Moneysupermarket.com Stock

Good morning, and welcome to MONY Group's 2026 Interim Results Call. We are joined today by Peter Duffy, Chief Executive Officer; Niall McBride, Chief Financial Officer; and Jennifer Cooke, Head of Investor Relations. [Operator Instructions] I would now like to hand the call over to Peter. Please go ahead.

Thank you, and good morning, everybody, and thank you for making the time to join us this morning. Hopefully, you've all had a chance to watch the results video that we released at 7:00 a.m. But perhaps before we open up for questions, let me just go through a quick recap.

Our business only succeeds when we save customers' money. So in the first half, we were absolutely thrilled to have helped U.K. households save an estimated GBP 1.5 billion. And it's through doing this that we delivered a strong start to the year. Record revenue was up 6% on a like-for-like basis. That was to GBP 227 million. Adjusted EBITDA was up 3% to GBP 76 million. That's our fifth consecutive interim period of growth. I think that really speaks to the strength in our breadth, and we've expanded basic and adjusted EPS by 4% and 5%, respectively.

We've grown our engaged member base. We've added an additional 1 million members to the SuperSaveClub over the last year. We now have 2.5 million members. Now I went through some metrics, which I think really spoke for themselves. MoneySavingExpert now has over 3.5 million app downloads and 9 million people signed up for the weekly MSE newsletter. And Quidco continues to offer more ways for customers to engage and save with us. But I think it's also been the strategic progress as well as a strong financial delivery that's characterized the half.

We are leveraging AI for growth to sharpen the customer experience, to bring new propositions to the market faster and to run the business more efficiently. We've transformed the MoneySuperMarket app into a genuine everyday financial companion, one trusted place to compare, to switch, to save, to invest, to earn cash back, and it's going to give more reasons for households to come to us directly more often. And this innovation is moving at pace.

We've launched investments by MoneySuperMarket now live. We've launched initially with a fund supermarket, enabling customers to invest from just GBP 1. We're launching our own digital broker, starting with Motor Insurance, that's SuperSaveClub Insurance. That's coming in the coming days, and that means customers can compare, can buy, can manage, can renew entirely within our own app. And then we also announced this morning that we've opened the waitlist for our business banking proposition. Our first dedicated SME proposition that will be launching in August. So I'm sure you'll agree that we have been busy.

And for shareholders, we're planning to return over GBP 90 million this year. That's through our ongoing GBP 25 million buyback, but also our progressive dividend. So our brands, our established vendor base, our capacity to leverage AI, thanks to our leading platform, it's all putting us into a strong position. It's a powerful combination.

We are uniquely positioned, and we're confident in the opportunities ahead, and we've got plenty more to come. So with that, let's open up to Q&A.

[Operator Instructions] The first question is from Andrew Ross from Barclays.

I've got 2 questions, please. First one is about double-clicking into your PPC costs and the dynamics in terms of gross margin. So the online spend was up 34% year-on-year on a like-for-like basis, excluding travel in H1. And hearing you that there's been a lot of inflation through the PPC costs. But when I listened to your remarks, it kind of sounds like you're starting to see now some stabilization in that market. I was hoping you can give us a bit more color in terms of what gives you confidence there?

And I guess, particularly in the context of Google now looking to implement AI mode into the search, why would we be so confident that isn't going to be further squeeze on acquisition from Google funnel? And as part of that, if you can just give us some expectations about how you're thinking about your gross margin into H2 and into 2027, that would be very helpful.

And then second question is on the dynamics in the energy market. And any color you can give us in terms of what you're seeing in Q3. Obviously, the price cap is high. There seems to be some pretty good savings out there on from those e-mails. But then there's also still a lot of volatility in terms of geopolitics and wholesale costs. So what are the kind of big dynamics we should be thinking about when thinking about energy into H2?

Great. Thanks, Andrew. I'll do energy. Perhaps, Niall, do you want to kick off with PPC costs?

Yes. So I think you're right, Andrew, there's a lot of change in dynamics over the course of the last year. So I think we were talking last year about uplift -- sorry, inflation in PPC costs of sort of 20% plus. And the reason that we're seeing that level of inflation coming through really was the introduction of AI overviews. And you're calling out the extension of that now into AI mode as well, into the search results. So a year -- more than a year ago now, many, many results didn't have that there at all.

Now actually, Google has extended that sort of far and wide throughout its estate. What that also drove though was SEO was obviously pushed further down the page. And what we talked about was that we saw a lot of volatility in the SEO algorithms. You could be kind of position 1 in the morning, position 10 in the afternoon and sort of move up and down between that. And we saw a different layout of PPC.

So PPC now looks very different to how it used to look. The sort of the classic box at the top of the page has kind of been shunted down and many of those results now just look like any other results. So that's why we saw that level of uplift coming through. A lot of that change has now happened. That sort of rollout across the estate is there. And what we've seen in the first half is a moderating of that level. Obviously, we are comping it into these numbers. So part of the sort of uplift that you're seeing there is the comping from this year.

If you look at H2 last year to H1 this year, we're in sort of broadly similar places, but we are taking that inflation through. At the -- exiting the period, we're running at about 8% at the unit cost level for Google PPC. So that's obviously well down on the 20%, but also, I think a reflection of that settling for the moment of where Google is at. And I'll hand over for energy there.

Great. Thanks, Niall. So just to recap, Home Services was up 30% in the half. Look, our power in energy comes from 3 things really, editorial reach, our deep provider relationships and exclusive deals. And I think what we've been able to show in the first half of the year is that when we get those deals coming in, consumers are very interested in getting value on their energy. They really are up for switching essentially. And I think there have been questions in previous sessions about is the market as competitive as it has been, say, 5 years ago, I think what we've slightly proven out in the last 6 months is that it can be. But your question, Andrew, is about the dynamics.

And I think the dynamics really are about deal flow. And it's the relationship between the wholesale markets and the price cap essentially. So the price cap, obviously is going up, and that sets the maximum amount that the customer will pay. We need wholesale markets to be at a point where providers are then able to offer deals that provide value for consumers.

Now I think last Friday, wholesale markets weren't far off where they were at the start of the war. Let's not lose hope on that because it's been extremely volatile and these things are very dynamic. But I think that is the slight unknown that we face going into H2. We're very confident about our ability to reach customers. We're very confident in our relationships. We're very confident that this competitive market is attractive to consumers. It's just about the rate of deal flow.

Got it. That's helpful. If I could just follow up on the first question and extend it into your thinking then on gross margins into H2, and kind of how much incremental compression is baked into your guidance, that would be helpful.

So I think take a step back on gross margin, Andrew. It's always a function of mix. We've launched Which? And Blue Light Card as B2B in this half. Obviously, those will hopefully scale up as we go through the second half. As we've talked about in the past, when we will absolutely do those B2B deals, they add pounds, but they will affect the margin. And some of that is -- some of the effect that we've seen in H1 is a mix effect as well. So if you think in the sort of 2/3 PPC, 1/3 business mix, and that comes from a number of different areas. So I think I'd say PPC feels more stable. The business mix then will evolve as it always does.

We will now move to our next question from Jo Barnet-Lamb from UBS.

Yes, 3 from me. So firstly, SuperSaveClub is obviously doing fantastically, but we've now seen the launch of the club in your largest vertical insurance and with a differentiated AI-powered experience. You say initially, the financial contribution will be modest. Is that sort of a 2026 comment? Should we see it sort of more materially aiding the group through '27? A little bit more color on your thoughts around that.

Secondly, we've clearly seen an accelerated cadence of product innovation. I assume sort of aided by the foundational work you've done on tech and data, but also aided by AI efficiency savings. Clearly, we'll see the benefits of that new product in due course. But do you expect to leave that cost in to keep that faster product cadence going forward? Or over time, could we see some selective cost savings from here?

And then finally, you launched on ChatGPT earlier this year. Just if you could give us a bit more color on what you're seeing around that post launch and sort of how much traffic is coming from it? Just a bit of an update there would be helpful.

Thanks, Jo. So look, maybe I'll try and sort of answer your question strategically and then ask Niall to pick up the sort of numeric dimensions to it. So yes, on SuperSaveClub, we've done -- it's maybe worth just taking a step back, Jo, if you'll let me, and talk about the context of what's happened here. So if you go back to what we did with MoneySuperMarket within the group, all the technology was fragmented. We brought that together so customers could essentially buy more things more easily, and that was the first base that we hit.

The second base was then to incentivize them to do that with the SuperSaveClub. The third base is then to bring that all together in the app. And then the fourth base is then to begin to infill some of the gaps in the proposition, savings, investments and in this case, brokered insurance, which would just provide a more complete offer for the customer. So as a result of having what is now becoming a sort of closed user group of customers who are putting their hands up to say they're interested in saving money, we can think about how we can begin to offer our consumers more value there. We can think about how we can offer providers more value there.

And so brokered insurance is one way that we can begin to do that. You'll know that our model historically has worked on a CPA basis. Brokered insurance takes us into a place where we can actually begin to renew as well as just get that one-off acquisition benefit and the customer can take advantage of providers who are absolutely bidding for their business. So we think it's an important strategic move. We're starting off with Motor. You can probably guess where that would go to.

We're going to take it step by step, which is really what the guidance is about in terms of limited '26 impact because we have to get our pricing right. We have to roll that out. We have to understand how customers react to it. But I'll get Niall to pick up on that in a little bit more.

Accelerated cadence of NPD. So yes, new product development has really kicked off, as you can see. That has, to a large degree, been facilitated by the tech and data work that we've done over the last few years. But obviously, because that is well structured, it puts us in a really strong position to take advantage of everything that is AI. So I'd point to the fact that our CapEx of GBP 5 million is the lowest in 10 years. But equally, it's been a year of -- or half of phenomenal delivery in terms of our new products there.

So will that cost stay? I think that's a very low level of CapEx anyway. So I'm not suggesting that, that is going to wither away to nothing. And if you want to have a tech stack that is healthy and is current, you're going to have to continue investing in it. But please don't hear that there's going to be some massive step-up in it. It's particularly low at the moment. We will just keep that at very sensible levels.

And then in terms of ChatGPT, so you'll remember that we did 2 major things, I think, or we announced 2 major ChatGPT initiatives at the full year. The first was to put price optimizer on to our motor insurance journey. And if you remember, that's the thing that says to customers, the answers you're giving maybe driving unnecessarily high quotes. So you're -- here's an example. You're saying that you drive 8,000 miles a year, but when we check your MOT, we see that you only drive 6,000 miles a year or you're suggesting a certain level of excess, not understanding what that is doing to the overall premium. So we make suggestions to customers in that application process, and they correct their answers if that is something that makes sense to them.

And we've seen about 200,000 people save, on average, GBP 25, really, really significant. At the same time, we launched initially with 4 products, but we've now rolled that out to all the products that are on SuperSaveClub. Travel insurance was the last to go live just a few weeks ago now. And that's for customers who want to essentially operate entirely within the ChatGPT environment. We're not releasing numbers on that, Jo. But what I can say is it's nowhere near the scale of using AI on existing journeys.

Now we are an early adopter of ChatGPT advertising. They've got a number of companies in the U.K. who are trialing advertising with them at the moment. We're just going through that. Let's see how that begins to change things. But as we sit here today, we're still getting very limited traffic coming through LLMs. Essentially, whilst you're seeing 1 in 5 searches in the U.K. coming through LLMs, really for us, we haven't got significant volume coming through yet.

Niall, do you want to pick up on the when question that Jo has asked.

I think probably going to give you an unsatisfactory answer, Jo, and then I'm going to say we're going to -- we are doing exactly what Peter said, which is we're testing, and we're learning. We've just launched it, and it's going to take us a little bit of time to kind of get it up to speed. So as you can imagine, we're going to roll that out slowly and sort of ramp it up to the amount of traffic that sees it. This is for SuperSaveClub to start with. And basically, I'd say, remember the comparison will still be a very big part of it. This is still a -- compare is the first thing you do in broker comparison. The core product will still be there.

The difference here is we're expanding it so that you can compare, buy, manage and renew. So I think we will see it scale up. The first KPI that we'll be measuring, if you like, is really around engagement. This is a connected ecosystem of things where we're bringing together for people being able to manage their everyday bills, their savings, their investments. And what we want to see is people engage in this product as well. So that's what we'll be looking at as well as just seeing -- getting the product right over the next number of months.

Useful color there. I guess maybe just one very brief follow-up. But I mean, is it fair to sort of propose that the benefits of the SuperSaveClub are going to be seen more materially over time as you fold in your largest product area in insurance. I mean, obviously not having had insurance in there means that the benefits of the SuperSaveClub have been materially more limited. And as you roll that out and you get that product market fit right, you should see the benefits of compound through to the group selling materially.

So I think what I'd say to that, Jo, is, to some degree, SuperSaveClub is changing. What started as an incentive program for certain products is now becoming this closed user group where we're looking at it in a way that says, how can we help customers save more across a broader range of activities. So we've launched investments as an example. If you want to buy a Vanguard Fund, it's cheaper to buy it with us than it is with Hargreaves.

We've launched savings, for example. If you want to get a top paying instant access account, so I think Revolut offered 3.5%, 3.75% at the moment. We're at 4.1%. We're on better deals. If you want to get your car, your home insurance through us, we'll guarantee that we give you the best price. And the point is that this is all in one place, and we have simplified it, and we have made it really easy for customers to do it.

So I think the dimension that we're looking to unpack here is how do we get our existing customers to do more with us. And then, of course, there are some changes in the offer as we begin to put our own product through that, whether that's our own instant access savings account or our own motor insurance policy. And the consumer has a real advantage in doing that. Just one thing on the motor insurance policy. We don't charge you any extra for paying monthly. That is really rare in the market and many, many customers are going to find that beneficial. 40% of customers pay for their car insurance monthly. A lot of the 60% only pay it annually because they have to pay a fee to pay it monthly. So I think that's going to be a very big benefit for many people.

We'll now move to our next question from Luke Holbrook from Morgan Stanley.

My first is just on the motor insurance premiums, which looked like they're beginning to rise if I look at external data in the past quarter for the first time in 2.5 years. I'm just wondering what you're experiencing through your platform and the possibility of premiums rising and volumes improving in car insurance through the second half of this year.

And then the second question that I have is just on the consolidation in the industry and given where the backdrop of AI, valuations and where they're sitting, what's your view on the potential for more consolidation and also on M&A, it would be useful to hear your thoughts there.

Niall, do you want to pick up motor insurance premiums and the consolidation?

Yes. So I think what we've seen in the half, obviously, is that the sort of fall in premiums has been narrowing. So by definition, there will be some stuff in there that is rising. But when we look at it, minus 9% was what we saw in terms of deflation in the second half of last year, minus 5%. So it's definitely narrowing up. And clearly, what we saw a number of years ago, raising prices does cause people to come. I would put this in the context, though, we have a very, very robust switching market this year. This is a large market. We're not out there saying that this is sort of a very down year.

No, I think that's absolutely right. We said at the full year back in February that we felt we were sailing into calmer waters, and kind of war on the other side of the world aside. That has broadly been the case, I think, in the first 6 months of the year. Luke, your second point then was on market consolidation. So look, the balance sheet is clearly an advantage to us. But I think also what you're seeing in our announcement today is a very thoughtful approach to when we would do M&A versus when we would actually build out organically.

Many of the initiatives that we put in place, savings, investments, business banking, even the brokerage side, you could have actually got there through M&A, but we've made a decision that says with everything we've done on the platform, with everything we can do with AI, it makes more sense for us to build that out ourselves in a way that absolutely ticks the boxes that our customers kind of require. So that means the balance sheet is there when there is an opportunity which is attractive for us, which is attractive for our shareholders, which is attractive for our customers. And as you would expect, we scan the market. So we look at a lot, we consider a few, we do very little, which I think is just how it should be really.

So just because there hasn't been any meaningful M&A for quite a while, don't think that it is because we are not looking. We absolutely do look, but we just have a very high hurdle that needs to be jumped, particularly when the share price has been at a level that it's been over the last few months.

Our next question is from Tim Ramskill from Bank of America.

Three questions from me as well, please. Just firstly, with regards to the insurance vertical. I think I'm right saying revenue is up 4%, but lost 9 percentage points of EBITDA margin. So costs up 25% there. So maybe some explanation, which might link to the second question, and you've already been asked about this earlier on the call. But maybe now just to sort of clarify, you've obviously framed the inflationary dynamics around the PPC kind of now versus last year. But last year, you increased your spend online by 8% for the whole year.

And in the first half of this year, that spend is up 34%. So again, that doesn't quite chime with the observations around the inflationary dynamics. So it'd just be helpful to understand what's happening behind that.

And then I guess, again, Jo sort of asked you about kind of cost saving potential. Clearly, the improved technology stack over time has enabled you to be a lot more efficient, can reference head count down, et cetera. Do you see kind of more levers to pull on the OpEx side going forward? I know, Peter, you referenced kind of CapEx thoughts. But just in terms of future OpEx, where you see things trending from here, please?

Well, I'll pick up the third one. Niall, do you want to pick up on 1 and 2 to start for Tim?

Yes. Look, I think the -- in terms of the insurance, in terms of where we've gotten to in growth, look, we have been spending more on PPC in insurance because the market has been there to go and get. So -- and that's sort of very much a function of where we are. I think the second -- sorry, what I should say about that is we always make those types of decisions. There is a trading decision that is going on every day about where is it -- where does it make sense for us to invest to make a return that is acceptable to us. And you'll have seen through the course of last year, at certain points, we decided that it wasn't acceptable to do that. And at certain points, we'll have trimmed spending and at other point, we accelerate it.

Clearly, in this half, we were happy to accelerate. We're happy with the level of return that we're making. Last year, when we were seeing those types of rises, we definitely took decisions. And we -- you'll recall, whilst the car market last year was going backwards, we were growing in insurance because we leaned into other areas such as life insurance and others where they weren't necessarily as big a PPC market. We went to those markets in different ways, including CRM. So I think what you're just seeing between questions 1 and 2, Tim, is a sort of a reflection of a combination of how we generate the return that we want to generate versus where the market is at a given point in time.

Should I pick up on the cost saving point? So I think the way to think about this, Tim, is AI is -- this is going to sound so glib, but literally changing everything. So if I look at the Codex rollout in our engineering community and I look at the efficiency that we're getting, it is fundamental. If I look at our finance teams and how we're changing processes, if I look our customer ops teams and how customers are adopting to AI-based solutions, it is literally transformational across the organization. And that has, with everything else we've been doing, enabled us to realize some OpEx savings up to now. But equally, you can see us launching a series of new propositions that will all need managing, they all need staffing in different kind of ways.

So I think the efficiency on the existing business will continue to be found. How we realize that may differ. So it may not always be an OpEx savings. It may well be that we put that resource then into new initiatives, which are driving revenues in different sorts of ways. But the AI adoption, I think, is really transformational, and we are properly at the leading edge of making sure we realize that opportunity.

Okay. Great. Look, so it's -- well done in terms of a lot of the new product launches. So just to follow up on. Just coming back to your point around kind of what you spent, and I completely get the dynamics around day-to-day decision-making around which business to go after. But just to be super clear, like in the half, your insurance business is up 4% from a revenue perspective, it's down 13% from a profit perspective. So does that mean if you're kind of winning business as you described, the acceptable levels of return, that, that is acceptable to be down more than 10 percentage points in terms of profitability, and that's a new base because it's a massive margin delta H1 and H1. So I'm just trying to understand where we think that settle off.

Again, there is always a mix thing going on, Tim. So each individual decision about what is acceptable in any given time is down to that. And so I'm talking about we go bidding campaign by campaign into car insurance, home insurance, travel insurance, all that type of thing. There are a number -- last year, as I said, those markets, those big markets weren't there as strong as they were. We were very strong in some of those other segments like life insurance, like travel, like those other areas. This year, we've gone harder in some of the more core areas. So it is a mix. We will see mix effects like that. That's true every year. We mix between where we think we can get the revenue and the profit that we want to get.

And just my only build to that, Tim, is insurance is a gateway product to the group of the SuperSaveClub. And once customers join the club, they hopefully go on and buy other things from us. And that is the data that Niall unpacked in the presentation. So we can -- we're always going to report this in a stove-piped way, but there is bigger benefit, which comes as a result of this activity.

Retention dynamics change, that's totally fair.

Our next question is from Weng Lum Khoo from Jefferies.

On the first one, I have 2, please. The first one, SuperSaveClub Insurance. How many insurers are on that product relative to your traditional comparison product? Just in case if I missed it. And if it's not all providers, may I then follow up with what's the selection criteria? And do you plan to have all providers on it?

The second question is on the financial companion strategy. We've seen the launch of savings investments. Could you give us an outline of what is next to come on the product road map? I appreciate you may not want to disclose the exact products, perhaps what's your grand vision for the strategy would be helpful? And a quick follow-up would be how much education would be required to let existing and prospective MONY users know that you can do much more than comparing products on MoneySuperMarket now?

Thanks, Weng. So on SuperSaveClub Insurance, we're starting with 3 brokers. We've got some more lined up. That compares with 120 providers on the main platform. But this is a very different proposition in terms of brokerage versus comparison, and it will all come down to the pricing that those brokers deliver, but it's of great interest because it's a closed user group. We know who those customers are. So as I say, there are more providers in the wings to begin to add to that. So it isn't going to get to a number like 120, but it will probably get to a bigger number than 3.

The financial companion strategy, yes, thank you for asking that because I think this is really important. And I sort of touched on some of this in my answer to Jo. We are the MoneySuperMarket here. And so what we want to do is to begin to fill the gaps in the proposition for the customer and find more ways for them to begin to save. So savings was a logical first step, investments is the next step, insurance brokerage for customers who we know, and we can potentially get even better prices for is a step again in terms of how that works, important in terms of starting to launch own brand products.

So I don't think there's going to be any more big categories. But I think what you'll see is a filling out of that -- those propositions in terms of practically how that works, because the big thing that we're going to be delivering here over the next 6 to 12 months is the financial intelligence, the AI intelligence that sits on top and begins to prompt customers how best to manage their money and they can solve many of those problems within this environment. So the big, big thing is how simple it is, and it's all in one place. And I think that's what we're going to keep drawing people's attention to. There is nothing quite like this in the market, where you can save money on insurance and you can put that saving essentially into a savings account into a tracking ISA if that's what you wanted to do.

So I think you're right. This is a big change for consumers. Many customers find that when they go and they use the product, and it's now clearly laid out. I hope everyone's had an opportunity to see how it works on the video this morning. But of course, it will require promotion. I'm not sure that is additional promotional spend. I think we can do that within our existing envelope, but we've got some very clever people thinking about how to bring that front of mind with consumers. So that's a big focus of ours on the inside wing.

And just to follow up on that. On the SuperSaveClub Insurance, what's the selection criteria for the 3 brokers? And how would you move forward with that?

So we're not going to share that. We obviously talk to some people who are interested in doing something innovative, getting involved with us from a very early-stage concept and bringing that through, and we'll expand that. So it's not that people have been excluded from the process. It's more about partners who are excited in joining something at a very early stage.

[Operator Instructions] And our next question is from William Larwood from Berenberg.

I just got one left. It's really just in terms of the rollout of sort of business banking and investments. Just if you could give us a flavor of the pace of when you start to expect those to contribute. I know you've already touched on SuperSave and car insurance brokerage. And then just in tangential to that, in terms of sort of if you give an update on savings and how that's progressed in terms of sort of the growth in the AUM on that, that would be -- just to give us a flavor of the uptake would be helpful.

Okay. Yes. Thanks, William. I mean I think what we're trying to do is position these things very much as trials. So if you take SuperSaveClub Insurance, if you take investments, if you take business banking, they're all really new. I mean, kind of days is -- the oldest one is days old and others are just kind of rolling out or about to roll out.

What's interesting about business banking is we already provide energy and insurance services into that segment, and Making Tax Digital is a new requirement that the small businesses of the U.K. have to adhere to, and we think we can begin to help with this product, and we can begin to bring that package of offering together in a way that's kind of really meaningful. Investments, as I've sort of described as a logical next step from savings, it's an infill to the MoneySuperMarket. We're starting off with a fund supermarket. You can open up an investment account or an ISA to begin with, and then we'll begin to build that out in sophistication as well.

And I think really savings was a toe in this water for us. It's really helped us to begin to understand how customers understand what is now available, how we communicate with them, how these things work in an integrated way. So rather like when we launch a SuperSaveClub, we're not going to be at a point for some time to say how significant or meaningful this is because we're going to have to test these waters and actually size that before we share information essentially about what that opportunity looks like. But I hope what you can read from that is a real approach to innovation, a real customer centricity, a real thinking through how we can actually build our wallet share with consumers. And as that understanding develops, then we'll, of course, be sharing that as soon as we can.

It appears there are currently no further questions over the phone. With this, I'd like to hand the call back over to Jen for any webcast questions.

Yes, we have a question from Alastair Reid at Investec, who has said, you've touched on your established provider relationships as part of your moat. How difficult are these to implement and replicate? And do you think the providers would even want to risk integrating their systems directly with LLMs?

Thanks, Alastair. So I think they are difficult to replicate. And I think what we delivered to providers are secure links essentially. We capture -- in the case of car insurance, a minimum of 41 different pieces of customer information, over 60 for home insurance customers. If it gets complicated, by which I mean if you have an additional driver, if you have a conviction, you go well over 100 pieces of very personal information. And I think number one is the LLM wouldn't -- you wouldn't know what happens to that data if you put it into an LLM. The LLM wouldn't know what happens to that data if you put it into them.

I think number two is you have to be regulated in the U.K., as we've said before, to begin to sell financial services. So I'm not sure that that's sort of possible at the moment in terms of how that would work from a regulatory point of view. Number three is this is a solved problem. So you can see that everything we're doing in the app makes it very easy for the customers to come to us and use AI-informed services to begin to make that work.

And number four, this is where the trusted brand kicks in, where customers know that we'll do everything we can to handle their data responsibly, and we'll manage things in the right way for them. So I just think it's a very deep moat that we operate. And I think that's why we can then be so front-footed with AI because we're comfortable that the model is secure.

Fabulous. We don't have any further questions on the webcast. So I'll hand back to you, Peter.

Okay. Well, look, thank you, everybody. Thank you for your time. We're going to be meeting a number of you over the coming days. And of course, we're here to catch up if you aren't on the immediate road show. So in saying that, thank you very much for making the time for us this morning, and we look forward to speaking with you all soon. Cheers. Have a good day.

Welcome to the MONY Group Half Year Results for 2026. I'm Peter Duffy, CEO, and I'll be joined later by our CFO, Niall McBride. So with U.K. households continuing to feel the pressure, what we do, helping households save money has never mattered more. And in the first half, we helped people save an estimated GBP 1.5 billion. And as a result of that, I'm pleased to report a strong set of financials.

On a like-for-like basis, we delivered record revenue. That's up 6% to GBP 227 million and adjusted EBITDA up 3% to GBP 76 million, continuing our story of unbroken growth for the last 5 periods. We've grown adjusted basic EPS by 5% to 9.7p, and we plan to return over GBP 90 million to shareholders in 2026, made up of our progressive dividend and our ongoing GBP 25 million buyback.

Now, our strength comes from our breadth, our breadth of markets, of products, of brands. It's what differentiates us. It's what gives us resilience. It's what underpins our growth. And our 2-sided marketplace strategy is working. On the consumer side, our brands are turning transactional users into loyal engaged members. And on the provider side, we've continued to make excellent progress welcoming new household brands onto the platform, most recently, Which and Blue Light Card.

Now, this is all underpinned by our leading tech and data platform that has not only helped us to increase revenue per employee by more than 60% over the last 5 years, but as you'll see as we go through the presentation, is now facilitating a pace of product innovation unlike anything we've been able to deliver before. We've been busy.

Now, I will detail these new initiatives later on in the presentation, but there's one I'd like to mention right upfront because it is genuinely exciting. And that's the recently relaunched MoneySupermarket iOS and Android app now powered by AI. There is nothing like it in the market. And just to be super clear, this is in addition to the MoneySupermarket app that we launched on ChatGPT earlier in the year.

The transformed MoneySupermarket app is now a single destination to compare, to switch, to save, to invest, to earn cash back, to get rewards and to generally stay on top of your financial life with the confidence that you're getting a great deal from the brands you trust. But it's also more than that. It's a financial companion now powered by our proprietary AI tooling, where your data flows seamlessly within our world, of course, but it makes life easier as we keep you updated on everything from renewal dates to better deals to smart suggestions, so you never miss a trick.

Let's take a quick look so you can see how it works.

[Presentation]

The app is being enhanced all the time. Last week, we launched Investments by MoneySupermarket, initially, with a fund supermarket where customers can invest from just GBP 1 with 0 trading fees and low management charges, and we're going to have much more to follow there. We're also launching for SuperSaveClub customers, our own branded digital insurance broker, starting with motor where monthly payments come at no additional cost. Niall is going to unpack more of that shortly. And then on top of all of that, we've been increasing the AI-powered intelligence within the MoneySupermarket app, making it easier again for customers to save.

As I say, this is unique in the market. And for the group, it will bring more customers to us directly, in turn, reducing third-party media costs, but also diversifying our revenues, adding both recurring and AUM-based streams to group revenue. And because it's all wrapped up in the SuperSaveClub, most importantly, it will incentivize customers to bring more of their wallet to us. Our brands' established member base, our tech platform, our proprietary data and our capacity to leverage AI is a powerful combination.

I have much more to share shortly, but in the meantime, and for a deeper review of the half, Niall, over to you.

Thanks, Peter, and good morning, everyone. This has been a strong first half. We have delivered growth in revenue and adjusted EBITDA in a mixed market while still launching some of our most innovative products to date, broadening what we offer to members and providers.

Before we get into it, a quick word on Ice Travel Group, where we moved to a minority stake last year. Today, I will talk about group revenue, costs and EBITDA, excluding the Travel segment on a like-for-like basis for a clearer view of the underlying performance. On that basis, group revenue grew 6% to GBP 227 million. That is a strong result given the wider economic backdrop and highlights the resilience that comes from the breadth of our brands, products and loyal member base.

Adjusted EBITDA reached a record GBP 76 million, up 3% with margins at 33%, reflecting real operational progress and operating costs 2% lower year-on-year. This has flowed through to shareholders with adjusted basic EPS growing 5% and operating cash flow of GBP 36 million remaining robust.

In 2026, we plan to return over GBP 90 million to shareholders, reflecting a 1% increase in the interim dividend plus our ongoing GBP 25 million buyback. So it's a strong start to the year.

Next, I'm going to take you through each of the segments, then SuperSaveClub and SuperSaveClub Insurance. Insurance returned to good growth with revenue of GBP 122 million, up 4%, which is a real step-up from the minus 2% we reported at the half year in 2025. The headwinds in car insurance continued to ease with average premiums down minus 5% year-on-year, improving from minus 9% in the previous half. Growth was supported by AI-enabled enhancements to the journey, including Price Optimizer, which has now helped over 200,000 customers save an additional GBP 25 on average.

Home is following car's trajectory with roughly a 9-month lag. Premium declines moderated to minus 3% year-on-year from minus 6% in the previous half. In addition, our newer revenue streams continue to build. We launched MSE Travel Compare+ and new B2B partnerships, including Which and Blue Light Card. Life Insurance continued to perform well, building on the new journey we launched last year.

MONY delivered another strong half with revenue of GBP 58 million, up 9% year-on-year, building on the 4% growth we reported at the half year in 2025. Banking led that growth with current accounts performing well, supported by strong provider partnerships and market-leading deals.

In borrowing, loans growth was supported by increased CRM activity and AI-enabled enhancements to the borrowing journeys, including personalized pre-approval information driving higher conversion. Home Services delivered another excellent half with revenue up 30% year-on-year to GBP 28 million.

Energy was the main driver. Since the year-end, wholesale prices and the price cap have risen significantly. However, we leveraged MSE's editorial reach, our provider relationships and exclusive deals to keep delivering competitive offers despite that market volatility.

Broadband also continued to perform well, supported by deal availability, tenancy improvements and Alt-net expansion. Cash back had a tough half with revenue of GBP 24 million, down 13% on the first half last year. Retail was subdued as consumer confidence and spending remained under pressure. U.K. marketing budgets have fallen, particularly in affiliate channels. And whilst conditions are gradually improving, recovery remains slow and uneven. We continue to invest in the proposition from expanding gift cards and card-linked offers to improving personalization and onboarding, strengthening cash back for when demand picks up.

Moving now to SuperSaveClub. SuperSaveClub is working. It brings customers to us directly more often and across more products. There are 3 things that I want to highlight today, the momentum in our growing member base, engagement that keeps deepening and economics that are genuinely stronger.

Firstly, momentum. We now have over 2.5 million members, having added 1 million members in the last year, and we see plenty of runway for further growth. Encouragingly, 1 in 5 members are completely new to the group, illustrating that club is widening the acquisition funnel. SuperSaveClub now makes up 19% of total revenue, up from the 16% we reported earlier this year.

Secondly, engagement is growing. App downloads have increased by more than 50% after we move to app-only redemption for club rewards. Monthly app users increased by 1/3 year-on-year and cross-channel inquiry rates, a lead indicator for breadth, are running at 44% for members, which is double the group level.

Finally, we are seeing stronger economics translate from that deeper engagement with members outperforming nonmembers on every measure that matters. Average revenue per user or ARPU for SuperSaveClub members runs at GBP 35, significantly more than the group ARPU of GBP 21. Incremental gross margin for members stands at 77%, considerably higher than the group margin of 63%.

Cross-sell is stronger, too, with members purchasing a second product at more than double the rate of nonmembers and members return to us directly rather than via paid channels at almost double the rate of nonmembers. Put this all together and a member is worth double a nonmember by year 3. That's based on early cohorts, and it will evolve, but we're confident in the direction.

So let's talk about what's coming next. We're introducing SuperSaveClub Insurance, our own digital broker proposition that further evolves what club offers for customers. Let me take you through that in a little bit more detail.

SuperSaveClub Insurance is our own AI-enabled digital broker. It lets members compare, buy, manage and renew their insurance entirely in the app. We're starting with motor and for our members, this provides them with an even better experience with everything done in one place, including AI guidance throughout the journey and the trust of a brand they already know. We're also offering our members a first. They will be able to pay monthly at no extra cost compared with annual products.

We'll be the first mainstream brand to offer this widely. So this is a real step change from the market norm and underscores that we want club insurance to be a great deal for consumers. For our providers, we can deliver richer data, helping them better provide the most appropriate products and rates for customers. The revenue profile of this product takes us beyond the traditional comparison model to an end-to-end relationship where we earn at the point of sale through cross-sell and critically on renewal.

In the near term, the financial contribution will be modest as we take a deliberately measured approach to test, learn and then scale. So I'm moving on now to talk about cost, cash, capital allocation and outlook. Gross profit at GBP 142 million is 1% up on the prior year on a like-for-like basis. Gross margin decreased 3 percentage points to 63%, predominantly driven by sustained PPC cost inflation with elevated 2025 increases annualizing in this period.

PPC inflation is currently running at around 8% exiting the half in comparison to running at over 20% last year. However, with the major search landscape changes, including the introduction of AI overviews seemingly largely in place, the backdrop in PPC has felt more stable this year. Adjusted EBITDA of GBP 76 million is 3% up year-on-year with margins at 33%, supported by the replatforming work, which includes embedding AI throughout our operating model.

Our operating costs are down 2% year-on-year. Distribution expenses on a like-for-like basis were 7% lower year-on-year, reflecting strong cost discipline and phasing of marketing investment, including media spend behind the launch of the new MoneySupermarket advertising campaign, which aired in Q2. As a result, we expect distribution costs for the full year to be in line with last year. Admin expenses on a like-for-like basis were flat, largely driven by lower people costs, offsetting wider cost inflation, in particular from higher VAT due to revenue and marketing mix.

Closing headcount was down 9% and people costs were 6% lower than the prior year, reflecting resource efficiencies supported by our increasing use of automation and AI. Operating cash flow was GBP 36 million, 17% lower year-on-year with a higher working capital outflow reflecting strong revenue growth, particularly towards the end of the half and a mix into energy where cash takes longer to convert. As in prior years, we expect cash conversion to improve in the second half.

Investing and CapEx outflows included GBP 5 million of tech spend, one of the lowest levels in recent years despite significant development of new products, including the MoneySupermarket ChatGPT app, savings, investments, SuperSaveClub Insurance and Business Banking, which Peter will share more on shortly. This is clear evidence of the leverage we are generating from our platform investment, delivering more, faster for less.

Our disciplined capital allocation policy is well established. First, we invest for organic growth, then we pay the ordinary dividend, then we look for value-accretive M&A. And finally, we return any surplus capital to shareholders. This is underpinned by a strong balance sheet and robust cash generation.

The GBP 25 million buyback launched in February continues to progress well with over GBP 19 million repurchased to date. Combined with a 1% increase in the interim dividend, that delivers a 2026 returns package of over GBP 90 million, alongside 5% adjusted basic EPS growth.

Looking ahead, 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.

And with that, I'll hand you back to Peter.

Thanks, Niall. The group is in great shape, and our brands have never been in better health. MoneySavingExpert is now the most recommended financial brand in the U.K. and it's also the third most popular news app in the country with 3.5 million app downloads and over 9 million people signed up to receive the weekly MSE tip. MoneySupermarket is the most recommended price comparison website in the U.K., now fronted by David Tennant in our new brand advertising campaign.

And Quidco, a leading U.K. cashback site continues to offer more ways for customers to engage and to save with us. The MoneySupermarket SuperSaveClub now has over 2.5 million members. It covers 95% of our product base and includes industry firsts like 3-click renewal, Price Optimizer and the Policy Hub. We're pleased with the performance on the provider side. We welcome new B2B partners, including Which and Blue Light Card to our platform. And we're seeing more providers take up our market boost and tenancy products as we help them to grow their businesses.

Our replatformed data and tech is a key differentiator. It gives us an agility and speed a few can match. 5 years ago, around 70% of our tech team were focused on maintenance. Today, it's less than 30%. And that frees up capacity for innovation at pace. And it's the pace of innovation, especially in the last 6 months that's been significant. We launched our ChatGPT app that now covers broadly the same product set as SuperSaveClub.

I've just shown you the transformed AI-powered MoneySupermarket app. Niall has spoken about SuperSaveClub Insurance. That's our digital brokerage starting with car insurance. And in a moment, I'll share more about investments in our new business banking proposition.

These were all developed in this half with more lined up for H2 and next year. And because of the tech and data work over the last few years, we're now a leaner, more focused organization, and we put AI reinvention at the forefront. AI is embedded right across the business with tangible proof points, faster product development, cost efficiencies and stronger frictionless propositions.

So moving on to AI, which is a significant opportunity for the group. And we are very much on the front foot here, leveraging in 3 ways: number one, enhancing the customer experience; number two, unlocking complexity for greater innovation; and number three, reengineering the organization to ensure we're operating as efficiently as possible. And perhaps the most important point to remember is that we're starting from a position of strength.

Our competitive moat is deep. We operate in highly regulated markets where accuracy, transparency and trust are critical. And we deliver deterministic, auditable and repeatable outcomes that are underpinned by our proprietary data, strong provider relationships and decades of category expertise. That is fundamentally different from the probabilistic outputs inherent in the business models of LLMs.

Replicating what we do would require regulatory change, full governance frameworks, deep provider integrations and the level of brand trust that we've earned over many years. But it's how we're reshaping the business for tomorrow that is really exciting.

So let me start with enhancing the customer experience, and we've got 2 great examples here. First, our brand-new digital broker proposition that Niall described a moment ago, that's SuperSaveClub Insurance. AI is embedded throughout guiding members through the quote journey, but this is going to evolve further into an assistant that more actively interacts to make it even simpler for customers to compare, to buy, to manage and renew entirely within the app.

The second example was in the film, the transformed MoneySupermarket app with an intelligent core that is always on and knows exactly who you are, thanks to a defined persona, session memory and full chat history. This makes asking questions, handling requotes and providing estimates across our product universe simple. We're in the process of linking it to open banking, and we're going to build out a whole range of new features that will create a habit loop leading to more frequent engagement.

Now the next way we're on the front foot with AI is using it to unlock the complexity of launching new propositions. And I have a further 2 examples here, that's investments and business banking. Just as AI helped us unlock savings by MoneySupermarket earlier this year, we've applied the same approach to investments, an area we traditionally considered too complex.

Investments by MoneySupermarket is our own investment platform where customers can invest from as little as GBP 1. We've initially launched with a fund supermarket where customers can choose from around 40 funds and ETFs with 0 trading fees and a single low annual platform fee. That makes it a great deal for consumers.

And AI has simplified onboarding, fund selection and fee transparency, making investing accessible and not intimidating. But importantly, it's in the same app as where you save on insurance, you get a better credit card deal and you save on some of the best rates available. The addressable market for investments is significant. U.K. households hold over GBP 5 trillion in investable assets, much of it in cash earning below inflation returns.

We don't need to beat the established platforms here. We're helping millions of customers who haven't yet taken their first step into investing to do so with our simple trusted environment. Like Savings by MoneySupermarket, this is an AUM-based revenue stream that compounds as the customer base and assets grow. But we believe the real value is in engagement. Every customer investing will spend more time with us, more time in the app and will become more receptive to the broader ecosystem, driving increased lifetime value.

And this is just the first step into something much larger, which will ultimately bring all of our customers, multiple and sometimes forgotten investments into one place from individual stocks to junior ISAs to SIPs, much more to come here.

The second example is MoneySupermarket Business Banking, which we've just opened the waitlist for ahead of a go-live in August. This will be our first dedicated SME banking proposition for the U.K.'s 5.5 million small businesses. And it's a market we already know well. So it's an opportunity for us to gain further depth. But this is new for us because we've built a dedicated app at pace that combines a full business current account with AI-powered tax and accounting tools and FSCS protected banking.

And we've deliberately timed this ahead of HMRC's Making Tax Digital changes. Banking is an everyday engagement and the rich data that it creates is really where AI comes into its own. It's going to enable timely personalized cross-sell into business insurance, loans, energy and beyond. Like both savings and investments, we own the brand and the customer traffic and our partners handle the build, maintenance and regulatory obligations.

Again, the revenue model here is different from our core comparison business, delivering a recurring revenue stream that earns for as long as the customer remains active.

And then finally, the third area where we are leveraging AI is through reengineering the organization to ensure we're operating as efficiently as possible. Over recent years, we've rebuilt our architecture as a cloud-based single stack agentic mesh deleting around half of our legacy code base in the process. Being agent agnostic means that we can plug AI into our journey safely, quickly and at scale. And our enterprise agreement with OpenAI, alongside adoption of Codex is accelerating this further.

Today, around 2/3 of our code changes are AI assisted, and they're completed around 30% faster, outcomes consistent with leading edge of enterprise AI adoption. That means faster building, more frequent deployment and tangible cost discipline. And let's not forget, CapEx has stayed within our guidance envelope throughout our extensive replatforming with last year, our lowest CapEx year in a decade despite delivering some of our most transformative products.

The first half of 2026 has been a period of significant strategic delivery. We've transformed the MoneySupermarket app into a genuine everyday financial companion that goes way beyond comparison. We're adding investments by MoneySupermarket. We're also adding a new digital broker proposition, SuperSaveClub Insurance that gives customers even more ways to save and engage, and it starts with motor. We've created a dedicated banking proposition for the U.K.'s 5.5 million small businesses that will go live shortly.

SuperSaveClub has grown to over 2.5 million members, adding more than 1 million in the last 12 months with no signs of slowing. 5 years of reengineering the group from our data and tech upwards has lifted revenue per employee by 60% and is helping to unlock further cost efficiency opportunities. We've continued to invest in our brands with our latest David Tennant-led advertising campaign, reinforcing MoneySupermarket's market position.

And this has all contributed to delivering record revenue and adjusted EBITDA for the fifth consecutive interim period despite market and geopolitical volatility. Adjusted basic EPS has grown by 5%, and we plan to return over GBP 90 million to shareholders in 2026. Our competitive moat is deep, and we are very much on the front foot with AI with tangible proof points to demonstrate exactly how we're leveraging it successfully right across the group.

Our balance sheet remains a strategic asset. It gives us flexibility, resilience and the capacity to invest for growth. With our leading brands, our platform, our ability to harness AI and a leaner, more focused organization, we're uniquely positioned to keep executing on this strategy, going even further to give households even more ways to save money. Our strategy is working. Our fundamentals are strong. The opportunity is significant, and we remain confident in delivering sustainable, profitable growth. Thank you.

Good morning, and welcome to MONY Group's 2025 Full Year Results Call. We are joined today by Peter Duffy, Chief Executive Officer; and Niall McBride, Chief Financial Officer. [Operator Instructions]. I would now like to hand the call over to Peter. Please go ahead.

Thank you, and good morning, everyone, and thank you for taking the time to joining us this morning. As the introducer said, I'm joined in the room by Niall McBride, but also by Jennifer Cooke, our Director of Investor Relations.

Now hopefully, you've all had a chance to watch the results video that we released at 7:00 a.m. But before we open up for questions, let me just give a quick recap. 2025 was a year of real progress for the MONY Group. We delivered record revenue, record adjusted EBITDA. And importantly, we helped U.K. households save an estimate of GBP 2.8 billion. That's a great set of results achieved despite sector-specific headwinds, demonstrating the strength and the resilience of our model.

Now we're comfortable with how the group is performing. Our strength has always been in the breadth of our markets and the power of our brands, some of the most trusted and recognizable in the U.K. But increasingly, it's also in the power of our data and tech platform, which is positioning us exceptionally well for the AI opportunities that are opening up.

On top of this, with the macro environment now easing a little, it's giving us confidence that the momentum that we saw in H2 will continue into 2026. We continue to execute against our strategy to grow both sides of our marketplace. The SuperSaveClub has now surpassed 2.1 million members, and we see no sign of this slowing up. And then on the provider side, we boosted revenues by 13%. And it's the tech platform there really that's firing on all cylinders. I think the rebuild of our data and tech architecture, combined with the power of our brands, has really positioned us exceptionally well, as I said, not only for growth, but for -- to harness the opportunity of AI.

We were thrilled last week to have the veritable firework of product launches. On Wednesday, we launched Price Optimiser, and that's a tool that helps customers save money on car insurance. On Thursday, we launched Savings by MoneySuperMarket, that enters us into a new category. And then very excitingly, on Friday, we launched our app in the ChatGPT App Store. They're all products that broaden our reach that improve our customer outcomes that open us up to meaningful new markets.

And we've opened up new routes to market as well with this launch of the ChatGPT app. It's already starting with car insurance and broadband. We added van insurance on Friday. We're locked and loaded to go with home insurance, that will be going off for approval this week. The momentum is really behind us. And we're confident that this all means that we're going to be one of, if not, the leading AI-enabled comparison application on ChatGPT globally.

In total, this means we're confident that we're going to be a structural winner more broadly with AI as it becomes more prominent. I think that's for 3 key reasons. We tried to draw this out in the presentation this morning. It's the power of the trusted brand and the rich data that they bring; the breadth of our product set and those deep provider relationships, which already secure best prices for customers; and it's our responsibility as a highly regulated trusted operator to meet the requirements of multiple regulators in the U.K.

And our point here, and I'm sure this will come up in conversation this morning, is that AI is a facilitator, not a replicator. The technology can further enhance what we do for our customers, but in itself, it doesn't replicate the value that we provide.

So in total, our investment in data and tech is paying off. This is really just the start. All of this, combined with the strong operational discipline, contributed to another highly cash-generative year. We returned GBP 96 million to shareholders. We announced a further GBP 25 million buyback this morning for 2026, that's all fully funded from expected excess free cash.

So as we look forward, our outlook, I think, is compelling. We have significant headroom in our member propositions. We have a portfolio of brands in excellent health, and we have a strong pipeline of product innovation. Add to this, an increasingly efficient organization, and I think you have a highly effective and resilient business supported by an unlevered balance sheet and a clearer macro environment. We're entering 2026 with real momentum, well positioned to continue to leverage the opportunities presented to AI and to deliver profitable growth.

But I leave it there, and let's open for questions.

[Operator Instructions]. And we'll now take our first question from Luke Holbrook of Morgan Stanley.

I just wondered if you could expand a bit more on this partnership that you have with ChatGPT. Like is the traffic that you'll be paying -- will you be paying for the traffic? How long does the partnership last? I assume this is potentially a multiyear agreement. And when we think about your traffic and how that evolves over time, can you just remind us where we are in terms of paid versus organic or direct traffic at the moment and how that could evolve over the next couple of years?

Yes, thanks for asking that. Look, I'll get Niall to talk about traffic mix. But if you allow me, perhaps I can give a more expansive answer on ChatGPT generally, and it will touch on your question specifically, but maybe on some broader areas, which I'm sure are going to come up in conversation. I just think it's kind of worth going back to first principles here.

So MoneySuperMarket is a highly regulated business, as we make that point regularly. And we have to operate what are known as deterministic or rules-based systems to not only ensure that we're fully compliant with all that regulation, but we can prove that we are. We have to be transparent, explainable, repeatable, auditable, a whole list of requirements. Now LLMs in themselves are probabilistic models, so they don't implicitly do this. They're not deterministic. They're opaque, they're not auditable.

So one of the reasons we're so excited about the ChatGPT launch is it brings these 2 worlds together essentially because we absolutely recognize that consumers will be going to LLM interfaces to ask and have answered all sorts of broad questions. But as soon as they get into something specific like tell me the best car insurance deal or the best credit card deal, that answer that comes back has to be regulated.

PCWs in the U.K. aren't general search engines. We operate as regulated intermediaries. And anyone who presents personalized financial products to consumers then have their activities regulated under the Financial Services and Markets Act and that means you are regulated by the FCA, you are a regulated entity. And I won't start to list out what that means, but believe you me, it's quite a long list, we could be here to Friday, till Friday.

So the excitement of bringing these 2 worlds together is that as the consumer goes into the sort of probabilistic world of ChatGPT to answer a range of things, when they want to do financial services stuff, they come to MoneySuperMarket. We answer that in a deterministic way, and we then, as a result, cover all that important regulation on behalf of that transaction.

Two other points I'd sort of make on this as well. We talk about the breadth and range of products. Many of you will recognize that the insurance market, as an example, in the U.K. is really different to any other insurance market globally with the importance of price comparison websites already have in the market. We know that 90% of car insurance switches happen within a comparison environment, 70% of home insurance switches.

So really, the aggregation that would happen in other markets has already been done here. This is very much about taking a service that exists on dot-com and on app, and we're now taking that into the ChatGPT environment. So not only are we sorting out all the regulatory side, but we're bringing that very full aggregation service to bear as well.

And then finally, our brands. Our brands really are about trust. Technology doesn't solve the problem in itself. Consumers have to be convinced that these are trusted ways to begin to do things that they're getting the best deals, their data is going to be managed safely for them. And that's what MoneySuperMarket and MoneySavingExpert bring. So I think the combination of all those things makes this very exciting.

Just to be clear, we've gone live with car insurance and broadband. As I say, we put van insurance live. We're locked and loaded on home insurance. We're looking to have all our main products live really by the end of this quarter. There is proper momentum behind all of this. So to your question then specifically about how the model works? If you look at what OpenAI are doing, similarly to all the other LLMs, they're selling enterprise platforms.

And so we became an enterprise customer last year. They are opening app stores where brands like ourselves or Booking.com or Sky is going to go and bring their services into this world. And then I think what we're seeing in the states starting to be tried in the last couple of weeks is advertising within this environment, rather like Google have PPC, hopefully, it will be some much needed competition for Google in terms of this sort of traffic. And we can expect to see those traffic flows, I imagine, monetized over time.

So to your question about how the partnership works, really, this isn't a monetizing thing for them yet. They are still really very nascent in terms of that journey. We have just built our app. We put it live in this environment. At some future point in time, I think they will look to find ways to begin to monetize that traffic, but that is not where we are at the moment.

So a bit of a fuller answer than the question. Niall, do you want to just pick up on where we are on traffic mix today?

Yes. So we don't break down the actual sources of traffic, Luke. But I think if you work your way through the P&L, you can get a good sense. I mean, clearly, within cost of sales, you've got the Google cost, and it's still a significant part of our cost of sales, but it is not our only sort of PPC costs within there. We do also spend in Meta, in Microsoft and other environments as well. So a little bit to Peter's point, as these things develop, maybe there will be some competition in that for that spend in the future.

And we also have significant traffic that comes from the money that we spend on brand and above-the-line advertising, which is in the OpEx line. We do still have a good level of traffic that comes from SEO, that comes from CRM and increasingly, of course, through the SuperSaveClub as well. And so there's plenty to play with. Clearly, we're always balancing that mix of at any given point in time.

And we'll now take our next question from Andrew Ross of Barclays.

I've got 3 questions, if that's okay, all about kind of gross margin and marketing costs. So the first one is to dive into the 21% increase you saw on a per unit basis in the PPC costs in '25. Can you just help us understand a bit more about what drove that between competition and I guess, changes that Google is making to their funnel and kind of risk that, that could deteriorate further in 2026, given everything that's going on with generative AI more broadly? That's the first question.

The second one is, I guess, a conceptual one as to what you think might drive the puts and takes as to whether the MoneySuperMarket could kind of over- or under-index in an LLM environment compared to the status quo in Google? Like does you being first to make an app in ChatGPT put you an advantage? Do you have good technology that means you'll be a partner of choice or is it just going to be a question of, over time, who pays to get kind of visibility like it has been on Google?

And then the third question is a bigger picture one on the drivers of gross margin in the group. So there's quite a lot going on here around like headwinds in traditional Google, tailwinds from SuperSaveClub, unknowns on shift to an LLM top of funnel. Like how do you think about the gross margin dynamics in the medium term for the business? Kind of what's in your control, what's not?

Thanks, Andrew. So I'll ask Niall to pick up on 1 and 3. Now I'll just kick off by 2 in terms of LLMs versus the status quo. I think the short answer, Andrew, is this is still really very early doors, and it's very, very hard to actually call how this is going to play out.

Sorry, it's a bit of interference on the line, let me go again. So I think the very interesting thing about putting the product live on ChatGPT early is that we're going to see very early doors just how attractive this proposition is to customers versus what I would argue is probably a solved problem on dot-com and on apps already in terms of how price comparison begins to work. I talked about putting Price Optimiser live. Price Optimiser is an AI tool, which enables customers on average to save about GBP 20 we're seeing.

It went live last Wednesday. Essentially, it checks all your answers. If you say 8,000 miles is your average for a year, it will check that back against your last MOT, for example, and say you only told them 6,000 or make suggestions in terms of the excess. You have a series of different things you could begin to do. And as I say, it saves an average of GBP 20.

Just looking at the very early doors traffic numbers this morning. We have seen 100x the level of click-throughs coming through on Price Optimiser than we've seen on the new ChatGPT product this morning. And so I think the level of customer adoption of this is going to, to some degree, determine what the economics look like in terms of how OpenAI begins to charge for traffic. So I think it's probably inevitable that they will begin to charge for traffic as Google charge with PPC.

How expensive that is, is probably a function, as the market matures, of competitiveness and actually the value of those consumers and the value of those versus other routes to market. So in a world where we're trying to build the SuperSaveClub and getting customers to come to us directly, all those strategies are equally important. But at the highest level, I think it can only be beneficial that Google get some competition given what we have seen over the last couple of years in terms of inflation.

But maybe that's a good segue, Niall, into 1 and 3.

Yes. So Andrew, I think you had an interesting piece in there about control versus not control. I mean, I think there is a lot going on inside gross margin. Clearly, PPC is a big factor within it this year. If I just sort of draw you back to last year, you'll recall that we did a piece of analysis that said, if you look at the underlying business for the sort of 4 years before that, we've moved gross margin up by 4%. So when you excluded B2B and cashback, we actually have moved gross margin up despite there being PPC uplifts in those years.

And that is down to the work that we did to replatformize the business, to make up bidding algorithmic. So there are always things that you can do to control, but you can also be very thoughtful about where you bid and what you bid for. So that's one of the things -- the market does move around, but it's not that you're without levers in that space. And we kind of call out every year, margin in this business is a function of mix. If we grow in B2B, then we'll have things that will be a drag on margin.

If we do well in other areas, that could be an uplift in margin. And clearly, Club is one of the things that's helping in this year. Specifically for 2025, a good sort of 2/3 of that effect is related to what's happened in the PPC market. We've had quite a significant uplift. And if you think about the way that sort of the Google page is laid out now, you've got the non-monetized AI at the top, you've got SEO where we're seeing, we called out before, higher levels of volatility within results, so you can kind of be position one in the morning and 10 in the afternoon and every point in between.

And then PPC as well, the way that that's now laid out is very different to how it was laid out before. So it's a sort of combination effect of the Google page looks very different, the way they structure looks very different. Whether that's now more settled or not is hard to tell, but it's also that it's funneling competition into PPC. So to Peter's point, a little bit, hope as LLMs come along and provide competition, that could be a good thing. It's hard to say how it will play out in the longer term.

Clearly, these are today non-monetized sources of traffic, but there's no reason to think it wouldn't be monetized in time. The thing for us, I think, is we will focus, as we've always done as evidenced by that track record of the previous year on profitable growth. We love to grow profitably within our markets. And we will be where the audience is. So if the audience decide that sort of future in an AI-driven LLM is where they want to be, we'll be there. Equally, we'll be in other places that they are. So that's kind of the trade-off that we'll be playing with for the next few years.

And we will now take our next question from Ross Broadfoot of RBC Capital Markets.

Just a couple, please. The first on the SuperSaveClub figures. So you reported ARPU of GBP 35 versus, I think, GBP 27 H1. Cross-channel inquiries were lower 55%, falling to 45%, but LTV for all your free members of 2x. So just wondering if you could give any color on the moving parts of those, please?

And the second question, just around prospects for an LLM app for MoneySavingExpert. Is there anything different about how a more conversational approach to that search could drive people back to MoneySuperMarket?

I'll quickly do the second one, and then Niall, if you can come on SuperSaveClub. So look, whilst we are breadcrumbing that there's lots more exciting stuff to do, naturally, Ross, you'll understand that we won't be declaring what's happening when. But please understand that we are rolling AI as right across this business. So we just are systemically working through it priority by priority, and we've got lots more exciting launches lined up.

Niall, SuperSaveClub?

Yes. So just, Ross, on the ARPU, we've gone with a tighter definition of ARPU this time around. So there's a slight change. Previously, our ARPU definition linked to how we think about active members, which is someone who's done something in the last 12 months. New ARPU for SuperSaveClub only includes people who've done something in club. So any pre-join behavior is now excluded. So a tighter definition and the ARPU has still gone up in that period. So that -- we feel that's really strong. And that's sort of down to the maturing of the cohort.

So we're also declaring today that CLTV of club members versus non-club members is twice that -- sorry, CLTV of club members is twice that of non-club members. And we -- again, part of aligning these definitions was so that we could do a CLTV number. What we're seeing in those cohorts is consistent behavior in terms of maturity. What you're seeing coming through in the numbers now in terms of ARPUs, in terms of CLTVs, that is the sort of the maturing base is starting to now do more with us more on a repeat basis.

And we'll now take our next question from William Larwood of Berenberg.

Yes. Firstly, just on SuperSaveClub. Given what you just disclosed in terms of lifetime customer value, sort of why it's sort of not accelerating the strategy a little bit more in terms of first purchase rewards? And then secondly, how much is there in terms of further OpEx savings from AI? Obviously, OpEx has come down. I think it was 9% in '24 and a further 4% today in FY '25. So do we think of further cost savings in '26 or will that be sort of reinvesting in new products such as savings and investments, et cetera?

Let me have a go, William, and then I'll pass over to Niall. So the thing about first purchase reward is it sort of -- it does what it says on the can. So as soon as the customer buys their first purchase, they can join a SuperSaveClub. So I think that to us does look like an accelerated consumer proposition, and I think that is doing a job for us that we're really pleased about.

What I observe about the next phase of rollout of AI across the inside of the organization is that it's very thoughtful, by which I mean it's all about process redesign and how we look at our processes and which get automated and which and whether people get involved and continue to add the significant value that they do. So we see a big opportunity around uplift in terms of efficiency, and that has to be then traded off with cost effectiveness in terms of OpEx and the OpEx space. I think at the minimum, we're trying to keep things flat, but we will always look to try and utilize our people in the most efficient way. And I think there's still opportunity to do more with the same, and that's what our sort of underpinning philosophy is.

Niall, what would you add to that?

Just to touch quickly on the piece about first purchase reward. I think the -- that is a very targeted marketing -- we see it as a very targeted investment in marketing for a particular cohort of engaged members. So as we talked about sort of during the last year, that is a trial, but it's a trial clearly that we think is going well because we're continuing to do it. Like any other marketing spend, we assess it on an ongoing basis. So if we thought it wasn't working or we had a better opportunity, then we'd look at that as well.

But it's worth kind of keeping in mind that we will always look at bringing people in as quick as we can, but people only switch at a natural rate. So we think that we're at that sort of efficient frontier of where we can bring people in. And obviously, we're at 2.1 million members now, so that's going quite well.

On the OpEx savings, I mean, I think Peter sort of described it really quite well in terms of the work that we're trying to do inside the business. There will be a little bit more in brand marketing this year in 2026, but in terms of the headcount piece, then I think Peter has described it quite well.

[Operator Instructions]. And we'll now move on to next question from Tim of Bank of America.

I've got 3 questions, please. The first is, I think the move into savings and investments looks super interesting. And I guess, in particular, because they're very large markets and obviously, the consumer dynamics there are ones of kind of probably more frequent engagement than perhaps some of the traditional services. So just interested in your ambition there and the kind of go-to-market plans?

And then my second and third question is sort of just a little bit on some of the numbers that you disclosed in the pack. So around product engineering, clearly, that spend is down in 2025 quite considerably. But equally, I know you've talked a lot in the past about the replatforming and the kind of assurance that the level of spend is adequate. Clearly, there's plenty happening from what you've described, so I'm expecting you'll tell us that it is.

And then finally, and it's been a bit of a nitpicky one, but on the marketing sort of breakdown, marketing spend breakdown that you provide, there's a sort of other category, but it has stepped up quite a bit during the course of the year. So I just wondered if you could give us the context as to what drove that from GBP 15 million to GBP 20 million, please?

Yes. Niall, you can definitely do 3, I'll do one and should we both have a go with 2.

So look, I think moving into savings and investments is interesting, Tim. What we've seen with the SuperSaveClub is that when we take friction away from customers, we incentivize behavior and they start to buy more with us. And so at its very simplest level, it's about opening up more opportunities to buy more things. And so we're very excited this morning that you can open, as an example, the U.K.'s leading instant access savings account rate product, it's a MoneySuperMarket branded product, which is available on the platform as one of 60-plus different instant access term savings products at the moment. And of course, you can move up money seamlessly in that way.

So that, if you download the app, is a very seamless experience now. It's really kind of slick. And we just think that is a great opportunity for customers to begin to just do more with us. And essentially, as you say, do more everyday things with us. And we do breadcrumbed investments as the next step on from savings, it's a logical thing to begin to see next.

We have made the point on our tech and data platform a number of times in previous sessions that the work is broadly done. We moved everything into Google Cloud platform from a data perspective, latest version, AWS, obviously, there's still constant activity happening kind of around that space. But in terms of CapEx, the heavy lifting was a number of years ago. And so you'll kind of recognize that despite the 3 kind of launch went last week, most of the work for that was actually done last year.

And last year, I would observe is, I think, our lowest CapEx year in 5 years. So I hope that would give you confidence that we have actually run those hard yards, and we really see this next phase as an opportunity to take advantage of all the investment that we've kind of made historically. And it's really about opportunity cost before we get people to focus on what they do build and they don't build with this amazing new AI technology.

Niall, anything to add to that and then picking up on the marketing point?

No, I think it's well covered. I think on the marketing point, it's not nitpicky at all, Tim, it's GBP 5 million. And basically, most of that is related to the growth in B2B. As you know, on B2B, we share the CPA with the partner and a good chunk of that flows through that line.

And we'll now take our next question from Jessica Pok of Peel Hunt.

I've just got 2 questions, please. Just the first one is just on home services. I mean, what kind of color are you seeing on the sentiment of the energy providers on deals? There's obviously still a regulation in place, but can we expect more collective switches this year?

And then just a second one on cashback. Can you give a bit more color on any impacts you're seeing with traffic referral on Quidco with all the AI developments with the LLMs? And how much of the Quidco traffic -- sorry, how much of Quidco still relies on referral traffic?

Yes. I mean I think on cashbacks, I mean, Quidco is a member-based business, so it's all about actually members coming on to the site to look for the days that they want to do, so you've sort of joined already by the time that you really start doing things, Jessica. So there's very, very little referral going on really inside Quidco.

In terms of home services. Look, I think 2024 to 2025, what's really happened because what we've seen is the providers coming into the market to look for growth in their books and to look for traffic. 2024, there was very little revenue there. In 2025, we saw a big uplift. And a lot of that uplift that you see in home services is related to energy. In the first half, we had a couple of very, very good exclusives.

In the second half, we ran the first collective switch since -- well, since the energy crisis. So those are all good things, but they are -- the way that the providers are working within the market is that they're looking at those moments, those price cap moments as being opportunities to grow their businesses. And clearly, we are the best for them to come and do that. So we work with them to make that happen at that moment in time.

I think we're quite optimistic that the market has now taken a shape around those price cap moments and that seems more reliable than it used to, but we're kind of realistic. You kind of called it out there, there is still quite a layer -- double layer of regulation in this market. You've got the ban on acquisition only tariff and you've got the price cap mechanism itself. So the interaction of that and the wholesale price will remain important. But I think we have seen in 2025 that provider appetite to grow their books.

[Operator Instructions]. That was our last question, and we do not have any webcast questions. I will now hand it back to Peter for closing remarks. Thank you.

Thank you. And I'll just wrap up briefly by recapping because we are really looking forward to seeing what is a compelling outlook for growth. We've got significant headroom in our member-based propositions, that's going to be driven by increasing loyalty and customer lifetime value, Niall talked about that. I hope you're recognizing our very innovative product development pipeline, which is going to improve the customer experience, it's going to boost conversion.

It's going to tap into new markets, but it's also going to be a new route to market in the form of ChatGPT. And I hope you've had a tone of voice around more confidence in our end markets. So look, we remain confident that the strength of our competitive moat, which is deepened by our breadth of our brands and our responsibilities means that we are going to be a structural winner in this world of AI. And I hope you recognize that we are absolutely embracing all the opportunities today that, that is offering up to help drive sustainable growth in the years to come.

So thank you very much for joining us this morning. I know we're meeting a number of you over the course of the next week or 2. We'll look forward to catching up in person. Thank you, everybody.

Welcome to the MONY Group full year results. I'm Peter Duffy, CEO; and later, I'll be joined by Niall McBride, our Chief Financial Officer. So I'm pleased to share what is a great set of results.

In 2025, we helped U.K. households save an estimated GBP 2.8 billion while delivering record revenue and record adjusted EBITDA. That's despite sector-specific headwinds. We're comfortable with how the group is performing. Our strength has always been in the breadth of our markets and the power of our brands, some of the most trusted and recognizable in the U.K.

But increasingly, it's also in the power of our data and our tech platform. This combination has given us resilience across cycles and has enabled us to deliver for shareholders regardless of end market conditions, and it positions us exceptionally well for the AI opportunities that are opening up. The macro environment is now easing, and that is giving us confidence that the momentum that we saw in H2 will continue into 2026.

Now our strategy, which is growing out our two-sided marketplace is working, and it has shown its strength. On the consumer side, member-based propositions are transforming transactional users into loyal engaged members. Our flagship proposition with SuperSaveClub now has over 2.1 million members. That's 1.1 million more than this time last year.

We've grown it consistently since launch, and we see no sign of this slowing. And then on the provider side, our services are once again delivering strong progress with revenue up 13%. Our tech platform is firing on all cylinders. The rebuild of our data and tech architecture, combined with the power of our brands has positioned us exceptionally well to harness the opportunities of AI.

Examples now include the development of new products like Price Optimiser on car insurance and Savings by MoneySuperMarket. The latter of proposition unlike anything we've offered before, that in turn will become a natural gateway into investments, which you can expect to see us deliver later in the year.

And then we're opening up new routes to market. We were thrilled last week that MoneySuperMarket became the first comparison website in the U.K. to launch its app on the ChatGPT app store. This means that customers will initially be able to complete car insurance and broadband and some of our money journeys through us directly, but from within the ChatGPT environment.

More journeys will be added every few weeks until we have nearly all of our main products available on our ChatGPT app by the end of this quarter. We believe this will be one of, if not the leading AI-enabled comparison application globally. And this is just the start. We are well positioned on our way to evolving our customers into broader financial companions, a one-stop shop where customers can not only trust that they will find the best deals, but also increasingly manage their day-to-day finances.

We've got plenty more to come in 2026. Our model remains highly cash generative. We consistently generate over GBP 100 million of trading cash flow each year. And in line with our capital allocation policy, we focus on growth that's both organic and acquisitive alongside shareholder returns. In 2025, we returned GBP 96 million to our shareholders via our progressive dividend and our share buyback program. And this morning, we've announced a further GBP 25 million share buyback, underlying our confidence in the group as we head into 2026.

Add to this, an increasingly efficient organization, and you have a highly effective and resilient business well positioned to continue to leverage the opportunities presented by AI and to deliver profitable growth. So I'll be back shortly to provide more detail on our strategic and our operational performance. Niall, over to you.

Thanks, Peter, and good morning, everyone. I'm pleased to report a good set of results, earned, as Peter said, in a tough trading environment. It's also been another year of strategic progress, growing our membership and provider propositions and launching new products.

Group revenue of GBP 446 million was up 2% in the year despite significant headwinds in Insurance and further macroeconomic uncertainty. This shows the resilience of our business model derived from the strength of our brands and breadth of our products. Adjusted EBITDA reached EUR 145 million, a 2% increase with our EBITDA margin increasing to 33%. This was helped by operating costs coming in 4% lower than last year, supported by our centralized platform with the increasing use of AI.

Just to note that as we moved in December to a minority position in our Travel business, Ice Travel Group, these results are presented on a statutory basis. Therefore, they include 11 months of ITG trading. If you look at these metrics on a like-for-like basis, excluding Travel, group revenue increased by 2% and adjusted EBITDA increased by 4%. Adjusted basic earnings per share rose 5% to 17.9p. And at GBP 108 million, operating cash flows were down 7% on last year with the mix into areas with longer cash conversion cycles such as energy and life insurance.

We increased dividend per share by 1% and returned excess cash to shareholders via the share buyback. All of that adds up to shareholder returns of GBP 96 million. Earlier this morning, we announced a GBP 25 million share buyback. This highlights our confidence in the strength and performance of the group in 2026. I will now take you through the performance and market dynamics within each segment before we look at costs, cash and capital allocation, and I'll then wrap up with the outlook for 2026 before handing you back to Peter.

In Insurance, we generated revenue of GBP 233 million, down just 1%, a result we're pleased with in a year where we saw a substantial decrease in car insurance premiums. These are down 9% on average year-on-year. In the second half, we started to see some easing of the headwinds in car insurance, particularly in Q4.

Home insurance premiums continue to decline into the second half as expected, with premiums down 2% on average year-on-year. Trends in home usually follow those seen in car with a lag of around 6 to 9 months. To compensate for this softer demand, we focused on other insurance categories. Life insurance, in particular, performed well, supported by our streamlined customer journey, helping to offset the headwinds from car insurance.

Money delivered a good performance with revenue of GBP 106 million, up 8% year-on-year. Borrowing products drove the majority of this as interest rates came down. There was robust switching in credit cards, supported by MSE's Credit Club offering and an improving trend in mortgages. In banking, savings continued to grow and current accounts recovered from a weaker first half. We improved conversion through the greater use of personalized pre-approval information, eligibility alignment and AI-enabled prompts.

Home Services delivered a strong performance with revenue of GBP 48 million, up 33% year-on-year. Energy drove the majority of this growth, albeit from an immaterial base in 2024. During the year, with price cap announcements acting as a catalyst, we welcome back more providers onto the platform as they sought to grow their business. And in October, we ran our first collective energy switch since the market disruption in 2021.

Looking ahead, we remain optimistic but realistic about gradual improvements in the energy market into 2026 as the double layer of regulation continues to weigh on that market. Elsewhere within Home Services, broadband continued to perform well, driven by improvements to our AI-enabled switching journey, increasing conversion. The number of providers joining our platform continued to grow, including a 28% increase in regional off-net providers year-on-year.

Cashback continued to face challenging trading conditions with revenue of GBP 53 million, down 13% on last year. We saw good growth in Travel, supported by strong partnerships, offering attractive member deals, but U.K. consumer confidence and nonessential spending remains subdued. And as a result, retail was softer. These conditions were further compounded by pressure on U.K. marketing budgets, particularly in affiliate channels as advertisers reassess spend in response to cost pressures and muted economic activity.

We focused on improving the quality of the proposition while maintaining tight cost control, positioning the business well for when market conditions improve. The Travel segment includes our Icelolly and TravelSupermarket brands under the Ice Travel Group umbrella. It delivered GBP 18 million in revenue over the 11 months to the 1st of December, which is the date we moved to a minority stake.

Trading conditions for Travel in the year were difficult with intense competition across the sector feeding through into sustained higher acquisition costs. The Travel segment will no longer be consolidated within group results for 2026 and beyond.

SuperSaveClub is designed to bring customers directly to us more often and to deepen their engagement across our platform. Membership has grown to over 2.1 million members with momentum showing no signs of slowing. When we compare SuperSaveClub members with nonmembers, we see that they transact more frequently and spend more with us with an average revenue per user of GBP 35 compared with GBP 20 observed more widely in the group.

Cross inquiry rates in club run at 45%, more than double what we see outside of the club. And importantly, margin performance remains strong with SuperSaveClub incremental margin holding at 75% versus 62% for nonmembers. Looking longer term, SuperSaveClub plays a crucial role in reducing our exposure to volatile and rising paid marketing costs.

PPC inflation has been significant over the last 12 months, increasing 21%, which is on top of the already significant inflation we saw at the end of 2024. Therefore, it is important that over the past year, we've seen a 70% increase in completely new-to-book customers. And today, our membership has 20% new-to-book members.

We are now in year 3 of SuperSaveClub and cohorts are still maturing. However, we can see that at year 3, club member customer lifetime value is double that of nonmembers. And finally, SuperSaveClub's contribution represents 16% of total sales today, and there is significant headroom still ahead of us. In 2025, we generated total gross profit of GBP 287 million, a 1% decrease year-on-year. Gross margin decreased 2 percentage points to 64% due to sustained elevated PPC costs, along with the introduction of first purchase reward in SuperSaveClub.

Adjusted EBITDA of GBP 145 million is a record for the group. Our adjusted EBITDA margin increased to 33%, thanks to our continuing focus on efficient cost utilization. As a result, our operating cost base reduced 4% year-on-year, supported by AI. Distribution expenses increased by 1% as we started to step back up our brand marketing investment, including our new Quidco campaign. Administrative expenses decreased by 6%, which was largely driven by lower people costs.

Closing head count at the end of the year, excluding ITG, was down 8% on the prior year. Resource efficiencies through streamlining and automation as well as the increasing use of AI delivered an 11% reduction in people costs.

Moving now to cash flow, which remains robust. While operating cash flows of GBP 108 million are down 7% on last year, this is mainly due to mix and phasing. As I said earlier, during the year, we generated more revenue in areas like energy and life insurance, which have longer cash collection cycles. Cash outflows on investing and capital expenditure were GBP 9 million in a year where we developed a host of new products and propositions from Savings by MoneySuperMarket and Price Optimiser through to the MoneySuperMarket ChatGPT app.

As announced in December, we successfully completed the share buyback launched in February 2025, spending GBP 30 million to take 15 million shares out of circulation. MONY Group has an established and disciplined capital allocation policy.

We prioritize organic investment, consider acquisitions that strengthen the group and return surplus capital to shareholders whilst maintaining a strong balance sheet and solid cash generation. We have maintained our progressive dividend policy with the Board recommending a final dividend of 9.30p, representing a total dividend per share of 12.63p for 2025, an increase of 1%.

We also returned excess free cash through the share buyback. This adds up to total shareholder returns of GBP 96 million, which alongside the 5% growth in adjusted EPS already delivered reinforces our commitment to maximizing shareholder value while allowing the group to further rebuild dividend cover. Finally, earlier this morning, we launched a further share buyback of up to GBP 25 million to be executed through 2026.

Looking ahead, our recent trading performance and the continued easing of headwinds in our end markets, coupled with the momentum in our strategic execution, gives the Board confidence that we will deliver adjusted EBITDA for 2026 within our current published consensus range.

With that, I'll now hand you back to Peter.

Thanks, Niall. Our rebuilt platform is the foundation that's enabling us to transform the group into an AI-enabled organization, which in turn provides us with a powerful springboard for growth. Our AI journey started early, and it built momentum, unlocking opportunities and efficiencies along the way.

Back in 2023, we trialed the MSE chatbot to understand where generative AI could genuinely add value. In '24, we opened things up. It became a year of experimentation, giving teams across the group the freedom to try new tools and assistants, which again unlock fresh ideas and boosted productivity.

In 2025, we moved from experimentation to standardization. We signed an enterprise agreement with OpenAI, and we rolled out a common set of tooling across the organization, which really accelerated product development and operational efficiency. And now in 2026, we're shifting to mandation, aligning our processes, so we're using AI consistently and effectively in all areas of the business.

Ultimately, for MONY Group, AI presents an important opportunity. It's a new route to market. It's tech that will enhance the way that we help customers to save money, and it's a platform on which we can drive further efficiency. So across the group, we apply AI in 3 core ways: First, by improving the customer experience. That's faster, simpler, 3-step journeys with AI-enabled features like Price Optimiser on car insurance.

This combines different data sets to help customers get even cheaper quotes. It went live last week, customers are saving today. Second, unlocking complexity to build new products. Savings by MoneySuperMarket is a clear example of a category once considered just too complex to launch. I'll share more about this later. But again, we went live last week and customers are getting value today.

And then thirdly, our efficiency. In our customer operations area, AI is already freeing up teams to focus on higher-value work while improving consistency and accuracy. And this has also contributed to a further 4% reduction in operating costs this year.

So with that, let's look at how these benefits are already being realized across the business. So let's start with MoneySuperMarket and the ChatGPT app. We are all well aware that the future of customer interaction isn't confined to a website or an app on your phone. It's happening everywhere. And AI brings this into sharper focus.

Customers are increasingly using AI assistance and their expectations for more fluid, seamless experiences are rising fast. So it's only natural that we've evolved to bring the full depth of our provider base, our products, our functionality, but importantly, our trusted brands as well into this environment, ensuring we're right at the forefront of how people engage.

Now we can be sometimes asked about the risk of AI disintermediation and why we're so confident that we're going to be a structural winner. Well, it's for 3 reasons. Number one, our brands. MoneySuperMarket and MoneySavingExpert are 2 of the most trusted consumer financial brands in the U.K. Customers and users know that they come to that place to save money.

And they bring with them an invaluable back book of data, which we then use to simplify journeys and give accurate, cheaper quotes. That is so important in the world of AI. Now without that data, you have to ask a minimum of 40-plus questions for car insurance as an example, well over 100 if you have additional drivers and convictions. Home insurance is more complicated again. So it's really important. Our breadth, our wide product set and our deep provider relationships mean customers again can be confident that they're getting the best prices from the widest pool of providers because we have over 260 car and home insurance products on our platform, customers can be confident they're getting the very best deals.

And then our responsibility. We operate in highly regulated markets, meeting the requirements of the FCA, CMA, Ofgem as examples. And then on top, the ICO and all the data regulation that ensures that customers trust us to not just handle their data safely, but also make sure that they're getting the very best deals.

Do not underestimate the criticality of our products. Nearly all of our revenue comes from regulated markets, products and services where trust, expertise and compliance are not optional. Now together, these factors significantly strengthen our competitive moat. So last week's launch of the MoneySuperMarket app on ChatGPT really helps build that confidence further.

It's a completely new route to market, and it positions us early in an LLM-driven ecosystem that is only going to grow from here. Our app makes it as easy as conversation. So let's just take a quick look at how that works for broadband.

[Presentation]

Okay. So how about for car insurance?

[Presentation]

The investment we've made in our data and tech architecture is what has allowed us to move at this sort of speed. It's worth remembering that ChatGPT only launched its U.K. App Store in late December, and we were able to submit the MoneySuperMarket app just days later.

This initial release includes car insurance and broadband journeys alongside general conversational Q&A capabilities, but also current accounts and savings. Home and van insurance are coming next and then we'll be following by pet insurance, credit cards and loans. By the end of this quarter, we expect to have most of our core journeys embedded in the app.

Moving on now to Savings by MoneySuperMarket. Accessing new markets and deepening our presence in the categories we already operate in, is central to how we drive organic growth. Savings by MoneySuperMarket is a great example of this in action. It brings together our platform strength and the power of our MoneySuperMarket brand to access millions of customers to open up an addressable savings market worth around GBP 2 trillion.

Now a large proportion of people in the U.K. keep their money in interest-paying cash accounts. To give you a sense of the scale, there's more than GBP 54 billion in cash ISAs earning 2% or less. Our new proposition provides customers with a simple, secure and intuitive way to find, open and manage a wide range of savings products directly with us including market-leading rates from easy access accounts through to fixed term deals.

Customers can compare rates. They can understand features like FSCS protection. They can onboard quickly with pre-populated details and secure authentication. And then once set up, they can view balances, track deposits, top up for our holding account and move money into new products in just a few clicks.

This is functionality we've never been able to offer on the platform before. And it's the first step to truly transforming the SuperSaveClub into a one-stop shop for all your day-to-day financial needs. And because it's wrapped within the SuperSaveClub ecosystem, members also benefit from rewards, personalized prompts, educational content, all helping them maximize returns and build financial confidence.

Now historically, entering the savings market required complex orchestration. The combination of our platform capabilities and AI has allowed us to simplify that dramatically, resulting in a proposition that feels effortless for customers, offers competitive rates, deepens engagement right across the full member life cycle.

And as I said earlier, this is just the start. Savings is a natural gateway into investments, which is the next phase of our journey. We'll be launching later this year and there will be plenty more to come after that. Now the SuperSaveClub. MoneySuperMarket is the U.K.'s most recommended price comparison website. Over the last 5 years, it has evolved into a broader, smarter savings platform built on this fully replatformed tech stack offering more products, more intelligence, greater personalization and simpler customer journeys.

It powers SuperSaveClub, which really now sits at its heart, and it's proven that when we remove friction and incentivize behavior, it delivers real results with customers buying more and returning more frequently. So we're now leveraging that highly engaged audience of more than 2.1 million members, which creates a significant opportunity to grow our share of customer wallets further. We're building on this momentum.

So as I've just said, we've already launched Savings by MoneySuperMarket with investments to come. Later in the year, we'll be launching a dedicated SME banking product, all broadening our reach and diversifying our revenue beyond traditional comparison.

But here, the real ambition is bigger. We're evolving SuperSaveClub into an everyday money companion, a platform that helps customers manage more of their financial lives in one place, a single destination that increases engagement, deepens loyalty and strengthens the relationship over time.

Turning briefly now to MSE and Quidco. MSE MoneySavingExpert, is one of the U.K.'s most recommended consumer financial brands, and it now ranks as the third most popular news app in the country. It remains a highly trusted source of financial clarity and practical support. And over the last 5 years, we have evolved MSE from predominantly an editorial content site into a broader action-focused proposition. Users can increasingly move straight from guidance into completing their financial journeys, all powered by our group platform.

Cheap Energy Club is a great example. We redesigned and we relaunched it last year for a recovering energy market, giving members real-time alerts and a seamless switching experience, all contributing to the strong revenue growth that Niall described earlier.

And as a cornerstone of our membership strategy, MSE's blend of trust of actionability and intelligent technology will play an even greater role in driving sustainable growth for the group.

Turning now to Quidco. The U.K. retail backdrop remains challenging with weak consumer confidence reflecting the ongoing pressure on household finances. In response, we've strengthened and we've broadened the proposition to increase engagement and relevance. We've added key retailers offering faster cash back. We've improved personalization. We've introduced gift cards.

And we've also rolled out card-linked offers, so members can earn cash back automatically when they shop in store as well as online, simply by linking their payment card to their account. 2025 also marked the launch of Quidco's new brand campaign. It's a refreshing -- refreshed look and feel whilst absolutely staying true to its core purpose.

Moving on now to enhanced provider services, the other half of our marketplace, which is all about the way we can support our providers using our proprietary data and insights at really minimal additional cost for the group. It's an area that delivered 13% growth in 2025. Our provider services are made up of Market Boost that was launched in 2023. Over 100 providers are currently benefiting from valuable insights to optimize conversion and growth based on our aggregated data.

Tenancy, which provides a dedicated advertising slot, enabling providers to promote to specific cohorts of customers in high intent moments. And as we advance personalization, these placements become even more effective for providers. And then finally, our B2B proposition, which takes us to new audiences in partnership with some key household names, Rightmove and Auto Trader being good examples. These products all add to our best provider proposition at minimal incremental cost, all thanks again to our leading tech platform.

So to wrap up, 2025 was a year of real progress as we accelerated our two-sided marketplace strategy. We maintained strong momentum in our flagship member-based proposition, the SuperSaveClub, which reached more than 2.1 million members.

We strengthened a portfolio of brands that are in excellent health. We've launched brand-new products like Price Optimiser and Savings by MoneySuperMarket. And we've unlocked a new route to market with the development of the MoneySuperMarket ChatGPT app. And then we've continued to reengineer the organization, supported by AI to drive further innovation, growth and efficiency.

This progress delivered record revenue and adjusted EBITDA, demonstrating once again the strength and breadth of the group and the resilience of our strategy even in the face of significant headwinds. This performance also flowed through to shareholders. EPS grew 5%, and we returned GBP 96 million through our ordinary dividend and our share buyback program.

For 2026, we've announced a further GBP 25 million buyback funded entirely from expected excess free cash. And alongside our progressive dividend policy, it reflects our confidence in the group and in our disciplined approach to capital allocation. Our unlevered balance sheet remains a real strategic asset. It gives us flexibility, resilience and the ability to invest in growth while consistently generating strong free cash flow.

And as we enter 2026, we do so with real momentum, built on an 8% adjusted EBITDA CAGR over the past 3 years and at the same time as returning GBP 225 million to shareholders. We're excited about the pipeline of products we've either launched or will be launching this year from the ChatGPT app to our savings proposition from SME banking to investments.

We're using AI to leverage our rich data environment, our tech platform, our expansive provider base and the strength of our brands, all to help customers save even more by doing even more with us every single day. We remain confident that the strength of our competitive moat deepened by our breadth of our brands and our responsibilities means we will be a structural winner, able to embrace AI opportunities to help drive sustainable growth in years to come. Our strategy is working. Our fundamentals are strong, and we remain confident in the opportunities ahead. Thank you.