Good afternoon. This is the conference operator. Welcome, and thank you for joining the presentation of Moltiply Group full year 2025 results. As a reminder, all participants are in listen only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Marco Pescarmona, Chairman, Mr. Alessandro Fracassi, CEO, and Mr. Francesco Masciandaro, CFO of Moltiply Group. Please go ahead.
Thank you, and welcome everybody. We will rely as usual on our presentation published on our website. As a forward, this year, we decided to make some changes to the format of the presentation. This is basically because the group has changed significantly in recent years, and so we felt that the description that we were providing was no longer adequate, and we decided to update it a little bit. This time, rather than just commenting the results, we will also make some comments on the structure of the revised presentation. We'll start from page five, where here everything is unchanged. We still have two divisions that are separate businesses, both very nice businesses.
The description of the divisions, as you will see, will be slightly changed. Group structure is on the next slide, so there is nothing relevant. I think I start commenting on page seven with a description of what Mavriq does. First of all, Mavriq. Now, we will look at Mavriq through the lenses of four business lines, energy and telco, insurance, banking, and shopping. It's pretty clear what's inside these business lines. This is across all the geographies. Energy and telco will mean everything that we do in energy and telco in Italy, Germany, Spain, et cetera, in all the countries where we are present. In terms of weights, you have at the end of the presentation, in the historical figures, you have the relative weights of the business lines.
Energy and telco is 25%-40%, roughly speaking, of our revenues. Insurance is 30%, banking 20%, and shopping 10%. This is very different in terms of also product mix of the old, you know, mortgage broking business we had in Italy years ago. In terms of countries, you know, these are, with the flags, the countries where we are present. What is important is that, you know, there are some products like insurance that we have in every country, others that we have in most countries. And then banking products, which is mainly mortgage or personal loan intermediation. This is mostly an Italian and a German business with only startup-level initiatives in the other countries. In shopping, which is Trovaprezzi, we have it only in Italy.
This is like the map to understand how we see Mavriq, and how we will comment on Mavriq going forward. On the following slides, we still have our brands. We have simplified it a little bit, especially the Italian brands. Here it's only worth mentioning Switcho. Switcho is our digital energy business, which is a fully automated service, not an auto switcher, but a service that allows you to change energy provider without having to talk to a call center, which is a distinctive advantage in Italy, and this is a business that has done very well in 2025. For the other countries, there are no changes. This leads us to the slides on the BPO division, for which Alessandro will take the lead.
Yeah. Here on the BPO division, we have decided to simplify, also considering the different dynamics, the former six business lines plus other that we had into three major business lines, which are probably also easier to understand. One is banking, and within banking you will find basically everything that was relating to credit. We had the loans, the mortgages, and also the activities that we were doing in real estate, all those that were strictly connected with credit. And also the line that we had called wealth, which has inside wealth management services and investment services.
All of these is now included in this business line that we call banking, where obviously the target clients are banks, consumer credit specialists, asset gatherers and asset managers, and also NPL specialists on the servicing side, but also banks who do it in-house. Then we have the vertical of lease. Lease meant in, let's say the Anglo-Saxon sense, so where you will have all the forms that help you know, use an asset where you don't own the property, and this could be through a leasing contract. So what is in Italy a regulated contract or long-term rental, which is a non-regulated way to use an asset that you don't own. Here, the target clients are obviously the rental companies, the.
Also the rent-a-car companies, the leasing companies and dealers within the automotive distribution channels. The last vertical is insurance, where, as you know, we mainly do claim processing. As we look at also extending our services, we felt it made sense to look at these as, you know, the insurance vertical. Here the clients are insurance companies and self-insured entities, meaning corporations or public entities that decide to carry their own risk but still need processes to manage the way that damages are managed.
The key services that we have here are claims management, so the third-party administration of policies and loss adjustments, what we call in Italian perizia, meaning assessing what is the damages that happen to assets or people within an insurance contract. We also want to underline because it's growing, the other revenue piece, where basically we are creating and growing services in a B2B2C model, where the clients are the clients of the previous business line, so mainly banking customer and insurance customer. Here, there are basically three areas of services. One is advisory for pension and social security. This is connected to the Mia Pensione acquisition that we did last year, actually in 2024, the end of 2024.
The management of inheritance and estate, for, let's say, the inheritors of the in an inheritance process, directly to the people involved. Finally, sustainable value real estate asset services. Sustainable value real estate services, this is somehow the new life that we are giving to our capabilities and capacities in that we were able to build during the Superbonus phase. Meaning, as you know, there were incentives to upgrade the real estate assets, and we built the capacity to help people doing these kind of investments. Also then banks purchase the credit, the tax credit that came from these investments.
We feel like looking forward at the new regulations that are coming to play in Europe, this will be services that both banks and insurance will be interested in selling to their own customers. It's a pattern that they're already doing, and therefore also here we have started offering some of these services through banks. Again, with a B2B2C model, and this is the part of other revenues. Here there are some pages which I will not go through, but that you know help you get some numbers on the size of this market that we feel on one side they are interestingly large and also complementary.
Then on the other side, which is what you see on page 13, these three markets show a significant underdevelopment relative not only to the best-in-class in Europe, meaning the best-in-class countries in Europe, but to the European average. Therefore, there is still an untapped potential of growth in this market, which we believe to be in the perfect position to capture. There are some indicators here. I won't go through them. Maybe just look at the last column on page 13, the one on the right, and you see the gap in terms of percentage of that particular metric relative to the European average.
It tells you, really, the growth potential that is embedded in these three verticals that we are pursuing. With a model that, as you know, is a model of technology-enabled BPO services, you know, where what we target are, you know, non-core processes, but critical processes, meaning processes that impact the performance, the business performance of our clients. Now, on page 14, again, a section we will not go through in detail, but, you know, in interacting with investors, we got a lot of questions about the impact of AI.
You know, we decided that it was good to have a meaningful conversation going forward with our investors and analysts in general, to put down in a very structured way our thoughts on the impacts of AI. I won't go through all the presentation, just you know, basically the headlines. The idea is that we believe that you know, both business lines are very well-positioned. On one side, the business model of Mavriq, we believe to be very resilient to you know, whatever is perceived as AI threat. Actually, there are also upsides that we will be able to capture in terms of expanding our services using AI with the end customer.
If we move on to page 16, this is part of. You will find here things that, you know, both in meetings and in some of these earnings call I've covered. You will see relative to the BPO and Tech business line. Sorry, the BPO and Tech division, you will see on one. Here, we believe that AI is actually not a threat, but an opportunity for structural growth. You know, here again, on the top of the page, what are the perceived risk of the market in our understanding of the AI disruption.
Here you'll see on the left, what are in our view, the defensive modes for Moltiply against this threat, but most importantly, how instead AI is for us an opportunity and what are the engines that we can use to actually even increase our growth pattern thanks to the use of AI. This is obviously true for us and other players in the industry, but we believe that our position is what you see on page 17, is of having different assets that compound in looking forward, you know, being able to capture these opportunities.
This goes from, you know, having tons of digital data to having platforms that are already starting to embed AI in the processes, and to having, you know, the skills and the client base that are perfect for the kind of services that we can offer and that can be made much more powerful and effective through AI. With this, we finally get to the business update, and I leave the floor again to Marco to start going through the full year highlights for the group. Then I'll get you back on when we discuss the BPO division. Thanks.
Thank you, Alex. Back to page 19, we have the full year highlights. This is where we normally start our presentation. We are very pleased with the results of 2025. In 2025, we had revenues of EUR 674.1 million, which is up 48.6% year-on-year. This is of course also due to the acquisition of Verivox, which was quite sizable. Even without that, we would have seen a very nice organic growth. The EBITDA for the full year is EUR 77.4 million, and this is up 44.5% year-on-year.
The EBITDA margin is 26.3%, which compares to 27.1% of the previous year, meaning that the dilutive effect of the Verivox acquisition was limited. The EBIT is EUR 103.4 million. That's up 40.8% year-on-year. Here, on the EBIT, we will comment later, but it's important to remind that this is also affected by. This is quite different from the EBITDA because of the amortization of the purchase price allocation to amortizable intangible assets that we have in the numbers. We'll try in later slides to give you some sense of how to normalize that. The net income is EUR 29.4 million.
This is -33.2% year-on-year. The explanation of this minus compared to the very strong performance in terms of operating results is two things. One is that there are, of course, higher interest costs compared to the previous year. The second is that we have in the full year of 2025, EUR 31.9 million of negative effect of adjustments to put and call liabilities on minority stakes. Basically, you know, for us it's quite a common pattern to make acquisitions where we buy, say, 80% of the company, and then we keep the management involved and with the stake of, say, the remaining 20%. They have typically put and call options over 3-5 years with typically a multiple.
This could be a multiple of a single year, but more commonly two or three years of results. The multiple could be fixed or could have a range depending on growth or other parameters. In any case, what we had in 2025, which was a very strong year, was that in particular one of these participations. I mean, all the companies did well, but in particular, we had one in the energy sector in Italy that did much better than what we anticipated. We basically, you know, it contributed to the results. We are very happy, but also what we will need to pay has gone up.
This is not only a function of the performance of the year, but also of the expected performance of the future. This is what leads to this adjustment to the put and call liabilities, which are a reflection of a very favorable acquisitions that we made. Going to the next page, we see the numbers for the fourth quarter. Fourth quarter, we have revenues of EUR 207 million. That's up 57.3% year-on-year. By the way, you see that the proportion between the two divisions is now two-thirds Mavriq, one-third Moltiply BPO and Tech. The EBITDA was EUR 56.6 million in the fourth quarter. This is up 49% year-on-year.
Here the proportion is similar to the proportion of the revenues. In the Q4, the EBITDA margin was 27.4%, which is again a small dilution compared to the 28.7% of the previous year, keeping in mind that, you know, we acquired Verivox that was running at lower EBITDA margins. Now, again, on the EBIT. Here, in the EBIT, what I mentioned before that this is affected by PPA amortization. It's important also to be aware of the fact that when we do an acquisition, we do the purchase price allocation at the end of the year, and we put all the amortization in the last quarter.
The EBIT is here almost, I mean, at 27.9, only 14.3% up year-on-year because here we have put in only one quarter all the Verivox PPA amortization because the exercise of the PPA is completed only at the end of the year. Finally, the net income. Net income is again the same story. In the quarter, by the way, the EUR 30+ million of put and call adjustment were for EUR 20 million in Q4, again, because that's when we had the visibility and because also it depends on the revised expectations for the future that we were able to have with clarity only at the end of the year.
This is in terms of the overall performance of the business. When we look at the two divisions, when I comment on Mavriq. Mavriq, the EUR 406.4 million, that's up 83.8%. I mean, these are very big growth. It's of course a lot of it is Verivox, but a lot of it is also organic. EBITDA is EUR 116.6 million. That's up 74.5% year on year. The EBITDA margin is 28.7% in 2025 compared to 30.2% the previous year.
What is new that we didn't have in the past presentations is this box at the bottom left, where we show the EBIT adjusted for PPA amortization. Basically, we add back the amortization of only the PPA, not of, I don't know, other investments, capitalizations, IFRS 16. That's all included. Only what comes from this, let's say, maybe it's not the right word, figurative effect of the PPA exercises. We think this is a more meaningful way to look at the EBIT. We were before providing always the figures to do the normalization, but we figured out that, you know, it could be more convenient just to show also the result.
You see this is very similar in terms of dynamics, in this case, to the evolution of the EBITDA. We try to keep this data also in future presentations. This EBIT adjusted for PPA amortization is EUR 102.3 million, and that's up 72% year-on-year. There is the EBIT as it is reported, which is EUR 72.9 million, which is 66.8% up year-on-year. Looking at Q4, in Q4, revenues more than doubled at EUR 138.2 million. This is up 115.6% year-on-year. EBITDA was EUR 38.5 million, up 87.6%.
This EBIT adjusted for PPA amortization had virtually the same growth as the EBITDA, and it was at EUR 30.6 million in Q4. Finally, EBIT was at EUR 18.5 million. Up 35.5% year-on-year. These are figures for the past performance of which we are very pleased. Now we will comment a bit more at the level of the business lines and also in terms of outlook. We had very, very nice organic growth in all Mavriq business lines, with the exception of shopping, which was down a little bit in terms of revenues, down a bit more in terms of EBITDA contribution.
Let's first of all say that, you know, the consolidation of Verivox was, I mean, significantly changed the scale of the division, the geographical reach, and the product price. Basically, this made the group look very, very different, at least Mavriq, from what it was before. This has led also to this change in how we present things, of course. One thing that you remember is that Verivox, we had an earn-out, and here, you will see it in the annual report, but we decided to put it here as well as the, you know, so that you don't have to ask. The earn-out liability that we estimate for now is EUR 5.3 million at the end of December.
This is subject to potential adjustments, so could be higher, could be lower. This is our current estimate. By the way, this doesn't go into the put and call adjustments, because it doesn't go in the net financial position. Anyway, we will have, I'm saying things that are obvious, very strong year-on-year growth also in Q1 of 2026. Well, first in part because the business was, as you will see, was doing well, especially energy, but also simply because, Verivox was not consolidated yet in Q1 2025. For the rest of 2026, the outlook is, as you'll see based on the comment below, of moderate growth, organic growth, because we don't have any acquisitions, for now announced or anything.
There is a potential downside risk, because of the situation in the Middle East. We said energy is our biggest business. This has been positive in 2025, but now that there is war in Iran, this is also a potential source of uncertainty. Let's start, in fact, with energy and telco, commenting more in the details. Here we put all the utilities, and this is electricity and gas. These are the predominant, the main products, and then there is broadband. Broadband is a nice product, but you know, the bulk of the business here is electricity and gas, and this is in all the markets where we have these things. Revenues were up 5 times.
Even if, you know, we already have a nice energy business in Italy, but we had the addition of Verivox, but we also are developing an energy business in Spain. This grew both very nicely organically and thanks to Verivox. In 2025, Verivox started with a very weak demand. Basically, end of 2024, early 2025, it was weak, and we were a bit concerned, and then it improved and accelerated. In the second half of 2026, we already said it many times, there were better conditions to save money on energy in Germany, and so we saw a lot of switching behavior. This continued also in early 2026. Then, of course, you know what happened.
They started bombing Iran, and energy prices have rapidly increased. It's an interesting situation. It has some parallels and some differences to the war with Ukraine because the war with Ukraine triggered an energy shock. Here it seems to be a bit more contained. Basically there were no major disruptions to supply so far. In our business, you know, we match demand and supply. Of course people will switch more if they can save more money or you know get better conditions. After the war in Ukraine there were situations in markets where a large portion of the supply disappeared from the market.
Energy companies were not willing to acquire new customers. Energy companies were going bankrupt. Only variable price tariffs were available. Those were very serious disruptions. For now, we are not seeing anything like that. Apparently, the system has been made more resilient also from a regulatory standpoint. Suppliers are still in the market, still happy to acquire new customers. The only problem is the offers today available are much less attractive. People that, you know, find it difficult to save money in many situations. Today we have a functioning market, but with weaker benefits for consumers, and so a lot of interest and then less transactional interest. It's okay, but it's not as good as it was before.
Again, you know, if here something really bad happens in terms of the hostilities or anything, then we could go more towards a Ukrainian style situation. On the other hand, if the situation resolves, this will have generated so much interest again on energy that we will have booming demand. This could go, you know, both ways. And this is our uncertainty for now. Then for the other business lines, it's a bit more, you know, usual things. Insurance, we had double-digit organic growth in 2025. We had the acquisition of Verivox also. Growth continued in 2026. We are seeing maybe some slower growth, but still growth in some more established markets.
This is possibly linked to how the premiums are moving. So we don't, you know, we don't worry about that, but we think there will be growth, but possibly a bit more moderate than in previous years. Then there is banking. Banking for us is mortgages in Italy and consumer loans also in Germany, but Italy is the main country for mortgages, and consumer loans, where Germany is bigger than Italy, and then also some business with bank accounts. We had solid growth in 2025. We saw deceleration of Italian mortgage demand in the second half. Overall for the year, it was very nice organic growth. Then, of course, we had in the year the benefit of the Verivox consolidation. What is the outlook here?
We see downturn for mortgages in Italy, especially remortgages are down significantly in the first half, and then we don't know for the second half. On the other hand, we think we could see a positive contribution from growth potential from personal loans, both in Germany, where we have a nice business, and in Italy. Finally, shopping. This is mainly comparison shopping. We have an online review business in Italy, like the sort of Trustpilot, but it's only in Italy. The business contracted, as you see, a little bit because minus 1.7% year-over-year in terms of revenues compared to 2025, but it was worse in terms of EBITDA, and the situation is the same.
We are still competing with Google's own comparison service, which is embedded in the search result. Google continues to operate like this, despite the antitrust decision, the Google Shopping decision, but more importantly, despite the fact that at least preliminarily, the European Commission found this embedding of Google's own services in Search in violation of the DMA, in particular of Article 6(5) that prohibits self-preferencing. Two years have passed since the opening investigation. A year has passed since they told Google that they found evidence of noncompliant behavior, but no decision has been issued, and nothing has really changed.
The outlook for now is that we continue to see more of the same, stability to moderate contraction in 2026, if nothing changes. If the commission finally decides on this matter and maybe issues a prohibition decision or does something effective, we could have a relief and actually could have potential upside on this business as well. This ends the comments and outlook for Mavriq, and I hand it back to Alessandro for Moltiply BPO and Tech. Thank you.
Thank you, Marco. We are on page 26, and we'll start with the results for the overall year. Again, we look at this as a strong performance from the Moltiply BPO and Tech division. We have a top line growth of 15.1% year-on-year. It's still double-digit, also if you take out the acquisitions of MiaPensione, which contributed to this growth. On an EBITDA level, we are at 8.6%. We grew from 56% to 60.8%. The margin slightly decreased from 24.1% to 22.7%. As I have commented throughout the year, the reason for this dilution effect is twofold.
On one side, we have the significant impact of notary services that had a price effect with the unit margin in euros remaining constant, and with the cost of the notaries, you know, becoming almost double. That creates an inflation in revenue while, you know, which creates a dilution in the EBITDA margin percentage-wise. The other reason is, and that impacts especially the fourth quarter. The numbers are on the following pages. You might remember that we had an incredibly strong quarter in 2024, and that was mainly due to the closing of most complex claims on the insurance vertical.
Those claims were connected to the events, the weather events of the summer and the fall of 2023. The longer ones took over a year to finish the processing. Those claims are normally the ones where we have higher margins, because it's a more professional job that we do on those. Therefore, there is a higher margin.
If we look at the performance in terms of EBIT, both adjusted for PPA and EBIT, they tell a similar story, although here, there is a negative impact, and that's the reason why the numbers are lower in terms of growth, of increased amortization, immaterial amortization in, connected especially with software development, and especially in the lease vertical, where as you know, we had acquired Trebi, which we have renamed as Moltiply Tech. That was mainly a legacy system which is very predominant in the lease vertical. We're basically doing two things. On one side, we created a brand new future-proof platform on the rental part of the business, which we started selling during 2025, actually at the end of 2025.
We started investing in renewing the platform for lease. That's the reason why we have an impact on the amortization here. That's true. You know, basically, in showing the PPA, the EBITDA number adjusted for PPA, there is no significant change in PPA between 2024 and 2025, and therefore, the different numbers just shift downwards when you consider this non-cash effect of PPA. The percentage change because they are obviously on smaller numbers, it's just a mathematical factor. You know, more or less, the growth over the year is in absolute terms similar. Now the comparison with Q4 is here.
It you know seems to tell a story which is not good, but it's to us, this is actually a great quarter, because it's the comparison is relative to a quarter that was incredibly strong in 2024. The ability to beat that to having reached topped that result to us is actually very significant. Also because we substituted a very extraordinary quarter with something that still has some one-off effects, but definitely not as major as the ones that we had in 2024. You know, it's mainly organic.
Here, really, we should not see this as a slowing of growth, but just as a comparison that was particularly difficult, you know, for 2026. I believe that having topped the 2024 result for 2025, sorry. I believe that having topped the 2024 result is actually a great performance. Moving on to the next page. On page 28, a comment on the outlook at the division level. First of all, on the 2025 results, most of the comments I've already made. What is, let me see if there's something else. No, I guess that we basically said everything already commenting the numbers. Let's look at the outlook in 2026.
We expect to be able to continue to deliver the organic growth as you've seen us doing in the last couple of years at a revenue level. We actually do expect to expand EBITDA margin. This is also because we'll see you know on one side efficiency brought in by all the efforts in technology and AI that we are doing. On the other side also the mixed effect of mortgages will taper off as para-notary services and especially refinancing will reach maturity and start declining, as Marco has already commented during 2026. The growth will come mainly we expect from banking and insurance, at least on EBITDA level.
We expect Lease to be able to replicate organically the results of 2025, which let me say again, those are record results. You know, again, the Lease vertical has been consistently delivering organic growth, you know, on average through the years at a double-digit pace. We are very pleased with this vertical and with its management. Technology investments will continue both to renew our platform, but significantly to better our processes and to include and continue working on AI. As you will be able to read on the pages dedicated to AI, you know, I believe that putting AI within regulated financial processes is not just about technology.
It's not just a technological investment, it's something that is instead, at the same time also an effort in designing processes, in putting in governance, in putting in the right KPIs, and in deciding where the human should remain in the loop and how the human control is impacted. You know, as we reason on these things, we saw a very clear parallel to the efforts that we have done in the early 2010s when we started using nearshoring. There, moving things from Italy to Romania was not just about copying processes or actually cutting processes from Italy and pasting them in Romania.
It meant changing it, deciding which pieces should remain in Italy, which pieces could go to Romania, deciding where the performance of our Romanian colleagues was actually more efficient or as efficient as the Italian, and so on. I mean, all of these, it's very similar, and it takes time, and it's not just very similar when you think about moving processes and having AI embedded in those processes. You know, this is what we will continue to do, and I think we will continue to see results in the growth of our EBITDA margin. Now, commenting the different business lines relative to banking, I'll still give a flavor of the different parts within banking, as if for some time and each time it's necessary to explain the trends.
Banking, it's our largest revenue contributor. It was up 36.9% year-on-year. This is all organic growth. Mortgages were the main driver of this growth. Actually, we basically doubled our revenues here. As I have commented already, a lot of this came also from the para-notary services and the price effect of the increase of notary fees, but also the quantities went up very significantly. Wealth management grew significantly 18%. This was driven mainly by tech offering and also some client expansion. Real estate instead, loans, what we used to call loans, remained, you know, showed a little bit of growth, but they were basically stable.
Real estate instead, as you all know, went down in revenues 21%. This is the end of the Superbonus phase out, and we think now we are at a structural post incentive base line. Now we expect to stabilize and be able to grow over this. Where will the growth come in 2026? This will be mainly growth with existing clients, either because they increase their market share within a market that we do not expect to be particularly growing in 2026. We expect our clients to increase their market share and our market share to increase within services of clients.
There are some clients that are switching to us from other providers, and we'll continue to do so during the course of 2026. Some clients where we are increasing the services, the number of services that we are selling them. Let's move on to Lease, which will present as the second business line. This is because it's the second contributor in terms of revenues. It's actually the largest contributor in terms of EBITDA, and the contribution, it is very significant. It is much larger than the one of revenues. I mean, not the double, but close. You know, by the way, on page 42, you will be able to see the reclassification of our revenues in the different verticals, historically.
If you look at 25, just to mention these numbers because I didn't do it before, 52% was coming from banking, 27% is coming from lease, and 17% coming from insurance, and the remaining 4% is our B2B2C initiatives that we classify as other revenues. Moltiply Lease at a record year. Again, it's a growth of 11.1% year-on-year. This growth includes the revenues of Evolve. Without Evolve, we would have grown 6.7%. Now, I wouldn't worry too much in the EBITDA level because Evolve was not an acquisition that was done basically to increase, you know, our EBITDA.
This is a company was kind of captive in terms of services, meaning these guys do document management and document handling. You know, we were already representing basically half of their revenues. They were located near our offices in Veneto, where most of our business line is located. We felt that we would have a more significant control here, and we would be able to optimize it better if we owned it. That's the reason why we decided to buy it. That's why it's now in the perimeter. Again, it was not a significant contributor to the growth.
Therefore, you can expect the organic growth here to have been more closer to the 11% than to the 6.7% number. Okay, within these, anyway, Agenzia Italia is the main contributor and also the main contributor to growth. You know, we believe that in the long-term here, you know, all these services to fleets have the possibility to continue growing, because even if there is a stable market for new vehicles, the percentage of vehicles that are owned by fleets, either to use in corporations or to then be given to retail users will increase. This will be also driven by the increased penetration of hybrid vehicles.
By the way, hybrid and electric vehicles. By the way, these electric vehicles also bring with them complexity in the administration. Just one, for example, to quote one, you know, electric vehicles don't have to pay the annual registration fees, the bollo, but only for some time. The time depends on in which region you use the vehicle. It could be two years, it could be three years. All of these, as you can imagine, is a nightmare to manage. It's what we do, for example, on behalf of the long-term rental companies. Q4 was particularly strong. The reason why it was strong, it's because we were able to start selling new services.
When you sell new services to such a significant client base, you obtain one initial effect of basically, you know, catching up on the complete fleet that you're managing with them, and then you sell it in the following years only on, you know, the continuing new business that you come in. It is structural, the fact that you sell new services, but the moment you sell them to one client, you have a one-off effect that is not replicated afterwards. We were able to capture some of them in 2025. We'll capture some of that also in 2026. You know, that was particularly significant at the end of last quarter. It was obviously a pleasant surprise for us.
You know, we hope and we aim at replicating this result in 2026. I do realize that this is something that, you know, when we meet in March, like now, it's something that I always say, that there were some interesting one-off effect in lease that boosted our performance, and that we hope to replicate them and make them organic in the following year. I say it again, and then we, you know, we normally do better. You know, as of today, we aim at replicating the strong performance, especially at an EBITDA level. You know, there is potential for upside, but this is today the expectation. Finally, Insurance. Here there is a minus sign in front of, obviously, the numbers.
We went down from 52.2% to 45.7%. This is what we expected, and we told investors all along during the year. This, you know, we basically have a normalization of the extraordinary claims volumes that we saw in 2023 and in 2024. You know, anyway, current rate, as you see, structurally above 2023 levels, so we continue growing here. You know, long term average, organic average is, you know, anyway close to double digit. You know, here there is a secular trend that will help us, a regulatory change that will help us continue growing even more in the following years, is the impact of NatCat insurance obligation.
That went into effect on March 31 for large enterprises and October 1 for small entities. Obviously, we will see the impact in 2026, but probably more in the following years. The majority of the impact will come when there are weather events that are covered by this NatCat insurance. We expect it to be a growth engine. You know, the timing of this growth will be obviously depending also on when the events happen. In terms of our platform, we finished the investment basically in 2025, and we are now starting to roll it out. This has been a long investment through the years, stable, but long.
You know, when we acquired Gruppo Lercari, one of the values that as a company we brought to the table is technology, and we reworked completely their systems. That was, you know, absolutely necessary to do. They were legacy systems. Part of that was based on Lotus Technology, just to give you an idea. So we had to rework them completely, and now we are finishing, you know, by the half of the year 2026, we'll finish the rollout. That also depends on, obviously, our partner insurance companies, because there are some interactions with their own systems.
This is important, not just technology for the sake of technology, but it's also important because, you know, this is a technology that is ready to embed the AI improvements. AI improvements in this case are, you know, more about increasing capacity, more than necessarily, you know, spending less with the loss adjusters, which are an external workforce. You know, the point here is that this external workforce is actually a constraint in quality and quantity for growth. We have seen it when there are big events that impact. The ability to increase the productivity for us is mainly, you know, a competitive advantage in being able to capture more market share in a way that otherwise would not be possible.
This completes the outlook for the BPO and Tech division. I hand it over again to Marco for the last comments on the net financial position and dividends.
Okay. Thank you. We are on page 32 with the net financial position. The reported net financial position is negative EUR 441 million. Basically this is the result of our acquisition of Verivox during the year, and on the other hand, of the strong operating performance of the business throughout the year that, of course, generated cash. You'll see the cash flow statement in the documents and the comments in the annual report. I think that's the best way, if you want to go into the details. But there is nothing particular.
Most of our, which you already know this, of our indebtedness now is long term. In terms of reading this net financial position, what you see in line C, other current financial assets are simply exchange traded funds, money market ETFs that pay a little bit more than bank deposits. Then again, the only thing to point out is that the short term component is much better than a year before. You know what I said before about the balance. Now for most of our banks, what is relevant is the statutory net financial position with some adjustments. You know, we have some little adjustments, but this is basically, you know, the reported number is indicative of what the banks would look at.
We still have with one bank also a net figure net of the M&A shares. As of December 31, we had shares in M&A worth EUR 109-110 million. Now they're worth a bit less. That you know based on those figures led to a net financial position adjusted for this of negative EUR 331 million. Yeah, the only comment we have is that we are quite comfortable with the current situation. The little ABS that we did in 2025 allow us to move to the most favorable setup of our biggest loan.
Basically, it had like things that varied both in terms of rates and in terms of constraints, depending on the leverage. It allowed us to move faster in that direction. Of course, you also know that, especially since the stock price has started going south for these concerns about AI, et cetera, we resumed our buyback, and today we bought back a good chunk of what was sold in ABB. These are the financial comments. The dividend payout, we are proposing as the board a dividend of EUR 0.15, which is a bit higher than last year.
This is to take into account our strong performance, but the reality is we still have significant leverage, and we might also have interesting M&A opportunities in this general uncertain setting. We stick to a limited payout. This ends all our comments, and we can open the floor to questions. Operator, please go ahead.
Thank you. This is the conference operator. Welcome, and thank you for. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you change your mind and wish to remove yourself from the question queue, then you may press star and two. Anyone who has a question may press star and one at this time. The first question is from Gabriele Venturi, Banca Akros. Please go ahead.
Good afternoon. I have four questions. First, it appears that your two divisions will be exposed to AI disruptions in very different ways over the coming years. Given there are no operational synergies between them, does it still make strategic sense to keep both divisions within the same group structure over the long term? Second, could you provide an update on the Digital Services Tax across your European footprint? From 2027, you could become liable for the tax, at least in Italy, probably. There have recently been a proposal to introduce a similar framework in Germany. Do we expect this to become a material financial burden over the medium to long term? Third, could you give us more color on the slowdown in the BPO division growth in the last quarter and the main factor that drove this deceleration?
I know you say the difficult comparison with last year, but just if you can give us some more info. Finally, regarding the moderate growth outlook, should we interpret this as implying a mid-single digit organic growth? Could you share indicative revenue and EBITDA figures for Verivox for the year or at least the total M&A contribution? Thank you.
Okay. Thank you. Well, I'll try. This is Marco. I'll try to give at least a partial answer on the first question. Alessandro, please, jump in. This is the same question that we get all the time. There are no synergies between the two divisions today. There used to be capital allocation synergies for a number of years. Now that we have more M&A opportunities for both divisions, this is no longer the case. Actually, we have, like, conflicting opportunities, and we have to figure out what is best. You know, if we do something for Mavriq, we don't do it for Moltiply BPO and Tech and vice versa.
I think there are reasons to look at a potential split. One of this is the Digital Services Tax, as you all know, because this is a tax that is payable by groups that have consolidated. Consolidated means in the consolidated annual report, revenues of more than EUR 750 million, and we are not far from that. We could get there with maybe one year of organic growth, or we can get there faster with just one acquisition. The Digital Services Tax is on digital revenues. The threshold is for the entire revenues of the group. Even if you have a chain of supermarkets, it counts, but you pay the DST only on digital revenues.
There is a little bit of uncertainty as to the definition of digital revenues. It could be all the Mavriq revenues in a country, or it could be only, let's say, the ones that are not from regulated businesses, depending on the interpretation. Our estimate is that, you know, now this is in force in Italy, Spain and France. Our estimate is that this could cost us easily EUR 3-4 million a year. The problem also is that they are talking about, there is a lot of debate about introducing this in Germany. In Germany, by the way, energy is not. I mean, it is possible, quite possible that, you know, that the energy business or the telco business would be subject to this. This would be quite a lot of additional money to pay.
Maybe another minimum 3-4 million. We could double the potential bill for this if we reach that threshold. This is certainly a reason to consider a potential separation. On the other hand, you know, it depends on the right timing, the right opportunity. Until we are at the threshold, you know, we have another couple of years at least of time to do it, you know, depending or we could do it in many ways, by the way. I think it's something that we have very clear in mind. I'll also answer the fourth question about the moderate growth outlook for Mavriq. Yeah, I think you could read it as single-digit and maybe mid-single-digit.
The reality is, we have this big uncertainty on energy. I think in a few months, we should be able to give either a more bullish outlook or, you know, say that for a quarter or two, the results will not be great. I think this is more important than this overall expected rate. Yeah, I think like mid-single digit for now could make sense as an interpretation.
Okay. Just to answer your question on the slowdown of growth. Again, I really don't see this as a slowdown, but just as the wrong comparison. You know, for example, and you can reconstruct this easily if you go and look at numbers of other, you know. Take another year. If you go back to 2023, I'm just watching and looking at the numbers of 2023, the EBITDA for the BPO division in 2023 was EUR 13.2 million. The EBITDA in 2025 is EUR 18.14 million. So it's like a 38% increase over two years. So you calculate the CAGR. I mean, there is really no slowdown in growth.
It's just really that Q4 of 2024 was particularly strong. You know, it's not strong because of seasonality. It was really strong because, you know, again, the weather events of 2023 were so significant that they created this big bump, blip that, you know, it impacts the way you see things. You know, do the exercise of looking at growth, you know, the average growth over two years, and you see no slowdown going back to 2023 and seeing an overall growth, which is strongly double digits, so at an EBITDA level. I seriously don't see this as a in any way as to.
I would not read anything in a growth. If you look at Q4 compared to Q3, again, here you see significant growth. I don't have a comment more than the one I just did. Thanks.
Thank you.
The next question is from Tommaso Bonanomi, CheBanca!. Please go ahead.
Hello, thank you a lot for taking my questions. I have a few. The first one is on Verivox. You have given already some color on top line. So could you provide more detail on the underlying profitability and how is it tracking versus your initial expectation, given also that you said there was low dilution? The second question is on, again, sorry, on the potential spin-off of the two division, if the transfer of the Moneyfarm stake from Moltiply to Mavriq goes into this direction, and that is the rationale. The third one is more on AI, and it would be if you are seeing any evidence of traffic coming from AI-based channels.
If so, how does that traffic behave versus traditional channels? Thank you.
Okay. Well, on Verivox, we. You know, in Germany, for some reason, our competitors don't even publish their annual report, and we don't do this. We don't either. We are not able to give a very detailed information regarding very much. I would say, it started weak in 2025, and then it improved throughout the year. Part of it because the market improved, part of it because maybe we improved some stuff. We are happy of the acquisition. It's a company that has a strong trademark. It's a company that requires work. We are dedicating a lot of attention to it, and I think we'll be happy. In terms of the margin, limited margin dilution, you know, this could be that Verivox improved a little bit.
It could also be that our existing business is improved, and we are not providing the detail. It's possibly both, a bit of both. In terms of the potential separation of the two divisions, this could be done in many ways. You know, it could be split, it could be with an M&A transaction, you know, it could be a share split, many different things. What you refer to, the fact that you saw that we had some Mani shares with Mavriq was in fact just a temporary effect because all the Mani shares are now with Moltiply, so this is not indicative of anything.
It's connected to the tax reasons, right?
Yeah, it was more like optimization of things.
Yeah.
AI traffic is a very interesting question in general because there are two things to say. One is your question, but one is, I think, broader. To your question, the traffic from AI chatbots is limited, very few percentage points, and this is across all businesses, and this is also for other companies. We think this is representative. The traffic is good quality. It's a sort of organic traffic, so it's a small portion of organic traffic. The reason why it's not bigger, I think, is, you know, everybody's using these systems, but the reason why this is not bigger is that all the chatbots are keeping users within their interface. It's very difficult to click out of ChatGPT or Claude or anything. They're not designed like that.
I think this is going to change a lot when advertising will become available in ChatGPT, especially, you know, because if they want to monetize, they want people to click on the ads, and advertisers are gonna pay if these ads lead to people to their websites. I think this will change a lot. The other question, the other point about traffic, you know, in the last 12 months is that I think you, if you ask anybody who has an online business, they will all tell you that, for instance, organic traffic has dropped significantly. This is in part due to the AI, but in an indirect manner. What is happening is that Google has changed significantly its interface.
They've embedded what they call AI overviews, which then leads to AI mode. A lot of people are finding answers to informational queries directly on Google, and this is reducing organic traffic, particularly traffic that was not converting much. The impact in terms of business is much less than what it looks like if you look at the traffic numbers, but it is there.
By the way, this is not so much a matter of AI changing the way things operate, but just Google, you know, changing its interface, which is a different story, and by the way, could also be linked again to the issue of favoring of shopping and so on, you know. You have Google, the dominant search engine that has bought all the defaults in the browsers, and now what they do is they send people, they embed their AI system within the search results, and now they're in a way favoring their AI systems as they were favoring shopping.
This is not, you know, something other than a business decision that could have some other implications more than that has to do with technology, but it's not, you know, a consequence of technology. It's a consequence of a business strategy. This is to give more color on AI traffic.
Okay, thank you.
The next question is from Alexandra Airoldi, Equita. Please go ahead.
Hi, good afternoon. Thank you for taking my questions. Some follow-up questions on my end. On Moltiply Group, you mentioned that you increased the stake slightly. Maybe some, let's say some color on the reason behind this, and if it still remains a financial investment rather than a strategic one. The second one is on M&A. Again, you said that you're keeping, of course, leverage under control and dividend and everything also to maybe take advantage of any opportunities on the M&A side. Just to have an idea what kind of target size and firepower you are willing to put into this in the coming quarters.
The last one, maybe more qualitative one, more than once during the conference call, you told that maybe in the BPO, there were some clients switching to Moltiply vis-à-vis some of your competitors. Also the organic growth we saw in the Mavriq division in insurance, but also in other products, is definitely higher than the, I don't know, the average premium in insurance, car insurance. I was wondering how the market shares are moving there, if you are taking some market share over your competitors in Italy and also abroad. Thank you.
The Moneyfarm stake remains a financial investment. We increased it from 8.something% to 10% at the end of the year. Because for those of you that live in Italy will remember, there was a lot of talk about changing the taxation of participations in companies. Historically, the capital gains on participations by a company were tax-exempt, full participation exemption. To find some tax money, the government started saying that the requirement to have this exemption would be to have a participation of 10%. They actually passed the draft of the law saying that participations were exempt on both capital gains and dividends if they were of at least 10%.
We were at 8.5%. We thought, you know, it's not far, and Moneyfarm's trading at still an attractive price. We decided to get to the 10%. At the very end, like two days before the end of the year, very, very close to the end of the year, but we had already done this, they changed the law, and they put the threshold finally at 5%. This was not needed, but this is the reasoning we have done. We still see it as a financial investment, and this is the explanation of the increase. Of course, you know, we see our stock price.
I mean, I cannot maybe judge, but you know, we see a lot of companies, including Moneyfarm, as having very depressed stock prices despite having business models that we think are, you know, are not particularly at risk. You know, it's a tempting investment, let's say. You know, we already have a significant stake, and it's a financial investment. In terms of M&A, I think we can look at things of the size of what we did in the past. From medium-small to more sizable, depending on the timing, and you know, we'll be a bit opportunistic. We are very busy working on our businesses. We are busy working on, you know, integrating the international assets, in particular Verivox.
We are busy, you know, delivering on AI, both in BPO and within Mavriq. There are many things to do. If we have the right opportunity at the right time, we will consider it. Again, the size could be up to what we did in the past, I'd say. For the BPO clients, et cetera, I think Alessandro is the only one that can answer.
Yeah. Just, you know, a small comment to say that, on M&A, that, as you've seen, you know, I mean, the market was going very well before the capital allocation synergy that kind of went away when we started having very significant opportunities also on the Mavriq side, opportunities that we have captured, and we are very happy to have captured them. You know, but we have continued on the BPO side to do small bolt-on acquisitions, we still have a pipeline there. I mean, it's small things that, you know, to me, I would not even consider them, you know, inorganic growth.
They are more like, you know, investing in a product and, you know, deciding that it's best instead of developing it in-house to just get it on the market or, you know, a number of contracts. I mean, these are things that we, you know, have a pipeline there, and we continue to do it. These are small ones. Obviously, those who have opportunity on the larger opportunities. These, you know, this is where all the things that Marco has finished saying, you know, are true. We are focusing on VP, on AI and on the integrations and, you know, the efficiencies. We will still be very, very tactical.
If good things appear, you know, on both sides, then we'll see if we can consider them. You know, the market share, yeah, we do track, you know. Okay, first of all, you know, saying that we will be able to capture volumes from a competitor is sensitive information, so I cannot give too much color on this. But let me say, I mean, differently from maybe the Mavriq side here, the competition is, you know, focused on single clients, right? It's a step effect. It's not something like, you know, it happens slowly.
What happens is that the client might take the decision that he will increase volumes to you, and then basically as you start building the capacity, you know, it will start giving it to you. You first build some capacity, it will give it to you and so on. You know, there are players in the market that try to treat banking clients as cash cows, trying to leverage the stickiness of clients. The reality is that stickiness of clients is such up to a point, Alexandra. You talk to banks every day and you can imagine what I'm referring to. You know, there are points where, you know, banks get fed up of being treated as cash cows and they start looking at opportunities elsewhere.
Now, this is good news and bad news on the other side. It means that, you know, there is a limit to pricing power, obviously, and you can exercise it for a bit, but it's not really, you know, the big leverage here. The big leverage here is providing better services at a more competitive price, thanks to technology, thanks to the quality of the things you do and avoiding to mess up.
Okay, that sounds great. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. For any further questions, please press star and one on your telephone. Gentlemen, there are no more questions registered at this time. I turn the conference back to you for any closing remarks.
Okay. Thank you. Thanks, everybody for participating to this call. As always, we are available for one-on-one if you have any follow-up questions or anything.
Yeah, thank you. We've given you more information to digest this time, so we'll be happy for any follow-up, you know, and discussions and the things we've written about AI. We'll be happy to discuss them with you. Thanks again, and till next time.
Thank you. Bye. Bye
Thank you. Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephones.