Good afternoon. This is the Chorus Call Conference operator. Welcome, and thank you for joining the presentation of Moltiply Group First Half 2026 Results. As a reminder, all participants are in listen-only mode, and 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 *0 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. Please go ahead.
Well, thank you, and welcome everybody to our first half 2026 call. This is Marco, and I will start commenting the results, starting from page 19 of our presentation. Presentation is on our Investor Relations website. Let's start with the revenues. Revenues in the first half 2026 are EUR 343.1 million. That is up 13.7% year-on-year, and the composition is 63% from the Mavriq division and 37% for Moltiply BPO & Tech. The EBITDA in the six months is EUR 93.4 million. This is up 20.8% year-on-year, and this accounts for 65% from Mavriq and 35% from Moltiply BPO & Tech. The EBITDA margin is at 27.2%, which compares to the 25.6% of the same period of the previous year. The EBIT is EUR 55.9 million. That is up 14.7% compared to the previous year.
Finally, the net income is EUR 37.1 million, and that is up 69% year-on-year. Of course, you know that the results are the sum of the two quarters, and that in the Q1 of 2025, Verivox was not consolidated yet. So you will remember we had a strong performance in Q1, both good organic performance and the consolidation of Verivox. That was a big addition to our performance. If we only look at the Q2 , we are on page 20, the results are different, and they are overall in line or possibly even slightly better than what we explained in the Q1 conference call. The revenues in the Q2 are EUR 160.4 million, and that is down 5% year-on-year.
The mix is 60% from Mavriq and 40% from Moltiply BPO & Tech. The EBITDA in the Q2 is EUR 42.1 million. That is flat year-on-year and accounts for 60% from Mavriq and for 40% from Moltiply BPO & Tech. The EBIT is EUR 23.6 million. That is minus 11.5%, and that accounts for 57% from Mavriq and 43% from Moltiply BPO & Tech. Finally, the net income is EUR 14.2 million, and that is up 42% year-on-year. Here, I think to comment and explain these results and what they mean and where they come from, it is better to look at the two divisions separately.
Well, I think we can rapidly look at the first half, but then the most interesting part is the Q2 for the two divisions. So for Mavriq, in the first half, the revenues are EUR 217.4 million. That is up 31.7% year-on-year. But this again includes the consolidation of Verivox. The EBIT adjusted for the PPA amortization. We started providing this figure, the full year results, we are giving it here again, is EUR 51.9 million. That's up. The EBIT adjusted. No, let me read it the other way. The EBITDA is EUR 60.9 million in the six months. That's up 26.7% year-on-year. It's an EBITDA margin of 28% compared to the 29.1% of the previous year.
Here we are providing also the EBIT adjusted for the PPA amortization as we started doing in the full year results of 2025. This basically tends to track EBITDA because it normalizes the effect of acquisitions. This figure was EUR 51.9 million for the first half, and that's up 23% year-on-year. Finally, the EBIT is, as reported, is EUR 37.1 million. That's up 11.4% year-on-year. But again, the first half results are really the average of two very different quarters.
The update really is the Q2 , and on page 22, we have the figures for Mavriq for the Q2 . Basically, revenues are EUR 96.9 million. That's minus 1.5% year-on-year. This is a bit better maybe than what we expected. You remember we said that we would expect a contraction driven by the difficulties in the energy business because of the Iran war. This happened, but the impact on the revenues overall, considering all the different business lines, was negative low single digit. The EBITDA in the Q2 is EUR 25.2 million. That's down 6.4% year-on-year. This is also possibly a bit better than what one could have expected. Of course, we invested a little bit more in marketing to compensate in part from decreasing demand, especially in energy. Also we have fixed costs.
It's quite normal that in this type of situation, we have a bigger contraction in EBITDA than in revenues. Finally, the EBIT figure that I'm not going to comment, because this is really affected by how and when we started doing the PPA exercise for Verivox the year before. This is really not meaningful. In the Q2 of the past year, there was no amortization of goodwill linked to Verivox. It all went in the Q4 . This is the picture of Mavriq, and this is a picture that, of course, is not a great picture after many quarters of growth. But it's possibly a bit better than expected.
Starting from this, we'll try to give an idea of possible expectations for the future, even if it's very difficult to have a clear visibility, because on the energy side, there is a lot of uncertainty. We said, in Q2 what happened? Basically what was expected. We had two businesses that had significant headwinds. One was energy. Because the market, especially in March, in April and May, was really not functioning very well. Then it started operating a bit better. So, there was less switching in general, in Italy and Germany in particular. But also, the credit markets were suffering in different ways in different countries. Like in Italy, the mortgage market was down in the Q2 year-on-year. In Germany, where we have a loans business, the market is also suffering, and the banks are restricted.
These are the two things that, as we said at the beginning of the quarter, were hindering our performance. Whereas on the positive side, we had growth in Mavriq Insurance. This was the only area where we had real growth. Mavriq Shopping instead remains stable, which is an improvement over the previous quarters. What to expect? We believe also because, of course, we have had the visibility of a good portion of the period. We believe that the performance of Mavriq Telco & Energy, which is mainly energy, will be better year-on-year compared to Q2. Even if the market still is up and down. By the way, July looked good. August is a slower month, and September is a bit uncertain, especially in these days. There are many things happening, and it is not clear where it will go.
I would say, in general, we expect Q3 for energy to do better year-on-year than Q2, that had a very poor beginning of the quarter. Also, in banking, the comparison year-on-year becomes easier, so this should also be a bit more favorable. For shopping and insurance, there are no things that are basically expected to be comparable to Q2. The things that were really suffering are going to do better, and the things that were doing well or okay, they are expected to continue. Overall, Q3 will be, year-on-year, we expect it to be a better quarter than Q2. It is very difficult to have expectations for Q4, because again, this is mostly energy. I would say, in energy, hopefully, this is a big quarter for demand, et cetera.
If the market is functioning, this could be a good quarter, so back to normal growth, but you cannot rule out disruptions today. I think that one could have Q3 that is something with some recovery, but not full recovery, and Q4 that has full recovery. There is uncertainty for Q4, so it is impossible to say that Q4 will be back to normal growth or where it will be, because, again, we are in the hands of the American president and a lot of other unpredictable people. Finally, we can comment on some positive news that came out in July, and then with more details a couple of days ago. Basically, with respect to shopping, the European Commission issued a decision against Google for violating the self-favoring prohibition of the Digital Markets Act. This is very positive.
I would say it was expected, but here with all the pressures, lobbying, et cetera, even things that are expected, you cannot take them for granted. This happened, and actually it is a very good decision. I think it is worth reading it, especially if you follow the company in detail. Basically, this decision explains that the shopping box, the box with the different ads that is shown at the top of the Google Search results, this is a comparison shopping service, and it is very explicit about this. For this reason, they say self-favoring is continued because Google is putting this in the search results, and competitors do not have the same opportunity. The implications of this are twofold.
One, this is a further enforcement to what everybody in our sector says, which is that the Google abuse of self-favoring didn't terminate in 2017, but continued and is still continuing. This is a very clear confirmation of this. Also, the other potential outcome is that Google will have to come up with remedies. The decision is very specific, so the remedies, if they have to be compliant, have to get rid of this box or to give competitors the possibility to appear with another box. We don't know if Google will comply or not, because it didn't happen in the past, so we don't know if it will happen now.
We will find out in the coming weeks. Again, we have now a good legal anchoring for further steps, and the indications seem to be that they want to ensure compliance. Again, it's not clear what will happen if compliance is not established or enforcement will work. But in terms of what is okay, what is not okay, I think the decision is very explicit, and that's why I think it's very interesting reading. With this, I think we And possibly, depending on the compliance mechanism, this could have possibly a favorable impact, certainly not in Q3, but possibly in Q4 or afterwards for Trovaprezzi. With this, I'm done with the update on Mavriq, and I hand it over to Alessandro for Moltiply BPO & Tech.
Yes, thanks, Marco, and hello, everyone. We are on page 24. Situation on the Moltiply BPO & Tech side is slightly different than the one that Marco described for Mavriq, meaning that there is more continuity in the results of Q1 and Q2, and therefore, there's not much to read in comparing H1 or Q2. Basically, the messages are similar. I would say that also, looking forward, we're looking at very similar continuing trends for Q3 and the rest of the year. Obviously, also, it's always taking into account seasonality. So, on page 24, you see revenues are down 8%. Here, it's important to note that this is an impact due mainly to the really shrinking refinancing market in mortgages.
If we take away the pass-through value of notary services, meaning the ones that we invoice to banks, but we have exactly the equal amount that is invoiced to us by notaries, the revenues would have grown 3.7%. So, more in line with the rest of what you see here. EBITDA grew double digit as we expected. Actually, sorry, it grew faster than revenues, even the revenues net of notary services, grew from 29.3% to 32.5%. That's 11.1%. It means that we see a growth in the EBITDA margin from 21.4% to 25.9%. The EBIT adjusted for PPA amortization shows a growth of 4.1%, from 23.9 to 24.8. The EBIT instead has a growth of 21.9% year-on-year from 15.4% to 18.8%.
If we look at Q2 financials, you will see similar messages. Actually, the decrease in revenues is a little stronger. It's 9.9%. But again, even here, you would have seen a growth in revenues if you take out the impact of the pass-through notary costs that we invoice to banks. The EBITDA grew 12.1% year-on-year from EUR 15.1 million to EUR 16.9 million. The EBITDA margin grew from 21.4% of revenues to 26.7% of revenues. At the EBIT level, again, here there is anyway the impact of the PPA. You see a growth of 23.7%, from EUR 8.1 million to EUR 10 million, and obviously the EBIT margin grows from 11.5% to 15.8% of revenues.
Let's see what's behind these things. Again, we are happy of what's happening. It's basically in line of what we explained and told you would happen. We see reasonable growth in revenues and a margin expansion. That's basically due to a mix effect in a reduction in services like the para-notary services, which have lower margins, and those are substituted by higher margin services. Also, we have been working a lot on efficiency, and management is very focused on pruning services that are not as effective in reducing capacity where possible, and obviously, also using and implementing AI to do this. So we're starting to see some results there. So you see this margin expansion.
Now, if we have to look at H2, again, I would say that we will see, at the division level, similar numbers to the one that we have seen for H1 year-on-year. When you enter the different business lines that make up the results of the division, trends are a little bit more nuanced. I would say that the star of H1 was the banking business lines. Even if mortgages had headwinds, the one that we described with the reduction in refinancing, we still had growth in other services in mortgages, thanks to increasing market share in some of our clients. We also had interesting growth from the loan services and from banking. Also in real estate, year-on-year, we saw growth thanks to the new clients that we have this year.
Other services were more weak, like the one to NPL services, because the NPL demands are down. But for example, this is one of those areas where we focused a lot in adjusting capacity and therefore bringing back to profitability some of these services, which, because of overcapacity, were not contributing positively to the EBITDA. Then, for H1, we have in Moltiply Lease, this business line it's always delivering stable good news. What happens here, again, it's growth, and maybe not double digits, but our market position here is very strong in terms of market share. So it's hard to grow in terms of market share. We grow thanks to the fact that we are able to increase the number of services that we sell to our clients. This is what's happening.
The trend here is that we reach some results in a year also thanks to some one-off effects, and then the following year, we are able to fill the one-off effects with more stable revenues. This is basically what's going on also this time. So we expect that to continue in H2. I said that banking was the star in H1. The laggard was a little bit Moltiply Insurance, meaning that even if the results are basically at the revenue level, just slightly below the ones of 2025, and at EBITDA level, we are slightly better on this one. This thing is actually going to turn around for H2, meaning we will see probably a little slowdown in banking, and instead we will see a growth in claims.
The reason why I see a growth in claims is basically because, especially in Q2, we had not a lot of claims coming up from, or we didn't close a lot of claims from weather events. We didn't have a lot of rain in the early months of the year. But as you have experience, if you have experience with the Italian weather, actually starting in June, and then in July and also in August, we have started seeing weather, hail events, and rain events and floodings and so on, which, obviously, are not good news, generally speaking. But the good news here is that, thankfully, a lot of people are insured, and therefore, the damages that they suffer create claims to insurance companies, and therefore work for us as loss adjusters or as TPAs in services for insurance companies.
By the way, you know that here as an engine for growth, it's not just the fact that there are these events, but also that we are experiencing, and we're seeing that there is more penetration in terms of insurance to these events, because, as you know, starting January 1st, 2026, we have seen the complete effect of the law mandate to insure companies, even small ones, to these events. The events that are happening now should create more insurance claims than what has happened in the past. We are already seeing more claims that insurance company are trusting in our hands. But we are at a very hot summer, and that is according to the weather experts, also will probably create more events in the fall months.
Again, here, we do expect Moltiply Insurance to perform well in the second part of the year. If events are really significant, then also in 2027. To sum it up, again, I expect that Moltiply BPO & Tech will continue to grow at an EBITDA level as it has done in the first half of the year. A strong performance, stable performance from Moltiply Lease. Probably an acceleration in insurance, and maybe less sustained growth in terms of pace from the banking business line. But all in all, we should see continuity in the good results in our view that we managed in the first part of the year. Thanks, and back to you, Marco.
Thanks, Alessandro. Excuse me, operator. Can you hear us or not?
Yeah, I can hear you, Marco.
I confirm all the speakers line are currently open.
Okay. Alessandro, did you hand it over to me or not? Because I-
Yeah, I did hand it over to you, Marco. Yeah, I finished and I handed over.
Like one minute of audio. Okay, perfect. Thank you. Back to the presentation. Quick comment on the net financial position on page 28. I think there is nothing special to comment here, actually. It is EUR -453 million. There is an explanation of what generated cash, which is the operating performance, and how the cash was used. Part of it was used for buyback, part of it was used to buy a bit more minority shares. This is what leads to this net financial position. Both the buybacks and the minority shares were already known, so this was easily predictable. Net of the minority shares, this amount is EUR 315 million, which is improving compared to the EUR 328 million at the end of the Q1 .
We do not have other comments to make. I think the best is to open it to questions. Please, operator, can you do that?
Thank you. This is the conference operator. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press *1 on their touch tone telephone. If you change your mind and wish to remove yourself from the question queue, please press *2 . Anyone who has a question may press *1 at this time. First question is from Tommaso Nieddu, Kepler Cheuvreux.
Hello, and thank you a lot for taking my questions. I have a few. The first one is for Marco on Energy and Telco. You are now guiding to an improved year-over-year performance in Q3 versus Q2. Can you help us quantify what improved means? Are we talking about the business still declining year-over-year, but at lower rate, or could it already return to growth during Q3? If there is any differences in Germany versus Italy, but if I am not mistaken, maybe you already answered on the last one. The second one is for Alessandro on BPO and Tech, which deliver continuous margin expansion also versus Q1. How much of that is simply the mechanical reduction in the para-notarial pass through revenues, and how much actually reflects underlying efficiency gains from technology?
The very last one, if you can give us an update on the strategic review around the BPO and Tech that you mentioned a couple of quarters ago, given that also we got some newspaper talking about it. Thank you.
Okay. I will start with the first one, and then we will see the others. Energy and Telco, I think that the overall message is, this will be a quarter that looks better year-on-year than the Q2 , but it is still not a normal quarter. It is something in the middle. We had, in the past, a string of quarters of double-digit growth. This is not what should be expected. What one should expect is something that is better, possibly between a bit better or a bit more better than Q2. In energy, there are things that are possibly growing and others that are not growing. Where we have the biggest difficulties is actually in gas, because gas is now very expensive, and so that is affecting demand.
I would say, it's not even very useful, and we don't really know if we are going from negative to +1% in energy or from, I don't know, I'm not giving you the right numbers. Like -10 to -1, but it's clearly an improvement. The message is overall, we should expect a quarter of We are expecting, because September is still open, a quarter that is better than the Q2, but is still not a full recovery. A lot of things are still not working, or not working at complete speed. Then on what you call the strategic review, and maybe Alessandro might want to add something, but we don't have anything particular to communicate. Nothing that needs to be communicated has been decided or done. There is really no particular update.
Yeah, I second that. I don't think there is anything particular to comment. Even the news, basically in the end, they were saying what we told the market, that considering There are reasons for which, as we look at the future, it can make sense to have separate ways for the two divisions. That's the only thing that I think we can confirm. Instead, going back to your question on the composition of the improvement of the margin expansion. The frank answer is that I haven't made these analyses. By the way, everything in the end is a mixed effect. Meaning that it's not like the increase in efficiency is in every single business line and in every single services, because these are not things that you do across the board.
These are things that are very focused on the things that you're doing, and in the different services. I mentioned that, for example, in the cadastral services, for NPL servicers, we had a situation where actually the margin was probably negative, and we were able to turn that around by reducing capacity and by improving efficiency in the things we were doing. That is a piece among the fact that we also had Also the AI, it is not across the board. The kind of things we're doing exactly for the kind of services we do are hard to do. They require the very real expertise that is needed to get into the single process, and so it takes time.
We do process by process, client by client, and as we are able to see the improvements, then obviously they reflect sometimes to the business line, sometimes we share them with clients. That's the situation. In any case, it's important to say that if you've looked at our numbers, you know that we are now in a situation where our EBITDA margin is getting closer to the maximum that we have ever had. So it means that it cannot just be the mixed effects, but that also the things that are the different composition of the services are going up, and I would leave it with that.
Okay, great. Thank you a lot.
Next question is from Aleksandra Arsova, Equita.
Hi, good afternoon. Thank you for taking my question. Three on my end. The first one is just maybe a recap on what you said on the trends in the coming months and quarters. Coming up all together, it looks like we could expect a plus size, a positive growth in EBITDA in the Q3 , maybe close to mid-single digit growth. So vis-à-vis what you said during your Q1 results call in May, it seems to me that the EUR 200 million, let's say, consensus EBITDA target for the full year 2026 is maybe slightly more achievable, currently vis-à-vis a couple of months ago. Is this correct? So this was the first one.
The second one is maybe a little bit of color on your end on the potential, if any impact you could expect from the banking consolidation situation in Italy, since there are a lot of things going on around banking consolidation now. The third one, maybe just a curiosity on the situation with Google. You mentioned that the European Commission confirmed that the abuse by Google continues after the last-
Aleksandra, there is a lot of background noise.
Sorry. Okay.
Yeah. We cannot really hear you.
Sorry. I will end up with my first question, then I can repeat the other ones. On Google, you mentioned that the European Commission confirmed that the abuse is continuing. I was wondering if you will use this in order to maybe ask for higher damages vis-a-vis the EUR 3 billion you already asked for. Maybe if you can provide any timeline you expect on the litigation side in Italian courts. I do not know if you want me to repeat the first and the second one.
No.
Okay.
I think Hello?
I didn't get the second one, but maybe Marco, you got it, and if you
I think it was the impact of banking consolidation
Yeah
on our Moltiply BPO & Tech business.
Okay. Yeah, we will. Okay. I'll take that one. Okay.
Okay, so I take one and three. On the trends, yes, I think it's a reasonable interpretation, but it's still interpretation of what we said. Regarding the EUR 200 million EBITDA, we haven't done the calculation. You have to see what kind of growth you need. If you take the intermediate assumption for Q3, what would you need for Q4? Based on that, you can see if it's reasonable or not. But certainly, Q2 was a bit marginally better than I think what we expected. So possibly it's a slightly better outlook for the year. But we are not giving any indications. I think really, you need to rely on the wording, what we said in the press release, and we are trying to interpret a little bit, but it's still not a precise outlook.
In terms of this DMA decision, it confirms that the abuse is continuing. Google will appeal it most certainly. It has always been our position that the abuse continued, so it was already included in any assessment of damages and so on. This is more a confirmation of our assessment, of our approach than anything that could lead. Maybe it could lead to a better probability of getting an outcome that is what we want, but it doesn't change our position. In terms of timeline also, we have nothing to communicate. This is like an Italian damage lawsuit. It takes a few years to get the first decision. It has started, but we are still at the beginning, so it takes a lot of patience, and until the very end, we will have very little idea.
So you can count on a couple of years at least. You'll have a lot of decisions in other countries before. Maybe one update that is useful, I think there were some news, but only on some local papers, that also in, I think in the Czech Republic, there was also another decision saying that Google was liable for this, and I think that the abuse also continued. But that, I don't know. I think you can look it up. There should be in something about a company called Heureka, a piece of news in some local papers. But it's a small claim, so it doesn't add much, but it's a confirmation of the same approach of Sweden and of Germany.
Okay. Very clear. Thank you.
Yeah. Relating to the M&A, let me say a couple of things here. First of all, any impact is on the banking business line. I think it is useful to remember that the lease part, the insurance part, are not affected. Then it is also important to remember that most of our services are BPO services. It means they are addictive, meaning, no, addictive, I love them. When two banks merge, they do not eliminate our services. One of the two does not eliminate our services. The risk is obviously that somebody that was outsourcing, decides to insource, or they have more people, and therefore they decide to insource things that before were not.
Let me say, obviously, the scenario with Intesa Sanpaolo taking over Banca Monte dei Paschi di Siena and Mediobanca is less favorable to us than the scenario in which the third pole is created around Banca Monte dei Paschi di Siena and Mediobanca as they are now. Because Intesa Sanpaolo, as all the largest banks, is less prone to use outsourcing services. Then, we really have to enter the single services that we tell them, and really what the scenario will be. I really do not know what they will do with the retail part of Compass, which is really our client within Mediobanca. So it is hard to say.
By the way, the discussion that we had with MPS and Mediobanca before, let us say June, were all positive. So we were going in a very positive direction. We will see. Frankly, it is hard to say now. We can start having discussions only the moment where it is clear what is happening and what the plans that they have are really clear.
Okay, maybe last one on this. The situation between UniCredit and Commerzbank, do you think it could be a way for you to start doing BPO in Germany, maybe?
Well, BPO in Germany, it's really an interesting proposition that we might be looking at in the future, and not only in Germany. One of the things that we are looking at is if there are opportunities, both organic and in terms of acquisitions also on the BPO side. Obviously, this is not something that we would do lightly, and also not necessarily across the board. Maybe the opportunities are not necessarily in the banking area. Maybe they're more on the automotive area. So we are actively looking at what opportunities there are, and if we come up with a strategic plan on that, obviously, we'll inform the market.
Thank you.
For any further questions, please press *1 on your telephone. Gentlemen, there are no more questions registered at this time.
Well, if that's the case, we thank everybody for participating to our call. We remain available for one-on-ones, and we look forward to seeing you again at the next occasion. Thank you.
Thank you everyone. Bye-bye.
Bye-bye.
Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.