Moltiply Group S.p.a. · MIL:MOL
Moltiply — Q3 2025 Earnings Presentation
43 slides from Moltiply's earnings presentation, Nov 17, 2025
Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results Milan, November 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, 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 | September 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 Nov. 14th, 2025* Treasury shares 3.78% Alma Ventures** 33.62% 36.81% 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 Nov. 14th, 2025 2,750 75.0 Number of Shares 40,000,000 2,500 70.0 Treasury Shares 1,511,124 65.0 Outstanding Shares 38,488,876 2,250 Price per Share € 41.20 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: 9M Highlights
03. Business Update 9M Highlights Group Revenues* | €M EBIT* | €M 600 150 500 467.1 Y-o-Y 400 321.2 100 +45.4% 75.5 300 57% Y-o-Y 49% 49.0 200 50 +54.0% 72% 100 61% 51% 43% 39% 28% 0 0 9M 2024 9M 2025 9M 2024 9M 2025 18 EBIT margin 15.3% 16.2% EBITDA* | €M Net Income* | €M 150 150 120.8 Y-o-Y 100 84
Slide 19: Q3 Highlights
03. Business Update Q3 Highlights Group Revenues* | €M EBIT* | €M 200 60 165.4 150 Y-o-Y 106.5 40 +55.3% 100 62% 26.8 Y-o-Y 51% 20 16.6 +60.9% 50 79% 38% 67% 49% 0 0 33% 21% Q3 2024 Q3 2025 Q3 2024 Q3 2025 19 EBIT margin 15.6% 16.2% EBITDA* | €M Net Income* | €M 60 60 43.5 40 Y-o-Y 40 28.6 +52.2% 69
Slide 20: Mavriq – 9M Key Financials
03. Business Update Mavriq – 9M Key Financials Revenues | €M EBITDA | €M 150 100 78.1 300 268.2 46.3 Y-o-Y 50 +68.8% 250 Y-o-Y 0 200 +70.8% 9M 2024 9M 2025 157.0 20 150 EBITDA margin 29.5% 29.1% 100 EBIT | €M 150 50 100 0 9M 2024 9M 2025 54.5 50 Y-o-Y 30.1 +81.0% 0 9M 2024 9M 2025 EBIT margin 19.2%
Slide 21: Mavriq – Q3 Key Financials
03. Business Update Mavriq – Q3 Key Financials Revenues | €M EBITDA | €M 50 40 30.0 30 120 Y-o-Y 103.2 20 16.8 +78.9% 100 10 0 80 Y-o-Y +91.8% Q3 2024 Q3 2025 53.8 21 60 EBITDA margin 31.1% 29.0% 40 EBIT | €M 50 20 40 0 30 21.3 Q3 2024 Q3 2025 20 Y-o-Y 11.4 +86.8% 10 0 Q3 2024 Q3 2025 EBIT margin 21
Slide 22: Mavriq – Performance and outlook
03. Business Update Mavriq – Performance and outlook • In Q3 2025, Mavriq (Broking Division) reported strong Y-o-Y growth, thanks to robust organic performance – except for E-Commerce Price Comparison, which was down – and the inclusion of Verivox in the consolidation area. • For the coming months,
Slide 23: Moltiply BPO&Tech – 9M Key Financials
03. Business Update Moltiply BPO&Tech – 9M Key Financials Revenues* | €M EBITDA* | €M 150 100 300 50 38.5 Y-o-Y 42.6 250 +10.7% 198.8 0 200 Y-o-Y 9M 2024 9M 2025 164.1 +21.2% 23 150 EBITDA margin 23.5% 21.4% 100 EBIT* | €M 150 50 100 0 9M 2024 9M 2025 50 18.9 Y-o-Y 21.0 +11.2% 0 9M 2024 9M 2025 EBIT
Slide 24: Moltiply BPO&Tech – Q3 Key Financials
03. Business Update Moltiply BPO&Tech – Q3 Key Financials Revenues* | €M EBITDA* | €M 50 40 30 120 20 13.5 11.8 Y-o-Y 100 10 +14.3% 0 80 Q3 2024 Q3 2025 62.2 Y-o-Y 24 60 52.7 EBITDA margin 22.4% 21.7% +18.0% 40 EBIT* | €M 50 20 40 0 30 Q3 2024 Q3 2025 20 10 5.3 Y-o-Y 5.5 +4.8% 0 Q3 2024 Q3 2025 EBIT
Slide 25: Moltiply BPO&Tech – Performance and outlook
03. Business Update Moltiply BPO&Tech – Performance and outlook • The Division delivered another growing quarter, with revenues and operating margins accelerating Y-o-Y and a further increase in EBITDA. • Trends remain consistent with prior quarters: Moltiply Mortgages, Moltiply Lease and Moltiply W
Slide 26: Agenda
Agenda 1. Business Description 2. Share Information 26 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 27: Net Financial Position
04. Net Financial Position Update Net Financial Position As of (€000) September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024 A. Cash and current bank accounts 142,090 155,828 107,504 137,490 127,992 B. Cash equivalents - - - - - C. Other current financial assets 42,753
Slide 28: Agenda
Agenda 1. Business Description 2. Share Information 28 3. Business Update 4. Net Financial Position Update 5. Historical Performance
Slide 29: 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 46.4 47.9 53.4 38.5 51.0 4.5 7.8 13.2 21.8 37.7 0.1 1.0 2.7 29 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 201
Slide 30: 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 30 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 57% 50 37.7 46.4 47.9 58% 38.5 37%
Slide 31: 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 31 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 32: 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 32 133.1 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 33: 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% 33 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 34: 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 34 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 35: 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 30 20.9 23.5 24.8 27.5 29.7 5.2 9.7 14.8 14.4 15.3 3.6 3.8 9.9 45.6a 17.8 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Slide 36: 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 37: Appendix
Www Appendix 25; Moltiply
Slide 38: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Revenues 165,386 168,881 132,811 132,482 106,488 Other income 2,940 2,538 2,230 3,280 2,259 Capitalization of internal costs 5,806 6,222 3,735 4,411 3,671 Services costs (76,524) (79,287) (59,056) (56,519) (44,714) Personnel cost
Slide 39: Q3 Profit & Loss
Q3 Profit & Loss (€000) Q3 2025 Q3 2024 % Var. Revenues 165,386 106,488 55.3% Other income 2,940 2,259 30.1% Capitalization of internal costs 5,806 3,671 58.2% Services costs (76,524) (44,714) 71.1% Personnel costs (49,571) (33,372) 48.5% Other operating costs (4,545) (5,752) -21.0% EBITDA 43,492 28
Slide 40: 9M Profit & Loss
9M Profit & Loss (€000) 9M 2025 9M 2024 % Var. Revenues 467,078 321,153 45.4% Other income 7,708 7,090 8.7% Capitalization of internal costs 15,763 10,783 46.2% Services costs (214,867) (137,094) 56.7% Personnel costs (141,072) (101,455) 39.0% Other operating costs (13,839) (15,677) -11.7% EBITDA 12
Slide 41: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of (€000) September 30, December 31, Change % 2025 2024 ASSETS Intangible assets 650,999 480,937 170,062 35.4% Property, plant and equipment 56,702 34,675 22,027 63.5% Participations measured with equity method 2,014 1,986 28 1.4% Non-current financial assets 108,029 11
Slide 42: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of (€000) September 30, December 31, Change % 2025 2024 LIABILITIES AND SHAREHOLDERS' EQUITY Group shareholders' equity 356,894 291,738 65,156 22.3% Minority interests 377 3,789 (3,412) -90.1% Total shareholders' equity 357,271 295,527 61,744 20.9% Long-term debts a
Slide 43: 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 Art