Street Calls of the Week
Introduction & Market Context
Moltiply Group SpA (BIT:MOL) presented its first half 2025 financial results on September 10, revealing substantial revenue growth across both business divisions. The company’s stock closed at €41.75, down 5.54% following the presentation, despite strong operational performance.
The results build upon the company’s Q1 momentum, when Moltiply reported a 25.3% year-over-year revenue increase. The acceleration in Q2 performance demonstrates the company’s continued expansion, particularly in its Mavriq division and international markets.
Quarterly Performance Highlights
Moltiply Group reported H1 2025 revenues of €301.7 million, representing a 40.5% increase compared to H1 2024. The growth was accompanied by strong operational performance, with EBITDA rising 37.5% to €77.3 million and EBIT growing 50.5% to €48.8 million.
As shown in the following chart detailing H1 2025 performance metrics:
The company’s second quarter performance was particularly impressive, with revenues reaching €168.9 million, up 55.4% year-over-year. EBITDA for Q2 2025 increased 45.6% to €42.0 million, while EBIT grew 59.7% to €26.6 million.
The following chart illustrates Q2 2025 performance compared to the previous year:
Despite the strong operational performance, net income growth was more modest, increasing 7.4% year-over-year to €22.3 million for H1 2025 and 6.1% to €10.1 million for Q2 2025. This disparity between revenue and profit growth suggests increased costs or investments that may impact short-term profitability.
Divisional Performance
Moltiply’s business portfolio is divided into two main divisions: Mavriq, which provides online comparison and intermediation services across six countries, and Moltiply BPO&Tech, which offers BPO and IT services for the financial sector primarily in Italy.
The Mavriq division emerged as the primary growth driver, with H1 2025 revenues of €165.0 million, representing a 59.9% year-over-year increase. The division’s EBITDA grew 61.8% to €48.2 million, while EBIT surged 75.4% to €33.2 million.
The following chart shows Mavriq’s H1 2025 financial performance:
Mavriq’s Q2 2025 performance was even more impressive, with revenues of €98.3 million representing an 87.9% year-over-year increase. EBITDA for the quarter grew 79.0% to €27.0 million, while EBIT nearly doubled with a 92.0% increase to €18.5 million.
The Moltiply BPO&Tech division also delivered solid growth, with H1 2025 revenues increasing 22.6% year-over-year to €136.7 million. EBITDA rose 10.0% to €29.1 million, while EBIT grew 15.4% to €15.5 million.
The following chart details Moltiply BPO&Tech’s H1 2025 financial performance:
The division’s Q2 2025 performance showed revenues of €70.5 million, up 25.3% year-over-year, with EBITDA increasing 9.0% to €15.0 million and EBIT growing 15.5% to €8.1 million.
Strategic Initiatives
A significant contributor to Moltiply’s growth has been the consolidation of Verivox, a multi-product aggregator for energy, telco, insurance, and banking products in Germany. This acquisition has strengthened Mavriq’s international presence, which already includes operations in Spain (Rastreator), France (LeLynx), the Netherlands (Pricewise), and Mexico (Rastreator.mx).
The company’s international expansion strategy is evident in the strong performance of its international markets, particularly in Spain and France. Management expects this trend to continue, with revenues and EBITDA for H2 2025 projected to be in line with Q2 2025, excluding seasonal effects.
Looking at historical revenue trends, Moltiply has demonstrated consistent growth, with an increasing contribution from the Mavriq division:
Financial Position
As of June 30, 2025, Moltiply reported a net financial position of -€467.3 million, compared to -€460.2 million as of March 31, 2025. The company’s liquidity stood at €186.6 million, with current indebtedness of €125.3 million and non-current financial liabilities of €528.5 million.
The following table provides a detailed breakdown of the company’s financial position:
The increased debt level likely reflects the company’s recent acquisitions and investments in growth initiatives, particularly the Verivox acquisition that is driving international expansion.
Forward-Looking Statements
For the second half of 2025, Moltiply expects varied performance across its business lines. In the Mavriq division, management anticipates revenues and EBITDA to be in line with Q2 2025, excluding seasonal effects, supported by the Verivox consolidation.
Within the Moltiply BPO&Tech division, the company expects continued positive trends in Mortgages, supported by customer base expansion and growth in para-notary business. However, the Real Estate segment is projected to face continued negative trends following the termination of Ecobonus-related activities, though management expects this to gradually stabilize.
The Loans, Claims, Wealth, and Lease business lines are expected to deliver stable to positive performance in H2 2025.
The company’s historical EBITDA performance by division shows consistent growth and improving margins:
Similarly, operating income has shown steady improvement, with an increasing contribution from the Mavriq division:
While Moltiply continues to demonstrate strong operational performance and revenue growth, investors will be watching closely to see if the company can translate this into accelerated net income growth in the coming quarters. The significant gap between revenue growth (40.5%) and net income growth (7.4%) may raise questions about long-term profitability and return on investment from recent acquisitions.
Full presentation:
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