Sustainability Committee Report continued
MONY Group PLC Annual Report and Accounts 2025 – 101Financial statementsGovernanceStrategic report
Risk and Sustainability Committee Report continued
Sustainability
During 2025 the Committee received
reporting at its meetings on each one of the
Group’s three sustainability pillars in turn
and how the relevant pillar tracked against
the Sustainability Framework metrics.
The Committee oversaw the production
ofthe Group’s external environmental
reporting during the year, including our
netzero plans, our Climate Risk Disclosures
section of this Annual Report and the
submission and validation of the Group’s
science-based targets. The Committee
discussed management’s Climate Risk
Disclosures review of the Group’s climate-
related risks in the short, medium and
longterm, together with any potential
opportunities, and considered the
disclosures at its meeting on 10 February
2026 as part of the Committee’s review
andapproval of the final Climate Risk
Disclosures section within this Annual
Report. Further details are contained
withinour Sustainability Report on pages
39to 46.
Opportunities
Our risk management framework underpins
the strategy of the Group, as it is only by
understanding the level of risk the Board is
willing to take that we can identify and
pursue strategic opportunities in a safe
andprofitable manner. Additionally, the Risk
and Compliance function’s monitoring and
assurance of in-flight strategic programmes
enables the early detection of execution
risks. For further details regarding the
principal and emerging risk assessment,
including details of the Board’s appetite in
relation to its strategic objectives, please
seepages 64 to 65.
Risk and Sustainability
Committee effectiveness
In 2025, we carried out an internal evaluation
of the Risk and Sustainability Committee’s
effectiveness with the results being analysed
and presented to the Board in December
2025. The Committee determined it
continues to be effective in fulfilling its remit
and remains independent. Further details
are contained on pages 84 to 87.
Overview of Committee activities for 2026
The table below summarises the Committee’s additional focus areas for 2026. In addition
tomonitoring its current risks, the Committee will also continue to consider and oversee
theGroup’s response to emerging risks and opportunities as they arise. These are currently
likely to include:
What we will focus on in 2026
The continuous enhancement of the Group’s cyber security and related maturity, including
achieving ISO status.
Monitoring of the Group’s progress against its multi-year plan for the achievement of its SBTi
targets and Climate Transition Plan.
Reviewing and assessing the effectiveness of the Group’s Business Continuity Arrangements.
Regulatory change including that by the FCA, FRC, ICO and CMA and in the energy market.
Continuing to assess the risks posed by the adoption of AI within the business and by our
customers and suppliers.
An awareness of evolving competitive threats and changes to industry business models which
challenge conventional consumers’ behaviour.
This report was approved by the Board and signed on its behalf by:
Lesley Jones
Chair of the Risk and Sustainability Committee
20 February 2026
MONY Group PLC Annual Report and Accounts 2025 – 102Financial statementsGovernanceStrategic report
Remuneration Committee Report
Incentivising our
most valuable asset
The Remuneration Committee’s key focus
this year has been the review of Policy and
the introduction of the new “hybrid” LTIP
which we believe will promote the delivery
of our strategy and the long-term success
of the Group.
Rakesh Sharma OBE FREng CPhys
Chair of the Remuneration Committee
As a Committee
we ensure that
our remuneration
framework continues
to align with our
Groupstrategy.
Total remuneration received by our Executive Directors in 2025
Board member Salary
Taxable
benefits Pension
Annual
bonus ¹ RSAs ² Total
Peter Duffy
CEO £656,600 £22,435 £39,396 £673,145  £435,199 £1,826,775
Niall McBride
CFO £463,700 £15,739 £27,822 £427,846 £263,423 £1,198,530
1 One-third of annual bonus deferred into shares.
2 RSAs valued using the Q4 average share price including dividend equivalents.
How we performed
in the year
Group revenue
£446.3m
(2024: £439.2m)
Adjusted EBITDA
£145.1m
(2024: £141.8m)
Net promoter score
(MSM and MSE)
73
(2024: 72)
MONY Group PLC Annual Report and Accounts 2025 – 103Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Dear Shareholder,
I am pleased to present the Directors’
Remuneration Report for the year ended
31December 2025.
Firstly, I would like to thank shareholders for
their approval of our Directors’ Remuneration
Report, at our AGM in May 2025, which
received a vote in favour of 97%.
Wider workforce context
Our people are at the forefront of providing
customers with the best experience and we
believe that employees should share in the
success of the business. We operate both
Sharesave and Share Incentive Plan schemes
in which employees can participate and
become owners of the Group.
As disclosed last year, the overall budget
forsalary increases was 4% for 2025. The
Group is also a Real Living Wage employer
and has been accredited as a Real Living
Hours employer.
2025 remuneration outcomes
2025 was another year of strong progress
forthe Group, delivering record results and
enhanced shareholder returns against a
backdrop of sector specific headwinds and
continued macro-economic uncertainty,
which reflects the resilience of our business
model and the disciplined leadership of our
management team.
2025 was also a year of strong strategic
delivery as we continue 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, ultimately to continue helping UK
households save money.
Adjusted EBITDA performance in the year
was £145.1m and resulted in an outcome of
66.7% of maximum under this measure in
the annual bonus. Revenue performance
was £446.3m and resulted in an outcome of
38.4% of maximum for this element of the
bonus. Under the customer metric, MSE and
MSM were ranked one and two versus the
peer group, resulting in maximum payout
under this measure. The Committee
determined that there had been strong
progress on ESG in the year, with
performance assessed relative to our
Sustainability Framework. Performance
includes strong progress on environmental
goals and D&I indicators; therefore the
outturn under this element should be 100%
of maximum. There was also excellent
progress against the shared strategic
objectives and the Committee determined
that the payout under this element should
be 86.7% of maximum.
Taking into account all of the above, the overall
bonus outcome was 68.3% of maximum for
both Peter and Niall. The Committee considers
that this overall outcome is appropriate in the
context of thestrong business performance
(both financial and strategic) and wider
stakeholder experience, therefore determining
that no discretion would be applied. In line with
the 2023 Remuneration Policy, one-third of this
award will be deferred into shares which vest
after two years. Further details of performance
achieved is set out on pages 118and 119.
2023 was the first year that awards
grantedunder the RSA awards, and these
awards are due to vest in 2026, subject to
theachievement of the performance
underpin related to the performance
againstthe Group’s key strategic priorities
(including an ESG objective) over the
vestingperiod. The Committee carefully
considered the performance of the business
and concluded that the underpin had been
met. Further details of the performance
underpin attached to the awards and the
Committee consideration of these are set
outon page 120.
Directors’ Remuneration
Policyreview
The key focus for the year for the
Remuneration Committee has been
reviewing the Directors’ Remuneration Policy
in advance of seeking shareholder approval
for a revised Policy at the 2026 AGM.
Previous Policy review – introduction
of RSAs
The key change made during the last Policy
review was the introduction of Restricted
Share Awards (‘RSAs’) in place of the
performance-based LTIP (for all LTIP
participants). In the years preceding this, the
Group had been subject to an extremely
unpredictable market backdrop, impacting
each of our travel, energy, general insurance
and banking business lines separately. In this
context, the Committee did not believe it was
possible to set robust, fair and meaningful
three-year financial targets under the LTIP
and therefore that the LTIP would not
function as intended over the three-year
Policy cycle.
RSAs were introduced to provide a simple
andtransparent award to support a culture
oflong-term decision making to generate
long-term, sustainable value creation. The
Committee believes that RSAs have worked
well, incentivising participants to make the
right decisions for the long-term success
ofthe business in volatile and fast-moving
markets. RSAs have also provided stability
across our senior leadership during a period
of heightened market uncertainty that has
been highly valued by participants and is
driving the right long-term behaviours.
Wehave been able to retain our best talent
during a period of investment in the Group’s
capabilities, including an extensive re-
platforming of our tech stack to provide us
with a scalable model to drive further growth,
as well as diversification of our portfolio of
products and brands.
However, on switching to RSAs we were
clearthat it was not necessarily a permanent
solution and that if market visibility improved,
we may consider reverting to a performance-
based scheme.
Looking forwards – a compelling
growthstory
Since the last Policy review, the investment we
have made in the business has positioned the
Group with a compelling growth story and a
clear strategy to deliver this. We are shifting
our customer base from transactional to
member-based models with a clear focus on
customer loyalty and lifetime value. Over time
this will increase transaction volumes and
reduce our reliance on paid advertising for
customer acquisition, ultimately growing
margin. We have seen significant growth in our
member-based models to date and, crucially,
continue to see significant headroom for
further growth. In addition, our innovative
product development pipeline is focused on
delivering products that enhance the customer
experience, boost conversion and access new
markets. However, whilst we are confident
about the outlook for growth in our end
markets, we are acutely aware that the
inherent nature and cyclicality of our markets
means that volatility and industry cycles
mayimpact performance. This is currently
compounded by continued heightened
macroeconomic and geopolitical uncertainty.
MONY Group PLC Annual Report and Accounts 2025 – 104Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Key changes to the Policy
In this context, over 2025 the Remuneration
Committee has undertaken a comprehensive
review of the overall remuneration framework
to ensure that it continues to support the
execution of the strategy and the creation of
sustainable shareholder value. The Committee
also conducted a review of evolving market
practice and both shareholder and proxy
bodyguidance to ensure that our
remuneration arrangements remain
competitive. The Committee consulted
extensively with shareholders in advance
offinalising the changes to the Policy and is
grateful to shareholders for taking the time
toprovide useful feedback.
The outcome of this review is that two key
changes are being made to the Policy:
1. Reintroduction of a performance
linked Performance Share Award
(‘PSAs’) alongside RSAs, with no
change in the overall expected value of
the overall award.
2. When share ownership guidelines
have been met, the proportion of any
bonus required to be deferred into
shares for two years will be reduced to
15%.
The remainder of the Policy is broadly
unchanged.
Hybrid LTIP scheme
As described above, the Group has a
compelling growth story over the next cycle,
and it is critical that our remuneration
arrangements incentivise delivery of this and
align management with the success of the
business. The Committee therefore
concluded that our incentives should be
further linked to performance and that it
would not be appropriate to retain a pure
RSA model going forwards. This view was
further enhanced by both our strategy
todiversify our portfolio of products and
brands and the shift to member-based
models, which has led to somewhat
improved market visibility which alleviates
(toa degree) some of the challenges in
setting three-year PSA targets. However,
wewere also conscious of the nature
andcyclicality ofour end markets which
mean that performance may be impacted
significantly by market volatility and industry
cycles, as well as the other benefits of RSAs
which we have seen work well over the
lastthree years, specifically the focus on
long-term decision making, alignment to
investors through increased shareholdings
and retention of key talent). We therefore
concluded that it is not appropriate to revert
to a pure performance-based LTIP as this
risks our ability to attract, retain and
motivate our senior leaders.
The Committee believes that a hybrid
modelwill provide a balanced approach
– incentivising long-term outperformance
and creation of sustainable shareholder
value, whilst driving the right behaviours
forthe long term and locking in key talent.
This change will be applied across our senior
management team which participates in the
RSA scheme to ensure consistency across
our senior leaders.
The Committee recognises that hybrid
share-based schemes have traditionally
been unusual in the UK. However, during
thereview of the Policy we noted that
overthe last two years adoption has been
increasing, and we believe that the benefits
of the combined PSA and RSA model are the
right blend for our business, particularly
given the markets in which we operate.
When developing our proposed hybrid LTIP
scheme, the Committee made sure to take
into account shareholder and proxy body
guidance and expectations. The key
parameters of our proposed approach
areset out below.
Our key principle when determining award
levels was that there will be no change in the
expected value of award for participants.
The table above sets out further details of
proposed award levels. Effectively we have
unwound the 50% discount applied when
moving to RSAs to the portion of the award
now delivered via the LTIP under the
hybridmodel.
As shown in the table, the balance of RSA
andLTIP will be weighted towards the
PSAs, with RSAs and the LTIP awarded
ina 1:2 ratio. The Committee believes
thatthis balance is appropriate, sufficiently
incentivising outperformance whilst
acknowledging that we are moving from
apure RSA model, therefore retaining a
significant minority based on RSAs.
In line with best practice, both LTIP and
RSAawards will be subject to overall time
horizons of five years – a three-year
performance/vesting period respectively,
followed by a two-year holding period
post-vesting.
Details of the performance measures
attached to the PSAs and the performance
underpins for the RSAs that will apply to
awards granted in 2026 are summarised
under the implementation section below.
Bonus deferral
As part of the Policy review, the Committee
reflected on elements of the current
framework that ensure alignment with
shareholder interests. In addition to bonus
deferral (which currently requires one-third
ofany bonus to be deferred into shares for
two years) this includes: (i) the five-year
timehorizons which apply to share-based
incentive; (ii) both in- and post-employment
share ownership guidelines (set at 200% of
salary in line with FTSE 250 market practice);
and (iii) robust malus and clawback provisions.
The Committee reviewed MONY’s approach to
bonus deferral in this context, also noting that
it is becoming increasingly common to remove
any bonus deferral requirements where share
ownership guidelines have been met.
Taking a holistic view of the executive
remuneration framework, the Committee
concluded that it would be appropriate
toallow for a relaxation of the bonus
deferralprovisions where the share
ownership guideline has been exceeded,
andthat shareholder alignment was clearly
supported via other elements of the
remuneration package.
During our shareholder consultation on
thenew Policy, it was initially proposed that
bonus deferral requirements would fall away
where the share ownership guideline has
been met. However, a number of investors
expressed a preference for a reduction in
the proportion of any bonus deferred rather
than the deferral requirements falling away.
Current (% of salary) Proposed (% of salary)
RSA Expected value RSA PSA Expected value
CEO 87.5% 87.5% 42.5% 90% 87.5%
CFO 75% 75% 37.5% 75% 75%
MONY Group PLC Annual Report and Accounts 2025 – 105Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Bonus deferral continued
Taking this feedback into account, it is
instead proposed that the proportion of
any bonus deferred into shares will be
reduced to 15% where the guideline
hasbeen met.
Where the guideline has not been met,
Executives will be required to defer one-third
of any bonus into shares for two years.
Approach to remuneration
in2026
Salary, pension and benefits
Peter Duffy and Niall McBride received salary
increases of 3.5% effective 1 January 2026 (to
£679,600 and £480,000 respectively). This is
below the average increase awarded to the
Group’s employees where a salary review
budget of 3.5% has been distributed with a
further 1% to be distributed through the year.
This takes the budget to 4.5% once in-year
strategic market pay adjustments and
promotions are taken into account. Pension
and benefits will operate in line with the Policy.
Annual bonus
The structure of the annual bonus is broadly
unchanged for 2026, with performance
metrics and weightings consistent with 2025.
The bonus therefore continues to be based
on the following metrics for 2026: adjusted
EBITDA (50%), revenue (20%), customer (5%),
ESG (5%) and shared strategic objectives
(20%). Annual bonus opportunity levels
remain unchanged – Peter Duffy’s maximum
award is 150% of salary and Niall McBride’s
maximum award is 135% of salary.
Hybrid LTIP
The PSA and RSA award opportunity under the
hybrid LTIP for 2026 are as outlined above.
The vesting of the PSAs will be based 70% on
Adjusted Basic EPS and 30% on relative
TSR. Adjusted Basic EPS is our primary
measure of long-term financial performance
and will incentivise bottom-line growth whilst
maintaining a focus on capital allocation.
Targets have been set to be stretching and
require significant outperformance for
maximum payouts, whilst recognising
external market conditions - see page 114
forfurther details. The use of the relative
TSRwill provide direct alignment to the
shareholder experience.
As our key PCW peers are not listed, it is
proposed that relative TSR will be measured
against the FTSE 250, excluding investment
trusts as well as companies in the basic
materials, energy, financials (other than
insurance), real estate and utilities sectors.
Companies in these sectors have been
removed from the comparator group as they
are subject to different market forces to
MONY and are therefore considered less
appropriate comparators.
RSAs will be subject to the achievement
ofperformance-based underpins. The
underpins which apply to RSA awards are
unchanged from prior years. Should any of
the underpins not be met, the Committee
would consider whether, and to what extent,
adiscretionary reduction in the vesting of
awards was required.
Further details on the performance
conditions for the PSAs and the operation of
the underpins for the RSAs for 2026 are set
out on pages 114 and 115.
Rakesh Sharma OBE FREng CPhys
Remuneration Committee Chair
20 February 2026
MONY Group PLC Annual Report and Accounts 2025 – 106Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Base salary
Purpose and link to strategy
To provide competitive fixed remuneration to attract and retain Executive Directors of the calibre required to deliver the business strategy for
shareholders.
Operation
The base salary for Executive Directors will normally be reviewed annually by the Committee but may be reviewed at other times in exceptional
circumstances. Individual salary adjustments may take into account each Executive Director’s performance and experience in role, changes in
role or responsibility, the Group’s performance and size and complexity, as well external market data.
Maximum
There is no prescribed maximum base salary or maximum salary increase.
Salary increases are ordinarily in line with the broader employee population, but increases may be above this level in certain circumstances, for
example, an increase in the scale, scope or responsibility of the role, an increase in the size and complexity of the Company, developments in the
wider competitive market or significant change in market practice and other exceptional circumstances.
Current base salary levels are set out on page 114.
Performance targets
No specific targets although the Committee will take into account individual performance when considering salary increases.
Pension
Purpose and link to strategy
To provide an appropriate retirement benefit that is competitive in the relevant market.
Operation
Executive Directors may participate in the Company’s defined contribution pension scheme and/or receive salary supplements, or such other
allowance as the Committee considers appropriate.
Maximum
Maximum contribution and/or cash supplement in line with that available to the majority of the wider workforce (currently 6% of base salary).
Performance targets
Not applicable.
Directors’ Remuneration Policy
Set out below is the Company’s Directors’
Remuneration Policy, which will be put to a
binding shareholder vote and become
formally effective from the 2026 Annual
General Meeting.
The design and implementation of the
Remuneration Policy is the responsibility of
the Company’s Remuneration Committee.
Further information on the composition and
operation of the Remuneration Committee is
set out on page 125.
In developing the proposed Policy, the
Committee followed a robust process which
included discussions on the content of the
Policy at Remuneration Committee meetings
during the year. Input was received from the
Company Chair and management while
ensuring that conflicts of interest were
suitably mitigated. Input was also provided
by the Committee’s appointed independent
advisers throughout the process. The
Committee also sought feedback from
shareholders and feedback has been
reflected in final proposals.
Changes from the previous Policy
The key changes to this Remuneration Policy,
from the previous policy approved by
shareholders at the 2023 AGM, and as
described in the Chair’s introductory
statement, are as follows:
· introduction of a Performance Share
Award (‘PSA’) alongside the Company’s
existing Restricted Share Awards (‘RSA’)
under the new hybrid LTIP scheme to
better support the Company’s strategy;
and
· when share ownership guidelines have
been met, the proportion of any bonus
required to be deferred into shares for two
years will be reduced to 15%.
Other minor changes have been made to the
wording of the Policy to aid operation and to
increase clarity.
MONY Group PLC Annual Report and Accounts 2025 – 107Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Annual Bonus
Purpose and link to strategy
Incentivises the delivery of stretching financial, operational and strategic performance. Deferral into MONY Group PLC shares supports long-term
alignment with shareholders.
Operation
The annual bonus is based on performance against performance targets set by the Committee.
Where an Executive Directors’ shareholding guideline has not yet been met (as determined by the Committee), a proportion of any annual bonus
earned (at least one-third) will normally be deferred into an award of MONY Group PLC shares under the terms of the Deferred Bonus Plan
(‘DBP’). DBP awards will normally vest at least two years after grant. The remainder will be paid in cash following the year end.
Where an Executive Director has met their share ownership guideline, the proportion of any annual bonus earned which is normally deferred will
be at least 15% (with the balance delivered in cash following the year end).
Malus and clawback provisions apply for a period of two years following the payment of a cash bonus and the grant of any DBP award.
Maximum
The maximum annual bonus opportunities in respect of a financial year will normally be:
· CEO: 150% of base salary; and
· CFO: 135% of base salary.
Where considered appropriate in exceptional circumstances, the Committee may determine that the maximum annual bonus opportunity in
respect of a particular financial year is up to 200% of base salary.
Performance targets
Payment is determined by reference to performance assessed over a financial year. The Committee shall determine performance measures for
the bonus each year which the Committee considers to be aligned to the strategy and the creation of shareholder value. These may include
financial measures and other metrics linked to the delivery of the business strategy, operations or personal performance targets.
The Committee determines the weightings of the performance measures each year. The overall framework will normally be weighted towards
financial measures of performance. The performance measures and weightings for the 2026 financial year are shown on page 114. The
Committee retains discretion to use different or additional measures or weightings in future years to ensure that the bonus framework
appropriately supports the business strategy and objectives for the relevant year.
Performance targets are set each year by the Committee by reference to factors such as the budget and strategic objectives for the year and
market expectations. Payout will normally be based on a scaled performance target schedule, with the level of payout for threshold performance
being no higher than 25% of the maximum. The target schedule will normally be disclosed retrospectively in the Annual Remuneration Report.
The Committee has the discretion to adjust performance targets for any exceptional events that may occur during the year.
In addition, the Committee may determine that it is appropriate to adjust the bonus payouts’ outcome if, for example, outcomes are not
considered to be reflective of underlying performance of the business or the performance of the individual, where performance targets are
nolonger considered appropriate or where the outcome is not considered appropriate in the context of the experience of shareholders or
other stakeholders.
Directors’ Remuneration Policy continued
MONY Group PLC Annual Report and Accounts 2025 – 108Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Hybrid LTIP (“LTIP”)
Purpose and link to strategy
To reward our Executive Directors for driving the sustainable long-term growth of the Company and shareholder value and to encourage and
enable substantial long-term share ownership.
Operation
The Committee may grant Performance Share Awards (‘PSAs’) and Restricted Share Awards (‘RSAs’) in respect of each financial year.
PSAs normally vest subject to continued employment and based on performance assessed over a period not shorter than three years. RSAs
normally vest subject to continued employment and a performance underpin assessed over a period not shorter than three years. Following
vesting, an additional two-year holding period will normally apply, such that vested shares are normally released five years from grant.
Malus and clawback provisions apply until two years from the date of vesting.
Maximum
Under normal circumstances, the maximum award levels granted in respect of a financial year will be:
· CEO: PSA - 90% of base salary and RSA - 42.5% of base salary; and
· CFO: PSA - 75% of base salary and RSA - 37.5% of base salary.
Under exceptional circumstances (as determined by the Committee), the maximum award level that may be granted in respect of a financial year
will be a PSA of 100% of base salary and RSA of 50% of base salary.
Performance targets
The Committee shall determine performance measures for PSAs granted. These may include financial, strategic measures, governance, ESG or
share price metrics. Normally 25% of awards vest for threshold levels of performance with the full award vesting for maximum levels of
performance.
No specific performance conditions are required for the vesting of RSAs, although the awards will normally be subject to one or more underpin
conditions over the vesting period. Should any of the underpins not be met, the Committee would consider whether a discretionary reduction in
the vesting of awards was required. The underpins applying to each award will be determined by the Committee each year but may include
measures related to key financial, strategic measures, governance, ESG or share price metrics.
The performance measures for PSA awards and underpins for RSA granted in 2025 are set out on pages 114 and 115.
In addition, the Committee may determine that it is appropriate to reduce the vesting outcome under a PSA and/or an RSA if, for example,
outcomes are not considered to be reflective of underlying performance of the business or the performance of the individual, where underpins
are no longer considered appropriate or where the outcome is not considered appropriate in the context of the experience of shareholders or
other stakeholders.
Directors’ Remuneration Policy continued
MONY Group PLC Annual Report and Accounts 2025 – 109Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Benefits
Purpose and link to strategy
To provide market competitive benefits and support the recruitment and retention of Executive Directors.
Operation
Current benefit provision includes a car allowance, life insurance and private medical insurance. The Committee may introduce other benefits if it
is considered appropriate to do so. Executive Directors shall be reimbursed for all reasonable expenses and the Company may settle any tax
incurred. Where an Executive Director is required to relocate to perform their role, the appropriate one off or ongoing expatriate benefits may be
provided (e.g. housing, schooling, etc).
Maximum
There is no prescribed maximum monetary value for benefit provision. Benefits are set at a level which the Committee determines is reasonable
and appropriate and the value may vary depending on the benefit provided and the market cost of the benefit given the individual’s personal
circumstances.
Performance Targets
Not applicable.
All-employee share plans
Purpose and link to strategy
To encourage wider employee share ownership and thereby increase alignment with shareholders.
Operation
Executive Directors are eligible to participate in all-employee share plans, which are offered on similar terms to all employees, such as HMRC-
approved Sharesave plans and Share Incentive Plans.
Maximum
The maximum which applies to all employees, which includes the limits for any HMRC approved plans, are as defined by HMRC from time to time.
Performance targets
Not applicable.
Share ownership guidelines
Purpose and link to strategy
To increase long-term alignment between Executives and shareholders, including after they have stepped down from the Board.
Operation In-employment
Executive Directors are normally expected to build up and maintain a substantial holding of MONY Group PLC shares of 200% of base salary.
To achieve this, Executive Directors are normally expected to retain 50% of the net of tax vested incentive share awards shares until the guideline
is met. Unvested deferred bonus shares, unvested RSAs subject to an underpin and vested RSA shares or legacy LTIP shares subject to a holding
period will count towards the guideline (on a net of tax basis).
Post-employment
Following stepping down from the Board, Executive Directors will normally be expected to maintain a minimum shareholding of 200% of salary
(or their actual shareholding on cessation if lower) for two years. The Committee retains discretion to waive this guideline if it is not considered to
be appropriate in the specific circumstance.
Maximum
Not applicable.
Performance targets
Not applicable.
Directors’ Remuneration Policy continued
MONY Group PLC Annual Report and Accounts 2025 – 110Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Non-Executive Director fees
Purpose and link to strategy
To provide market competitive fees which reflect the time commitment and responsibilities of each role.
Operation
The fees for the Non-Executive Directors (excluding the Chair) are determined by the Board and comprise a base fee with additional fees payable to reflect
additional responsibilities or time commitment. The fees for the Chair are determined by the Committee and are structured as a single fee.
Fees are normally reviewed annually.
The Non-Executive Directors do not participate in any Company pension arrangements, nor do they currently receive any benefits.
Non-Executive Directors may be reimbursed for business expenses (and any associated tax liabilities) incurred when travelling in performance of duties.
Additional benefits may be introduced if considered appropriate.
Maximum
There is no prescribed maximum annual increase. The Board is guided by increases for the broader employee population but on occasions may need to
recognise, for example, an increase in the scale, scope, responsibility or time commitment of the role, as well appropriate market data.
Current fee levels are set out on page 115 and will not exceed the aggregate maximum levels set out in the Company’s Articles of Association.
Performance targets
Not applicable.
Non-Executive Directors do not participate in variable pay arrangements.
Notes
1 Awards under any of the Company’s share plans referred to in this report may:
a) be granted as conditional share awards or nil-cost options or in such other form that the Committee determines has the same economic effect;
b) incorporate the right to receive an amount (in cash or additional shares) equal to the value of dividends which would have been paid on the shares under an award that vest up to the time of vesting. This amount may be calculated assuming that the dividends
have been reinvested in the Company’s shares on a cumulative basis;
c) be settled in cash at the Committee’s discretion (this provision would only be applied for Executive Directors in exceptional circumstances); and
d) be adjusted in the event of any variation of the Company’s share capital or any demerger, delisting, special dividend or other event that may affect the Company’s share price.
2 The choice of the performance measures applicable to the annual bonus reflects the Committee’s belief that any incentive compensation should be appropriately challenging and aligned to the Group’s financial and strategic objectives, and the creation of
shareholder value. Performance measures applying to the PSAs and underpins applying to RSAs have been selected as they are considered to be an appropriate measure of the success of the business over the period.
3 Malus and clawback provisions exist on all variable components of the package. The Committee has discretion to reduce the vesting of a DBP award, PSA or RSA prior to vesting and/or require the participant to return the value of the cash bonus, DBP award, or RSA
which has been received (within the timescales shown in the table) in certain circumstances. These circumstances include, in summary: a misstatement of financial results; an error in the assessment of a performance underpin; a significant breach of regulatory
obligations; misconduct justifying summary dismissal; corporate failure; being responsible for a failure of risk management; contributing to a material loss for the Company or any member of the Group; or acting in a manner which has (or could have) caused serious
reputational damage to the Company or any member of the Group.
4 The Committee reserves the right to make any remuneration payments and payments for loss of office (including exercising any discretions available to it in connection with such payments) notwithstanding that they are not in line with the Policy set out above
where the terms of the payment were agreed: (i) before the Policy set out above came into effect provided that the terms of the payment were consistent with any shareholder-approved Directors’ Remuneration Policy in force at the time they were agreed; or (ii) at a
time when the relevant individual was not a Director of the Company or other person to whom this Policy applies and, in the opinion of the Committee, the payment was not in consideration for the individual becoming a Director of the Company or other such
person. For these purposes “payments” includes the Committee satisfying awards of variable remuneration and, in relation to an award over shares, the terms of the payment are “agreed” at the time the award is granted.
5 The Committee may make minor amendments to the Policy (for regulatory, exchange control, tax or administrative purposes or to take account of a change in legislation) without obtaining shareholder approval.
6 References in this Policy to Executive Directors includes any other individual who is required to be treated as an Executive Director under the applicable regulations.
Directors’ Remuneration Policy continued
MONY Group PLC Annual Report and Accounts 2025 – 111Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Illustrations of application of Remuneration Policy
The chart below illustrates how the composition of the Executive Directors’ remuneration
packages varies at different levels of performance under the annual remuneration framework
in the 2026 Policy, both as a percentage of total remuneration opportunity and
asatotalvalue.
CEO CFO
£1,500k
£1,500k
£1,000k
£1,000k
£3,500k £2,000k
£3,000k
£2,500k
£2,000k
£500k
£500k
£0k £0k
Minimum
 Fixed pay    Annual bonus   Hybrid LTIP
MinimumMid MidMaximum Maximum
Maximum
(+50%
increase
in share price)
Maximum
(+50%
increase
in share price)
100%
£743k
100%
£525k
£2,663k
28%
38%
34%
£1,713k
31%
38%
32%
£1,847k
40%
28%
32%
£1,209k
43%
27%
30%
£3,113k
24%
33%
43%
£1,983k
26%
33%
41%
Notes
1 Minimum includes the value of fixed pay components – annual base salary effective in 2026, pension (6% of base salary), and
benefits (based on 2025 actual).
2 Mid includes fixed pay, an annual bonus of 50% of maximum, a PSA of 50% of maximum and full vesting of RSAs.
3 Maximum includes fixed pay, maximum annual bonus (CEO: 150% of salary, CFO: 135% of salary) and full vesting of PSAs (CEO:
90% of salary, CFO: 75% of salary) and RSAs (CEO: 42.5% of salary, CFO: 37.5% of salary).
4 Maximum (+50% increase in share price) includes fixed pay and maximum annual bonus (CEO: 150% of salary, CFO: 135% of
salary) and full vesting of PSAs (CEO: 90% of salary, CFO: 75% of salary) and RSAs (CEO: 42.5% of salary, CFO: 37.5% of salary)
assuming a 50% increase in the share price over the period.
Service agreements for Executive Directors
The service agreements of the Executive Directors are not fixed term and are terminable by
either the Company or the Director on 12 months’ notice and make provision, at the Board’s
discretion, for early termination by way of payment of salary, benefits and pension in lieu of
12months’ notice. Under these service agreements, the Committee has discretion to make
such payments on a phased basis, subject to mitigation.
Approach to leavers
In calculating the amount payable to a Director on termination of employment, the Committee
would consider the circumstances on a case-by-case basis, taking into account the relevant
contractual terms, the circumstances of the termination, any applicable duty to mitigate and
the commercial interests of the Company. The treatment of any share awards held by an
Executive Director under the Company’s share plans will be determined based on the relevant
plan rules. The following table summarises the leaver provisions under each incentive plan.
For DBP awards, PSAs and RSAs, the Committee retains discretion to vest/release awards
before the end of the original vesting period where appropriate (e.g. in circumstances of death).
On a change of control of the Company, unvested awards under the DBP would vest.
Unvested PSAs and RSAs would normally vest, taking into account the extent to which any
performance condition or underpin conditions have been satisfied at that time and, unless
the Committee determines otherwise, the proportion of the vesting period which has elapsed.
The Committee reserves the right to make any other payments in connection with a Directors’
cessation of office or employment where such payments are made in good faith in discharge of
an existing legal obligation (or by way of damages for breach of such an obligation) or by way of
settlement or compromise of any claim arising in connection with the termination of a Director’s
office or employment. Any such payments may include but are not limited to paying any fees
foroutplacement assistance and for the Directors’ legal and/or professional advice fees in
connection with his cessation of office or employment. Incidental expenses may also be payable
where appropriate.
Approach to recruitment and promotions
The remuneration package for a new Executive Director, including the maximum level of variable
remuneration, would be set in accordance with the terms of the Company’s Remuneration Policy
table above. Salaries would be set at an appropriately competitive level to reflect the skills and
experience of the individual. Where an Executive Director has been appointed to the Board at a
lower than typical market salary to allow for growth in the role, larger increases may be awarded to
move salary positioning closer to typical market level as the Executive Director gains experience.
Where an individual forfeits outstanding variable pay opportunities or contractual rights at
aprevious employer as a result of appointment to the Company, the Committee may offer
compensatory payments or awards to facilitate recruitment. Any such payments or awards
would be in such form as the Committee considers appropriate to be in the best interests
oftheCompany and would, where appropriate, reflect the nature, time horizons and
performance requirements attaching to that remuneration. There is no limit on the value
ofsuch compensatory awards, but the Committee’s intention is that broadly the value
awardedwould be no higher than the value forfeited.
For an internal Executive Director appointment, any variable pay element awarded in respect
of the prior role may be allowed to pay out according to its terms. In addition, any other
ongoing remuneration obligations existing prior to appointment may continue.
For external and internal appointments, the Company may meet any relocation, expatriate-
related or incidental expenses as appropriate.
MONY Group PLC Annual Report and Accounts 2025 – 112Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Other appointments
The Executive Directors may accept outside appointments, with prior Board approval,
provided these opportunities do not negatively impact on the individual’s ability to perform
their duties at the Company. Whether any related fees are retained by the individual or are
remitted to the Company will be considered on a case by case basis.
Non-Executive Directors
Non-Executive Directors are appointed under arrangements that may generally be terminated
by either the Company or the Director on up to three months’ notice and their appointment is
reviewed annually. The remuneration package for a newly appointed Non-Executive Director
would normally be in line with the structure set out in the Remuneration Policy table.
Differences from the remuneration policy for other employees
The remuneration policy framework for other employees is based on broadly consistent principles
as described in the Policy table above. All executives and senior managers are generally eligible to
participate in an annual bonus plan, based on consistent performance measures and targets.
Participation in share incentive plans is extended to executives and certain senior managers
(which may be on different terms to participation by Executive Directors). Individual salary levels
and percentage levels of awards in the annual bonus and share incentive plans vary according to
employees’ level of responsibility. All UK-based employees are eligible to participate in the
Company’s HMRC approved Sharesave plan on similar terms.
Consideration of shareholder views
The Committee undertook an engagement with major shareholders in respect of the changes
tothe Remuneration Policy and the feedback received was taken into account in finalising the
proposals. During each year, the Committee considers shareholder feedback received in relation
to the Annual General Meeting, plus any additional feedback received during any meetings from
time to time. The Committee also regularly reviews the Policy in the context of published
shareholder guidelines.
Consideration of employment conditions elsewhere in the Group
The Committee considers the pay and conditions of employees throughout the Company
when determining the remuneration arrangements for Executive Directors, and is provided
with relevant information and updates by the management. The Company regularly carries
out engagement surveys which enable employees to share their views with management.
Tothe extent that employees are shareholders, they can vote on Directors’ remuneration
atthe Annual General Meeting.
Plan Summary of leaver provisions
Annual
bonus
The default treatment is that an annual bonus with respect to performance in the
financial year of cessation, or any annual bonus in respect of prior financial years
which has not yet been paid at the date of cessation of employment, will not be
paid unless the Committee determines otherwise.
If the Committee determines that it is appropriate, an annual bonus may be
payable with respect to performance in the financial year of cessation (pro-rated
for time, unless the Committee determines otherwise) and in respect of any
annual bonus for prior financial years which had not yet been paid at the date of
cessation of employment. The Committee retains discretion to deliver any such
bonus solely in cash and to pay it at the normal date.
DBP Awards will normally continue to vest on the original vesting date, subject to the
clawback provisions (unless the individual is summarily dismissed in which case
DBP awards will lapse).
LTIP The default treatment is that any unvested PSAs and RSAs lapse on cessation of
employment.
However, in certain circumstances such as death, ill health, injury, disability,
retirement, the sale of the participant’s employing company or business out of
the Group, or in any other circumstances at the discretion of the Committee,
“good leaver” status may be applied.
For good leavers, PSAs and RSAs will normally vest on their normal vesting date,
to the extent the Committee determines taking into account the satisfaction of
the relevant performance conditions or underpins and, unless the Committee
determines otherwise, the proportion of the vesting period served.
In the case of death, awards will vest immediately, to the extent the Committee
determines, taking into account the satisfaction of the relevant performance
conditions or underpins and, unless the Committee determines otherwise, the
proportion of the vesting period served.
PSAs and RSAs granted in the form of nil-cost options may be exercised for
sixmonths following vesting, or such other period as may be determined by
theCommittee.
MONY Group PLC Annual Report and Accounts 2025 – 113Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Implementation of the Remuneration Policy for the year ending
31December 2026
A summary of how the Remuneration Policy will be applied during the year ending
31December 2026 is set out below.
Base salary
The Remuneration Committee has determined that base salaries for the Executive Directors
will increase by 3.5% with effect from 1 January 2026. This is below the average increase
awarded to the Group’s employees where a salary review budget of 3.5% has been distributed
with a further 1.0% to be distributed through the year. This takes the budget to 4.5% once
in-year strategic market pay adjustments and promotions are taken into account.
Board member
2026
£
2025
£ % increase
Peter Duffy 679,600 656,600 3.5%
Niall McBride 480,000 463,700 3.5%
Pension
In line with the wider workforce, unchanged for 2026 (6% of salary).
Annual bonus
For the year ending 31 December 2026, the maximum annual bonus opportunities will be in
line with the Policy, as shown in the following table.
% of salary
Peter Duffy 150%
Niall McBride 135%
The bonus structure is broadly unchanged – awards will be determined based on a balanced
combination of financial and non-financial performance, directly aligned to our KPIs and
strategic objectives. For 2026, the Board will continue to focus on adjusted EBITDA and
revenue growth as key financial metrics for our strategic delivery. The customer metric is
unchanged with NPS for MSM and MSE being measured compared to key competitors, whilst
the ESG measure remains from 2025. The shared strategic objectives for 2026 will focus on
delivering against the strategy to help households save money, delivering against our best
provider proposition, leading data and tech strategies, and leadership of an effective and
engaged organisation. The weightings of the individual metrics are set out in the
followingtable.
Weighting
(% of bonus)
Adjusted EBITDA 50%
Revenue 20%
Customer 5%
ESG 5%
Shared strategic objectives 20%
The maximum bonus will only be payable when performance has significantly exceeded
expectations. The Committee believes that the underlying targets are commercially sensitive
and cannot be disclosed at this stage. To the extent that they are no longer commercially
sensitive, they will be disclosed in next year’s report.
Hybrid LTIP structure
As set out in the Chair’s Statement, as part of the 2026 Policy the Committee intends to move
to a hybrid LTIP structure consisting of a grant of both Performance Share Awards (‘PSAs’) and
Restricted Share Awards (‘RSAs’).
It is intended that awards are granted at the following levels in 2026:
CEO - Peter Duffy: PSA - 90% of base salary, RSA - 42.5% of base salary; and
CFO - Niall McBride: PSA - 75% of base salary, RSA - 37.5% of base salary.
PSA performance conditions
The vesting of the PSAs will be based 70% on Adjusted Basic EPS and 30% on relative TSR.
Adjusted Basic EPS is our primary measure of long-term financial performance and will
incentivise bottom-line growth whilst maintaining a focus on capital allocation.
The use of the relative TSR will provide direct alignment to the shareholder experience. As our
key PCW peers are not listed, it is proposed that relative TSR will be measured against the FTSE
250, excluding companies in the basic materials, energy, financials (other than insurance),
realestate and utilities sectors. Companies in these sectors have been removed from the
comparator group as they are subject to different market forces to MONY and are therefore
considered less appropriate comparators.
The following targets apply to the 2026 awards:
Relative TSR performance¹
(30% weighting)
Adjusted Basic EPS performance
for FY28 (70% weighting)
Threshold - 25% vesting Median 19.3p
Target - 50% vesting n/a 20.1p
Maximum - 100% vesting Upper quartile 23.2p
1 Versus FTSE 250 excl. basic materials, energy, financials (other than insurance), real estate and utilities.
MONY Group PLC Annual Report and Accounts 2025 – 114Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
RSA performance underpins
No specific performance conditions are required for the vesting of RSAs, although the
awardswill be subject to underpin conditions. Should any of the underpins not be met,
theCommittee would consider whether, and to what extent, a discretionary reduction
inthevesting of awards was required.
The underpins for 2026 are unchanged from 2025 and are as follows:
· performance against the Group’s key strategic priorities (including our ESG objectives)
overthe vesting period;
· whether there is a material weakness in the underlying financial health or sustainability
ofthe business. Factors such as, but not limited to, long-term revenue, profitability, cash
generation and dividend cash cover would be considered; and
· whether there has been a materially serious conduct or reputational or regulatory event
which could have been reasonably foreseen.
The Committee has selected the three underpins outlined above to reflect a good overall
balance and safeguard the financial stability of the business whilst providing sufficient focus
on our strategic priorities, ESG performance and regulatory compliance.
When assessing whether the strategic underpin has been met, the Committee may consider
whether appropriate progress has been made against a wide range of key strategic priorities
and initiatives of the Group over the three-year period (including those which are developed
during this period) including:
· loyal engaged members – efficient customer acquisition, increased member engagement
and compelling member propositions;
· best provider proposition – leading growth partner, tenancy and data champion;
· leading data and tech – best experiences, more value from data, one tech platform;
· climate – the Group’s commitment to become a net zero emitter by 2030 and to remain
carbon neutral; and
· diversity and inclusion – initiatives to improve D&I in the business, as well as employee
engagement, work-life balance and employee wellbeing.
Similarly with the financial health underpin, the Committee may consider a range of factors
such as, but not limited to, long-term revenue, profitability, cash generation and dividend cash
cover throughout the vesting period. The Committee has not set specific thresholds for these
metrics below which RSAs would be scaled back, as it considers that it is important that we
continue to retain flexibility to assess performance in the round, taking into account the
market circumstances and all other relevant factors.
The Committee takes the role of the underpin (to act as a safeguard against payment for
underperformance) seriously and would actively use it to scale back awards where it did not
consider that the full vesting of the RSAs was appropriate.
In addition to the above, the Committee may determine that it is appropriate to reduce
thevesting outcome under either a PSA and/or an RSA if, for example, outcomes are not
considered to be reflective of underlying financial (including, but not limited to, assessment
oflong-term revenue, profitability, returns, cash generation and dividend cash cover) or
non-financial performance of the business or the performance of the individual, or where
theoutcome is not considered appropriate in the context of the experience of shareholders
or other stakeholders.
Non-Executive Directors
The fees for the Non-Executive Directors for 2026 will be increased in line with the increase
given to the Executive Directors. This is below the average increases for the wider workforce.
Board member
2026 *
£
2025
£ % increase
Chair 296,650 286,620 3.5%
Base fee 71,850 69,420 3.5%
Additional fees: 3.5%
Senior Independent Director 17,730 17,130 3.5%
Committee Chair fee 13,000 12,560 3.5%
Committee membership fee per Committee 1,770 1,710 3.5%
Employee Champion fee 8,870 8,570 3.5%
Consumer Champion fee 8,870 8,570 3.5%
* Fees rounded.
MONY Group PLC Annual Report and Accounts 2025 – 115Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Remuneration received by Directors for the year ended 31 December 2025 (audited)
Directors’ remuneration for the year ended 31 December 2025 was as follows:
Salary/fees
(£)
Taxable benefits 
1
(£)
Pension 
2
(£)
Total f ixed
(£)
Annual bonus 
3
(£)
Vesting RSAs 
4
(£)
Vesting LTIPs 
5
(£)
Total variable
(£)
Total
(£)
Peter Duffy
2025 656,600 22,435 39,396 718,431 673,145 435,199 — 1,108,344 1,826,775
2024 640,600 21,307 36,835 698,742 752,480 — 1,084,452 1,836,932 2,535,674
Niall McBride
5
2025 463,700 15,739 27,822 507,261 427,846 263,423 — 691,269 1,198,530
2024 452,400 15,546 26,013 493,959 478,270 — — 478,270 972,229
Sarah Warby
2025 84,830 — — 84,830 — — — — 84,830
2024 82,770 — — 82,770 — — — — 82,770
Caroline Britton
2025 104,240 — — 104,240 — — — — 104,240
2024 101,700 — — 101,700 — — — — 101,700
Lesley Jones
2025 85,400 — — 85,400 — — — — 85,400
2024 83,320 — — 83,320 — — — — 83,320
Rakesh Sharma
2025 87,110 — — 87,110 — — — — 87,110
2024 90,563 — — 90,563 — — — — 90,563
MONY Group PLC Annual Report and Accounts 2025 – 116Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Salary/fees
(£)
Taxable benefits 
1
(£)
Pension 
2
(£)
Total f ixed
(£)
Annual bonus 
3
(£)
Vesting RSAs 
4
(£)
Vesting LTIPs 
5
(£)
Total variable
(£)
Total
(£)
Mary Beth Christie
2025 84,830 — — 84,830 — — — — 84,830
2024 77,197 — — 77,197 — — — — 77,197
Jonathan Bewes
6
2025 286,620 — — 286,620 — — — — 286,620
2024 37,205 — — 37, 205 — — — — 37, 205
Robin Freestone⁷
2025 — — — — — — — — —
2024 279,630 — — 279,630 — — — — 279,630
Total
2025 1,853,330 38,174 67,218 1,958,722 1,100,991 698,622 — 1,799,613 3,758,335
2024 1,845,385 36,853 62,848 1,945,086 1,230,751 — 1,084,452 2,315,203 4,260,289
1 Taxable benefits for the Executive Directors incorporate all benefits and expense allowances arising from employment and relate to the provision of a car allowance and health insurance.
2 Pension payments reflect defined contribution and/or salary supplement arrangements. The Company provided salary supplements for our Executive Directors during 2025.
3 Annual bonus – the amounts shown in the table above represent the full value of the annual bonus earned in respect of the year. One-third of any amount shown is deferred into shares for two years.
4 RSAs – these values relate to the 2023 RSA awards and were calculated using the three-month average share price to 31 December 2025 of £1.9107. None of this value is due to share price growth from the date of the award. These amounts include an additional
amount of £53,771 and £32,547 related to dividend equivalents for Peter Duffy and Niall McBride, respectively.
5 LTIP – these values relate to the 2022 LTIP awards. The value has been updated to reflect the share price on the date of vesting of £2.0060 . £9,731 of this value is due to share price growth from the date of the award. This amount includes an additional amount of
£164,053 related to dividend equivalents.
6 Jonathan Bewes was appointed to the Board as Chair Designate on 1 July 2024 and appointed as Chair on 1 January 2025.
7 Robin Freestone was a leaver as of 31 December 2024.
MONY Group PLC Annual Report and Accounts 2025 – 117Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Annual bonus (audited)
Maximum bonus entitlement for the year ended 31 December 2025 as a percentage of base salary was 150% for Peter Duffy and 135% for Niall McBride for the achievement of stretching
targets specific to growth in revenue, adjusted EBITDA, diversity and inclusion, and customer satisfaction (YouGov Brand Index) as well as shared strategic objectives.
The performance targets, weightings, and actual performance against those targets for Peter Duffy and Niall McBride are set out below.
Performance targets/payout (% of maximum) Peter Duffy Niall McBride
Group
revenue
£435.8m
0%
£444.9m
33%
£454.0m
67%
£472.2m
100%
£446.3m
Actual
Weighting (% of bonus)
Payout (% of maximum)
20%
38.4%
20%
38.4%
Adjusted
EBITDA
£136.4m
17%
£140.8m
42%
£145.1m
67%
£153.8m
100%
£145.1m
Actual
Weighting (% of bonus)
Payout (% of maximum)
50%
66.7%
50%
66.7%
Customer
satisfaction
Measured by ranking NPS results (from the YouGov Brand Index survey) with MSE and MSM as standalone brands, vs the peer group.
Achievement of stretch as both brands reached 1 and 2 positions for NPS against the peer group.
Weighting (% of bonus)
Payout (% of maximum)
5%
100%
5%
100%
ESG The Remuneration Committee, considering all relevant factors, used its judgement to determine an appropriate outturn, based
on performance and progress made during the year, such as:
· We have reduced our SBTi Scope 1 and Scope 2 emissions by 83% vs a target of 91% by 2030 and reduced our SBTi Scope 3
emissions by 72% vs a target of 58.8% by 2033, meeting our target 8 years ahead of schedule. Our CDP submission required three
months of cross-functional collaboration, and our score improved from C to B, reflecting stronger sustainability commitment and
enhancing investor confidence. We also featured in Europe’s Climate Leaders Special Report, highlighting leadership in climate action.
· Colleague support for our charity partner Campaign Against Living Miserably (‘CALM’) has been so strong that we extended the
partnership for a second time, now running through to the end of 2027, raising over £400,000 by the end of year three.
· The DEIB (Diversity, Equity, Inclusion, and Belonging) initiatives at MONY Group in 2025 have been extensive and impactful,
focusing on various aspects such as female leadership, an ERG refresh, a new working group focused on race and ethnicity,
and DEIB in the tech industry.
· We were recognised in the 2025 FTSE Women Leaders Review as number two for women on boards in the technology sector
and listed in the FTSE 250 top ten best performers. We also received recognition in the Women in Work 100 Group Report,
which measures Board female representation, pay gaps below 15% and supportive and transparent parental policies.
· We increased our Group ethnicity representation to 18.6% (from 16.5% in 2024) and increased our ethnicity disclosure rate from
83.5% in 2024 to 84.6%, as at 31 December. Our ethnicity hiring rate for 2025 is 35%. Our female hiring rate in 2025 is 52%.
Weighting (% of bonus)
Payout (% of maximum)
5%
100%
5%
100%
Shared
strategic
objectives
Deliver against our strategy to help households save money: The Group delivered in line with our purpose of saving
households money. In 2025, we saved households an estimated £2.8bn.
· SuperSave Club now has more than 2 million members, with initiatives such as First Purchase Reward, expanding the free days
out proposition and cross-sell on site.
· 3 million people have downloaded the MSE app. Over 9 million consumers now receive the weekly MSE tip email.
· MoneySavingExpert was named as the third most popular news app in the UK.
· Average sales for members versus non-members are 34% higher, evidencing increased member engagement.
· New features launched in 2025 include the relaunch of Cheap Energy Club, tip promotion, automated campaigns, card-linked
offers and faster cash-back.
Weighting (% of bonus)
Payout (% of maximum)
20%
86.7%
20%
86.7%
MONY Group PLC Annual Report and Accounts 2025 – 118Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Performance targets/payout (% of maximum) Peter Duffy Niall McBride
Shared
strategic
objectives
continued
Deliver against our “best provider proposition” and “leading data and tech” strategies: In 2025, we have seen broad
improvements across our proposition, including improved customer journeys, better conversion, new provider services and
scaling our B2B offering.
· We have onboarded two new energy white-label partners, secured a contract extension with Autotrader for three years and
launched a new car finance journey with Motiv. MSE Savings Hub has been rolled out to 100% and the Mobile Finder upgrade
has been completed.
· Our tenancy business continues to grow with Market Boost tracking to plan.
· Quote summary has been rolled out to multiple categories, with upsell functionality live for Car and Home. Broadband AI
agent is live for 30% of our customers, and Car AI insights are now ready for production after successful testing.
· Sparkpost to Braze migration is nearly complete for Motor and Home B2B; Quidco and Energy work closing out. The Landing
Zone migration is complete; legacy AWS account consolidation finalised, ending seven years of migration work.
· Enhanced Single Travel Journey with multi-trip functionality, filtering, and improved operational visibility.
· Overall provider satisfaction has continued to improve vs the prior provider survey. Investments in platforms, data and the
team have supported all metrics. While there are localised areas of challenge, the overall picture is of strength and
improvement.
· The group strengthened its cyber resilience, achieving Cyber Essentials+ certification and nearing ISO 27001 certification.
Secured increased cyber insurance cover on better terms at a lower cost, reflecting strong external confidence in cyber
posture.
Leadership of an effective and engaged organisation: During the year we drove efficiencies across the organisation to
maintain robust cost management with reduced headcount and increased use of AI tools.
· We saw an increase in our engagement survey in September 2025, based on an 88% completion rate. Our commitment score
increased from 58% to 61%, and our leadership score increased from 61% to 65%.
· To support colleagues and embed AI tools we rolled out Microsoft 36 Copilot and ChatGPT to streamline workflows and boost
creativity. We delivered our AI Immersion Week, hackathons and drop-in sessions to normalise the use of AI. We provided
structured learning opportunities via LinkedIn Learning and internal training programmes, and published clear AI guidelines
covering accuracy, security and responsible use.
· Flexa Careers – reverified in 2025 for the third year, with top scores across Family Friendly and Diversity and Inclusion. We
have a transparency rating of 9.4, which is higher than similar tech companies, with our scores all being “above average”.
· Our staff costs are £63.7m in 2025, a 5% reduction compared from 2024 at £67.3m.
Total Payout (% of maximum)
Payout (% of salary)
68.3%
102.5%
68.3%
92.3%
The Committee considers that the overall outcome is appropriate in the context of the strong business performance (both financial and strategic) and wider stakeholder experience, therefore
determining that no discretion would be applied to the formulaic outcome.
In line with the current Directors’ Remuneration Policy, one-third of Peter Duffy and Niall McBride’s bonus award was deferred into shares for two years, subject to malus and clawback
conditions. The balance was paid in cash.
MONY Group PLC Annual Report and Accounts 2025 – 119Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Vesting of RSAs (audited)
The 2023 RSA awards were subject to the following underpin conditions:
· performance against the Group’s key strategic priorities (including our ESG objectives) over the vesting period;
· whether there is a material weakness in the underlying financial health or sustainability of the business. Factors such as, but not limited to, long-term revenue, profitability, cash generation
and dividend cash cover were considered; and
· whether there has been a materially serious conduct or reputational or regulatory event which could have been reasonably foreseen.
When assessing the strategic underpin, the Committee considered progress against our key strategic priorities over the vesting period, including:
· efficient acquisition – development of our brands and focus on search engine optimisation;
· retain and grow – simplification and improvement of the user experience;
· expand our offer – optimisation, integration and extension of Quidco and further expansion into mortgages;
· climate – the Group’s commitment to become operational net zero by 2030 and to remain Beyond Carbon Neutral; and
· diversity and inclusion – initiatives to improve diversity and inclusion in the business, as well as employee engagement, work-life balance and employee wellbeing.
The business has demonstrated consistently strong strategic delivery over the period, including growth of our membership models, an extensive re-platforming of our tech stack and continued
diversification of our portfolio. This is alongside our continued excellent customer satisfaction levels, strong progress in reducing our carbon emissions across the value chain and continued
commitment to diversity and inclusion.
2025 delivered record results for the Group against a challenging external market backdrop. Profit, revenue and cash generation have all seen significant growth over the three-year vesting
period and we have continued to deliver value to shareholders through increasing dividends and our share buyback programme.
The Committee also considered that there has not been any serious conduct or regulatory issues that could have been foreseen over the period.
On this basis, the Committee determined that the underpin has been met and that RSA awards will vest in full.
RSAs awarded during the year (audited)
During the year, the following share awards were made to the Executive Directors:
Executive Director Type of award Basis of award granted Face value of award
 1
£ Vesting/performance underpin period Holding period Release date
Peter Duffy 2025 RSA 87.5% of salary £574,523 Three financial years to 31 December 2027 2 years 31 March 2030
Niall McBride 2025 RSA 75.0% of salary £347,774 Three financial years to 31 December 2027 2 years 31 March 2030
1 Face value for the RSA awards was determined using the average share price over the preceding five trading days prior to the date of grant. The grant date was 31 March 2025 with an average share price of £2.0452.
RSA awards fully align with established best practice guidance in the UK-listed market. Awards will be:
· earned over a vesting period of three years, followed by a further two-year post-vesting holding period; and
· subject to robust underpins to provide an appropriate safeguard for our shareholders. Should any of the underpins not be met, the Committee would consider whether, and to what extent,
adiscretionary reduction in the vesting of awards was required (Committee discretion can be used only to reduce the vesting outcome). The underpins for 2025 are the same as for 2026
awards – details are set out on page 115.
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Remuneration Committee Report continued
Payments to past Directors (audited)
There were no payments to past Directors during the year.
Payments for loss of office (audited)
There were no payments for loss of office during the year.
Statement of Directors’ shareholdings and share interests (audited)
Director
Shares owned
outright
(with no
restrictions)
Legacy LTIP
awards under
holding period
Unvested
RSA awards
Outstanding
share awards
under
all-employee
share plans
Unvested
deferred bonus
shares
Total
interest
in shares
Shareholding
(% of salary at
31 December
2025) 
1,2, 3
Peter Duffy 133,022 872,312 795,871 10,480 272,900 2,084,585 328%
Niall McBride — — 481,754 — 165,928 6 47,6 82 137%
Rakesh Sharma 39,204 — — — — 39,204 n/a
Caroline Britton — — — — — — n/a
Sarah Warby — — — — — — n/a
Lesley Jones — — — — — — n/a
Mary Beth Christie — — — — — — n/a
Jonathan Bewes 20,000 — — — — 20,000 n/a
1 Includes the value of deferred bonus shares and RSA shares on a net of tax basis.
2 Valued based upon share price for the entirety of December 2025.
3 Figures include any dividend equivalents accrued to 31 December 2025.
Outstanding RSA awards remain subject to underpins respectively. No other awards are subject to performance.
In line with the Remuneration Policy, Executive Directors are required to hold shares in the Company worth 200% of base salary. They are normally expected to retain 50% of the net of tax
value of any vested LTIP shares or RSAs until the guideline is met.
In the period from 31 December 2025 to the date of this report, Peter Duffy received a total of 169 shares which were purchased under the Group’s Share Incentive Plan.
MONY Group PLC Annual Report and Accounts 2025 – 121Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Performance graph
The following graph shows the cumulative total shareholder return of the Company over the last ten financial years relative to the FTSE 250 Index (excluding Investment Trusts). The
Remuneration Committee considers the FTSE 250 Index (excluding Investment Trusts) to be an appropriate index for total shareholder return and comparison disclosure as it represents a
broad equity market index in which the Company is a constituent member.
This graph shows the value, by 31 December 2025, of £100 invested in MONY Group PLC on 31 December 2015 compared with the value of £100 invested in the FTSE 250 Index (excluding
Investment Trusts) on the same date, assuming the reinvestment of dividends. The other points plotted are the values at intervening financial year ends.
 MONY Group PLC
 FTSE 250 Index (excluding Investment Trusts)
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
£100 invested
180
160
140
120
100
80
60
40
20
0
Total remuneration for Chief Executive Officer
The total remuneration figures for the Chief Executive Officer during each of the last ten financial years are shown in the table below. The total remuneration figure includes the annual bonus
based on that year’s performance and LTIP awards based on three-year performance periods ending in the relevant year. The annual bonus payout and LTIP vesting level as a percentage of the
maximum opportunity are also shown for each of these years.
2016 2017 2017 2018 2019 2020 2020 2021 2022 2023 2024 2025
CEO Peter
Plumb
Peter
Plumb
Mark
Lewis
Mark
Lewis
Mark
Lewis
Mark
Lewis
Peter
Duffy
Peter
Duffy
Peter
Duffy
Peter
Duffy
Peter
Duffy
Peter
Duffy
Total remuneration (£) 2,391,627 1,064,634 841,030 1,156,842 1,244,266 459,651 206,546 784,642 1,416,659 2,133,374 2,535,674 1,826,775
Annual bonus (% of maximum) 72% 60% 47% 61% 55.8% n/a n/a 19% 87% 96% 78% 68.3%
LTIP vesting (% of maximum) 81% 68% n/a n/a 9.6% n/a n/a n/a 0% 59% 88% —
RSA awards — — — — — — — — — — — 100%
MONY Group PLC Annual Report and Accounts 2025 – 122Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Pay ratio
The table below discloses the ratio of CEO pay for 2025, using the single total figure of remuneration (‘STFR’) of the CEO (as disclosed on page 116) to the comparable earnings of the rest of the
employees in the Group, at a number of prescribed data points (25th, 50th and 75th percentiles).
Year Method
25th percentile
(P25) pay ratio
Median (P50)
pay ratio
75th percentile
(P75) pay ratio
2025 Option A 36:1 25:1 20:1
2024 Option A 54:1 36:1 28:1
2023 Option A 49:1 33:1 25:1
2022 Option A 37:1 24:1 18:1
2021 Option A 20:1 14:1 11:1
2020 Option A 19:1 14:1 10:1
2019 Option A 35:1 25:1 18:1
Note:
The ratios are calculated using option A in the disclosure regulations. The employees at the lower quartile, median and upper quartile (P25, P50 and P75 respectively) were determined based on total remuneration for 2025 using a valuation methodology consistent
with that used for the CEO in the single figure table. This option was selected on the basis that it provided the most accurate means of identifying the median and lower and upper quartile employees. The calculation is undertaken on a full-time equivalent basis. The
total remuneration in respect of 2025 for the employees identified at P25, P50 and P75 is £51,246, £74,047 and £94,685 respectively. The base salary in respect of 2025 for the employees identified at P25, P50 and P75 is £51,246, £69,556 and £77,050 respectively.
The Committee considers pay ratios as one of many reference points when considering remuneration. Throughout the Company, pay is positioned to be fair and market competitive in the
context of the relevant talent market, fairly reflecting market data and other relevant benchmarks for the role. The Committee notes the limited comparability of pay ratios across companies
and sectors, given the diverse range of business models and employee population profiles which exist across the market. A significant proportion (over 70%) of the CEO’s total remuneration is
delivered in variable remuneration, and particularly via long-term share awards under the DBP and LTIP/RSP. In order to drive alignment with investors, the value ultimately received is linked to
long-term share price movement and in the case of LTIP awards also stretching performance conditions. As a result, the pay ratio is likely to be driven largely by the CEO’s LTIP outcome and
may therefore fluctuate significantly on a year-to-year basis.
The ratio for 2025 is lower than 2024. This reflects that 2025 is the first year which includes the value of RSAs, rather than the legacy LTIP, for the CEO. The award opportunity under RSAs is
lower than under the legacy LTIP and this is the driver for the lower ratio in 2025.
MONY Group PLC Annual Report and Accounts 2025 – 123Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Percentage change in the Directors’ remuneration
The table below shows the percentage change in the Executive Directors’ and Non-Executive Directors’ salary/fees, benefits and annual bonus compared to that of the average percentage
change for MONY Group Financial Limited employees of the Group for each of these elements of pay, in respect of the relevant financial year. Whilst the reporting regulations require that the
employee group used is employees of the Parent Company only, MONY Group PLC itself has no employees; therefore, we are disclosing the data for MONY Group Financial Limited employees
on a voluntary basis in order to provide an appropriate comparison.
2025
2024
2023 2022 2021
Salary/
fees
%
Taxable
benefits
%
Annual
bonus
%
Salary/
fees
%
Taxable
benefits
%
Annual
bonus
%
Salary
%
Taxable
benefits
%
Annual
bonus
%
Salary
%
Taxable
benefits
%
Annual
bonus
%
Salary
%
Taxable
benefits
%
Annual
bonus
%
Peter Duffy 2 5 (11) 4 3 (15) 4 (12) 15 3 25 376 — 5 100
Niall McBride
1
2 1 (11) 13 13 (8) — — — — — — — — —
Rakesh Sharma (4) — — 3 — — 349 — — — — — — — —
Sarah Warby 2 — — 3 — — (2) — — 16 — — — — —
Caroline Britton 2 — — 4 — — 11 — — 26 — — — — —
Lesley Jones 2 — — 4 — — 9 — — 18 — — — — —
Mary Beth Christie
2
10 — — 132 — — — — — — — — — — —
Jonathan Bewes
3
670 — — 100 — — — — — — — — — — —
Other employees 5 94 9 6 16 (5) 10  44  58  10 22 70 3 3 100
1 Niall McBride was appointed as a Director and joined the Board on 1 February 2023 and therefore we are comparing a full year in 2024 against the 2023 part year.
2 Mary Beth Christie was appointed as a Director and joined the Board on 14 July 2023 and therefore we are comparing a full year in 2024 against the 2023 part year.
3 Jonathan Bewes was appointed to the Board as Chair Designate on 1 July 2024 and fees are shown as 100% as there was no comparator for 2023. Jonathan Bewes was appointed as Chair on 1 January 2025, and therefore we are comparing a full year in 2025 against
the 2024 part year.
Employee engagement
The Remuneration Committee reviews workforce remuneration and related policies and the alignment of incentives and rewards with culture, taking these into account when setting the policy
for Executive Director remuneration.
Relative importance of spend on pay
The following table shows the Company’s actual spend on pay (for all employees) relative to dividends, tax and retained profits:
2024 2025 Change %
Staff costs (£m) 67.3 63.7 (5%)
Dividends (£m) 65.5 66.9 2%
Tax (£m) 28.5 29.8 5%
Profit after tax (£m) 80.2 80.7 1%
MONY Group PLC Annual Report and Accounts 2025 – 124Financial statementsGovernanceStrategic report
Remuneration Committee Report continued
Consideration by the Directors of matters relating to Directors’
remuneration
During 2025 the following Independent Non-Executive Directors were members of the
Remuneration Committee: Rakesh Sharma, Chair of the Committee; Sarah Warby; Caroline
Britton; Mary Beth Christie; and Jonathan Bewes. Biographies of the current members of the
Remuneration Committee are set out on pages 72 and 73.
The Remuneration Committee’s duties include:
· determining the policy for the remuneration of the Chair, Executive Directors and Executive
management;
· determining the remuneration package of the Chair, Executive Directors and Executive
management, including, where appropriate, bonuses, incentive payments and pension
arrangements within the terms of the agreed framework and policy;
· ensuring the remuneration practices and policies for the wider workforce are aligned to our
strategy and culture; and
· determining awards under the Company’s share-based incentive schemes.
Only members of the Committee have the right to attend Committee meetings. Other
individuals may be invited to attend meetings as and when appropriate, including the Chair of
the Board, the CEO, the CFO, the Chief People Officer, the Senior Reward Managers, the
Deputy Company Secretary and the external remuneration adviser.
During 2025, the Remuneration Committee and the Company received advice from Deloitte LLP,
which is an independent remuneration consultant, in connection with remuneration matters
including the Group’s performance-related Remuneration Policy. Deloitte LLP is a member of the
Remuneration Consultants Group and is committed to that group’s voluntary code of practice for
remuneration consultants in the UK. During 2025, Deloitte LLP also provided services to the
Group in respect of risk advisory, internal audit, transaction support, corporate tax and VAT. The
fees paid to Deloitte LLP for providing advice which materially assisted the Committee in relation
to Executive remuneration over the financial year under review was £130,050.
Outside appointments
Executive Directors are permitted to accept outside appointments on external boards so long
as these are not deemed to interfere with the business of the Group.
Statement of voting at general meeting
The following votes were received from shareholders in respect of the Directors’ Remuneration
Report at the 2025 Annual General Meeting, as well as the Directors’ Remuneration Policy at the
2023 AGM:
Remuneration Report (2025 AGM) Remuneration Policy (2023 AGM)
Votes % Votes %
Votes cast in favour
1
405,346,973 97.26 395,549,425 87. 25
Votes cast against 11,438,172 2.74 57,819,493 12.75
Total votes cast 416,785,145 100 453,368,918 100
Abstentions
2
1,074,710 3,223,573
1 Includes Chair’s discretionary votes.
2 A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes validly cast.
Service contracts
Each of the Executive Directors has a service contract, which will be available for inspection at the
Annual General Meeting or at the Company’s registered office. These contracts provide for 12
months’ notice from the Directors and 12 months’ notice from the Company. They do not specify
any particular level of compensation in the event of termination or change of control. Details of the
Group’s policy in respect of loss of office are provided in the Directors’ Remuneration Policy.
The dates Executive Directors’ service contracts were entered into are as follows:
Peter Duffy – 1 September 2020
Niall McBride – 1 February 2023
Non-Executive Directors do not have a service contract, but each has received a letter of
appointment which will be available for inspection at the Annual General Meeting or at the
Company’s registered office.
These appointments expire on the following dates:
Caroline Britton 31 August 2028
Lesley Jones 31 August 2027
Rakesh Sharma 30 September 2028
Sarah Warby 31 May 2027
Mary Beth Christie 13 July 2026
Jonathan Bewes 1 July 2027
In accordance with best practice, the Non-Executive Directors stand for re-election every year.
No compensation is payable on termination of the employment of Non-Executive Directors
which may be with or without notice.
This report was approved by the Board and signed on its behalf by:
Rakesh Sharma OBE FREng CPhys
Chair of the Remuneration Committee
20 February 2026
MONY Group PLC Annual Report and Accounts 2025 – 125Financial statementsGovernanceStrategic report
Directors’ Report
Our additional
statutory information
This section sets out the remainder
of our mandatory disclosures.
Shazadi Stinton
General Counsel and Company Secretary
Annual General Meeting
The Annual General Meeting (‘AGM’) of MONY Group PLC (the ‘Company’) will be held at
Exchange House, Primrose Street, London EC2A 2EG on Thursday 30 April 2026 at 10.00am.
The notice convening the meeting, with details of the business to be transacted at the
meeting and explanatory notes, is set out in a separate AGM circular which will be issued to all
shareholders on 9 March 2026.
Dividend
The Directors recommend a final dividend of 9.30p (2024: 9.20p) per ordinary share in respect
of the year ended 31 December 2025. If approved by shareholders at the forthcoming AGM,
this will be paid on 8 May 2026 to shareholders on the register at close of business on 27
March 2026. The final dividend and the interim dividend of 3.33p per ordinary share paid on 8
September 2025, give a total dividend for the year of 12.63p (2024: 12.50p) per ordinary share.
Issued share capital and rights attaching to shares
As at 31 December 2025, the issued share capital of the Company was £104,823 comprising
524,115,152 ordinary shares of 0.02p each. Full details of the share capital of the Company and
changes to share capital during the year are set out in note 19 to the Group financial
statements on page 164.
Full details of the rights and obligations attaching to the Company’s share capital are
contained in its Articles of Association which are published on our website.
The information in note 9 is incorporated by reference and forms part of this Directors’ Report.
Holders of ordinary shares are entitled to receive dividends when declared, to receive the
Company’s Annual Report, to attend and speak at general meetings of the Company, to
appoint proxies and to exercise voting rights.
On a show of hands at a general meeting of the Company, every holder of ordinary shares
present in person or by proxy, and entitled to vote, has one vote and, on a poll, every holder
ofordinary shares present in person or by proxy, and entitled to vote, has one vote for every
ordinary share held. Electronic and paper proxy appointments and voting instructions must
be received not later than 48 hours before the meeting. A holder of ordinary shares can lose
the entitlement to vote and the right to receive dividends where that holder fails to comply
with a disclosure notice issued under section 793 of the Companies Act 2006. There are no
issued shares in the Company with special rights with regard to control of the Company.
Share Scheme Rights
The Company operates a Share Incentive Plan which entitles all employees to purchase
ordinary shares in the Company using money deducted from their pre-tax salary. Plan shares
are held in trust for participants by Equiniti Share Plan Trustees Limited the (‘Trustee’).
MONY Group PLC Annual Report and Accounts 2025 – 126Financial statementsGovernanceStrategic report
Voting rights are exercised by the Trustee in accordance with participants’ instructions. If a
participant does not submit an instruction to the Trustee, no vote is registered. In addition,
the Trustee does not vote on any unawarded or forfeited shares held under the Share
Incentive Plan as surplus assets. As at the date of this report, the Trustee held 0.0268% of the
issued ordinary share capital in the Company.
The Company operates a Long Term Incentive Plan (the ‘Plan’) and shares are held by the
trustee, Ocorian Limited (‘Ocorian’), pending vesting of the shares awarded under the Plan.
Ocorian does not vote on any shares held in trust. As at the date of this report, Ocorian held
0.0002% of the issued ordinary share capital in the Company.
Change of control
All of the Company’s share schemes contain provisions relating to a change of control.
Outstanding options and awards normally vest and become exercisable on a change of
control subject to satisfaction of any performance conditions at that time. Save in respect of
provisions of the Company’s share schemes, there are no agreements between the Company
and its Directors or employees providing compensation for loss of office or employment
(whether through resignation, purported redundancy or otherwise) that occurs because
ofatakeover bid.
The Company holds a significant agreement which would be terminable upon a change of
control: the revolving credit facility (RCF) with Barclays, Santander and HSBC Innovation.
Thecurrent £125m RCF is due for renewal in June 2028.
Restrictions on the transfer of securities
Whilst the Board has the power under the Articles of Association to refuse to register
atransfer of shares, there are no restrictions on the transfer of shares other than:
· certain restrictions may from time to time be imposed by laws and regulations (e.g. insider
trading laws); and
· pursuant to the UK Listing Rules of the Financial Conduct Authority whereby certain
Directors, officers and employees of the Group require the approval of the Company to deal
in ordinary shares of the Company.
The Company is not aware of any agreements between shareholders that may result in
restrictions on the transfer of securities and/or voting rights.
Authority to purchase own shares
The Company was authorised at the 2025 AGM to purchase up to 107,483,776 of its own
shares in the market. Directors will seek authority from shareholders at the forthcoming AGM
for the Company to purchase, in the market, up to 104,824,723 shares.
As announced on 17 February 2025, the Group executed a £30m share buyback programme,
which completed on 2 December 2025. Under the share buyback programme, the Company
purchased a total of 14,849,463 of its own ordinary shares of 0.02 pence each, representing
2.83% of the Company’s issued share capital as at 31 December 2025. The aggregate nominal
value of the shares purchased was £2,969.89 and the total consideration paid amounted to
£29,999,996.46. The highest and lowest prices paid per share £2.236 and £1.786 respectively.
These shares were subsequently cancelled. See note 20 to the accounts for further
information.
Authority to allot own shares
At the 2025 AGM, shareholders authorised the Directors to allot up to 357,920,975 ordinary
shares in the capital of the Company. Directors will seek authority from shareholders at the
forthcoming AGM to allot up to 349,066,328 ordinary shares. Of this amount approximately
174,533,164 shares (representing approximately 33.3% of the Company’s issued ordinary
share capital) can only be allotted pursuant to a fully pre-emptive offer.
Major shareholders
As at 31 December 2025, the Company had been notified of the following significant holdings
of voting rights in its ordinary shares in accordance with the Financial Conduct Authority’s
Disclosure Guidance and Transparency Rules:
Shareholder
Number of
shares/
voting rights
notified
Percentage of
shares/voting
rights notified
Moltiply Group SpA 47,500,000 9.06
Prudential plc Group of Companies 27,061,089 5.07
BlackRock, Inc. 26,278,784 5.00
Allianz Global Investors GmbH 26,794,299 4.99
Massachusetts Financial Services Company 26,749,045 4.98
Ameriprise Financial, Inc. and its group 27,199,089 4.94
Heronbridge Investment Management LLP 26,517,435 4.94
M & G PLC 26,382,836 4.91
Standard Life Investments Holdings Limited 25,417,919 4.60
FIL Limited 24,758,460 4.52
Jupiter Fund Management PLC 22,512,388 4.19
State Street Nominees 20,581,165 3.76
MONY Group PLC Annual Report and Accounts 2025 – 127Financial statementsGovernanceStrategic report
Directors’ Report continued
Major shareholders continued
All interests disclosed to the Company in accordance with Rule 5 of The Disclosure Guidance
and Transparency Rules that have occurred between 1 January 2026 and 17 February 2026
can be found below.
Shareholder
Number of
shares/
voting rights
notified
Percentage of
shares/voting
rights notified
Moltiply Group SpA 52,500,000 10.01
BlackRock, Inc. 27,350,749 5.21
Directors
The Directors who served during the year are set out on pages 72 and 73. Further details
relating to Board and Committee composition are disclosed in the Corporate Governance
Report on page 76.
The Articles of Association provide that a Director may be appointed by an ordinary resolution
of shareholders or by the existing Directors, either to fill a vacancy or as an additional Director.
All eligible Directors will retire and offer themselves for election or re-election at the 2026 AGM
in accordance with the 2024 UK Corporate Governance Code.
The Executive Directors serve under rolling contracts that are terminable upon 12 months’
notice from either party. The Non-Executive Directors serve under letters of appointment.
Copies of service contracts and letters of appointment are available for inspection at the
Company’s registered office during normal business hours and will be available for inspection
at the Company’s AGM.
The Directors’ Remuneration Report, which includes the Directors’ interests in the Company’s
shares, is set out on page 103.
Articles of association
The Company’s Articles of Association can be amended by a special resolution passed by
shareholders at a general meeting.
Directors’ powers
The Board of Directors may exercise all the powers of the Company subject to the provisions
of relevant legislation, the Company’s Articles of Association and any directions given by the
Company in general meeting.
Directors’ indemnities
During the financial year ended 31 December 2025 and up to the date of this Directors’ Report,
the Company has maintained appropriate liability insurance for its Directors and officers.
The Company has granted indemnities to each of its Directors and the Company Secretary to
the extent permitted by law and its Articles of Association. These indemnities, qualifying as
third-party indemnity provisions, were in force throughout the year ended 31 December 2025
and remain in force as at the date of this report in relation to certain losses and liabilities
which the Directors or Company Secretary may incur in the course of acting as Directors,
Company Secretary or employees of the Company or of any associated company. In addition,
the Company grants similar indemnities to senior managers of the Group who are subject to
the provisions of SMCR.
Directors’ conflicts of interest
As permitted by the Companies Act 2006, the Company’s Articles of Association enable
Directors to authorise potential conflicts of interest. The Company has a formal procedure for
notification and authorisation to be sought, prior to the appointment of any new Director or
prior to a new conflict arising. If a conflict is deemed to exist, the relevant Director will excuse
themselves from consideration for discussions relating to that conflict. This procedure enables
non-conflicted Directors to impose limits or conditions when giving or reviewing authorisation.
It also requires the Board to review the register of Directors’ conflicts annually and on an ad hoc
basis when necessary. The Board has complied with this procedure during the year.
Related party transactions
Internal controls are in place to ensure that any related party transactions involving Directors,
or their closely associated persons, are conducted on an arm’s length basis and are properly
recorded and disclosed where appropriate. During the year, no Director had any material
interest in any contract of significance to the Group’s business.
Information required by UK Listing Rule 6.6.1R
The information required to be disclosed in accordance with UKLR 6.6.1R can be located in the
following pages of this Annual Report and Accounts:
Section Information to be included Location
3 Details of long-term incentive schemes 109 and 114
MONY Group PLC Annual Report and Accounts 2025 – 128Financial statementsGovernanceStrategic report
Directors’ Report continued
Employees
The Group places considerable value on the involvement of its employees and uses a number of
ways to engage with employees on matters that impact them and the performance of the Group.
These include formal business performance updates by members of Executive management for
all employees, informal fortnightly floor briefs with the CEO, regular update briefings for all
employees, regular team meetings, the Group’s intranet site and Teams channels which enable
easy access to the latest information and policies, and the circulation to employees of results
andother corporate announcements. This also helps to achieve a common awareness amongst
employees of the financial and economic factors affecting the performance of the Group.
OurBoard appointed NED Employee Champion report is contained on pages 88 and 89
andexplains the work undertaken by the Board to engage directly with our employees.
A robust employee engagement survey process is also in place to ensure that employees are
given a voice in the organisation and that the Group can take action based on employee
feedback. All employees are able to participate in both the Company’s Share Incentive Plan
and Save As You Earn Scheme which provide employees with the opportunity to purchase
ordinary shares in the Company, actively encouraging their interest in the performance of the
Group. Further information on employee engagement can be found within our s172
statement on page 34. 
Equal opportunities
The Group is committed to providing equality of opportunity to all employees without
discrimination and applies fair and equitable employment policies which seek to promote
entry into and progression within the Group. Appointments are determined solely by
application of job criteria, personal ability, behaviour and competency.
In 2025 the Group has continued to commit to the Race at Work Charter which we originally
signed up to in 2020. This is a public commitment to prioritising action on race equity as part
of the Group’s Race Equity Plan. The plan includes a specific commitment at Board level to
zero tolerance of racial harassment or bullying. This means that all allegations of racial bullying
or harassment will be taken seriously and managed consistently and in line with the Group’s
Anti-Bullying and Harassment Policy, with formal action taken where necessary.
In the opinion of the Directors, all employee policies are deemed to be effective and in
accordance with their intended aims.
Disabled persons have equal opportunities when applying for vacancies, with due regard
totheir skills and abilities. Procedures ensure that disabled employees are fairly treated in
respect of training, career development and promotion. For those employees that become
disabled during the course of their employment, the Group is supportive so as to provide an
opportunity for them to remain with the Group, wherever reasonably practicable.
Business relationships with suppliers, customers and others
You can read about how our Directors had regard to the need to foster the Group’s business
relationships with suppliers, customers and others and the effect of that regard on pages 32
to 38.
Political donations
During the financial year ended 31 December 2025, the Group did not make any political
donations (2024: £nil).
Post balance sheet events
There have been no events since the financial year end that are important in the
understanding of the Company’s current position.
Auditor and disclosure of information
The Directors who held office at the date of this report confirm that, so far as they are each
aware, there is no relevant audit information of which the Company’s auditor is unaware, and
each such Director has taken all the steps that he or she ought to have taken as a Director to
make himself or herself aware of any relevant audit information and to establish that the
Company’s auditor is aware of that information.
Auditor
The Board approved the Audit Committee’s recommendation to put a resolution to
shareholders recommending the appointment of PwC LLP as the Company’s auditor, PwC LLP
having successfully bid for the Group’s work in an external audit tender conducted during
2025. PwC has indicated its willingness to accept appointment as auditor of the Company.
Anew audit partner will take over following PwC’s appointment on at the 2026 AGM, in
accordance with the FRC’s Ethical Standard 3 (Revised).
The Audit Committee, in its recommendation, confirmed that: (1) the recommendation was
free from influence by a third party; and (2) no contractual term of the kind mentioned in
Article 16(6) of the EU Regulation 537/2014 has been imposed on the Company.
A resolution proposing the appointment of PwC is contained in the notice of the forthcoming
AGM and will be proposed to shareholders at that meeting. Full details of the external audit
tender undertaken are available on page 98.
MONY Group PLC Annual Report and Accounts 2025 – 129Financial statementsGovernanceStrategic report
Directors’ Report continued
Reporting requirements
The following sets out the location of additional information forming part of the Directors’ Report:
Reporting requirement Location
Strategic Report – Stakeholder
engagement
Strategic Report on pages 32 to 38
Likely future developments of the
businessandGroup
Strategic Report on pages 1 to 67
Statement on corporate governance Corporate Governance Report, Audit
Committee Report, Risk and Sustainability
Committee Report, Nomination Committee
Report and Directors’ Remuneration Report
on pages 74 to 125
Details of use of financial instruments and
specific policies for managing financial
risk
Note 21 to the Group financial statements on
pages 164 to 166
Greenhouse gas emissions and energy
consumption
Sustainability Report on page 40
Directors’ Responsibility Statement Directors’ Responsibility Statement on page
131
Directors’ interests Directors’ Remuneration Report on pages 103
to 125
The Strategic Report comprising the inside cover and pages 1 to 67 and this Directors’ Report
comprising pages 74 to 130 have been approved by the Board and are signed on its behalf by:
Shazadi Stinton
General Counsel and Company Secretary
20 February 2026
Registered office: MONY Group House, St. David’s Park, Ewloe, Deeside CH5 3UZ
MONY Group PLC Annual Report and Accounts 2025 – 130Financial statementsGovernanceStrategic report
Statement of Directors’ Responsibilities in Respect of the Annual Report and the Financial Statements
The Directors are responsible for preparing
the Annual Report and Accounts and the
Group and Parent Company financial
statements in accordance with applicable
law and regulations.
Company law requires the Directors to prepare
Group and Parent Company financial
statements for each financial year. Under that
law they are required to prepare the Group
financial statements in accordance with
UK-adopted international accounting
standards and applicable law and have elected
to prepare the Parent Company financial
statements in accordance with UK accounting
standards and applicable law, including FRS
102 – The Financial Reporting Standard
applicable in the UK and Republic of Ireland.
Under company law the Directors must not
approve the financial statements unless they
are satisfied that they give a true and fair
view of the state of affairs of the Group and
Parent Company and of the Group’s profit
for that period. In preparing each of the
Group and Parent Company financial
statements, the Directors are required to:
· select suitable accounting policies and
then apply them consistently;
· make judgements and estimates that are
reasonable, relevant, reliable and prudent;
· for the Group financial statements, state
whether they have been prepared in
accordance with UK-adopted international
accounting standards;
· for the Parent Company financial
statements, state whether applicable UK
accounting standards have been followed,
subject to any material departures
disclosed and explained in the Parent
Company financial statements;
· assess the Group and Parent Company’s
ability to continue as a going concern,
disclosing, as applicable, matters related to
going concern; and
· use the going concern basis of accounting
unless they either intend to liquidate the
Group or the Parent Company or to cease
operations, or have no realistic alternative
but to do so.
The Directors are responsible for keeping
adequate accounting records that are
sufficient to show and explain the Parent
Company’s transactions and disclose with
reasonable accuracy at any time the financial
position of the Parent Company and enable
them to ensure that its financial statements
comply with the Companies Act 2006. They
are responsible for such internal control as
they determine is necessary to enable the
preparation of financial statements that are
free from material misstatement, whether
due to fraud or error, and have general
responsibility for taking such steps as are
reasonably open to them to safeguard the
assets of the Group and to prevent and
detect fraud and other irregularities.
Under applicable law and regulations, the
Directors are also responsible for preparing
a Strategic Report, Directors’ Report,
Directors’ Remuneration Report and
Corporate Governance Statement that
complies with that law and those regulations.
The Directors are responsible for the
maintenance and integrity of the corporate
and financial information included on the
Company’s website. Legislation in the UK
governing the preparation and dissemination
of financial statements may differ from
legislation in other jurisdictions.
In accordance with Disclosure Guidance and
Transparency Rule (‘DTR’) 4.1.16R, the
financial statements will form part of the
annual financial report prepared DTR 4.1.17R
and 4.1.18R. The Auditor’s Report on these
financial statements provides no assurance
over whether the annual financial report has
been prepared in accordance with those
requirements.
Responsibility statement of
theDirectors in respect of the
annual financial report
We confirm that to the best of our
knowledge:
· the financial statements, prepared in
accordance with the applicable set of
accounting standards, give a true and fair
view of the assets, liabilities, financial
position and profit or loss of the Company
and the undertakings included in the
consolidation taken as a whole; and
· the Annual Report and Accounts include a
fair review of the development and
performance of the business and the
position of the issuer and the
undertakings included in the consolidation
taken as a whole, together with a
description of the principal risks and
uncertainties that they face.
We consider the Annual Report and
Accounts, taken as a whole, is fair,
balancedand understandable and
providesthe information necessary for
shareholders to assess the Group’s
positionand performance, business
modeland strategy.
Peter Duffy
Chief Executive Officer
20 February 2026
Niall McBride
Chief Financial Officer
20 February 2026
MONY Group PLC Annual Report and Accounts 2025 – 131Financial statementsGovernanceStrategic report
Independent Auditor’s Report
to the members of MONY Group PLC
1. Our opinion is unmodified
We have audited the financial statements of MONY Group PLC (“the Company”) for the year
ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive
Income, Consolidated Statement of Financial Position, Consolidated Statement of Changes in
Equity, Consolidated Statement of Cash Flows, and the related notes, including the accounting
policies in note 2, and the Company Balance Sheet and Company Statement of Changes in
Equity, and the related notes including the accounting policies in note 1 to the Parent
Company financial statements.
In our opinion:
· the financial statements give a true and fair view of the state of the Group’s and of the
Parent Company’s affairs as at 31 December 2025 and of the Group’s profit for the year
then ended;
· the Group financial statements have been properly prepared in accordance with UK-
adopted international accounting standards;
· the Parent Company financial statements have been properly prepared in accordance with
UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in
the UK and Republic of Ireland; and
· the financial statements have been prepared in accordance with the requirements of the
Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs
(UK)”) and applicable law. Our responsibilities are described below. We believe that the audit
evidence we have obtained is a sufficient and appropriate basis for our opinion. Our audit
opinion is consistent with our report to the audit committee.
We were first appointed as auditor by the company before 9 July 2007. The period of total
uninterrupted engagement is for the 19 financial years ended 31 December 2025. We have fulfilled
our ethical responsibilities under, and we remain independent of the Group in accordance with,
UK ethical requirements including the FRC Ethical Standard as applied to listed public interest
entities. No non-audit services prohibited by that standard were provided.
Overview
Materiality:
Group financial statements
asawhole
£5.5m (2024: £5.5m)
4.8% (2024: 5%) of adjusted Group profit
before tax (2024: Group profit before tax)
Key audit matters
vs 2024
Recurring risks New: Revenue recognition
Recoverability of Parent Company investment
in subsidiary and amounts due from
subsidiary undertakings
MONY Group PLC Annual Report and Accounts 2025 – 132Financial statementsGovernanceStrategic report
Independent Auditor’s Report continued
to the members of MONY Group PLC
2. Key audit matters: our assessment of risks of material misstatement
Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the financial statements and include the most significant assessed risks of
material misstatement (whether or not due to fraud) identified by us, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and
directing the efforts of the engagement team. We summarise below the key audit matters, in decreasing order of audit significance, in arriving at our audit opinion above, together with our key
audit procedures to address those matters and, as required for public interest entities, our results from those procedures. These matters were addressed, and our results are based on
procedures undertaken, in the context of, and solely for the purpose of, our audit of the financial statements as a whole, and in forming our opinion thereon, and consequently are incidental to
that opinion, and we do not provide a separate opinion on these matters.
The risk Our response
Revenue recognition
Revenue (£446.3m; 2024: £439.2m)
Refer to page 94 (Audit Committee Report),
pages 148 to 149 (accounting policy) and
page 154 (financial disclosures).
Low risk, high value
The Group have recognised revenue of £446.3m for the year ended 31
December 2025 (2024: £439.2m). The key revenue streams are lead
generation for price comparison and cashback services.
The existence and accuracy of revenue is not a high risk of significant
misstatement or subject to significant judgement. We have rebutted the
presumed fraud risk related to revenue recognition, given the limited
opportunities to manipulate revenue due to the simplicity of the revenue
transactions and the low degree of estimation subjectivity involved in
accrued revenue.
However, due to their materiality in the context of the Group financial
statements, this is considered to be the area that required the most
significant auditor attention and therefore was the area that had the
greatest effect on our Group audit.
We note there has been no change to the risk profile of revenue recognition
in current year.
Our procedures to address the risk included:
· Control design, implementation and operation: We have tested
the design, implementation and operating effectiveness of the bank
reconciliation control, to provide evidence over reliability of cash data
used in our test of detail.
· Test of detail: We have performed transactional matching of revenue
recognised to invoice and cash received or trade receivables using
data and analytics techniques.
Our results
We considered the revenue recognised in the year to be acceptable
(2024: acceptable).
MONY Group PLC Annual Report and Accounts 2025 – 133Financial statementsGovernanceStrategic report
The risk Our response
Recoverability of Parent Company
investment in subsidiary and amounts
due from subsidiary undertakings
Investment in subsidiary (£181.7m; 2024:
£181.7m)
Amounts due from subsidiary undertakings
(£244.5m; 2024: £221.2m)
Refer to page 94 (Audit Committee Report),
page 177 (accounting policy) and page 178
(financial disclosures).
Low risk, high value
The carrying amount of the Parent Company’s investment in subsidiary
and amounts due from subsidiary undertakings represents 99.9% (2024
99.8%) of the Parent Company’s total assets.
Their recoverability is not a high risk of significant misstatement or
subject to significant judgement. However, due to their materiality in the
context of the Parent Company financial statements, these are
considered to be the areas that had the greatest effect on our overall
Parent Company audit.
We performed the tests below rather than seeking to rely on any of the
Parent Company’s controls because the nature of the balances are such
that we would expect to obtain audit evidence primarily through the
detailed procedures described.
Our procedures included:
· Test of detail: We compared the carrying amount of the investment
in subsidiary with its draft balance sheet to identify whether its net
assets, being an approximation of the minimum recoverable amount,
were in excess of its carrying amount.
· Test of detail: For the amounts due from subsidiary undertakings,
we assessed historical intercompany dividends paid by the group
trading entities to their immediate parent company, to assess their
ability to repay amounts due to the ultimate parent company. With
reference to the net assets of the relevant subsidiary draft balance
sheet, we also assessed whether they have a positive net asset value
and therefore coverage of the amounts owed.
· Comparing valuations: We compared the net assets of the Parent
Company to the market capitalisation of the Group to identify any
indicators of impairment and assess reasonableness of the
recoverability assessment.
Our results
We found the Company’s conclusion that there is no impairment of its
investment in subsidiary and amounts due from subsidiary
undertakings to be acceptable (2024: acceptable).
We continue to perform procedures over the recoverability of goodwill attributable to the Cashback Cash Generating Unit. However, this balance is not considered a key audit matter in the
current year because there is sufficient headroom over the carrying value, even after applying plausible alternative assumptions to key inputs in the Group’s valuation model, including
combined stressed scenarios. Our risk and the level of work required over this balance have both reduced and therefore it is not separately identified in our report this year.
Independent Auditor’s Report continued
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MONY Group PLC Annual Report and Accounts 2025 – 134Financial statementsGovernanceStrategic report
3. Our application of materiality and an overview of the scope of
our audit
Our application of materiality
Materiality for the Group financial statements as a whole was set at £5.5m (2024: £5.5m),
determined with reference to a benchmark of Group profit before tax, normalised to add back the
loss on disposal of subsidiary (as disclosed in note 29) of £6.7m and remove the profit on disposal
of investments (as disclosed in Note 14) of £2.5m. We adjusted for these items because they do
not represent the normal, continuing operations of the Group, and performed risk assessment
procedures over these items. Materiality represents 4.8% of adjusted Group profit before tax
(2024: 5% of Group profit before tax).
Materiality for the Parent Company financial statements as a whole was set at £4.2m (2024:
£4.0m), determined with reference to a benchmark of Parent Company total assets, of which it
represents 1.0% (2024: 1.0%).
In line with our audit methodology, our procedures on individual account balances and
disclosures were performed to a lower threshold, performance materiality, so as to reduce to
an acceptable level the risk that individually immaterial misstatements in individual account
balances add up to a material amount across the financial statements as a whole.
Performance materiality was set at 75% (2024: 75%) of materiality for the financial statements
as a whole, which equates to £4.1m (2024: £4.1m) for the Group and £3.2m (2024: £3.0m) for
the Parent Company. We applied this percentage in our determination of performance
materiality because we did not identify any factors indicating an elevated level of risk.
We agreed to report to the Audit Committee any corrected or uncorrected identified
misstatements exceeding £0.3m (2024: £0.3m), in addition to other identified misstatements
that warranted reporting on qualitative grounds.
Overview of the scope of our audit
We performed risk assessment procedures to determine which of the Group’s components
are likely to include risks of material misstatement (“RMMs”) to the Group financial statements
and which procedures to perform at these components to address those risks.
In total, we identified 6 (2024: 6) components, having considered our evaluation of factors
including the Group’s operational structure, how financial information is reported, common
information systems and our ability to perform audit procedures centrally. 
Of those, we identified 1 (2024: 1) quantitatively significant component which contained the
largest percentage of total revenue of the Group, for which we performed audit procedures.
We also identified 1 (2024: 1) component as requiring special audit consideration, owing to
Group risks relating to treasury and borrowings residing in the component.
Accordingly, as the group auditor, we performed audit procedures on 2 (2024: 2) components.
We also performed the audit of the Parent Company.
We set the component materialities at £5.3m (2024: £5.3m) for the quantitatively significant
component and £2.6m (2024: £2.6m) for the component requiring special audit consideration,
having regard to the mix of size and risk profile of the Group across the components.
Independent Auditor’s Report continued
to the members of MONY Group PLC
Adjusted Group profit
before tax
(2024: Group profit before tax)
£114.7m (2024: £108.7m)
Group materiality
£5.5m (2024: £5.5m)
£5.5m
Whole financial statements materiality
(2024: £5.5m)
£4.1m
Whole financial statements performance
materiality (2024: £4.1m)
£5.3m
Range of materiality at 2 components
(£2.6m to £5.3m) (2024: £2.6m to £5.3m)
£0.3m
Misstatements reported to the audit
committee (2024: £0.3m)
 Adjusted Group PBT
 Group materiality
MONY Group PLC Annual Report and Accounts 2025 – 135Financial statementsGovernanceStrategic report
3. Our application of materiality and an overview of the scope
ofour audit continued
Overview of the scope of our audit continued
Our audit procedures covered 96% of Group revenue (2024: 96%).
We performed audit procedures in relation to group balances, including goodwill and tax, and
components which in total account for 93% (2024: 91%) of total profits and losses that made up
Group profit before tax and 99% (2024: 99%) of Group total assets.
Impact of controls on our group audit
The scope of our audit work performed was predominantly substantive as we placed limited
reliance upon the Group’s internal control over financial reporting.
We identified the Group’s financial reporting system and the revenue systems used by in-scope
components for the group audit to be the core IT systems relevant to our audit, with the latter
consisting of a number of different systems reflecting acquisitions and different brands within
the business.
We used IT specialists to assist us in assessing the design and operating effectiveness of the
general IT controls of the financial reporting system and automated controls over journals.
Following our testing, we relied on these general IT and automated controls in determining
the work to be performed, including determining our high risk criteria for journals testing.
Given the nature of revenue and the various revenue IT systems used by the Group, it was more
efficient to take a fully substantive approach in our audit of revenue, including performing data
analytics routines. As such, direct testing was performed over the completeness and reliability
of data used in these routines. In other areas of the audit, we predominantly took a substantive
approach as this was more efficient and accordingly we planned and performed additional
substantive testing rather than relying on controls.
4. The impact of climate change on our audit
In planning our audit, we have considered the potential impact of risks arising from climate
change on the Group’s business and its financial statements.
The Group has set out its commitments to be operationally net zero by 2030 and net zero by
2050. Further information is provided in the Group’s Task Force for Climate-Related Financial
Disclosures (‘TCFD’) on pages 47 to 49.
As a part of our audit we have performed a risk assessment, including making enquiries of
management, reading board meeting minutes and applying our knowledge of the Group and
sector in which it operates to understand the extent of the potential impact of climate change risk
on the Group’s financial statements. Taking into account the nature of the business, we have not
assessed climate related risk to be significant to our audit this year. There was no impact on our
key audit matters.
We have read the Group’s TCFD disclosures in the front half of the annual report and considered
consistency with the financial statements and our audit knowledge.
Independent Auditor’s Report continued
to the members of MONY Group PLC
Our audit procedures covered the following percentage of Group revenue:
We performed audit procedures in relation to components that accounted for the following
percentages of the total profits and losses that made up Group profit before tax and Group
total assets:
99%
(2024: 99%)
96%
(2024: 96%)
93%
(2024: 91%)
Group profit before tax
Group total assets
Group revenue
96
96
91
99
93
99
MONY Group PLC Annual Report and Accounts 2025 – 136Financial statementsGovernanceStrategic report
5. Going concern
The directors have prepared the financial statements on the going concern basis as they do
not intend to liquidate the Group or the Parent Company or to cease their operations, and as
they have concluded that the Group’s and the Parent Company’s financial position means that
this is realistic. They have also concluded that there are no material uncertainties that could
have cast significant doubt over their ability to continue as a going concern for at least a year
from the date of approval of the financial statements (“the going concern period”).
We used our knowledge of the Group, its industry and the general economic environment to
identify the inherent risks to its business model and analysed how those risks might affect the
Group’s and the Parent Company’s financial resources or ability to continue operations over
the going concern period. The risks that we considered most likely to adversely affect the
Group’s and the Parent Company’s available financial resources and metrics relevant to debt
covenants over this period were:
· The competitive environment and a reduction in consumer demand;
· The impact of increased macro-economic uncertainties including inflation in the
widerUKeconomy;
· The potential impact of a significant data breach or cyberattack, the resulting fines and
damage to brand strength and reputation; and
· The impact of regulatory changes and government policy reducing the availability of
attractive products to customers.
We considered whether these risks could plausibly affect the liquidity or covenant compliance
in the going concern period, including by assessing the degree of downside assumption that,
individually and collectively, could result in a liquidity issue, taking into account the Group’s
current and projected cash and facilities (a reverse stress test).
We assessed the completeness and adequacy of the going concern disclosure.
Our conclusions based on this work:
· We consider that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate;
· We have not identified, and concur with the directors’ assessment that there is not, a
material uncertainty related to events or conditions that, individually or collectively, may
cast significant doubt on the Group’s or Parent Company’s ability to continue as a going
concern for the going concern period;
· We have nothing material to add or draw attention to in relation to the directors’ statement in
note 2 to the financial statements on the use of the going concern basis of accounting with no
material uncertainties that may cast significant doubt over the Group and Company’s use of
that basis for the going concern period, and we found the going concern disclosure in note 2
to be acceptable; and
· The related statement under the UK Listing Rules set out on page 128 is materially
consistent with the financial statements and our audit knowledge.
However, as we cannot predict all future events or conditions and as subsequent events may
result in outcomes that are inconsistent with judgements that were reasonable at the time
they were made, the above conclusions are not a guarantee that the Group or the Parent
Company will continue in operation.
6. Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or
conditions that could indicate an incentive or pressure to commit fraud or provide an
opportunity to commit fraud. Our risk assessment procedures included:
· Enquiring of Directors, the Audit Committee, Internal Audit and inspection of policy
documentation as to the Group’s high-level policies and procedures to prevent and detect
fraud, including the Internal Audit function, and the Group’s channel for “whistleblowing”, as
well as whether they have knowledge of any actual, suspected or alleged fraud;
· Reading Board, Audit Committee, and Risk and Sustainability Committee meeting minutes;
· Considering remuneration incentive schemes and performance targets for Directors
including the revenue growth, Adjusted EBITDA and Adjusted EPS growth targets for
remuneration; and
· Using analytical procedures to identify any unusual or unexpected relationships.
· Consultation with our cyber and forensic professionals regarding the identified fraud risk
factors and the design of the audit procedures planned in response to these.
We communicated identified fraud risks throughout the audit team and remained alert to any
indications of fraud throughout the audit.
As required by auditing standards, and taking into account possible pressures to meet profit
targets, we perform procedures to address the risk of management override of controls, in
particular the risk that Group management may be in a position to make inappropriate
accounting entries and the risk of bias in accounting estimates and judgements such as the
recoverable amount of Goodwill attributed to the Cashback cash generating unit. On this
audit we do not believe there is a fraud risk related to revenue recognition because the
degree of estimation subjectivity for the revenue accrual is low and revenue generated
throughout the period converts to cash within a reasonably short period.
We did not identify any additional fraud risks.
We performed procedures including:
· Identifying journal entries and other adjustments to test based on risk criteria and
comparing the identified entries to supporting documentation. These included those
posted to unusual accounts and those posted by senior finance management; and
· Assessing whether the judgements made in making accounting estimates are indicative of a
potential bias.
Independent Auditor’s Report continued
to the members of MONY Group PLC
MONY Group PLC Annual Report and Accounts 2025 – 137Financial statementsGovernanceStrategic report
6. Fraud and breaches of laws and regulations – ability to detect
continued
Identifying and responding to risks of material misstatement due to non-
compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a
material effect on the financial statements from our general commercial and sector
experience, through discussion with the Directors and other management (as required by
auditing standards), and from inspection of the Group’s regulatory correspondence and
discussed with the Directors and other management the policies and procedures regarding
compliance with laws and regulations.
As the Group is regulated, our assessment of risks involved gaining an understanding of the
control environment including the entity’s procedures for complying with regulatory requirements.
We communicated identified laws and regulations throughout our team and remained alert to
any indications of noncompliance throughout the audit.
The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Group is subject to laws and regulations that directly affect the financial statements
including financial reporting legislation (including related companies legislation), distributable
profits legislation and taxation legislation and we assessed the extent of compliance with these
laws and regulations as part of our procedures on the related financial statement items.
Secondly, the Group is subject to many other laws and regulations where the consequences
ofnon-compliance could have a material effect on amounts or disclosures in the financial
statements, for instance through the imposition of fines or litigation. We identified the following
areas as those most likely to have such an effect: data protection laws and laws and regulations
ofvarious bodies that regulate the Group’s activities including the Competition and Marketing
Authority (CMA), the Financial Conduct Authority (FCA), the Information Commissioners Office
(ICO), the Office of Gas and Electricity (Ofgem) and the Office of Communications (Ofcom). Auditing
standards limit the required audit procedures to identify noncompliance with these laws and
regulations to enquiry of the Directors and other management and inspection of regulatory and
legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us
or evident from relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have
detected some material misstatements in the financial statements, even though we have properly
planned and performed our audit in accordance with auditing standards. For example, the further
removed non-compliance with laws and regulations is from the events and transactions reflected
in the financial statements, the less likely the inherently limited procedures required by auditing
standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
controls. Our audit procedures are designed to detect material misstatement. We are not
responsible for preventing non-compliance or fraud and cannot be expected to detect non-
compliance with all laws and regulations.
7. We have nothing to report on the other information in the
Annual Report
The directors are responsible for the other information presented in the Annual Report
together with the financial statements. Our opinion on the financial statements does not
cover the other information and, accordingly, we do not express an audit opinion or, except as
explicitly stated below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based
on our financial statements audit work, the information therein is materially misstated or
inconsistent with the financial statements or our audit knowledge. Based solely on that work
we have not identified material misstatements in the other information.
Strategic report and directors’ report
Based solely on our work on the other information:
· we have not identified material misstatements in the strategic report and the directors’ report;
· in our opinion the information given in those reports for the financial year is consistent with
the financial statements; and
· in our opinion those reports have been prepared in accordance with the Companies Act 2006.
Directors’ remuneration report
In our opinion the part of the Directors’ Remuneration Report to be audited has been
properly prepared in accordance with the Companies Act 2006.
Disclosures of emerging and principal risks and longer-term viability
We are required to perform procedures to identify whether there is a material inconsistency
between the directors’ disclosures in respect of emerging and principal risks and the viability
statement, and the financial statements and our audit knowledge.
Based on those procedures, we have nothing material to add or draw attention to in relation to:
· the directors’ confirmation within the Risk Management section of the Strategic Report that
they have carried out a robust assessment of the emerging and principal risks facing the
Group, including those that would threaten its business model, future performance,
solvency and liquidity;
· the Emerging and Principal Risks disclosures describing these risks and how emerging risks
are identified, and explaining how they are being managed and mitigated; and
· the directors’ explanation in the Viability Statement of how they have assessed the
prospects of the Group, over what period they have done so and why they considered that
period to be appropriate, and their statement as to whether they have a reasonable
expectation that the Group will be able to continue in operation and meet its liabilities as
they fall due over the period of their assessment, including any related disclosures drawing
attention to any necessary qualifications or assumptions.
Independent Auditor’s Report continued
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MONY Group PLC Annual Report and Accounts 2025 – 138Financial statementsGovernanceStrategic report
7. We have nothing to report on the other information in the
Annual Report continued
Disclosures of emerging and principal risks and longer-term viability continued
We are also required to review the Viability Statement, set out on page 66 under theUK
Listing Rules. Based on the above procedures, we have concluded that the above disclosures
are materially consistent with the financial statements and our audit knowledge.
Our work is limited to assessing these matters in the context of only the knowledge acquired
during our financial statements audit. As we cannot predict all future events or conditions and
as subsequent events may result in outcomes that are inconsistent with judgements that were
reasonable at the time they were made, the absence of anything to report on these
statements is not a guarantee as to the Group’s and Company’s longer-term viability.
Corporate governance disclosures
We are required to perform procedures to identify whether there is a material inconsistency
between the directors’ corporate governance disclosures and the financial statements and
our audit knowledge.
Based on those procedures, we have concluded that each of the following is materially
consistent with the financial statements and our audit knowledge:
· the directors’ statement that they consider that the annual report and financial statements
taken as a whole is fair, balanced and understandable, and provides the information necessary
for shareholders to assess the Group’s position and performance, business model and strategy;
· the section of the annual report describing the work of the Audit Committee, including the
significant issues that the audit committee considered in relation to the financial statements,
and how these issues were addressed; and
· the section of the annual report that describes the review of the effectiveness of the
Group’s risk management and internal control systems.
We are required to review the part of the Corporate Governance Statement relating to the
Group’s compliance with the provisions of the UK Corporate Governance Code specified by the
UK Listing Rules for our review. We have nothing to report in this respect.
8. We have nothing to report on the other matters on which we are
required to report by exception
Under the Companies Act 2006, we are required to report to you if, in our opinion:
· adequate accounting records have not been kept by the Parent Company, or returns
adequate for our audit have not been received from branches not visited by us; or
· the Parent Company financial statements and the part of the Directors’ Remuneration
Report to be audited are not in agreement with the accounting records and returns; or
· certain disclosures of directors’ remuneration specified by law are not made; or
· we have not received all the information and explanations we require for our audit.
We have nothing to report in these respects.
9. Respective responsibilities
Directors’ responsibilities
As explained more fully in their statement set out on page 131, the directors are responsible
for: the preparation of the financial statements including being satisfied that they give a true
and fair view; such internal control as they determine is necessary to enable the preparation
of financial statements that are free from material misstatement, whether due to fraud or
error; assessing the Group and Parent Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern; and using the going concern basis
of accounting unless they either intend to liquidate the Group or the Parent Company or to
cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue our
opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not
guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/
auditorsresponsibilities.
The Company is required to include these financial statements in an annual financial report
prepared under Disclosure Guidance and Transparency Rule 4.1.17R and 4.1.18R. This auditor’s
report provides no assurance over whether the annual financial report has been prepared in
accordance with those requirements.
10. The purpose of our audit work and to whom we owe our
responsibilities
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3
of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might
state to the Company’s members those matters we are required to state to them in an auditor’s
report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company and the Company’s members, as a
body, for our audit work, for this report, or for the opinions we have formed.
Jatin Patel (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
15 Canada Square
London
E14 5GL
20 February 2026
Independent Auditor’s Report continued
to the members of MONY Group PLC
MONY Group PLC Annual Report and Accounts 2025 – 139Financial statementsGovernanceStrategic report
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2025
Year ended Year ended
31 December31 December
2025 2024
Note£m£m
Revenue
3
446. 3
43 9. 2
Cost of sales
(1 5 9 .1)
(14 8 .6)
Gross profit
2 8 7. 2
290.6
Distribution expenses
(3 4 . 9)
(3 4 .4)
Administrative expenses
(13 4 . 9)
(14 2 . 9)
Operating profit
5
11 7. 4
113 . 3
Profit on disposal of investments
14
2.5
—
Profit on disposal of property, plant and equipment
0.6
—
Loss on disposal of subsidiary
29
(6.7)
—
Share of post-tax profit of equity accounted investees
13
0 .1
—
Finance income
7
0.3
0. 3
Finance expense
7
(3 .7)
(4.9)
Profit before tax
11 0 . 5
10 8 .7
Taxation
8
(29 . 8)
(28. 5)
Profit for the year
8 0 .7
8 0.2
Other comprehensive income – items that will not be reclassified to profit and loss:
Change in fair value of financial instruments
14
—
1. 4
Taxation
(0. 8)
—
Other comprehensive income
(0. 8)
1. 4
Total comprehensive income for the year
79. 9
8 1. 6
Profit/(Loss) attributable to:
Owners of the Company
8 1. 2
8 0.6
Non-controlling interest
28
(0.5)
(0. 4)
Profit for the year
8 0 .7
8 0.2
Total comprehensive income attributable to:
Owners of the Company
80.4
82. 0
Non-controlling interest
28
(0.5)
(0. 4)
Total comprehensive income for the year
79. 9
8 1. 6
All profit and other comprehensive income relate to continuing operations.
Earnings per share
Basic earnings per ordinary share (p)
9
15. 3
15 . 0
Diluted earnings per ordinary share (p)
9
15. 2
14 . 9
MONY Group PLC Annual Report and Accounts 2025 – 140Financial statementsGovernanceStrategic report
Consolidated Statement of Financial Position
at 31 December 2025
As restated
31 December31 December
2025 2024
Note£m£m
Assets
Non-current assets
Property, plant and equipment
11
26.0
28.3
Intangible assets and goodwill
12
228.3
252 .5
Equity accounted investments
13
3.5
—
Other investments
14
1. 4
6.8
Other receivables
15
1. 5
—
Total non-current assets
2 6 0 .7
2 8 7. 6
Current assets
Trade and other receivables
15
8 7. 6
82.6
Prepayments
9. 2
9. 2
Current tax assets
—
0.5
Cash and cash equivalents
20.3
2 2.4
Total current assets
1 1 7.1
114 .7
Total assets
3 7 7. 8
4 02 .3
The Financial Statements were approved by the Board of Directors and authorised for issue
on 20 February 2026. They were signed on its behalf by:
Peter Duffy
Chief Executive Officer
Niall McBride
Chief Financial Officer
As restated
1
31 December31 December
20252024
Note£m£m
Liabilities
Non-current liabilities
Other payables
16
19. 6
22. 2
Provisions
17
8 .1
5.5
Deferred tax liabilities
18
11. 6
13 .1
Borrowings
1
19
14 . 0
12 . 0
Total non-current liabilities
53. 3
52 . 8
Current liabilities
Trade and other payables
16
9 8 .1
10 4 . 6
Current tax liabilities
1. 5
—
Total current liabilities
9 9. 6
10 4. 6
Total liabilities
152 . 9
15 7. 4
Equity
Share capital
20
0 .1
0 .1
Share premium
20 6.3
205 .6
Reserve for own shares
(1.7)
(1.7)
Retained earnings
(3 8 .0)
(2 9. 3)
Other reserves
59. 8
65.0
Equity attributable to the owners of
theCompany
226. 5
2 3 9.7
Non-controlling interest
28
(1.6)
5.2
Total equity
224.9
24 4 .9
Total equity and liabilities
3 7 7. 8
4 02 . 3
1 Borrowings at 31 December 2024 have been reclassified from current liabilities to non-current liabilities (see note 19).
MONY Group PLC Annual Report and Accounts 2025 – 141Financial statementsGovernanceStrategic report
Consolidated Statement of Changes in Equity
for the year ended 31 December 2025
Equity
attributable
to the Non-
Share Share Reserve forRetained Other owners of controllingTotal
capital premium own shares earnings reserves the Company interest equity
Note£m£m£m£m£m£m£m£m
At 1 January 2024
0 .1
205. 5
(2. 4)
(46.3)
63.6
2 20.5
5.6
2 2 6 .1
Profit for the year
—
—
—
80.6
—
8 0.6
(0. 4)
8 0.2
Other comprehensive income for the year
14
—
—
—
—
1. 4
1. 4
—
1. 4
Total comprehensive income for the year
—
—
—
80.6
1. 4
82.0
(0 .4)
8 1. 6
New shares issued
—
0 .1
—
—
—
0 .1
—
0 .1
Purchase of shares by employee trusts
—
—
(0 .4)
—
—
(0. 4)
—
(0 .4)
Exercise of LTIP awards
—
—
1.1
(1.1)
—
—
—
—
Equity dividends
10
—
—
—
(6 5. 5)
—
(65. 5)
—
(6 5 .5)
Share-based payments
23
—
—
—
3.0
—
3.0
—
3.0
At 31 December 2024
0 .1
205.6
(1. 7)
(29. 3)
65.0
2 3 9 .7
5. 2
24 4 .9
Profit for the year
—
—
—
81. 2
—
81. 2
(0 .5)
8 0.7
Other comprehensive income for the year
—
—
—
(0 . 8)
—
(0. 8)
—
(0 . 8)
Total comprehensive income for the year
—
—
—
80.4
—
80.4
(0.5)
79.9
New shares issued
—
0 .7
—
—
—
0.7
—
0.7
Equity dividends
10
—
—
—
(66 .9)
—
(6 6 .9)
—
(6 6 .9)
Share buyback
20
—
—
—
(3 0 . 2)
—
(3 0 . 2)
—
(3 0. 2)
Share-based payments
23
—
—
—
2. 8
—
2. 8
—
2. 8
Disposal of subsidiary
29
—
—
—
2 .1
(2 .1)
—
(6 . 3)
(6 .3)
Realised fair value gains
14
—
—
—
3 .1
(3 .1)
—
—
—
At 31 December 2025
0 .1
20 6.3
(1 .7)
(3 8 . 0)
59. 8
226.5
(1.6)
224.9
MONY Group PLC Annual Report and Accounts 2025 – 142Financial statementsGovernanceStrategic report
Consolidated Statement of Changes in Equity continued
for the year ended 31 December 2025
Reserve for own shares
The reserve for the Company’s own ordinary shares comprises the cost of the Company’s ordinary shares held by the Group through employee trusts. At 31 December 2025, the Group held
354,551 (2024: 311,777) ordinary shares at a cost of 0.02p per share (2024: 0.02p) through a Share Incentive Plan Trust for the benefit of the Group’s employees.
The Group also held 140,520 (2024: 169,134) shares through an Employee Benefit Trust at an average cost of 242.71p per share (2024: 242.71p) for the benefit of employees participating in the
various Long Term Incentive Plan schemes.
Other reserves
31 December 31 December
2025 2024
Other reserves £m £m
Fair value reserve
1.1
6.3
Merger reserve
16.9
16.9
Revaluation reserve
41.8
41.8
Total
59.8
65.0
The fair value reserve of £1.1m (2024: £6.3m) represents amounts recognised in other comprehensive income in relation to changes in fair value of investments and amounts recognised
directly in equity on initial recognition of non-controlling interest. Amounts reclassified from the fair value reserve to retained earnings during the year related to the disposals of Ice Travel
Group Limited and Flagstone Group Limited (see notes 14 and 29).
The merger and revaluation reserve balances relate to the acquisition of MONY Group Financial Limited by the Company as part of the Group’s listing in 2007.
Following the share buyback in the period, £2,970 was transferred to a capital redemption reserve.
MONY Group PLC Annual Report and Accounts 2025 – 143Financial statementsGovernanceStrategic report
Consolidated Statement of Cash Flows
for the year ended 31 December 2025
Year ended Year ended
31 December31 December
2025 2024
Note£m£m
Cash flows from operating activities
Profit for the year
8 0 .7
8 0.2
Adjustments to reconcile Group profit to net cash flow from operating activities:
Amortisation of intangible assets
12
19 .6
21 .1
Depreciation of property, plant and equipment
11
3.7
4.4
Share of post-tax profit of equity accounted investees
13
(0 .1)
—
Profit on disposal of investments
14
(2. 5)
—
Profit on disposal of property, plant and equipment
24
(0. 6)
—
Loss of disposal of subsidiary
29
6 .7
—
Net finance expense
7
3.4
4.6
Equity-settled share-based payment transactions
23
2.8
3.0
Income tax expense
8
29. 8
28. 5
Change in trade and other receivables
(4 .7)
(2. 4)
Change in trade and other payables
(3.6)
4.0
Change in provisions
17
2 .6
2.6
Income tax paid
(3 0 .1)
(3 0.4)
Net cash from operating activities
1 0 7. 7
115 . 6
Cash flows from investing activities
Interest received
7
0. 3
0.3
Loans advanced to customers
(3 .0)
—
Acquisition of property, plant and equipment
(1. 0)
(0 . 8)
Acquisition of intangible assets
(8 .6)
(13 . 3)
Acquisition of equity accounted investments
13
(1. 3)
—
Disposal of subsidiary
(3 . 9)
—
Disposal of investment
14
7. 9
—
Dividends received from equity accounted investments
0.6
—
Net cash used in investing activities
(9. 0)
(13 . 8)
MONY Group PLC Annual Report and Accounts 2025 – 144Financial statementsGovernanceStrategic report
Consolidated Statement of Cash Flows continued
for the year ended 31 December 2025
MONY Group PLC Annual Report and Accounts 2025 – 145Financial statementsGovernanceStrategic report
Year ended Year ended
31 December31 December
2025 2024
Note£m£m
Cash flows from financing activities
Dividends paid
10
(6 6 . 9)
(6 5. 5)
Proceeds from share issue
0.7
0 .1
Purchase of shares by employee trusts
—
(0.4)
Share buyback
20
(3 0 . 2)
—
Proceeds from borrowings
71. 0
63 .0
Repayment of borrowings
(6 9.0)
(85 . 5)
Interest paid
(3. 5)
(4 . 8)
Repayment of lease liabilities
(2 . 9)
(2 .9)
Net cash used in financing activities
(1 0 0 . 8)
(96 .0)
Net (decrease)/increase in cash and cash equivalents
(2 .1)
5.8
Cash and cash equivalents at 1 January
22.4
16 . 6
Cash and cash equivalents at 31 December
21
20. 3
2 2.4
Changes in Liabilities from Financing Activities
Lease
Borrowings liabilities Total
£m £m £m
At 1 January 2024
34.5
26.2
60.7
Changes from financing cash flows
Proceeds from borrowings
63.0
—
63.0
Repayment of borrowings
(85.5)
—
(85.5)
Interest paid
(3.9)
(0.9)
(4.8)
Repayment of lease liabilities
—
(2.9)
(2.9)
Total changes from financing cash flows
(26.4)
(3.8)
(30.2)
Other changes
Interest expense
3.9
0.9
4.8
Termination of existing lease
—
(0.3)
(0.3)
Balance at 31 December 2024
12.0
23.0
35.0
At 1 January 2025
12.0
23.0
35.0
Changes from financing cash flows
Proceeds from borrowings
71.0
—
71.0
Repayment of borrowings
(69.0)
—
(69.0)
Interest paid
(2.6)
(0.9)
(3.5)
Repayment of lease liabilities
—
(2.9)
(2.9)
Total changes from financing cash flows
(0.6)
(3.8)
(4.4)
Other changes
Interest expense
2.6
0.9
3.5
Modification of existing lease
—
(0.1)
(0.1)
At 31 December 2025
14.0
20.0
34.0
MONY Group PLC Annual Report and Accounts 2025 – 146Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements
1. Corporate information
The Consolidated Financial Statements of MONY Group PLC, a public company incorporated
and domiciled in England (registered at Mony Group House, St. David’s Park, Ewloe, Deeside,
CH5 3UZ ), and its subsidiaries (together referred to as the ‘Group’) for the year ended
31 December 2025, were authorised for issue in accordance with a resolution of the
Directors on 20 February 2026.
The Consolidated Financial Statements have been prepared in accordance with UK-adopted
international accounting standards. All amounts in the Consolidated Financial Statements
have been rounded to the nearest £0.1m. The Company has elected to prepare its Company
Financial Statements in accordance with FRS 102 – The Financial Reporting Standard
applicable in the UK and Republic of Ireland; these are presented on pages 175 and 176.
The principal activity of the Group is to provide price comparison and lead generation services
to customers through its websites and apps.
2. Summary of significant accounting policies
The Group has consistently applied the following accounting policies to all periods presented
in these Consolidated Financial Statements, unless mentioned otherwise.
Basis of preparation
The Consolidated Financial Statements are prepared on the historical cost basis, except where
otherwise stated. Comparative figures presented in the Consolidated Financial Statements
represent the year ended 31 December 2024.
Going concern
The Directors have prepared the financial statements on a going concern basis for the
following reasons.
As at 31 December 2025, the Group’s external debt comprised a revolving credit facility (‘RCF’),
(of which £14m of the £125m available was drawn down). The RCF is due for renewal in June
2028. Since the year end, this has been repaid in full and no further amounts have been
drawn down. The operations of the business have been affected by macroeconomic
uncertainty and cost of living impacts, as well as the expected contraction in car and home
insurance switching markets. However, the Group remains profitable, cash generative and
compliant with the covenants of its borrowings.
The Directors have prepared cash flow forecasts for the Group, including its cash position,
for a period of at least 12 months from the date of approval of the financial statements. The
Directors have also considered the effect of potential trading headwinds and recession,
competition such as new entrants upon the Group’s business, as well as risks from cyber and
data on the Group’s financial position, and liquidity in severe, but plausible, downside
scenarios.
The scenarios modelled take into account the potential downside trading impacts from
recession, consumer confidence, competitive pressures and any one-off cash impacts on
top of a base scenario derived from the Group’s latest forecasts. A detailed assessment has
been performed to model the impact of the severe but plausible downside scenarios and in
some of the more severe scenarios, included the cost saving mitigations that would be taken.
The impact these scenarios have on the financial resources, including the extent of utilisation
of the available debt arrangements and impact on covenant calculations, has been modelled.
The possible mitigating circumstances and actions in the event of such scenarios occurring
that were considered by the Directors included cost mitigations such as a reduction in the
ordinary dividend payment, a reduction in operating expenses or the slowdown of capital
expenditure. A reverse stress test has also been performed, which assumes the maximum
available drawdown of borrowings, whilst maintaining covenant compliance.
The scenarios modelled and the reverse stress test showed that the Group and the Parent
Company will be able to operate at adequate levels of liquidity for at least the next 12 months
from the date of signing the financial statements. The Directors, therefore, consider that the
Group and Parent Company have adequate resources to continue in operational existence for
at least 12 months from the date of approval of the financial statements and have prepared
them on a going concern basis.
Consideration of climate change
In preparing the financial statements, the Directors have considered the impact of climate
change and there has been no material impact identified in the reporting period on the
financial reporting judgements and estimates. The Directors considered the risks with respect
to going concern and viability, as well as the cash flow forecasts used in the impairment
assessment, and noted no material risks within the planning period. Whilst there is no
material financial impact to the Group expected from climate change within the reporting and
forecast period of the Group, the Directors will assess these risks regularly against the
judgements and estimates used in preparation of the financial statements.
Use of estimates and judgements
The preparation of the Consolidated Financial Statements requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expenses. Actual results may differ
from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised and in
any future periods affected.
There are no assumptions or estimation uncertainties at 31 December 2025 that may have
a significant risk of resulting in a material adjustment to the carrying amounts of assets and
liabilities in the next financial year.
Information about judgements made in applying accounting policies that have the most
impact on the amounts recognised in the Consolidated Financial Statements is included
in the following notes:
· Note 12 intangible assets and goodwill (additions internally developed).
MONY Group PLC Annual Report and Accounts 2025 – 147Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Basis of consolidation
These Consolidated Financial Statements incorporate the Financial Statements of the
Company and all its subsidiaries.
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is
exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity. The acquisition date is the
date on which control is transferred to the acquirer. The Financial Statements of subsidiaries
are included in the Consolidated Financial Statements from the date that control commences
until the date that control ceases.
Intra-group balances and transactions, and any unrealised income and expenses arising from
intra-group transactions, are eliminated.
Non-controlling interest is measured at the proportionate share of the entity’s net assets.
On initial recognition this includes the proportionate share of the pre-acquisition net assets of
Travelsupermarket Limited and the net assets arising on the acquisitions of Icelolly Marketing
Limited and Podium Solutions Limited. During the year, the Group part disposed of its
shareholding in Ice Travel Group (‘ITG’) resulting in it no longer being consolidated within the
Consolidated Financial Statements and non-controlling interest no longer being recognised.
Subsidiaries’ exemption from audit by parental guarantee
The Company has provided a parental guarantee under section 479C of the Companies Act
(2006) over the outstanding liabilities of some of its subsidiaries as at 31 December 2025 until
they are settled in full. The subsidiaries covered by the parental guarantee are exempt from
the requirements of the Companies Act (2006) relating to the audit of their individual accounts
in accordance with section 479A. The guarantee covers all of the Company’s wholly owned
subsidiaries and a list of these companies is included in note 27. This parental guarantee was
also provided in the prior year.
Accounting for business combinations
From 1 January 2010 the Group has applied IFRS 3 – Business Combinations (2008) in
accounting for business combinations using the acquisition method. The change in accounting
policy has been applied prospectively.
Acquisitions
For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition
date as:
· the fair value of the consideration transferred; plus
· the recognised amount of any non-controlling interests in the acquiree; plus
· if the business combination is achieved in stages, the fair value of the existing equity
interest in the acquiree; less
· the net recognised amount (fair value) of the identifiable assets acquired and liabilities
assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
The consideration transferred does not include amounts related to the settlement of
pre-existing relationships. Such amounts are generally recognised in profit or loss.
Costs related to the acquisition, other than those associated with the issue of debt or equity
securities, that the Group incurs in connection with a business combination are expensed
as incurred.
Any contingent amount payable is recognised at fair value at the acquisition date. If the
contingent amount is classified as equity, it is not remeasured and settlement is accounted
for within equity. Otherwise, subsequent changes to the fair value of the contingent amount
are recognised in profit or loss. Where the contingent amount is dependent on future
employment, it is treated as a cost of continuing employment, and therefore is recognised
as an expense over the relevant period.
Deferred consideration comprises obligations to pay specified amounts at future dates,
i.e. there is no uncertainty about the amount to be paid. It is recognised and measured at
fair value at the date of acquisition and it is included in the consideration transferred.
The unwinding of any interest element or deferred consideration is recognised in the
Income Statement.
Revenue
Revenue is derived from the Group’s principal activity of providing price comparison and lead
generation services on the internet. The Group generates fees from internet lead generation
and commissions from brokerage sales through a variety of contractual arrangements.
Revenue is recognised when the Group has satisfied its performance obligations relating to a
transaction. IFRS 15 – Revenue from Contracts with Customers requires the Group to allocate
the transaction price to separate performance obligations within a contract.
The following table provides information about the nature and timing of the satisfaction of
performance obligations and the related revenue recognition policies.
MONY Group PLC Annual Report and Accounts 2025 – 148Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Revenue continued
Nature and timing of satisfaction of
Type of sales transaction
performance obligations
Revenue recognition policies
Price comparison The performance obligation is the Revenue is recognised in the period
services provision of an internet lead to a in which the lead is provided.
provider’s website.
At the period end an estimate of
The trigger for the transaction price accrued revenue is made for leads
to become receivable is usually a (clicks) provided that have not been
completed sale on the provider’s invoiced. Measurement of this
website. However, for some revenue depends on the contractual
contracts the trigger is the point at terms that determine the expected
which the lead is provided (usually a sales price per click.
‘click’ transferring the user from our For some contracts, an estimate of
website to the provider).
accrued revenue is also made for
The transaction price is either a leads that will result in completed
fixed amount per completed sale or renewals. This is based on expected
a variable amount derived from the renewal rates and premiums.
terms of the completed sale.
Cashback services
Revenue is generated from
Revenue is recognised in the period
rendering services to the merchant. in which the lead is provided.
The performance obligation is the At the period end an estimate of
provision of an internet lead to a accrued revenue is made for leads
merchant’s website.
provided that will result in completed
The trigger for the transaction price sales. This is based on the volume of
to become receivable is a completed leads provided in the period, historic
sale on the merchant’s website. conversion rates and the expected
price per completed sale.
The transaction price is derived
from the terms of the completed
sale.
From historical experience and post-year end confirmation, the Group does not expect there
to be a material difference between the revenue accrued at the year end and the amount
subsequently billed. Also, given there is a large volume of low value transactions, the risk of
a significant reversal in the amount of cumulative revenue recognised is unlikely.
Judgement is applied in defining the customer for the cashback services. The customer is
the merchant and the service provided is the delivery of an internet lead to their website.
Accordingly, the cashback provided to members is not consideration payable to a customer
and is recognised in cost of sales and fees that are receivable from members for premium
membership are recognised as a reduction in cost of sales.
Cost of sales
The Group recognises associated costs of internet lead generation in the period that the
lead is generated. Costs in respect of incentive payments made by the Group to users
and members of our websites (for example, SuperSaveClub) and revenue share for B2B
partnerships are also included in cost of sales. Costs in respect of incentive payments are
recognised using estimates of future redemption rates derived from historical data.
Unclaimed cashback balances in respect of members who have had no account activity for
a consecutive 12 month period are released as a credit to cost of sales. This is in accordance
with the terms and conditions agreed with members.
Advertising costs
The Group incurs costs from advertising via several different media, which are recognised
within distribution expenses. Costs associated with the production of adverts are recognised
as an expense once the advert is aired or displayed.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any
accumulated impairment losses. Subsequent expenditure is capitalised only if it is probable
that the future economic benefits associated with the expenditure will flow to the Group.
Where parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items of property, plant and equipment.
Depreciation is charged to the Statement of Comprehensive Income on a straight-line basis
over the estimated useful life of each part of an item of property, plant and equipment. Assets
under construction are not depreciated until brought into use. The estimated useful lives in
the current and comparative year are as follows:
Buildings
10–50 years
Plant and equipment (including IT equipment)
3 years
Office equipment
5 years
Fixtures and fittings
5 years
The useful lives and depreciation rates are reassessed at each reporting date and adjusted
if appropriate.
MONY Group PLC Annual Report and Accounts 2025 – 149Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Intangible assets and goodwill
Goodwill
Goodwill is measured at cost less any accumulated impairment losses, with the carrying value
being reviewed for impairment at least annually, and whenever there is an indication that the
carrying value may be impaired.
Other intangible assets
The cost of other intangible assets acquired in a business combination is fair value as at the
date of acquisition. After initial recognition, intangible assets are carried at cost less any
accumulated amortisation and any accumulated impairment losses. All the Group’s intangible
assets (other than goodwill) have been identified as having finite useful lives. As such, they are
amortised on a straight-line basis over their useful economic life and assessed for impairment
whenever there is an indication that the intangible asset may be impaired. The amortisation
expense on intangible assets with finite lives is recognised in the Statement of Comprehensive
Income.
The estimated useful lives in the current and comparative year are as follows:
Market related
5 years
Member relationships
5 years
Technology
3 years
The amortisation period and the amortisation method for an intangible asset with a finite
useful life are reviewed at least at each reporting date and adjusted if appropriate.
Internally generated and other intangible assets are amortised under the same method as
noted above.
Market related intangible assets are defined as those that are primarily used in the marketing
or promotion of products and services, for example trademarks, trade names and internet
domain names.
Member relationships relate to the Cashback vertical and are deemed to have value as they
provide direct access to potential leads that can be transferred to the merchants’ websites.
Technology-based intangible assets relate to innovations and technical advances such as
computer software, patented and unpatented technology, databases and trade secrets. Costs
that are directly attributable to projects of a capital nature are recognised as technology-
based intangible assets controlled by the Group and are recognised when the following
criteria are met:
· it is technically feasible to complete the project so that it will be available for use;
· management intends to complete the project and use it;
· there is an ability to use or sell the project;
· it can be demonstrated how the project will generate probable future economic benefits;
· adequate technical, financial and other resources to complete the development and to use
output of the project are available; and
· the expenditure attributable to the project during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the project can include employee and
contractor costs. Other development expenditures that do not meet these criteria, as well as
ongoing maintenance and costs associated with routine upgrades and enhancements, are
recognised as an expense as incurred.
Subsequent expenditure is capitalised only when it increases the future economic benefits
embodied in the specific asset to which it relates. All other expenditure, including expenditure
on internally generated goodwill and brands, is recognised in profit or loss as incurred.
Financial instruments
Recognition and initial measurement
Trade receivables and debt securities issued are initially recognised when they are originated.
All other financial assets and financial liabilities are initially recognised when the Group
becomes a party to the contractual provisions of the instrument.
Other investments in equity securities held by the Group are classified as fair value through
other comprehensive income (‘FVOCI’) – equity instruments are stated at fair value, with any
resultant gain or loss being recognised directly in other comprehensive income (in the fair
value reserve).
Cash and cash equivalents comprise cash balances and call deposits.
A financial asset (unless it is a trade receivable without a significant financing component) or
financial liability is initially measured at fair value plus, for an item not at fair value through
profit or loss (‘FVTPL’), transaction costs that are directly attributable to its acquisition or
issue. A trade receivable without a significant financing component is initially measured at the
transaction price.
Classification and subsequent measurement
Financial assets
Financial assets are not reclassified subsequent to their initial recognition unless the Group
changes its business model for managing financial assets, in which case all affected financial
assets are reclassified on the first day of the first reporting period following the change in the
business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and
is not designated as at FVTPL:
· it is held within a business model whose objective is to hold assets to collect contractual
cash flows; and
· its contractual terms give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
MONY Group PLC Annual Report and Accounts 2025 – 150Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Classification and subsequent measurement continued
Financial assets continued
A debt investment is measured at FVOCI if it meets both of the following conditions and is not
designated as at FVTPL:
· it is held within a business model whose objective is achieved by both collecting contractual
cash flows and selling financial assets; and
· its contractual terms give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
All financial assets not classified as measured at amortised cost or FVOCI as described above
are measured at FVTPL. This includes all derivative financial assets.
Financial assets – subsequent measurement and gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net
gains and losses, including any interest or dividend income,
are recognised in profit or loss.
Financial assets at These assets are subsequently measured at amortised cost
amortised cost using the effective interest method. The amortised cost is
reduced by impairment losses. Interest income, foreign
exchange gains and losses and impairment are recognised in
profit or loss. Any gain or loss on derecognition is recognised
in profit or loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value. Interest
income calculated using the effective interest method, foreign
exchange gains and losses and impairment are recognised in
profit or loss. Other net gains and losses are recognised in OCI.
On derecognition, gains and losses accumulated in OCI are
reclassified to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value.
Dividends are recognised as income in profit or loss unless the
dividend clearly represents a recovery of part of the cost of the
investment. Other net gains and losses are recognised in OCI
and are never reclassified to profit or loss.
Expected credit loss assessment
The Group recognises loss allowances for expected credit losses (‘ECLs’) on financial assets
measured at amortised cost. The Group measures loss allowances at an amount equal to
lifetime ECLs. Loss allowances wholly relate to trade receivables and contract assets are
always measured at an amount equal to lifetime ECLs.
When determining whether the credit risk of a financial asset has increased significantly since
initial recognition and when estimating ECLs, the Group considers reasonable and
supportable information that is relevant and available without undue cost or effort. This
includes both quantitative and qualitative information and analysis, based on the Group’s
historical experience and informed credit assessment and including forward-looking
information. The Group uses an allowance matrix to measure the ECLs of trade receivables
from individual customers and assumes that the credit risk of default on a financial asset has
increased significantly if it is more than 120 days past due.
The maximum period considered when estimating ECLs is the maximum contractual period
over which the Group is exposed to credit risk.
At each reporting date, the Group assesses whether financial assets carried at amortised cost
and debt securities at FVOCI are “credit-impaired”. A financial asset is credit-impaired when
one or more events that have a detrimental impact on the estimated future cash flows of the
financial asset have occurred.
Loss allowances for financial assets measured at amortised cost are deducted from the gross
carrying amount of the assets.
The gross carrying amount of a financial asset is written off when the Group has no reasonable
expectations of recovering a financial asset in its entirety or a portion thereof. For individual
customers, the Group has a policy of writing off the gross carrying amount when the financial
asset is 180 days past due based on historical experience of recoveries of similar assets.
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the
present value of all cash shortfalls (i.e. the difference between the cash flows due to the
Group in accordance with the contract and the cash flows that the Group expects to receive).
ECLs are discounted at the effective interest rate of the financial asset.
Financial liabilities – classification, subsequent measurement and gains and losses
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is
classified as at FVTPL if it is classified as held for trading, it is a derivative or it is designated as
such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net
gains and losses, including any interest expense, are recognised in profit or loss. Other
financial liabilities are subsequently measured at amortised cost using the effective interest
method. Interest expense and foreign exchange gains and losses are recognised in profit or
loss. Any gain or loss on derecognition is also recognised in profit or loss.
Derecognition
Financial asset
The Group derecognises a financial asset when the contractual rights to the cash flows from
the financial asset expire, or it transfers the rights to receive the contractual cash flows in a
transaction in which substantially all of the risks and rewards of ownership of the financial
asset are transferred or in which the Group neither transfers nor retains substantially all of
the risks and rewards of ownership and it does not retain control of the financial asset.
MONY Group PLC Annual Report and Accounts 2025 – 151Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Derecognition continued
Financial liability
The Group derecognises a financial liability when its contractual obligations are discharged
or cancelled or expire. The Group also derecognises a financial liability when its terms are
modified and the cash flows of the modified liability are substantially different, in which
case a new financial liability based on the modified terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash assets transferred or
liabilities assumed) is recognised in profit or loss.
Fair value measurement
“Fair value” is the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date. The
transaction is assumed to take place in the principal or, in its absence, the most advantageous
market to which the Group has access at that date.
A number of the Group’s accounting policies and disclosures require the measurement of fair
values, for both financial and non-financial assets and liabilities. When one is available, the
Group measures the fair value of an instrument using the quoted price in an active market for
that instrument. A market is regarded as “active” if transactions for the asset or liability take
place with sufficient frequency and volume to provide pricing information on an ongoing basis.
If there is no quoted price in an active market, then the Group uses valuation techniques that
maximise the use of relevant observable inputs and minimise the use of unobservable inputs.
The chosen valuation technique incorporates factors that market participants would take into
account in pricing a transaction. In doing so, the Group consults with appropriate internal and
external specialists to determine the fair valuation. Key assumptions are benchmarked against
other comparable companies and sensitised to gain assurance that they fall within a
reasonable range.
Impairment
Impairment of non-financial assets
The carrying amounts of the Group’s assets are reviewed annually to determine whether
there is any indication of impairment. If such indication exists, the asset’s recoverable amount
is estimated.
For the purposes of impairment reviews, the recoverable amount of the Group’s assets is
taken to be the higher of their fair value less costs to sell and their value in use.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-
generating unit (‘CGU’) exceeds its recoverable amount. Impairment losses are recognised
in the Consolidated Statement of Comprehensive Income.
See note 12 for full disclosure of how goodwill and impairment losses are allocated across
the CGUs.
Employee benefits
Defined contribution plans
Obligations for contributions to defined contribution pension plans are recognised as an
expense in the Consolidated Statement of Comprehensive Income as the related service
is provided.
Share-based payment transactions
The Group’s share schemes allow certain Group employees to acquire ordinary shares in the
Company. The fair value of share awards made is recognised as an employee expense with a
corresponding increase in equity. The fair value is measured at the award date and spread
over the period during which the employees become unconditionally entitled to the awards.
The fair values of the share awards are measured using the Monte Carlo method for options
subject to a market-based condition and the Black-Scholes model for all others, taking into
account the terms and conditions upon which the awards were made. The amount recognised
as an expense is adjusted to reflect the number of share awards expected to vest.
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are
recognised as an expense in the Consolidated Statement of Comprehensive Income as the
related service is provided.
A provision is recognised for the amount expected to be paid under short-term cash bonus or
deferred bonus plan if the Group has a present legal or constructive obligation to pay this
amount as a result of past service provided by the employee and the obligation can be
estimated reliably. The Group’s deferred bonus plans currently do not have any ongoing
performance obligations and are therefore provided for as described above in the period to
which they related.
Finance income
Finance income comprises interest receivable from bank deposits.
Finance costs
Finance costs comprise interest charged on borrowings, amounts owed to non-controlling
interest and leases (recognised under IFRS 16 – Leases).
Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease.
A contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration. To assess whether a
contract conveys the right to control the use of an identified asset, the Group uses the
definition of a lease in IFRS 16 – Leases.
Leased items are recognised on the balance sheet as an asset valued at its right-of-use and
a corresponding liability that reflects the present value of future lease payments.
MONY Group PLC Annual Report and Accounts 2025 – 152Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
2. Summary of significant accounting policies continued
Leases continued
The asset is initially measured at its right-of-use value, which reflects the total cost of lease
payments, the direct costs incurred to bring the asset into use and an estimate of the cost that
will be incurred when dismantling or uninstalling the item. The asset is then depreciated
through the profit and loss account on a straight-line basis over the contract term of the lease.
The liability is initially recognised at the present value of future lease payments using the
discount rate implicit in the lease if it can be determined or otherwise using the incremental
borrowing rate of the Group.
Leased items with a value of less than £5,000 and items leased over a term of less than
12 months are not recognised on the balance sheet as an asset and liability. The cost of lease
payments is recognised in the profit and loss account as they fall due on an accrued basis.
Dividends
Dividends payable to the Company’s shareholders are recognised as a liability and deducted from
shareholders’ equity in the period in which the shareholders’ right to receive payment
is established.
Taxation
Income tax expense comprises current and deferred tax. It is recognised in the Consolidated
Statement of Comprehensive Income except to the extent that it relates to items recognised
directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates
in force for the year, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. The
following temporary differences are not provided for: the initial recognition of goodwill; the initial
recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a
business combination; and differences relating to investments in subsidiaries to the extent that
they will probably not reverse in the foreseeable future. The amount of deferred tax provided is
based on the expected manner of realisation or settlement of the carrying amount of assets and
liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable
profits will be available against which the asset can be utilised.
Deferred tax liabilities are recognised at the expected future tax rate of the value of the
intangible assets with finite lives that are acquired through business combinations
representing the tax effect of the amortisation of these assets in future periods.
These liabilities will decrease in line with the amortisation of the related intangible assets, with
the deferred tax credit recognised in the Statement of Comprehensive Income in accordance
with IAS 12 – Income Taxes.
Reserve for own shares
The Group has a number of equity-settled, share-based employee incentive plans. In
connection with these, shares in the Company are held by an Employee Benefit Trust (‘EBT’).
The assets and liabilities of the EBT are required to be consolidated within these accounts as it
is deemed to be under de facto control of the Group. The assets of the EBT mainly comprise
MONY Group PLC shares, which are shown as a deduction from total equity at cost.
Standards, amendments and interpretations issued but not yet effective
A number of new accounting standards are effective for annual reporting periods beginning
after 1 January 2025 and earlier application is permitted. However, the Group has not early
adopted the following new or amended accounting standards in preparing these Consolidated
Financial Statements.
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual
reporting periods beginning on or after 1 January 2027. The new accounting standard
introduces the following key new requirements.
· Entities are required to classify all income and expenses into five categories in the
Consolidated Statement of Comprehensive Income namely the operating, investing,
financing, discontinued operations and income tax categories. Entities are also required to
present a newly-defined operating profit subtotal. Entities’ net profit will not change.
· Management-defined performance measures (MPMs) are disclosed in a single note in the
financial statements.
· Enhanced guidance is provided on how to group information in the financial statements.
In addition, all entities are required to use the operating profit subtotal as the starting point
for the statement of cash flows when presenting operating cash flows under the indirect
method.
The Group is still in the process of assessing the impact of the new accounting standard,
particularly with respect to the structure of the Group’s Consolidated Statement of
Comprehensive Income, the Consolidated Statement of Cash Flows and the additional
disclosures required for MPMs. The Group is also assessing the impact on how information is
grouped in the financial statements, including for items currently labelled as ‘other’.
Other accounting standards
The following new and amended accounting standards are not expected to have a significant
impact on the Group’s Consolidated Financial Statements:
· Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7);
and
· Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7).
MONY Group PLC Annual Report and Accounts 2025 – 153Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
3. Revenue
All revenue is derived from generating internet leads and arises in the UK.
2025 2024
£m £m
Revenue from price comparison services
404.0
389.1
Revenue from cashback services
52.7
60.8
Inter-vertical eliminations*
(10.4)
(10.7)
Total revenue
446.3
439.2
* Inter-vertical eliminations reflect transactions where revenue in Cashback and Travel has also been recorded as cost of sales in
Insure, Home Services and Travel. This has no impact on total group revenue. See note 4 for further details.
4. Segmental information
Business segments
Below we report a measure of profitability at segment level that reflects the way performance
is assessed internally. Inter-vertical revenue and inter-vertical cost of sales are presented
within the verticals, in order to give a more accurate view of performance. These amounts are
also deducted in a separate “inter-vertical eliminations” column to arrive at the consolidated
total values.
The Group has a number of teams, capabilities and infrastructure that are used to support all
verticals, e.g. data platform and brand marketing. These are shared costs of the Group rather
than “central costs”. We have concluded there is no direct or accurate basis for allocating
these costs to the operating segments and therefore they are disclosed separately, which is
how they are presented to the Chief Operating Decision Maker.
The Group’s reportable segments are Insurance, Money, Home Services, Travel and Cashback.
These segments represent individual trading verticals, which are reported separately for
revenue and directly attributable expenses. Net finance expense, tax and net assets are only
reviewed by the Chief Operating Decision Maker at a consolidated level and therefore have
not been allocated between segments. All assets held by the Group are located in the UK.
On 1 December 2025, the Group ceded control of Ice Travel Group (‘ITG’) following a share
buyback and cancellation of shares. This reflects a strategic decision to reduce Group
operational complexity whilst retaining influence. ITG will benefit from greater operational
independence, enabling the business to accelerate its plans while continuing to benefit from
MONY’s support and expertise. Prior to disposal, ITG represented the Group’s Travel vertical
and was reported as a separate operating segment. From the date of disposal, the Group’s
remaining interest in ITG is accounted for as an associate and is no longer included within
segmental revenue or adjusted EBITDA. The Group’s share of ITG post-disposal results is
presented within share of post-tax profit of equity accounted investments. Although Travel is
a separate operating segment, ITG is not considered a separate major line of business, as it is
not material in the context of the wider Group, or geographical area and therefore its results
have not been presented as discontinued operations.
All revenue is derived from generating internet leads. The following summary describes the
services provided in each segment.
Segment
Type of sales transaction
Services provided
Insurance, Money, Price comparison Users visit one of our sites or apps and generate
Home Services and services quotations from product providers or view
Travel personal finance information with links to product
providers’ sites. Users then click away from our site
to complete a transaction on one of those
providers’ sites. Revenue is generated from
providers by transferring users to their sites.
Cashback
Cashback services
Quidco members visit our site or app and click
away to a merchant’s site to complete a
transaction. Revenue is generated from merchants
by transferring members to their sites. Members
are rewarded with cashback incentives, which are
recognised in cost of sales.
MONY Group PLC Annual Report and Accounts 2025 – 154Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
4. Segmental information continued
Business segments continued
Home Shared Inter-vertical
Insurance Money Services Travel Cashback costs
eliminations
2
Total
Segment £m £m £m £m £m £m £m £m
Year ended 31 December 2025
Revenue
232.5
105.7
48.2
17.6
52.7
—
(10.4)
446.3
Directly attributable expenses
(107.4)
(38.6)
(15.3)
(15.5)
(44.9)
(89.9)
10.4
(301.2)
Adjusted EBITDA contribution
125.1
67.1
32.9
2.1
7.8
(89.9)
—
145.1
Adjusted EBITDA contribution margin
1
54%
63%
68%
12%
15%
—
—
33%
Irrecoverable VAT and related costs
(4.4)
Depreciation and amortisation
(23.3)
Profit on disposal of investments
2.5
Profit on disposal of property, plant and equipment
0.6
Loss on disposal of subsidiary
(6.7)
Share of profit of equity accounted investees
0.1
Net finance expense
(3.4)
Profit before tax
110.5
Taxation
(29.8)
Profit for the year
80.7
Year ended 31 December 2024
Revenue
235.6
97.8
36.1
19.6
60.8
—
(10.7)
439.2
Directly attributable expenses
(101.8)
(32.0)
(11.1)
(15.7)
(52.4)
(95.1)
10.7
(297.4)
Adjusted EBITDA contribution
133.8
65.8
25.0
3.9
8.4
(95.1)
—
141.8
Adjusted EBITDA contribution margin
1
57%
67%
69%
20%
14%
—
—
32%
Irrecoverable VAT and related costs
(3.0)
Depreciation and amortisation
(25.5)
Net finance expense
(4.6)
Profit before tax
108.7
Taxation
(28.5)
Profit for the year
80.2
1 Adjusted EBITDA contribution margin is calculated by dividing adjusted EBITDA contribution by revenue.
2 Inter-vertical eliminations revenue line reflects transactions where revenue in Cashback and Travel has also been recorded as cost of sales in Insure, Home Services and Travel.
MONY Group PLC Annual Report and Accounts 2025 – 155Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
4. Segmental information continued
Business segments continued
Insurance EBITDA contribution margin decreased from 57% to 54%, driven by increased
contribution from lower margin B2B, an increase in PPC costs and impact from SuperSaveClub
first purchase rewards.
Money saw a decrease in EBITDA contribution margin from 67% to 63%, due to an increase in
competitive intensity and PPC costs.
Home Services EBITDA contribution margin decreased from 69% to 68%, with mix into
lower-margin energy offset by improved broadband performance.
Travel EBITDA contribution margin declined from 20% to 12%, with increasing cost of
customer acquisition in a highly competitive market.
Margin for Cashback is significantly lower than other verticals as a large proportion of
commission is paid out to members as cashback. EBITDA contribution margin increased from
14% to 15% reflecting strong control of operating costs.
Shared costs decreased by 5%, primarily due to lower headcount and other admin costs in the
year delivered through automation and efficiency gains.
5. Operating profit
Operating profit is stated after charging items detailed in the table below.
2025 2024
£m £m
Depreciation of property, plant and equipment
3.7
4.4
Amortisation of intangible assets
19.6
21.1
Auditor’s remuneration:
Audit of these Consolidated and Parent Company Financial
Statements*
0.7
0.7
* In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the
liabilities of some of its subsidiaries as at 31 December 2025 until they fall due. This means that these subsidiaries are exempt
from the requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was also
provided in the prior year.
Non-audit related services provided by KPMG constituted a review opinion on the financial
statements for the six-month period ended 30 June 2025, which amounted to £0.07m
(2024: £0.07m).
6. Staff numbers and cost
The average number of persons employed by the Group (including Directors) during the year,
analysed by category, was as follows:
2025 2024
No. No.
Technology and product operations
240
275
Administration
389
420
629
695
The aggregate payroll costs of these persons were as follows:
2025 2024
£m £m
Wages and salaries
51.4
54.7
Social security contributions
6.6
6.3
Defined contribution pension costs
2.8
2.9
Share-based payment transactions
2.8
3.0
Social security contributions related to share awards and options
0.1
0.4
Capitalised staff costs
(6.5)
(5.3)
57.2
62.0
7. Net finance expense
2025 2024
£m £m
Finance income
Bank deposits
0.3
0.3
Total finance income
0.3
0.3
Finance expense
Revolving credit facility
(2.6)
(2.7)
Bank loan
—
(1.2)
Leases
(0.9)
(0.9)
Amounts payable to non-controlling interest
(0.2)
(0.1)
Total finance expense
(3.7)
(4.9)
Net finance expense
(3.4)
(4.6)
MONY Group PLC Annual Report and Accounts 2025 – 156Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
8. Taxation
2025 2024
£m £m
Current tax
Current tax on income for the year
32.2
30.8
Adjustment in relation to prior period
(0.8)
0.4
Total current tax
31.4
31.2
Deferred tax
Origination and reversal of temporary differences
(2.4)
(2.5)
Adjustment in relation to prior period
0.8
(0.2)
Total deferred tax
(1.6)
(2.7)
Taxation
29.8
28.5
Origination and reversal of temporary differences includes the unwind of deferred tax
liabilities relating to acquired intangible assets.
Reconciliation of the effective tax rate
The effective tax rate is higher (2024: higher) than the standard rate of 25% (2024: 25%). The
differences are explained below.
2025 2024
£m £m
Profit before tax
110.5
108.6
Standard rate of tax at 25% (2024: 25%)
27.6
27.2
Effects of:
Expenses not deductible for tax purposes
0.1
0.1
Movement related to share-based payments
0.3
1.0
Disposal of subsidiary
1.7
—
Adjustments in relation to prior periods
0.1
0.2
Taxation
29.8
28.5
Taxation recognised in other comprehensive income
Other comprehensive income includes current tax of £0.8m (2024: £nil) relating to historic fair
value gains which have been realised on the disposal of investments.
9. Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit or loss for the year attributable to
ordinary equity holders of the Company, by the weighted average number of ordinary shares
outstanding during the year. The Company’s own shares held by employee trusts are
excluded when calculating the weighted average number of ordinary shares outstanding.
Diluted earnings per share
Diluted earnings per share is calculated by dividing the profit or loss for the year attributable to
ordinary equity holders of the Company, by the weighted average number of ordinary shares
outstanding during the year plus the weighted average number of ordinary shares that would be
issued on the conversion of all dilutive potential ordinary shares into ordinary shares.
Earnings per share
Basic and diluted earnings per share have been calculated on the following basis:
2025
2024
Profit after taxation attributable to the owners of the Company (£m)
81.2
80.6
Basic weighted average shares in issue (millions)
530.2
536.8
Dilutive effect of share-based instruments (millions)
2.8
3.1
Diluted weighted average shares in issue (millions)
533.0
539.9
Basic earnings per share (p)
15.3
15.0
Diluted earnings per share (p)
15.2
14.9
MONY Group PLC Annual Report and Accounts 2025 – 157Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
9. Earnings per share continued
Earnings per share continued
Adjusted basic and diluted earnings per share have been calculated as follows:
2025
2024
Profit before tax
110.5
108.7
Adjusted for loss before tax attributable to non-controlling interest
0.8
0.4
Profit before tax attributable to the owners of the Company
111.3
109.1
Amortisation of acquisition related intangible assets
8.1
10.8
Amortisation of acquisition related intangible assets attributable
to non-controlling interest
(0.6)
(0.8)
Irrecoverable VAT and related costs
4.4
3.0
Profit on disposal of investments
(2.5)
—
Profit on disposal of property, plant and equipment
(0.6)
—
Loss on disposal of subsidiary
6.7
—
126.8
122.1
Estimated taxation at 25.0% (2024: 25%)
(31.7)
(30.5)
Profit for adjusted earnings per share purposes
95.1
91.6
Adjusted basic earnings per share (p)
17.9
17.1
Adjusted diluted earnings per share (p)
17.8
17.0
10. Dividends
2025
2024
pence per Total pence per Total
share £m share £m
Declared and paid dividends
on ordinary shares:
Prior year final dividend
9.20
49.3
8.90
47.8
Interim dividend
3.33
17.6
3.30
17.7
Total dividend paid in the year
12.53
66.9
12.20
65.5
Proposed for approval
(not recognised as a liability
at 31 December):
Final dividend
9. 30
48.7
9. 20
49.3
11. Property, plant and equipment
Land and Plant and Office Fixtures and
buildings equipment equipment fittings Total
£m £m £m £m £m
Cost:
At 1 January 2024
48.0
21.5
1.6
2.1
73.2
Additions
0.6
—
0.2
0.1
0.9
Disposals
(0.3)
(19.9)
(0.6)
(1.1)
(21.9)
At 31 December 2024
48.3
1.6
1.2
1.1
52.2
At 1 January 2025
48.3
1.6
1.2
1.1
52.2
Additions
2.2
0.4
0.1
—
2.7
Disposals
(2.4)
(1.1)
—
—
(3.5)
At 31 December 2025
48.1
0.9
1.3
1.1
51.4
Depreciation:
At 1 January 2024
18.1
20.0
0.9
2.1
41.1
Depreciation for the year
3.3
1.1
0.0
0.0
4.4
Eliminated on disposal
0.0
(19.9)
(0.6)
(1.1)
(21.6)
At 31 December 2024
21.4
1.2
0.3
1.0
23.9
At 1 January 2025
21.4
1.2
0.3
1.0
23.9
Depreciation for the year
3.3
0.4
—
—
3.7
Eliminated on disposal
(1.5)
(0.7)
—
—
(2.2)
At 31 December 2025
23.2
0.9
0.3
1.0
25.4
Carrying value:
At 31 December 2024
26.9
0.4
0.9
0.1
28.3
At 31 December 2025
24.9
—
1.0
0.1
26.0
Right-of-use assets
Land and buildings includes right-of-use assets of £15.8m (2024: £17.5m) related to leased
properties that do not meet the definition of investment property (see note 24).
Disposals
During the year, the Group modified a property lease and in doing so disposed of part of a
right-of-use asset within land and buildings with an original cost of £2.4m and carrying value
of £0.9m. The remaining lease liability in respect of this property was £1.5m and therefore a
profit on disposal of £0.6m was recognised below operating profit.
Disposals in the year also include assets with a combined gross book value of £1.1m and a
carrying value of £0.4m, which were disposed of as part of the deconsolidation of the Ice
Travel Group (see note 29).
MONY Group PLC Annual Report and Accounts 2025 – 158Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
11. Property, plant and equipment continued
Disposals continued
During the prior year, the Group exited a property lease and in doing so disposed of a
right-of use asset within land and buildings with an original cost and carrying value of £0.3m.
The remaining lease liability in respect of this property was also £0.3m and therefore there
was no profit or loss arising on disposal in the prior period.
Disposals in the prior year also included assets with a combined gross book value of £21.6m
and a carrying value of £nil that were no longer in use and therefore retired. There was no
impact on profit or loss arising from this.
12. Intangible assets and goodwill
Market Member Technology
related relationship related Goodwill Total
£m £m £m £m £m
Cost:
At 1 January 2024
169.6
21.2
121.3
288.6
600.7
Additions internally
developed
—
—
13.3
—
13.3
Disposals
—
—
(36.1)
—
(36.1)
At 31 December 2024
169.6
21.2
98.5
288.6
57 7.9
At 1 January 2025
169.6
21.2
98.5
288.6
57 7.9
Additions internally
developed
—
—
8.0
—
8.0
Disposals
(1.8)
—
(4.1)
(11.5)
(17.4)
At 31 December 2025
167.8
21.2
102.4
277.1
568.5
Amortisation and
impairment:
At 1 January 2024
161.5
9.2
95.4
74.3
340.4
Amortisation charge for
the year
2.9
4.2
14.0
—
21.1
Eliminated upon disposal
—
—
(36.1)
—
(36.1)
At 31 December 2024
164.4
13.4
73.3
74.3
325.4
At 1 January 2025
164.4
13.4
73.3
74.3
325.4
Amortisation charge for
the year
2.9
4.2
12.5
—
19.6
Eliminated upon disposal
(1.6)
—
(3.2)
—
(4.8)
At 31 December 2025
165.7
17.6
82.6
74.3
340.2
Carrying value:
At 31 December 2024
5.2
7.8
25.2
214.3
252.5
At 31 December 2025
2.1
3.6
19.8
202.8
228.3
Additions internally developed
Included within the technology related intangible assets are technology related intangible
assets under development with a net carrying value of £0.5m (2024: £7.3m).
In order to accurately quantify the value of internally generated technology assets, the Group
undertakes project tracking to record the cost of both internal and contract staff wholly
assigned to each project. Third-party costs incurred are allocated to investment projects and
recognised at purchase cost. This approach ensures that technology related intangible assets
accurately reflect the cost of development. As highlighted in note 2, there is a degree of
judgement regarding the recognition of costs incurred in developing technology related
intangible assets. This is due to the asset recognition criteria being predicated on future
economic benefit flowing from that asset. The Directors are satisfied that any spend
capitalised meets the criteria of IAS 38 – Intangible Assets and, where relevant, SIC-32
Intangible Assets – Web Site Costs. On an annual basis, or where an indication exists, the
Group is required to assess its goodwill and intangible assets for impairment. See below for
this assessment for goodwill and technology related assets.
Disposals
Disposals include goodwill of £11.5m; technology related intangible assets with an original
cost of £3.9m and a carrying value of £0.9m; and market related intangible assets with an
original cost of £1.8m and a carrying value of £0.2m relating to the disposal of Ice Travel Group
Limited (see note 29).
Disposals in the prior year include assets with a combined gross book value of £36.1m and
carrying value of £nil that were no longer in use and were therefore retired. There was no
impact on profit or loss arising from this.
Intangible assets and goodwill
The Group employs the services of appropriately qualified and experienced experts to value
the intangible assets acquired as part of any business combinations. For larger acquisitions
and more complex intangible assets, the Group employs independent third parties to assist
our in-house team.
At 31 December 2025, the Group had significant balances relating to goodwill as a result of
acquisitions of businesses in the previous years. Goodwill balances are tested annually for
impairment or if events or changes in circumstances indicate that the carrying amount of
these assets may not be recoverable.
The Group is required to allocate goodwill between its cash-generating units (‘CGUs’) that
represent the lowest level at which goodwill is monitored for internal management purposes.
These CGUs are Insurance, Money, Home Services, Travel and Cashback, all of which have
been tested for impairment.
MONY Group PLC Annual Report and Accounts 2025 – 159Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
12. Intangible assets and goodwill continued
Intangible assets and goodwill continued
Goodwill is allocated to each CGU as follows:
31 December 31 December
2025 2024
£m £m
Insurance
46.5
46.5
Money
33.2
33.2
Home Services
54.8
54.8
Travel
—
11.5
Cashback
68.3
68.3
Goodwill
202.8
214.3
Impairment review
For all CGUs the present value of expected future cash flows has been calculated using
management’s best estimate, which is based on the Group’s long-term plan, approved in
December 2025, incorporating cost of sales, marketing and a click-based allocation of
overhead costs. In accordance with IAS 36 – Impairment of Assets, the Group is required to
test goodwill for impairment annually by comparing the recoverable amount to the carrying
value of the total assets allocated to each CGU. The recoverable amount is the higher of the
CGU’s value in use (‘VIU’) and its fair value less costs of disposal (‘FVLCD’).
Insurance, Money and Home Services CGUs
The recoverable amounts of the Insurance, Money and Home Services CGUs have been
calculated using the VIU method. This requires the Group to determine appropriate
assumptions (which involves estimation) in relation to the cash flow projections over the
strategic plan period, the long-term growth rate to be applied beyond this period and the
pre-tax discount rate used to discount the assumed cash flows to present value.
Cash flows beyond our strategic planning period have been calculated as a perpetuity
inclusive of an annual growth of 1.6% (2024: 1.6%).
The pre-tax discount rate for the Group has been determined as 13.2% (2024: 13.5%).
Discount rates are estimated using pre-tax rates that reflect current market assessments of
the time value of money and the risks specific to a CGU. Each CGU faces different market-
specific risks, which have been reflected, where significant, in the projected cash flows.
The key assumptions are the discount rate and revenue growth. Revenue growth has been
taken from the Group’s long-term plan, which looks out three years and is based on past
experience and external sources of information where available, including forecast market
growth data. Our assessment confirms there is headroom across each of these CGUs and the
Directors have therefore concluded no impairment of goodwill is required. After considering
sensitivities there is no reasonably possible change in any key assumptions that could cause
an impairment in any of these CGUs.
Cashback CGU
The recoverable amount of the Cashback CGU is its FVLCD, which has been determined using
the income approach. Discounted cash flow projections, based on the Group’s long-term plan,
have been prepared over a period of five years before extrapolating into the terminal year. A
post-tax discount rate of 10.5% (2024: 11.0%) and a terminal growth rate of 1.6% (2024: 1.6%)
have been applied. The terminal growth rate is an estimate of the long-term compound annual
revenue growth rate, consistent with the assumptions that a market participant would make.
The fair value measurement has been categorised as a Level 3 fair value based on the inputs in
the valuation technique used.
The discounted cash flow projections include key assumptions in respect of revenue growth
in the forecast period and the discount rate. Key assumptions are based on past experience
apart from where there is an expectation that there will be a change in the pattern of future
economic benefit (for example, due to changes in marketing spend) and are consistent with
external sources of information where available, including forecast market growth data. The
discount rate is a post-tax measure estimated based on historical industry average weighted-
average cost of capital and on a principal market that is assumed to comprise trade buyers.
After considering sensitivities there is no reasonably possible change in any key assumptions
that could cause an impairment in the Cashback CGU.
Group impairment testing
Shared costs that are not allocated to our operating segments when reviewed by the Group’s
Chief Operating Decision Maker have been allocated to the CGUs for the purposes of
impairment testing on a reasonable basis in accordance with IAS 36 – Impairment of Assets.
A further impairment test has therefore been performed for the Group as a whole, in a
manner consistent with previous years. In these calculations the Group is treated as one
group of CGUs, and the test compares the carrying amount, including goodwill and other
corporate assets, to the recoverable amount.
The recoverable amount has been estimated based on the present value of its future cash
flows, which has been calculated with a set of assumptions consistent with those set out
above in relation to the individual operating segment calculations.
The analysis performed calculates that the recoverable amount of the Group’s assets exceeds
their carrying value by in excess of 100% (2024: 100%), and as such, no impairment was identified.
The Group has completed sensitivity analysis as part of its impairment testing procedures by
flexing both cash flow and discounting assumptions significantly. The headroom on goodwill
is such that there are no foreseeable scenarios in which the Group would need to consider
an impairment.
In conclusion, no reasonably possible change to a key assumption would result in an
impairment (2024: same).
MONY Group PLC Annual Report and Accounts 2025 – 160Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
12. Intangible assets and goodwill continued
Impairment testing of technology, market related and member relationship
intangible assets
Technology, market related and member relationship intangible assets in use by the Group
are tested for impairment if there is an indication that the asset may be impaired. No
indicators of impairment were identified at the year end. In line with IAS 36 – Impairment of
Assets, the Group also conducts annual impairment testing of significant technology related
intangible assets under development and not yet available for use.
13. Equity accounted investments
The carrying amounts of equity accounted investments as at 31 December 2025 are shown
in the table below.
QLFY Limited (formerly known as Qualifi Solutions Limited)
QLFY Limited (‘QLFY’) is an associate in which the Group obtained a 25% ownership
interest on 11 September 2025 for £1.3m. QLFY operates a tool to help consumers get better
prequalified lending decisions. QLFY is not publicly listed and is registered at Market Square
House, St. James’s Street, Nottingham, England, NG1 6FG. The Group recognised its share of
post-tax profits of QLFY of £0.1m and at the balance sheet date the carrying value of the
Group’s investment in QLFY was £1.4m.
Ice Travel Group
On 1 December 2025, the Group ceded control of Ice Travel Group (‘ITG’) following a share
buyback and cancellation of shares (see note 29). The Group’s ownership reduced from 67.0%
to 49.9% and voting rights were amended such that control of ITG’s Board transferred to the
previously non-controlling shareholders. The Group’s retained interest in ITG was initially
recognised at its fair value of £3.0m on 1 December 2025. Subsequent to the transaction, ITG
declared dividends of £0.9m to the Group and £0.9m to the controlling shareholders. At the
balance sheet date, the carrying value of the Group’s retained interest in ITG was £2.1m.
QLFY Ice Travel
Limited Group Total
Investments in equity accounted investments £m £m £m
At 1 January 2025
—
—
—
Additions
1.3
3.0
4.3
Share of post-tax profit
0.1
0.0
0.1
Dividends from associate
—
(0.9)
(0.9)
At 31 December 2025
1.4
2.1
3.5
14. Other investments
The carrying amounts of other investments as at 31 December 2025 are shown in the table
below. These equity investments are held at fair value with gains and losses being recognised
through other comprehensive income. The fair value measurement has been categorised as a
Level 3 fair value based on the inputs in the valuation technique used.
On 19 December 2025, the Group disposed of its investment in Flagstone Group Limited,
receiving consideration of £7.9m. The carrying value at the time of disposal was £5.4m giving
rise to a profit on disposal of £2.5m, which was recognised in profit or loss. Included in the fair
value reserve within other reserves was £3.1m of fair value gains, which became realised on
completion of the transaction and was transferred to retained earnings. A current tax charge
of £1.4m was recognised in respect of the profit on disposal, of which £0.8m is recognised
within other comprehensive income and relates to historic fair value gains which have been
realised on the disposal.
There were no changes in fair value recognised during the year. Last year a credit in respect of
changes in fair value of £1.4m was recognised in other comprehensive income.
Flagstone Plum
Group Fintech
Limited Limited Total
Investments in equity securities £m £m £m
At 1 January 2024
4.2
1.2
5.4
Change in fair value
1.2
0.2
1.4
At 31 December 2024
5.4
1.4
6.8
At 1 January 2025
5.4
1.4
6.8
Disposals
(5.4)
—
(5.4)
At 31 December 2025
—
1.4
1.4
Sensitivity analysis
For the fair value of investments, a 5% movement in share price would have an effect of £0.1m
(2024: £0.3m) on the total value.
MONY Group PLC Annual Report and Accounts 2025 – 161Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
15. Trade and other receivables
Total trade and other receivables of £89.1m (£82.6m) are presented within non-current and
current assets as follows:
Non-current
31 December 31 December
2025 2024
£m £m
Other receivables
1.5
—
Current
31 December 31 December
2025 2024
£m £m
Trade and other receivables
87.6
82.6
From historical experience and post-year end confirmation, the Group expects any
differences between the amounts accrued at year end and those amounts subsequently
billed not to be materially different. The under and overestimates on accrued revenue are
typically in a region of -1% to +3%; historical experience has shown that there has been an
underestimate of accrued revenue. A -1% to +3% difference on the £73.6m (2024: £67.8m)
revenue accrual would equate to approximately (£0.7m) to £2.2m (2024: (£0.7m) to £2.0m).
The assumptions used to calculate the revenue accrual have been disclosed within note 2.
At 31 December 2025, trade receivables are shown net of a provision for credit losses
of £2.1m (2024: £1.7m), which represents a judgement made by management of which
receivables balances are unlikely to be recovered taking into consideration the ageing of
the debt, evidence of poor payment history or financial position of a particular customer.
The balance is largely related to energy providers that ceased trading in a prior year.
Movements in the provision for credit losses were as follows:
31 December 31 December
2025 2024
£m £m
At 1 January
1.7
1.7
Amounts charged to the Income Statement
0.4
0.0
Amounts utilised
(0.0)
(0.0)
At 31 December
2.1
1.7
At 31 December, the analysis of trade and other receivables that were past due but not
impaired was as follows:
Past due, not impaired
Neither past
due nor
Total impaired 0–30 days 30–60 days 60–90 days 90–120 days >120 days
£m £m £m £m £m £m £m
At 31 December
2024
82.6
79.0
2.9
0.5
0.1
0.1
0.0
At 31 December
2025
89.1
84.4
3.4
0.6
0.6
0.1
0.0
The Group’s standard payment terms are typically 15 days (2024: 15 days) from the invoice date.
16. Trade and other payables
Non-current
31 December 31 December
2025 2024
£m £m
Lease liabilities
17.4
20.2
Amounts owed to non-controlling interest
2.2
2.0
Other payables
19.6
22.2
Current
31 December 31 December
2025 2024
£m £m
Trade payables
52.8
52.1
Non-trade payables and accrued expenses
0.6
1.5
Other payables
41.9
48.0
Lease liabilities
2.6
2.8
Deferred income
0.2
0.2
Trade and other payables
98.1
104.6
As a result of click-based revenue being recognised in the period that the lead is generated, an
accrual for cost of sales, such as partner revenue share agreements, relating to the revenue
accrued at the year end is included within trade payables.
Other payables relate to amounts due to Cashback members. This balance is net of an
estimated cancellation rate (i.e. clicks that do not result in completed sales), based on
historical data, and therefore reflects the amount that is expected to be payable. A -/+3ppt
change in this cancellation rate would equate to approximately £0.4m (2024: £0.4m). This
balance is payable once the sale has been completed, the cash has been received from the
merchant and the member has requested payment.
MONY Group PLC Annual Report and Accounts 2025 – 162Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
17. Provisions
Leasehold Irrecoverable
dilapidations VAT Total
£m £m £m
At 1 January 2024
—
—
—
Reclassifications
1.9
1.0
2.9
Amounts charged to the Income Statement
—
2.6
2.6
At 31 December 2024
1.9
3.6
5.5
At 1 January 2025
1.9
3.6
5.5
Amounts charged to the Income Statement
—
3.2
3.2
Amounts utilised
—
(0.6)
(0.6)
At 31 December 2025
1.9
6.2
8.1
Leasehold dilapidations relate to the estimated cost of restoring leased properties to their
pre-lease condition at the end of the lease term. On initial recognition, estimated dilapidation
costs are included in the cost of the right-of-use asset within property, plant and equipment
and are subsequently depreciated over the lease term. There has been no change in the
carrying value of dilapidations provisions during the year.
The Group recovers input tax on expenditure using a Partial Exemption Special Method
(‘PESM’). Since 2016 work has been ongoing with HMRC on an update to the PESM, which
was originally agreed in 2012. Last year, HMRC concluded that it no longer agreed with the
principles of the PESM that it approved in 2012 and it subsequently issued a Special Method
Override Notice. Consequently, the Group no longer has an agreed basis for operation of a
PESM with HMRC. We disagree with HMRC’s position and we are progressing multiple paths
to remediation. The Group is expecting assessments from HMRC and in accordance with
accounting standards the Group is obliged to recognise a provision in respect of this.
Although we do not view HMRC’s position as appropriate and we are aiming to reach a
resolution promptly, this process is expected to continue throughout 2026. While dialogue
with HMRC is ongoing, the amounts recognised remain estimates of uncertain timing and
amount. Until the outcome of this matter is determined and while the amounts recognised
remain uncertain, we are presenting the charges as adjusting items.
18. Deferred tax liabilities
Deferred tax assets and liabilities are attributable to the following:
31 December 31 December
2025 2024
£m £m
Goodwill related to MoneySavingExpert.com
13.2
13.2
Intangible assets and goodwill relating to other acquisitions
1.6
3.4
Share schemes
(0.8)
(1.0)
Accelerated capital allowances
(0.1)
(0.1)
Losses
(1.8)
(2.2)
Provisions
(0.5)
(0.2)
Deferred tax liability
11.6
13.1
The following table illustrates the movement in the deferred tax liabilities during the year:
31 December 31 December
2025 2024
£m £m
At 1 January
13.1
15.8
Temporary differences on:
Intangible assets and goodwill relating to other acquisitions
(1.8)
(2.9)
Share schemes
0.2
0.5
Accelerated capital allowances
—
0.1
Losses
0.4
(0.2)
Provisions
(0.3)
(0.2)
At 31 December
11.6
13.1
Deferred tax liabilities relate to the recognition of intangible assets and goodwill from the
acquisitions of MONY Group Financial Limited, MoneySavingExpert.com Limited, Quidco
Limited and Podium Solutions Limited. Deferred tax liabilities from the acquisition of Ice Travel
Group of £0.2m have been derecognised in the year (see note 29).
The deferred tax liability relating to the goodwill of MoneySavingExpert.com is due to the
amortisation of this balance within its individual accounts, which are prepared under a
different accounting framework, FRS 102, whereas the consolidation is prepared in line with
IFRS. The recognition of a deferred tax liability within these consolidated accounts is to reflect
the tax benefit already claimed by the Group on the goodwill balance shown.
Deferred tax assets arise on share option schemes based on the expected tax deduction on
vesting. Deferred tax assets have also been recognised for unused tax losses to the extent
that it is probable that future taxable profits will be available against which they can be used.
Deferred tax assets and liabilities have been calculated at the applicable tax rate enacted at
the balance sheet date of 25% (2024: 25%).
MONY Group PLC Annual Report and Accounts 2025 – 163Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
19. Borrowings
Non-Current
As restated
31 December 31 December
2025 2024
£m £m
Revolving credit facility
14.0
12.0
Borrowings
14.0
12.0
The Group’s external debt comprises a revolving credit facility (‘RCF’) with an outstanding
balance of £14.0m (2024: £12.0m). The RCF was originally taken out in October 2021 and was
refinanced in June 2023 to increase the facility size from £90m to £125m. The RCF is funded
equally by Barclays, Santander and HSBC Innovation. The Group expects the amount
outstanding at the balance sheet date to be settled in its normal operating cycle.
Interest is payable at a rate of SONIA plus an applicable margin based on the adjusted
leverage of the Group. The upfront arrangement fees are being amortised over the term.
Fees totalling £nil (2024: £0.4m) are held within prepayments.
Information relating to the covenants attached to the Group’s borrowings is included in note 21.
The revolving credit facility has been presented as a non-current liability in accordance with
the requirements of IAS 1 – Presentation of Financial Statements due to the Group having
the right to defer settlement for at least 12 months. The comparative balance in respect of
31 December 2024 has been restated accordingly.
20. Called up share capital
The nominal value of ordinary shares is 0.02p. The holders of ordinary shares are entitled to
returns of capital, receive a dividend and vote.
Issued and fully paid
2025 2024
Number of ordinary shares No. No.
At the beginning of the year
537,415,395
536,934,085
Issued on exercise of SAYE options
439,002
45,217
Issued on exercise of LTIP awards
1,110,218
436,093
Cancelled on share buyback
(14,849,463)
—
At the end of the year
524,115,152
537,415,395
2025 2024
Nominal value of ordinary shares £ £
At the beginning of the year
107,483
107,387
Issued on exercise of SAYE options
88
9
Issued on exercise of LTIP awards
222
87
Cancelled on share buyback
(2,970)
—
At the end of the year
104,823
107,483
Long Term Incentive Plan (‘LTIP’) Save As You Earn (‘SAYE’)
The Group operates a Long Term Incentive Plan under which conditional nil cost awards of
ordinary shares in the Company have been made to certain Directors and employees of the
Group, and an HMRC-approved Save As You Earn scheme (‘Sharesave’) is eligible to all
employees (see note 23).
Share buyback
During the year, the Company completed the £30m share buyback programme announced with
the prior year results. Shares were purchased and cancelled between March and December
2025. A total cash outflow of £30.2m was recognised, including £0.2m of stamp duty, which has
been deducted from equity in accordance with IAS 32 – Financial Instruments: Presentation. All
repurchased shares were acquired from the Company’s distributable reserves. The repurchases
resulted in a reduction in the Company’s issued share capital as shown in the tables above.
21. Financial instruments
Interest rate risk
The Group invests its cash in a range of cash deposit accounts with UK banks. Interest earned
therefore closely follows movements in the Bank of England base rate. A movement of 1% in this
rate would result in a difference in annual pre-tax profit of £0.2m (2024: £0.2m) based on Group
cash, cash equivalents and financial instruments at 31 December 2025. At the balance sheet date,
the most invested with any one bank was £17.4m with Barclays (2024: £12.0m with Barclays).
Fair values
The Group’s financial assets and liabilities are principally short term in nature, and therefore
their fair value is not materially different from their carrying value. The valuation method for
the Group’s financial assets and liabilities can be defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
MONY Group PLC Annual Report and Accounts 2025 – 164Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
21. Financial instruments continued
Fair values continued
All other investments, excluding equity accounted investments (note 13), fall under Level 3 as the
fair value is measured using the latest unquoted share price of recent transactions, with updates
made as required considering market conditions at year end. A reconciliation is provided in note
14. All other financial assets and liabilities are held at amortised cost and other financial liabilities
respectively in accordance with IFRS 9 – Financial Instruments. There have been no transfers
between levels in the year.
The Directors consider that the carrying amounts of financial assets and financial liabilities
recorded at amortised cost in the financial statements approximate their fair values.
Effective interest rates
In respect of interest-earning financial assets, the following table indicates their effective
interest rates at the year end date:
31 December 2025
31 December 2024
Effective Effective
interest rate
£m
interest rate
£m
Cash and cash equivalents
1.03%
20.3
1.15%
22.4
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations
resulting in a financial loss to the Group. The Group has adopted a policy of only dealing with
creditworthy counterparties as a means of mitigating risk of financial loss from default. The
Group’s exposure is regularly monitored by the credit control team and finance management.
Of the top 75% of the Group’s providers by revenue, approximately 29% (2024: 30%) of these
are UK quoted companies with the remainder being a mixture of larger UK independent
companies and overseas-owned or quoted companies. At the balance sheet date, the five
largest trade and other receivables, by provider, accounted for 38% (2024: 40%) of the total
trade and other receivables balance of £89.1m (2024: £82.6m) and the largest individual
balance was £10.5m (2024: £8.9m).
The Directors do not consider there to be any material contracts with providers or merchants
in the Group.
Liquidity risk
Liquidity risk refers to the risk that the Group will encounter difficulty in meeting the
obligations associated with its financial liabilities. The Group manages liquidity risk by
maintaining adequate reserves and banking facilities by continuously monitoring forecast and
actual cash flows. Details of additional undrawn facilities that the Group has at its disposal to
further reduce liquidity risks are set out below:
31 December 31 December
2025 2024
£m £m
Unsecured borrowings facilities
– amount drawn
14.0
12.0
– amount undrawn
111.0
113.0
For details of the Group’s unsecured borrowings facilities, see note 19.
The covenants in place in relation to the facilities are outlined below:
· Adjusted leverage is calculated by dividing adjusted EBITDA by net cash/debt, which consists
of cash less borrowings, lease liabilities, deferred consideration and loan notes payable to
non-controlling interest.
· Interest cover is calculated by dividing adjusted EBITDA by net finance expense.
The Group continues to have significant headroom over the covenants.
MONY Group PLC Annual Report and Accounts 2025 – 165Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
21. Financial instruments continued
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted.
Contractual cash flows
Carrying
amount Total <2 months 2–12 months 1–2 years 2–5 years >5 years
31 December 2025 £m £m £m £m £m £m £m
Non-derivative financial liabilities
Trade payables
52.8
(52.8)
(52.8)
—
—
—
—
Borrowings
14.0
(14.0)
—
—
(14.0)
—
—
Lease liabilities
– undiscounted cash flows
23.2
(23.2)
(0.6)
(2.8)
(3.3)
(9.8)
(6.7)
– discounting
(3.2)
3.2
0.1
0.6
0.7
1.4
0.4
Amounts owed to non-controlling interest
2.2
(2.2)
—
—
—
—
(2.2)
At 31 December 2025
89.0
(89.0)
(53.3)
(2.2)
(16.6)
(8.4)
(8.5)
Contractual cash flows
Carrying
amount Total <2 months 2–12 months 1–2 years 2–5 years >5 years
31 December 2024 (restated) £m £m £m £m £m £m £m
Non-derivative financial liabilities
Trade payables
52.1
(52.1)
(52.1)
—
—
—
—
Borrowings
12.0
(12.0)
—
—
(12.0)
—
—
Lease liabilities
– undiscounted cash flows
26.5
(26.5)
(0.6)
(3.1)
(3.7)
(10.9)
(8.2)
– discounting
(3.5)
3.5
0.1
0.7
0.7
1.5
0.5
Amounts owed to non-controlling interest
2.0
(2.0)
—
—
—
—
(2.0)
At 31 December 2024
89.1
(89.1)
(52.6)
(2.4)
(15.0)
(9.4)
(9.7)
The lease liability cash flows are spread evenly between 2–5 years.
 
MONY Group PLC Annual Report and Accounts 2025 – 166Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
22. Group management of capital
The Group’s objectives when managing capital are:
· to safeguard the entity’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders; and
· to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.
The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk
characteristics of the underlying assets. In assessing the level of capital all components of equity are taken into account, i.e. share capital, retained earnings and reserves (where applicable).
The table below summarises the carrying value of each component.
31 December 31 December
2025 2024
Carrying value £m £m
Share capital
0.1
0.1
Retained earnings and reserves
226.4
239.6
Non-controlling interest
(1.6)
5.2
Total
224.9
244.9
In line with internal capital management requirements, the Group manages its cash balances by, where possible, depositing them with a number of financial institutions to reduce credit risk.
The table below summarises the credit rating of each financial institution that held cash at 31 December 2025.
Credit rating
2025
2024
Barclays
A+
A+
Santander
A
A
HSBC Innovation
A
A
Lloyds
A-
BBB+
One way in which the Group manages capital is utilising the revolving credit facility, as set out in note 21.
Management of capital focuses around the Group’s ability to generate cash from its operations. In order to maintain or adjust the capital structure, the Group may adjust the amount of
dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to raise funds. The Directors are satisfied that the Group is meeting its objectives for managing
capital as funds are available for reinvestment where necessary, as well as being in a position to make returns to shareholders where this is felt appropriate.
There were no changes to the Group’s approach to capital management during the year.
MONY Group PLC Annual Report and Accounts 2025 – 167Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
23. Share-based payments
The share-based payment charge in the Consolidated Statement of Comprehensive Income
relates to the following types of share option and share award:
31 December 31 December
2025 2024
£m £m
Long Term Incentive Plan
0.7
1.5
Restricted Share Awards
1.7
1.0
Sharesave Scheme
0.4
0.5
Share Incentive Plan
—
—
Share-based payment transactions
2.8
3.0
Long Term Incentive Plan (‘LTIP’)
Until 2022, conditional awards were made over ordinary shares under the
MoneySuperMarket.com Group PLC Long Term Incentive Plan (‘LTIP’) schemes to
senior employees. Under the scheme, the awards vest at the end of a three-year
period dependent on certain performance criteria being met, as outlined below:
· achievement of a specified average growth rate in adjusted basic EPS at the end of the
vesting period;
· the total shareholder return (‘TSR’) of the Company relative to a comparator group of
defined companies; and/or
· Group revenue performance.
There have been no grants of LTIPs since 2022 and it is not anticipated that there will be any
future grants under this scheme.
Restricted Share Awards (‘RSA’)
These include the Restricted Share Plan (‘RSP’) and the Restricted Share Award Plan (‘RSU’):
Restricted Share Plan (‘RSP’)
Conditional awards are made over ordinary shares under the MONY Group PLC to senior
employees that vest at the end of a three-year period. For Executive Directors, following
vesting, an additional two years’ holding period will apply, such that vested shares are
normally released five years from grant. Under the three-year schemes, 100% of the award
vests at the end of the three-year period. Vesting is subject to the participant being employed
on the relevant vesting date, and not, on or prior to that vesting date, having been issued with
or having given notice to terminate employment with the Group. No specific performance
conditions are required for the vesting of RSPs, although the awards will normally be subject
to one or more underpin conditions over the vesting period. Should any of the underpins not
be met, the Remuneration Committee would consider whether a discretionary reduction in
the vesting of awards was required. The underpins applying to each award will be determined
by the Remuneration Committee each year, but may include measures related to key financial,
strategic, governance, ESG or share price metrics.
Restricted Share Award Plan (‘RSU’)
Conditional awards are made over ordinary shares in MONY Group PLC to senior employees
that vest over either one or two years. Under the two-year schemes, 50% of the award vests
at the end of a one-year period and 50% of the award vests at the end of a two-year period.
Vesting on all schemes is subject to the participant being employed on the relevant vesting
date, and not, on or prior to that vesting date, having been issued with or having given notice
to terminate employment with the Group.
Sharesave Scheme
The Group grants options under the HMRC-approved Moneysupermarket.com Group PLC
Sharesave Scheme (2021), which is available to all employees. The scheme allows employees
to save an amount of their net pay into a savings account each month and, at the end of the
three-year period, choose to either receive back their savings or use them to buy ordinary
shares in the Company at a discounted exercise price.
Share Incentive Plan (‘SIP’)
Upon listing, the Company granted £3,000 of ordinary shares at the price of £1.70 per
ordinary share to each eligible employee free of charge. If an employee left within one year
of listing, all these ordinary shares were forfeited; between one and two years of listing, 50%
were forfeited; between two and three years of listing, 20% were forfeited; and after three
years of listing, none were forfeited. 948,184 shares were issued under the Share Incentive
Plan scheme in 2007. On 31 July 2010, eligible employees became entitled to receive their
allocation of free shares. There are 96 active participants (2024: 95) in the HMRC-approved SIP
scheme, who can subscribe for up to £150 of shares each month. At 31 December 2025, the
total number of shares that remain in trust was 354,551 (2024: 311,777).
LTIP and RSA schemes
The table below summarises the current RSP and RSU schemes and the performance criteria
elements. At the balance sheet date there were no current LTIP schemes.
2025 2025 2024 2023
RSP RSU RSP RSP
Number of ordinary shares
1,291,136
176,155
1,093,958
817,289
Performance criteria
n/a
n/a
n/a
n/a
Weighted average share price at the
date of exercise (£)
n/a
n/a
n/a
n/a
MONY Group PLC Annual Report and Accounts 2025 – 168Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
23. Share-based payments continued
Sharesave Scheme
During 2025, the Group granted options to employees on the same basis as the grants in previous years. The exercise price for the options under each active scheme was fixed at the prices below:
Exercise price
Sharesave 2025
160.0p
Sharesave 2024
177.0p
Sharesave 2023
188.0p
Sharesave 2022
156.0p
LTIPs and RSAs
The following table illustrates the number and weighted average exercise price (‘WAEP’) of, and movements in, share options during the year.
Number
WAEP
Outstanding at 1 January 2024
3,364,404
£0.00
Awards made during the year
1,120,076
£0.00
Awards vested and exercised during the year
(414,881)
£0.00
Awards forfeited during the year
(446,852)
£0.00
Outstanding at 31 December 2024
3,622,747
£0.00
Awards made during the year
1,467,291
£0.00
Awards vested and exercised during the year
(874,305)
£0.00
Awards forfeited during the year
(380,288)
£0.00
Outstanding at 31 December 2025
3,835,445
£0.00
The following table lists the inputs to the Black-Scholes models and Monte Carlo simulations used for the schemes for the year ended 31 December 2025:
2025 2024 2023 2025 2024 2025 2023
Sharesave Sharesave Sharesave RSP RSP RSU RSP
Fair value at grant date (£)
0.78
0.96
1.08
2.05
2.26
2.14
2.70
Share price (£)
2.00
2.21
2.35
2.05
2.26
2.14
2.70
Exercise price (£)
1.60
1.77
1.88
—
—
—
—
Expected volatility (%)
65.5
71.9
74.3
67.7
71.0
54.4
71.0
Expected life of option/award (years)
3.0
3.0
3.0
3.0
3.0
1.2
3.0
Weighted average remaining contractual life (years)
2.8
1.8
0.8
2.2
1.3
0.7
0.4
Expected dividend yield (%)
5.5
5.5
5.0
—
—
—
—
Risk-free interest rate (%)
3.8
3.8
4.8
3.8
4.0
4.0
3.8
Expected volatility has been estimated by considering historical average share price volatility for the Company or similar companies. Staff attrition has been assessed based on historical
retention rates.
MONY Group PLC Annual Report and Accounts 2025 – 169Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
24. Leases
Leases as lessee
The Group holds leases over property for its offices. The London office lease was signed
on 22 July 2016 for a period of 15 years, with a lease start date of 1 June 2017. There was an
18-month rent-free period included in the agreement. The lease liability has been recognised
up to 2032.
The Manchester office lease was signed on 7 May 2019 for a period of 15 years, with a lease
start date of 7 May 2019. There was a 36-month rent-free period included in the agreement.
During the year, the Group modified the lease and in doing so disposed of part of the right-of-
use asset with an original cost of £2.4m and carrying value of £0.9m. The remaining lease
liability in respect of this property was £1.5m and therefore a profit on disposal of £0.6m was
recognised below operating profit. As part of this lease modification, there was an addition of
£1.6m to the right-of-use asset, reflecting newly agreed rent payments and the removal of the
break clause, therefore the lease liability has been recognised up to May 2034.
In 2021, the Group also acquired some other smaller immaterial leases with the acquisitions
of Ice Travel Group Limited and Quidco Limited.
i. Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment
property are presented as property, plant and equipment.
Land and
buildings
£m
Balance at 1 January 2024
20.3
Disposal relating to lease termination of existing right-of-use asset
(0.3)
Depreciation charge for the year
(2.5)
Balance at 31 December 2024
17.5
Balance at 1 January 2025
17.5
Additions
1.6
Disposal relating to lease termination of existing right-of-use asset
(0.9)
Depreciation charge for the year
(2.4)
Balance at 31 December 2025
15.8
ii. Amounts recognised in profit or loss
2025 2024
£m £m
Depreciation charge for the year
2.4
2.5
Profit on disposal of right-of-use asset
(0.6)
—
Interest on lease liabilities
0.9
0.9
2.7
3.4
iii. Amounts recognised in statement of cash flows
2025 2024
£m £m
Interest paid
0.9
0.9
Repayment of lease liabilities
2.9
2.9
3.8
3.8
Leases as lessor
During the prior year, the Group entered into an agreement to sub-lease a proportion of its
London office. The sub-lease was for a period of three years and therefore did not reflect a
transfer of substantially all of the risk and rewards of the underlying asset, which in this case is
the 15-year head lease or right-of-use asset. Consequently, the Group classified the sub-lease
as an operating lease under IFRS 16 – Leases. The rental income for the year was £0.8m (2024:
£0.2m). During the year, the tenant exited this sub-lease arrangement.
25. Pensions and other post-employment benefit plans
The Group operates a defined contribution pension scheme calculated on base salary.
The assets of the scheme are held separately from those of the Group in an independently
administered fund. The contributions payable to the scheme in respect of the current year
were £2.8m (2024: £2.9m). In the year ended 31 December 2025, £2.5m (2024: £2.5m) of
contributions were charged to the Consolidated Statement of Comprehensive Income and
£0.3m (2024: £0.4m) were included in amounts capitalised (see note 6). As at 31 December
2025, no amounts were outstanding in relation to pension contributions, as the liabilities were
settled during the year (2024: £nil, settled during the year).
26. Commitments and contingencies
At 31 December 2025, the Group was committed to incur capital expenditure of £0.2m
(2024: £0.7m).
Comparable with most businesses of our size, the Group is a defendant in a small number of
disputes incidental to its operations and from time to time is under regulatory scrutiny. As a
leading website operator, the Group occasionally experiences operational issues as a result of
technological oversights that in some instances can lead to customer detriment, dispute and
potentially cash outflows. The Group has a professional indemnity insurance policy in order to
mitigate liabilities arising out of events such as this.
There is a cross-guarantee held between MONY Group PLC, MoneySavingExpert.com Limited,
Moneysupermarket.com Ltd, MONY Group Financial Limited and MONY Group Financial
Holdings Limited in relation to balances owed under the revolving credit facility. The maximum
amount owed during the year was £50.0m (2024: £42.0m) and the amount owed at
31 December 2025 was £14.0m (2024: £12.0m).
The contingencies outlined above are not expected to have a material adverse effect on
the Group.
MONY Group PLC Annual Report and Accounts 2025 – 170Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
27. Related party transactions
At the balance sheet date, the Group had the following investments in its subsidiaries all of which are included in the Consolidated Financial Statements. In respect of all subsidiaries that have
been included in the Consolidated Financial Statements, the Company has control over the entity as defined by IFRS 10 - Consolidated Financial Statements.
Country of Class of Ownership
incorporation shares held
interest %
Principal activity
MONY Group Financial Holdings Limited
UK
Ordinary
100
Holding company
MONY Group Financial Limited
UK
Ordinary
100
Holding company
Moneysupermarket.com Ltd
UK
Ordinary
100
Internet price comparison through lead generation
MoneySavingExpert.com Limited
UK
Ordinary
100
Internet price comparison through lead generation
Quidco Limited
UK
Ordinary
100
Cashback services through lead generation
Decision Technologies Limited
UK
Ordinary
100
Internet price comparison through lead generation
MONY Group Holdings Limited
UK
Ordinary
100
Dormant
Moneysupermarket.com Investments Limited
UK
Ordinary
100
Dormant
CYTI (Holdings) Limited
UK
Ordinary
100
Dormant
CYTI Limited
UK
Ordinary
100
Dormant
Mortgage 2000 Limited
UK
Ordinary
100
Dormant
Sellmymobile.com Limited
UK
Ordinary
100
Dormant
Townside Limited
UK
Ordinary
100
Dormant
Podium Solutions Limited
UK
Ordinary
52
Technology platform provider for internet price comparison services
On 1 December 2025, the Group ceded control of Ice Travel Group Limited and its direct and indirect subsidiary undertakings, reducing its shareholding from 67% to 50%. Since 1 December
2025, these companies were no longer consolidated into the Consolidated Financial Statements (see note 29).
Country of Class of Ownership
incorporation shares held
interest %
Principal activity
Ice Travel Group Limited
UK
Ordinary
50
Holding company
Travelsupermarket Limited
UK
Ordinary
50
Internet price comparison through lead generation
Icelolly Marketing Limited
UK
Ordinary
50
Internet price comparison through lead generation
Express Rooms Ltd
UK
Ordinary
50
Dormant
Icelolly Limited
UK
Ordinary
50
Dormant
Icelolly.co.uk Limited
UK
Ordinary
50
Dormant
Icelolly.com Limited
UK
Ordinary
50
Dormant
MONY Group PLC Annual Report and Accounts 2025 – 171Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
27. Related party transactions continued
Aggregate Profit/
capital (Loss) for Included in
reserves the year Registered parental
£m
£m
Registered office address
number
guarantee
1
MONY Group Financial Holdings Limited
259.6
85.0
Mony Group House, St. David’s Park, Ewloe, Deeside, UK, CH5 3UZ
08188486
Yes
MONY Group Financial Limited
18.7
82.3
Mony Group House, St. David’s Park, Ewloe, Deeside, UK, CH5 3UZ
0315734 4
Yes
Moneysupermarket.com Ltd
49.1
51.7
Mony Group House, St. David’s Park, Ewloe, Deeside, UK, CH5 3UZ
03945937
Yes
MoneySavingExpert.com Limited
66.7
38.8
One Dean Street, London, UK, W1D 3RB
08021764
Yes
Quidco Limited
14.2
6.4
Mony Group House, St. David’s Park, Ewloe, Deeside, UK, CH5 3UZ
05498276
Yes
Decision Technologies Limited
35.1
8.5
One Dean Street, London, UK, W1D 3RB
05341159
Yes
Podium Solutions Limited
(5.9)
(0.9)
4th Floor, Market Square House, St James’s Street, Nottingham, Nottinghamshire, UK, NG1 6FG
11101797
No
1 In accordance with section 479C of the Companies Act (2006), the Company has provided a parental guarantee over the liabilities of some of its subsidiaries as at 31 December 2025 until they fall due. This means that these subsidiaries are exempt from the
requirements of the Act relating to the audit of their individual accounts under section 479A. This guarantee was also provided in the prior year.
The Company is the ultimate parent entity of the Group. Intercompany transactions with wholly owned subsidiaries are eliminated on consolidation as per the exemption offered in IAS 24 –
Related Party Disclosures. The list above represents all companies within the Group. All companies within the Group are registered at the addresses shown above. The Company’s registered
office is disclosed on page 181. All shareholdings with all subsidiaries are ordinary shares.
The Company has committed to continue to provide support to all of its subsidiaries for any short-term day-to-day cash management, if required.
Transactions with key management personnel
In addition to their salaries, the Group also provides non-cash benefits to Directors and Executive Officers. Directors and Executive Officers also participate in the Group’s Long Term Incentive Plan.
There were no amounts or any future commitments outstanding to the Company as at 31 December 2025 (2024: none).
MONY Group PLC Annual Report and Accounts 2025 – 172Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
27. Related party transactions continued
Key management personnel compensation
Key management compensation payable to the Executive management team
is summarised below:
31 December 31 December
2025 2024
£m £m
Short-term employee benefits
5.3
5.6
Share-based payment transactions
1.3
1.8
Defined contribution pension costs
0.2
0.2
Key management personnel compensation
6.8
7.6
Other related party transactions
During the year, Moneysupermarket.com Ltd purchased services for the value of £1.1m (2024:
£1.1m) from Podium Solutions Limited in relation to salary recharges and the development of
digital solutions for the mortgages channel journey on the Group’s website. Balances of £0.1m
were outstanding as at 31 December 2025 in relation to these purchases (2024: £0.1m).
During the year ended 31 December 2024, MONY Group Financial Limited provided a £0.4m
revolving credit facility to Podium with an annual interest rate of 15%. At 31 December 2025,
£0.4m was outstanding in relation to this facility (2024: £0.4m).
During the year ended 31 December 2023, MONY Group Financial Limited issued £1.1m of
loan notes to Podium with a repayment term of ten years and an annual interest rate of 16.5%
(15% plus additional 1.5% in line with Bank of England base rate). Loan notes held by MONY
Group Financial Limited from earlier periods were included in the carrying amount of the
Group’s equity accounted investment in Podium until it was reclassified as a subsidiary in
December 2022. Since then, the amounts held by MONY Group Financial Limited have been
eliminated on consolidation. At 31 December 2025, amounts owed by Podium Solutions
Limited to MONY Group Financial Limited were £4.2m (2024: £3.7m).
During the year, Travelsupermarket Limited provided internet leads to Moneysupermarket.
com Ltd for powering its travel insurance journey. Travelsupermarket Limited charged net
commissions of £0.4m (2024: £0.7m) in respect of the services provided to the two companies.
No balances were outstanding as at 31 December 2025 in relation to these transactions
(2024: £0.1m).
During the year ended 31 December 2021, MONY Group Financial Limited issued loan notes to
Ice Travel Group Limited of £4.0m with an annual interest rate of 10%. During the year ended
31 December 2025, interest income of £nil (2024: £0.4m) was received by MONY Group Financial
Limited from Ice Travel Group Limited, as the loan notes and accrued interest were settled in full
during the year ended 31 December 2024. At 31 December 2025, the remaining balance due was
£nil (2024: £nil).
28. Non-controlling interest
The Group owns 52% of Podium Solutions Limited and recognises a non-controlling interest in
respect of the remaining 48%.
On 1 December 2025, the Group ceded control of Ice Travel Group Limited and its two wholly
owned subsidiaries, Travelsupermarket Limited and Icelolly Marketing Limited (“Ice Travel
Group”). Until then the Group owned 67% of Ice Travel Group and recognised a non-controlling
interest in respect of the remaining 33%. From 1 December 2025, Ice Travel Group has been
classified as an equity accounted investment (see note 29).
The following table summarises the financial performance and position of these companies at
the year end before any intra-group eliminations.
31 December 2025
Podium
Solutions Ice Travel
Limited
Group
Total
Non-controlling interest
48%
0%
1
£m
£m
£m
Non-current assets
Current assets
1.6
—
1.6
Non-current liabilities
(2.0)
—
(2.0)
Current liabilities
(3.0)
—
(3.0)
Net assets
(3.4)
—
(3.4)
Net assets attributable to non-controlling interest
(1.6)
—
(1.6)
Revenue
0.7
16.7
17.4
(Loss)/Profit
(1.3)
0.2
(1.1)
Other comprehensive income
—
—
—
Total comprehensive income
(1.3)
0.2
(1.1)
(Loss)/Profit attributable to the non-controlling interest
(0.6)
0.1
(0.5)
Other comprehensive income attributable to
non-controlling interest
—
—
—
Total comprehensive income attributable
to non‑controlling interest
(0.6)
0.1
(0.5)
Cash flows from operating activities
(0.5)
1.9
1.4
Cash flows from investing activities
—
(0.9)
(0.9)
Cash flows from financing activities
0.4
—
0.4
Net (decrease)/increase in cash and cash
equivalents
(0.1)
1.0
0.9
1 On 1 December 2025, the Group transferred control of Ice Travel Group to the non-controlling interest. The Group retained a
49.9% interest in Ice Travel Group, which is classified as an associate within equity accounted investments. The carrying value of
the Ice Travel Group non-controlling interest on transfer of control was £6.3m.
MONY Group PLC Annual Report and Accounts 2025 – 173Financial statementsGovernanceStrategic report
Notes to the Consolidated Financial Statements continued
28. Non-controlling interest continued
31 December 2024
Podium
Solutions Ice Travel
Limited
Group
Total
Non-controlling interest
48%
33%
£m
£m
£m
Non-current assets
1
1.1
13.7
14.8
Current assets
1.4
7.6
9.0
Non-current liabilities
(2.1)
(2.8)
(4.9)
Current liabilities
(2.3)
—
(2.3)
Net assets
(1.9)
18.5
16.6
Net assets attributable to non-controlling interest
(0.9)
6.1
5.2
Revenue
0.7
18.6
19.3
(Loss)/Profit
(1.4)
0.9
(0.5)
Other comprehensive income
—
—
—
Total comprehensive income
(1.4)
0.9
(0.5)
(Loss)/Profit attributable to the non-controlling interest
(0.7)
0.3
(0.4)
Other comprehensive income attributable to non-
controlling interest
—
—
—
Total comprehensive income attributable
to non‑controlling interest
(0.7)
0.3
(0.4)
Cash flows from operating activities
(0.4)
3.4
3.0
Cash flows from investing activities
—
(0.9)
(0.9)
Cash flows from financing activities
0.4
(5.5)
(5.1)
Net decrease in cash and cash equivalents
—
(3.0)
(3.0)
1 Non-current assets for Ice Travel Group included £7.4m (2024: £7.4m) of goodwill in respect of Travelsupermarket Limited that
was recognised on the Group’s balance sheet prior to the acquisition of Ice Travel Group.
Loss and total comprehensive income for the year in respect of Podium Solutions Limited and
Ice Travel Group include amortisation of intangibles relating to the acquisition of these
companies by the Group of £1.4m (2024: £1.8m). Included in the loss (2024: loss) attributable
to non-controlling interest and total comprehensive income attributable to non-controlling
interest is £0.6m (2024: £0.8m) of amortisation of acquired intangibles.
29. Disposal of subsidiary
Part disposal of Ice Travel Group Limited (ITG)
On 1 December 2025, the Group undertook a part disposal of its interest in Ice Travel Group
Limited and its two subsidiaries, Travelsupermarket Limited and Icelolly Marketing Limited (‘Ice
Travel Group’). Following a period of challenging performance, ITG’s management have
prepared a transformational business plan.
The Directors of the Company believe that the non-controlling interest of Ice Travel Group is
best placed to deliver this plan and therefore agreed to a transfer control of Ice Travel Group.
Ice Travel Group Limited issued a share buyback from MONY Group Financial Limited for £3.0m
based on an equity value of £8.9m. The equity value was deemed to be the fair value of Ice
Travel Group as this is the valuation placed on the business by the non-controlling interest
seeking to acquire control on an arm’s length basis. This represents Level 3 in the fair value
hierarchy as defined by IFRS 13 – Fair Value Measurement.
The share buyback reduced the Group’s shareholding from 67.0% to 49.9%. Consequently, the
Group’s investment in Ice Travel Group was reclassified as an associate on the Consolidated
Statement of Financial Position, reflecting a cessation of control with retained significant influence.
From 1 December 2025, the Group derecognised Ice Travel Group as a consolidated subsidiary
and applied equity accounting to recognise its share of Ice Travel Group’s profit or loss.
The Group recognised a loss on disposal of subsidiary of £6.7m in the Consolidated Income
Statement and accounted for dividends received from Ice Travel Group of £0.9m as a
reduction in the carrying value of the investment in associate.
The loss on disposal of subsidiary has been calculated as follows:
£m
Consideration received
3.0
Fair value of retained interest
3.0
Carrying value of non-controlling interest
6.3
Carrying value of net assets of ITG
(19.0)
Loss on disposal
(6.7)
Although Travel is a separate operating segment, ITG is not considered a separate major line
of business, as it is not material in the context of the wider Group, or geographical area and
therefore its results have not been presented as discontinued operations.
The fair value of retained interest was £3.0m at the point of the share buyback, but
subsequently reduced to £2.1m, which was its carrying value at the balance sheet date:
£m
Fair value of retained interest
3.0
Dividend received from Ice Travel Group
(0.9)
Carrying value at 31 December 2025
2 .1
On acquisition of Ice Travel Group in 2021, a balance of £2.1m was recognised directly in
equity in relation to the initial recognition of non-controlling interest. As part of the
deconsolidation of Ice Travel Group, this amount was transferred from other reserves to
retained earnings.
MONY Group PLC Annual Report and Accounts 2025 – 174Financial statementsGovernanceStrategic report
Note
31 December
2025
£m
31 December
2024
£m
Fixed assets
Investments 4 181.7 181.7
Total fixed assets 181.7 181.7
Current assets
Debtors – including amounts falling due in more than one year of £0.3m (2024:£0.3m) 5 244.8 221.8
Cash at bank and in hand 0.2 0.1
Total current assets 245.0 221.9
Creditors: amounts falling due within one year 7 (70.2) (70.8)
Net current assets 174.8 151.1
Provisions 8 (1.9) (1.9)
Net assets 354.6 330.9
Capital and reserves
Share capital 10 0.1 0.1
Share premium 206.3 205.6
Reserve for own shares (1.7) (1.7)
Other reserves 16.9 16.9
Profit and loss reserve 133.0 110.0
Shareholders’ funds 354.6 330.9
No profit and loss account is presented for the Company as permitted by section 408 of the Companies Act 2006. The profit after tax for the Company was £1 1 7 .3m (2024: £55 .9m), which
included dividends received of £125.0m (2024: £65.0m).
The Financial Statements were approved by the Board of Directors and authorised for issue on 20 February 2026. They were signed on its behalf by:
Peter Duffy
Chief Executive Officer
Niall McBride
Chief Financial Officer
Registered number: 6160943
Company Balance Sheet
at 31 December 2025
MONY Group PLC Annual Report and Accounts 2025 – 175Financial statementsGovernanceStrategic report
Note
Share
capital
£m
Share
premium
£m
Reserve for
own shares
£m
Other
reserves
£m
Profit and
loss reserve
£m
Total
£m
At 1 January 2024 0.1 205.5 (2.4) 16.9 117.7 337. 8
Profit for the year — — — — 55.9 55.9
Total comprehensive income — — — — 55.9 55.9
New shares issued 10 0.0 0.1 — — — 0.1
Purchase of shares by employee trusts — — (0.4) — — (0.4)
Exercise of LTIP awards — — 1.1 — (1.1) —
Equity dividends 9 — — — — (65.5) (65.5)
Share-based payments 2 — — — — 3.0 3.0
At 31 December 2024 0.1 205.6 (1.7) 16.9 110.0 330.9
Profit for the year — — — — 117.3 117. 3
Total comprehensive income — — — — 117.3 117. 3
New shares issued 10 — 0.7 — — — 0.7
Equity dividends 9 — — — — (66.9) (66.9)
Share buyback 10 — — — — (30.2) (30.2)
Share-based payments 2 — — — — 2.8 2.8
At 31 December 2025 0.1 206.3 (1.7) 16.9 133.0 354.6
Reserve for own shares
The reserve for the Company’s own ordinary shares comprises the cost of the Company’s ordinary shares held by the Group through employee trusts. At 31 December 2025, the Group held
354,551 (2024: 311,777) ordinary shares at a cost of 0.02p per share (2024: 0.02p) through a Share Incentive Plan Trust for the benefit of the Group’s employees.
The Group also held 140,520 (2024: 169,134) shares through an Employee Benefit Trust at an average cost of 242.71p per share (2024: 242.71p) for the benefit of employees participating in the
various Long Term Incentive Plan schemes.
Other reserves
The other reserves balance represents the merger reserve of £16.9m (2024: £16.9m) generated upon the acquisition of MONY Group Financial Limited by the Company and a capital
redemption reserve for £19,000 (2024: £19,000) arising from the acquisition of 95,294,118 deferred shares of 0.02p by the Company from Simon Nixon.
Following the share buyback in the period, £2,970 was transferred to a capital redemption reserve.
 
Company Statement of Changes in Equity
for the year ended 31 December 2025
MONY Group PLC Annual Report and Accounts 2025 – 176Financial statementsGovernanceStrategic report
1. Accounting policies
Basis of preparation
MONY Group PLC (the ‘Company’) is a public company limited by shares and incorporated and
domiciled in England, UK. The registered office is disclosed on page 181.
These Financial Statements were prepared in accordance with Financial Reporting Standard
102 – The Financial Reporting Standard Applicable in the UK and Republic of Ireland (‘FRS
102’). The presentation currency of these Financial Statements is sterling. All amounts in the
Financial Statements have been rounded to the nearest £100,000. These Financial Statements
are prepared on the historical cost basis.
In these Financial Statements, the Company is considered to be a qualifying entity for the
purposes of this FRS and has applied the exemptions available under FRS 102 in respect of
the following disclosures:
· Cash Flow Statement and related notes; and
· key management personnel compensation.
As the Consolidated Financial Statements include the equivalent disclosures, the Company
has also taken the exemptions under FRS 102 available in respect of the following disclosures:
· certain disclosures required by FRS 102.26 – Share-based Payments;
· the disclosures required by FRS 102.11 – Basic Financial Instruments and FRS 102.12 – Other
Financial Instrument Issues in respect of financial instruments not falling within the fair
value accounting rules of Paragraph 36(4) of Schedule 1; and
· the disclosures required by FRS 102.33.1A – Related Party Disclosures.
The accounting policies set out below have, unless otherwise stated, been applied
consistently to all periods presented in these Financial Statements.
Use of estimates and judgements
The preparation of the Financial Statements requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised and
inanyfuture periods affected.
There are no assumptions or estimation uncertainties made in preparation of these Financial
Statements that may have a significant risk of resulting in a material adjustment to the
carrying amounts of assets and liabilities in the next financial year.
Investments
Investments are shown at cost less provision for impairment.
Basic financial instruments
Trade and other debtors are recognised initially at transaction price less attributable
transaction costs. Trade and other creditors are recognised initially at transaction price
plusattributable transaction costs. Subsequent to initial recognition they are measured at
amortised cost using the effective interest method, less any impairment losses in the case of
trade debtors. If the arrangement constitutes a financing transaction, for example if payment
is deferred beyond normal business terms, then it is measured at the present value of future
payments discounted at a market rate of interest for a similar debt instrument.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances.
Bank borrowings
Interest-bearing bank loans are recorded at the proceeds received. Finance charges, including
direct issue costs, are accounted for on an accruals basis in profit or loss using the effective
interest method and are added to the carrying amount of the instrument to the extent that
they are not settled in the period in which they arise.
Own shares held by Employee Benefit Trust
Transactions of the Company-sponsored Employee Benefit Trust are treated as being those of
the Company and are therefore reflected in the Company Financial Statements. In particular, the
trust’s purchases and sales of shares in the Company are debited and credited directly to equity.
Share-based payment transactions
The Company’s share schemes allow employees to acquire ordinary shares in the Company.
There is also a recharge arrangement with Group entities in relation to these schemes. Thefair
value of share awards made is recognised as an increase in equity. The Company recognises in
its profit and loss the share-based payment expenses related solely to employees of the
Company, with the remainder recognised as an intercompany receivable under the recharge
arrangement. The fair value is measured at award date and spread over the period during which
the employees become unconditionally entitled to the awards. The fair value of the awards
made is measured using an option valuation model, taking into account the terms and
conditions upon which the awards were made.
Dividends
Dividends receivable are recognised when the Company’s right to receive payment is
established. Dividends payable to the Company’s shareholders are recognised as a liability
and deducted from shareholders’ equity in the period in which the shareholders’ right to
receive payment is established.
Notes to the Company Financial Statements
MONY Group PLC Annual Report and Accounts 2025 – 177Financial statementsGovernanceStrategic report
Notes to the Company Financial Statements continued
1. Accounting policies continued
Taxation
Income tax expense comprises current and deferred tax. It is recognised in the profit and loss
account except to the extent that it relates to items recognised directly in equity, in which case
itis recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates
inforce for the year, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on timing differences that arise from the inclusion of income and
expenses in tax assessments in periods different from those in which they are recognised in the
Financial Statements. Deferred tax is not recognised on permanent differences arising because
certain types of income or expense are non-taxable or are disallowable for tax or because certain
tax charges or allowances are greater or smaller than the corresponding income or expense.
Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related
difference, using tax rates enacted or substantively enacted at the balance sheet date.
Deferred tax balances are not discounted.
Deferred tax assets are recognised only to the extent that is it probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits.
2. Share-based payments
The analysis and disclosures in relation to share-based payments are given in the
Consolidated Financial Statements in note 23.
3. Staff numbers and cost
The average number of persons employed by the Company (including Directors) during the
year, analysed by category, was as follows:
2025
No.
2024
No.
Administration 2 2
The aggregate payroll costs of these persons were as follows:
2025
£m
2024
£m
Wages and salaries 1.2 1.1
Social security contributions 0.3 0.3
Defined contribution pension costs 0.1 0.1
Share-based payment transactions 0.7 1.0
2.3 2.5
In addition to the above, bonuses of £1.1m (2024: £1.2m) were payable in relation to the
reporting period. Neither Director exercised share options during the period (2024: same).
Directors’ remuneration is disclosed on pages 103 to 125.
4. Investments
31 December
2025
£m
31 December
2024
£m
Cost and net book value:
Shares in subsidiary undertakings 181.7 181.7
The investment represents the Company’s holding in MONY Group Financial Holdings Limited,
which was obtained via a share for share exchange during 2012, in which the Company
exchanged its existing shareholding in MONY Group Financial Limited for the entire share
capital of MONY Group Financial Holdings Limited.
5. Debtors
31 December
2025
£m
31 December
2024
£m
Amount due from subsidiary undertakings 244.5 221.2
Prepayments 0.0 0.3
Deferred tax asset (note 6) 0.3 0.3
Debtors 244.8 221.8
Amounts due from subsidiary undertakings are unsecured, interest free and are repayable
ondemand.
6. Deferred tax asset
31 December
2025
£m
31 December
2024
£m
Short-term timing differences 0.3 0.3
7. Creditors: amounts falling due within one year
31 December
2025
£m
31 December
2024
£m
Borrowings 14.0 12.0
Amount owed to subsidiary undertakings 55.0 57.7
Accruals 1.2 1.1
Creditors: amounts falling due within one year 70.2 70.8
Amounts owed to subsidiary undertakings are unsecured, interest free and are repayable
ondemand.
MONY Group PLC Annual Report and Accounts 2025 – 178Financial statementsGovernanceStrategic report
Notes to the Company Financial Statements continued
8. Provisions
Leasehold
dilapidations
£m
At 1 January 2024 —
Reclassifications 1.9
At 31 December 2024 and 31 December 2025 1.9
Provisions comprise leasehold dilapidations that relate to the estimated cost of restoring
leased properties to their pre-lease condition at the end of the lease term. On initial
recognition, estimated dilapidation costs are included in the cost of the right-of-use asset
within property, plant and equipment and are subsequently depreciated over the lease term.
There has been no change in the carrying value of dilapidations provisions during the year.
9. Dividends
Pence
per share
31 December
2025
£m
Pence
per share
31 December
2024
£m
Declared and paid dividends
onordinary shares:
Prior year final dividend 9.20 49.3 8.90 47. 8
Interim dividend 3.33 17.6 3.30 17.7
Total dividend paid in the year 12.53 66.9 12.20 65.5
Proposed for approval
(notrecognised as a liability
at31December): final dividend 9.30 48.7 9.20 49.3
10. Called up share capital
The following rights attached to the shares in issue during the year:
Ordinary shares
The holders of ordinary shares were entitled to returns of capital, receive a dividend and vote.
Issued and fully paid
Number of ordinary shares 2025 2024
At the beginning of the year 537,415,395 536,934,085
Issued on exercise of SAYE options 439,002 45,217
Issued on exercise of LTIP awards 1,110,218 436,093
Cancelled on share buy back (14,849,463) —
At the end of the year 524,115,152 537,415,395
Nominal value of ordinary shares
2025
£
2024
£
At the beginning of the year 107,483 107,387
Issued on exercise of SAYE options 88 9
Issued on exercise of LTIP awards 222 87
Cancelled on share buy back (2,970) —
At the end of the year 104,823 107,483
Long Term Incentive Plan ('LTIP') and Save As You earn ('SAYE')
The Group has a Long Term Incentive Plan under which conditional nil cost awards of ordinary
shares in the Company have been made to certain Directors and employees of the Group, and
an HMRC-approved Save As You Earn scheme (‘Sharesave’) is eligible to all employees (see
note 23 of the Consolidated Financial Statements).
Share buyback
During the year, the Company completed the £30m share buyback programme announced with
the prior year results. Shares were purchased and cancelled between March and December
2025. A total cash outflow of £30.2m was recognised, including £0.2m of stamp duty which has
been deducted from equity in accordance with IAS 32 – Financial Instruments: Presentation. All
repurchased shares were acquired from the Company’s distributable reserves. The repurchases
resulted in a reduction in the Company’s issued share capital as shown in the tables above.
11. Operating lease commitments
Future minimum lease payments under non-cancellable operating leases total £19.0m
(2024:£21.8m). All lease payments are settled by subsidiary undertakings.
All rental expenses are recharged to subsidiary undertakings and therefore there is no impact
on the profit and loss account of the Company. During the year, rental expenses of £2.4m
(2024: £2.4m) were recharged.
MONY Group PLC Annual Report and Accounts 2025 – 179Financial statementsGovernanceStrategic report
Glossary
2024 Code – means the UK Corporate
Governance Code published by the FRC in
January 2024.
Adjusted EBITDA – means earnings before
interest, tax, depreciation, amortisation and
adjusting Items.
Adjusted EPS – means earnings per share
excluding adjusting items. A calculation of
this is provided in note 9 to the Consolidated
Financial Statements.
Adjusting items – means items that are
considered exceptional or non-underlying
innature and are either added back or
deducted from performance measures such
as EBITDA, EPS and profit before tax to
enable like-for-like comparison between
reporting periods.
B2B – means business to business.
B2C – means business to consumer.
CAGR – means compound annual growth rate.
Capital expenditure or Capex – means
expenditure on property, plant and
equipment or intangible assets. These
amounts are recognised on the Consolidated
Statement of Financial Position.
Carbon emissions (Scope 1 and 2)
– means emissions of CO
2
and other
greenhouse gases from fuel combustion
andenergy used in the Group’s direct
operations.
Carbon Neutral – means offsetting 100%
ofthe Group’s carbon emissions.
CGU – means cash generating units.
Company – means MONY Group PLC, a
company incorporated in England and Wales
with registered number 6160943 whose
registered office is at Mony Group House, St
David’s Park, Ewloe, Deeside CH53UZ.
Corporate website – means https://www.
monygroup.com
CRM – means Customer Relationship
Management.
Directors – means the Directors of the
Company whose names and biographies are
set out on pages 72 and 73 or the Directors
of the Company’s subsidiaries from time to
time as the context may require.
EBITDA means earnings before interest, tax,
depreciation and amortisation. It equates to
operating profit before depreciation and
amortisation.
EPS – means earnings per share.
Executive Team – means senior
management responsible for managing the
day-to-day operations of the business.
GDPR – means General Data Protection
Regulation.
GHG – means greenhouse gas(es).
Group – means MONY Group PLC, its
subsidiaries, significant undertakings and
affiliated companies under its control or
common control.
IAS – means International Accounting
Standard(s).
IBOR – means interbank offered rates.
IFRIC – means International Financial
Reporting Standards Interpretations
Committee.
IFRS – means International Financial
Reporting Standard(s).
ISA (UK and Ireland) – means International
Standard(s) on Auditing in the UK and Ireland.
ITG – means Ice Travel Group.
KPI – means key performance indicator.
LTIP – means the Company’s Long Term
Incentive Plan for Executive Directors and
selected senior managers.
Marketing margin – means total marketing
expenditure recognised in distribution
expenses and cost of sales divided by
revenue.
MoneySuperMarket.com – means
MoneySuperMarket’s price comparison site.
MoneySavingExpert.com – means
MoneySavingExpert’s consumer site.
MSE – means MoneySavingExpert.com.
MSM – means MoneySuperMarket.com.
Net finance costs – means finance income
less finance costs. Finance income is
composed of bank interest. Finance cost is
composed principally of interest,
arrangement and commitment fees relating
to borrowings and interest on lease liabilities.
Net/cash debt – means cash and cash
equivalents less borrowings and loan notes
payable to Podium’s non-controlling interest.
It does not include lease liabilities.
Net zero – means the reduction of
emissions and using offsets to neutralise
anyresidual emissions.
Operating expenditure or Opex – means
distribution expenses and administrative
expenses, both of which are recognised in
the Consolidated Statement of
Comprehensive Income.
Operational net zero – a 90% reduction in
Scope 1 and Scope 2 emissions.
PCW – means price comparison website.
PESM – Partial Exemption Special Method
for calculating the recovery of input VAT
(seeNote 17 to the Consolidated
FinancialStatements).
PPC – means pay-per-click.
R&D – means research and development.
RCF – means revolving credit facility.
RSA – Restricted Share Awards, comprising
the Restricted Share Plan (RSP) and
Restricted Share Award Plan (RSU), are
conditional awards made over ordinary
shares in MONY Group Plc to senior
employees with a fixed vesting period.
SEM – means Search Engine Marketing.
SEO – means Search Engine Optimisation.
Sharesave Scheme or SAYE Scheme
– means the Moneysupermarket Group
employee savings-related share option plan
approved by HMRC.
SIP – means the Share Incentive Plan.
SM&CR – means the Financial Conduct
Authority’s Senior Managers and
Certification Regime.
SONIA – means the Sterling Overnight Index
Average.
TravelSupermarket – means
TravelSupermarket’s price comparison site.
TSM – means TravelSupermarket.
TSR – means total shareholder return – the
growth in value of a shareholding over a
specified period, assuming that dividends
are reinvested to purchase additional shares.
Working capital – means current assets
minus current liabilities excluding financing
and investment activities.
MONY Group PLC Annual Report and Accounts 2025 – 180Financial statementsGovernanceStrategic report
Shareholder Information
Registered office
Mony Group House
St David’s Park
Ewloe
Deeside CH5 3UZ
Telephone: +44 (0)1244 665700
Website: http://www.monygroup.com
Registered number
No. 6160943
Company Secretary
Shazadi Stinton
Financial advisers/stockbrokers
Morgan Stanley
One Cabot Square
London E14 4QJ
Barclays Bank PLC
1 Churchill Place, Canary Wharf
London E14 5HP
Auditor
KPMG LLP
15 Canada Square
London E14 5GL
Solicitors
Herbert Smith Freehills Kramer LLP
Exchange House
Primrose Street
London EC2A 2EG
Principal bankers
Barclays Bank PLC
1 Churchill Place, Canary Wharf
London E14 5HP
Santander UK plc
2 Triton Square
Regents Place
London NW1 3AN
HSBC UK
8 Canada Square
London E14 5HQ
Financial PR
The Maitland Consultancy Limited
3 Pancras Square
London N1C 4AG
Registrar
Equiniti Group
Aspect House
Spencer Road
Lancing
West Sussex BN99 6DA
Enquiring about your
shareholding
If you want to ask, or need any information,
about your shareholding, please contact our
registrar, Equiniti Group, by:
Telephone: 0371 384 2564 (UK) (calls are
charged at the standard geographic rate and
will vary by provider. Lines are open 8.30am–
5.30pm Monday–Friday).
+44 (0) 371 384 2564 (overseas).
Email: customer@equiniti.com.
Alternatively, if you have internet access,
youcan access the Group’s shareholder
portalat www.shareview.co.uk where you
canview and manage all aspects of your
shareholding securely.
Investor relations website and
share price information
The investor relations section of our website,
http://corporate. monygroup.com, provides
further information for anyone interested in
the Group. In addition to the Annual Report
and share price, Company announcements
including the half-year andfull-year results
announcements and associated presentations
are also publishedthere.
Dividend mandates
If you wish to have dividends paid directly
into a bank or building society account, you
should contact our registrar (see contact
details above) or visit the Group’s
shareholder portal at www.shareview.com
where you can set up or amend a dividend
mandate. This method of payment removes
the risk of delay or loss of dividend cheques
in the post and ensures that your account is
credited on the due date.
Dividend reinvestment plan
(‘DRIP’)
You can choose to reinvest dividends
received to purchase further shares in the
Company through a DRIP. A DRIP application
form is available from our registrar (see
contact details above).
Share dealing service
You can buy or sell the Company’s shares
ina simple and convenient way via the
Equiniti share dealing service either online
(www.shareview.co.uk) or by telephone
(0371384 2564). Calls are charged at the
standard geographic rate and will vary by
provider. Lines are open 8.00am–4.30pm
Monday–Friday.
Please note that the Directors of the
Company are not seeking to encourage
shareholders to either buy or sell shares in
the Company. Shareholders in any doubt
about what action to take are recommended
to seek financial advice from an independent
financial adviser authorised by the Financial
Services and Markets Act 2000.
Electronic communications
You can elect to receive shareholder
communications electronically by contacting
our registrar (see contact details opposite).
This will save on printing and distribution
costs, creating environmental benefits.
When you register, you will be sent a
notification to say when shareholder
communications are available on our website
and you will be provided with a link to that
information.
Cautionary note regarding
forward-looking statements
This Annual Report includes statements that
are forward looking in nature. Forward-
looking statements involve known and
unknown risks, assumptions, uncertainties
and other factors which may cause the
actual results, performance or achievements
of the Group to be materially different from
any future results, performance or
achievements expressed or implied by such
forward-looking statements. Except as
required by the Listing Rules, Disclosure
Guidance and Transparency Rules and
applicable law, the Company undertakes no
obligation to update, revise or change any
forward-looking statements to reflect events
or developments occurring on or after the
date of this Annual Report.
MONY Group PLC Annual Report and Accounts 2025 – 181Financial statementsGovernanceStrategic report
Shareholder Information continued
2026 financial calendar
Announcement of 2025 full-year results 23 February 2026
Ex-dividend date of 2025 final dividend 26 March 2026
Record date of 2025 final dividend 27 March 2026
Annual General Meeting 30 April 2026
Payment date of 2025 final dividend 8 May 2026
Half year end 30 June 2026
Announcement of 2026 half-year results 21 July 2026
Financial year end 31 December 2026
Announcement of 2026 full-year results 22 February 2027
MONY Group PLC Annual Report and Accounts 2025 – 182Financial statementsGovernanceStrategic report
MONY Group PLC’s commitment to environmental issues
isreflected in this Annual Report, which has been printed
onMagno Satin, an FSC
®
certified material. This document
wasprinted by Pureprint Group using its environmental
printtechnology, with 99% of dry waste diverted from landfill,
minimising the impact of printing on the environment.
Theprinter is a CarbonNeutral
®
company.
Both the printer and the paper mill are registered to ISO 14001.
MONY Group PLC
Telephone: (01)244 665700
Registered in England No. 6160943
Registered Office:
MONY Group House
St. David’s Park
Ewloe
Deeside
CH5 3UZ
monygroup.com
MONY Group PLC Annual Report and Accounts 2025
MONY Group PLC Annual Report and Accounts 2025