Highlights

• Moonpig launches a second-half FY27 share buyback worth up to £32.5m from 3 November 2026.

• The new programme runs until 30 April 2027 unless the company chooses to end it earlier.

• RBC Europe replaces J.P. Morgan as broker, buying shares as riskless principal before they are cancelled.

• The launch follows Monday's completion of a first-half programme that repurchased 12,728,036 shares for about £32.5m.

One buyback ends, the next one starts. Moonpig Group (LSE:MOON) on Tuesday kicked off a new share repurchase programme of up to £32.5m, barely a day after confirming it had finished the previous one. The online cards and gifts group is pressing ahead with its plan to hand surplus Capital back to shareholders, and every share it buys is set to be cancelled, shrinking the share count.

A new programme, not a daily update

This is a fresh launch rather than routine transaction reporting. Moonpig said it is commencing a H2 FY27 share buyback programme, building on plans it first set out on 18 March 2026. The programme allows purchases of up to £32.5m of ordinary shares, starting on 3 November 2026 and ending no later than 30 April 2027, unless the company announces an earlier finish.

On Monday the group confirmed completion of its H1 FY27 programme. Under that tranche, J.P. Morgan Securities bought back 12,728,036 shares for about £32.5m, including stamp duty and expenses. The company has stated an intention to carry out up to £65m of Buybacks across FY27 as a whole, and the two halves together account for that amount.

How the buyback will work

RBC Europe Limited will run the new programme. It buys shares as riskless principal, not as Moonpig's agent, and then sells them on to the company. RBC makes trading decisions independently within parameters agreed in advance, and purchases take place on the London Stock Exchange.

The buyback relies on authority granted at Moonpig's 2026 annual general meeting, which permits up to 45,254,684 shares to be repurchased. As of 2 November 2026, 42,172,367 shares remained available under that authority. The programme follows the FCA's Listing Rules and the market abuse rules that govern buybacks.

Moonpig stressed a discipline test for every purchase it makes. It will buy shares only when doing so uses excess capital and is Earnings enhancing.

Moonpig's track record on capital returns

Returning cash has become a regular feature for this FTSE 250 name. The company's first programme, worth £25m, was completed in the second half of FY25. A second programme of £60m followed in FY26, split into two equal £30m tranches across the two halves of that year. The FY27 plan of up to £65m continues that pattern.

For holders of UK shares, the mechanics are simple: cancelling repurchased shares reduces the total in issue, which spreads future earnings across fewer shares.

Risks to keep in view

Buybacks are discretionary. The company can end the programme early, and purchases depend on market conditions and the earnings-enhancement test. Cash spent on repurchases is cash not available for other uses such as Investment or Debt reduction, and the final number of shares bought will depend on the share price over the programme's life.

What investors may watch next

Moonpig will report each day's purchases through transaction in own shares announcements, which will show the pace of buying and the prices paid. Investors may also track the remaining AGM headroom and any update on capital allocation alongside the group's next set of results.

The cash-return story so far

Chief Executive Catherine Faiers and Chief Financial Officer Andy MacKinnon are the named contacts on the announcement. With the first FY27 Tranche done and the second now live, Moonpig has put its full-year buyback intention into motion, maintaining a run of regular capital returns that now spans three financial years among LSE stocks.