Moltiply: the priority is the integration of the German company Verivox

Yes, the enterprise value. However, even in the face of the recent outlay for Verivox, the group has seen its net financial position worsen: this has risen from a negative figure of 320 million at the end of 2024 to 515 million as at 31 March 2025. This trend, when considered alongside indicators such as ‘net debt to EBITDA’, limits the scope for potential M&A activity. However, Moltiply argues that this is not the case and calls for a more detailed analysis of the situation. As explained, new bank loans have been secured in the recent past which, as is standard practice, have imposed certain restrictions on operations relating to such acquisitions. However, the company points out that last June an ‘Accelerate’ book-building process was carried out covering 2.5 per cent of the share capital. The shares were placed at a price of 44 euros each, for a total value of 44 million. On the one hand, the proceeds allow the group to have immediate financial flexibility, including to deal with any extraordinary transactions; and, on the other hand, net of any further M&A activity and taking into account the cash contribution from Verivox, it enables the group to forecast an improvement in its net financial position at the end of the current financial year. Furthermore. The group emphasises that the traditional covenants set by the lending institutions in the refinancing exceed Moltiply’s current financial ratios – for example, net debt to EBITDA.

So far, we have looked at some considerations regarding the integration of Verivox, the M&A strategy and the dynamics of the financial position. Investors, however, are also interested in the structure of the company’s divisions. It should be noted that the group has renamed its business. Moltiply, the name of the parent company, is also part of the name used for the former Business Process Outsourcing division (Moltiply BPO&Tech). In other words: essentially the outsourcing of administrative processes (ranging from the management of mortgages or personal loans to insurance claims) on behalf of banks, insurance companies, intermediaries and asset management firms. The second division, on the other hand – the former Broking division – is now known as Mavriq. Its remit includes, amongst other things, the distribution – usually remotely – and online comparison of prices for credit and insurance products. In addition, it covers the entire price-comparison business: from e-commerce to utilities and telecommunications. Indeed, the Mavriq division – formerly the Broking division – has taken on an increasingly significant role. The trend, according to the figures, has consolidated year on year and looks set to continue in the medium term. Looking at revenue, the trend is clear: in 2020, Mavriq accounted for 43 per cent of the total, leaving the Moltiply BPO & Tech division with 57 per cent. In 2023, Mavriq’s share rose to 47 per cent, reaching 49 per cent in the last financial year. This steady progression was also confirmed in the first quarter of 2025. The trend is more volatile when looking at profitability: again in 2020, Mavriq contributed 59% of consolidated EBITDA. Three years later, in 2023, its share had fallen to 56%, before declining further in the most recent financial year. Finally, in the first quarter of 2025, the Mavriq division’s share regained ground, reaching 60 per cent of the group’s EBITDA. The overall picture reflects the higher margins typically associated with the Broking division compared with those of the BPO division, which are more operational and less scalable. According to the group, the intention is to maintain a balance between the two divisions over time, whilst recognising that Mavriq’s contribution is set to rise. With this in mind, it has been confirmed that – in terms of profitability – the following breakdown could be achieved in the medium term: 60–65% of EBITDA attributable to Mavriq and the remaining 40–35% attributable to Moltiply BPO&Tech.

But it is not just a matter of how the business divisions are structured. Investors are looking at the dynamics of the profit and loss account itself. Between early January and the end of March this year, the Moltiply division saw its revenue rise by 20 per cent and Mol by 11.2 per cent. This performance was driven by the positive recovery in mortgage and leasing activities. According to the company, this dual trend is set to continue throughout the year. Meanwhile, Moltiply Loans has maintained stable profitability. Finally, there was a further contraction in the Real Estate sub-divisions (where the boost from the Superbonus has faded) and in insurance (although, in the latter area and in the medium term, the group expects a positive impact linked to cover for catastrophic events). Overall, and again in the first quarter of 2025, the trend in the other division was positive. Mavriq saw a rise in turnover (+31%) and profitability (the profit margin grew by 44.2%). The insurance and credit sub-divisions, along with the international business (formerly Verivox), played a key role in this positive performance. These recorded double-digit percentage growth, which is expected to continue. The picture is different, however, when it comes to price comparison, where margins are under pressure. On this latter front, Moltiply – first and foremost – reiterates that it is awaiting the EU Commission’s decision regarding the preliminary investigation into Google’s alleged breach of the Digital Markets Act. This development could work in the Italian company’s favour. Furthermore – more generally, and given Verivox’s lower EBITDA margin – it is likely that pressure on Mavriq’s profit margins will persist throughout 2025. Beyond that, Moltiply concludes, the group expects consolidated revenue and EBITDA – in absolute terms – at the end of the year to exceed those of 2024. This applies both to organic growth and when taking Verivox itself into account.

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