MONY Group (LON:MONY) management struck an upbeat tone on its 2025 full-year results call, highlighting record revenue and record adjusted EBITDA, alongside what it estimated as GBP 2.8 billion of savings delivered to UK households. Chief Executive Officer Peter Duffy said the results were achieved “despite sector-specific headwinds,” and added that the easing macro backdrop and momentum seen in the second half of the year supported confidence going into 2026.
Duffy was joined by Chief Financial Officer Niall McBride, with much of the discussion centered on marketing economics, the group’s growing membership proposition, and how the company is positioning its comparison and savings offerings for an increasingly AI-driven customer journey.
2025 performance and capital returns
On cash generation and shareholder returns, management said 2025 was “another highly cash generative year.” The group returned GBP 96 million to shareholders and announced a further GBP 25 million buyback for 2026, which Duffy said would be fully funded from expected excess free cash.
Product launches and an early push into ChatGPT
Duffy highlighted what he described as a “firework” of launches during the prior week:
- Price Optimiser, a tool aimed at helping customers save on car insurance;
- Savings by MoneySuperMarket, which management described as entry into a new category;
- An app launch in the ChatGPT app store, initially supporting car insurance and broadband, with van insurance added and home insurance submitted for approval.
Duffy said the ChatGPT route to market had started with car insurance and broadband, with van insurance added on Friday and home insurance “locked and loaded” pending approval. He said the company expected to have “all our main products live really by the end of this quarter.”
In response to analyst questions about the nature of the ChatGPT relationship, Duffy characterized the arrangement as part of OpenAI’s enterprise platform and app store rollout rather than a traditional traffic partnership. He said MONY became an enterprise customer last year, built its app, and put it live, adding that monetization of this traffic is “not where we are at the moment.” He said OpenAI is “still really very nascent” in monetization and suggested advertising models could develop over time, similar to pay-per-click advertising in search.
Duffy also framed AI as “a facilitator, not a replicator,” arguing that regulated financial product journeys require deterministic, auditable and explainable systems, whereas large language models are probabilistic. He said MoneySuperMarket’s regulated capabilities allow it to provide compliant, repeatable financial comparison outcomes within conversational interfaces.
Traffic mix, PPC inflation, and gross margin discussion
Marketing economics were a key theme in Q&A, with analysts pressing on pay-per-click (PPC) inflation and what generative AI could mean for future customer acquisition costs.
McBride said the company does not disclose a full traffic-source breakdown, but noted that Google-related costs remain a significant part of cost of sales. He added that MONY also spends on Meta, Microsoft and other environments, while also generating traffic from brand advertising (in operating expenses), SEO, CRM, and increasingly through the SuperSaveClub.
Addressing a question about the rise in PPC costs per unit in 2025, McBride described multiple dynamics on the Google results page: non-monetized AI content at the top, increased SEO volatility, and changes in how PPC is structured and displayed. He also said that these changes were “funneling competition into PPC.” While it was “hard to tell” whether the page layout is now more settled, he said the company has levers, including algorithmic bidding and being selective about where and what it bids on.
On broader gross margin drivers, McBride emphasized that margin is influenced by mix, pointing to B2B growth as a potential drag and the SuperSaveClub as a positive contributor. He reiterated that the group’s posture is to pursue profitable growth and to “be where the audience is,” whether that remains traditional search or shifts toward AI-driven interfaces.
Duffy added that early adoption trends are still unclear. He said that shortly after launch, Price Optimiser was seeing “100 times the level of click-throughs” versus the new ChatGPT product, suggesting the customer adoption curve within LLM interfaces will influence future economics, including if and how traffic becomes monetized.
SuperSaveClub, lifetime value, and operating efficiency
Management said the SuperSaveClub membership proposition continued to scale, surpassing 2.1 million members. McBride explained that the company tightened its definition of ARPU: it now includes only activity within the club, excluding pre-join behavior. Even with the tighter definition, he said ARPU increased, which he attributed to cohort maturity. McBride also said the customer lifetime value (CLTV) of club members is twice that of non-club members, and that maturing cohorts are increasingly doing more with the company on a repeat basis.
On whether the company would accelerate first-purchase rewards given the CLTV dynamics, management described the rewards as a targeted marketing investment aimed at engaged members and said it is assessed on an ongoing basis, like any other marketing spend. McBride added that switching behavior happens at a “natural rate,” and the company believes it is operating at an “efficient frontier” in terms of how quickly it can bring customers in.
Analysts also asked about the potential for further operating expense savings from AI. Duffy described the opportunity as tied to “process redesign” and thoughtful automation, rather than a simple cost-cutting exercise, saying the company sees “opportunity to do more with the same.” McBride said there would be “a little bit more” brand marketing in 2026, while echoing Duffy’s comments on headcount and efficiency.
Elsewhere, Duffy said the group’s move into savings reflects a broader strategy to reduce friction and increase repeat engagement. He noted the launch of a MoneySuperMarket-branded instant access savings product available alongside “60+ different instant access term savings products,” and said investments had been “breadcrumbed” as a logical next step.
In closing remarks, Duffy reiterated confidence in the company’s outlook, citing headroom in member-based propositions, a product innovation pipeline, and a new route to market via ChatGPT. He said management believes the company’s breadth, brands, and regulatory responsibilities strengthen its competitive moat and position it to benefit structurally as AI becomes more prominent.
About Mony Group (LON:MONY)
MONY Group PLC is an established member of the FTSE 250 index. The Group operates a tech-led savings platform and leading UK brands including price comparison sites (MoneySuperMarket), cashback (Quidco) and a consumer finance content led brand (MoneySavingExpert). We cover a broad range of verticals including Insurance, Money, Home Services and Travel amongst others. Our purpose is to help households save money by giving them access to free online tools that enable them to compare and switch products.
