Annual Report and Accounts 2025

Welcome to Moonpig Group

We are the online market leader for cards and gifting.

At heart we are a technology platform, but our customers know us as the leading online destination for

greeting cards, gifts and flowers.

To find out more visit us at: https://www.moonpig.group

Strategic report

Corporate governance

Financial statements

18 Our strategy

‌Financial highlights

Revenue

£350.1m

YoY: 2.6%

FY24: £341.1m

Adjusted EBITDA1

£96.8m

YoY: 1.3%

FY24: £95.5m

Adjusted EBITDA margin rate1

27.6%

YoY: (0.4)%pts

FY24: 28.0%

Reported PBT

£3.0m

YoY: (93.6)%

FY24: £46.4m

Adjusted PBT1

£67.5m

YoY: 16.0%

FY24: £58.2m

Adjusted basic EPS1

15.0p

YoY: 18.1%

FY24: 12.7p

Free Cash Flow1

£66.1m

YoY: 8.4%

FY24: £61.0m

Dividend per share

3.0p

YoY: N/a

FY24: Nil

Share repurchases

£25.0m

YoY: N/a

FY24: Nil

1 Adjusted EBITDA, Adjusted EBITDA margin rate, Adjusted PBT, Adjusted PBT margin rate, Adjusted basic EPS, Free Cash Flow and net leverage are Alternative Performance Measures, definitions of which are set out on pages 181 to 182.

1

At a glance

‌The leading online data and technology platform for greeting cards and gifting in the UK and the Netherlands.

We leverage technology and data to create loyal customer relationships

Moonpig and Greetz customer reminders set1

101m

2024: 90m

Plus subscription membership1

920,000

2024: 540,000

Card creative features used2

15m

2024: 10m

We have four market-leading brands

Revenue

Adjusted EBIT

11%

FY24: 14%

14%

FY24: 15%

75%

FY24: 71%

We have a growing, loyal and engaged customer base

Moonpig and Greetz active customers1

12.0m

2024: 11.5m

Moonpig and Greetz orders per active customer3

2.94

2024: 2.94

Moonpig and Greetz Average Order Value3(AOV)

£8.82

2024: £8.64

We aim to become the ultimate gifting companion to our customers

Orders3

35.3m

Moonpig and Greetz

FY24: 33.9m

Cards and gifts sold3

50.4m

Group

FY24: 48.8m

Gifting share of revenue3

47%

Group

FY24: 50%

We are the leaders in a large, underpenetrated market that is shifting to online

UK card market share4

70%

2019: 60%

Online volume market penetration4

6%

2019: 4%

Online value market penetration4

15%

2019: 10%

Online buyer market penetration4

37%

2019: 34%

We operate through four online brands

Revenue mix by country

United Kingdom

Netherlands

3%

2024: 3%

Rest of World

Chair's statement

‌Strong Adjusted EPS growth and capital returns to shareholders.

Overview

In FY25, the Group delivered financial performance ahead of our expectations. Our model, which leverages technology and data to build enduring customer relationships, delivered strong profitability and consistent cash generation. Performance was underpinned by the core Moonpig brand, with growth driven by both orders and average order value. Gift attach rate also returned to growth during the year, contributing

to the rise in average order value.

Trading at Greetz and Experiences was below our expectations. For Experiences, this was reflected in the non-cash impairment charge recognised in H1 FY25. The transformation plan for Experiences focuses around strengthening the divisional management team, the rollout of new features

enabled by the completion of re-platforming during FY25 and product range expansion in subscription gifting, casual dining and live experiences. At Greetz, where performance is on an improving path, the new technology platform means that management can now leverage reminders, Plus subscriptions and the apps to drive customer retention and frequency. Both businesses remain key areas of Board focus.

Continued strong Free Cash Flow supported deleveraging, enabling the introduction of dividends and share buybacks. We have announced our intention to buy back up to £60m of shares in FY26, whilst maintaining year-end net leverage at around 1.0x and investing to drive organic growth.

Whilst we expect further macroeconomic uncertainty in FY26, the Board remains confident in the Group's ability to deliver our medium-term target for mid-teens percentage growth in Adjusted EPS, underpinned by the strength and consistency of our business model.

4

FY25 profit and loss

The Group delivered growth in basic Adjusted EPS of 18.1% to 15.0p (FY24: 12.7p). This reflects continued growth in trading, a significant reduction in net finance costs as the Group deleveraged and the in-year impact of repurchasing shares reducing average issued share capital.

Headline Adjusted EBITDA increased from

£95.5m in FY24 to £96.8m in FY25. Underlying growth was stronger as the prior year included the benefit from one-off non-redemption income on vouchers issued during Covid with extended expiry dates.

Cash flow and capital allocation

During the year, the Board oversaw the Group's development of a new capital allocation policy. Our approach remains to prioritise investing for growth, with continued strong, high-return investment in for example, marketing, fulfilment automation and our technology platform. Our consistently strong cash flow has also enabled the Group to begin returning surplus capital to shareholders.

In FY25, Free Cash Flow of £66.1m (FY24:

£61.0m) enabled a reduction in net leverage to 0.99x (April 2024: 1.31x), funded

£25m of share repurchases and supported the declaration of an inaugural dividend of 3.0p (FY24: nil), including a 1.0p interim dividend paid during the year.

Looking ahead, we expect continued strong cash generation to support our announced intention to repurchase up to £60m of shares in FY26, alongside the Group's planned transition to using market purchases to satisfy share scheme vesting.

Employees

The Board extends its thanks to all the Group's employees in the Netherlands, Guernsey and the rest of the UK for their contribution throughout the year. Their dedication and hard work have enabled the Group to deliver performance ahead of our expectations, with Adjusted EPS growing at 18.1% year-on-year.

Sustainability

During the year, the Board oversaw the development of an updated Sustainability Strategy, shaped in response to the latest regulatory requirements and stakeholder expectations for a clearer focus on material sustainability risks.

The strategy is structured around three core pillars: climate change, waste and circularity and technology and data privacy. These priorities were identified through our Double Materiality Assessment and represent the topics considered most material to the Group in terms of financial or societal impact.

The strategy introduces a more focused set of goals, aligned to areas where we can have the greatest impact. In addition to our two existing Net Zero commitments, we have introduced a five-year goal to implement an information security management system that aligns with the NIST Cybersecurity Framework - and a new packaging waste reduction goal.

The Group will continue to report KPIs related to the outgoing sustainability goals as part of its overall disclosure set for continuity and to maintain transparency.

Board and governance

Throughout FY25, the Group maintained full compliance with the UK Corporate Governance Code 2018. It also complied with the relevant provisions of the 2024 Code, except for Provision 29, which is not effective until the start of the Group's financial year ending 30 April 2027.

Preparatory work is underway to ensure compliance ahead of this date.

There were no changes to the Board during the year. The Board continues to meet the requirement for at least half of its members (excluding the Chair) to be Independent Non-Executive Directors.

The Board operates a structured, rolling succession planning process to ensure continuity and long-term stability. In reviewing succession plans for the Non-Executive Directors (NED), we have considered the period leading up to the 2029 AGM, which will mark nine years since the IPO. To support an orderly transition, preserve independence and ensure a balanced distribution of Board tenure,

the Nomination Committee intends to phase new non-executive director appointments over the coming years.

Board and leadership diversity

As at 30 April 2025 and at the date of this report, the Board has 43% female

representation, thereby meeting the Listing Rule target for at least 40% of the Board to be women. The Group also meets the Listing Rule requirements for at least one senior Board position to be held by a woman (through my appointment as Chair) and for at least one Board member to be from an ethnic minority background (as the Board currently includes two ethnic minority directors).

The Board has set a voluntary target for 15% ethnic minority representation on the UK Extended Leadership Team by 2027, in line with the requirements of the Parker

Review. As at 30 April 2025, representation was 21%.

The Board remains committed to the FTSE Women Leaders Review target of at least 40% female representation on the Extended Leadership Team and as at 30 April 2025 representation was 41%. The Group was ranked 37th in the FTSE 250 by the FTSE Women Leaders Review 2024 for women on boards and in leadership.

Looking ahead

The Board is pleased with the start to the new financial year and is confident that the business will continue to deliver long-term value for shareholders. The Group is ideally positioned to grow its online market share and lead the continued shift from offline

to online.

Kate Swann

Non-Executive Chair

25 June 2025

5

Chief Executive Officer's review

‌We have a market-leading technology platform driving long-term, sustained growth.

Overview

FY25 marked another year of successful delivery for Moonpig Group, as we reinforced our position as the category-defining platform for greeting cards and gifting. We are the clear market leader in online cards in both the UK and the Netherlands, holding a 70% share of the UK online single cards market and around 65% in the Netherlands through Greetz (source: OC&C, October 2024).

These positions reflect the compounding advantages of our platform, built on a powerful combination of brand strength, scale and proprietary data. Our position was further reinforced by extending our strategic asset of occasion reminders to more than 101 million and deepening our powerful network effect through reaching recipients with over 50 million personalised cards and gifts.

We operate in a structurally high-growth and underpenetrated market. The online card market is still in its infancy, with only 6% penetration by volume and 15% by value in the UK. We are driving and capturing this long-term secular shift from offline to online through innovation in technology and data. In FY25, we continued to extend our UK market leadership. At Greetz, the technology platform is increasingly delivering operational and commercial benefits and we exited the year on an encouraging trajectory.

Across our markets, our cards-first strategy and innovations in online experience position us to lead and accelerate the ongoing channel shift.

6

Our platform leverages data, technology and AI to build customer loyalty and grow customer cohort value over time. Nearly nine tenths of Moonpig and Greetz revenue comes from existing customers, with technology playing a central role in driving repeat behaviour. In FY25, we continued to expand the reach and impact of both our reminders ecosystem and the Plus subscription membership programme and launched new AI-powered tools to further differentiate our offering from the offline market. Together, these capabilities have strengthened customer growth and loyalty, which are key contributors to our revenue growth.

We continue to demonstrate the strength of our asset-light, growth-compounding business model, which enables us to scale efficiently while maintaining high margins. Growth is driven by three compounding levers: more active customers, higher purchase frequency, and rising average order value - particularly through gift attachment. Our Adjusted EBITDA margin of 27.6% in FY25 reflects high gross margins and low reliance on paid acquisition. With low inventory, negative working capital and modest capex we are structurally asset light. This model supports disciplined reinvestment in technology, marketing and fulfilment automation, while generating Free Cash Flow of £66.1m in FY25. For the year ahead, we expect this to enable significant capital returns to shareholders whilst maintaining year-end net leverage at approximately 1.0x.

We continued to pursue our strategy of self-funded international expansion in Ireland, Australia and the US with combined revenue from these markets growing by 36.1% to £11.8m. Each market follows a structured path from discovery to product-market fit and, if successful, ultimately to profitable growth. Ireland has reached profitability in its second full financial year of operation and, while still small, continues to grow steadily - validating our phased approach. In Australia and the US, which are at an earlier stage of development, we are applying Group capabilities while localising when essential. Our small, agile teams in both markets are focused on rapid iteration, testing and optimisation, aiming to establish sustainable and profitable unit economics over time. Early signs are encouraging and support our long-term conviction in the opportunity that these markets represent.

We enter FY26 with strong operational momentum and a clear focus on strategic priorities. At Moonpig and Greetz we will continue to scale the active customer base, to drive frequency by leveraging reminders, Plus subscriptions and innovative technology features, and to build on recent strong momentum in gift attach rate. The Experiences segment continues to face a challenging market environment, with a proposition more exposed to cyclical pressures than the rest of the Group. The transformation of Experiences will continue, with encouraging progress underway in expanding the product proposition and enhancing the customer experience. Our platform, underpinned by resilient customer behaviour, leading technology and disciplined execution, positions us to continue delivering sustained growth

and shareholder value.

Leveraging data and technology

We harness technology and data to drive growth in two principal ways. First, we continuously improve our user experience through high-frequency experimentation. Each month, we run numerous controlled tests, presenting feature variants to segmented customer groups. These experiments measure impact on KPIs such as conversion and order value, with successful variants deployed and used to guide future prioritisation. Second, we apply AI to our proprietary customer data to deliver a more personalised journey. By combining this data with advanced algorithms, we tailor the experience so customers are more likely to find the perfect card and gift every time, driving improvements in order frequency and average order value over time.

Moonpig and Greetz have shared a unified website platform since late 2022. In FY25, we extended this integration by migrating Greetz to the same CRM system as Moonpig, providing our marketing team with a common platform for email and app notifications so they can more easily share best practices. We also moved Greetz onto the same payment platform as Moonpig enabling automatic subscription billing renewals for Greetz Plus. The two brands now share common technology across all areas outside fulfilment, with new features available for deployment in both the UK and the Netherlands. At the same time, we are increasingly tailoring aspects of the user experience to local market needs - for example, Greetz now features a redesigned delivery scheduler that accounts for Dutch customers' greater price sensitivity, in contrast to UK customers' stronger preference for speed of delivery.

We have focused on leveraging AI at every possible touchpoint to deliver the most personalised shopping experience for our customers. We now use the latest AI models to tag our cards, to better understand customer search queries, to scan the image of each card and to analyse customer sentiment by scanning the message in each card. Together, these deliver a self-improving experience where our customers are finding and creating more relevant and meaningful products with less effort than ever before.

We continued to launch innovative creative tools that set our proposition apart and encourage repeat use. In December, we launched "Your Personal Handwriting", enabling customers to upload and apply their handwriting as a custom font, while in February we introduced AI stickers, allowing users to generate bespoke images via natural language prompts - with over

4 million created to date. These features build on a creative suite that also includes audio and video messages, flexible photo layouts and digital gifts.

To streamline the login experience, we introduced social login using Apple and Google credentials, alongside account linking to provide existing customers who use social login with seamless access to their reminders. The "Magic Link" feature now allows automatic login from reminder emails, while password resets have been replaced by one-time login codes for ease of access.

We have also maintained a strong focus on customer satisfaction, enhancing both the delivery and service experience. This

includes upgrades to the delivery scheduler interface, technology enablement for Moonpig Guaranteed Delivery, and the launch of tracked card delivery in Ireland. Additionally, we have expanded the use of AI-powered chatbots to handle a greater share of customer service queries, enabling efficient, high-satisfaction self-service.

Chief Executive Officer's review continued

At Experiences, the completion of re-platforming has enabled the development of a range of customer-facing features, with a focus on driving commercial performance through enhanced product discovery and easier location-based shopping:

Building our brands

The strength of our brands is most clearly demonstrated by our ability to continuously acquire customers profitably and to keep them coming back year after year. We have made significant progress here in FY25, with the total active customer base at Moonpig and Greetz increasing by 4.3% to

12.0 million as at 30 April 2025 (30 April

2024: 11.5 million). This performance reflects the strength of our well-optimised marketing platform, which consistently delivers customer acquisition at scale within our 12-month payback threshold. It was further enhanced by technology developments such as social login, which improved the conversion of visitors into new customers. Moonpig saw consistently strong acquisition throughout the year, with Greetz new customers returning to year-on-year growth in H2 FY25.

Headline frequency remained unchanged year-on-year at 2.94 orders per active customer. This reflects the mix impact of strong new customer acquisition, as year one cohorts have lower frequency than our overall customer base. Frequency among established Moonpig customers was underpinned by continued development

of our frequency levers:

During the year, we increased the proportion of Scope 3 emissions covered by SBTi-aligned net zero supplier commitments to 28.8%, up year-on-year from 19.3% the previous year. We also reduced absolute location-based Scope 3 emissions by 5.0% year-on-year.

We eliminated single-use plastics from shipping packaging in our Dutch operations during FY25, having previously delivered the same in the UK. To maintain our "forest positive" stance, we funded the planting of 113 hectares or 151,000 trees, helping to restore biodiversity and sequester carbon. We also implemented a new UK warehouse management system which we expect to assist in packaging waste reduction in FY26.

The adoption of a formal goal for data and technology security was timely, given recent cyber-attacks targeting high-profile UK consumer businesses. In response, we have reviewed our internal processes and controls to ensure they remain resilient.

We have invested significantly in technology security across many years and intend to maintain a robust security posture.

Nickyl Raithatha Chief Executive Officer 25 June 2025

Case studies

Card creativity features

Having set a market-leading standard for the external design of physical greeting cards, we have focused across the last two years on transforming the inside of Moonpig and Greetz cards through the development of digital and AI-enabled card creativity features. We see a clear link between use of these features and higher customer purchase frequency, helping to drive engagement and customer lifetime value.

In FY24, we launched a suite of features including QR code-enabled video and audio messages, "sticker" images, flexible photo uploads, printed code-in-a-card digital gifting and AI-generated message suggestions.

In FY25, we extended this with the launch of AI-generated "sticker" images, allowing customers to create unique images using natural language prompts.

We also launched "Your Personal Handwriting", enabling customers to digitise their handwriting by writing the alphabet on a mobile device, generating a personal font saved to their account for use in any card.

Approximately one third of our cards in the UK now include at least one creative feature. Looking forward, we will continue to focus on driving growth in customer adoption of these features.

4m

AI "sticker" images

created since launch1

Trusted brands

One of our three growth levers is increasing average order value, with the primary driver being growth in gift attach rate. We deliver this through three strategic actions: improving user experience, refining our recommendation algorithms and expanding our gifting range.

An important element of this third pillar is partnering with trusted consumer brands.

Trusted brands help build customer confidence that the recipient will be delighted to receive the gift. In FY25, we delivered new partnerships with Hotel Chocolat in premium confectionery, The Entertainer and Early Learning Centre in toys and Next in beauty and homeware. These partners bring specialist category merchandising expertise, broaden our curated range and extend their brand authority to our platform.

These partnerships supported gift attach rate growth during the year. We are in active discussions with several high-profile trusted brands and expect to launch further partnerships in FY26 to continue driving average order value.

Personalised recommendations

Our AI-driven recommendation algorithms are a key driver of gift attach rate and average order value. We have had a dedicated data science team in place for many years, progressively improving these algorithms through continuous A/B testing. The models draw on data points including card selection, browsing history, occasion reminders and previous behaviour to generate gift suggestions that are relevant to the customer and recipient.

In FY25, we introduced "live inference" -

a new capability that analyses the message a customer types inside their card in real time. This technology identifies sentiment, tone and relationships (e.g. 'happy birthday mum', 'thinking of you', 'congratulations on your new baby') and instantly adjusts gift recommendations to match. For instance, a message expressing sympathy may prompt suggestions for candles or calming treats, while a message for a child might suggest toys or sweets. This live analysis makes the experience more personalised and context-aware, helping customers find the right gift quickly and easily.

Live inference became a core part of our recommendation engine in FY25,

contributing to improved gift attach rates. With every interaction, the model becomes smarter - making our gifting journey more relevant and helping increase order value.

Technology and experimentation

Since completing the migration of Moonpig and Greetz onto a unified technology platform at the end of 2022, most of our technology resource has been focused on initiatives to drive growth. We routinely run a high volume of controlled

experiments to optimise the user experience, increase conversion and drive higher order value and frequency.

These experiments range from simple copy tests to interface changes with measurable impact - such as the introduction of social sign-on options and improvements to the save-a-draft feature, both of which increased order completion rates. A more seamless and intuitive user experience helps us convert more visits into orders and encourages customers to return more frequently.

We operate within a clear return-on-investment framework for technology, allocating capital to the initiatives with the greatest expected contribution to revenue growth or margin.

Each team is accountable for the financial performance of its work, with most projects expected to pay back within two years.

Looking ahead, we expect to maintain and grow our investment in technology, in line with our guidance for capital expenditure to remain at between 4% and 5% of consolidated revenue. We see a multi-year runway of opportunity to drive growth through continuous UX improvement

and product development.

1 As at 30 April 2025. Moonpig and Greetz only.

Business model

‌Competitive advantages Underpinning our clear online market leadership

Brand power

Card-first approach Leveraging data to drive loyalty and gift attach

Card-first approach

Profitable customer acquisition with high loyalty

Clear market leader, with category defining brands and 93%1prompted brand awareness

Online scale

Capturing 6x2more customer data daily than our nearest competitor, reinforcing data-driven competitive advantage

Rich data

Gift attachment

The most relevant gifting platform with minimal marketing costs

Self-learning algorithms optimised across 101m reminders3and >337m transactions4

Technology platform

Proprietary technology platform, constantly optimised through experimentation

Technology and data

Driving a virtuous cycle of customer retention and lifetime value

Capture of around gifting intent

Personalised experience and

contextual recommendations

Reminder setting and app downloads

Targeted marketing at times when the consumer has highest gifting intent

Loyal customers Underpinning growth, profitability and cash generation

12.0m

FY24: 11.5m

Moonpig and Greetz active customers5

£8.82

FY24: £8.64

Average order value6

27.6%

FY24: 28.0%

Adjusted EBITDA margin rate7

£66.1m

FY24: £61.0m

Free cash flow7

Business model in action

Moonpig - revenue by customer cohort1

£m

Covid cohort acquisition2FY20-FY21

281.7

262.0

234.7

241.3

223.1

126.5

79.4

87.5

96.6

69.4

51.7

59.2

38.3

45.8 46.5

Moonpig's business model is anchored in acquiring loyal customer cohorts through a card-first strategy, typically achieving payback within

12 months. With 88% of physical greeting card purchases tied to annual events3- such as birthdays, anniversaries and national occasions like Valentine's Day - the customer journey is highly predictable and repeatable. In the UK, the average card-giving adult sends 19 cards per year3, providing a solid foundation for long-term retention. This regularity offers a reliable basis for customer retention.

We enhance the value of each cohort over time by activating two core drivers: frequency and average order value. Frequency increases as we encourage customers to send cards for a broader set of occasions, supported by occasion reminders, subscription programmes, personalised user experiences and distinctive card features. Average order value grows as customers increasingly add gifts to their purchases - enabled by continuous enhancements to our recommendation algorithms and a curated, expanding gifting range.

As a result, Moonpig's revenue is built on the progressive accumulation of high-value customer cohorts. This model has enabled us to retain a significant share of customers acquired during the Covid period, demonstrating the enduring strength and loyalty of our customer base.

Case studies

Reminders

Occasion reminders are a core part of how we retain customers and drive purchase frequency. They enable us to communicate with customers at moments of high purchase intent. Reminders are unique to card-giving and gifting, given that most e-commerce purchases are not linked to a calendar event.

We have made significant progress in growing both the size and the

effectiveness of our reminders database in recent years.

There is a mutually reinforcing relationship between reminders and

Plus subscriptions, with scheme members on average having set 2.5 times more reminders than non-members.

We will continue to invest in the reminder ecosystem in FY26, enhancing both the collection of reminders and how the journey from reminder to order is personalised.

2.5x

more reminders

set by Plus subscribers

Plus subscriptions

Plus is our flagship programme for driving frequency. The scheme offers a package of benefits including discounts on greeting card purchases in return for an annual fee, incentivising and rewarding increased usage. Moonpig Plus launched in May 2023, followed by Greetz Plus in January 2024.

Since launch, subscriber growth has been strong, with all new sign-ups driven through on-site messaging at no marketing cost. This momentum continued past the first renewal cycle, with retention rates exceeding our expectations.

Plus subscribers on average have higher purchase frequency than other customers and this increases by over 20% after joining. They also attach gifts more often, contributing further to incremental revenue.

By mid-FY25, Moonpig Plus accounted for one-fifth of UK orders. We expect membership to remain in growth across FY26 as we continue to enhance

the proposition.

20%

higher purchase frequency for

Moonpig Plus subscribers1

1 For Moonpig in FY25.

Market overview

‌A large, growing and underpenetrated online market.

The single cards market is large and growing

The physical greeting cards market is large and resilient, valued at £2.0bn across the UK, Ireland and the Netherlands in 20231. It continues to grow steadily, driven primarily by increases in average selling price. The UK market rose from £1.32bn2in 2021 to

£1.42bn1in 2023, with a small volume decline averaging 0.9% per annum1. Similarly, the Netherlands market grew from £0.29bn2to £0.31bn1over the same period, following the same growth patterns as the UK market.

It is also a broad market, with 42m adult card buyers in the UK each purchasing an average of 19 single greeting cards per year, or 810m in total1. In the Netherlands, there are 9m adult card buyers, who purchase on average 13 single cards per year, or 120m in total1.

Card buying is consistent across adult age groups. For instance, in 2023 the average number of cards purchased per UK card buyer was 18.5 for 18-34 year olds, 18.5

for the 35-54 year olds and 19.7 for the 55+ age group1.

£2.0bn

Cards market size, UK/IE/NL in 20231

6.0%

UK online

volume penetration1

The market is undergoing a long-term structural shift to online

The physical greeting cards market remains under-penetrated online. In 2023, only 15% of total UK market value and 6% of volume was transacted online. Although 37% of UK adults bought at least one card online, most of their purchases remain offline1.

Online penetration continues to rise steadily - in the UK from 10% in 2019 to 15% in 2023 and in the Netherlands from 13% to 20%1.

This shift is supported by demographic trends. In 2023, online buyer penetration was 50% among 18-34 year olds, compared to 44% for 35-54 age group and 28% for those aged 55 and over1.

Consumer research indicates that all age groups expect to buy more cards online in future, with younger adults showing the highest anticipated growth.

15%

UK online value penetration 20231

5%pts

UK online penetration growth, 2019-20231

Card-giving relates primarily to repeating annual occasions

The greeting card market is fundamentally different to general e-commerce because it requires an

understanding of a customer's unique relationships, including the identity of the recipient, the gifting intent and the date of the occasion.

Card-giving relates primarily to repeating annual occasions. In the UK, almost nine-tenths of card sales relate to annual occasions such as birthdays, anniversaries and key seasonal events, including Christmas, Mother's Day, Father's Day and Valentine's Day1.

These repeat annual occasions create a stable foundation for customer retention and long-term revenue growth. Our database of occasion reminders set means that we understand when our customers have moments of high gifting intent and can provide curated, personalised recommendations for their card and gift.

68%

Recurring personal events, share of UK card sales3

20%

Recurring national events, share of UK card sales4

Buyer penetration and share of wallet both driving online growth

Online greeting card volume has two structural growth drivers: expanding the number of online buyers and capturing a greater share of their total card purchases.

Buyer penetration remains relatively low, with just 37% of UK buyers of physical greeting cards purchasing online1. This represents a meaningful growth opportunity. We are driving the market shift to online through a proposition that we believe is superior to offline alternatives for both convenience and personalisation.

This includes our expanding range of technology-led card creative features.

In parallel, we see a substantial opportunity to deepen engagement with our customer base and increase share of wallet. While the average UK card-buying consumer buys 19 cards annually, those who already purchase online do so for only three of those occasions, on average1. We are focused on driving purchase frequency through our platform such as occasion reminders, our Plus subscription programmes and our mobile apps.

37%

Online UK card buyer penetration1

19

Cards bought annually by average UK consumer1

Cards provide access to the large addressable market for gifting

The total addressable market (TAM) for gifting across the UK, Netherlands and Ireland is estimated at £58bn, comprising £2bn in cards, £22bn in card-attached gifting and £34bn of standalone gifting. It includes an estimated £6.5bn of gift experiences1.

Our card-first strategy provides Moonpig and Greetz with profitable access to the gifting market, as we can leverage data collected during the card personalisation journey to make relevant gifting recommendations to our customers.

We do this with nil incremental marketing costs, sidestepping expensive online competition for gifts and flowers, which supports high operating profit margins.

£58bn

Gifting TAM for UK/NL/ IE1

£22bn

Card-attached gifting TAM for UK/NL/IE1

Significant opportunity in experiential gifting

The UK gift experience market is valued at £6.5bn and presents a significant long-term growth opportunity. The gifting aggregator segment, in which we operate through our Buyagift and Red Letter Days brands, currently represents only around 5% or £270m

of the total market1.

Historically, the gift experience category has grown at a faster pace than the broader gifting market, reflecting secular consumer shift from physical towards experiential gifting1.

Trading conditions have been challenging over the last two years and gift experiences have been shown to be more cyclical than other markets in which the Group operates. Nonetheless, we believe that once current macroeconomic pressures ease, the underlying trajectory of the experiential gifting market will reassert itself.

£6.5bn

Total UK gift experience market1

£270m

Gift experience aggregator segment1

Our strategy

‌Becoming the ultimate gifting companion.

Strategic focus

Leveraging data and technology

What this means

We use technology to harness our proprietary data on customers' gifting intentions, generating highly relevant gifting recommendations.

Our algorithms, which are trained across 337m cumulative transactions as at 30 April 2025 (30 April 2024: 301m)1, continuously enhance the accuracy of our recommendations. As leaders in the online segment of the greeting card market, we capture nearly six times2more data than our closest competitor, strengthening our comparative advantage over time.

What we have done

>40k

card designs