Slide 1: Full Year 2025 Results
Full Year 2025 Results March 17th, 2026
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 Portfolio Overview 4 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
Slide 5: Business Portfolio
1. Business Portfolio Overview 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 Mavriq Moltiply BPO&Tech (a.k.a. “Br
Slide 6: Group structure
1. Business Portfolio Overview Group structure Group structure | December 31st, 2025 Headcount* (FTE) 4,313 6 * 2025 average
Slide 7: Mavriq – Business Lines and Geographies
1. Business Portfolio Overview | Mavriq Mavriq –Business Lines and Geographies Italy Germany Spain France Netherlands Mexico Energy & Telco Online comparison and intermediation of electricity, gas and telco contracts. Insurance 7 Online comparison and intermediation of insurance products. Banking On
Slide 8: Mavriq – Main Brands (1/3)
1. Business Portfolio Overview | Mavriq Mavriq – Main Brands (1/3) Brand Description Market Position Operations Revenue Model Multi-product aggregator Co-leader in market Focus on marketing Commission on new insurance for insurance, personal with two main operators activities, with always-on policy
Slide 9: Mavriq – Main Brands (2/3)
1. Business Portfolio Overview | Mavriq Mavriq – Main Brands (2/3) Brand Description Market Position Operations Revenue Model Multi-product Strong number two Focus on marketing activities, Fixed commissions on closed aggregator for energy, player in energy mostly TV and Internet. Relies sales from p
Slide 10: Mavriq – Main Brands (3/3)
1. Business Portfolio Overview | Mavriq Mavriq – Main Brands (3/3) Brand Description Market Position Operations Revenue Model Online comparison and Category builder in the Fully digital end-to-end sales Commission based intermediation of Netherlands since 2006 funnel, no tele-sales remuneration for
Slide 11: Moltiply is a leading Italian provider of tech-enabled BPO services to three main sectors
1. Business Portfolio Overview | Moltiply BPO&Tech Moltiply is a leading Italian provider of tech-enabled BPO services to three main sectors Banking* Lease Insurance Target Clients Target Clients Target Clients • Banks • Rental & RAC • Insurance companies • Consumer credit specialists • Leasing comp
Slide 12: Three complementary markets with significant convergence potential towards the European average
1. Business Portfolio Overview | Moltiply BPO&Tech Three complementary markets with significant convergence potential towards the European average BANKING LEASE INSURANCE €381 bn €36.1 bn €19.7 bn Residential mortgage stock Leasing originated (2025 flow) Motor premiums (annual flow) Annual flow: €56
Slide 13: Italy is under-penetrated across all verticals: convergence towards EU generates new demand
1. Business Portfolio Overview | Moltiply BPO&Tech Italy is under-penetrated across all verticals: convergence towards EU generates new demand Metric Italy EU Average Best-in-class Gap vs EU Residential mortgages / disp. income 30,6% 71,3% Sweden 173% -57% AuM / GDP (managed savings) ~70% ~94% Nethe
Slide 14: Agenda
Agenda 1. Business Portfolio Overview 14 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
Slide 15: Mavriq – Business model resilient from AI threats
2. Reflections on AI Impact | Mavriq Mavriq – Business model resilient from AI threats • Niche markets: highly fragmented product- and country-specific markets, with differentiated Market structure regulation, supply-side structure and pricing models moat fending off • Regulatory complexity: high fo
Slide 16: Moltiply BPO & Tech - AI seen as structural growth opportunity
2. Reflections on AI Impact | Moltiply BPO&Tech Moltiply BPO & Tech - AI seen as structural growth opportunity The perceived drivers of risk AI commoditizes BPO Client insourcing AI-native startups Margin compression LLMs automate routine tasks, Large banks build proprietary AI, New entrants offer 3
Slide 17: Moltiply and its platforms are ideally positioned to capture this growth opportunity
2. Reflections on AI Impact | Moltiply BPO&Tech Moltiply and its platforms are ideally positioned to capture this growth opportunity Proprietary Data Integrated Platform Stack Governance Muscle Memory 700K+ cases/year, 50M+ data points MoltiGen + Vertical platforms BPO/Nearshoring Track Record Two d
Slide 18: Agenda
Agenda 1. Business Portfolio Overview 18 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
Slide 19: Full Year Highlights
3. Business Update Full Year Highlights Group Revenues* | €M EBIT* | €M 800 200 674.1 600 Y-o-Y 150 453.6 +48.6% 60% 103.4 400 100 73.5 Y-o-Y 49% +40.8% 71% 200 50 60% 51% 40% 40% 29% 0 0 2024 2025 2024 2025 19 EBIT margin 16.2% 15.3% EBITDA* | €M Net Income* | €M 200 177.4 200 Includes negative imp
Slide 20: Q4 Highlights
3. Business Update Q4 Highlights Group Revenues* | €M EBIT* | €M 250 80 207.0 Includes 11.7€M of Verivox PPA 200 amortization Y-o-Y 60 150 132.5 +56.3% 67% 40 100 24.4 27.9 48% Y-o-Y 20 +14.3% 50 56% 66% 52% 33% 44% 34% 0 0 Q4 2024 Q4 2025 Q4 2024 Q4 2025 20 EBIT margin 18.4% 13.5% EBITDA* | €M Net
Slide 21: Mavriq – Key Financials
3. Business Update | Mavriq Mavriq – Key Financials Revenues | €M EBITDA | €M 500 150 406.4 116.6 400 Y-o-Y 100 Y-o-Y 300 +83.8% +74.5% 221.1 66.8 200 50 100 0 0 2024 2025 2024 2025 21 EBITDA margin 30.2% 28.7% EBIT Adj. for PPA Amortization | €M EBIT | €M 150 150 102.3 100 100 Y-o-Y 72.9 59.5 +72.0
Slide 22: Mavriq – Q4 Key Financials
3. Business Update | Mavriq Mavriq – Q4 Key Financials Revenues | €M EBITDA | €M 200 50 38.5 150 138.2 40 Y-o-Y Y-o-Y 30 100 20.5 +87.6% 64.1 +115.6% 20 50 10 0 0 Q4 2024 Q4 2025 Q4 2024 Q4 2025 22 EBITDA margin 32.0% 27.9% EBIT Adj. for PPA Amortization | €M EBIT | €M 50 50 40 34.6 40 30 Y-o-Y 30 1
Slide 23: Mavriq – Performance and Outlook (1/3)
3. Business Update | Mavriq Mavriq – Performance and Outlook (1/3) • Mavriq delivered solid organic growth in 2025 across all business lines, except Shopping • The consolidation of Verivox (effective Q2 2025) significantly increased the Division's scale, geographic reach (Italy and Germany) and prod
Slide 24: Mavriq – Performance and Outlook (2/3)
3. Business Update | Mavriq Mavriq – Performance and Outlook (2/3) Mavriq Insurance Revenues | €M 200 Key products: motor (main across all geographies), household, health (significant except Italy) 150 127.6 • Double-digit organic growth in 2025, plus further contribution from Verivox acquisition 97
Slide 25: Mavriq – Performance and Outlook (3/3)
3. Business Update | Mavriq Mavriq – Performance and Outlook (3/3) Mavriq Shopping Revenues | €M Key Products: comparison shopping (predominant) and 200 online reviews solutions, Italy only 150 • Business contracted in 2025 due to competition from Google’s own comparison service which is embedded in
Slide 26: Moltiply BPO&Tech – Key Financials
3. Business Update | Moltiply BPO&Tech Moltiply BPO&Tech – Key Financials Revenues* | €M EBITDA* | €M 500 150 400 267.7 100 300 232.5 Y-o-Y +15.1% 56.0 Y-o-Y 60.8 200 +8.6% 50 100 0 0 2024 2025 2024 2025 26 EBITDA margin 24.1% 22.7% EBIT Adj. for PPA Amortization* | €M EBIT* | €M 150 150 100 100 46.
Slide 27: Moltiply BPO&Tech – Q4 Key Financials
3. Business Update | Moltiply BPO&Tech Moltiply BPO&Tech – Q4 Key Financials Revenues* | €M EBITDA* | €M 200 50 40 150 30 100 18.1 68.4 Y-o-Y 68.9 20 17.5 Y-o-Y +0.7% +3.7% 50 10 0 0 Q4 2024 Q4 2025 Q4 2024 Q4 2025 27 EBITDA margin 25.6% 26.4% EBIT Adj. for PPA Amortization* | €M EBIT* | €M 50 50 40
Slide 28: Moltiply BPO&Tech – Performance and Outlook (1/4)
3. Business Update | Moltiply BPO&Tech Moltiply BPO&Tech – Performance and Outlook (1/4) FY 2025 Results • The Division closed FY 2025 with revenue of €267.7m, up 15.1% Y-o-Y (double digit growth also on an organic basis, excluding the consolidation of Evolve S.r.l. and Mia Pensione S.r.l.) • EBITDA
Slide 29: Moltiply BPO&Tech – Performance and Outlook (2/4)
3. Business Update | Moltiply BPO&Tech Moltiply BPO&Tech – Performance and Outlook (2/4) Moltiply Banking Revenues | €M Moltiply Banking – Revenue €138.1M (+36.9% Y-o-Y vs. €100.9M); 200 largest Division contributor 138.1 • Mortgages: Growth broad-based, driven by para-notary 150 services accelerati
Slide 30: Moltiply BPO&Tech – Performance and Outlook (3/4)
3. Business Update | Moltiply BPO&Tech Moltiply BPO&Tech – Performance and Outlook (3/4) Moltiply Lease Revenues | €M Moltiply Lease – Revenue €72.7M (+11.1% Y-o-Y vs. €65.5M); 200 organic growth ~6.7% (excl. Evolve S.r.l.) • Single largest contributor to Division profitability (EBITDA 150 share wel
Slide 31: Moltiply BPO&Tech – Performance and Outlook (4/4)
3. Business Update | Moltiply BPO&Tech Moltiply BPO&Tech – Performance and Outlook (4/4) Moltiply Insurance Revenues | €M 200 Moltiply Insurance – Revenue €45.7M (-17.3% Y-o-Y vs. €55.2M) • Contraction anticipated: normalization from extraordinary claims volumes in 2023 and H1 2024 (Emilia-Romagna 1
Slide 32: Net Financial Position
3. Business Update Net Financial Position As of (€000) December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 A. Cash and current bank accounts 140,099 142,090 155,828 107,504 137,490 B. Cash equivalents - - - - - C. Other current financial assets 51,830 42,753 30,786 18
Slide 33: Dividend Payout
3. Business Update 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 0.93 0.89 0.75 1.00 0.58 0.69 0.71 1.19* 0.43 0.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 33 Dividends per outstanding share | €M 1.00 0.50 0.40 0.40 0.30 0.30 0.30 0.15
Slide 34: Agenda
Agenda 1. Business Portfolio Overview 34 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
Slide 35: Shareholding Structure
4. Share Information Shareholding Structure Shareholding structure | as of Mar. 16th, 2026* Treasury shares 5.55% Alma Ventures** 33.62% 35 Free Float 35.04% 4.01% 21.78% Norman Rentrop Stan Holding S.r.l. * Share ownership as registered in last Shareholders’ meetings and as communicated to the comp
Slide 36: Share Performance since IPO
4. Share Information Share Performance since IPO Share Price & Volumes | Share Number (left), € (right) 3,000 85.0 80.0 KEY STOCK DATA as of Mar. 16th, 2026 2,750 75.0 Number of Shares 40,000,000 2,500 70.0 Treasury Shares 2,220,040 65.0 Outstanding Shares 37,799,960 2,250 Price per Share € 31.20 60
Slide 37: Transparency and governance standards
4. 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 requirem
Slide 38: Agenda
Agenda 1. Business Portfolio Overview 38 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
Slide 39: Key Milestones of Group History
5. Historical Performance Key Milestones of Group History Revenues | €M 674 454 Collapse of 404 Italian mortgage market 313 311 259 220 185 121 138 153 46 48 53 72 51 68 13 22 38 38 0 1 3 4 8 39 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 40: Revenue trends by Division
5. Historical Performance Revenue trends by Division Group Revenues | €M 800 700 674.1 600 58% 40 500 453.6 60% 404.2 40% 400 61% 313.5 310.8 49% 45% 300 259.4 47% 219.9 43% 42% 185.1 200 152.8 43% 138.1 39% 43% 40% 44% 44% 53% 51% 100 57% 58% 61% 57% 56% 56% 57% 0 2016 2017 2018 2019 2020 2021 2022
Slide 41: Mavriq Revenue Breakdown
5. Historical Performance | Mavriq Mavriq Revenue Breakdown Revenues by Business Lines | €M 406.4 400 11% 18% 300 Mavriq Shopping 221.1 31% Mavriq Banking 188.1 200 20% 21% 134.2 131.0 21% 111.1 41 25% Mavriq Insurance 86.8 27% 30% 100 79.1 61.0 67.2 31% 44% 27% 40% 24% 47% 40% 31% 44% 36% 47% 55% 5
Slide 42: Moltiply BPO&Tech Revenue Breakdown
5. Historical Performance | Moltiply BPO&Tech Moltiply BPO&Tech Revenue Breakdown Revenues by Business Lines | €M 400 Other revenues 300 267.7 42 4% Moltiply Insurance 61% 232.5 45% 216.1 17% 5% 8% 200 179.2 179.7 24% 5% 10% 21% 27% 148.3 133.1 17% Moltiply Lease 3% 19% 5% 6% 28% 106.0 6% 22% 20% 29
Slide 43: EBITDA by Division
5. Historical Performance EBITDA by Division EBITDA | €M EBITDA margin | % 50% Mavriq average 200 Ebitda margin diluted 177.4 40.5% by international acquisitions 40% 37.8% 35.0% 35.7% 150 32.3% 30.2% 122.8 29.1% 28.7% 30% 108.2 66% 29.5% 29.5% 28.5% 43 100 92.6 88.6 26.8% 27.1% 26.3% 76.6 54% 25.3%
Slide 44: Operating Income by Division
5. Historical Performance Operating Income by Division EBIT | €M EBIT margin | % 40% 37.7% 200 32.9% 30.3% 30.0% 150 30% 23.1% 21.4% 21.6% 19.8% 103.4 17.9% 100 73.5 20% 24.3% 22.0% 63.1 69.0 66.5 63.1 50.8 18.4% 15.6% 16.2% 15.3% 71% 15.2% 50 64% 59% 60% 10% 14.3% 13.8% 52% 66% 64% 12.8% 11.4% 10.4
Slide 45: Net Income
5. Historical Performance Net Income Net Income| €M 200 150 130.7 Tax benefit from the 100 revaluations 85.1 40.6 47.5b 47.5 50 27.5 34.4 35.3C 44.0c 29.4c 24.8 29.7 45.6a 17.8 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 45 Net Income Margin | % 60% 50.4% 50% 40% 30% 18.0% 18.0% 18.6% 18.5%
Slide 46: Appendix
Www Appendix Moltiply
Slide 47: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Revenues 207,038 165,386 168,881 132,811 132,482 Other income 3,297 2,940 2,538 2,230 3,280 Capitalization of internal costs 6,009 5,806 6,222 3,735 4,411 Services costs (99,283) (76,524) (79,287) (59,056) (56,519) Personnel cost
Slide 48: Q4 Profit & Loss
Q4 Profit & Loss (€000) Q4 2025 Q4 2024 % Var. Revenues 207,038 132,482 56.3% Other income 3,297 3,280 0.5% Capitalization of internal costs 6,009 4,411 36.2% Services costs (99,283) (56,519) 75.7% Personnel costs (54,688) (41,072) 33.2% Other operating costs (5,726) (4,570) 25.3% EBITDA 56,647 38,0
Slide 49: Full Year Profit & Loss
Full Year Profit & Loss (€000) FY 2025 FY 2024 % Var. Revenues 674,116 453,635 48.6% Other income 11,005 10,370 6.1% Capitalization of internal costs 21,772 15,194 43.3% Services costs (314,150) (193,613) 62.3% Personnel costs (195,760) (142,527) 37.3% Other operating costs (19,565) (20,247) -3.4% E
Slide 50: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of (€000) December 31, December 31, Change % 2025 2024 ASSETS Intangible assets 658,973 480,937 178,036 37.0% Property, plant and equipment 56,974 34,675 22,299 64.3% Participations measured with equity method 1,885 1,986 (101) -5.1% Non-current financial assets 115,945
Slide 51: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of (€000) December 31, December 31, Change % 2025 2024 LIABILITIES AND SHAREHOLDERS' EQUITY Group shareholders' equity 332,492 291,738 40,754 14.0% Minority interests 331 3,789 (3,458) -91.3% Total shareholders' equity 332,823 295,527 37,296 12.6% Long-term debts an
Slide 52: 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