Moltiply Group (MOL) Q2 2024 earnings summary

Executive summary

• H1 2024 revenues reached €216.3M–€215.3M, up 9.2% year-on-year, with growth in both Broking (Mavriq) and BPO (Moltiply) divisions.

• EBITDA for H1 2024 was €55.5M, up 6% year-on-year, while net income rose 5.7% to €20.0M.

• Operating income (EBIT) declined 9% to €31.6M, mainly due to higher amortization from acquisitions.

• Q2 2024 was weaker than anticipated, with revenue up 5.6% year-on-year but EBITDA and net income down 1.7% and 3.7%, respectively.

• Acquisitions of Switcho S.r.l. and a binding agreement for Pricewise B.V. expanded presence in energy and telco comparison markets.

Financial highlights

• H1 2024 EBITDA margin was 25.8%, down from 26.6% in H1 2023; EBIT margin was 14.7% (down from 17.6%).

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

• Mavriq (Broking) H1 2024 revenues up 15.7% to €103.2M; EBITDA up 4.9%–5.9%.

• Moltiply (BPO) H1 2024 revenues up 3.9% to €112.1M; EBITDA up 7.4%.

• Net financial position as of June 30, 2024: negative €316.4M, worsened since year-end 2023 mainly due to acquisitions.

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 for profitability, with full-year results expected in line with 2023.

• Integration of Switcho and expected contribution from Pricewise B.V. will support future growth.

• Real Estate business line to remain weak due to end of Ecobonus-related activity; Claims and Wealth lines show robust growth.

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