Earnings call transcript: Moltiply Group Sees Revenue Surge in Q1 2025

Moltiply Group SpA reported a strong financial performance in the first quarter of 2025, with revenues reaching €132.8 million, marking a 25.3% increase year-over-year. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw a notable rise of 28.9% to €35.3 million, reflecting a robust EBITDA margin of 26.6%. According to InvestingPro data, the stock is currently trading at high earnings multiples, suggesting premium market valuation. Despite the positive earnings report, Moltiply’s stock saw a slight decline of 0.85%, trading at €46.60 from a previous close of €47.00.

Key Takeaways

• Moltiply’s Q1 2025 revenue grew by 25.3% year-over-year, driven by strong performance in its Maverick and BPO divisions.
• EBITDA margin improved to 26.6%, up from 25.8% in the previous year.
• The acquisition of Verivox is expected to bolster international revenue contributions.
• Stock price dipped by 0.85% post-earnings announcement.

Company Performance

Moltiply Group demonstrated significant growth in the first quarter of 2025, with a balanced revenue contribution from its Maverick and BPO divisions. The acquisition of Verivox is anticipated to enhance the company’s international footprint, particularly outside Italy. InvestingPro analysis reveals the company has maintained dividend payments for 18 consecutive years, demonstrating consistent shareholder returns. The company continues to focus on digital markets and price comparison platforms, positioning itself well in the competitive landscape. For deeper insights into Moltiply’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports.

Financial Highlights

• Revenue: €132.8 million, up 25.3% year-over-year
• EBITDA: €35.3 million, up 28.9% year-over-year
• Net Income: €12.2 million, up 8.8% year-over-year
• EBITDA Margin: 26.6%, up from 25.8% in the previous year

Outlook & Guidance

Moltiply remains confident in its ability to maintain EBITDA margin growth and expects a similar performance in the second quarter. With an InvestingPro Financial Health Score of 1.54 (labeled as ’WEAK’), investors should monitor the integration and performance improvement of Verivox closely. The company faces potential market uncertainties arising from ongoing trade discussions, though analysts maintain profitability forecasts for the current fiscal year.

Executive Commentary

"We are very pleased with the results of the first quarter of twenty twenty five," stated Marco Pescarmona, Chairman. CEO Alessandro Fracassi highlighted, "Multiply Mortgages is the growth engine in this quarter," emphasizing the company’s strong performance in the mortgage sector.

Risks and Challenges

• Antitrust investigations against competitors could impact market dynamics.
• New "fair compensation" regulations affecting notary services may alter cost structures.
• Headwinds in real estate and claims businesses could pose challenges.
• Market uncertainties from trade discussions may affect future performance.

Moltiply Group’s Q1 2025 earnings report reflects a strong start to the year, with significant revenue and EBITDA growth. The strategic acquisition of Verivox and focus on digital markets position the company for continued success, despite minor setbacks in stock performance and potential regulatory challenges. InvestingPro subscribers can access 11 additional exclusive insights about Moltiply’s valuation, growth metrics, and market positioning through the platform’s comprehensive analysis tools.

Full transcript - Moltiply Group SpA (MOL) Q1 2025:

Conference Operator: Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the presentation of Multiply Group First Quarter twenty twenty five Results Conference Call. As a reminder, all participants are in listen only mode. After the presentation, there will be an opportunity to ask questions.

At this time, I would like to turn the conference over to Mr. Marco Pescarmona, Chairman Mr. Alessandro Fracassi, CEO Mr. Francisco Machandaro, CFO of Multiply. Please go ahead.

Marco Pescarmona, Chairman, Multiply Group: Thank you. This is Marco Pescarmona. We will relay as usual on the presentation available on our investor website and more precisely from Page 18 with Q1 highlights. And first of all, we are very pleased with the results of the first quarter of twenty twenty five. And if you look at the revenues, they are €132,800,000 and that’s up 25.3 percent year on year.

And the revenues come half and half from the two divisions. The EBITDA in the first quarter is €35,300,000 and that’s up 28.9% year on year. And this corresponds to a 26.6% EBITDA margin higher than the 25.8% of the previous year. And the mix is 60% from Broken or Maverick and 40% from BPO and Tech. The EBIT in the first quarter is €22,100,000 and that’s up 48.8 percent year on year.

This is also improving in terms of EBIT margin. But the truth is that because of the effect of PPA, the EBIT is doesn’t give an immediate picture of the performance of the business. The net income is in the first quarter ’12 point ’2 million dollars and that’s up 8.8% year on year. The main explanation for these different performance compared to EBITDA and EBIT is simply that in the first quarter of twenty twenty four, we recognized €4,600,000 of dividends from mining supermarket. And in 2025, the dividend date is in the second quarter.

So, similar revenues will be recognized only in the second quarter of twenty twenty five. We can move to the next page with some details about Maverick. Maverick, which is, as you remember, our Broking division, in the first quarter has revenues of €66,700,000 and that’s up 31% year on year. This is to a large extent organic, but of course also benefits from the inclusion and the consolidation area of Pricewise and Zuicho, which were both acquired in the second half of twenty twenty. In terms of EBITDA, Maverick reported €21,200,000 in the first quarter.

That’s up 44.2% year on year. And it also corresponds to an expanding EBITDA margin of 31.7% as compared to 28.9% EBITDA margin in the same period of the previous year. And this is basically due to operating leverage in a situation of growing business. Looking at the EBIT, again, is not fully representative because of the fact of Hello, this is the operator. Can you hear me?

Hello, can you hear me? Good margin. Some comments on the performance of Maverick. Well, here it’s quite simple because we have growth from all the business lines. In particular, revenues were across the board up double digit.

And as we said before, the EBITDA overall increased thanks to operating leverage. We anticipated to have pressure on e commerce price comparison. We managed keep this growing in the first quarter, but the pressure remains. And the pressure comes from declining the organic traffic from Google in particular and also from Google an increase in traffic acquisition costs. And this is in a way also related to possibly the changes introduced by Google with entry into force of the DMA.

Regarding these changes, we as many other operators, including the leading price comparison websites comparison shopping websites in Europe, we all complained that we consider this not to be in line with the provision of favoring of the digital market fact. European Commission had started an investigation in March of last year. And finally, on the 03/19/2025, the commission announced it had notified to Google preliminary findings indicating a violation of this prohibition. And this will likely lead to a sign and possibly some interventions to terminate this conduct. But we still have other proceedings the fines have already been given and we have to see it will take a few months we believe.

And then of course, if the conduct is terminated, this would relieve us of some of this pressure. Just as a reminder, this is something that is related. So, it’s about favoring of Google Shopping by leveraging the momentum position of Google Search. This is a different conduct from the antitrust abuse that was the object of the 2017 decision of the commission, but it is quite related. And if this is fixed, it will be certainly beneficial to not restore fully the market of ten years ago, but at least it would eliminate some distortions that are really harmful for the operators.

And we’ll just have to keep watching what is happening. And at the end of Q1 also, we acquired Verivox. By the way, the results that you see or the results do not include Verivox or better they include Verivox basically in the balance sheet, but not in the P and L because the acquisition was completed at the very end of Q1. And so there is no P and L contribution. With VariVox Maverick becomes really international well overall and possibly even 60% of the revenues will come from outside of Italy.

The results of Verivox, which again is not consolidated in the first quarter are solid, but down compared to the same period of 2024, which was characterized by an exceptional peaking switching of energy contracts. Basically end of twenty twenty three, beginning of ’20 ’20 ’4 in Germany was the reopening of the energy market with very high saving potential from switching and so that generated a big peak in volumes. This has normalized and then now the rest of the year will be an easier comparison. In terms of expectations for the performance of the division for the next months, let’s say apart from the addition of VERIVOX is basically continuation of the year on year growth in revenues and margins and depending on could be a different speed, but still growth for all the business lines with the possible exception of e commerce price comparison. First quarter was an easier comparison.

From the second quarter, it’s going to be difficult to be up year on year on this. And then obviously, unless there is finally there are changes to Google’s conduct.

Alessandro Fracassi, CEO, Multiply Group: This ends the comments on for Maverick and I hand it to Alessandro for Thank you. Thank you, Marco. Good afternoon, everyone or good morning if you’re in The States. So going to the Multiply, BPO and Tech division.

As Marco said, also on this side, we’re pleased with the results. We show a growth year on year of 20% from €55,100,000 to €66,100,000 in terms of revenues. In terms of EBITDA, which is probably the best way to look at our margins, we show a growth from 12,700,000.0 to €14,100,000 which is a year on year growth in percentage term of 11.2%. And the EBITDA margin slightly decreased from 23% to 21.4%. We’ll get to that to the explanation of that in a second when we look at we kind of give you some color on the different business lines.

EBIT grew from EUR 6,400,000.0 to EUR 7,400,000.0 year on year, that’s 15.3% and the EBIT margin was basically stable at 11.6% to 11.2%. As a quick reminder, all these numbers do not include the discontinued operations that we Centro Financiamenti, which was our lending platform, which which we basically sold at the beginning of twenty twenty five or let’s better said, we entered a binding agreement to sell, which is under judgment by Bank of Italy. And we expect it to obviously close the deal and finalize the deal within 2025. So moving on to some comments, qualitative comments. As we said, this has been a good quarter and we recorded a significant increase in revenues and healthy double digit growth in the EBITDA.

Behind this growth that it’s basically a very, very strong performance, which we expected from Multiply Mortgages and also still a healthy performance of one of our largest business lines, which is the MultiplyEs. But we should really consider there is some unevenness in the performance between business lines. And we knew that. And we also, I think, communicated to the market that there were some headwinds. And these headwinds are pretty clear in some business lines.

And these headwinds are pretty significant in two business lines, which are real estate and claims. So and the reason are that both had very, very strong quarter last year. One, claims was a very significant was very significant the first quarter of twenty twenty four, both in terms of revenues and in terms of margins, because it was, let’s say, the big part of what we did relative to the events of the summer of twenty twenty three, the weather events. And instead, for what relates to real estate, we still had the EcoBonos in 2024, but all the EcoBonos effect was basically in the first half and especially in the first quarter. So you’re really comparing some exceptional events to a quarter which instead didn’t have this contribution.

So these are both down in terms of revenues, on average 20%. So that’s what we see there. Instead, let’s talk just a second about Multiply Mortgages, which is the growth engine in this quarter and will be for the rest of the year or at least the foreseeable rest of 2025. Here, have a recovery of the market, which was expected. So recoveries both in terms of refinancing and new mortgages.

So we are seeing growth in all our outsourcing activities. And actually, expect some more growth going forward because we have some clients that are ramping up during the second quarter. So that is all good news. But I want to just point out a price effect that we’re also seeing, meaning that in first in twenty twenty five, we have the full effect I’m sorry, there is some background noise. Maybe if Marco and Francesco, you can mute yourself.

Okay. I was saying, okay, in the first quarter of twenty twenty five, we have the full effect the full impact of the new regulation, is called fair compensation, which is a regulation that impacts basically professionals and professional activities, lawyers, notaries and so on. The impact of these laws on us was that basically there is now a minimum compensation that we have to recognize to notaries for what they do when there is a refinancing. You might remember that here we have these para notary activities where we are basically a purchasing center for these services for banks from notaries. So we not just purchase, but we also do, let’s say, processing and the pre processing of this refinancing.

And so before we so let’s say that the part that we purchased from those has now increased significantly, let’s say, like 70%. So that has increased the price of our services, leaving basically stable our at least for now, our margin in euros, so our absolute margin on the rest of the activities. And therefore, what you see here is a growth that in terms of revenues is very significant, but that’s not reflected in terms of margins. Margins obviously grow because the market is growing, but you will see a lower percentage margin on these activities. So there is sort of this mix effect also behind the decrease in the profitability percentage at the EBITDA level and also on EBIT level in the overall division, which is driven by this very, very strong price effect that I hope I have explained correctly and comprehensively.

Just a comment on the other business lines. Are seeing, as I mentioned, good growth in lease and the wealth, while loans are a little down in terms of revenues, but the profitability has basically remained stable. We lost some volumes on a contract that wasn’t particularly profitable. So it doesn’t impact that much our bottom line. So summing it up, we expect that these trends can continue for 2025 in terms of growth of our EBITDA margin the next quarter.

Then there might be some impact obviously on the different timing of the different trends that I described and the impact of seasonality. But overall and looking especially at the year, I think we feel confident in these

Marco Pescarmona, Chairman, Multiply Group: numbers.

Alessandro Fracassi, CEO, Multiply Group: Thank you. And back to you, Marco.

Marco Pescarmona, Chairman, Multiply Group: Thank you. By the way, now listening to you, I think it’s also useful to give some color on the development of the mortgage market. We no longer write about that because we are quite diversified away from mortgages. But still, I think it’s interesting to know that based on data from us of in the first three months of twenty twenty five, the mortgage flows were up more than 40% year on year. There is for now nothing available in terms of forward looking indicators.

Maybe this was a particularly stronger quarter, but the recovery that was already visible in Q4 of twenty twenty four is clearly in the market numbers in Q1 of twenty twenty five. So this was the color that I wanted that we wanted to provide on mortgages. Now a couple of comments about the net financial position. The net financial position changes significantly between December 24 and the end of Q1, basically because we acquired VeriHox and we also took a significant financing in order to do that. Basically, we took a $400,000,000 term loan that we used to refinance a large portion of our exposure, the exposure with the same banks that give us this loan and to pay for the acquisition of Verigox.

And our net financial position is at the March year negative €515,000,000 And it’s also interesting to note that the current portion and on Page 25, the current portion of the bank debt is quite limited. So the current financial liabilities are basically biggest part of this is really the liability for the put and call option estimated liability for the put and call option on the 49% of Lercari, the change management company that we still don’t own, that it will be due within the year. So it’s also in terms of profiles of payments, etcetera, And we also have a situation that is very well manageable. Basically, design things based on payments and so on, the extraordinary payments that we had to make during the year. And just as a reminder, we also have, which is not drawn now, but might be used in case a €50,000,000 revolving line that was obtained as part of the financing package that we signed for the acquisition of the REBOX.

If you also consider as cash equivalent and the value of the shares of Managed Supermarket, then the net financial position would be $4.00 $9,000,000 negative. So this is I think all that we have to present and we are ready to open to questions. So please operator go ahead with questions.

Conference Operator: Thank you. This is the conference operator. We will now begin the question and answer session. Please go ahead.

Analyst: Hi, good afternoon. Thank you for taking my questions. So two questions. The first one, maybe on Veribox. So in the press release, you mentioned that the business is solid, but of course, it’s slowing down vis a vis last year due to, let’s say, tough comparison.

But maybe can you provide a little bit more color on this? And what do you expect for the, let’s say, pro form a full year on very good in terms maybe both of revenues and EBITDA? And linked to this, I noted that you booked roughly $15,000,000 of earn out related again to the deal with a potential, let’s say, maximum of $60,000,000 of course. So on what days of EBITDA or estimated EBITDA you booked this $50,000,000 And then the second question, more on the organic trends. So you mentioned a very strong, of course, first quarter.

According to my estimates, I estimate roughly €15,000,000 sorry, 15% organic growth for revenues and more than 20% for EBITDA. So maybe just an update on the second quarter since we are in mid May. Are you seeing similar strong trends or maybe some deceleration? So just to understand whether this was more of an exception or something that is already going on in continuing in the second quarter and maybe beyond? Thank you.

Marco Pescarmona, Chairman, Multiply Group: Okay. Thank you. Well, regarding VERIVOX, basically the message we are not in a position to give a precise indication on what to expect in terms of revenues or EBITDA. I would say what we are suggesting is that it’s going to be down year on year. But still it’s not going to be a terrible performance because we are still booking a portion of turnout.

For now, the estimates are really preliminary because we by the way, this adjustment year on year in the first quarter was expected. The energy market still remains weak in the sense that even if there is not such a difficult comparison, it is a market in which the savings available are more limited than usual. So, would say you can read out of what we say like a contraction, But a disaster, let’s say, like a moderate contraction. And the truth is this is a business on which we want to do a lot of things and that has a lot of potential and has lots of assets, a good team. I mean, many positive things on which we can build and that give us room to improve the performance, but it will take time.

So, I would say for this year, we suffer a bit and again, mainly because of the difficult comparison. And then as we start working on this and delivering, we’ll be able to give more precise indications. In terms of but anyway, we are very happy of this transaction. This is to be clear. And we are now starting to spend significant time in Germany, meeting the teams and starting to make plans.

And so this is going to be one of our priorities, if not the priority for the rest of 2025 for Maverick. In terms of what we see for the second quarter, I think that the message we are passing is that it’s continuation of the trends of the first quarter or and of course, you have different seasonality. You will have possibly April, which is potentially a weaker month for some things because especially in Italy, there’s a lot of holidays, a lot of distractions, even the passing of the Pope, all these things, for people that are thinking about, I don’t know, like getting a mortgage, they get distracted. But still, I don’t think this would make such a big difference. So, I would say the indication is this remains similar to Q1.

Also, of course, for now we don’t see anything, but you have all the trade discussions, all the uncertainty about the tariffs. So, all these things might bring a little bit of slowdown, but maybe whatever slowdown, if any, we see now would be visible more later than rather than today. For now, it’s like a continuation, I would say. Don’t know if Alessandro you have anything to add on this.

Alessandro Fracassi, CEO, Multiply Group: Sorry, I was in mute. Well, in terms of the mortgage market, we are seeing we actually are not seeing the first quarter as particularly exceptional relative to the second quarter, but maybe we didn’t see that strong as the 40% that’s said in the market. But we still see, as I said, in the market a continuation of the first quarter at least for our performance. And actually, again, this is not the market effect that I mentioned it before. Maybe in Q2 we’ll not see that, but definitely in Q3 we’ll see the impact also of the new clients ramping up.

So

Marco Pescarmona, Chairman, Multiply Group: Yes. Let’s also say that I mean, we now have a very diversified set of businesses. So, difficult that you have big deviations from one quarter to the next. One thing could slow down and the other will accelerate. So, again, fingers crossed for now we are we remain optimistic that this will continue.

Analyst: Okay. Brilliant. Thank you.

Conference Operator: Next question is from Gabriele Venturi, Bank of America. Please go ahead.

Gabriele Venturi, Analyst, Bank of America: Good afternoon. Two questions on my side. The first one on the Magic division, if it is right to assume that around one third of the go rate in top line comes from M and A for this quarter and around two thirds some organic growth? And the second question on free mortgages. How do you if you can give us some color on how they are impacting their mortgage business line?

Thank you.

Marco Pescarmona, Chairman, Multiply Group: Okay. Sorry, can you just repeat because the line was also good, the first question?

Alessandro Fracassi, CEO, Multiply Group: Yes. Actually also the second. I really didn’t hear that well.

Gabriele Venturi, Analyst, Bank of America: Yes. I asked if you could comment on how M and A is impacting the growth rate for the market division. It is right to assume that around a third of the growth comes from M and A and two thirds come from organic growth? And second question, if you could comment on how remortgages are impacting the mortgage business line? Thank you.

Marco Pescarmona, Chairman, Multiply Group: Okay. So I’ll take well the first one. Qualitatively this is I think more or less what is happening. So, like the majority, like more than half, I think one third, two thirds is a good estimate. It’s a legitimate estimate of the weight of M and A versus organic.

So the majority of the growth is organic, still M and A is relevant. And regarding the remortgages, we see remortgages both on the broking side and on the BPO side. And actually, I was looking at ASOFIN data and basically purchase mortgages are up 30% year on year. So, the mortgages are growing more. So, are benefiting in a different way of the mortgages from in the two divisions.

So, part of this recovery is significant part is purchase. So, this is, I would say, bit more stable. Part of it is remortgages. This is due to interest rates going down in recent months. You have remortgages, it’s not going to be one quarter of a mortgage and it’s possibly going to be longer.

Gabriele Venturi, Analyst, Bank of America: Thank you.

Conference Operator: Next question is from Tomaso Nieddu, Kepler Cheuvreux. Please go ahead.

Tomaso Nieddu, Analyst, Kepler Cheuvreux: Hello and thank you for taking my questions. Looks like a strong start of the year. I have a few questions. The first one is on margins. The improvement in margins has been outstanding this quarter.

And maybe can you help us understand, especially in the Maverick division, what were the drivers in profitability? What if you can, lines in particular? The second question is on lease. I remember in Q4, we were talking about a potential deterioration in the outlook. Did anything change?

It seems have been one of the main drivers in the BPO division. And then a third question, more qualitative one perhaps on the cultural integration with Verivox and the operational differences? Any insights there would appreciated. Thank you.

Marco Pescarmona, Chairman, Multiply Group: Okay. I’ll take the first and the third. So, margin expansion is simple. We have different businesses and different structures, but there are some that have mostly fixed costs like insurance or insurance related businesses apart from traffic acquisition costs. So, online marketing, all the other costs are basically fixed.

And so these businesses as they grow, they tend to have expanding margins. I mean, in the past this was already happening, but then the mix was always reaching in a way that was unfavorable. So historically, what we had was lots of businesses that were steadily growing and expanding their margins, but it was masked by a rebalancing between different businesses and now everything is moving in a favorable direction. So, I would say all the mostly fixed cost businesses, if they grow, they continue to see expanding margins. This includes, I don’t know, like Rastriato in Spain, which is mostly insurance, our insurance business in Italy.

And then you have mortgages that were that was that had been suffering quite a lot and also in terms of margins in previous years that finally had a recovery in volumes. So, also you have an expansion there. It’s a bit more variable, but still there was a margin expansion there. So, it’s a more favorable alignment of planners. Many things have already been expanding for quite a while, but were masked by other effects.

In terms of cultural integration, I think we don’t expect any issues. I mean, of course, Germany is different from Spain, which is different from France. But So far, we have nice colleagues and we’ve just started working together. And we have a very similar culture in terms of this was also an important thing in driving the deal in a way that we are customer focused. So, our approach just as the approach of Berryvox is to treat the customers, the consumers with respect, honestly, with integrity.

So, it’s not a sales culture. It’s a customer focused culture and that helps a lot. And then of course, we need to do a lot of work, but we don’t have any particular concern, not more than we had in other situations. And actually, also have a lot of experience in dealing with integration projects now. No, they always tell us, okay, if you want to say something more funny, we can say that every time we do a meeting in Germany, but this was also with our lawyers, but also with the guys of the company.

First time we see people, the first thing that they say is, you’re on time. So it’s like they’re surprised that we are on time. So of course, that’s something I would never say to anybody. But we are on time, so I think we are fine.

Alessandro Fracassi, CEO, Multiply Group: All right. So going to the question on the lease, I hope my wording hasn’t given too much importance of the contribution. I mean, lease is one of the business lines that is growing. And given the fact that it’s big in relative terms, growing adds to the EBITDA line more significantly. The headwinds are still there, because they are structural.

And as of today, we haven’t seen that significant impact, but I wouldn’t say that the outlook has changed. Again, maybe I haven’t stressed it enough. Here, we have a very, very, very strong performance of multi client mortgages relative to last year. We are talking not even in terms of percentage. We are talking in revenue terms in multiples.

So this is really strong. Then again, in terms of multiple in terms of revenues, there is that price effect relative to the notary services. But even taking that away, this is a very, very strong performance. And that’s really what’s driving the growth of especially in this first quarter, which for other business line was a very tough comparison to the first quarter of twenty twenty four. So multi client mortgages is really the key engine of this performance for the BPO side.

Tomaso Nieddu, Analyst, Kepler Cheuvreux: Okay. Thank you. Thank you also for the insights. Thanks.

Conference Operator: Next question is a follow-up from Alexandra Arsova, Equita. Please go ahead.

Analyst: Hi, again. Just a follow-up with a couple of priorities. The first one is just on the insurance booking. So you are still witnessing an increase in increasing trends in the trend in previous. So since we are seeing some normalization in inflation, so I was wondering if there was also some normalization on the insurance booking side.

And the second one is on marketing costs. If I remember correctly, last year, were a couple of quarters where margins were a little bit worse than expected due to some additional marketing costs since you were expecting some acceleration in mortgages. So I was wondering if this year you are comfortable with the marketing cost or maybe you are thinking to increase them or how you see the competition out there? If you’re seeing more pressure and then more need to do some marketing, the advertising or whatever? Thank you.

Marco Pescarmona, Chairman, Multiply Group: Okay. On the marketing costs, would say, no, we don’t see anything changing in a material way compared to Q1. And then of course, the fluctuations sometimes you are better at controlling things and sometimes you react a bit later. But no, the landscape, this is I think in looking at the different geographies, the first question. Can you repeat it?

Second?

Analyst: Yeah. Sure. On insurance premium, if you are still experiencing Okay. The leading trend. Okay.

Marco Pescarmona, Chairman, Multiply Group: Yeah. There is still a little bit of inflation in terms of premium. Insurance in general has been a steadily growing business for a very long period of time. Of course, it tends to accelerate a bit if there is a bit more inflation, But irrespective of that, it’s been growing double digit for quite a long period of time and it is continuing to do so. And in doing this, by the way, because of this fixed cost base tends to achieve continuously growing margins.

Analyst: Thank you.

Conference Operator: Gentlemen, there are no more questions registered at this time.

Alessandro Fracassi, CEO, Multiply Group: All right. So thank you everyone for attending this call. And as always, we are available for one on ones if any of the investors is interested in interacting with us and with further and follow-up questions. Thank you everyone and enjoy the rest of the spring. Bye.

Marco Pescarmona, Chairman, Multiply Group: Thank you. Bye bye. Ladies

Conference Operator: and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.

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