Slides
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First Half 2026 Results September 9 th , 2026
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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 fromsuch 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 Portfolio Overview 2. Reflections on AI Impact 3. Business Update 4. Share Information 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 specialized “Divisions”, each composed of several dedicated subsidiaries. 5 1. Business Portfolio Overview Mavriq (a.k.a. “Broking Division ”) one of the leading international players in the provision of online comparison and intermediation services. 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. Given the rapid and significant evolution of the two Divisions, we decided to update their description, including with a revision of the business lines used to comment revenue evolution .
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* 2025 average Group structure 6 Group structure | June 30 th , 2026 1. Business Portfolio Overview 4,313Headcount * (FTE)
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Mavriq –Business Lines and Geographies 7 1. Business Portfolio Overview | Mavriq Italy Germany Spain France Netherlands Mexico = Established = Start-up Online comparison and intermediation of insurance products. Insurance Online comparison and intermediation of electricity, gas and telco contracts. Online comparison and intermediation of electricity, gas and telco contracts. Energy & Telco Energy & Telco Online comparison and intermediation of electricity, gas and telco contracts. Energy & Telco Online comparison and intermediation of credit and other banking products. Online comparison and intermediation of credit and other banking products. Banking Comparison shopping and consumer review services. Shopping
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Brand Market Position Description Operations Revenue Model Online Mortgage Broker (vertical specialist), comparison-based. Leader in online mortgage distribution since year 2000. Experienced telephone consultants 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. Multi-product aggregator for insurance, personal loans, mortgages, telco, energy products with brand-driven customer acquisition model. Focus on motor insurance. Co-leader in market with two main operators across most verticals. Focus on marketing activities, with always-on TV advertising. Relies on specialized group companies for provision of comparison and intermediation services for specific products. Commission on new insurance 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. 8 Mavriq – Main Brands (1/3) 8 1. Business Portfolio Overview | Mavriq Fully digital service that performs personalized analyses of utility bills and handles provider switching (but not an auto-switcher). #1 app for energy saving in the market. Fully digital end-to-end sales funnel, no tele-sales operations. Fixed commissions on closed sales from product providers. Free for consumers with no mark-up. 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. Free for consumers with no mark-up.
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Brand Market Position Description Operations Revenue Model Mavriq – Main Brands (2/3) 9 1. Business Portfolio Overview | Mavriq 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 most 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. Fixed commissions on closed sales from product providers on energy and telco. Percentage 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. Operates as regulated insurance and mortgage broker providing independent advice to customers. Operates energy intermediation business. 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. Free for consumers with no mark-up. 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 insurance, with 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.
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Brand Market Position Description Operations Revenue Model Mavriq – Main Brands (3/3) 10 1. Business Portfolio Overview | Mavriq Insurance aggregator. 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. Online comparison and intermediation of energy, telecommunications and insurance contracts. Category builder in the Netherlands since 2006 positioned as #2/3 player. Fully digital end-to-end sales funnel, no tele-sales operations. 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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11 1. Business Portfolio Overview | Moltiply BPO&Tech Moltiply is a leading Italian provider of tech-enabled BPO services to three main sectors 5 Banking * Target Clients • Banks • Consumer credit specialists • Asset gatherers / managers • NPL specialists Key managed services • Credit management from origination to post-sale for retail and corporate loans • Real estate appraisals and land registry services • Wealth management distribution process • Asset management administrative activities Insurance Target Clients • Insurance companies • Self-insured entities (e.g., public companies) Key managed services • Claims Management (Third Party Assessment) • Loss adjustments (“Perizie”) Other Revenues Target clients • Banking customers (B2B2C) • Insurance customers (B2B2C) Key managed services • Pension & social security advisory • Inheritance & estate management • Sustainable Value Real Estate services * Corresponds to combination of the following previous business lines: Mortgages, Loans, Wealth and Real Estate (appraisals) Lease Target Clients • Rental & RAC • Leasing companies • Dealers Key managed services • Full outsourcing from order until end of contract • Tech core solutions
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12 5 Three complementary markets with significant convergence potential towards the European average BANKING €381 bn Residential mortgage stock Annual flow: €56 bn (2025*); was €44 bn in 2024 €2,636 bn Asset Management AuM stock (2025) All-time high; was €2,509 bn at end of 2024 €1,398 bn Private Banking AuM stock (2025E) +14.1% in 2024; Q3 2025 already at €1,371 bn €8.2 bn Annual CQS/CQP flow 9M 2025: +10.5% YoY; stock ~€25-30 bn €42 bn SME Guarantee Fund flow (2024) Outstanding guarantees stock: ~€91 bn INSURANCE €19.7 bn Motor premiums (annual flow) Motor TPL €14.6 + Hull €5.1 bn €19.9 bn Non-Motor premiums (annual flow) Health +12%, Fire +11%, Financial Loss +15% €3.1 bn Cat-Nat premiums (annual flow) Regulatory obligation from 2025; ~7% SMEs covered 9.1 mn Total P&C claims (annual flow) Non-Motor 5.2 mn + Motor 3.9 mn ~1.9% P&C penetration / Italy GDP EU average: ~3.0% — significant structural gap LEASE €36.1 bn Leasing originated (2025 flow) +5.8% YoY; auto 61%, equip. 27%, RE 9% 1.56 mn Car registrations (2024 flow) 1.53 mn in 2025 (-2.1%); stabilization expected 1.29 mn Active LTR fleet (2024 stock) LTR revenue: €12.5 bn (record) 30.6% L&R share of registrations (2025) Record; was 25% in 2019 — structural shift +15.2% Equipment leasing growth (2025) >€10.5 bn; agriculture +27%, boating +75% 2024 values unless otherwise indicated. Stock = end -of-period balance; Flow = annual volume. Sources: Bank of Italy, Assogestioni, AIPB, ANIA, Assilea, UN RAE, ANIASA, MCC, Banca Ifis. 1. Business Portfolio Overview | Moltiply BPO&Tech
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Italy is under-penetrated across all verticals: convergence towards EU generates new demand Gap vs EU Best-in-class EU Average Italy Metric -57% Sweden 173% 71,3% 30,6% Residential mortgages / disp. income -26% Netherlands 187% ~94% ~70% AuM / GDP (managed savings) -30% Nordics 14% 9-11% 7-8% Banking IT spend / revenue -25% Sweden 3.9% ~2,0% ~1,5% Leasing penetration / GDP -37% France 4.6% ~3,0% 1,9% P&C penetration / GDP -85% France ~95% 30-40% ~7% SME Cat-Nat coverage -42% Switzerland >€3,000 €1,000-1,200 €644 P&C insurance density (€/capita) Implication for managed services → The insurance gap is the widest: Italian P&C penetration is half the EU average — every GDP percentage point equals ~€20 bn in new premiums → The banking IT spending gap (7-8% vs 11-14% Nordic peers) indicates structural underinvestment fueling outsourcing demand → Italy is the EU market with the greatest convergence potential, and Moltiply operates as a cross-vertical operational hub Sources: ANIA, IVASS, Insurance Europe, EFAMA Asset Management Europe 2025, EMF Hypostat 2025, Assilea /Leaseurope, ECB Outsourcing Register 2024, OECD. 1. Business Portfolio Overview | Moltiply BPO&Tech 13
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Agenda 14 1. Business Portfolio Overview 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
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Mavriq – Business model resilient from AI threats 2. Reflections on AI Impact | Mavriq Aggregator advantage vs LLMs in conversational agent era Barriers to AI native startups Market structure moat fending off hyperscalers Regulatory backstop Significant AI upside for leading aggregators • Niche markets: highly fragmented product- and country-specific markets, with differentiated regulation, supply-side structure and pricing models • Regulatory complexity : high for insurance and banking products, medium for the rest • Proven moat : both Google (2016) and Amazon (2024) aborted their insurance comparison projects • Supply integration : deep integrations with providers creating a unified access layer to fragmented supply by vertical and by geography • Transactional support : end to end purchase journeys and transaction handling (including dependency to call center support on certain verticals) improving user conversion • Interface superiority : form- and list-based journeys most effective for structured comparison tasks • Brand relevance : leading aggregators generate majority of business from brand-related visits • Bidding superiority : AI discovery will monetize similarly to search, making traffic largely paid and favoring leading aggregators with superior monetization due to scale and efficiency • Provider inertia : provider risk/reward profile makes it difficult for startups to build supply • Technology matching : aggregators can easily match technology-based innovations of startups • EU antitrust and DMA : prevent hyperscalers from leveraging LLM position to separate services • Regulated products : providing advice (incl. comparison) for insurance and credit requires license • Responsibility : fully autonomous agents present high legal risk for product suppliers and users • Traffic diversification: emerging discovery channels (e.g., ChatGPT) will reduce reliance on Google for traffic acquisition and trigger CPC deflation • Automation of operations: AI-driven assistants reduce costs and increase scalability in verticals heavily reliant on call center or other types of operations • Agent hub: if users delegate decisions to AI agents, these already rely on aggregators as the main access point to provider supply • Improved journeys: AI-powered assistance will simplify complex form-based comparison flows and improve user conversion 15
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Moltiply BPO & Tech - AI seen as structural growth opportunity 16 The perceived drivers of risk AI commoditizes BPO LLMs automate routine tasks, eroding outsourcing demand Client insourcing Large banks build proprietary AI, reducing third-party reliance AI-native startups New entrants offer 30–40% undercuts with greenfield AI Margin compression Clients demand AI-driven price reductions, narrowing spreads Moltiply defensive moats vs AI Threats Engines for AI-driven growth to capture opportunity Five compounding assets Compounding advantages difficult to replicate by competitors: Data, IT Platforms, competencies, client base, and flexibility TAM expansion AI driven saving can overcome outsourcing inertia barrier and unlock in- house market Capacity multiplication AI-augmented specialists deliver increased productivity, turning labor scarcity into a growth lever, and boosting flexibility Compliance as advantage The flipside of the regulatory moat: financial institutions prefer to share AI implementation regulatory risks and burden with specialists Per-unit margin defense Pricing based on output units defuses automatic rep ricing and defends margins at least in the short/medium term Strategic optionality AI enabled consolidation of local players and selective international expansion Structural inertia Client inertia in Italian financial institutions is structural, not temporary — even simple technology changes take 3-5 years Execution moat AI in regulated financial service is an outsourcing problem not a technological challenge Regulatory fortress EU AI Act and DORA raise the bar, widening the moat for certified operators Complexity premium AI commoditizes simple BPO; value concentrates in complex, judgment- intensive work. Current accuracy levels forces human in the loop for complex activities 2. Reflections on AI Impact | Moltiply BPO&Tech
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Moltiply and its platforms are ideally positioned to capture this growth opportunity 17 Proprietary Data 700K+ cases/year, 50M+ data points Two decades of processing transactions for a wide set of Italian financial institutions across three verticals have created a training corpus no competitor can replicate in less than 5–10 years. Fine-tuning on this data produces significant accuracy gains over generic foundation models. Integrated Platform Stack MoltiGen + Vertical platforms MoltiGen — Moltiply’s horizontal AI orchestrator — sits on top of 9+ vertical platforms already engineered to extract end-to-end processes from banks’ legacy systems. For existing clients, AI deployment is transparent. For new clients, it is a production-ready solution that eliminates multi-year modernization. Governance Muscle Memory Moltiply has a proven track record of designing BPO solutions with joint governance architectures, engineered hand-off interfaces, and EU nearshoring. The same discipline now transfers directly to managing AI agents: process decomposition, capability assessment, exception management. The Right Client Base Moltiply’s sweet spot, mid-sized and smaller Italian banks, is precisely the segment that needs AI transformation most and can least afford to do it alone. These institutions spend 4.1× less on IT than US peers and need production-ready solutions, not proof-of- concepts. Flexible Delivery Model BPO + SaaS The dual-mode offering — managed BPO plus pure SaaS platform — means Moltiply captures value regardless of market direction. If banks outsource more, Moltiply provides the full stack. If banks remain in house, Moltiply provides the platform. Compounding Effect These assets form a flywheel: Data → Platforms → Governance → → Trust → Flexibility → more Data. MidSize Banks BPO/Nearshoring Track Record 2. Reflections on AI Impact | Moltiply BPO&Tech
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Agenda 18 1. Business Portfolio Overview 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
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H1 Highlights 19 3. Business Update Revenues | €M EBIT margin 16.2% 16.3% EBIT | €M EBITDA | €M EBITDA margin 25.6% 27.2% Net Income | €M 45% 37% 55% 63% 301.7 343.1 0 100 200 300 400 H1 2025 H1 2026 Y-o-Y +13.7% 32% 34 % 68% 66 % 48.8 55.9 0 40 80 120 H1 2025 H1 2026 38% 35% 62% 65% 77.3 93.4 0 40 80 120 H1 2025 H1 2026 Y-o-Y +20.8% 21.9 37.1 0 40 80 120 H1 2025 H1 2026 NI margin 7.3% 10.8% Y-o-Y +69.0% Group Y-o-Y +14.7%
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Q2 Highlights 20 3. Business Update Revenues | €M EBIT margin 15.8% 14.7% EBIT | €M EBITDA | €M EBITDA margin 24.9% 26.2% Net Income | €M 42% 40% 58% 60% 168.9 160.4 0 40 80 120 160 200 Q2 2025 Q2 2026 Y-o-Y -5.0% 30% 43% 70 % 57% 26.6 23.6 0 20 40 60 Q2 2025 Q2 2026 36% 40% 64% 60% 42.0 42.1 0 20 40 60 Q2 2025 Q2 2026 Y-o-Y +0.3% 10.0 14.2 0 20 40 60 Q2 2025 Q2 2026 NI margin 5.9% 8.8% Y-o-Y +42.0% Group Y-o-Y -11.5%
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Mavriq – H1 Key Financials 21 165.0 217.4 0 50 100 150 200 250 H1 2025 H1 2026 48.0 60.9 0 20 40 60 80 100 H1 2025 H1 2026 33.3 37.1 0 20 40 60 80 100 H1 2025 H1 2026 EBITDA margin 29.1% 28.0% EBIT margin 20.2% 17.1% Y-o-Y +31.7% Y-o-Y +11.4% 3. Business Update | Mavriq EBIT | €M Revenues | €M EBITDA | €M EBIT Adj. for PPA Amortization | €M EBIT Adj. marg. 25.6% 23.9% 42.2 51.9 0 20 40 60 80 100 H1 2025 H1 2026 Y-o-Y +23.0% Y-o-Y +26.7%
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Mavriq – Q2 Key Financials 22 98.3 96.9 0 20 40 60 80 100 120 Q2 2025 Q2 2026 26.9 25.2 0 10 20 30 40 Q2 2025 Q2 2026 18.5 13.5 0 10 20 30 40 Q2 2025 Q2 2026 EBITDA margin 27.3% 26.0% EBIT margin 18.8% 14.0% Y-o-Y -1.5% Y-o-Y -6.4% Y-o-Y -26.9% 3. Business Update | Mavriq EBIT | €M Revenues | €M EBITDA | €M
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Mavriq – Performance and outlook 23 • Q2 2026 was characterized, as foreseeable due to the evolution of the underlying energy and credit markets, by a Y-o-Y contraction in Mavriq Energy & Telco and Mavriq Banking , while the Mavriq Insurance business line grew and Mavriq Shopping remained substantially stable. • In Q3 2026,Mavriq Energy & Telco is expected to show improved Y-o-Y performance compared with Q2 2026, despite the ongoing uncertainty rela ted to the current volatility in energy markets. The contraction in Mavriq Banking also appears to be easing, due to a more favourable Y-o-Y comparison. Regarding Mavriq Insurance and Mavriq Shopping , the Y-o-Y performance is expected to be comparable with that of Q2 2026. • Mavriq’s management stays focused on implementing integra tion, growth and business improvement initiatives, which offer significant potential for organic growth. • Finally, the European Commission’s decision to fine Google for violating the self- favouring prohibition established by the Digital Markets Act has the potential to improve the prospects of Mavriq Shopping , depending on whether the remedial actions implemented by Google are effectively compliant wi th the law. We recommend reading the non-confidential version of such decision (available on: https://digital-markets-act-cases.ec.europa.eu/cases/DMA.100193). 3. Business Update | Mavriq
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Moltiply BPO&Tech – H1 Key Financials 24 136.7 125.7 0 50 100 150 200 250 H1 2025 H1 2026 29.3 32.5 0 20 40 60 80 100 H1 2025 H1 2026 15.4 18.8 0 20 40 60 80 100 H1 2025 H1 2026 EBITDA margin 21.4% 25.9% EBIT margin 11.3% 15.0% Y-o-Y -8.0% Y-o-Y +11.1% Y-o-Y +21.9% EBIT | €M 3. Business Update | Moltiply BPO&Tech Revenues | €M EBITDA | €M 23.9 24.8 0 20 40 60 80 100 H1 2025 H1 2026 EBIT Adj. for PPA Amortization | €M Y-o-Y +4.1% EBIT Adj. marg. 17.5% 19.8%
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Moltiply BPO&Tech – Q2 Key Financials 25 70.5 63.5 0 20 40 60 80 100 120 Q2 2025 Q2 2026 15.1 16.9 0 10 20 30 40 Q2 2025 Q2 2026 8.1 10.0 0 10 20 30 40 Q2 2025 Q2 2026 EBITDA margin 21.4% 26.7% EBIT margin 11.5% 15.8% Y-o-Y -9.9% Y-o-Y +12.1% Y-o-Y +23.7% EBIT | €M 3. Business Update | Moltiply BPO&Tech Revenues | €M EBITDA | €M
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Moltiply BPO&Tech – Performance and outlook (1/2) 26 • In H1 2026, the Division achieved a double-digit growth in EBITDA, with an EBITDA margin increasing from21.4% to 25.9% and an acceleration in Q2 2026. Revenues decreased by 8.0%, entirely attributable to the higher-than-expected contraction in para-notarial services related to mortgage substitutions, a low-margin a ctivity in which notarial costs are essentially passed through and recognized in reve nues. Excluding these components, revenues increased by 3.7%. The expansion in margins reflects a more favourable service mix, targeted efficiency initiatives, and the progressive implementation of productivity improvements. • For H2 2026, it is reasonable to expect the continued growth in EBITDA at a pace broadly in line with that achieved in H1 2026, excluding the impact of non-recurring items and taking into account the usual seasonal factors. • The decline in Moltiply Banking revenues was driven by a sharper-than-expected contraction in activities related to subrogation; excluding pass-through notarial costs, revenues of the business line increased. In Mortgage services, the expansion of the customer base and the growth in loan application processingvolumes continued, with one of the main customers progressively increasing the shar e of new mortgages outsourced to the Division. Loan services recorded significant growth in both quarters, driven by the processing of salary-backed loan applications, the managed portfolio and anti-fraud services. Wealth services confirmed double-digit growth, supported by technology projects with the main customer. Property valuations increased slightly, while demand for cadastral services remained weak; however cost-rationalization measures implemented by management had a positive effect onmargins. 3. Business Update | Moltiply BPO&Tech
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Moltiply BPO&Tech – Performance and outlook (2/2) 27 • Moltiply Lease confirms a significant and stable contribution, with reven ues and margins growing, supported by Agenzia Italia S.p.A., whichcontinues to be a key driver of the Division’s revenues and profitability, as well as by the expansion of long-term rental services. The regulatory changes concerning vehicl e stamp duty, effective starting from January 2026, were managed without any operational disrupt ions; sustained levels are expected in H2 2026, also supported by the introduction of new services. • Moltiply Insurance volumes remained strong, although lower than in H1 2025, with Q2 2026 showing a more pronounced decline due to the lower claims frequency during the period. However, the latter part of the semester and the months of July and August recorded an increase in claims openings related to we ather events, suggesting an improvement in H2 2026. The roll-out of the newIT platformto support claims adjusters’ productivity is ongoing, while the full effectiveness of the mandatory insurance requirement for catastrophic risks, extended to small businesses as of January 1, 2026, represents a structural growth driver for t he insured base and, prospectively, for the business line’s volumes. 3. Business Update | Moltiply BPO&Tech
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Net Financial Position 3. Business Update 28 (€000) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 A. Cash and current bank accounts 121,861 133,908 140,099 142,090 155,828 B. Cash equivalents - - - - - C. Other current financial assets 52,370 57,706 51,830 42,753 30,786 D. Liquidity (A) + (B) + (C) 174,231 191,614 191,929 184,843 186,614 E. Current financial liabilities (53,833) (44,693) (45,126) (73,252) (86,966) F. Current portion of non-current financial liabilities (48,404) (38,341) (47,574) (45,317) (38,368) G. Current indebtedness (E) + (F) (102,237) (83,034) (92,700) (118,569) (125,334) H. Net current financial position (D) + (G) 71,994 108,580 99,229 66,274 61,280 I. Non-current financial liabilities (510,738) (535,909) (539,987) (521,352) (528,547) J. Bonds issued - - - - - K. Trade and other non-current payables (14,650) - - - - L. Non-current indebtedness (I) + (J) + (K) (525,388) (535,909) (539,987) (521,352) (528,547) M. Net financial position (H) + (L) (453,394) (427,329) (440,758) (455,078) (467,267) MONY Group PLC ("MONY") investment June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Number of MONY shares 64,357,000 57,000,000 52,000,000 44,000,000 44,000,000 Value of MONY shares (€000) 138,306 98,596 109,530 99,849 113,767 Net Financial Position net of Value of MONY shares (€000) (315,088) (328,733) (331,228) (355,229) (353,500) As of
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Agenda 29 1. Business Portfolio Overview 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
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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 ow ned 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. 8 th , 2026* 33.61% 21.77% 4.01% 33.48% 7.13% Stan Holding S.r.l. Alma Ventures** Treasury shares Free Float Norman Rentrop Shareholding Structure 30 4. 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. 8th , 2026 Number of Shares Treasury Shares Outstanding Shares Price per Share Market Capitalisation 40,017,000 2,851,112 37,165,888 € 35.70 € 1,327 M Since November 2018, MOL is included in the Italian FTSE Italia MID-CAP Index Share Performance since IPO 31 Share Price & Volumes | Share Number (left), € (right) 4. Share Information
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4 Transparency and governance standards Moltiply Group S.p.A. is listed since IPO (June 6, 2007) in the STAR segment of Euronext Milan, Borsa Italiana’s equity market dedi cated to high quality mid-size companies, which voluntarily adhere and comply with a number of strict requirements in line with best international practice: • Timely provision of full year and half year financi al 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 av ailable research (in English) and facilitating liquidity (in our case: Equita SIM) 32 4. Share Information
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Agenda 33 1. Business Portfolio Overview 2. Reflections on AI Impact 3. Business Update 4. Share Information 5. Historical Performance
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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 Key Milestones of Group History 34 5. Historical Performance Revenues | €M 0 1 3 4 8 13 22 38 46 48 53 72 38 51 68 121 138 153 185 220 259 313 311 404 454 674 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 2025 BPO: Insurance services introduced Broking: Segugio.it is launched BPO: Acquisition of Agenzia Italia Broking: Acquisition of Switcho and Pricewise Broking: Acquisition of Verivox
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61% 58% 45% 40% 56 % 56% 57% 61 % 57% 57% 58% 53% 51 % 40% 44% 44 % 43% 39% 43% 43% 42 % 47% 49% 60 % 138.1 152.8 185.1 219.9 259.4 313.5 310.8 404.2 453.6 674.1 0 100 200 300 400 500 600 700 800 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue trends by Division 35 5. Historical Performance Group Revenues | €M
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8% 8% 10% 15% 40% 18% 19 % 18% 19 % 18% 18% 22% 44% 44% 31 % 44% 48 % 55% 52% 47% 47% 40% 25 % 21% 18 % 36% 31% 24% 27% 31% 27 % 30% 21 % 20% 11% 61.0 67.2 79.1 86.8 111.1 134.2 131.0 188.1 221.1 406.4 0 100 200 300 400 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Mavriq Shopping Mavriq Banking Mavriq Insurance Mavriq Energy & Telco Mavriq Revenue Breakdown 36 Revenues by Business Lines | €M 5. Historical Performance | Mavriq 100% 100% 100% 100% 100% 100 % 100% 72 % 71% 45% 35% 28% 29% 20 % 0% 100% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenues by Region | % Other Countries Germany Italy
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92 % 92% 70% 63% 70 % 57% 49% 42% 43 % 52% 21 % 24% 22% 20% 22 % 29% 28% 27% 8% 8% 9% 6% 5% 17% 19% 21% 24 % 17% 6% 3% 5% 10 % 8% 5% 4% 77.1 85.6 106.0 133.1 148.3 179.2 179.7 216.1 232.5 267.7 0 100 200 300 400 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Other revenues Moltiply Insurance Moltiply Lease Moltiply Banking 61% 45% Moltiply BPO&Tech Revenue Breakdown 37 Revenues by Business Lines | €M 5. Historical Performance | Moltiply BPO&Tech
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53% 41% 45% 47% 44% 46% 34% 47% 59% 55% 53% 56% 54% 66% 64.0 76.6 92.6 88.6 108.2 122.8 177.4 0 50 100 150 200 2019 2020 2021 2022 2023 2024 2025 35.0% 40.5% 37.8% 35.7% 32.3% 30.2% 28.7% 25.3% 21.3% 23.3% 23.2% 22.0% 24.1% 22.7% 29.1% 29.5% 29.5% 28.5% 26.8% 27.1% 26.3% 0% 10% 20% 30% 40% 50% 2019 2020 2021 2022 2023 2024 2025 EBITDA by Division 38 EBITDA | €M EBITDA margin | % 5. Historical Performance Group Mavriq average Ebitda margin diluted by international acquisitions
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48% 34% 36% 41% 36% 40% 29% 52% 66% 64% 59% 64% 60% 71% 50.8 63.1 69.0 66.5 63.1 73.5 103.4 0 50 100 150 200 2019 2020 2021 2022 2023 2024 2025 30.3% 37.7% 32.9% 30.0% 21.6% 19.8% 17.9% 18.4% 14.3% 13.8% 15.2% 10.4% 12.8% 11.4% 23.1% 24.3% 22.0% 21.4% 15.6% 16.2% 15.3% 0% 10% 20% 30% 40% 2019 2020 2021 2022 2023 2024 2025 Operating Income by Division EBIT | €M EBIT margin | % 5. Historical Performance Group 51% 38% 41% 44% 42% 44% 32% 49% 62% 59% 56% 58% 56% 68% 57.5 68.2 80.7 77.7 93.8 106.1 149.7 0 50 100 150 200 2019 2020 2021 2022 2023 2024 2025 32.7% 38.1% 35.7% 33.2% 28.9% 26.9% 25.2% 21.9% 17.5% 18.3% 19.0% 18.2% 20.1% 17.7% 26.2% 26.3% 25.8% 25.0% 23.2% 23.4% 22.2% 0% 10% 20% 30% 40% 2019 2020 2021 2022 2023 2024 2025 EBIT Adj. for PPA Amortization | €M EBIT margin Adj. for PPA Amortization | % 39
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45.6 a 17.8 85.1 29.7 24.8 27.5 34.4 40.6 130.7 47.5 b 47.5 35.3 C 44.0 c 29.4 c 0 50 100 150 200 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 18.0% 18.0% 18.6% 18.5% 50.4% 5.7 % 15.3% 8.8% C 9.7% C 4.4% C 17.6% a 15.2% b 0% 10% 20% 30% 40% 50% 60% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 -0.638 in FY2025, -1.040€M in FY2024 and 0.022€M in FY2023 . Net Income 40 5. Historical Performance Net Income | €M Net Income Margin | %
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Dividend Payout 41 1.19 * 0.43 2.23 0.71 0.58 0.69 0.89 1.07 3.42 1.14** 1.24 0.93 1.11 0.75 0.00 1.00 2.00 3.00 4.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.15 0.30 0.30 0.30 0.12 0.40 0.40 0.12 0.12 0.12 0.15 0.00 0.50 1.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 * 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 5. Historical Performance
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42 Appendix
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Quarterly Profit & Loss 43 (€000) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Revenues 160,425 182,650 207,038 165,386 168,881 Other income 2,514 3,562 3,297 2,940 2,538 Capitalization of internal costs 5,515 5,208 6,009 5,806 6,222 Services costs (70,875) (81,294) (99,283) (76,524) (79,287) Personnel costs (50,739) (54,276) (54,688) (49,571) (51,788) Other operating costs (4,738) (4,586) (5,726) (4,545) (4,584) EBITDA 42,102 51,264 56,647 43,492 41,982 Depreciation and amortization (18,539) (18,887) (28,738) (16,730) (15,343) Operating income 23,563 32,377 27,909 26,762 26,639 Financial income 1,513 6,136 1,561 2,212 5,167 Financial expenses (7,686) (6,408) (6,492) (6,544) (7,754) Income/(Losses) from participations 4,032 1,073 1,706 (3) (127) Income/(Losses) from financial assets/liabilities (1,901) (1,891) (23,429) (365) (10,274) Net income before income tax expense 19,521 31,287 1,255 22,062 13,650 Income tax expense (5,351) (9,142) (10,460) (5,762) (3,566) Net income of Continuing Operations 14,170 22,145 (9,205) 16,300 10,084 Net income of Discontinued Operations - 760 (11) (264) (103) Net income 14,170 22,905 (9,216) 16,036 9,981
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Q2 Profit & Loss 44 (€000) Q2 2026 Q2 2025 % Var. Revenues 160,425 168,881 -5.0% Other income 2,514 2,538 -0.9% Capitalization of internal costs 5,515 6,222 -11.4% Services costs (70,875) (79,287) -10.6% Personnel costs (50,739) (51,788) -2.0% Other operating costs (4,738) (4,584) 3.4% EBITDA 42,102 41,982 0.3% Depreciation and amortization (18,539) (15,343) 20.8% Operating income 23,563 26,639 -11.5% Financial income 1,513 5,167 -70.7% Financial expenses (7,686) (7,754) -0.9% Income/(Losses) from participations 4,032 (127) N/A Income/(Losses) from financial assets/liabilities (1,901) (10,274) -81.5% Net income before income tax expense 19,521 13,650 43.0% Income tax expense (5,351) (3,566) 50.1% Net income of Continuing Operations 14,170 10,084 40.5% Net Result of Discontinued Operations - (103) -100.0% Net income 14,170 9,981 42.0%
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H1 Profit & Loss 45 (€000) H1 2026 H1 2025 % Var. Revenues 343,075 301,692 13.7% Other income 6,076 4,768 27.4% Capitalization of internal costs 10,723 9,957 7.7% Services costs (152,169) (138,343) 10.0% Personnel costs (105,015) (91,501) 14.8% Other operating costs (9,324) (9,294) 0.3% EBITDA 93,366 77,279 20.8% Depreciation and amortization (37,426) (28,511) 31.3% Operating income 55,940 48,768 14.7% Financial income 7,649 5,497 39.1% Financial expenses (14,094) (13,127) 7.4% Income/(Losses) from participations 5,105 (123) N/A Income/(Losses) from financial assets/liabilities (3,792) (10,821) -65.0% Net income before income tax expense 50,808 30,194 68.3% Income tax expense (14,493) (7,887) 83.8% Net income of Continuing Operations 36,315 22,307 62.8% Net income of Discontinued Operations 760 (363) -309.4% Net income 37,075 21,944 69.0%
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Balance Sheet – Asset Side 46 (€000) June 30, 2026 December 31, 2025 Change % ASSETS Intangible assets 643,163 658,973 (15,810) -2.4% Property, plant and equipment 49,479 56,974 (7,495) -13.2% Participations measured with equity method 1,556 1,885 (329) -17.5% Non-current financial assets 144,892 115,945 28,947 25.0% Deferred tax assets - 12,348 (12,348) -100.0% Other non-current assets 3,947 6,499 (2,552) -39.3% Total non-current assets 843,037 852,624 (9,587) -1.1% Cash and cash equivalents 121,861 140,099 (18,238) -13.0% Current financial assets 52,370 51,830 540 1.0% Trade receivables 181,982 186,392 (4,410) -2.4% Tax receivables 16,936 14,979 1,957 13.1% Other current assets 23,187 20,298 2,889 14.2% Total current assets 396,336 413,598 (17,262) -4.2% Assets held for sale - 4,411 (4,411) -100.0% TOTAL ASSETS 1,239,373 1,270,633 (31,260) -2.5% As of
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Balance Sheet – Liability Side 47 (€000) June 30, 2026 December 31, 2025 Change % LIABILITIES AND SHAREHOLDERS' EQUITY Group shareholders' equity 335,931 332,666 3,265 1.0% Minority interests 2,263 157 2,106 >1000% Total shareholders' equity 338,194 332,823 5,371 1.6% Long-term debts and other financial liabilities 510,738 539,987 (29,249) -5.4% Provisions for risks and charges 1,636 1,773 (137) -7.7% Defined benefit program liabilities 2 7,590 26,562 1, 028 3.9% Deferred tax liabilities 40,425 39,691 734 1.8% Other non current liabilities 19,053 7,552 11,501 152.3% Total non-current liabilities 599,442 615,565 (16,123) -2.6% Short-term debts and other financial liabilities 102,237 92,700 9,537 10.3% Trade and other payables 77,832 88,726 (10,894) -12.3% Tax payables 9,748 20,382 (10,634) -52.2% Other current liabilities 111,920 118,956 (7,036) -5.9% Total current liabilities 301,737 320,764 (19,027) -5.9% Liabilities directly associated with assets held for sale - 1,481 (1,481) -100.0% TOTAL LIABILITIES 901,179 937,810 (36,631) -3.9% TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,239,373 1,270,633 (31,260) -2.5% As of
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H1 Cash flow statement (condensed) 48 (€000) June 30, 2026 June 30, 2025 Change % A. Cash Flow from operating activities before changes in net working capital 80,851 54,353 26,498 48.8% B. Changes in net working capital (29,000) (17,772) (11,228) 63.2% C. Net cash generated/(absorbed) by operating activ ities (A) + (B) 51,851 36,581 15,270 41.7% D. Net cash generated/(absorbed) by investing activ ities (17,347) (217,747) 200,400 -92.0% E. Net cash generated/(absorbed) by financing activ ities (52,514) 199,504 (252,018) N/A Net increase/(decrease) in cash and cash equivalent s (C) + (D) + (E) (18,010) 18,338 (36,348) N/A 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. 49 49