Moltiply Group S.p.a. · MIL:MOL
Moltiply — Q1 2024 Earnings Presentation
42 slides from Moltiply's earnings presentation, May 16, 2024
Slide 1: First Quarter 2024 Results
First Quarter 2024 Results May 16th, 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 Division Group CEO and Head of Moltiply Division Group CFO • Founder and key shareholder • Founder and key shareholder • Background in auditing (Arthur (16.81% indirectly through Alma (16.
Slide 4: Agenda
Agenda 1. Business Description 2. Share Information 4 3. Business Update 4. Pricewise Acquisition 5. Net Financial Position Update 6. Historical Performance
Slide 5: Business Portfolio
01. Business Description Business Portfolio Moltiply Group S.p.A. (“Moltiply”) is the new name of 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 Division Mavriq D
Slide 6: Mavriq Division – Business Lines
01. Business Description Mavriq Division – 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
Slide 7: Mavriq Division – Italian Brands
01. Business Description Mavriq Division – 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 plu
Slide 8: Mavriq Division – International Brands
01. Business Description Mavriq Division – 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
Slide 9: Moltiply Division – Business Lines
01. Business Description Moltiply Division – Business Lines Mortgages Loans Wealth Remote loan sales and Application processing and Complete operational service packaging support, mortgage portfolio management services solutions and technology underwriting and closing for salary/pension guaranteed p
Slide 10: Group structure
01. Business Description Group structure Group structure | March 31st, 2024 Headcount* (FTE) 3,243 10 * 2023 average
Slide 11: Mavriq Division structure
01. Business Description Mavriq Division structure Group structure | March 31st, 2024 11 * In the diagrams, all participations are 100% owned, except those for which a different percentage is indicated.
Slide 12: Moltiply Division structure
01. Business Description Moltiply Division structure Group structure | March 31st, 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. Pricewise Acquisition 5. Net Financial Position Update 6. 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 May 16th, 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 Sharehol
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 May 15th, 2024 2,750 75.0 Number of Shares 40,000,000 2,500 70.0 Treasury Shares 2,616,953 65.0 Outstanding Shares 37,383,047 2,250 Price per Share € 37.15 60
Slide 17: Agenda
Agenda 1. Business Description 2. Share Information 17 3. Business Update 4. Pricewise Acquisition 5. Net Financial Position Update 6. Historical Performance
Slide 18: Q1 Highlights
03. Business Update Q1 Highlights Group Division Revenues | €M EBIT | €M Division 120 106.3 40 Y-o-Y 93.9 +13.2% 30 80 48% 44% 20 17.2 Y-o-Y 15.4 -10.4% 40 58% 52% 10 60% 56% 42% 40% 0 0 Q1 2023 Q1 2024 Q1 2023 Q1 2024 18 EBIT margin 18.3% 14.5% EBITDA | €M Net Income | €M 40 40 30 27.1 30 23.4 Y-o-
Slide 19: Mavriq Division – Q1 Key Financials
03. Business Update Mavriq Division – Q1 Key Financials Revenues | €M EBITDA | €M 30 20 70 14.6 12.3 Y-o-Y +18.8% 10 60 50.9 50 Y-o-Y 41.3 +23.1% Q1 2023 Q1 2024 40 19 EBITDA margin 29.7% 28.7% 30 EBIT | €M 20 30 10 20 Q1 2023 Q1 2024 9.9 Y-o-Y 9.2 10 -6.9% Q1 2023 Q1 2024 EBIT margin 24.0% 18.1%
Slide 20: Mavriq Division – Performance and outlook
03. Business Update Mavriq Division – Performance and outlook • In Q1 2024, the revenues of the Telco & Energy Comparison, Insurance Broking and International Markets business lines (the latter also due to the consolidation starting from February 1st, 2023) are growing Y-o-Y, while the revenues of t
Slide 21: Moltiply Division – Q1 Key Financials
03. Business Update Moltiply Division – Q1 Key Financials Revenues | €M EBITDA | €M 30 20 70 12.5 11.1 Y-o-Y +12.1% 10 60 55.5 52.6 Y-o-Y +5.5% 50 Q1 2023 Q1 2024 40 21 EBITDA margin 21.2% 22.5% 30 EBIT | €M 20 30 10 20 Q1 2023 Q1 2024 10 7.3 Y-o-Y 6.2 -15.1% Q1 2023 Q1 2024 EBIT margin 13.8% 11.1%
Slide 22: Moltiply Division – Performance and outlook (1/2)
03. Business Update Moltiply Division – Performance and outlook (1/2) • Q1 2024 saw slight growth in overall revenues of the Moltiply Division, compared to Q1 2023 and an increase in EBITDA margin, mainly due to the contribution of the Moltiply Claims (formerly Insurance BPO) business line. • The ou
Slide 23: Moltiply Division – Performance and outlook (2/2)
03. Business Update Moltiply Division – Performance and outlook (2/2) • Moltiply Loans showed double-digit growth in Q1 2024, supported by the acquisition of new clients and the expansion of portfolios of guaranteed loans to SMEs. Maintaining a good EBITDA margin remains a challenge for 2024, but th
Slide 24: Agenda
Agenda 1. Business Description 2. Share Information 24 3. Business Update 4. Pricewise Acquisition 5. Net Financial Position Update 6. Historical Performance
Slide 25: Highlights of Pricewise acquisition
04. Pricewise Acquisition Highlights of Pricewise acquisition Key Figures | 2023 Revenues €10.9M EBITDA €2.9M • Longstanding leading operator in the Netherlands in online comparison and Description intermediation of energy, telecommunications and insurance contracts through the pricewise.nl website
Slide 26: Agenda
Agenda 1. Business Description 2. Share Information 26 3. Business Update 4. Pricewise Acquisition 5. Net Financial Position Update 6. Historical Performance
Slide 27: Net Financial Position
05. Net Financial Position Update Net Financial Position As of (€000) March 31, December 31, September 30, Jun e 30, M arch 31, 2 02 4 2 02 3 2 02 3 2 02 3 2 02 3 A. Cash and current bank accounts 158,456 150,097 136,750 132,090 139,881 B. Cash equivalents - - - - - C. Other current financial assets
Slide 28: Agenda
Agenda 1. Business Description 2. Share Information 28 3. Business Update 4. Pricewise Acquisition 5. Net Financial Position Update 6. Historical Performance
Slide 29: Major milestones
06. 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
06. 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
06. 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
06. Historical Performance Revenue Breakdown by Business Line Moltiply 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% 63.6 11% 9%
Slide 33: EBITDA by Division
06. 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
06. Historical Performance Operating Income by Divsion EBIT | €M 63.1 69.0 66.5 63.1 60 50.8 46.1 39.7 65% 59% 40 35.2 66% 64% 30.9 32.0 52% 51% 21.9 22.0 46% 21.5 47% 17.6 57% 20 77% 14.5 8.5 78% 84% 5.6 48% 35% 41% 77% 93% 3.6 36% 54% 49% 34% 36% 43% 53% 67% 23% 64% 0 33% 23% 22% 7% 16% 2006 2007
Slide 35: Dividend Payout
06. 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
06. Historical Performance Net Icome 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 2
Slide 37: Appendix
Www Appendix Moltiply
Slide 38: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q1 2 024 Q4 2 023 Q3 2 023 Q2 2 023 Q1 2 023 Revenues 106,348 112,484 94,607 103,185 93,911 Other income 2,317 2,662 1,953 2,188 2,918 Capitalization of internal costs 3,177 3,804 3,003 3,639 2,240 Services costs (45,692) (47,735) (41,436) (41,755) (40,692) Personnel c
Slide 39: Q1 Profit & Loss
Q1 Profit & Loss (€000) Q1 2 02 4 Q1 202 3 % Var. Revenues 106,348 93,911 13.2% Other income 2,317 2,918 -20.6% Capitalization of internal costs 3,177 2,240 41.8% Services costs (45,692) (40,692) 12.3% Personnel costs (34,288) (31,960) 7.3% Other operating costs (4,774) (2,985) 59.9% EBITDA 2 7,088
Slide 40: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of (€000) March 31, December 31, Change % 2024 2023 ASSETS Intangible assets 440,100 446,292 (6,192) -1.4% Property, plant and equipment 31,372 31,253 119 0.4% Participations measured with equity method 1,776 1,776 - 0.0% Financial assets at fair value 122,480 150,727 (
Slide 41: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of (€000) M arch 31, December 31, Ch an ge % 202 4 2 02 3 LIABILIT IES AND SHAR EHOLDER S' EQUITY Total group shareholders' equity 311,394 327,528 (16,134) -4.9% Minority interests 2,722 2,603 119 4.6% Total sh areh olders ' equity 314,116 330,131 (16,015) -4.9% Lon
Slide 42: 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