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% from 25.8% last year.

• Operating income increased 40.8% to €22.1 million, reflecting improved operational efficiency and higher depreciation from acquisitions.

• Net income was €12.2 million, up 9.1% year-over-year, with prior year benefiting from a one-time dividend.

• Acquisition of Verivox completed at quarter-end, significantly expanding international presence but not yet consolidated in Q1 results.

Financial highlights

• Mavriq Division revenues grew 31% to €66.7 million; EBITDA up 44.2% to €21.2 million; margin expanded to 31.7%.

• BPO & Tech Division revenues increased 20% to €66.1 million; EBITDA up 11.2% to €14.1 million; margin slightly down to 21.4%.

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

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

• Total assets rose 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.

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