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Mutuionline Earnings Release 2025
4215_rns_2025-11-13_ea832ace-5f5f-4318-831a-5b0177caa1e7.pdf
Earnings Release
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Informazione Regolamentata n. 0921-34-2025
Data/Ora Inizio Diffusione 13 Novembre 2025 15:36:38 Euronext Star Milan
Societa' : MOLTIPLY GROUP
Identificativo Informazione
Regolamentata
: 211908
Utenza - referente : MUTUIONLINEN01 - PESCARMONA MARCO
Tipologia : REGEM
Data/Ora Ricezione : 13 Novembre 2025 15:36:38
Data/Ora Inizio Diffusione : 13 Novembre 2025 15:36:38
Oggetto : Consolidated results for the nine months ended
September 30, 2025: Confirming strong growth
of revenues and EBITDA
Testo del comunicato
Vedi allegato
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Milano, 13 November 2025
PRESS RELEASE
CONSOLIDATED RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025: CONFIRMING STRONG GROWTH OF REVENUES AND EBITDA
| Consolidated - Euro '000 | 9M2025 | 9M2024 | Variazione % |
|---|---|---|---|
| Revenues | 467,078 | 321,153 | +45.4% |
| EBITDA | 120,771 | 84,800 | +42.4% |
| Operating income (EBIT) | 75,530 | 49,040 | +54.0% |
| Net income | 37,980 | 29,668 | +28.0% |
The board of directors of Moltiply Group S.p.A. approved today the consolidated interim report on operations for the nine months ended September 30, 2025.
Revenues for the nine months ended September 30, 2025 are Euro 467.1 million, up 45.4% compared to the same period of the previous financial year (+55.3% considering only the three months ended September 30, 2025 compared to the same period of the previous year). Such increase is attributable to the growth of both Mavriq (Broking Division), which reports a revenue increase of 70.8%, passing from Euro 157.0 million in the first nine months of 2024 to Euro 268.2 million in the same period of 2025 (+91.8% considering only the three months ended September 30, 2025 compared to the same period of the previous year), and Moltiply BPO&Tech (BPO Division), which reports a revenue increase of 21.2%, passing from Euro 164.1 million in the first nine months of 2024 to Euro 198.8 million in the same period of 2025 (+18.0% considering only the three months ended September 30, 2025 compared to the same period of the previous year).
EBITDA increases by 42.4% in the nine months ended September 30, 2025, compared to the same period of the previous financial year, passing from Euro 84.8 million in the first nine months of 2024 to Euro 120.8 million in the same period of 2025 (+52.2% considering only the three months ended September 30, 2025 compared to the same period of the previous year). Such increase is attributable to the growth of both Mavriq, which reports EBITDA increasing by 68.8%, passing from Euro 46.3 million in the first nine months of 2024 to Euro 78.1 million in the same period of 2025 (+78.9% considering only the three months ended September 30, 2025 compared to the same period of the previous financial year), and Moltiply BPO&Tech, which reports EBITDA increasing by 10.7%, passing from Euro 38.5 million in the first nine months of 2024 to Euro 42.6 million in the same period of 2025 (+14.3% considering only the three months ended September 30, 2025 compared to the same period of the previous year).
Operating income increases by 54.0% in the nine months ended September 30, 2025 compared to the same period of the previous year, passing from Euro 49.0 million in the first nine months of 2024 to Euro 75.5 million in the same period of 2025. Such increase is attributable both to the operating income of Mavriq, increasing by 81.0%, passing from Euro 30.1 million in the first nine months of 2024 to Euro 54.5 million in the first nine months of 2025, and to the operating income
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of Moltiply BPO&Tech, increasing by 11.2%, passing from Euro 18.9 million in the first nine months of 2024 to Euro 21.0 million in the first nine months of 2025. The operating income incorporates depreciation of intangible assets arising from purchase price allocation for Euro 26.0 million (of which Euro 13.3 million for Mavriq and Euro 12.7 million for Moltiply BPO&Tech) in the nine months ended September 30, 2025, compared to Euro 24.5 million in the same period of the previous year.
Net income increases by 28.0% in the nine months ended September 30, 2025, passing from Euro 29.7 million in the first nine months of 2024 to Euro 38.0 million in the same period of 2025 (+66.6% considering only the three months ended September 30, 2025 compared to the same period of the previous year).
The net financial position as of September 30, 2025 is negative for Euro 455.1 million, worsening 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 15.9 million, the recalculation of estimated liabilities for the exercise of put/call options on residual minority interests for Euro 12.4 million, investments in tangible and intangible assets, the increase in net working capital and the cost of financing, partially offset by the sale of own shares for Euro 46.0 million and the cash generated by the operating activity.
Report on operations and foreseeable evolution for Mavriq
In the third quarter 2025, Mavriq (Broking Division) reported strong year-on-year 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, we can expect a slowdown in demand for mortgages in Italy (especially remortgages) and a moderate recovery in demand for energy in Germany, while the performance of other underlying markets is expected to be stable.
Report on operations and foreseeable evolution for Moltiply BPO&Tech
The Division delivered another growing quarter, with revenues and operating margins accelerating year-on-year and a further increase in EBITDA.
Trends remain consistent with prior quarters: Moltiply Mortgages, Moltiply Lease and Moltiply Wealth are driving growth; Moltiply Loans is stable with improving margins; Moltiply Claims and Moltiply Real Estate continue to normalize. We expect EBITDA growth to continue throughout the remainder of the year, subject to usual seasonality, supported by expanding operations, cost discipline, and the use of technology to enhance delivery process efficiency.
* * *
Finally the Company informs that the date of the meeting of the board of directors of Moltiply Group S.p.A. for the approval of the draft annual report for the financial year ended December 31, 2025 will be communicated as soon as the financial calendar for year 2026 is defined.
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Attachments:
- 1. Quarterly consolidated income statement
- 2. Consolidated income statement for the three months ended September 30, 2025 and 2024
- 3. Consolidated income statement for the nine months ended September 30, 2025 and 2024
- 4. Consolidated balance sheet as of September 30, 2025 and June 30, 2025
- 5. Consolidated balance sheet as of September 30, 2025 and December 31, 2024
- 6. Consolidated net financial position as of September 30, 2025 and December 31, 2024
- 7. Declaration of the manager responsible for preparing the company's financial reports
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 that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond Company control including, among other things, general economic and industry conditions. Neither Moltiply Group S.p.A. nor any of its affiliates, directors, officers, employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward-looking information contained in this document.
Neither this presentation nor any part or copy of it may be taken or transmitted into the United States (US) or distributed, directly or indirectly, in the US or to any "US person", as that term is defined in the US Securities Act of 1933, as amended, (the "Securities Act"). Neither this presentation nor any part or copy of it may be taken or transmitted into Australia, Canada, Japan or to any resident of Japan, or distributed directly or indirectly in Australia, Canada, Japan or to any resident of Japan. Any failure to comply with this restriction may constitute a violation of US, Australian, Canadian or Japanese securities laws. This presentation does not constitute an offer of securities to the public in the United Kingdom. Persons to whom this presentation is shown should observe all restrictions. By attending the presentation you agree to be bound by the foregoing terms.
Only for press information:
Angélia & BC – Communication Simona Vecchies – Beatrice Cagnoni Carlo Sardanu – Mob. 375-8856565 Carlotta Sterlocchi – Mob. 342-6291312 [email protected]
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ATTACHMENT 1: QUARTERLY CONSOLIDATED INCOME STATEMENT
| Three months ended | ||||||
|---|---|---|---|---|---|---|
| (euro thousand) | September 30,2025 | June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | |
| 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 costs | (49,571) | (51,788) | (39,713) | (41,072) | (33,372) | |
| Other operating costs | (4,545) | (4,584) | (4,710) | (4,570) | (5,752) | |
| EBITDA | 43,492 | 41,982 | 35,297 | 38,012 | 28,580 | |
| Depreciation and amortization | (16,730) | (15,343) | (13,168) | (13,601) | (11,943) | |
| Operating income | 26,762 | 26,639 | 22,129 | 24,411 | 16,637 | |
| Financial income | 2,212 | 5,167 | 330 | 309 | 2,869 | |
| Financial expenses | (6,544) | (7,754) | (5,373) | (3,446) | (4,659) | |
| Income/(Losses) from participations | (3) | (127) | 4 | (151) | 130 | |
| Income/(Losses) from financial assets/liabilities | (365) | (10,274) | (547) | (4,788) | (1,045) | |
| Net income before income tax expense | 22,062 | 13,650 | 16,544 | 16,335 | 13,932 | |
| Income tax expense | (5,762) | (3,566) | (4,321) | (3,035) | (4,005) | |
| Net income of Continuing Operations | 16,300 | 10,084 | 12,223 | 13,300 | 9,927 | |
| Net Result of Discontinued Operations | (264) | (103) | (260) | (8) | (299) | |
| Net income | 16,036 | 9,981 | 11,963 | 13,292 | 9,628 |
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ATTACHMENT 2: CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
| Three months ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | Change | % | |
| (euro thousand) | 2025 | 2024 | ||
| Revenues | 165,386 | 106,488 | 58,898 | 55.3% |
| Other income | 2,940 | 2,259 | 681 | 30.1% |
| Capitalization of internal costs | 5,806 | 3,671 | 2,135 | 58.2% |
| Services costs | (76,524) | (44,714) | (31,810) | 71.1% |
| Personnel costs | (49,571) | (33,372) | (16,199) | 48.5% |
| Other operating costs | (4,545) | (5,752) | 1,207 | -21.0% |
| EBITDA | 43,492 | 28,580 | 14,912 | 52.2% |
| Depreciation and amortization | (16,730) | (11,943) | (4,787) | 40.1% |
| Operating income | 26,762 | 16,637 | 10,125 | 60.9% |
| Financial income | 2,212 | 2,869 | (657) | -22.9% |
| Financial expenses | (6,544) | (4,659) | (1,885) | 40.5% |
| Income/(Losses) from participations | (3) | 130 | (133) | N/A |
| Income/(Losses) from financial assets/liabilities | (365) | (1,045) | 680 | -65.1% |
| Net income before income tax expense | 22,062 | 13,932 | 8,130 | 58.4% |
| Income tax expense | (5,762) | (4,005) | (1,757) | 43.9% |
| Net income of Continuing Operations | 16,300 | 9,927 | 6,373 | 64.2% |
| Discontinued Operations* | ||||
| Net Result of Discontinued Operations | (264) | (299) | 35 | -11.7% |
| Net income | 16,036 | 9,628 | 6,408 | 66.6% |
| Attributable to: | ||||
| Shareholders of the Issuer | 16,687 | 9,249 | 7,438 | 80.4% |
| Minority interest | (651) | 379 | (1,030) | N/A |
*According to IFRS 5, based on the agreement to sell the shareholding in Centro Finanziamenti S.p.A.and in 65Plus S.r.l., considered independent CGUs, the economic results of these companies have been reported separately, within the item 'Discontinued Operations'.
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ATTACHMENT 3: CONSOLIDATED INCOME STATEMENT FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
| Nine months ended | ||||
|---|---|---|---|---|
| (euro thousand) | September 30,2025 | September 30,2024 | Change | % |
| Revenues | 467,078 | 321,153 | 145,925 | 45.4% |
| Other income | 7,708 | 7,090 | 618 | 8.7% |
| Capitalization of internal costs | 15,763 | 10,783 | 4,980 | 46.2% |
| Services costs | (214,867) | (137,094) | (77,773) | 56.7% |
| Personnel costs | (141,072) | (101,455) | (39,617) | 39.0% |
| Other operating costs | (13,839) | (15,677) | 1,838 | -11.7% |
| EBITDA | 120,771 | 84,800 | 35,971 | 42.4% |
| Depreciation and amortization | (45,241) | (35,760) | (9,481) | 26.5% |
| Operating income | 75,530 | 49,040 | 26,490 | 54.0% |
| Financial income | 7,709 | 8,494 | (785) | -9.2% |
| Financial expenses | (19,671) | (13,287) | (6,384) | 48.0% |
| Income/(Losses) from participations | (126) | 828 | (954) | N/A |
| Income/(Losses) from financial assets/liabilities | (11,186) | (2,036) | (9,150) | 449.4% |
| Net income before income tax expense | 52,256 | 43,039 | 9,217 | 21.4% |
| Income tax expense | (13,649) | (12,339) | (1,310) | 10.6% |
| Net income of Continuing Operations | 38,607 | 30,700 | 7,907 | 25.8% |
| Discontinued Operations* | ||||
| Net Result of Discontinued Operations | (627) | (1,032) | 405 | -39.2% |
| Net income | 37,980 | 29,668 | 8,312 | 28.0% |
| Attributable to: | ||||
| Shareholders of the Issuer | 37,845 | 28,948 | 8,897 | 30.7% |
| Minority interest | 135 | 720 | (585) | -81.3% |
*According to IFRS 5, based on the agreement to sell the shareholding in Centro Finanziamenti S.p.A.and in 65Plus S.r.l., considered independent CGUs, the economic results of these companies have been reported separately, within the item 'Discontinued Operations'.
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ATTACHMENT 4: CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2025 AND JUNE 30, 2025
| As ofSeptember 30, | June 30, | |||
|---|---|---|---|---|
| (euro thousand) | 2025 | 2025 | Change | % |
| ASSETS | ||||
| Intangible assets | 650,999 | 658,340 | (7,341) | -1.1% |
| Property, plant and equipment | 56,702 | 57,639 | (937) | -1.6% |
| Participations measured with equity method | 2,014 | 2,014 | - | 0.0% |
| Non-current financial assets | 108,029 | 122,024 | (13,995) | -11.5% |
| Other non-current assets | 6,281 | 6,293 | (12) | -0.2% |
| Total non-current assets | 824,025 | 846,310 | (22,285) | -2.6% |
| Cash and cash equivalents | 142,090 | 155,828 | (13,738) | -8.8% |
| Current financial assets | 42,753 | 30,786 | 11,967 | 38.9% |
| Trade receivables | 197,944 | 195,853 | 2,091 | 1.1% |
| Tax receivables | 12,858 | 11,000 | 1,858 | 16.9% |
| Other current assets | 21,350 | 19,964 | 1,386 | 6.9% |
| Total current assets | 416,995 | 413,431 | 3,564 | 0.9% |
| Assets held for sale* | 4,082 | 4,473 | (391) | -8.7% |
| TOTAL ASSETS | 1,245,102 | 1,264,214 | (19,112) | -1.5% |
| Minority interest | 377 | 4,513 | (4,136) | -91.6% |
| Total shareholders' equity | 357,271 | 370,312 | (13,041) | -3.5% |
| Long-term debts and other financial liabilities | 521,352 | 528,547 | (7,195) | -1.4% |
| Provisions for risks and charges | 1,272 | 1,327 | (55) | -4.1% |
| Defined benefit program liabilities | 25,789 | 25,152 | 637 | 2.5% |
| Deferred tax liabilities | 9,574 | 3,871 | 5,703 | 147.3% |
| Other non current liabilities | 10,401 | 9,654 | 747 | 7.7% |
| Total non-current liabilities | 568,388 | 568,551 | (163) | 0.0% |
| Short-term debts and other financial liabilities | 118,569 | 125,334 | (6,765) | -5.4% |
| Trade and other payables | 77,839 | 85,851 | (8,012) | -9.3% |
| Tax payables | 7,890 | 10,467 | (2,577) | -24.6% |
| Other current liabilities | 114,004 | 102,431 | 11,573 | 11.3% |
| Total current liabilities | 318,302 | 324,083 | (5,781) | -1.8% |
| Liabilities directly associated with assets held for | 1,268 | (127) | -10.0% | |
| 1,141 | ||||
| sale*TOTAL LIABILITIES | 887,831 | 893,902 | (6,071) | -0.7% |
* According to IFRS 5, in view of the agreement to sell the shareholding in Centro Finanziamenti S.p.A., assets and liabilities held for sale have been reported separately.
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ATTACHMENT 5: CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
| As of | ||||
|---|---|---|---|---|
| (euro thousand) | September 30,2025 | December 31,2024 | Change | % |
| 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 | 111,705 | (3,676) | -3.3% |
| Deferred tax assets | - | 4,886 | (4,886) | -100.0% |
| Other non-current assets | 6,281 | 6,211 | 70 | 1.1% |
| Total non-current assets | 824,025 | 640,400 | 183,625 | 28.7% |
| Cash and cash equivalents | 142,090 | 137,490 | 4,600 | 3.3% |
| Current financial assets | 42,753 | - | 42,753 | N/A |
| Trade receivables | 197,944 | 137,167 | 60,777 | 44.3% |
| Tax receivables | 12,858 | 5,266 | 7,592 | 144.2% |
| Other current assets | 21,350 | 15,921 | 5,429 | 34.1% |
| Total current assets | 416,995 | 295,844 | 121,151 | 41.0% |
| Assets held for sale* | 4,082 | 3,330 | 752 | 22.6% |
| TOTAL ASSETS | 1,245,102 | 939,574 | 305,528 | 32.5% |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| Group shareholders' equity | 356,894 | 291,738 | 65,156 | 22.3% |
| Minority interest | 377 | 3,789 | (3,412) | -90.1% |
| Total shareholders' equity | 357,271 | 295,527 | 61,744 | 20.9% |
| Long-term debts and other financial liabilities | 521,352 | 289,761 | 231,591 | 79.9% |
| Provisions for risks and charges | 1,272 | 1,325 | (53) | -4.0% |
| Defined benefit program liabilities | 25,789 | 24,840 | 949 | 3.8% |
| Deferred tax liabilities | 9,574 | - | 9,574 | N/A |
| Other non current liabilities | 10,401 | 11,076 | (675) | -6.1% |
| Total non-current liabilities | 568,388 | 327,002 | 241,386 | 73.8% |
| Short-term debts and other financial liabilities | 118,569 | 168,204 | (49,635) | -29.5% |
| Trade and other payables | 77,839 | 61,628 | 16,211 | 26.3% |
| Tax payables | 7,890 | 3,595 | 4,295 | 119.5% |
| Other current liabilities | 114,004 | 82,835 | 31,169 | 37.6% |
| Total current liabilities | 318,302 | 316,262 | 2,040 | 0.6% |
| Liabilities directly associated with assets held for sale* | 1,141 | 783 | 358 | 45.7% |
| TOTAL LIABILITIES | 887,831 | 644,047 | 243,784 | 37.9% |
| TOTAL LIABILITIES AND SHAREHOLDERS'EQUITY | 1,245,102 | 939,574 | 305,528 | 32.5% |
* According to IFRS 5, in view of the agreement to sell the shareholding in Centro Finanziamenti S.p.A., assets and liabilities held for sale have been reported separately.
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ATTACHMENT 6: CONSOLIDATED NET FINANCIAL POSITION AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
| As of | ||||
|---|---|---|---|---|
| (euro thousand) | September 30,2025 | December 31,2024 | Change | % |
| A. Cash and current bank accounts | 142,090 | 137,490 | 4,600 | 3.3% |
| B. Cash equivalents | - | - | - | N/A |
| C. Other current financial assets | 42,753 | - | 42,753 | N/A |
| D. Liquidity (A) + (B) + (C) | 184,843 | 137,490 | 47,353 | 34.4% |
| E. Current financial liabilities | (73,252) | (78,592) | 5,340 | -6.8% |
| F. Current portion of non-current financial liabilities | (45,317) | (89,612) | 44,295 | -49.4% |
| G. Current indebtedness (E) + (F) | (118,569) | (168,204) | 49,635 | -29.5% |
| H. Net current financial position (D) + (G) | 66,274 | (30,714) | 96,988 | -315.8% |
| I.Non-current financial liabilities | (521,352) | (289,761) | (231,591) | 79.9% |
| J.Bonds issued | - | - | - | N/A |
| K. Trade and other non-current payables | - | - | - | N/A |
| L. Non-current indebtedness (I) + (J) + (K) | (521,352) | (289,761) | (231,591) | 79.9% |
| M. Net financial position (H) + (L) | (455,078) | (320,475) | (134,603) | 42.0% |
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ATTACHMENT 7: 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 Articles 8 and 21 of Italian Law No. 52 of 6 February 1996"
Re: Press release – Nine months ended September 30, 2025 results
I, the undersigned, Francesco Masciandaro, the manager responsible for preparing the financial reports of Moltiply Group S.p.A.,
DECLARE
pursuant to paragraph 2 of Article 154-bis Paragraph 2 – Part IV, Title III, Chapter II, Section V-bis, of Italian Legislative Decree No. 58 of 24 February 1998, that the accounting information contained in this press release corresponds with the accounting documents, ledgers and records.
Francesco Masciandaro
Moltiply Group S.p.A.
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Fine Comunicato n.0921-34-2025 Numero di Pagine: 12