Moltiply Group S.p.a. · MIL:MOL
Moltiply — H1 2025 Earnings Presentation
45 slides from Moltiply's earnings presentation, Sep 10, 2025
Slide 1: First Half 2025 Results
First Half 2025 Results September 10th, 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, credit consumer loan broking in the Italian e-commerce and prom
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 and mostly TV and Internet. Relies pl
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 (1/2)
01. Business Description Mavriq – International Brands (1/2) Brand Description Market Position Operations Revenue Model Multi-product Strong number two player Focus on marketing Commissions on closed sales aggregator for energy, in energy comparison, activities, mostly TV and from product providers
Slide 10: Mavriq – International Brands (2/2)
01. Business Description Mavriq – International Brands (2/2) Brand Description Market Position Operations Revenue Model Online comparison and Category builder in the Fully digital end-to-end Commission based intermediation of Netherlands since 2006 sales funnel, no tele-sales remuneration for key en
Slide 11: 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 12: Group structure
01. Business Description Group structure Group structure | June 30th, 2025 Headcount* (FTE) 3,623 12 * 2024 average
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 Sept. 9th, 2025* Treasury shares 3.59% Alma Ventures** 33.62% 37.00% 15 Free Float 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 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 Sept. 9th, 2025 2,750 75.0 Number of Shares 40,000,000 2,500 70.0 Treasury Shares 1,434,991 65.0 Outstanding Shares 38,565,009 2,250 Price per Share € 44.20 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: H1 Highlights
03. Business Update H1 Highlights Group Revenues* | €M EBIT* | €M 400 100 301.7 80 300 Y-o-Y 214.7 +40.5% 60 48.8 200 55% Y-o-Y 48% 40 32.4 +50.5% 68% 100 58% 45% 20 52% 42% 32% 0 0 H1 2024 H1 2025 H1 2024 H1 2025 18 EBIT margin 15.1% 16.2% EBITDA* | €M Net Income* | €M 100 100 77.3 80 80 Y-o-Y 56.2
Slide 19: Q2 Highlights
03. Business Update Q2 Highlights Group Revenues* | €M EBIT* | €M 200 60 168.9 160 Y-o-Y 120 108.7 +55.4% 40 58% 26.6 80 48% Y-o-Y 20 16.7 +59.7% 69% 40 42% 58% 52% 42% 31% 0 0 Q2 2024 Q2 2025 Q2 2024 Q2 2025 19 EBIT margin 15.4% 15.8% EBITDA* | €M Net Income* | €M 60 60 42.0 40 Y-o-Y 40 28.8 +45.6%
Slide 20: Mavriq – H1 Key Financials
03. Business Update Mavriq – H1 Key Financials Revenues | €M EBITDA | €M 60 48.2 40 Y-o-Y 29.8 +61.8% 200 165.0 20 160 Y-o-Y 0 +59.9% H1 2024 H1 2025 120 103.2 20 EBITDA margin 28.8% 29.2% 80 EBIT | €M 60 40 40 33.2 0 Y-o-Y H1 2024 H1 2025 18.9 +75.4% 20 0 H1 2024 H1 2025 EBIT margin 18.3% 20.1%
Slide 21: Mavriq – Q2 Key Financials
03. Business Update Mavriq – Q2 Key Financials Revenues | €M EBITDA | €M 30 27.0 Y-o-Y 20 +79.0% 15.1 120 98.3 10 100 Y-o-Y 0 80 +87.9% Q2 2024 Q2 2025 21 60 52.3 EBITDA margin 28.8% 27.4% 40 EBIT | €M 30 20 20 18.5 0 Y-o-Y Q2 2024 Q2 2025 9.6 +92.0% 10 0 Q2 2024 Q2 2025 EBIT margin 18.4% 18.8%
Slide 22: Mavriq – Performance and outlook
03. Business Update Mavriq – Performance and outlook • The growth of the Mavriq Division in H1 2025 is particularly significant, due both to the organic contribution of existing activities and the consolidation of Verivox in Q2 2025. • In Italy, Credit Broking continued to grow Y-o-Y, although at a
Slide 23: Moltiply BPO&Tech – H1 Key Financials
03. Business Update Moltiply BPO&Tech – H1 Key Financials Revenues* | €M EBITDA* | €M 60 40 200 26.5 Y-o-Y 29.1 +10.0% 20 160 136.7 0 Y-o-Y 111.4 +22.6% H1 2024 H1 2025 120 23 EBITDA margin 23.7% 21.3% 80 EBIT* | €M 60 40 40 0 H1 2024 H1 2025 20 13.5 Y-o-Y 15.5 +15.4% 0 H1 2024 H1 2025 EBIT margin 1
Slide 24: Moltiply BPO&Tech – Q2 Key Financials
03. Business Update Moltiply BPO&Tech – Q2 Key Financials Revenues* | €M EBITDA* | €M 30 20 13.8 Y-o-Y 15.0 120 +9.0% 10 100 0 80 70.5 Q2 2024 Q2 2025 Y-o-Y 60 56.3 +25.3% 24 EBITDA margin 24.4% 21.3% 40 EBIT* | €M 30 20 20 0 Q2 2024 Q2 2025 10 7.0 Y-o-Y 8.1 +15.5% 0 Q2 2024 Q2 2025 EBIT margin 12.5
Slide 25: Moltiply BPO&Tech – Performance and outlook (1/2)
03. Business Update Moltiply BPO&Tech – Performance and outlook (1/2) • In H1 2025, the Division achieved a significant increase in revenues compared to H1 2024, together with a double-digit growth in EBITDA, mainly of organic nature. Performance was driven by the Mortgages, Lease and Wealth busines
Slide 26: Moltiply BPO&Tech – Performance and outlook (2/2)
03. Business Update Moltiply BPO&Tech – Performance and outlook (2/2) • For Moltiply Loans the performance is expected to be in line with that of H1 2025, with turnover remaining essentially stable but margins increasing slightly thanks to measures taken to optimize the mix of services and increase
Slide 27: Agenda
Agenda 1. Business Description 2. Share Information 27 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 28: Net Financial Position
04. Net Financial Position Update Net Financial Position As of (€000) June 30, Mar ch 31, December 31, September 30, June 30, 202 5 2025 2024 2024 2024 A. Cash and current bank accounts 155,828 107,504 137,490 127,992 118,189 B. Cash equivalents - - - - - C. Other current financial assets 30,786 18,
Slide 29: Agenda
Agenda 1. Business Description 2. Share Information 29 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 30: 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 30 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 201
Slide 31: 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 31 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 32: 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 32 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 33: 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 33 133.1 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 34: 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% 34 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 35: 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 35 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 36: Net Income
05. Historical Performance Net Income Net Income| €M 150 130.7 120 Tax benefit from the revaluations 90 85.1 60 47.5b 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 37: 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 38: Appendix
Www Appendix 25; Moltiply
Slide 39: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q2 2 025 Q1 2 02 5 Q4 2 02 4 Q3 2 02 4 Q2 2 02 4 Revenues 168,881 132,811 132,482 106,488 108,660 Other income 2,538 2,230 3,280 2,259 2,518 Capitalization of internal costs 6,222 3,735 4,411 3,671 3,935 Services costs (79,287) (59,056) (56,519) (44,714) (46,898) Perso
Slide 40: Q2 Profit & Loss
Q2 Profit & Loss (€000) Q2 2 02 5 Q2 2 02 4 % Var. Revenues 168,881 108,660 55.4% Other income 2,538 2,518 0.8% Capitalization of internal costs 6,222 3,935 58.1% Services costs (79,287) (46,898) 69.1% Personnel costs (51,788) (34,222) 51.3% Other operating costs (4,584) (5,157) -11.1% EBITDA 41,982
Slide 41: H1 Profit & Loss
H1 Profit & Loss (€000) H1 2 02 5 H1 2 02 4 % Var. Revenues 301,692 214,665 40.5% Other income 4,768 4,831 -1.3% Capitalization of internal costs 9,957 7,112 40.0% Services costs (138,343) (92,380) 49.8% Personnel costs (91,501) (68,083) 34.4% Other operating costs (9,294) (9,925) -6.4% EBITDA 77,27
Slide 42: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of (€000) June 30, December 31, Change % 2 02 5 2 024 ASSETS Intangible assets 658,340 480,937 177,403 36.9% Property, plant and equipment 57,639 34,675 22,964 66.2% Participations measured with equity method 2,014 1,986 28 1.4% Non-current financial assets 122,024 111,
Slide 43: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of (€000) June 30, December 31, Chan ge % 2 02 5 202 4 LIABILITIES AND SHAR EHOLDERS' EQUITY Group shareholders' equity 365,799 291,738 74,061 25.4% Minority interests 4,513 3,789 724 19.1% Total shareholder s' equity 370,312 2 95,527 74,785 2 5.3% Long-term debts a
Slide 44: H1 Cash flow statement (condensed)
H1 Cash flow statement (condensed) As of ' (€000) June 30, Jun e 30, Ch an ge % 2025 2024 A. Cash Flow from operating activities before changes in net working capital 54,353 37,653 16,700 44.4% B. Changes in net working capital (17,772) (22,063) 4,291 -19.4% 44 C. Net cash gen erated/ (absorbed) by
Slide 45: 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