FY26 beat confirms cash/EPS resilience; new CEO sharpens focus

研报英文原文证据摘录

FY26 beat confirms cash/EPS resilience; new CEO sharpens focus

Moonpig Group UBS Research

Key takeaways from the conference call

Strategy unchanged, but sharper execution focus: New CEO Catherine Faiers

ruled out a material strategy reset, reiterating the financial framework of mid-to-

HSD% revenue growth, 25-27% Adj EBITDA margin and DD% Adj EPS growth.

The focus is now on unlocking more value from existing assets such as customer

relationships/data, operational excellence and better use of group capabilities.

Revenue levers to remain variable by period: Management reiterated that

customer growth, frequency and AOV are all long-term levers, but does not expect

all three to compound evenly every half or year. New customer acquisition remains

strong, AOV remains positive, and frequency remains an opportunity, with

management looking at customer missions/segments to unlock under-served use

cases.

AOV bridge: c50% from postal proposition: FY26 AOV growth of +5.7% was

strong, with broadly half driven by postal proposition changes. Stamp price

increases contributed c1ppt and tracked delivery c2ppts. Standard card prices

were unchanged at £3.99. Management does not see slower stamp inflation as a

limiter to the mid-term revenue framework, as stamps are only one input into

basket size, and commented in recent periods of higher stamp inflation, pricing

lever was less used.

Tracked delivery still has runway: Tracked delivery is now c44% of UK card-

only orders (in H2'26), with management expecting more than half of card-only

orders to move through tracked delivery in FY27, helped by higher large-card

dispatch penetration. Premium next-day delivery by 1pm is seeing good uptake

and should also support AOV. Management stressed Tracked is not a one-off lever,