MONY Group: 1H EBITDA 4% ahead, outlook reiterated, good cadence of product innovation

研报英文原文证据摘录

MONY Group: 1H EBITDA 4% ahead, outlook reiterated, good cadence of product innovation

Equity Research

EMEA Internet

21 July 2026

MONY Group

1H EBITDA 4% ahead, outlook

reiterated, good cadence of

MONY.L/MONY LN OVERWEIGHTproduct innovation

Unchanged

6% revenue growth in H1 on LFL basis, a nice acceleration EMEA Internet POSITIVE

and divisional trends solid. '26 outlook reiterated but looks Unchanged

well underpinned. We barely move forecasts (£147m EBITDA Price Target raised 5% fromGBpGBp225215

'26E vs consensus £146m). Stock has rerated recently but still Price (20-Jul-26) GBp 204

offers decent value on a 10% FCF yield in '27E. Potential Upside/Downside +10.2% Source: Bloomberg, Barclays Research

1H26 results slightly ahead of our model. Group revenue grew 1% (6% on LFL basis when Market Cap (GBP mn) 1051

excluding travel), ahead of Barc/BBG consensus by 2%/3%. By business segment: Money Shares Outstanding (mn) 514.73

increased by 9%, with the statement calling out banking strength in particular; Insurance grew Free Float (%) 99.46

by 4%, with headwinds in car easing; Home Services grew by 31%, with Energy being the main 52 Wk Avg Daily Volume (mn) 1.1

driver; Cashback declined 13%, with the company calling out subdued retail spend and Dividend Yield (%) 6.19

geopolitical disruption to package holidays weighing on travel. As a reminder, the business sold Return on Equity TTM (%) 34.83

a majority stake in their Travel segment in late 2025. Adjusted EBITDA grew by 1% (3% on LFL Current BVPS (GBp) 43

basis) and was ahead of Barc/BBG consensus by 4% (on both). Within this, gross margin was Source: Bloomberg

62.7%, down 40bps vs H2'25 so some moderation of the trend in recent periods. Opex continues

to be well controlled. Price Performance Exchange-LSE