Slides
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First Half 2025 Results September 10 th , 2025
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Disclaimer 2 Certain statements contained herein are statements of future expectations and other forward-looking statements. These expectations are basedon management's current views and assumptions and involve known and unknown risks and uncertainties. The user of such information should recognize that actual results, performance or events may differ materially from such expectations because they relate to future events and circumstances which are beyond Company control including,among other things, general economic and industry conditions. Neither Moltiply Group S.p.A. nor any of its affiliates, directors, officers employees or agents owe any duty of care towards any user of the information provided herein nor any obligation to update any forward-looking information contained in this document. Neither this presentation nor any part or copy of it may be taken or transmitted into the United States (US) or distributed, directly or indirectly,in the US or to any “US person”, as that termis defined in the US Securities Act of 1933, as amended, (the “Securities Act”). Neither this presentation nor any part or copy of it may be taken or transmitted into Australia, Canada, Japan or to any resident of Japan, or distributed directly or indirectly in Australia, Canada, Japan or to any resident of Japan. Any failure to comply with this restriction may constitute a violation of US, Australian, Canadian or Japanese securities laws. This presentation does not constitute an offer of securities to the public in the United Kingdom. Persons to whom this presentation is shown should observe all restrictions. By attending the presentation you agree to bebound by the foregoing terms.
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Presenting Today 3 Group Chairman and Head of Mavriq • Founder and key shareholder (16.81% indirectly through Alma Ventures SA) • Background in consulting (Booz Allen & Hamilton) in Italy and USA • Degree in Industrial Engineering, MBA from MIT Alessandro Fracassi Group CEO and Head of Moltiply BPO&Tech Marco Pescarmona • Founder and key shareholder (16.81% indirectly through Alma Ventures SA) • Background in consulting (McKinsey) and banking (Morgan Stanley) • Degrees in Electrical Engineering and Computer Science, MBA from MIT • Background in auditing (Arthur Andersen) and in administration, fiscal and corporate affairs (Società Interbancaria per l’Automazione) • Degree in Economics Francesco Masciandaro Group CFO
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Agenda 4 1. Business Description 2. Share Information 3. Business Update 4. Net Financial Position Update 5. Historical Performance
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Business Portfolio Moltiply Group S.p.A. (“ Moltiply ”) is the holding company of a group operating in two separate and independent business segments, through sp ecialized “Divisions”, each composed of several dedicated subsidiaries. 5 01. Business Description Moltiply BPO&Tech (a.k.a. “ BPO Division ”) one of the main Italian players in the provision of complex BPO and IT services for the financial sector. Mavriq (a.k.a. “Broking Division ”) one of the main international players in the provision of online comparison and intermediation services, operating in Italy, Germany, Spain, France, the Netherlands and Mexico.
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Mavriq – Business Lines 6 Mortgage and consumer loan broking in the Italian market, mainly through online lead generation via price comparison websites. Credit Broking Motor insurance broking in the Italian market, through online lead generation via price comparison websites. Insurance Broking Lead generation for Italian e-commerce merchants through price comparison websites. E-Commerce Price Comparison Price comparison and promotion of telecommunications and energy products. Telco & Energy Comparison Insurance, credit broking, energy, telco and banking products through price comparison websites in Germany, Spain, France, the Netherlands and Mexico. International Markets 01. Business Description
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Brand Market Position Description Operations Revenue Model Online Mortgage Broker (vertical specialist), comparison-based. Strong leader in online mortgage distribution since year 2000. Experienced telephone consultants provide independent advice and qualify all online applications, which are then transferred to chosen banks for closing. No packaging of loan documents. Commission from lenders on closed mortgages (normally % of mortgage amount), one-off. May include volume incentives. Free for consumers, with no mark-up. Online Consumer Loan Broker (vertical specialist), comparison based. Market leader in online personal loan broking and online secured loans. Online lead generation for lenders, with support of telephone consultants. No packaging. Commission from lenders on closed mortgages (normally % of loan amount), one-off. Free for consumers, with no mark-up. Multi-product aggregator for insurance, personal loans, mortgages, telco, energy products with brand-driven customer acquisition model. Focus on motor insurance. Strong number two player in insurance and energy comparison, with large gap vs followers. Other products represent add-on and cross-selling opportunity. Focus on marketing activities, mostly TV and Internet. Relies on specialized group companies for provision of comparison and intermediation services for specific products. Commission on new policy sales plus (lower) renewal fees from insurance companies. Free for consumers, with no mark-up. Same remuneration for other products as for specialized brands. 7 Mavriq – Italian Brands (1/2) 7 01. Business Description
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Brand Market Position Description Operations Revenue Model Online price and product comparison of physical goods sold by e- commerce operators. Market leader (not considering Google Shopping, object of EU fines for abuse of dominant position). Click generation for merchants. Full integration of merchant catalogs. Over 3000 merchants, representative of Italian e- commerce market. Mostly cost-per-click with differentiated pricing by product category, some cost- per-sale agreements. 8 Price comparison and promotion of telecommunications and energy products. Leading specialist operator. Telephone salesforce (Italy and Albania) to convert online leads. Mostly commissions on closed sales from product providers, some pay-per-lead and CPC agreements. Free for consumers with no mark-up. Mavriq – Italian Brands (2/2) 8 01. Business Description Fully digital service that performs personalized analyses of energy bills and handles all the bureaucracy associated with a switch. Leading specialist operator in energy. #1 app for energy saving in the market. #1 player integrated with Italian banks, fintech companies and real estate agencies. Fully digital end-to-end sales funnel, no tele-sales operations. Commissions on closed sales from product providers. Free for consumers with no mark- up.
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Brand Market Position Description Operations Revenue Model Mavriq – International Brands (1/2) 9 01. Business Description Multi-product aggregator for energy, telco, insurance and banking products with a brand-driven customer acquisition model. Focus on energy products. Strong number two player in energy comparison, with large gap vs followers. Number two also in other products with a significant gap vs market leader. Focus on marketing activities, mostly TV and Internet. Relies on specialized group companies for provision of comparison and intermediation services for specific products. Commissions on closed sales from product providers on energy and telco. % commission on amount intermediated on insurance and banking products. Free for consumers with no mark-up. Multi-product aggregator, with focus on online insurance broking (motor, health, home, etc.) and wide offering of other products, including mortgages. #1 aggregator brand in Spain with strong brand awarenes s thanks to persisting TV advertising since foundation, with particular strength in online insurance broking. Operates as regulated insurance and mortgage broker providing independent advice to customers. For ancillary product operates as lead generator. Customer acquisition thanks to online search and TV advertising. Commissions on new intermediated policies. Free for consumers, with no mark-up. Percentage commissions on mortgage sales. Various remuneration models for other products. Multi-product aggregator with sharp focus on online insurance broking (motor, health, etc). Fledgling offer of non- insurance products (e.g. energy). Co-leader in France, market characterized by two main players and smaller followers. Aggregator market not well developed mainly due to supply issues. Operates as regulated insurance broker. Acquires customers mostly through online search, but historically also developed its brand with TV advertising. Commission linked to new policy sales or client introductions. Free for consumers, with no mark- up. Revenue Model
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Brand Market Position Description Operations Revenue Model Mavriq – International Brands (2/2) 10 01. Business Description Multi-product aggregator with sharp focus on motor insurance comparison. Exploring broadening of offering. Market pioneer and (profitable) co-leader in Mexico, still an early stage market. Model based on online customer acquisition and lead generation for insurance partners. Commission on new policy sales or client introductions. Free for consumers, with no mark-up. Revenue Model Online comparison and intermediation of energy, telecommunications and insurance contracts. Category builder in the Netherlands since 2006 positioned as #2/3 player. Unparalleled reach with 2M+ visit per month. Fully digital end-to-end sales funnel, no tele-sales operations. Proprietary multi-product IT platform with very strong SEO. Client acquisition through Internet and TV advertising. Commission based remuneration for key products, mostly upfront (some portfolio commission on part of insurance business). Free for consumer, with no mark-up.
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Moltiply BPO&Tech – Business Lines 01. Business Description Mortgages Outsourcing services for the processing of residential mortgages; para-notary services . Lease BPO services and IT core solutions for leasing and long- term rental operators. Claims Management and claim settlement outsourcing services. 11 Loans Application processing and portfolio management services for salary/pension guaranteed loans, and for SME loans . Wealth Complete operational service solutions and technology platforms to investment and asset management companies. Real Estate Real estate appraisal services and technical real estate services for operators in the financial and debt collection sectors.
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* 2024 average Group structure 12 Group structure | June 30 th , 2025 01. Business Description 3,623Headcount * (FTE)
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Agenda 1. Business Description 2. Share Information 3. Business Update 4. Net Financial Position Update 5. Historical Performance 13
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4 Transparency and governance standards Moltiply Group S.p.A. is listed since IPO (June 6, 2007) in th e STAR segment of Euronext Milan, Borsa Italiana’s equity market dedicated to high quality mid-size companies, which voluntarily adhere and comply with a numbe r of strict requirements in line with best international practice: • Timely provision of full year and half year financial reports, as well as interim quarterly reports • Bi-lingual (Italian and English) publication of reports and price-sensitive press releases • Adoption of organisational, operational and control models provided for by Law Decree 231/2001 • Compliance with the voluntary Code of Conduct regarding corporate governance • Financial statements not challenged by independent auditors or stock market regulator (Consob) • Presence of a specialist broker providing freely available research (in English) and facilitating liquidity (in our case: Equita SIM) 14 02. Share Information
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* Share ownership as registered in last Shareholders ’ meetings and as communicated to the company by relevant investors according to CONSOB regulations; includes all investors above 3% ownership threshold. ** The share capital of Alma Ventures S.A. is own ed 50% by Guderian S.p.A. and 50% by Casper S.r.l.; Guderian S.p.A. is 100% owned by Marco Pescarmona (Chairman and co-founder) Casper S.r.l. is 100% owned by Alessandro Fracassi (CEO and co-founder). Shareholding structure | as of Sept. 9 th , 2025* 33.62% 21.78% 4.01% 37.00% 3.59% Stan Holding S.r.l. Alma Ventures** Treasury shares Free Float Norman Rentrop Shareholding Structure 15 02. Share Information
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0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 55.0 60.0 65.0 70.0 75.0 80.0 85.0 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 2,500 2,750 3,000 Volumes ('000 shares) IPO Price Actual Price Adjusted Price with Dividend Reinvestment KEY STOCK DATA as of Sept. 9th , 2025 Number of Shares Treasury Shares Outstanding Shares Price per Share Market Capitalisation 40,000,000 1,434,991 38,565,009 € 44.20 € 1,705 M Since November 2018, MOL is included in the Italian FTSE Italia MID-CAP Index Share Performance since IPO 16 Share Price & Volumes | Share Number (left), € (right) 02. Share Information
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Agenda 1. Business Description 2. Share Information 3. Business Update 4. Net Financial Position Update 5. Historical Performance 17
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H1 Highlights 18 03. Business Update Revenues* | €M EBIT margin 15.1% 16.2% EBIT* | €M EBITDA* | €M EBITDA margin 26.2% 25.6% Net Income* | €M 52% 45% 48% 55% 214.7 301.7 0 100 200 300 400 H1 2024 H1 2025 Y-o-Y +40.5% 42% 32% 58% 68% 32.4 48.8 0 20 40 60 80 100 H1 2024 H1 2025 47% 38% 53% 62% 56.2 77.3 0 20 40 60 80 100 H1 2024 H1 2025 Y-o-Y +37.5% 20.8 22.3 0 20 40 60 80 100 H1 2024 H1 2025 NI margin 9.7% 7.4% Y-o-Y +7.4% Group Y-o-Y +50.5% *The values do not include Discontinued Operations. Net income of Discontinued Operations is -0.363€M in H1 2025 and -0.733€M in H1 2024
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Q2 Highlights 19 03. Business Update Revenues* | €M EBIT margin 15.4% 15.8% EBIT* | €M EBITDA* | €M EBITDA margin 26.5% 24.9% Net Income* | €M 52% 42% 48% 58% 108.7 168.9 0 40 80 120 160 200 Q2 2024 Q2 2025 Y-o-Y +55.4% 42% 31% 58% 69% 16.7 26.6 0 20 40 60 Q2 2024 Q2 2025 48% 36% 52% 64% 28.8 42.0 0 20 40 60 Q2 2024 Q2 2025 Y-o-Y +45.6% 9.5 10.1 0 20 40 60 Q2 2024 Q2 2025 NI margin 8.7% 6.0% Y-o-Y +6.1% Group Y-o-Y +59.7% *The values do not include Discontinued Operations. Net income of Discontinued Operations is -0.103€M in Q2 2025 and -0.422€M in Q2 2024
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Mavriq – H1 Key Financials 20 103.2 165.0 0 40 80 120 160 200 H1 2024 H1 2025 29.8 48.2 0 20 40 60 H1 2024 H1 2025 18.9 33.2 0 20 40 60 H1 2024 H1 2025 EBITDA margin 28.8% 29.2% EBIT margin 18.3% 20.1% Y-o-Y +59.9% Y-o-Y +61.8% Y-o-Y +75.4% 03. Business Update EBIT | €M Revenues | €M EBITDA | €M
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Mavriq – Q2 Key Financials 21 52.3 98.3 0 20 40 60 80 100 120 Q2 2024 Q2 2025 15.1 27.0 0 10 20 30 Q2 2024 Q2 2025 9.6 18.5 0 10 20 30 Q2 2024 Q2 2025 EBITDA margin 28.8% 27.4% EBIT margin 18.4% 18.8% Y-o-Y +87.9% Y-o-Y +79.0% Y-o-Y +92.0% 03. Business Update EBIT | €M Revenues | €M EBITDA | €M
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Mavriq – Performance and outlook 22 03. Business Update • The growth of the Mavriq Division in H1 2025 is particularly significant, due both to the organic contribution of existing activities and the consolidation of Verivox in Q2 2025. • In Italy, Credit Broking continued to grow Y-o-Y, although at a slower pace in Q2 2025 than in Q1 2025, as a result of the evolution of the mortgage market, which peaked in early 2025 and then gradually slowed down. Insurance Broking continued to grow, in a context of stable insurance premiums, with a continuous improvement in profitability. Telco & Energy Comparison continued to grow Y-o-Y thanks to the enlargement of the consolidation area following the acquisition of Switcho in mid-2024. Finally, E- Commerce Price Comparison remains stable Y-o-Y, with margins slightly down. While awaiting a positive impact from the enforcement of the DMA, the results of this business line remain under moderate pressure. • The performance of International Markets, on a like-for-like basis, shows strong growth, driven by Spain and France. In the Netherlands, the team is currently being strengthened. Since Q2 2025, thanks to the acquisition of Verivox in Germany, more than half of Mavriq’s revenues have been generated outside of Italy; these revenues are mainly related to the distribution of insurance and energy products. Verivox’s performance in 2025 is solid but down compared to 2024, against a less favorable energy market, albeit in potential improvement. The integration of Verivox into Mavriq, including the transfer of best practices, has begun and willbe a divisional priority for the next quarters. • Mavriq’s revenues and EBITDA for H2 2025, except for seasonal effects, are likely to be in line with Q2 2025, thanks to the consolidation of Verivox.
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Moltiply BPO&Tech – H1 Key Financials 23 111.4 136.7 0 40 80 120 160 200 H1 2024 H1 2025 26.5 29.1 0 20 40 60 H1 2024 H1 2025 13.5 15.5 0 20 40 60 H1 2024 H1 2025 EBITDA margin 23.7% 21.3% EBIT margin 12.1% 11.4% Y-o-Y +22.6% Y-o-Y +10.0% Y-o-Y +15.4% EBIT* | €M 03. Business Update Revenues* | €M EBITDA* | €M *The values do not include Discontinued Operations.
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Moltiply BPO&Tech – Q2 Key Financials 24 56.3 70.5 0 20 40 60 80 100 120 Q2 2024 Q2 2025 13.8 15.0 0 10 20 30 Q2 2024 Q2 2025 7.0 8.1 0 10 20 30 Q2 2024 Q2 2025 EBITDA margin 24.4% 21.3% EBIT margin 12.5% 11.5% Y-o-Y +25.3% Y-o-Y +9.0% Y-o-Y +15.5% EBIT* | €M 03. Business Update Revenues* | €M EBITDA* | €M *The values do not include Discontinued Operations.
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Moltiply BPO&Tech – Performance and outlook (1/2) 25 03. Business Update • In H1 2025, the Division achieved a significant increase in revenues compared to H1 2024, together with a double-digit growth in EBITDA, mainly of organic nature. Performance was driven by the Mortgages, Lease and Wealth business lines, while Claims and Real Estate showed, as expected, a gradual normal ization after the extraordinary peaks of the previous years. • Trends for H2 2025 remain varied across the different lines, but, in summary, the Division’s outlook is positive, confirming growth in revenues and EBITDA in line with recent quarters, net of the usual seasonal factors. • For Moltiply Mortgages the positive trend observed in H1 2025 is expected to continue, supported by the expansion of the customer base and the growth in revenues of the para-notary business, attributable to both volume and price effects. The latter is linked to the increase in notary fees resulting from the application of the Fair Compensation law and has a dilutive effect on the percentagemargin of services related to remortgages. • For Moltiply Real Estate after the decrease recorded in H1 20 25 following the termination of activities related to the Ecobonus, the tren d will continue to be negative but will gradually stabilize, with real estate valuations remaining the driving force and growing, thanks to the performance of the mortgagemarket. Demand for cadastral services remains weak, as it is linked to the operations of servicers of non- performing loan portfolios. Cost rationalization and comm ercial reorientation measures are in progress in order to consolidate the economic sustainability of the line.
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Moltiply BPO&Tech – Performance and outlook (2/2) 26 03. Business Update • For Moltiply Loans the performance is expected to be in line with that of H1 2025, with turnover remaining essentially stable but margins increas ing slightly thanks to measures taken to optimize the mix of services and increase productivity. • For Moltiply Claims, after the exceptional levels of previo us years, volumes are stabilizing at still solid levels, higher than those of 2023. The roll-out of the new IT platform continues, with the aimof increasing the productivity of loss adjusters and preparing the business line to effectively deal with the expected increase in claims volumes related to compulsory insurance for businesses in relation to natural events. • For Moltiply Wealth growth in H1 2025 is expected to continue, driven by technology projects. In the coming months, it will be possible to assessany impact on the line from Azimut’s “new bank” project, announced in partnership withFSI at the end of May 2025. • The business line Moltiply Lease confirms a significant andstable contribution, with revenues and EBITDA expected to remain high in H2 2025, thank s in part to the introduction of new services. Management is also focusing o n operational and technological adjustments related to recent regulatory changes on “car stamps”, which will come into force in January 2026.
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Agenda 1. Business Description 2. Share Information 3. Business Update 4. Net Financial Position Update 5. Historical Performance 27
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Net Financial Position 04. Net Financial Position Update 28 (€000) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 A. Cash and current bank accounts 155,828 107,504 137,490 127,992 118,189 B. Cash equivalents - - - - - C. Other current financial assets 30,786 18,858 - 14,837 9,538 D. Liquidity (A) + (B) + (C) 186,614 126,362 137,490 142,829 127,727 E. Current financial liabilities (86,966) (81,678) (78,592) (68,978) (54,701) F. Current portion of non-current financial liabilities (38,368) (30,096) (89,612) (87,391) (83,962) G. Current indebtedness (E) + (F) (125,334) (111,774) (168,204) (156,369) (138,663) H. Net current financial position (D) + (G) 61,280 14,588 (30,714) (13,540) (10,936) I. Non-current financial liabilities (528,547) (529,735) (289,761) (307,351) (305,458) J. Bonds issued - - - - - K. Trade and other non-current payables - - - - - L. Non-current indebtedness (I) + (J) + (K) (528,547) (529,735) (289,761) (307,351) (305,458) M. Net financial position (H) + (L) (467,267) (515,147) (320,475) (320,891) (316,394) MONY Group PLC ("MONY") investment June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Number of MONY shares 44,000,000 44,000,000 44,000,000 44,000,000 44,000,000 Value of MONY shares (€000) 113,767 105,660 101,937 111,234 115,513 Net Financial Position net of Value of MONY shares (€000) (353,500) (409,487) (218,538) (209,657) (200,881) As of
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Agenda 1. Business Description 2. Share Information 3. Business Update 4. Net Financial Position Update 5. Historical Performance 29
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Broking: Acquisition of Rastreator and LeLynx Broking: Acquisition of TrovaPrezzi.it PrestitiOnline.it launched Break -Even BPO Division is born BPO: extended to CQ Loans MOL IPO Broking: Insurance Comparison is introduced BPO: Acquisition of Quinservizi BPO: Investment services is introduced Collapse of Italian mortgage market BPO: Acquisition of Eagle & Wise BPO: Acquisition of Gruppo Lercari Broking: Acquisition of SOS Tariffe BPO: Acquisition of Gruppo Onda , Trebi Generalconsult S.r.l . and the activities of Europa S.r.l. MutuiOnline.it launched Major milestones 30 05. Historical Performance Revenues | €M 0.1 1.0 2.7 4.5 7.8 13.2 21.8 37.7 46.4 47.9 53.4 71.8 38.5 51.0 68.3 120.7 138.1 152.8 185.1 219.9 259.4 313.5 310.8 404.2 454.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 BPO: Insurance services introduced Broking: Segugio.it is launched BPO: Acquisition of Agenzia Italia Broking: Acquisition of Switcho and Pricewise
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61% 58% 45% 40% 42% 40% 40% 34% 39% 42% 55% 60% 63% 53% 56% 56% 57% 61% 57% 57% 58% 53% 51% 58% 60% 60% 66% 61% 58% 45% 40% 37% 47% 44% 44% 43% 39% 43% 43% 42% 47% 49% 21.8 37.7 46.4 47.9 53.4 71.8 38.5 51.0 68.3 120.7 138.1 152.8 185.1 219.9 259.4 313.5 310.8 404.2 454.0 0 50 100 150 200 250 300 350 400 450 500 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201 8 2019 2020 2021 2022 2023 2024 Revenue trends by Division 31 05. Historical Performance Group Revenues | €M
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100% 100% 100% 100% 100% 93% 77% 65% 64% 53% 44% 48% 55% 51% 47% 47% 39% 23% 19% 7% 22% 33% 32% 17% 18% 19% 18% 19% 18% 18% 22% 18% 18% 28% 36% 30% 24% 27% 31% 25% 29% 19% 19% 2% 3% 7% 8% 9% 13% 28% 29% 12.7 22.7 27.8 31.7 32.2 41.9 17.3 20.5 25.1 57.2 61.0 67.2 79.1 86.8 111.1 134.2 131.0 188.1 221.1 0 40 80 120 160 200 240 2006 2007 20082009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Other Revenues International Markets Telco & Energy Comparison* E-Commerce Price Comparison Insurance Broking Credit Broking 61% 45% * Until FY 2018 included in Other Revenues Revenue Breakdown by Business Line 32 Mavriq Revenues | €M 05. Historical Performance
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83% 74% 69% 69% 74% 86% 50% 45% 39% 51% 60% 62% 40% 33% 37% 30% 18% 16% 17% 4% 14% 12% 12% 16% 15% 12% 17% 26% 31% 31% 26% 14% 50% 42% 35% 28% 21% 20% 17% 17% 17% 14% 15% 13% 14% 13% 14% 11% 8% 8% 9% 4% 5% 17% 19% 21% 24% 12% 10% 11% 10% 8% 7% 6% 6% 6% 5% 5% 21% 24% 22% 20% 22% 29% 28% 9.1 15.0 18.5 16.2 20.6 29.9 21.2 30.5 43.2 63.6 77.1 85.6 106.0 133.1 148.3 179.2 179.7 216.1 232.9 0 40 80 120 160 200 240 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Other revenues Lease Wealth Claims Loans Real Estate* Mortgages 61% 45% * Until FY 2017 included in Mortgages Revenue Breakdown by Business Line 33 Moltiply BPO&Tech Revenues | €M 05. Historical Performance
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53% 41% 45% 47% 44% 46% 47% 59% 55% 53% 56% 54% 64.0 76.6 92.6 88.6 108.2 122.8 0 30 60 90 120 150 2019 2020 2021 2022 2023 2024 35.0% 40.5% 37.8% 35.7% 32.3% 30.2% 25.3% 21.3% 23.3% 23.2% 22.0% 24.0% 29.1% 29.5% 29.5% 28.5% 26.8% 27.1% 0% 10% 20% 30% 40% 50% 2019 2020 2021 2022 2023 2024 EBITDA by Division 34 EBITDA | €M EBITDA margin | % 05. Historical Performance Group
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48% 34% 36% 41% 36% 40% 52% 66% 64% 59% 64% 60% 50.8 63.1 69.0 66.5 63.1 73.4 0 30 60 90 120 150 2019 2020 2021 2022 2023 2024 30.3% 37.7% 32.9% 30.0% 21.6% 19.8% 18.4% 14.3% 13.8% 15.2% 10.4% 12.8% 23.1% 24.3% 22.0% 21.4% 15.6% 16.2% 0% 10% 20% 30% 40% 50% 2019 2020 2021 2022 2023 2024 Operating Income by Division 35 EBIT | €M EBIT margin | % 05. Historical Performance Group
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45.6 a 17.8 85.1 29.7 5.2 9.7 14.8 14.4 15.3 20.9 3.6 3.8 9.9 23.5 24.8 27.5 34.4 40.6 130.7 47.5 b 47.5 35.3 C 43.9 c 0 30 60 90 120 150 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201 8 2019 2020 2021 2022 2023 2024 23.9% 25.7% 31.9% 30.1% 28.7% 29.1% 9.4% 7.5% 14.5% 19.5% 18.0% 18.0% 18.6% 18.5% 50.4% 5.7% 15.3% 8.8% C 9.7% C 17.6% a 15.2% b 0% 10% 20% 30% 40% 50% 60% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Tax benefit from the revaluations a. Adjusted to exclude the one-off impact of the recog nition of deferred tax asset for software and trade mark revaluation. b. Adjusted to exclude the one-off impact of the recal culation of deferred tax assets related to the reva luation of trademarks. c. The values do not include Discontinued Operation s. Net income of Discontinued Operations is -0.898€ M in FY2024 and 0.022€M in FY2023. Net Income 36 05. Historical Performance Net Income | €M Net Income Margin | %
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Dividend Payout 37 1.19 * 0.43 2.23 0.71 0.25 0.38 0.38 0.41 0.56 0.09 0.09 0.24 0.59 0.58 0.69 0.89 1.07 3.42 1.14** 1.24 0.93 1.11 0.00 1.00 2.00 3.00 4.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 201 9 2020 2021 2022 2023 2024 0.09 0.21 0.36 0.37 0.12 0.12 0.12 0.12 0.15 0.30 0.30 0.30 0.12 0.40 0.40 0.12 0.12 0.12 0.00 0.50 1.00 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 * Adjusted to exclude the one-off impact of the recognition of deferred tax asset for software and trademark revaluation. ** Adjusted to exclude the one-off impact of the recalculation of deferred tax assets related to the revaluation of trademarks. Earnings per share, consolidated | €M Dividends per outstanding share | €M 05. Historical Performance
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38 Appendix
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Quarterly Profit & Loss 39 (€000) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Revenues 168,881 132,811 132,482 106,488 108,660 Other income 2,538 2,230 3,280 2,259 2,518 Capitalization of internal costs 6,222 3,735 4,411 3,671 3,935 Services costs (79,287) (59,056) (56,519) (44,714) (46,898) Personnel costs (51,788) (39,713) (41,072) (33,372) (34,222) Other operating costs (4,584) (4,710) (4,570) (5,752) (5,157) EBITDA 41,982 35,297 38,012 28,580 28,836 Depreciation and amortization (15,343) (13,168) (13,601) (11,943) (12,152) Operating income 26,639 22,129 24,411 16,637 16,684 Financial income 5,167 330 309 2,869 868 Financial expenses (7,754) (5,373) (3,446) (4,659) (4,324) Income/(Losses) from participations (127) 4 (151) 130 698 Income/(Losses) from financial assets/liabilities (10,274) (547) (4,788) (1,045) (651) Net income before income tax expense 13,650 16,544 16,335 13,932 13,275 Income tax expense (3,566) (4,321) (3,035) (4,005) (3,774) Net income of Continuing Operations 10,084 12,223 13,300 9,927 9,501 Net income of Discontinued Operations (103) (260) (8) (299) (422) Net income 9,981 11,963 13,292 9,628 9,079
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Q2 Profit & Loss 40 (€000) Q2 2025 Q2 2024 % Var. Revenues 168,881 108,660 55.4% Other income 2,538 2,518 0.8% Capitalization of internal costs 6,222 3,935 58.1% Services costs (79,287) (46,898) 69.1% Personnel costs (51,788) (34,222) 51.3% Other operating costs (4,584) (5,157) -11.1% EBITDA 41,982 28,836 45.6% Depreciation and amortization (15,343) (12,152) 26.3% Operating income 26,639 16,684 59.7% Financial income 5,167 868 495.2% Financial expenses (7,754) (4,324) 79.3% Income/(Losses) from participations (127) 698 N/A Income/(Losses) from financial assets/liabilities (10,274) (651) >1000% Net income before income tax expense 13,650 13,275 2.8% Income tax expense (3,566) (3,774) -5.5% Net income of Continuing Operations 10,084 9,501 6.1% Net income of Discontinued Operations (103) (422) -75.6% Net income 9,981 9,079 9.9%
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H1 Profit & Loss 41 (€000) H1 2025 H1 2024 % Var. Revenues 301,692 214,665 40.5% Other income 4,768 4,831 -1.3% Capitalization of internal costs 9,957 7,112 40.0% Services costs (138,343) (92,380) 49.8% Personnel costs (91,501) (68,083) 34.4% Other operating costs (9,294) (9,925) -6.4% EBITDA 77,279 56,220 37.5% Depreciation and amortization (28,511) (23,817) 19.7% Operating income 48,768 32,403 50.5% Financial income 5,497 5,625 -2.3% Financial expenses (13,127) (8,628) 52.1% Income/(Losses) from participations (123) 698 N/A Income/(Losses) from financial assets/liabilities (10,821) (991) 991.9% Net income before income tax expense 30,194 29,107 3.7% Income tax expense (7,887) (8,334) -5.4% Net income of Continuing Operations 22,307 20,773 7.4% Net income of Discontinued Operations (363) (733) -50.5% Net income 21,944 20,040 9.5%
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Balance Sheet – Asset Side 42 (€000) June 30, 2025 December 31, 2024 Change % ASSETS Intangible assets 658,340 480,937 177,403 36.9% Property, plant and equipment 57,639 34,675 22,964 66.2% Participations measured with equity method 2,014 1,986 28 1.4% Non-current financial assets 122,024 111,705 10,319 9.2% Deferred tax assets - 4,886 (4,886) -100.0% Other non-current assets 6,293 6,211 82 1.3% Total non-current assets 846,310 640,400 205,910 32.2% Cash and cash equivalents 155,828 137,490 18,338 13.3% Current financial assets 30,786 - 30,786 N/A Trade receivables 195,853 137,167 58,686 42.8% Tax receivables 11,000 5,266 5,734 108.9% Other current assets 19,964 15,921 4,043 25.4% Total current assets 413,431 295,844 117,587 39.7% Assets held for sale* 4,473 3,330 1,143 34.3% TOTAL ASSETS 1,264,214 939,574 324,640 34.6% As of * According to IFRS 5, in view of the agreement to sell the shareholding in Centro Finanziamenti S.p.A., assets and liabilities held for sale have been reported separately.
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Balance Sheet – Liability Side 43 (€000) June 30, 2025 December 31, 2024 Change % LIABILITIES AND SHAREHOLDERS' EQUITY Group shareholders' equity 365,799 291,738 74,061 25.4% Minority interests 4,513 3,789 724 19.1% Total shareholders' equity 370,312 295,527 74,785 25.3% Long-term debts and other financial liabilities 528,547 289,761 238,786 82.4% Provisions for risks and charges 1,327 1,325 2 0.2% Defined benefit program liabilities 25,152 24,840 312 1.3% Deferred tax liabilities 3,871 - 3,871 N/A Other non current liabilities 9,6 54 11,076 (1,4 22) -12.8% Total non-current liabilities 568,551 327,002 241,549 73.9% Short-term debts and other financial liabilities 125,334 168,204 (42,870) -25.5% Trade and other payables 85,851 61,628 24,223 39.3% Tax payables 10,467 3,595 6,872 191.2% Other current liabilities 102,431 82,835 19,596 23.7% Total current liabilities 324,083 316,262 7,821 2.5% Liabilities directly associated with assets held for sale* 1,268 783 485 61.9% TOTAL LIABILITIES 893,902 644,047 249,855 38.8% TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,264,214 939,574 324,640 34.6% As of * According to IFRS 5, in view of the agreement to sell the shareholding in Centro Finanziamenti S.p.A., assets and liabilities held for sale have been reported separately.
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H1 Cash flow statement (condensed) 44 ' (€000) June 30, 2025 June 30, 2024 Change % A. Cash Flow from operating activities before changes in net working capital 54,353 37,653 16,700 44.4% B. Changes in net working capital (17,772) (22,063) 4,291 -19.4% C. Net cash generated/(absorbed) by operating activ ities (A) + (B) 36,581 15,590 20,991 134.6% D. Net cash generated/(absorbed) by investing activ ities (217,747) (16,495) (201,252) 1220.1% E. Net cash generated/(absorbed) by financing activ ities 199,504 (36,690) 236,194 -643.8% Net increase/(decrease) in cash and cash equivalent s (C) + (D) + (E) 18,338 (37,595) 55,933 -148.8% As of
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Declaration of the manager responsible for preparing the Company’s financial reports Declaration Pursuant to Art. 154/bis, Paragraph 2 – Part IV, Title III, Chapter II, Section V-bis, of Italian Legislative Decree No. 58 of 24 February 1998: “Consolidation Act on Financial Brokerage Pursuant to Articles 8 and 21 of Italian Law No. 52 of 6 February 1996” I, the undersigned, Francesco Masciandaro, the manager responsible for preparing the financial reports of Moltiply Group S.p.A. declares, pursuant to paragraph 2 of Article 154- bis of the Consolidated Law on Finance, that the accounting information contained in this presentation corresponds to the document results, books and accounting records. Francesco Masciandaro Moltiply Group S.p.A. 45 45