FY 2025 consolidated financial statements: Record results with Revenues of Euro 674.1 million (48.6% YoY) and Ebitda of Euro 177.4 million (44.5% YoY); Directors propose dividend of Euro 0.15 per share

Milan, 16 March 2026

The board of directors of Moltiply Group S.p.A. (the "Company") approved today the consolidated financial statements and the draft statutory financial statements for the financial year ended on December 31, 2025. These documents are still subject to auditing by Deloitte & Touche S.p.A..

Consolidated revenues for the financial year ended December 31, 2025 are Euro 674.1 million, up 48.6% when compared to Euro 453.6 million in the previous year. This increase is attributable to the growth of both the Mavriq Division, whose revenues for the financial year are up 83.8%, passing from Euro 221.1 million in 2024 to Euro 406.4 million in 2025, and the Moltiply BPO&Tech Division, whose revenues for the financial year are up 15.1%, passing from Euro 232.5 million in 2024 to Euro

267.7 million in 2025.

EBITDA increases by 44.5% in the financial year ended December 31, 2025 when compared to the previous year, passing from Euro 122.8 million in 2024 to Euro 177.4 million in 2025. EBITDA of the Mavriq Division, equal to Euro 116.6 million in the financial year ended December 31, 2025, increases by 74.5% when compared to Euro 66.8 million in the previous year. EBITDA of the Moltiply BPO&Tech Division, equal to Euro 60.8 million in the financial year ended December 31, 2025, increases by 8.6% when compared to Euro 56.0 million in the previous year.

Operating income (EBIT) increases by 40.8% in the financial year ended December 31, 2025 compared to the previous year, passing from Euro 73.5 million in 2024 to Euro 103.4 million in 2025. The operating income of the Mavriq Division, equal to Euro 72.9 million in the financial year ended December 31, 2025, increases by 66.8% when compared to Euro 43.7 million in the previous year. The operating income of the Moltiply BPO&Tech Division, equal to Euro 30.5 million in the financial year ended December 31, 2025, increases by 2.6% when compared to Euro 29.7 million in the previous year. The operating income incorporates depreciation of intangible assets arising from purchase price allocations for Euro 46.3 million in 2025, compared to Euro 32.7 million in 2024.

Net income decreases by 33.0% in the financial year ended December 31, 2025, passing from Euro

43.0 million in financial year 2024 to Euro 28.8 million in financial year 2025. This trend is attributable to the amortization of the higher values of intangible assets recognized following the purchase price allocations (in particular in relation to Verivox) for Euro 13.6 million, to the one-off costs deriving

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from the recalculation of the estimated liabilities for the put/call options on the residual shares of minority interests for Euro 31.9 million, and to the increased cost of debt.

The net financial position as of December 31, 2025 shows a negative balance of Euro 440.8 million, worsening by Euro 120.3 million when compared to December 31, 2024. Such trend is attributable to the acquisition of Verivox, which led to a cash absorption equal to Euro 179.6 million (net of cash acquired, equal to Euro 11.8 million), as well as the recognition of IFRS 16 financial liabilities for Euro

15.2 million, the acquisition of an additional stake in Gruppo Lercari for Euro 54.0 million and the minority stake in Euroservizi per i Notai S.r.l. for Euro 8.0 million, the recalculation of estimated liabilities for the exercise of put/call options on residual minority interests for Euro 33.7 million (of which 31.9 million with P&L effects), the purchase of MONY Group PLC shares for Euro 17.3 million, investments in tangible and intangible assets for Euro 13.1 million, and financing costs equal to Euro 23.6 million, partially offset by the cash generated by the operating activity equal to Euro

127.4 million, and the sale of own shares for Euro 36.4 million.

As of December 31, 2025, the Group holds 52,000,000 MONY Group PLC shares, not included in the net financial position, worth Euro 109.5 million.

The table below provides a breakdown of our revenues by Division and business line (updated to take into account the evolution of the business in recent years), for the years ended December 31, 2025 and 2024.

Overall Mavriq enjoyed double-digit organic revenue growth in 2025 thanks to the contribution of all its business lines, except for Shopping, as better described below. The consolidation of Verivox, effective from the second quarter of 2025, represented a significant jump in size, while increasing the geographic and product diversification of Mavriq, which now sees Italy and Germany as its main geographies and energy and insurance as its main products.

Due to the changes in the configuration of the Mavriq Division, we now define business lines based on the underlying products and provide comments and outlook accordingly. As in recent years, the revenue breakdown by business line is provided annually.

The first quarter of 2026 will be characterized by strong year on year growth thanks to the fact that in the same period of 2025 Verivox was not yet part of the consolidation area. For the remaining nine months of 2026, the combined outlook is of moderate organic growth, with uncertainties and possible downside risks arising from the situation in the Middle East, currently affecting energy markets but potentially also detrimental to consumer confidence in Europe.

Energy & Telco

Within this business line, electricity and gas are the predominant products, with broadband coming a distant third.

The Energy & Telco business line increased its size by almost 5x in 2025, mostly due to the acquisition of Verivox in Germany. The performance of Verivox itself gradually improved during 2026 due to improvement in potential savings for German energy customers.

Our energy business saw solid demand in early 2026, with particular strength in Germany. However, in recent weeks, following hostilities in the Middle East, the situation has deteriorated but residential energy markets in all our geographies are currently still open and functioning, albeit with significantly less attractive deals for consumers. The outlook for the rest of the year is currently uncertain due to the current geopolitical situation.

Insurance

Within insurance intermediation, our main products across all geographies is motor, with household and health representing significant businesses in most countries with the notable exception of Italy.

Mavriq Insurance posted double digit organic growth in 2025, and further benefitted of the acquisition of Verivox.

The business continued to grow in early 2026, but some of our most established markets are showing weaker growth than in previous years, possibly linked to underlying market dynamics. The outlook for the full year is of moderate growth.

Banking

Within Banking, the main products are mortgages (mainly in Italy) and consumer loans (Germany and Italy), where we act as credit brokers, as well as bank accounts.

The business posted solid organic growth in 2025 despite a progressive deceleration of mortgage demand in Italy at the end of the year. The rest of the growth came from the consolidation of Verivox.

While weaker year on year mortgage demand (especially remortgages) in Italy is likely to continue affecting the Banking business line in the first part of 2026, the business now benefits from a more diversified offering, with potential for growth in personal loans in both Germany and Italy.

Shopping

This business line is active in Italy in the field of comparison shopping, which represents the predominant business, as well as a provider of online reviews solutions.

The business contracted in 2025 due to the challenge of competing with Google's own comparison service, embedded in the Google Search results page, which is continuing to operate despite the Google Shopping antitrust decision, now fully binding, and the issuance of preliminary findings by the European Commission in relation to violations of article 6.5 (prohibition of self-favouring) under the DMA.

The outlook for 2026 is between stability and a moderate contraction, as the competitive situation remains unchanged. A favourable DMA Decision, expected in 2026, could provide relief and potential upside, to the extent that it is able to effectively prevent prohibited self-favouring.

The 2025 financial year closed with strong results for the Division, which recorded revenue of Euro

267.7 million, up 15.1% compared to Euro 232.5 million in 2024. On an organic basis, net of the contribution of Evolve S.r.l. and Mia Pensione S.r.l. fully consolidated during the year, revenue growth was double-digit. EBITDA reached Euro 60.8 million, an increase of 8.6% compared to Euro 56.0 million in the prior year. The EBITDA margin stood at 22.7%, compared to 24.1% in 2024, reflecting a temporary revenue mix effect linked to the strong acceleration of para-notary services within Moltiply Banking, which carry higher unit revenues but a structurally lower percentage margin, as well as to the normalization of Moltiply Insurance, which had benefited from extraordinary volumes in 2024.

It is worth noting that in the fourth quarter of 2025 the Division generated revenues of Euro 68.9 million and EBITDA of Euro 18.1 million, surpassing the fourth quarter of 2024, which had been the highest quarterly result ever recorded for the Division, at the time supported by a peak in claims activity. In the fourth quarter of 2025, results were instead driven by a particularly strong contribution from Moltiply Lease, also supported by certain one-off effects.

Starting from the 2025 financial year, the Division's activities are reported under three redefined business lines: Moltiply Banking, Moltiply Insurance, and Moltiply Lease, replacing the previous six-line classification. Moltiply Banking, in particular, aggregates all the past business lines related to mortgages, loans, wealth, and real estate.

For the entire 2026 financial year, management expects the Division to be able to deliver continuing organic growth as in recent years, accompanied by an expansion of the EBITDA margin, assuming the absence of significant disruptions in the interest rate environment or material deterioration in consumer sentiment linked to the international geopolitical situation. The incremental contribution to Division growth is expected to come primarily from Moltiply Banking, Moltiply Insurance, and other revenues, while Moltiply Lease is expected to aim at replicating a similarly strong performance on an organic basis. Technology investments across all service areas will continue to focus on enhancing delivery process efficiency and expanding service capabilities, incorporating leading edge innovations.

Moltiply Banking

Moltiply Banking recorded revenues of Euro 138.1 million, an increase of 36.9% compared to Euro

100.9 million in 2024, establishing itself as the largest revenue contributor within the Division. Growth was broad-based but driven above all by the acceleration of para-notary services, whose volumes benefited from the recovery in mortgage origination supported by the progressive reduction in market interest rates.

Both new purchase mortgages and refinancing activity contributed to the increase. The application of the fair compensation framework for notaries (equo compenso, Law 49/2023) continued to sustain higher unit revenues per file processed, with a corresponding dilutive effect on percentage margins that is

structural to this higher-revenue activity profile. Mortgage-related services overall nearly doubled their revenues compared to the prior year. Wealth management outsourcing services also delivered a positive performance, with revenues growing approximately 18%, driven by the expansion of the client base and of the tech-related offering. Loan processing services were essentially stable year-on-year, confirming the resilience of this activity which is linked to secured consumer lending volumes. Real estate services, by contrast, continued to decline as expected following the definitive phase-out of the Superbonus incentive, with revenues down approximately 21%. Management considers that this business area has now reached its structural post-incentive baseline, and demand for cadastral and appraisal services is expected to stabilize at current levels, supported by the gradual recovery in transaction volumes.

Looking ahead, the growth trajectory of Moltiply Banking is expected to be supported primarily by the expansion of existing client relationships. Refinancing activity is expected to decline as the rate cycle matures, but this is anticipated to be offset by the deepening of commercial relationships and by the continued broadening of the service offering to the existing client base.

Moltiply Lease

Moltiply Lease recorded revenues of Euro 72.7 million, up 11.1% compared to Euro 65.5 million in 2024. On an organic basis, excluding the contribution of Evolve S.r.l. consolidated during the year, growth was approximately 6.7%. Moltiply Lease is the single largest contributor to Division profitability, generating a share of Division EBITDA that is well in excess of its weight in terms of revenue. Agenzia Italia S.p.A. continues to be the key driver of revenue and profitability of the business line, benefiting from the structural expansion of the long-term lease market, which in 2025 surpassed 30% of Italian new vehicle registrations. The increasing complexity introduced by the electric and hybrid vehicle transition, a stream of regulatory and administrative developments, and Moltiply's ability to innovate its offering in meeting client needs, continues to expand the scope of BPO services required for fleet management, including those offered to the end-user companies of the vehicles. As noted above, the fourth quarter was particularly strong, also supported by certain effects that are not expected to recur at the same level.

Looking ahead, Moltiply Lease aims at replicating the strong performance delivered in 2025 on an organic basis.

Moltiply Insurance

Moltiply Insurance recorded revenues of Euro 45.7 million, a decrease of 17.3% compared to Euro

55.2 million in 2024. The contraction was anticipated and reflects the normalization of activity levels following the extraordinary claims volumes that characterized 2023 and, to a lesser extent, the first half of 2024, particularly in connection with the weather events in Emilia-Romagna. The current run-rate, while lower than the 2024 peak, remains structurally above pre-2023 levels, also thanks to the entry into force of the compulsory natural catastrophe insurance obligation (obbligo assicurativo calamità naturali, effective March 31, 2025 for large enterprises and October 1, 2025 for SMEs), which has permanently expanded the insured base. The roll-out of the new IT platform for loss adjusters continues, with the aim of increasing productivity and enabling the deployment of digital claims management and remote assessment capabilities.

Entering 2026, the structural expansion of the insured base following the natural catastrophe insurance obligation is expected to progressively support higher activity levels, and the ongoing technology investments are expected to deliver productivity gains and expand service capabilities.

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