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MNY
Earnings call · Jun 2026 (Q2 FY26)

MoneyHero Q2 FY26 earnings call MNY

Sep 11, 2026 Source

Executive summary

MoneyHero Q2 FY26 — Strategic Shift to Quality Drives Profitability Improvement Amid Revenue Decline

MoneyHero Group reported Q2 FY26 results reflecting a strategic shift towards higher-quality customer acquisition and improved unit economics, which led to a significant narrowing of adjusted EBITDA loss despite a reported revenue decline. The company emphasized its AI transformation and product diversification into higher-margin verticals, such as home loans and life insurance, to drive future profitable growth. The call was presented as a monologue with no Q&A session.

Highlights

5

  • Adjusted EBITDA loss narrowed 17% year-over-year to $1.6 million in Q2 FY26.

  • Constant FX EBITDA loss narrowed 64% year-over-year to $0.9 million.

  • Hong Kong segment profit surged to $0.5 million in H1 FY26 from $0.1 million in prior year.

  • Singapore segment profit turned around to $0.2 million in H1 FY26 from a $0.5 million loss.

  • Approval rate expanded 9 percentage points to 48%.

Concerns

4

  • Net loss for the quarter was $1.2 million, swinging from a $0.2 million net income in prior year, mainly due to a $3.1 million swing in foreign exchange differences.

  • Revenue was $15.8 million in Q2 FY26, down 13% year-over-year.

  • Credit card revenue declined 18% year-over-year to $8.9 million.

  • Insurance revenue declined 7% year-over-year to $2.4 million.

Guidance & targets

CategoryTargetConfidence
Full-year Adjusted EBITDA
Continued improvement
high materiality
High
Life insurance product expansion (Hong Kong)
Adding products such as critical illness
medium materiality
High
AI-assisted conversational experience rollout
Rolled out market by market within our compliance and control frameworks in Q4 this year
medium materiality
High
Member dashboard expansion
Expanding to Hong Kong and other markets later this year
medium materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
Hong Kong
Hong Kong remained the anchor market, broadly flat year-over-year in revenue for Q2, but grew 15% year-over-year to $16.3 million on a 6-month basis. Segment profit surged in H1 FY26 from $0.1 million to $0.5 million.
Total transaction volume (H1 FY26): 21% year-over-year growth
$7.8 millionbroadly flat—$0.5 million
Singapore
Reported revenue declined due to concentrated cash rewards deployment. However, underlying operating momentum expanded, and segment profit turned around in H1 FY26 from a $0.5 million loss to $0.2 million profit.
Total transaction value (H1 FY26): 9% year-over-year growth
$6.2 million-20%—$0.2 million
Credit Card
Revenue declined year-over-year, concentrated with the shift toward cash rewards.
$8.9 million-18%——
Wealth and Insurance (Combined)
Combined revenue represented 30% of total revenue, up from 27% in the prior year period, reflecting relative resilience. On a 6-month basis, combined Wealth and Insurance revenue grew 11% year-over-year.
Percentage of total revenue: 30%H1 FY26 revenue: $9.3 millionH1 FY26 growth: 11% year-over-year
$4.7 million———
Wealth
Wealth revenue grew 22% year-over-year in the first half of 2026.
H1 FY26 revenue: $4.8 millionH1 FY26 growth: 22% year-over-year
————
Insurance
Insurance revenue declined year-over-year in Q2 FY26.
$2.4 million-7%——
Personal Loan and Mortgages
Revenue declined slightly year-over-year for the quarter.
$2 million-2%——

MNY operating KPIs by quarter

MNY operating KPIs stated on its earnings calls, by fiscal quarter
KPI Mar 2026 Q1 FY26This call Jun 2026 Q2 FY26Change vs prior quarter
Registered members
9.8M Money Hero Group members grew by 24% year-over-year to 9.8 million registered users. Source transcript
10.1M This position, together with a member base of $10.1 million, which is up 17% year-over-year, continues to fund our organic growth road map and support broader market reach. Source transcript
+3.1%
Approval rate
48% Despite this lean marketing framework, our approval rate increased meaningfully from 36% a year ago to 48% this quarter and total approved application still grew year-over-year, reaching 156,000. Source transcript
48% Approval rate nonetheless expanded 9 percentage points from the prior year period to 48% and approved applications declined by a smaller 15%, alongside continued growth in revenue per approved application in both the quarter and the first half of the year, clear evidence that we are converting a smaller but higher quality funnel more efficiently. Source transcript
0 pt

Operating figures the company states on every call, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Product announcements

ProductTypeDetails
In-house voucher management systemlaunch
AI-assisted conversational experienceroadmap
Member dashboardlaunch
Home loan comparison category (SingSaver)launch
Life insurance marketplace (MoneyHero)launch

Deals & partnerships

2 largest retail banks Exclusive partnerships

Secured exclusive partnerships with two of Singapore's largest retail banks.

Global banking group Fixed fee arrangement

Moved to a fixed fee arrangement with a global banking group.

Digital brokerage platform Exclusive partnership

Signed an exclusive partnership with a digital brokerage platform.

Redbrick Affiliate partnership for home loan comparison

Partnered with Redbrick, a leading mortgage broker in Singapore, to launch a home loan comparison category. Redbrick manages broker relationships and bank panel, while SingSaver contributes brand and traffic.

Risks & headwinds

Foreign exchange impact on net loss Q2 FY26

Net loss of $1.2 million in Q2 FY26, a $3.1 million swing from a $3 million gain in prior year period to a $0.1 million loss this quarter.

Mitigation:Management focuses on constant FX EBITDA loss to reflect underlying operating trajectory.

Softer application volumes and dynamic market conditions Q2 FY26

Application volumes softened; reported revenue down 13% year-over-year to $15.8 million.

Mitigation:Prioritizing margin quality, conversion, and operating efficiencies; taking targeted actions to stabilize and reaccelerate volume in Singapore and rebuild volume in Taiwan on a more profitable basis.

Nonrecurring legal and professional fees H1 FY26

Approximately $1.6 million of nonrecurring legal and professional fees and other expenses in H1 FY26.

Mitigation:These are excluded from adjusted EBITDA, which shows a stronger improvement.

Broader macroeconomic environment challenges Near-term

Presented some near-term challenges.

Mitigation:Focusing on structural efficiencies, AI transformation, and expansion into higher-margin verticals to unlock sustainable, profitable growth.

What to watch in Q3 FY26

Home loan comparison category performance (Singapore)

Next quarter
Current Launched in August 2026
Target Initial traction, conversion rates, and contribution to revenue/profitability

Why it matters

This new category targets a significant market and is expected to be a key growth driver, validating the product diversification strategy.

This month, SingSaver is expected to officially be launching a brand-new home loan comparison category, closing a category gap in our vertical mix, complementing our existing credit card, personal loan insurance, and brokerage offerings.

2 min read 6 chapters

Detailed narrative

Strategic Shift to Quality and Unit Economics

MoneyHero Group made a deliberate strategic decision to prioritize margin quality, conversion, and operating efficiencies over chasing lower-yielding volume. This led to a 13% year-over-year decline in reported revenue to $15.8 million in Q2 FY26, but also resulted in a 17% year-over-year narrowing of Adjusted EBITDA loss to $1.6 million. The company focused on attracting high-intent customers more cost-effectively, even as application volumes softened.

Impact of Cash Rewards on Revenue Reporting

The reported revenue decline was significantly influenced by the increased deployment of cash rewards, totaling $5.1 million in Q2 FY26 (up 77% YoY). Under IFRS, these cash rewards are deducted from revenue rather than recorded as a cost. When adding back these rewards, the total transaction value for the quarter held flat year-over-year at $20.9 million, and grew 9% year-over-year to $41.5 million for the first half of 2026.

AI Transformation and Operational Efficiency

The company scaled its AI transformation initiatives, focusing on simplifying technology platforms, automating workflows, and improving productivity. Technology costs fell 50% year-over-year to $0.5 million, and advertising and marketing expenses fell 12% year-over-year to $4 million. These efficiencies contributed to a 12% year-over-year decline in total operating costs and expenses (excluding FX) to $18.2 million.

Product and Technology Innovations

MoneyHero launched an in-house voucher management system in Hong Kong, cutting delivery times and eliminating third-party fees, with plans to extend it to Singapore and other reward types. They are also developing an AI-assisted conversational experience for customer support and product discovery, and rebuilding a member dashboard to track rewards and offer personalized suggestions, aiming to reduce acquisition costs and increase engagement.

Market and Product Diversification

The company expanded its product suite with a new home loan comparison category in Singapore via an asset-light affiliate partnership with Redbrick, targeting the significant SGD 296 billion housing loan market. In Hong Kong, they launched a life insurance marketplace in Q2 FY26, with encouraging early results, and plan to add critical illness and other products in Q3. This diversification aims to capture higher-margin opportunities.

Organic Traffic Reacceleration Strategy

MoneyHero is aggressively expanding its content generation and distribution engine to reaccelerate organic traffic in Hong Kong and Singapore. By structuring platform data and financial guides, they aim to be consistently surfaced as an authoritative source in traditional SEO and next-generation AI search engines. This strategy is expected to drive high-intent organic traffic directly into new high-margin verticals and complement the new member dashboard.

AI-generated summary of the company's earnings call. Not investment advice.