Moltiply Group (MOL) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached €132.8 million, up 25.3% year-over-year, with strong growth in both Mavriq and BPO & Tech divisions.

• EBITDA rose 28.9% to €35.3 million, with margin improving to 26.6% and both divisions contributing.

• Operating income increased 40.8% to €22.1 million, and net income grew 9.1% to €12.0 million, with prior year benefiting from a one-time dividend.

• Major acquisition of Verivox, completed at quarter-end for €231.5 million, significantly expanded international presence but did not contribute to Q1 results.

• Disposals of Centro Finanziamenti S.p.A. and 65Plus S.r.l. classified as discontinued operations.

Financial highlights

• Mavriq Division revenues grew 31% to €66.7 million; EBITDA up 44.2% to €21.2 million; operating income up 58.3% to €14.7 million.

• BPO & Tech Division revenues rose 20% to €66.1 million; EBITDA up 11.2% to €14.1 million; operating income up 15.3% to €7.4 million.

• Net financial position as of March 31, 2025 was negative €515.1 million, mainly due to the Verivox acquisition and related debt.

• Cash and cash equivalents at quarter-end were €107.5 million, down 21.8% year-over-year.

• Total assets increased 27.6% to €1.20 billion, reflecting acquisition-driven growth.

Outlook and guidance

• Management expects continued year-on-year growth in revenues and margins for all main business lines, except possible margin pressure in E-Commerce Price Comparison.

• BPO & Tech Division anticipates ongoing positive trends, especially in mortgages and leasing, with some normalization after prior exceptional volumes.

• Verivox is expected to see moderate contraction in 2025 due to normalization after an exceptional 2024, but remains a strategic priority.

• Q2 trends are expected to be similar to Q1, with no major deceleration anticipated.