Moltiply Group S.p.a. · MIL:MOL
Moltiply — FY2024 Earnings Presentation
49 slides from Moltiply's earnings presentation, Mar 17, 2025
Slide 1: Full Year 2024 Results
Full Year 2024 Results March 17th, 2025
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 (1/2)
01. Business Description Mavriq – Italian Brands (1/2) 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 (
Slide 8: Mavriq – Italian Brands (2/2)
01. Business Description Mavriq – Italian Brands (2/2) Brand Description Market Position Operations Revenue Model Online price and product Market leader (not Click generation for Mostly cost-per-click with comparison of physical considering Google merchants. Full integration of differentiated pricin
Slide 9: 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 10: 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 11: Group structure
01. Business Description Group structure Group structure | December 31st, 2024 Headcount* (FTE) 3,623 11 * 2024 average
Slide 12: Agenda
Agenda 1. Business Description 2. Share Information 12 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 13: 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 14: Shareholding Structure
02. Share Information Shareholding Structure Shareholding structure | as of Mar. 14th, 2025* Treasury shares 6.53% Alma Ventures** 33.62% 14 Free Float 34.06% 4.01% 21.78% Norman Rentrop Stan Holding S.r.l. * Share ownership as registered in last Shareholders’ meetings and as communicated to the com
Slide 15: 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 Mar. 14th, 2025 2,750 75.0 Number of Shares 40,000,000 2,500 70.0 Treasury Shares 2,610,991 65.0 Outstanding Shares 37,389,009 2,250 Price per Share € 33.30 6
Slide 16: Agenda
Agenda 1. Business Description 2. Share Information 16 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 17: Full Year Highlights
03. Business Update Full Year Highlights Group Revenues* | €M EBIT* | €M 500 454.0 150 401.3 Y-o-Y 400 +13.1% 49% 100 300 47% 73.4 63.1 Y-o-Y 200 +16.3% 50 60% 64% 100 53% 51% 36% 40% 0 0 2023 2024 2023 2024 17 EBIT margin 15.7% 16.2% EBITDA* | €M Net Income* | €M 150 150 122.8 108.1 Y-o-Y +13.6% 10
Slide 18: Q4 Highlights
03. Business Update Q4 Highlights Group Revenues* | €M EBIT* | €M 150 132.5 60 Y-o-Y 112.2 +18.1% 100 48% 40 46% 24.6 Y-o-Y 50 20 12.4 +98.9% 55% 54% 52% 44% 56% 45% 0 0 Q4 2023 Q4 2024 Q4 2023 Q4 2024 18 EBIT margin 11.0% 18.6% EBITDA* | €M Net Income* | €M 60 60 38.2 40 Y-o-Y 40 31.0 +23.2% 54% 20
Slide 19: Mavriq – Key Financials
03. Business Update Mavriq – Key Financials Revenues | €M EBITDA | €M 80 66.8 60.7 Y-o-Y 60 +10.1% 250 40 221.1 Y-o-Y 20 200 188.1 +17.5% 0 2023 2024 150 19 EBITDA margin 32.3% 30.2% 100 EBIT | €M 80 50 60 40.7 Y-o-Y 43.7 0 40 +7.5% 2023 2024 20 0 2023 2024 EBIT margin 21.6% 19.8%
Slide 20: Mavriq – Q4 Key Financials
03. Business Update Mavriq – Q4 Key Financials Revenues | €M EBITDA | €M 30 20.5 20 17.8 Y-o-Y +15.5% 80 10 64.1 60 Y-o-Y 51.8 +23.8% 0 Q4 2023 Q4 2024 20 40 EBITDA margin 34.3% 32.0% EBIT | €M 20 30 20 0 13.6 Q4 2023 Q4 2024 Y-o-Y 10 +151.1% 5.4 0 Q4 2023 Q4 2024 EBIT margin 10.5% 21.3%
Slide 21: Mavriq – Performance and outlook (1/4)
03. Business Update Mavriq – Performance and outlook (1/4) The performance of the Mavriq Division in 2024 has been positive, thanks to the overall organic growth and to the contribution of the acquisition of Switcho (consolidated from Q3 2024) and Pricewise (consolidated from Q4 2024). Expectations
Slide 22: Mavriq – Performance and outlook (2/4)
03. Business Update Mavriq – Performance and outlook (2/4) Insurance Broking Revenues | €M 80 Insurance Broking continued its double-digit organic 70 growth during 2024, supported by rising insurance 60 premiums. 50 40.0 40 33.9 Y-o-Y Growth is likely to continue in 2025. +17.8% 30 20 10 22 2023 202
Slide 23: Mavriq – Performance and outlook (3/4)
03. Business Update Mavriq – Performance and outlook (3/4) E-Commerce Price Comparison Revenues | €M 80 Revenues of E-Commerce Price Comparison are up in 2024, but 70 financial results are down Y-o-Y due to the significant increase 60 in traffic acquisition costs from Google. This trend is due to th
Slide 24: Mavriq – Performance and outlook (4/4)
03. Business Update Mavriq – Performance and outlook (4/4) International Markets Revenues | €M International markets are up in 2024, both organically and thanks 80 70 64.3 to the contribution of Pricewise. During the year, the fine-tuning of Y-o-Y 60 53.0 +21.4% the acquired businesses continued, ai
Slide 25: Moltiply BPO&Tech – Key Financials
03. Business Update Moltiply BPO&Tech – Key Financials Revenues* | €M EBITDA* | €M 80 60 56.0 47.4 Y-o-Y +18.1% 250 232.9 40 Y-o-Y 213.2 +9.2% 20 200 0 2023 2024 150 25 EBITDA margin 22.2% 24.0% 100 EBIT* | €M 80 50 60 0 40 29.7 2023 2024 22.5 Y-o-Y 20 +32.2% 0 2023 2024 EBIT margin 10.5% 12.8% *The
Slide 26: Moltiply BPO&Tech – Q4 Key Financials
03. Business Update Moltiply BPO&Tech – Q4 Key Financials Revenues* | €M EBITDA* | €M 30 20 17.7 Y-o-Y 80 13.3 +33.4% 68.4 10 Y-o-Y 60.5 +13.2% 60 0 Q4 2023 Q4 2024 26 40 EBITDA margin 21.9% 25.9% EBIT* | €M 20 30 20 0 Q4 2023 Q4 2024 11.0 Y-o-Y 10 7.0 +58.2% 0 Q4 2023 Q4 2024 EBIT margin 11.5% 16.1
Slide 27: Moltiply BPO&Tech – Performance and outlook (1/5)
03. Business Update Moltiply BPO&Tech – Performance and outlook (1/5) The 2024 closed with positive results for the Moltiply BPO&Tech Division, which recorded organic revenue growth of 9.2% and an even more pronounced improvement in EBITDA margin, reaching an overall margin of 24.0%. Throughout the
Slide 28: Moltiply BPO&Tech – Performance and outlook (2/5)
03. Business Update Moltiply BPO&Tech – Performance and outlook (2/5) Moltiply Mortgages Revenues | €M 80 In 2024, Moltiply Mortgages showed signs of recovery, 70 particularly in H2 2024, benefitting from increased demand and 60 the entry of new banking clients. However, growth was mainly 50 40.3 dr
Slide 29: Moltiply BPO&Tech – Performance and outlook (3/5)
03. Business Update Moltiply BPO&Tech – Performance and outlook (3/5) Moltiply Real Estate Revenues | €M 80 Moltiply Real Estate was impacted by the progressive phase- 70 out of activities related to the Ecobonus, leading to a revenue 60 drop in 2024. Despite a slight increase in property valuation
Slide 30: Moltiply BPO&Tech – Performance and outlook (4/5)
03. Business Update Moltiply BPO&Tech – Performance and outlook (4/5) Moltiply Claims Revenues | €M 80 Moltiply Claims continued to deliver significant growth in 70 2024, with a strong expansion of marginality, as it processed 60 55.2 complex claims related to extraordinary weather events of Y-o-Y 5
Slide 31: Moltiply BPO&Tech – Performance and outlook (5/5)
03. Business Update Moltiply BPO&Tech – Performance and outlook (5/5) Moltiply Lease Revenues | €M 80 Once again in 2024, Moltiply Lease outperformed management 70 65.5 61.7 Y-o-Y expectations, thanks to the contribution of Agenzia Italia S.p.A., 60 +6.1% which continues to be a key driver of revenu
Slide 32: 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 1.11 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 2
Slide 33: Agenda
Agenda 1. Business Description 2. Share Information 33 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 34: Net Financial Position
04. Net Financial Position Update Net Financial Position As of (€000) December 31, September 30, June 30, M arch 31, December 31, 2 02 4 2 02 4 202 4 2 02 4 2 02 3 A. Cash and current bank accounts 137,490 127,992 118,189 158,456 150,097 B. Cash equivalents - - - - - C. Other current financial asset
Slide 35: Agenda
Agenda 1. Business Description 2. Share Information 35 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 36: Major milestones
05. Historical Performance Major milestones Revenues | €M 404.2 454.0 313.5 310.8 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 36 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 201
Slide 37: Revenue trends by Division
05. Historical Performance Revenue trends by Division Group Revenues | €M 500 454.0 450 404.2 400 350 49% 58% 313.5 310.8 37 47% 300 259.4 40% 250 219.9 43% 42% 61% 200 185.1 45% 43% 152.8 39% 150 138.1 120.7 43% 44% 51% 100 44% 53% 71.8 68.3 47% 57% 58% 53.4 51.0 37.7 46.4 47.9 61% 57% 50 58% 38.5
Slide 38: Revenue Breakdown by Business Line
05. Historical Performance Revenue Breakdown by Business Line Mavriq Revenues | €M 240 221.1 200 188.1 29% Other Revenues 160 28% International Markets 134.2 131.0 38 13% 61% 7% 120 45% 8% 9% Telco & Energy Comparison* 111.1 3% 25% 19% 29% 86.8 19% E-Commerce Price 31% 79.1 2% 80 Comparison 67.2 27%
Slide 39: Revenue Breakdown by Business Line
05. Historical Performance Revenue Breakdown by Business Line Moltiply BPO&Tech Revenues | €M 240 232.9 216.1 Other 200 28% revenues 179.2 179.7 29% Lease 160 20% 5% 148.3 22% 5% Wealth 39 133.1 6% 61% 22% 6% 24% 120 45% 21% 106.0 24% 6% 17% Claims 19% 5% 85.6 21% 7% 4% 14% 77.1 17% 14% Loans 80 10%
Slide 40: EBITDA by Division
05. Historical Performance EBITDA by Division EBITDA | €M EBITDA margin | % 50% 150 40.5% 122.8 37.8% 40% 120 35.0% 35.7% 108.2 32.3% 92.6 30.2% 88.6 30% 29.1% 90 54% 76.6 29.5% 29.5% 40 56% 28.5% 27.1% 64.0 26.8% 55% 25.3% 53% 20% 23.3% 24.0% 60 23.2% 22.0% 59% 21.3% 47% 30 10% 46% 45% 47% 44% 53%
Slide 41: 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% 73.4 41 69.0 66.5 23.1% 21.6% 63.1 63.1 19.8% 60 20% 24.3% 50.8 22.0% 21.4% 60% 64% 59% 18.4% 66% 64% 16.2% 52% 15.6% 30 10% 14.3% 13.8% 15.2% 12.8% 10.4% 48% 36% 41% 36%
Slide 42: Net Income
05. Historical Performance Net Income Net Income| €M 150 130.7 120 Tax benefit from the revaluations 90 85.1 60 47.5b 47.5 43.9c 34.4 40.6 35.3C 23.5 24.8 27.5 30 9.7 14.8 14.4 15.3 20.9 9.9 29.7 5.2 3.6 3.8 45.6a 17.8 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 43: Appendix
Www Appendix Moltiply
Slide 44: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 2 02 4 Q3 202 4 Q2 2024 Q1 2024 Q4 2 023 Revenues 132,517 106,623 108,700 106,138 112,245 Other income 3,280 2,259 2,518 2,313 2,664 Capitalization of internal costs 4,411 3,671 3,935 3,177 3,804 Services costs (56,215) (44,762) (47,025) (45,434) (47,447) Personnel
Slide 45: Q4 Profit & Loss
Q4 Profit & Loss (€000) Q4 2 02 4 Q4 2023 % Var. Revenues 132,517 112,245 18.1% Other income 3,280 2,664 23.1% Capitalization of internal costs 4,411 3,804 16.0% Services costs (56,215) (47,447) 18.5% Personnel costs (41,201) (37,068) 11.1% Other operating costs (4,570) (3,170) 44.2% EBITDA 38,22 2
Slide 46: Full Year Profit & Loss
Full Year Profit & Loss (€000) FY 2024 FY 2 02 3 % Var. Revenues 453,978 401,336 13.1% Other income 10,370 9,631 7.7% Capitalization of internal costs 15,194 12,686 19.8% Services costs (193,436) (169,869) 13.9% Personnel costs (143,054) (133,014) 7.5% Other operating costs (20,249) (12,678) 59.7% E
Slide 47: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of (€000) December 31, December 31, Chan ge % 2 02 4 2 023 ASSETS Intangible assets 480,937 446,292 34,645 7.8% Property, plant and equipment 34,675 31,253 3,422 10.9% Participations measured with equity method 1,986 1,776 210 11.8% Financial assets at fair value 111,70
Slide 48: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of (€000) December 31, December 31, Ch ange % 2 024 202 3 LIABILITIES AND SHAR EHOLDER S' EQUITY Group shareholders' equity 291,738 327,528 (35,790) -10.9% Minority interests 3,789 2,603 1,186 45.6% Total sh ar eholder s' equity 2 95,52 7 330,131 (34,604) -10.5% Lon
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 Arti