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Introduction & Market Context
Moltiply Group SpA reported strong first-quarter 2025 results on May 15, with revenues climbing 25.3% year-over-year to €132.8 million. The company, which trades on Euronext (EPA:ENX) Milan under the ticker MOL, saw its operating profit surge by 40.8% compared to the same period last year, continuing the positive momentum established in the previous quarter.
The financial services technology company, which operates through two main divisions - Mavriq (online comparison and intermediation services) and Moltiply BPO&Tech (business process outsourcing and technology) - announced the completion of its strategic acquisition of German comparison site Verivox at the end of Q1, significantly expanding its international footprint.
Quarterly Performance Highlights
Moltiply’s Q1 2025 results showed substantial improvements across key financial metrics. Beyond the 25.3% revenue growth, the company reported EBITDA of €35.3 million, up 28.9% year-over-year, with EBITDA margin expanding to 26.6% from 25.8% in Q1 2024. Operating profit (EBIT) reached €22.1 million, representing a 40.8% increase, while net income grew by 8.4% to €12.2 million.
As shown in the following chart detailing the company’s quarterly performance:
The revenue split between the company’s two divisions was evenly balanced at 50% each, though Mavriq contributed a larger portion of profits, accounting for 67% of EBIT compared to Moltiply BPO&Tech’s 33%. This represents a shift from Q1 2024, when Mavriq represented 48% of revenue and 59% of EBIT.
Divisional Performance
The Mavriq division, which operates online comparison and intermediation services across multiple European markets, delivered exceptional growth in Q1 2025. Revenues increased by 31.0% to €66.7 million, while EBITDA surged by 44.2% to €21.2 million, with margins expanding from 28.9% to 31.7%.
The division’s detailed financial performance is illustrated below:
Management noted that all of Mavriq’s main business lines achieved double-digit percentage growth in the quarter. However, the E-Commerce Price Comparison segment continues to face margin pressure due to declining organic traffic and rising Google (NASDAQ:GOOGL) traffic acquisition costs. The company highlighted that the European Commission has notified Google of preliminary findings indicating a potential violation of the Digital Markets Act’s prohibition on self-favoring practices, which could eventually benefit Moltiply’s position.
The Moltiply BPO&Tech division also performed well, with revenues growing 20.0% year-over-year to €66.1 million. EBITDA increased by 11.2% to €14.1 million, though margins contracted slightly from 23.0% to 21.4%.
The division’s financial results are detailed in the following chart:
Within the BPO&Tech division, the Mortgages business line posted substantial revenue growth, benefiting from the recovery in the mortgage market. The Wealth and Lease segments also maintained solid growth trajectories. However, the Real Estate, Claims, and Loans business lines experienced slight declines compared to Q1 2024.
Strategic Initiatives
The completion of the Verivox acquisition marks a significant milestone in Moltiply’s international expansion strategy. As a result of this transaction, the company noted that Mavriq will now generate well over half of its revenues outside Italy, diversifying its geographic exposure and reducing dependence on any single market.
This acquisition builds on Moltiply’s established international presence through brands like Rastreator (Spain), LeLynx.fr (France), and Pricewise (Netherlands). The company’s shareholding structure remains stable, with Alma Ventures holding 33.62%, Norman Rentrop 21.78%, and a free float of 34.37%.
The current shareholding breakdown is illustrated below:
Financial Position & Historical Performance
As of March 31, 2025, Moltiply reported a net financial position of -€515.1 million, reflecting the impact of recent acquisitions. The company’s detailed financial position is presented in the following table:
Looking at the company’s long-term performance, Moltiply has demonstrated consistent growth since its IPO in 2006, with revenues expanding from €21.8 million in 2006 to €454.0 million in 2024. This growth trajectory is illustrated in the revenue trends chart:
The company’s share price has reflected this strong performance, trading at €47.00 as of May 14, 2025, giving Moltiply a market capitalization of €1.763 billion. The stock has been included in the Italian FTSE Italia MID-CAP Index since November 2018.
The long-term share performance is shown in the following chart:
Outlook & Forward Guidance
Looking ahead, Moltiply expects continued year-over-year growth in revenues and margins across most of its business lines, with the possible exception of E-Commerce Price Comparison, which remains challenged by Google’s traffic policies.
The company is well-positioned to benefit from the ongoing recovery in the mortgage market, which should support growth in both its Mavriq Credit Broking business and Moltiply Mortgages BPO services. The Wealth and Lease segments are also expected to maintain their growth trajectories.
The increased international diversification following the Verivox acquisition should provide additional stability and growth opportunities, particularly as the company continues to expand its multi-product aggregator model across European markets.
Full presentation:
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