由於根據國際財務報告準則（IFRS），現金獎勵增加抵減了列報的銷售額，MoneyHero Group (NASDAQ: MNY) 2026財年第二季度營收有所下降。然而，獲客策略收緊、覈准率提高以及運營成本下降使得公司調整後EBITDA虧損有所收窄。

核心要點

• 2026財年第二季度營收按年下降13%至1580萬美元。上半年營收基本持平，為3230萬美元。
• 現金獎勵增長77%至510萬美元，並根據國際財務報告準則（IFRS）從營收中扣除。若加回該部分，第二季度總交易額持平於2090萬美元，上半年總交易額增長9%至4150萬美元。
• 調整後EBITDA虧損在第二季度收窄17%至160萬美元，在上半年收窄49%至270萬美元。按固定匯率計算，當季EBITDA虧損收窄64%至90萬美元。
• 覈准率提升9個百分點至48%。獲批申請量下降15%，但第二季度和上半年的每件獲批申請平均營收均有所增加。
• 香港仍是最大的市場，貢獻了780萬美元，佔集團營收的一半。新加坡列報營收下降20%至620萬美元，這很大程度上反映了現金獎勵在該市場的集中發放。
• 截至6月底，MoneyHero擁有2820萬美元的現金及現金等價物、3260萬美元的淨流動資產，且無債務。其會員規模增長17%至1010萬。

關鍵財務數據

外匯影響的變化是淨利潤按年發生逆轉的主要驅動因素。外匯淨變動從去年同期的收益300萬美元轉為虧損10萬美元，形成了約310萬美元的波動幅度。

業務與運營業績

香港與新加坡

香港市場營收在第二季度基本持平，為780萬美元，上半年增長15%至1630萬美元。上半年交易量增長21%，而分部利潤從10萬美元增加至50萬美元。

新加坡市場營收在第二季度下降20%至620萬美元，上半年下降8%，反映出現金獎勵的使用力度更大。若計入該部分獎勵，新加坡上半年的交易額增長了9%。分部利潤從去年同期的虧損50萬美元改善至盈利20萬美元。

公司還與新加坡兩家大型零售銀行簽署了獨家合作協議，與一家全球銀行集團轉向固定費用模式，並與一家數字券商平台達成了獨家合作。管理層表示，這些合作架構有助於提高合作伙伴營收的可預測性，並降低對基於競價獲客成本的依賴。

產品結構

信用卡業務營收下降18%至890萬美元，向現金獎勵傾斜的策略主要集中在該類別。財富管理與保險業務合計實現營收470萬美元，佔集團總營收的30%，高於去年同期的27%。

上半年，財富管理與保險業務合計營收增長11%至930萬美元，佔總營收的29%。其中財富管理業務營收增長22%至480萬美元。個人貸款與按揭貸款業務營收在第二季度下降2%至200萬美元。

MoneyHero於第二季度在香港推出了人壽保險市場平台。管理層表示，2026財年的年化運行速率（run rate）約為去年水平的兩倍，並計劃新增重疾險、短期儲蓄險、可扣稅醫療險以及個人意外險產品。

在新加坡，SingSaver預計將通過與Redbrick的聯盟合作伙伴關係推出房屋貸款比價服務。MoneyHero將按成功發放的貸款金額抽取一定比例的佣金，無需承擔覈保或資產負債表風險。

人工智能與成本效益

MoneyHero自主研發的兌換券管理系統於7月在香港上線，首先應用於Apple禮品卡。管理層表示，該系統將客戶交付時間縮短了一半，並消除了第三方處理費。公司計劃將該系統推廣至新加坡及更多獎勵類別。

重構後的會員儀表盤已在新加坡上線，預計將於2026年晚些時候推廣至香港及其他市場。該平台旨在減少有關獎勵狀態的客服諮詢、提高復購與用戶粘性，並降低獲客成本。

MoneyHero還在開發基於AI輔助的對話式產品推薦與客戶支持體驗。管理層預計將在公司合規與控制框架內，於2026財年第四季度按市場逐步推出。

管理層展望

管理層仍專注於改善全年調整後EBITDA，而非提供具體的營收或盈利目標。下半年的舉措包括新加坡房貸比價、香港重疾險、AI輔助搜索體驗、會員儀表盤擴展以及兌換券管理系統的更廣泛推廣。

公司還計劃採取針對性措施，以穩定並重新加速新加坡市場的業務量，並在更有盈利保障的基礎上重建台灣市場的業務量。管理層表示，持續投資將優先考慮高毛利產品、AI能力、客戶轉化以及香港和新加坡市場的自然流量。

風險與關注點

• 列報營收仍受現金獎勵會計處理方式的影響，根據國際財務報告準則（IFRS），現金獎勵需從營收中扣除，而非列為費用。
• 申請量有所放緩，儘管覈准率提升且每件獲批申請的平均營收改善，但獲批申請量仍下降了15%。
• 匯率波動對淨業績產生了實質性影響，導致外匯淨變動按年出現約310萬美元的波動。
• 管理層提及了短期宏觀經濟挑戰和動態的市場環境，特別是在努力穩定新加坡業務量以及以盈利方式重建台灣業務量之際。
• 增長舉措取決於新產品的成功推出、自然流量的擴大以及在監管和合規控制範圍內按市場逐步部署。

業績電話會議完整文字記錄

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完整財報電話會議逐字稿

管理層陳述

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.

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