Moltiply Group (MOL) Q3 2024 earnings summary

Executive summary

• Revenues for the nine months ended September 30, 2024, rose 10.4% year-over-year to €322.2 million, with Q3 2024 revenues up 12.9% to €106.9 million; both Mavriq (Broking) and BPO & Tech divisions contributed to growth.

• EBITDA for the nine months increased 8.2% to €83.8 million, with Q3 EBITDA up 12.7% to €28.3 million and a stable margin of 26.5%.

• Net income for the nine months was €29.7 million, down 2.0% year-over-year; Q3 net income fell 14.9% to €9.6 million.

• EBIT for Q3 2024 was €16.3 million, down 0.2% year-over-year due to PPA amortization; 9M 2024 EBIT decreased 6.2% to €48.0 million.

• Both divisions exceeded management expectations, with Mavriq benefiting from insurance, e-commerce, telco/energy, and BPO & Tech from Lease and Claims.

Financial highlights

• Mavriq division Q3 2024 revenues were €53.8 million, up 14.2% year-over-year, with EBITDA of €16.8 million, up 13.6%.

• BPO & Tech Q3 2024 revenues grew 11.7% to €53 million, with EBITDA up 11.4% to €11.5 million.

• Mavriq 9M 2024 revenues grew 15.2% to €157.0 million; BPO & Tech 9M 2024 revenues rose 6.3% to €165.1 million.

• EBITDA margin for Q3 2024 was 26.5%; for 9M 2024, 26.0%.

• Net financial position as of September 30, 2024, was negative €320.9 million, reflecting acquisition outflows and dividend payments.

Outlook and guidance

• Favorable trends are expected to continue into Q4 2024, with Pricewise consolidation providing additional benefit.

• 2025 outlook is positive, with anticipated continued recovery in the mortgage market and strong commercial interest across services.

• Full-year 2024 is now expected to show year-on-year growth, contrary to earlier expectations of flat results; BPO & Tech division anticipates exceeding 2023 in revenues and margins.