Moltiply Group S.p.a. · MIL:MOL
Moltiply — H1 2024 Earnings Presentation
46 slides from Moltiply's earnings presentation, Sep 6, 2024
Slide 1: First Half 2024 Results
First Half 2024 Results September 6th, 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. Net Financial Position Update 5. Historical Performance
Slide 5: Business Portfolio
01. Business Description Business Portfolio Moltiply Group S.p.A. (“Moltiply”), previously named Gruppo MutuiOnline S.p.A., is the holding company of a group operating in two separate and independent business segments, through specialized “Divisions”, each composed of several dedicated subsidiaries.
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 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 | June 30th, 2024 Headcount* (FTE) 3,243 10 * 2023 average
Slide 11: Mavriq Division structure
01. Business Description Mavriq Division structure Group structure | June 30th, 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 | June 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 Sept. 5th, 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 Sept. 5th, 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 € 34.90 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 Division Revenues | €M EBIT | €M Division 240 215.3 197.1 Y-o-Y +9.2% 60 180 48% 45% 34.8 120 40 Y-o-Y 31.6 -9.0% 20 66% 59% 60 55% 52% 34% 41% 0 0 H1 2023 H1 2024 H1 2023 H1 2024 18 EBIT margin 17.6% 14.7% EBITDA | €M Net Income | €M 60 52.4 Y-o-Y 55.5 60 +6.
Slide 19: Q2 Highlights
03. Business Update Q2 Highlights Group Division Revenues | €M EBIT | €M Division 120 103.2 109.0 40 Y-o-Y +5.6% 80 46% 48% 20 17.6 Y-o-Y 16.2 -7.6% 40 74% 58% 54% 52% 26% 42% 0 0 Q2 2023 Q2 2024 Q2 2023 Q2 2024 19 EBIT margin 17.0% 14.9% EBITDA | €M Net Income | €M 40 40 28.9 Y-o-Y 28.4 -1.7% 20 55
Slide 20: Mavriq (Broking) Division – H1 Key Financials
03. Business Update Mavriq (Broking) Division – H1 Key Financials Revenues | €M EBITDA | €M 40 28.2 Y-o-Y 29.5 +4.9% 120 20 103.2 Y-o-Y 89.2 +15.7% 0 80 H1 2023 H1 2024 20 EBITDA margin 31.6% 28.6% 40 EBIT | €M 40 23.0 Y-o-Y 0 18.7 20 -18.5% H1 2023 H1 2024 0 H1 2023 H1 2024 EBIT margin 25.8% 18.1%
Slide 21: Mavriq (Broking) Division – Q2 Key Financials
03. Business Update Mavriq (Broking) Division – Q2 Key Financials Revenues | €M EBITDA | €M 30 20 15.9 Y-o-Y 14.9 -5.9% 10 60 52.3 47.9 Y-o-Y +9.3% 0 Q2 2023 Q2 2024 40 21 EBITDA margin 33.2% 28.5% EBIT | €M 20 30 20 0 13.1 Y-o-Y Q2 2023 Q2 2024 -27.4% 9.5 10 0 Q2 2023 Q2 2024 EBIT margin 27.3% 18.2
Slide 22: Mavriq Division – Performance and outlook (1/2)
03. Business Update Mavriq Division – Performance and outlook (1/2) • The Mavriq Division grew in H1 2024, compared to H1 2023, although EBITDA in Q2 2024 is down slightly Y-o-Y, due to weakness in E-Commerce Price Comparison and Credit Broking. • Regarding Credit Broking, revenues are slightly down
Slide 23: Mavriq Division – Performance and outlook (2/2)
03. Business Update Mavriq Division – Performance and outlook (2/2) • E-Commerce Price Comparison in H1 2024 records robust revenue growth, but also a relevant drop in EBITDA, also because of the changes introduced by Google with the entry into force of the DMA and in relation to which the European
Slide 24: Moltiply (BPO) Division – H1 Key Financials
03. Business Update Moltiply (BPO) Division – H1 Key Financials Revenues | €M EBITDA | €M 40 24.2 Y-o-Y 26.0 +7.4% 120 112.1 20 107.9 Y-o-Y +3.9% 0 80 H1 2023 H1 2024 24 EBITDA margin 22.4% 23.2% 40 EBIT | €M 40 0 20 H1 2023 H1 2024 11.8 Y-o-Y 12.9 +9.7% 0 H1 2023 H1 2024 EBIT margin 10.9% 11.5%
Slide 25: Moltiply (BPO) Division – Q2 Key Financials
03. Business Update Moltiply (BPO) Division – Q2 Key Financials Revenues | €M EBITDA | €M 30 20 13.1 Y-o-Y 13.5 +3.3% 10 60 55.3 Y-o-Y 56.6 +2.4% 0 Q2 2023 Q2 2024 40 25 EBITDA margin 23.6% 23.8% EBIT | €M 20 30 20 0 Q2 2023 Q2 2024 10 6.7 4.5 Y-o-Y +50.0% 0 Q2 2023 Q2 2024 EBIT margin 8.1% 11.9%
Slide 26: Moltiply Division – Performance and outlook (1/2)
03. Business Update Moltiply Division – Performance and outlook (1/2) • In H1 2024, the Moltiply Division recorded a moderate increase in revenues compared to H1 2023, with operating margins at the EBITDA level essentially stable. However, the dynamics of the different business lines were rather div
Slide 27: Moltiply Division – Performance and outlook (2/2)
03. Business Update Moltiply Division – Performance and outlook (2/2) • Moltiply Claims reports in Q2 2024 robust double-digit growth, confirming the positive trend already observed in previous quarters. The increase of activity in this sector continues to be driven by exceptional weather events, wh
Slide 28: Agenda
Agenda 1. Business Description 2. Share Information 28 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 29: Net Financial Position
04. Net Financial Position Update Net Financial Position As of (€000) Jun e 30, M arch 31, December 31, September 30, June 30, 2 02 4 2 02 4 2 02 3 2 02 3 2 02 3 A. Cash and current bank accounts 118,189 158,456 150,097 136,750 132,090 B. Cash equivalents - - - - - C. Other current financial assets
Slide 30: Agenda
Agenda 1. Business Description 2. Share Information 30 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 31: 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 31 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Slide 32: 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% 32 259.4 250 219.9 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 33: 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 33 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 34: Revenue Breakdown by Business Line
05. 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 34 133.1 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 35: 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 35 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 36: 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% 36 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 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 1.07 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 38: 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 39: Appendix
Www Appendix Moltiply
Slide 40: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q2 202 4 Q1 202 4 Q4 2 02 3 Q3 2 023 Q2 2 023 Revenues 108,952 106,348 112,484 94,607 103,185 Other income 2,527 2,317 2,662 1,953 2,188 Capitalization of internal costs 3,935 3,177 3,804 3,003 3,639 Services costs (47,312) (45,692) (47,735) (41,436) (41,755) Personnel
Slide 41: Q2 Profit & Loss
Q2 Profit & Loss (€000) Q2 202 4 Q2 2 023 % Var. Revenues 108,952 103,185 5.6% Other income 2,527 2,188 15.5% Capitalization of internal costs 3,935 3,639 8.1% Services costs (47,312) (41,755) 13.3% Personnel costs (34,503) (35,663) -3.3% Other operating costs (5,164) (2,661) 94.1% EBITDA 2 8,435 28
Slide 42: H1 Profit & Loss
H1 Profit & Loss (€000) H1 202 4 H1 2 023 % Var. Revenues 215,300 197,096 9.2% Other income 4,844 5,106 -5.1% Capitalization of internal costs 7,112 5,879 21.0% Services costs (93,004) (82,447) 12.8% Personnel costs (68,791) (67,623) 1.7% Other operating costs (9,938) (5,646) 76.0% EBITDA 55,52 3 52
Slide 43: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of (€000) June 30, December 31, Change % 2024 2023 ASSETS Intangible assets 457,328 446,292 11,036 2.5% Property, plant and equipment 36,172 31,253 4,919 15.7% Participations measured with equity method 1,732 1,776 (44) -2.5% Financial assets at fair value 124,505 150,7
Slide 44: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of (€000) June 30, December 31, Change % 2 02 4 2 023 LIABILIT IES AND SHAREHOLDERS' EQUIT Y Total group shareholders' equity 314,281 327,528 (13,247) -4.0% Minority interests 2,883 2,603 280 10.8% Total shareholders' equity 317 ,164 330,131 (12,967 ) -3.9% Long-ter
Slide 45: H1 Cash flow statement (condensed)
H1 Cash flow statement (condensed) As of (€000) Jun e 30, Jun e 30, Ch ange % 2024 2023 A. Cash Flow from operating activities before changes in net working capital 37,653 42,443 (4,790) -11.3% B. Changes in net working capital (22,063) (9,975) (12,088) 121.2% 45 C. Net cash generated/(absorbed) by
Slide 46: 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