Moltiply Group (MOL) Q4 2025 earnings summary

Executive summary

• Achieved record consolidated revenues of EUR 674.1 million in FY2025, up 48.6% year-on-year, driven by organic growth and the Verivox acquisition in the Broking/Mavriq division.

• EBITDA rose 44.5% to EUR 177.4 million, while EBIT increased 40.8% to EUR 103.4 million; net income declined 33.2% to EUR 29.4 million due to higher interest costs, amortization, and negative adjustments to put and call liabilities.

• Both Mavriq and BPO & Tech divisions delivered double-digit growth, with Mavriq showing especially strong expansion in Germany and Italy.

• Q4 2025 revenues reached EUR 207 million (+56.3% YoY), but net income turned negative due to increased costs and financial charges.

• The group is actively investing in technology and AI, viewing AI as an opportunity for structural growth.

Financial highlights

• Full-year revenues: EUR 674.1 million (+48.6% YoY); EBITDA: EUR 177.4 million (+44.5% YoY); EBIT: EUR 103.4 million (+40.8% YoY).

• Net income: EUR 29.4 million (-33.2% YoY), impacted by higher interest, amortization, and put/call liability adjustments.

• Q4 2025 revenues: EUR 207 million (+56.3% YoY); Q4 EBITDA: EUR 56.6 million (+49% YoY); Q4 net income: -EUR 9.2 million.

• Net financial position: negative EUR 440.8 million as of Dec 31, 2025, mainly due to acquisitions and increased liabilities.

• Proposed dividend: EUR 0.15 per share, with a total payout of EUR 5.67 million.

Outlook and guidance

• Expecting strong year-on-year growth in Q1 2026 due to Verivox consolidation and continued organic momentum.

• Moderate, mid-single-digit organic growth anticipated for the remainder of 2026, with potential downside risk from Middle East instability affecting energy markets.

• BPO & Tech division expects continued organic revenue growth and EBITDA margin expansion, driven by efficiency gains from technology and AI.

• Shopping segment faces ongoing pressure from Google competition; potential upside if EU Digital Markets Act enforcement strengthens.

• Insurance to benefit from new NatCat insurance obligations; lease vertical aims to replicate record 2025 results.