MoneyHero Group (MNY) 2026年第二季度业绩电话会：营收下滑13%之际EBITDA亏损收窄

由于根据国际财务报告准则（IFRS），现金奖励增加抵减了列报的销售额，MoneyHero Group (NASDAQ: MNY) 2026财年第二季度营收有所下降。然而，获客策略收紧、核准率提高以及运营成本下降使得公司调整后EBITDA亏损有所收窄。

核心要点

• 2026财年第二季度营收同比下降13%至1580万美元。上半年营收基本持平，为3230万美元。
• 现金奖励增长77%至510万美元，并根据国际财务报告准则（IFRS）从营收中扣除。若加回该部分，第二季度总交易额持平于2090万美元，上半年总交易额增长9%至4150万美元。
• 调整后EBITDA亏损在第二季度收窄17%至160万美元，在上半年收窄49%至270万美元。按固定汇率计算，当季EBITDA亏损收窄64%至90万美元。
• 核准率提升9个百分点至48%。获批申请量下降15%，但第二季度和上半年的每件获批申请平均营收均有所增加。
• 香港仍是最大的市场，贡献了780万美元，占集团营收的一半。新加坡列报营收下降20%至620万美元，这很大程度上反映了现金奖励在该市场的集中发放。
• 截至6月底，MoneyHero拥有2820万美元的现金及现金等价物、3260万美元的净流动资产，且无债务。其会员规模增长17%至1010万。

关键财务数据

外汇影响的变化是净利润同比发生逆转的主要驱动因素。外汇净变动从去年同期的收益300万美元转为亏损10万美元，形成了约310万美元的波动幅度。

业务与运营业绩

香港与新加坡

香港市场营收在第二季度基本持平，为780万美元，上半年增长15%至1630万美元。上半年交易量增长21%，而分部利润从10万美元增加至50万美元。

新加坡市场营收在第二季度下降20%至620万美元，上半年下降8%，反映出现金奖励的使用力度更大。若计入该部分奖励，新加坡上半年的交易额增长了9%。分部利润从去年同期的亏损50万美元改善至盈利20万美元。

公司还与新加坡两家大型零售银行签署了独家合作协议，与一家全球银行集团转向固定费用模式，并与一家数字券商平台达成了独家合作。管理层表示，这些合作架构有助于提高合作伙伴营收的可预测性，并降低对基于竞价获客成本的依赖。

产品结构

信用卡业务营收下降18%至890万美元，向现金奖励倾斜的策略主要集中在该类别。财富管理与保险业务合计实现营收470万美元，占集团总营收的30%，高于去年同期的27%。

上半年，财富管理与保险业务合计营收增长11%至930万美元，占总营收的29%。其中财富管理业务营收增长22%至480万美元。个人贷款与按揭贷款业务营收在第二季度下降2%至200万美元。

MoneyHero于第二季度在香港推出了人寿保险市场平台。管理层表示，2026财年的年化运行速率（run rate）约为去年水平的两倍，并计划新增重疾险、短期储蓄险、可扣税医疗险以及个人意外险产品。

在新加坡，SingSaver预计将通过与Redbrick的联盟合作伙伴关系推出房屋贷款比价服务。MoneyHero将按成功发放的贷款金额抽取一定比例的佣金，无需承担核保或资产负债表风险。

人工智能与成本效益

MoneyHero自主研发的兑换券管理系统于7月在香港上线，首先应用于Apple礼品卡。管理层表示，该系统将客户交付时间缩短了一半，并消除了第三方处理费。公司计划将该系统推广至新加坡及更多奖励类别。

重构后的会员仪表盘已在新加坡上线，预计将于2026年晚些时候推广至香港及其他市场。该平台旨在减少有关奖励状态的客服咨询、提高复购与用户粘性，并降低获客成本。

MoneyHero还在开发基于AI辅助的对话式产品推荐与客户支持体验。管理层预计将在公司合规与控制框架内，于2026财年第四季度按市场逐步推出。

管理层展望

管理层仍专注于改善全年调整后EBITDA，而非提供具体的营收或盈利目标。下半年的举措包括新加坡房贷比价、香港重疾险、AI辅助搜索体验、会员仪表盘扩展以及兑换券管理系统的更广泛推广。

公司还计划采取针对性措施，以稳定并重新加速新加坡市场的业务量，并在更有盈利保障的基础上重建台湾市场的业务量。管理层表示，持续投资将优先考虑高毛利产品、AI能力、客户转化以及香港和新加坡市场的自然流量。

风险与关注点

• 列报营收仍受现金奖励会计处理方式的影响，根据国际财务报告准则（IFRS），现金奖励需从营收中扣除，而非列为费用。
• 申请量有所放缓，尽管核准率提升且每件获批申请的平均营收改善，但获批申请量仍下降了15%。
• 汇率波动对净业绩产生了实质性影响，导致外汇净变动同比出现约310万美元的波动。
• 管理层提及了短期宏观经济挑战和动态的市场环境，特别是在努力稳定新加坡业务量以及以盈利方式重建台湾业务量之际。
• 增长举措取决于新产品的成功推出、自然流量的扩大以及在监管和合规控制范围内按市场逐步部署。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

Operator

Good day, and welcome to the MoneyHero Group Second Quarter 2026 Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to Gretchen Kwan, Head of Corporate Affairs and Communications. Please go ahead.

Gretchen Kwan

Hello, everyone, and welcome to MoneyHero's 2026 Second Quarter Earnings Conference Call. I'm Gretchen Kwan, Head of Corporate Affairs and Communications at MoneyHero Group.

Before we begin, I would like to remind you that today's call will include forward-looking statements, which are inherently subject to risks and uncertainties and may not be realized in the future for various reasons as stated in our earnings press release, which was issued earlier today and is also available on our IR website. In addition, please note that today's discussion will include both IFRS and non-IFRS financial measures for comparison purpose only. For our reconciliations of these non-IFRS measures to the most directly comparable IFRS measures, please refer to our earnings release and SEC filings. Lastly, a webcast replay and the script of this conference call will be available on our IR website.

Joining me on the call today is Daniel Leung, Interim CEO and CFO, who will go over our strategy and business updates, operating highlights and financial performance for the second quarter of 2026. Please note that we will not be holding a Q&A session today. If you have any questions, please contact our Investor Relations team after the call.

With that, let me turn the call over to Danny.

Ka Yip Leung

Thank you, Gretchen. Good day, everyone, and thank you for joining us to discuss MoneyHero Group's second quarter 2026 financial results. The underlying trajectory of the business remained resilient with the second quarter delivering continued improvement in unit economics, approval quality and cost discipline alongside sustained operational strength in our core markets of Hong Kong and Singapore.

Net loss for the quarter was $1.2 million, which reflects foreign exchange rather than any change in our operating trajectory. Adjusted EBITDA loss narrowed 17% year-over-year to $1.6 million in the quarter and 49% year-over-year to only $2.7 million for the first half of 2026. While constant FX EBITDA loss, which excludes unrealized foreign exchange impact, narrowed 64% year-over-year to $0.9 million. We ended the period with $28.2 million in cash and no debt. This progress is alongside a deliberate decision on how we acquire customers, which also shaped our reported revenue. Revenue was $15.8 million in the second quarter, down 13% year-over-year. While for the first 6 months of 2026, revenue remained essentially flat year-over-year at $32.3 million.

However, these headline figures understate the underlying progress we have made due to strategic decision to deploy cash rewards in Singapore and Hong Kong, where there is a growing consumer preference for flexible cash incentive. This allows us to attract high-intent customers more cost effectively. Under IFRS accounting rules, these cash rewards are deducted from revenue rather than recorded as a cost. Cash rewards totaled $5.1 million in the quarter, up 77% year-over-year from $2.9 million in the prior year period.

On the 6-month basis, cash reward totaled $9.2 million, up 66% year-over-year, with Singapore representing the largest share at $7.3 million and Hong Kong at $1.9 million. Adding these rewards back in, the total transaction value of our business becomes clearer, holding flat year-over-year in the quarter at $20.9 million and up 9% year-over-year to $41.5 million over the first 6 months of the year. This growth over the past half year reflects a deliberate choice against a dynamic market environment, we prioritized margin quality, conversion and operating efficiencies over chasing lower-yielding volume even as application volumes softened.

I will now walk through our performance by market and product verticals, our operating metrics, cost management and AI transformation, bottom line performance and financial position. Hong Kong, still our anchor market, held broadly flat year-over-year at $7.8 million, representing half of total group revenue and grew 15% year-over-year to $16.3 million on a 6-month basis. This performance underscores the resilience of our leadership position in Hong Kong and provides an important anchor for the group during a softer quarter in some of the other markets.

On an operational volume basis, the total transaction volume of Hong Kong grew 21% year-over-year in the first half. That strength is showing up in profitability, too. Hong Kong segment profit surged to $0.5 million in the first half from $0.1 million in the prior year period. At the same time, we remain focused on identifying sustainable opportunities to deepen customer engagement, increase cross-selling and grow our product relationships in Hong Kong.

In Singapore, the underlying operating momentum continued to expand. Because our cash rewards deployment was heavily concentrated in Singapore, reported revenue declined 20% year-over-year to $6.2 million, mainly reflecting the impact of the cash rewards. On a 6-month basis, Singapore revenue moderated by only 8% but our disciplined focus on higher-margin conversions successfully translated into improving underlying unit economics. When adding back those cash rewards, however, our total transaction value in Singapore actually grew 9% year-over-year in the first half of 2026. In fact, on a 6-month basis, Singapore delivered segment profit of $0.2 million, a powerful turnaround from $0.5 million loss in the prior year period.

Credit card revenue declined 18% year-over-year to $8.9 million, and this is where the shift toward cash rewards is concentrated. Combined revenue from Wealth and Insurance was $4.7 million, representing 30% of total revenue, up from 27% in the prior year period. Within that, Insurance revenue declined 7% year-over-year to $2.4 million. And so the increase in contribution reflects the relative resilience of these verticals against credit cards rather than growth in absolute terms during the quarter. On a 6-month basis, the underlying product mix trend was more evident. Combined Wealth and Insurance revenue grew 11% year-over-year to $9.3 million, representing 29% of total revenue, with Wealth up 22% year-over-year to $4.8 million. Personal Loan and Mortgages revenue declined 2% year-over-year to $2 million for the quarter. The first half growth in combined Wealth and Insurance revenue continued to validate our product diversification strategy.

We continue to scale our AI transformation initiative during the second quarter with a focus on simplifying our technology platform, automating engineering and operational workflows and improving productivity across the organization. Technology costs fell 50% year-over-year to $0.5 million through platform consolidation and AI-driven automation. Advertising and marketing expenses fell 12% year-over-year to $4 million, supported by more disciplined data-driven campaign allocation. Employee benefit expenses were $3.9 million, up 6% year-over-year, balanced against those savings by targeted investment in employee capabilities to support our higher-margin verticals and AI initiatives.

Total operating costs and expenses, excluding net foreign exchange difference, declined 12% year-over-year to $18.2 million. Because cash rewards are recognized as deduction from revenue under IFRS, while noncash rewards are recognized as a cost of revenue, the same shift that reduced reported revenue also drove a 17% year-over-year decline in our cost of revenue to $7.6 million, supported by the more selective customer acquisition spend and higher converting traffic. Cost of revenue as a percentage of revenue improved 3 percentage points year-over-year to 48%. The reduction in technology costs and advertising and marketing are separate from reward mix and from the movement in the top line. Even in a quarter of lower revenue, we held spend down across customer acquisition, technology and other operating costs.

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.

Let me turn to Product & Technology. Last quarter, I described AI as our engine. This quarter, I want to show what it has delivered and what it is building next. Our in-house voucher management system went live in Hong Kong in July for Apple gift cards, which is our largest reward type, cutting delivery time to customers by half and eliminating third-party handling fees. We will extend it to Singapore and to more reward types, including travel, e-commerce, and supermarket vouchers. A single engineer on our team took it from prototype to production in under 3 months. Versus a conventional build, we estimate would have needed a team of around 10 working for most of a year. And every release still goes through our standard engineering review and sign off.

We are applying the same approach to 2 more projects. First, a fully AI-assisted conversational experience that combines customer support and product discovery. A user describes what they need in their own words and is guided directly to our right products, content and rewards. We are also structuring our product data and content, so third-party GenAI platforms and search engines can cite MoneyHero directly. So wherever a customer's journey begins, it completes on our platform with the applications, the rewards and the member relationship staying with us, both rolled out market by market within our compliance and control frameworks in Q4 this year.

Second, which is the member dashboard. Which is a rebuilt experience that gives members one place to track rewards issued directly through the voucher system, live in Singapore this month and expanding to Hong Kong and other markets later this year. Upcoming releases add insurance policies, single log-in and personalized suggestions. Rewards status queries are one of our largest source of support contacts. So this also lower support cost while giving members a reason to return between transactions. And returning members is one we don't need to acquire again, which meaningfully cuts our acquisition cost.

Finally, the least visible piece and maybe the one that matters most over time. We're rebuilding the internal system behind rewards, insurance operations, customer service and our data. Many built or bought at different stage of our growth, some still carrying external fees and dependencies. The voucher system is a template. We are now applying the same approach group-wide, including legal and compliance within the controls of a regulated financial business. Each system we rebuild lower our run cost and give our products a cleaner foundation. And as before, savings fund the next build, so we don't expect that this to require significant additional capital expenditure. Together, this is how the AI capability I've described turns into product, cost and revenue. One platform owned by us, serving members wherever they need us.

It is also worth noting we have also advanced several partner-led wins in Singapore this quarter. We secured exclusive partnerships with 2 of the country's largest retail banks, moved to a fixed fee arrangement with a global banking group and signed an exclusive partnership with a digital brokerage platform. Exclusivity and fixed fee economics both make our partner revenue more predictable and reduce our exposure to auction-based acquisition costs.

To provide a closer look at how we are executing on these growth opportunities and expanding our product suite, I want to highlight 2 key initiatives across our platforms. First, starting with Singapore. 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. We are bringing this to market through a pure affiliate partnership with Redbrick, a leading mortgage broker in comparison platform in Singapore. This allows for an asset-light entry. Redbrick manages the broker relationships and the bank panel, while SingSaver contributes our strong brand and high intent traffic. We simply earn a percentage of the loan value disbursed on each successful conversion, meaning that we take on absolutely 0 underwriting and balance sheet risk.

The opportunity here is significant. Housing loans are Singapore's single largest household debt category by a wide margin. In the first quarter of 2026, outstanding housing loans reached SGD 296 billion, representing 50% of total household debt, and this balance has grown for 10 consecutive quarters. Further, falling borrowing rates down from highs of around 3% towards 1.2% to 1.5% are supporting increased comparison and refinancing activity among both new buyers and existing owners. Targeting this market extends the higher ticket lending trend that is already contributing to our growth in personal loan and brokerage.

And now turning to MoneyHero in Hong Kong. We have been actively developing our online life insurance revenue streams. Over the last 2 years, our life insurance income came mainly from selling ad space and running small-scale lead generation campaigns. However, we are seeing a shift. More insurers are putting life products online and the local market is increasingly comfortable buying these products in a self-serve manner post-COVID. In response, we launched our first life insurance marketplace in the second quarter of 2026 to test the waters. The results have been encouraging across traffic, policies sold and insurer response, driving our 2026 run rate to roughly to double that of last year.

Given the clear early momentum, we plan to double down over the next 12 months, adding products such as critical illness in Q3, along with short-term savings, tax deductible medical, and personal accident insurance. Importantly, the incremental product effort is minimal, requires no API integration, allowing us seamlessly duplicate and adjust our initial marketplace. While competitor in Hong Kong focus on deep complex content, our strategy is distinct. We know that for simple products, many customers actually prefer a frictionless no-frills experience where they can get in and out quickly. Our substantial existing insurance traffic, particularly from travel insurance, give us a solid foundation in capturing this demand.

Looking ahead, we are also doubling down on our efforts to reaccelerate organic traffic with a specific focus on our core high-value markets of Hong Kong and Singapore. Over the past few quarters, our strategic discipline has yielded a smaller but significantly higher quality funnel with our approval rates expanding by 9 percentage points. Because we have successfully optimized the underlying conversion mechanics, any incremental growth in top of funnel traffic will now generate outsized highly profitable returns for the business. To capitalize on this improved efficiency, we are aggressively expanding our content generation and distribution engine. We are actively structuring our platform data, financial guides and product comparison to ensure that whenever consumers are navigating traditional SEO channels or querying in next-generation AI search engines, MoneyHero is consistently surfaced as an authoritative source.

By dominating these emerging search ecosystems, we will sustainably drive high-intent organic traffic directly into our new high-margin verticals, such as the home loan insurance in Singapore and life insurance in Hong Kong. Furthermore, the organic inflows perfectly complements the rollout of our newly rebuilt member dashboard. Once these organic users land on our platforms, they are immediately integrated into a sticky personalized ecosystem designed to encourage cross-selling, facilitate direct insurance renewals and maximize lifelong values without incurring additional customer acquisition costs.

Now going back to our financial headline. Impacted by foreign exchange, net loss for the quarter was $1.2 million compared with net income of $0.2 million in the prior year period, mainly driven by the net foreign exchange differences, swinging from a $3 million gain in the prior year period to a $0.1 million loss this quarter, a swing of approximately $3.1 million. Excluding the unrealized foreign exchange impact, constant FX EBITDA loss narrowed 64% year-over-year from $2.6 million to $0.9 million. On a 6-month basis, the improvement is more modest, 14% year-over-year from $5.8 million to $5 million.

Because that figure still carries roughly $1.6 million of nonrecurring legal and professional fees and other expenses, which we excluded from adjusted EBITDA, but not from this measure. And if we look at adjusted EBITDA loss, it narrowed 17% year-over-year to $1.6 million for the quarter and 49% year-over-year to $2.7 million for the first half of 2026, reflecting continued cost of revenue efficiency and lower operating spend. We end the quarter with a debt-free balance sheet, $28.2 million in cash and cash equivalents and $32.6 million in net current assets as of June, both stable versus March end. 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.

Looking ahead through the remainder of 2026, we remain focused on translating the structural efficiencies we have established into continued full year adjusted EBITDA improvement. Our second half product and commercial catalysts include the home loan launch in Singapore, the rollout of our AI-assisted natural language search experience, the critical illness launch in Hong Kong during the third quarter, the rollout of the rebuild member dashboard to Hong Kong and the expansion of our voucher management system to additional markets and reward types. At the same time, we are taking targeted actions to stabilize and reaccelerate volume in Singapore and to rebuild our underlying volume in Taiwan on a more profitable basis amid dynamic market conditions.

Across the group, we will continue to sharpen execution, optimize customer acquisition and conversion and invest selectively in the markets, in the products, technology, and talent that support profitable long-term growth. These initiatives are designed to broaden our product mix, deepen member engagement, strengthen partner monetization and support the rebuilding of volume on a more profitable basis. We remain confident in our strategy and committed to advancing our key strategic initiatives and building a core diversified, scalable, and resilient business.

So thank you all for joining us today. While the broader macroeconomic environment has presented some near-term challenges, our second quarter results clearly demonstrate the underlying resilience of our core business and the tangible financial benefits of our strategic initiatives. We believe our prospects for the second half of the year are highly promising. By leaning heavily into our AI transformation and expanding into higher-margin verticals, we are actively unlocking new avenues of sustainable, profitable growth. We are particularly excited about our market, the launch of our brand-new home loan comparison category in Singapore and the rapid expansion of our online life insurance marketplace in Hong Kong.

When you combine these new growth categories with our upcoming tech rollouts, including our in-house voucher management system, the AI-assisted search experience and our newly rebuilt member dashboard, we are creating a much stronger, more efficient and deeply integrated platform for our 10 million-plus members.

I would like to extend my deepest gratitude to our incredible team across the group for their relentless execution and adaptability as well as to our shareholders for your continued support and belief in our long-term vision. The path ahead is incredibly promising, and we look forward to speaking with you again and updating you on our continued progress next quarter. Thank you.

Operator

Thank you for your participation. You may now disconnect. Good day.