Moltiply Group S.p.a. · MIL:MOL
Moltiply — Q1 2025 Earnings Presentation
40 slides from Moltiply's earnings presentation, May 15, 2025
Slide 1: First Quarter 2025 Results
First Quarter 2025 Results May 15th, 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 | March 31st, 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 May. 14th, 2025* Treasury shares 6.22% Alma Ventures** 33.62% 15 Free Float 34.37% 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 May. 14th, 2025 2,750 75.0 Number of Shares 40,000,000 2,500 70.0 Treasury Shares 2,486,482 65.0 Outstanding Shares 37,513,518 2,250 Price per Share € 47.00 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: Q1 Highlights
03. Business Update Q1 Highlights Group Revenues* | €M EBIT* | €M 200 60 160 132.8 106.0 Y-o-Y 40 120 +25.3% 50% 22.1 80 48% 15.7 Y-o-Y 20 +40.8% 67% 40 59% 52% 50% 41% 33% 0 0 Q1 2024 Q1 2025 Q1 2024 Q1 2025 18 EBIT margin 14.8% 16.7% EBITDA* | €M Net Income* | €M 60 60 40 35.3 40 27.4 Y-o-Y +28.9%
Slide 19: Mavriq – Q1 Key Financials
03. Business Update Mavriq – Q1 Key Financials Revenues | €M EBITDA | €M 30 21.2 20 Y-o-Y 80 14.7 +44.2% 70 66.7 10 60 Y-o-Y 50.9 +31.0% 0 50 Q1 2024 Q1 2025 19 40 EBITDA margin 28.9% 31.7% 30 EBIT | €M 20 30 10 20 0 14.7 Q1 2024 Q1 2025 Y-o-Y 9.3 +58.3% 10 0 Q1 2024 Q1 2025 EBIT margin 18.3% 22.1%
Slide 20: Mavriq – Performance and outlook
03. Business Update Mavriq – Performance and outlook • In Q1 2025, revenues from all the main business lines of the Mavriq Division grow by double-digit percentages. In addition, thanks to operating leverage, the EBITDA margin improves. • However, E-Commerce Price Comparison margins remain under pre
Slide 21: Moltiply BPO&Tech – Q1 Key Financials
03. Business Update Moltiply BPO&Tech – Q1 Key Financials Revenues* | €M EBITDA* | €M 30 20 80 12.7 Y-o-Y 14.1 +11.2% 70 66.1 10 Y-o-Y 60 55.1 +20.0% 0 50 Q1 2024 Q1 2025 21 40 EBITDA margin 23.0% 21.4% 30 EBIT* | €M 20 30 10 20 0 Q1 2024 Q1 2025 10 6.4 Y-o-Y 7.4 +15.3% 0 Q1 2024 Q1 2025 EBIT margin
Slide 22: Moltiply BPO&Tech – Performance and outlook (1/2)
03. Business Update Moltiply BPO&Tech – Performance and outlook (1/2) • In Q1 2025, in line with management expectations, the Moltiply BPO&Tech Division recorded a significant increase in revenues compared to Q1 2024, accompanied by double digit percentage growth in EBITDA. Performance was driven by
Slide 23: Moltiply BPO&Tech – Performance and outlook (2/2)
03. Business Update Moltiply BPO&Tech – Performance and outlook (2/2) • Moltiply Loans recorded a slight decrease in revenues compared to Q1 2024, with substantially stable profitability. • Moltiply Wealth continued to grow, supported by the expansion of services provided to existing clients and the
Slide 24: Agenda
Agenda 1. Business Description 2. Share Information 24 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 25: Net Financial Position
04. Net Financial Position Update Net Financial Position As of (€000) Mar ch 31, December 31, September 30, Jun e 30, Mar ch 31, 2 02 5 2024 2 02 4 2024 2 02 4 A. Cash and current bank accounts 107,504 137,490 127,992 118,189 158,456 B. Cash equivalents - - - - - C. Other current financial assets 18
Slide 26: Agenda
Agenda 1. Business Description 2. Share Information 26 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 27: 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 27 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 201
Slide 28: 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 28 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 29: 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 29 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 30: 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 30 133.1 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 31: 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% 30.2% 92.6 88.6 29.1% 30% 90 54% 76.6 29.5% 29.5% 31 56% 28.5% 27.1% 64.0 26.8% 55% 25.3% 24.0% 53% 20% 23.3% 60 23.2% 22.0% 59% 21.3% 47% 30 10% 46% 45% 47% 44% 53%
Slide 32: 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 32 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% 40%
Slide 33: 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 14.8 14.4 15.3 20.9 9.9 29.7 5.2 9.7 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 34: 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 35: Appendix
ad Appendix 255 Méltiply
Slide 36: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q1 2025 Q4 202 4 Q3 202 4 Q2 202 4 Q1 2 02 4 Revenues 132.811 132.482 106.488 108.660 106.005 Other income 2.230 3.280 2.259 2.518 2.313 Capitalization of internal costs 3.735 4.411 3.671 3.935 3.177 Services costs (59.056) (56.519) (44.714) (46.898) (45.482) Personnel
Slide 37: Q1 Profit & Loss
Q1 Profit & Loss (€000) Q1 2 02 5 Q1 2024 % Var . Revenues 132.811 106.005 25,3% Other income 2.230 2.313 -3,6% Capitalization of internal costs 3.735 3.177 17,6% Services costs (59.056) (45.482) 29,8% Personnel costs (39.713) (33.861) 17,3% Other operating costs (4.710) (4.768) -1,2% EBITDA 35.297
Slide 38: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of (€000) M arch 31, December 31, Ch ange % 2 02 5 2 02 4 ASSETS Intangible assets 666,233 480,937 185,296 38.5% Property, plant and equipment 59,563 34,675 24,888 71.8% Participations measured with equity method 1,986 1,986 - 0.0% Financial assets at fair value 115,012
Slide 39: Balance Sheet – Liability Side
Balance Sheet – Liability Side A s of (€000) Mar ch 31, December 31, Ch an ge % 2 025 2 02 4 LIA BILIT IES AND SHAREHOLDERS' EQUITY Group shareholders' equity 306,827 291,738 15,089 5.2% Minority interests 4,280 3,789 491 13.0% To tal sh ar eho lders ' equity 311,107 295,527 15,580 5.3% Long-term de
Slide 40: 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