Share buyback programmes

To maintain an efficient capital structure, Moonpig Group’s target is to operate with net leverage of approximately 1.0x over the medium term, with flexibility to move beyond this as business needs require. We continue to prioritise organic investment to drive growth, including in technology and marketing. We will continue to selectively consider value-accretive M&A opportunities, maintaining a high threshold for strategic and financial returns.  We will always prioritise growth investment in the business, however our consistent strong Free Cash Flow means that we have the financial flexibility to consistently return incremental excess capital to shareholders by way of dividends and share buybacks. Our policy is that we will only conduct share buybacks when they use excess capital and are earnings enhancing.