First Read MONY Group PLC: Positive momentum continues with 1H26 revs/aEBITDA ahead

研报英文原文证据摘录

First Read MONY Group PLC: Positive momentum continues with 1H26 revs/aEBITDA ahead

financial companion" - MONY continues to position itself aggressively around

product/AI innovation and efficiency, highlighting the launch of Investments by

MoneySuperMarket, MoneySuperMarket Business Banking ahead of full rollout,

and the launch of SuperSaveClub Insurance, an AI-enabled digital broker

proposition. MONY also emphasised the transformation of the

MoneySuperMarket app into an AI-enabled "everyday financial companion".

Q: Has the company's outlook/guidance changed?

A: The Group's expectations for FY26 remain unchanged; with the release stating "Our

recent trading performance and the breadth of our portfolio combined with disciplined

cost management, gives the Board confidence that we will deliver Adjusted EBITDA for

2026 within our current published consensus". To note, they flag consensus aEBITDA

range of £140-£148m (avg. £145m; in line with UBSe at £145m).

Q: How would we expect investors to react?

A: Our view - positive - a solid revenue beat driven by improving Insurance trends, a

resurgence in energy switching and ongoing strength in money; with increasing

evidence of an accelerated cadence of product delivery, likely aided by AI innovation.

The solid performance on revenues (+2.1% vs cons) has been compounded by

"continued cost discipline and increasing automation" to drive a +8.6% beat on

aEBITDA. Whilst uncertainty around MONY remains high as a result of both UK macro/

political uncertainty, end market volatility and AI debates, nothing reassures investors

more than upgrades. Whilst the group is only articulating confidence in delivering

aEBITDA within the cons range (£140-148m of aEBITDA with cons/UBSe £145m) , that