Moltiply: the priority is the integration of Germany's Verivox

Yes, the enterprise value. The group, however, even in the face of the recent disbursement for Verivox, has seen the red of its net financial position increase: the latter has gone from a negative value of 320 million at the end of 2024 to that of 515 million at 31/3/2025. A dynamic which, with reference to indicators such as 'Net debt to Ebitda', limits the room for manoeuvre for possible M&A. This is not the case, indicates Moltiply, which calls for a more detailed analysis of the situation. In the recent past,' it is explained, 'new bank loans have been put in place which, as is the practice, have entailed certain restrictions on operations regarding shopping itself. However, the company points out, last June an Accelerate book building was carried out on 2.5% of the share capital. The shares were placed at a unit price of EUR 44, for a total value of EUR 44 million. Well: the sum received, on the one hand, allows the group to have immediate financial flexibility also in order to face a possible extraordinary operation; and on the other hand, net of a further M& A activity and considering the cash contribution of Verivox, it allows to foresee the improvement of the Net Financial Position at the end of the current financial year. More. The group emphasises that the traditional Covenants defined by the lending institutions in the re-financing are higher than the current level of the financial indicators - e.g. Net debt to ebitda - of Moltiply itself.

So far, some considerations regarding the integration of Verivox, M&A strategy and the dynamics of the financial position. The saver, however, is also interested in the articulation of the business divisions. The group, it should be remembered, has re-branded the business. Moltiply, the name of the parent company, is also part of the name used for the former area of Business Process Outsourcing (Moltiply Bpo&Tech). That is: essentially the outsourcing of processes (from managing a mortgage or personal loan to insurance claims) for banks, companies, brokers and asset management companies. The second division, on the other hand - formerly the Broking division - is attributable to Mavriq. It is responsible, among other things, for the distribution, usually remotely, and online price comparison of credit and insurance products. As well as the entire price comparison business: from e-commerce to utilities and telecommunications. Well: the Mavriq division - formerly Broking - has become more and more important. The trend, data in hand, has consolidated year after year and looks set to continue in the medium term. Starting with revenues, the trend is clear: in 2020 Mavriq accounted for 43% of the total, leaving the division Moltiply Bpo&Tech with 57%. In 2023, Mavriq's share rose to 47%, reaching 49% in the last financial year. This steady progression was also confirmed in the first quarter of 2025. More fluctuating is the dynamic when looking at profitability: again in 2020, Mavriq contributed 59% of consolidated EBITDA. Three years later, in 2023, its incidence had fallen to 56%, to drop again recently. Finally, in the first quarter of 2025, the weight of the Mavriq division recovered, reaching 60% of group Mol. The context - in general - reflects the higher margin typical of the Broking division compared to the more operational and less scalable Bpo division. According to the group, the intention is to maintain a balance between the two divisions over time, while recognising that Mavriq's contribution is set to rise. With this in mind, it is confirmed that - at the level of profitability - the following breakdown can be achieved in the medium term: 60-65% Ebitda linked to Mavriq and the remaining 40-35% in the hands of Moltiply Bpo&tech.

But it is not only articulation of business divisions. The saver looks at the same dynamics of the profit and loss account. Between the beginning of January and the end of March, the Moltiply area saw revenues (+20%) and EBITDA (+11.2%) rise. The performance was driven by the positive recovery of the mortgage and leasing business. A twofold trend which, the company says, will continue throughout the year. Continued stability in profitability, on the other hand, for Moltiply Loans. Finally, the Real Estate sub-divisions (where the boost from the Superbonus failed to materialise) and Insurance (although, on this last front and in the medium term, the group's expectation is for the positive impact of the catastrophic events). The trend in the other division was good overall and also in the first quarter of 2025. Mavriq was characterised by a rise in turnover (+31%) and profitability (EBITDA grew by 44.2%). Here, the insurance, credit and international business (formerly Verivox) sub-divisions played a positive role. These posted double-digit percentage growth, which is expected to continue. Different, however, is the situation in the price comparison where margins are under pressure. With regard to the latter front, Moltiply - first of all - reiterates that it is waiting for the EU Commission's decision on the preliminary investigation into Google's alleged violation of the Digital Market Act. An event that could help the Italian company. In addition - more generally and given Verivox's lower Ebitda margin - the pressure on Mavriq's percentage margins is likely to persist throughout 2025. Beyond that, Moltiply concludes, the group expects consolidated revenue and Ebitda - in absolute values - at year-end to be higher than in 2024. All this both on an organic level and considering Verivox itself.

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