MNYWW

• The company completed its strategic reset and is entering a phase with structural profitability and value creation.
• Q3 showed sequential revenue growth, with adjusted EBITDA loss improving 68% year-on-year to negative $1.8 million and adjusted EBITDA margin improving to -8.4%.
• Revenue mix has shifted to higher-margin products like insurance and wealth.
• Project Odyssey is an AI stack driving unit economics uplift across verticals, with pilots live and expected improvements in CAC efficiency, funnel conversion, etc.
• Q4 is expected to be the first profitable quarter on an adjusted EBITDA basis since listing, driven by tailwinds in insurance and wealth, strong partner budgets, and cost reset.
• Long-term plans include healthy annual revenue growth, margin expansion, positive free cash flow, and further revenue mix shift towards insurance and wealth.

• Q4 is expected to be the first quarter of positive adjusted EBITDA since listing.
• For 2026, target solid top line growth, meaningful profitability improvement, and further revenue mix shift towards insurance and wealth.
• Pursue disciplined capital allocation, invest in Odyssey, Credit Hero Club, and real-time car insurance journeys, explore consolidation opportunities, and evaluate share repurchases once free cash flow is established.

In the third quarter of 2025, MoneyHero reported $21.1 million in revenue, which was up 17% quarter-on-quarter and 1% year-on-year. The revenue mix has shifted towards higher-margin products, with insurance and wealth now accounting for 23% of revenue. Insurance saw a 13% year-on-year increase, and wealth had a 5% year-on-year increase. Geographically, Singapore had revenue of $10.2 million, Hong Kong $7.5 million, Taiwan $1 million, and the Philippines $2.4 million. Operating costs, excluding FX, fell 13% year-on-year to $23.9 million, with declines in technology costs, employee benefit expenses, and advertising and marketing costs.

• Regulatory uncertainties related to AI implementation and compliance.
• Challenges in fully executing AI-driven initiatives like Project Odyssey as planned.
• Market competition and potential impact on revenue mix and profitability.

Q: What is the plan for the crypto segment?

A: MoneyHero's approach to crypto is regulated and compliance first. Partnered with OSL and Coinbase, plans to integrate digital assets into broader wealth journey and underwrite as an upside within the wealth segment over 2-3 years.

Q: Can you elaborate on AI displacement risk?

A: AI is seen as an amplifier of value as MoneyHero provides aggregation, normalization, and curation across platforms, and acts as an AI-enhanced layer between users and providers, not just a static comparison platform.

Q: Any plans for M&A?

A: Will pursue M&A in a disciplined way, focusing on acquisitions with revenue or cost synergies, stronger capabilities, strategic scale, and fitting the AI-enabled operating model.

Q: How is the Credit Hero Club reception and loan segment outlook?

A: Credit Hero Club is a successful membership program in Hong Kong, driving personalized offers and improving user experience. Personal loans in Hong Kong are cyclical but margins improve with higher approvals and Credit Hero Club.

Q: Outlook for segments in 2026?

A: Credit cards are medium to high-intent, low to medium margin. Personal loans are cyclical with improving margins driven by Credit Hero Club. Insurance has lower seasonality, strong repeat intent, and higher margins, being an EBITDA anchor. Wealth segments have moderate to high margins with long-term upside.