Moltiply Group (MOL) Q2 2024 earnings summary

Executive summary

• H1 2024 revenues reached €216.3M–€215.3M, up 9.2% year-on-year, with a near-even split between Broking (Mavriq) and BPO (Moltiply) divisions.

• EBITDA for H1 2024 was €55.5M, up 6% year-on-year, but EBIT/operating income declined 9% to €31.6M due to acquisition-related PPA effects.

• Net income for H1 2024 was €20M, up 5.7% year-on-year.

• Q2 2024 revenues increased 5.6% year-on-year to €109.0M, but EBITDA and net income declined 1.7% and 3.7%, respectively.

• Broking (Mavriq) led revenue growth, but margins were pressured by higher marketing costs and regulatory changes.

Financial highlights

• H1 2024 EBITDA margin was 25.8%, down from 26.6% in H1 2023; EBIT margin declined to 14.7%.

• Q2 2024 EBIT was €16.2M, down 7.6% year-on-year; net income was €9.1M, down 3.7%.

• Mavriq H1 2024 EBITDA margin: 28.6%; Moltiply H1 2024 EBITDA margin: 22.4%.

• Cash and cash equivalents at June 30, 2024, were €118.2M.

• Net financial position at June 30, 2024, ranged from negative €305.5M to negative €316.4M.

Outlook and guidance

• Broking (Mavriq) expects revenue and EBITDA growth from Q3 2024, especially in credit broking, insurance broking, and e-commerce price comparison.

• BPO (Moltiply) anticipates a more challenging H2 2024, with full-year results expected in line with 2023.

• Consensus EBITDA of €119-120M for FY 2024 is seen as aggressive but not impossible; low end of consensus is more likely.