Moltiply Group S.p.a. · MIL:MOL
Moltiply — Q3 2024 Earnings Presentation
43 slides from Moltiply's earnings presentation, Nov 15, 2024
Slide 1: Third Quarter 2024 Results
Third Quarter 2024 Results November 15th, 2024
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 Description 2. Share Information 4 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 5: Business Portfolio
01. Business Description 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 Moltiply BPO&Tech Mavriq (a.k.a. “BPO Divi
Slide 6: Mavriq – Business Lines
01. Business Description Mavriq – Business Lines Credit Broking Insurance E-Commerce Price Telco & Energy International Broking Comparison Comparison Markets 6 Mortgage and Motor insurance Lead generation for Price comparison Insurance and consumer loan broking in the Italian e-commerce and promotio
Slide 7: Mavriq – Italian Brands
01. Business Description Mavriq – Italian Brands Brand Description Market Position Operations Revenue Model Multi-product aggregator Strong number two Focus on marketing activities, Commission on new policy sales for insurance, personal player in insurance mostly TV and Internet. Relies plus (lower)
Slide 8: Mavriq – International Brands
01. Business Description Mavriq – International Brands Brand Description Market Position Operations Revenue Model Multi-product #1 aggregator brand in Operates as regulated Commissions on new aggregator, with focus Spain with strong brand insurance and mortgage intermediated policies. Free for on on
Slide 9: Moltiply BPO&Tech – Business Lines
01. Business Description Moltiply BPO&Tech – Business Lines Mortgages Loans Wealth Outsourcing services for the Application processing and Complete operational service processing of residential portfolio management services solutions and technology mortgages; para-notary for salary/pension guarantee
Slide 10: Group structure
01. Business Description Group structure Group structure | September 30th, 2024 Headcount* (FTE) 3,243 10 * 2023 average
Slide 11: Mavriq structure
01. Business Description Mavriq structure Group structure | September 30th, 2024 11 * In the diagrams, all participations are 100% owned, except those for which a different percentage is indicated.
Slide 12: Moltiply BPO&Tech structure
01. Business Description Moltiply BPO&Tech structure Group structure | September 30th, 2024 12 * In the diagrams, all participations are 100% owned, except those for which a different percentage is indicated.
Slide 13: Agenda
Agenda 1. Business Description 2. Share Information 13 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 14: Transparency and governance standards
02. 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 require
Slide 15: Shareholding Structure
02. Share Information Shareholding Structure Shareholding structure | as of Nov. 15th, 2024* Treasury shares 6.54% Alma Ventures** 33.62% 15 Free Float 33.59% 4.01% 22.24% Investmentaktiengesellschaft Stan Holding S.r.l. für langfristige Investoren TGV • Share ownership as registered in last Shareho
Slide 16: Share Performance since IPO
02. Share Information Share Performance since IPO Share Price & Volumes | Share Number (left), € (right) 3,000 85.0 80.0 KEY STOCK DATA as of Nov. 14th, 2024 2,750 75.0 Number of Shares 40,000,000 2,500 70.0 Treasury Shares 2,614,991 65.0 Outstanding Shares 37,385,009 2,250 Price per Share € 34.85 6
Slide 17: Agenda
Agenda 1. Business Description 2. Share Information 17 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 18: 9M Highlights
03. Business Update 9M Highlights Group Revenues | €M EBIT | €M 400 120 322.2 291.7 Y-o-Y 300 +10.4% 80 49% 47% 51.1 200 Y-o-Y 48.0 40 -6.2% 100 69% 63% 53% 51% 31% 37% 0 0 9M 2023 9M 2024 9M 2023 9M 2024 18 EBIT margin 17.5% 14.9% EBITDA | €M Net Income | €M 120 120 77.5 Y-o-Y 83.8 80 +8.2% 80 55%
Slide 19: Q3 Highlights
03. Business Update Q3 Highlights Group Revenues | €M EBIT | €M 150 40 106.9 94.6 Y-o-Y 100 +12.9% 50% 50% 20 16.4 Y-o-Y 16.3 50 -0.2% 75% 70% 50% 50% 25% 30% 0 0 Q3 2023 Q3 2024 Q3 2023 Q3 2024 19 EBIT margin 17.3% 15.3% EBITDA | €M Net Income | €M 40 40 28.3 25.1 Y-o-Y +12.7% 20 59% 20 59% 11.3 Y-
Slide 20: Mavriq – 9M Key Financials
03. Business Update Mavriq – 9M Key Financials Revenues | €M EBITDA | €M 80 60 42.9 Y-o-Y 46.3 200 40 +7.9% 157.0 20 Y-o-Y 150 136.4 +15.2% 0 9M 2023 9M 2024 20 100 EBITDA margin 31.5% 29.5% EBIT | €M 50 80 60 0 35.2 40 Y-o-Y 30.1 9M 2023 9M 2024 -14.6% 20 0 9M 2023 9M 2024 EBIT margin 25.8% 19.2%
Slide 21: Mavriq – Q3 Key Financials
03. Business Update Mavriq – Q3 Key Financials Revenues | €M EBITDA | €M 30 20 16.8 14.8 Y-o-Y 80 +13.6% 10 60 53.8 0 47.1 Y-o-Y +14.2% Q3 2023 Q3 2024 21 40 EBITDA margin 31.3% 31.1% EBIT | €M 20 30 20 0 12.3 Y-o-Y 11.4 Q3 2023 Q3 2024 10 -7.2% 0 Q3 2023 Q3 2024 EBIT margin 26.0% 21.1%
Slide 22: Mavriq – Performance and outlook
03. Business Update Mavriq – Performance and outlook • In Q3 2024, the results of Mavriq (Broking Division) are up Y-o-Y, mainly due to the contribution of the Insurance Broking, E-Commerce Price Comparison and Telco & Energy Comparison business lines (the latter also thanks to the acquisition of Sw
Slide 23: Moltiply BPO&Tech – 9M Key Financials
03. Business Update Moltiply BPO&Tech – 9M Key Financials Revenues | €M EBITDA | €M 80 60 200 34.6 Y-o-Y 37.5 40 +8.6% 165.1 155.3 Y-o-Y 20 +6.3% 150 0 9M 2023 9M 2024 23 100 EBITDA margin 22.2% 22.7% EBIT | €M 50 80 60 0 40 9M 2023 9M 2024 15.9 Y-o-Y 17.9 20 +12.6% 0 9M 2023 9M 2024 EBIT margin 10.
Slide 24: Moltiply BPO&Tech – Q3 Key Financials
03. Business Update Moltiply BPO&Tech – Q3 Key Financials Revenues | €M EBITDA | €M 30 20 80 10.4 Y-o-Y 11.5 10 +11.4% 60 53.0 0 Y-o-Y 47.5 Q3 2023 Q3 2024 +11.7% 24 40 EBITDA margin 21.8% 21.7% EBIT | €M 20 30 20 0 Q3 2023 Q3 2024 10 4.1 Y-o-Y 4.9 +20.7% 0 Q3 2023 Q3 2024 EBIT margin 8.6% 9.3%
Slide 25: Moltiply BPO&Tech – Performance and outlook
03. Business Update Moltiply BPO&Tech – Performance and outlook • BPO Division’s Q3 2024 results exceeded management expectations, with an increase in both revenues and operating margins compared to Q3 2023, on a like-for-like consolidation perimeter. • This improvement is primarily attributable to
Slide 26: Agenda
Agenda 1. Business Description 2. Share Information 26 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 27: Net Financial Position
04. Net Financial Position Update Net Financial Position As of (€000) September 30, June 30, M arch 31, December 31, September 30, 2 024 2 02 4 2 02 4 2 02 3 2 02 3 A. Cash and current bank accounts 127,992 118,189 158,456 150,097 136,750 B. Cash equivalents - - - - - C. Other current financial asse
Slide 28: Agenda
Agenda 1. Business Description 2. Share Information 28 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 29: Major milestones
05. Historical Performance Major milestones Revenues | €M 404.2 313.5 310.8 Collapse of 259.4 Italian mortgage 219.9 market 185.1 120.7 138.1 152.8 71.8 68.3 37.7 46.4 47.9 53.4 38.5 51.0 0.1 1.0 2.7 4.5 7.8 13.2 21.8 29 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Slide 30: Revenue trends by Division
05. Historical Performance Revenue trends by Division Group Revenues | €M 450 404.2 400 350 313.5 310.8 47% 300 58% 30 259.4 250 219.9 43% 40% 42% 200 61% 185.1 43% 152.8 39% 45% 150 138.1 120.7 43% 44% 100 44% 53% 71.8 68.3 47% 57% 58% 47.9 53.4 51.0 57% 50 37.7 46.4 58% 38.5 37% 57% 61% 21.8 66% 6
Slide 31: Revenue Breakdown by Business Line
05. Historical Performance Revenue Breakdown by Business Line Mavriq Revenues | €M 240 200 188.1 Other Revenues 160 28% International Markets 134.2 131.0 31 61% 7% 120 45% 8% 9% Telco & Energy Comparison* 111.1 3% 25% 29% 86.8 19% E-Commerce Price 31% 79.1 2% 80 Comparison 67.2 27% 18% 61.0 24% 57.2
Slide 32: Revenue Breakdown by Business Line
05. Historical Performance Revenue Breakdown by Business Line Moltiply BPO&Tech Revenues | €M 240 216.1 Other 200 revenues 179.2 179.7 29% Lease 160 20% 148.3 22% 5% Wealth 32 133.1 6% 61% 22% 6% 120 45% 21% 106.0 24% 6% 17% Claims 19% 5% 85.6 21% 7% 4% 14% 77.1 17% Loans 80 10% 8% 13% 8% 17% 15% 63
Slide 33: EBITDA by Division
05. Historical Performance EBITDA by Division EBITDA | €M EBITDA margin | % 50% 150 40.5% 40% 37.8% 120 108.2 35.0% 35.7% 32.3% 92.6 88.6 30% 29.1% 90 76.6 33 56% 29.5% 29.5% 28.5% 64.0 26.8% 55% 53% 25.3% 60 20% 23.3% 59% 21.3% 23.2% 22.0% 47% 30 10% 45% 47% 44% 53% 41% 0 0% 2019 2020 2021 2022 202
Slide 34: Operating Income by Division
05. Historical Performance Operating Income by Division EBIT | €M EBIT margin | % 50% 150 40% 37.7% 120 32.9% 30.3% 30.0% 90 30% 34 69.0 66.5 23.1% 21.6% 63.1 63.1 60 20% 24.3% 50.8 22.0% 21.4% 64% 59% 18.4% 66% 64% 52% 15.6% 30 10% 14.3% 13.8% 15.2% 10.4% 48% 34% 36% 41% 36% 0 0% 2019 2020 2021 202
Slide 35: Dividend Payout
05. Historical Performance Dividend Payout Earnings per share, consolidated | €M 4.00 3.42 3.00 2.23 2.00 1.14** 1.24 1.07 0.89 0.93 1.00 0.56 0.59 0.58 0.69 0.38 0.38 0.41 0.71 0.25 0.24 1.19* 0.09 0.09 0.43 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 3
Slide 36: Net Income
05. Historical Performance Net Income Net Income| €M 150 130.7 120 Tax benefit from the revaluations 90 85.1 60 47.5** 47.5 34.4 40.6 35.4 20.9 23.5 24.8 27.5 30 14.8 14.4 15.3 29.7 5.2 9.7 3.6 3.8 9.9 45.6* 17.8 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 37: Appendix
Www Appendix Moltiply
Slide 38: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Revenues 106,851 108,952 106,348 112,484 94,607 Other income 2,270 2,527 2,317 2,662 1,953 Capitalization of internal costs 3,671 3,935 3,177 3,804 3,003 Services costs (45,059) (47,312) (45,692) (47,735) (41,436) Personnel costs
Slide 39: Q3 Profit & Loss
Q3 Profit & Loss Q3 202 4 Q3 2 023 % Var. Revenues 106,851 94,607 12.9% Other income 2,270 1,953 16.2% Capitalization of internal costs 3,671 3,003 22.2% Services costs (45,059) (41,436) 8.7% Personnel costs (33,677) (29,066) 15.9% Other operating costs (5,761) (3,954) 45.7% EBITDA 2 8,2 95 2 5,107
Slide 40: 9M Profit & Loss
9M Profit & Loss (€000) 9M 202 4 9M 2 023 % Var. Revenues 322,151 291,703 10.4% Other income 7,114 7,059 0.8% Capitalization of internal costs 10,783 8,882 21.4% Services costs (138,063) (123,883) 11.4% Personnel costs (102,468) (96,689) 6.0% Other operating costs (15,699) (9,600) 63.5% EBITDA 83,81
Slide 41: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of (€000) September 30, December 31, Change % 2024 2 023 ASSET S Intangible assets 475,235 446,292 28,943 6.5% Property, plant and equipment 34,730 31,253 3,477 11.1% Participations measured with equity method 1,907 1,776 131 7.4% Financial assets at fair value 119,356
Slide 42: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of (€000) September 30, December 31, Ch an ge % 2024 2 02 3 LIABILITIES AND SHAREHOLDERS' EQUIT Y Group shareholders' equity 314,927 327,528 (12,601) -3.8% Minority interests 3,200 2,603 597 22.9% Total sh ar eh olders ' equity 318,127 330,131 (12,004) -3.6% Long-te
Slide 43: Declaration of the manager responsible for preparing the 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 Arti