Moltiply Group S.p.a. · MIL:MOL
Moltiply — H1 2026 Earnings Presentation
49 slides from Moltiply's earnings presentation, Sep 9, 2026
Slide 1: First Half 2026 Results
First Half 2026 Results September 9th, 2026
Slide 2: Disclaimer
Disclaimer Certain statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. The user of such information should recognize t
Slide 3: Presenting Today
Presenting Today 3 Marco Pescarmona Alessandro Fracassi Francesco Masciandaro Group Chairman and Head of Mavriq Group CEO and Head of Moltiply BPO&Tech Group CFO • Founder and key shareholder • Founder and key shareholder • Background in auditing (Arthur (16.81% indirectly through Alma (16.81% indir
Slide 4: Agenda
Agenda 1. Business Portfolio Overview 4 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
Slide 5: Business Portfolio
1. Business Portfolio Overview Business Portfolio Moltiply Group S.p.A. (“Moltiply”) is the holding company of a group operating in two separate and independent business segments, through specialized “Divisions”, each composed of several dedicated subsidiaries. 5 Mavriq Moltiply BPO&Tech (a.k.a. “Br
Slide 6: Group structure
1. Business Portfolio Overview Group structure Group structure | June 30th, 2026 Headcount* (FTE) 4,313 6 * 2025 average
Slide 7: Mavriq – Business Lines and Geographies
1. Business Portfolio Overview | Mavriq Mavriq –Business Lines and Geographies Italy Germany Spain France Netherlands Mexico Energy & Telco Online comparison and intermediation of electricity, gas and telco contracts. Insurance 7 Online comparison and intermediation of insurance products. Banking On
Slide 8: Mavriq – Main Brands (1/3)
1. Business Portfolio Overview | Mavriq Mavriq – Main Brands (1/3) Brand Description Market Position Operations Revenue Model Multi-product aggregator Co-leader in market Focus on marketing Commission on new insurance for insurance, personal with two main operators activities, with always-on policy
Slide 9: Mavriq – Main Brands (2/3)
1. Business Portfolio Overview | Mavriq Mavriq – Main Brands (2/3) Brand Description Market Position Operations Revenue Model Multi-product Strong number two Focus on marketing activities, Fixed commissions on closed aggregator for energy, player in energy mostly TV and Internet. Relies sales from p
Slide 10: Mavriq – Main Brands (3/3)
1. Business Portfolio Overview | Mavriq Mavriq – Main Brands (3/3) Brand Description Market Position Operations Revenue Model Online comparison and Category builder in the Fully digital end-to-end sales Commission based intermediation of Netherlands since 2006 funnel, no tele-sales remuneration for
Slide 11: Moltiply is a leading Italian provider of tech-enabled BPO services
1. Business Portfolio Overview | Moltiply BPO&Tech Moltiply is a leading Italian provider of tech-enabled BPO services to three main sectors Banking* Lease Insurance Target Clients Target Clients Target Clients • Banks • Rental & RAC • Insurance companies • Consumer credit specialists • Leasing comp
Slide 12: Three complementary markets with significant convergence potential towards the European average
1. Business Portfolio Overview | Moltiply BPO&Tech Three complementary markets with significant convergence potential towards the European average BANKING LEASE INSURANCE €381 bn €36.1 bn €19.7 bn Residential mortgage stock Leasing originated (2025 flow) Motor premiums (annual flow) Annual flow: €56
Slide 13: Italy is under-penetrated across all verticals
1. Business Portfolio Overview | Moltiply BPO&Tech Italy is under-penetrated across all verticals: convergence towards EU generates new demand Metric Italy EU Average Best-in-class Gap vs EU Residential mortgages / disp. income 30,6% 71,3% Sweden 173% -57% AuM / GDP (managed savings) ~70% ~94% Nethe
Slide 14: Agenda
Agenda 1. Business Portfolio Overview 14 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
Slide 15: Mavriq – Business model resilient from AI threats
2. Reflections on AI Impact | Mavriq Mavriq – Business model resilient from AI threats • Niche markets: highly fragmented product- and country-specific markets, with differentiated Market structure regulation, supply-side structure and pricing models moat fending off • Regulatory complexity: high fo
Slide 16: Moltiply BPO & Tech - AI seen as structural growth opportunity
2. Reflections on AI Impact | Moltiply BPO&Tech Moltiply BPO & Tech - AI seen as structural growth opportunity The perceived drivers of risk AI commoditizes BPO Client insourcing AI-native startups Margin compression LLMs automate routine tasks, Large banks build proprietary AI, New entrants offer 3
Slide 17: Moltiply and its platforms are ideally positioned to capture this growth opportunity
2. Reflections on AI Impact | Moltiply BPO&Tech Moltiply and its platforms are ideally positioned to capture this growth opportunity Proprietary Data Integrated Platform Stack Governance Muscle Memory 700K+ cases/year, 50M+ data points MoltiGen + Vertical platforms BPO/Nearshoring Track Record Two d
Slide 18: Agenda
Agenda 1. Business Portfolio Overview 18 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
Slide 19: H1 Highlights
3. Business Update H1 Highlights Group Revenues | €M EBIT | €M 400 343.1 120 301.7 Y-o-Y 300 +13.7% 80 55% 63% 55.9 200 48.8 Y-o-Y +14.7% 40 66% 100 68% 45% 37% 32% 34% 0 0 H1 2025 H1 2026 H1 2025 H1 2026 19 EBIT margin 16.2% 16.3% EBITDA | €M Net Income | €M 120 120 93.4 Y-o-Y 77.3 80 +20.8% 80 65%
Slide 20: Q2 Highlights
3. Business Update Q2 Highlights Group Revenues | €M EBIT | €M 200 60 168.9 160.4 Y-o-Y 160 -5.0% 40 120 58% 60% 26.6 Y-o-Y 23.6 80 -11.5% 20 70% 57% 40 42% 40% 30% 43% 0 0 Q2 2025 Q2 2026 Q2 2025 Q2 2026 20 EBIT margin 15.8% 14.7% EBITDA | €M Net Income | €M 60 60 42.0 Y-o-Y 42.1 40 +0.3% 40 64% 60
Slide 21: Mavriq – H1 Key Financials
3. Business Update | Mavriq Mavriq – H1 Key Financials Revenues | €M EBITDA | €M 250 100 217.4 200 165.0 Y-o-Y 80 +31.7% 60.9 150 60 48.0 Y-o-Y +26.7% 100 40 50 20 0 0 H1 2025 H1 2026 H1 2025 H1 2026 21 EBITDA margin 29.1% 28.0% EBIT Adj. for PPA Amortization | €M EBIT | €M 100 100 80 80 60 51.9 60
Slide 22: Mavriq – Q2 Key Financials
3. Business Update | Mavriq Mavriq – Q2 Key Financials Revenues | €M EBITDA | €M 40 30 26.9 Y-o-Y 25.2 -6.4% 120 20 98.3 96.9 100 Y-o-Y 10 -1.5% 0 80 Q2 2025 Q2 2026 22 60 EBITDA margin 27.3% 26.0% 40 EBIT | €M 40 20 30 0 18.5 20 Y-o-Y Q2 2025 Q2 2026 13.5 -26.9% 10 0 Q2 2025 Q2 2026 EBIT margin 18.
Slide 23: Mavriq – Performance and outlook
3. Business Update | Mavriq Mavriq – Performance and outlook • Q2 2026 was characterized, as foreseeable due to the evolution of the underlying energy and credit markets, by a Y-o-Y contraction in Mavriq Energy & Telco and Mavriq Banking, while the Mavriq Insurance business line grew and Mavriq Shop
Slide 24: Moltiply BPO&Tech – H1 Key Financials
3. Business Update | Moltiply BPO&Tech Moltiply BPO&Tech – H1 Key Financials Revenues | €M EBITDA | €M 250 100 200 80 150 136.7 Y-o-Y 125.7 60 -8.0% 100 40 29.3 32.5 Y-o-Y +11.1% 50 20 0 0 H1 2025 H1 2026 H1 2025 H1 2026 24 EBITDA margin 21.4% 25.9% EBIT Adj. for PPA Amortization | €M EBIT | €M 100
Slide 25: Moltiply BPO&Tech – Q2 Key Financials
3. Business Update | Moltiply BPO&Tech Moltiply BPO&Tech – Q2 Key Financials Revenues | €M EBITDA | €M 40 30 120 20 15.1 16.9 Y-o-Y +12.1% 100 10 0 80 70.5 Q2 2025 Q2 2026 Y-o-Y 63.5 -9.9% 25 60 EBITDA margin 21.4% 26.7% 40 EBIT | €M 40 20 30 0 20 Q2 2025 Q2 2026 8.1 Y-o-Y 10.0 10 +23.7% 0 Q2 2025 Q
Slide 26: Moltiply BPO&Tech – Performance and outlook (1/2)
3. Business Update | Moltiply BPO&Tech Moltiply BPO&Tech – Performance and outlook (1/2) • In H1 2026, the Division achieved a double-digit growth in EBITDA, with an EBITDA margin increasing from 21.4% to 25.9% and an acceleration in Q2 2026. Revenues decreased by 8.0%, entirely attributable to the
Slide 27: Moltiply BPO&Tech – Performance and outlook (2/2)
3. Business Update | Moltiply BPO&Tech Moltiply BPO&Tech – Performance and outlook (2/2) • Moltiply Lease confirms a significant and stable contribution, with revenues and margins growing, supported by Agenzia Italia S.p.A., which continues to be a key driver of the Division’s revenues and profitabi
Slide 28: Net Financial Position
3. Business Update Net Financial Position As of (€000) June 30, March 31, December 31, September 30, June 30, 2026 2026 2025 2025 2025 A. Cash and current bank accounts 121,861 133,908 140,099 142,090 155,828 B. Cash equivalents - - - - - C. Other current financial assets 52,370 57,706 51,830 42,753
Slide 29: Agenda
Agenda 1. Business Portfolio Overview 29 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
Slide 30: Shareholding Structure
4. Share Information Shareholding Structure Shareholding structure | as of Sept. 8th, 2026* Treasury shares 7.13% Alma Ventures** 33.61% 30 Free Float 33.48% 4.01% 21.77% Norman Rentrop Stan Holding S.r.l. * Share ownership as registered in last Shareholders’ meetings and as communicated to the comp
Slide 31: Share Performance since IPO
4. Share Information Share Performance since IPO Share Price & Volumes | Share Number (left), € (right) 3,000 85.0 80.0 KEY STOCK DATA as of Sept. 8th, 2026 2,750 75.0 Number of Shares 40,017,000 2,500 70.0 Treasury Shares 2,851,112 65.0 Outstanding Shares 37,165,888 2,250 Price per Share € 35.70 60
Slide 32: Transparency and governance standards
4. Share Information Transparency and governance standards Moltiply Group S.p.A. is listed since IPO (June 6, 2007) in the STAR segment of Euronext Milan, Borsa Italiana’s equity market dedicated to high quality mid-size companies, which voluntarily adhere and comply with a number of strict requirem
Slide 33: Agenda
Agenda 1. Business Portfolio Overview 33 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
Slide 34: Key Milestones of Group History
5. Historical Performance Key Milestones of Group History Revenues | €M 674 454 Collapse of 404 Italian mortgage market 313 311 259 220 185 121 138 153 46 48 53 72 51 68 13 22 38 38 0 1 3 4 8 34 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 35: Revenue trends by Division
5. Historical Performance Revenue trends by Division Group Revenues | €M 800 700 674.1 600 58% 35 500 453.6 60% 404.2 40% 400 61% 313.5 310.8 49% 45% 300 259.4 47% 219.9 43% 42% 185.1 200 152.8 43% 138.1 39% 43% 40% 44% 44% 53% 51% 100 57% 58% 61% 57% 56% 56% 57% 0 2016 2017 2018 2019 2020 2021 2022
Slide 36: Mavriq Revenue Breakdown
5. Historical Performance | Mavriq Mavriq Revenue Breakdown Revenues by Business Lines | €M 406.4 400 11% 18% 300 Mavriq Shopping 221.1 31% Mavriq Banking 188.1 200 20% 21% 134.2 131.0 21% 111.1 36 25% Mavriq Insurance 86.8 27% 30% 100 79.1 61.0 67.2 31% 44% 27% 40% 24% 47% 40% 31% 44% 36% 47% 55% 5
Slide 37: Moltiply BPO&Tech Revenue Breakdown
5. Historical Performance | Moltiply BPO&Tech Moltiply BPO&Tech Revenue Breakdown Revenues by Business Lines | €M 400 Other revenues 300 267.7 37 4% Moltiply Insurance 61% 232.5 45% 216.1 17% 5% 8% 200 179.2 179.7 24% 5% 10% 21% 27% 148.3 133.1 17% Moltiply Lease 3% 19% 5% 6% 28% 106.0 6% 22% 20% 29
Slide 38: EBITDA by Division
5. Historical Performance EBITDA by Division EBITDA | €M EBITDA margin | % 50% Mavriq average 200 Ebitda margin diluted 177.4 40.5% by international acquisitions 40% 37.8% 35.0% 35.7% 150 32.3% 30.2% 122.8 29.1% 28.7% 30% 108.2 66% 29.5% 29.5% 28.5% 38 100 92.6 88.6 26.8% 27.1% 26.3% 76.6 54% 25.3%
Slide 39: Operating Income by Division
5. Historical Performance Operating Income by Division EBIT | €M EBIT margin | % 40% 37.7% 200 32.9% 30.3% 30.0% 150 30% 23.1% 21.4% 21.6% 19.8% 103.4 17.9% 100 73.5 20% 24.3% 22.0% 63.1 69.0 66.5 63.1 50.8 18.4% 15.6% 16.2% 15.3% 71% 15.2% 50 64% 59% 60% 10% 14.3% 13.8% 52% 66% 64% 12.8% 11.4% 10.4
Slide 40: Net Income
5. Historical Performance Net Income Net Income | €M 200 150 130.7 Tax benefit from the 100 revaluations 85.1 40.6 47.5b 47.5 50 27.5 34.4 35.3C 44.0c 29.4c 24.8 29.7 45.6a 0 17.8 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 40 Net Income Margin | % 60% 50.4% 50% 40% 30% 18.0% 18.0% 18.6% 18.5%
Slide 41: Dividend Payout
5. Historical Performance Dividend Payout Earnings per share, consolidated | €M 4.00 3.42 3.00 2.23 2.00 1.14** 1.24 1.11 1.07 0.93 0.89 0.75 1.00 0.58 0.69 0.71 1.19* 0.43 0.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 41 Dividends per outstanding share | €M 1.00 0.50 0.40 0.40 0.30 0.30 0.
Slide 42: Appendix
Www Appendix Moltiply
Slide 43: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Revenues 160,425 182,650 207,038 165,386 168,881 Other income 2,514 3,562 3,297 2,940 2,538 Capitalization of internal costs 5,515 5,208 6,009 5,806 6,222 Services costs (70,875) (81,294) (99,283) (76,524) (79,287) Personnel cost
Slide 44: Q2 Profit & Loss
Q2 Profit & Loss (€000) Q2 2026 Q2 2025 % Var. Revenues 160,425 168,881 -5.0% Other income 2,514 2,538 -0.9% Capitalization of internal costs 5,515 6,222 -11.4% Services costs (70,875) (79,287) -10.6% Personnel costs (50,739) (51,788) -2.0% Other operating costs (4,738) (4,584) 3.4% E BITDA 42, 102
Slide 45: H1 Profit & Loss
H1 Profit & Loss (€000) H1 2026 H1 2025 % Var. Revenues 343,075 301,692 13.7% Other income 6,076 4,768 27.4% Capitalization of internal costs 10,723 9,957 7.7% Services costs (152,169) (138,343) 10.0% Personnel costs (105,015) (91,501) 14.8% Other operating costs (9,324) (9,294) 0.3% EBITDA 93,366 7
Slide 46: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of (€000) June 30, December 31, Change % 2026 2025 ASSETS Intangible assets 643,163 658,973 (15,810) -2.4% Property, plant and equipment 49,479 56,974 (7,495) -13.2% Participations measured with equity method 1,556 1,885 (329) -17.5% Non-current financial assets 144,892
Slide 47: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of (€000) June 30, December 31, Change % 2026 2 025 LIABILITIE S AND SHARE HOLDE RS' E QUITY Group shareholders' equity 335,931 332,666 3,265 1.0% Minority interests 2,263 157 2,106 >1000% Total shareholders' equity 338,194 332 ,82 3 5,371 1.6% Long-term debts and o
Slide 48: H1 Cash flow statement (condensed)
H1 Cash flow statement (condensed) As of (€000) June 30, June 30, Change % 2026 2025 A. Cash Flow from operating activities before changes in net working capital 80,851 54,353 26,498 48.8% B. Changes in net working capital (29,000) (17,772) (11,228) 63.2% 48 C. Net cash generated/(absorbed) by opera
Slide 49: Declaration of the manager responsible for preparing the Company's financial reports
Declaration of the manager responsible for preparing the Company’s financial reports Declaration Pursuant to Art. 154/bis, Paragraph 2 – Part IV, Title III, Chapter II, Section V- bis, of Italian Legislative Decree No. 58 of 24 February 1998: “Consolidation Act on Financial Brokerage Pursuant to Art