Moltiply Group (MOL) Q4 2024 earnings summary

Executive summary

• FY 2024 revenues reached €454.0 million, up 13.1% year-on-year, with balanced contributions from Broking/Mavriq (49%) and BPO & Tech (51%) divisions.

• EBITDA grew 13.6% to €122.8 million, and EBIT rose 16.3% to €73.4 million, reflecting strong operational performance.

• Net income increased to €43.9 million (+42.1% YoY adjusted, +24.1% reported), with Q4 net income up 161% year-on-year.

• Growth was driven by both organic expansion and acquisitions (Switcho, Pricewise, Mia Pensione), with successful integration and margin improvements.

• Dividend per share for 2024 is proposed at €0.12, with some sources reporting €1.19, reflecting continued shareholder returns.

Financial highlights

• FY2024 revenues: €454.0M (+13.1% YoY); EBITDA: €122.8M (+13.6% YoY); EBIT: €73.4M (+16.3% YoY); net income: €43.0M (+21.5% to +24.1% YoY); EPS (basic): €1.11.

• Q4 2024 revenues: €132.5M (+18.1% YoY); EBITDA: €38.2M (+23.2% YoY); net income: €13.3M (+161% YoY).

• Broking/Mavriq division: FY revenues €221.1M (+17.5% YoY), EBITDA €66.8M (+10.1% YoY); BPO & Tech: FY revenues €232.9M (+9.2% YoY), EBITDA €56.0M (+18.1% YoY).

• Net financial position at year-end: negative €320.5M (reported), improved to negative €218.5M net of MONY shares.

• Share price as of March 14, 2025: €33.30; market capitalization: €1,245M.

Outlook and guidance

• 2025 expected to see growth in most business lines, except for E-Commerce Price Comparison, which faces regulatory uncertainty.

• High single-digit revenue growth and low double-digit EBITDA growth for 2025 considered a fair, possibly conservative, outlook.

• Positive trends anticipated in mortgages, insurance broking, telco/energy comparison, and international markets.

• BPO & Tech division expects ongoing revenue and EBITDA growth, with some business lines normalizing after exceptional years.

• Ongoing M&A in Italian banking sector expected to have negligible impact on 2025 results.