Gruppo MutuiOnline S p A : Consolidated interim report on operations for the three months ended March 31, 2024

MOLTIPLY GROUP S.P.A.

(NEW NAME OF GRUPPO MUTUIONLINE S.P.A.)

CONSOLIDATED INTERIM REPORT ON OPERATIONS

THREE MONTHS ENDED MARCH 31, 2024

(FIRST QUARTER 2024)

Prepared according to IAS/IFRS

Unaudited

Moltiply Group S.p.A., ovvero, in breve, MOL Group S.p.A. o anche Gruppo MOL S.p.A.

Sede Legale: Via F. Casati, 1/A - 20124 Milano • Sede Amministrativa: Via Desenzano, 2 - 20146 Milano Tel [phone] • PEC [e-mail] • Web www.moltiplygroup.com

C.F. e P.IVA 05072190969 • REA 1794425 • Registro imprese di Milano 05072190969 Cap. Soc. 1.012.354,01 Euro I.V.

			Moltiply Group S.p.A.
		INDEX
1.	GOVERNING BODIES AND OFFICERS AS OF MARCH 31, 2024	3
2.	ORGANIZATIONAL STRUCTURE	4
3.	CONSOLIDATED FINANCIAL STATEMENTS	6
3.1.	Income statement	6
3.1.1.	Quarterly consolidated income statement	6
3.1.2.	Consolidated income statement for the three months ended March 31, 2024 and 2023	7
3.2.	Balance sheet	8
3.2.1.	Consolidated balance sheet as of March 31, 2024 and December 31, 2023	8
3.3.	Net financial position	9
3.3.1.	Net financial position as of March 31, 2024 and December 31, 2023	9
4.	EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS	10
4.1.	Accounting principles and general valuation criteria	10
4.2.	Consolidation area	10

4.3. Comments to the most significant changes in items of the consolidated financial

statements	10
4.3.1.	Income statement	10
4.3.2.	Balance sheet	11
4.3.3.	Net financial position	11
4.4.	Segment reporting	11
4.4.1.	Revenues by Division	12
4.4.2.	EBITDA by Division	12
4.4.3.	Operating income by Division	12
5. DIRECTORS' REPORT ON OPERATIONS AND SIGNIFICANT EVENTS	13
5.1.	Mavriq Division (Broking): report on operations and foreseeable evolution	13
5.2.	Moltiply Division (BPO): report on operations and foreseeable evolution	13

6. DECLARATION OF THE MANAGER RESPONSIBLE FOR PREPARING THE

COMPANY'S FINANCIAL REPORTS

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Moltiply Group S.p.A.

1. GOVERNING BODIES AND OFFICERS AS OF MARCH 31, 2024

BOARD OF DIRECTORS
Chairman	Marco Pescarmona (1) (3) (5) (7)
Chief Executive Officer	Alessandro Fracassi (2) (3) (5)
Directors	Matteo De Brabant
	Fausto Boni
	Klaus Gummerer (4)
	Guido Crespi (4)
	Giulia Bianchi Frangipane (4)
	Camilla Cionini Visani (4)
	Maria Chiara Franceschetti (4) (6)
	Stefania Santarelli (4)
BOARD OF STATUTORY AUDITORS
Chairman	Cristian Novello
Active Statutory Auditors	Marcello Del Prete
	Roberta Incorvaia
Substitute Statutory Auditors	Cesare Zanotto
	Libera Patrizia Ciociola
INDEPENDENT AUDITORS	EY S.p.A.
COMMITTEES OF THE BOARD OF DIRECTORS
Audit and Risk Committee
Chairman	Giulia Bianchi Frangipane
	Camilla Cionini Visani
	Klaus Gummerer
Remuneration and Share Incentive Committee
Chairman	Guido Crespi
	Stefania Santarelli
	Matteo De Brabant
Committee for Transactions with Related Parties
Chairman	Maria Chiara Franceschetti
	Giulia Bianchi Frangipane
	Klaus Gummerer

1. The Chairman is the Company's legal representative.
2. The Chief Executive Officer legally represents the Company, dis-jointly from the Chairman, within the limits of the delegated powers.
3. Executive Director.
4. Independent non-executive Director.
5. Holds executive offices in some Group companies.
6. Lead Independent Director.
7. Executive Director in charge of overseeing the Internal Control System.

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Moltiply Group S.p.A.

2. ORGANIZATIONAL STRUCTURE

Moltiply Group S.p.A. (the "Company" or the "Issuer"), formerly named Gruppo MutuiOnline S.p.A., is the holding company of a group of firms (the "Group") with an important position - through the entities of its "Broking Division" (also named "Mavriq Division") - in the market for the online comparison, promotion and intermediation of products provided by banks, insurance companies, e- commerce operators and utility providers in Italy (main websites www.mutuionline.it,www.segugio.it,and www.trovaprezzi.it) Spain (www.rastreator.com), France (www.lelynx.fr)and Mexico (www.rastreator.mx)and - through the companies of its "BPO Division" (also named "Moltiply Division") - in the Italian market for the provision of complex business process outsourcing services for the financial sector.

The structure of the Group and its Divisions is shown schematically in the following diagrams, in which all participations are 100% owned, except those for which a different percentage is indicated.

Mavriq Division:

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Moltiply Group S.p.A.

Moltiply Division:

No changes occurred if compared to the composition of the Group as of December 31, 2023.

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Moltiply Group S.p.A.

3. CONSOLIDATED FINANCIAL STATEMENTS

3.1. Income statement

3.1.1. Quarterly consolidated income statement

		Three months ended
	March 31,	December 31,	September 30,	June 30,	March 31,
(euro thousand)	2024	2023	2023	2023	2023
Revenues	106,348	112,484	94,607	103,185	93,911
Other income	2,317	2,662	1,953	2,188	2,918
Capitalization of internal costs	3,177	3,804	3,003	3,639	2,240
Services costs	(45,692)	(47,735)	(41,436)	(41,755)	(40,692)
Personnel costs	(34,288)	(37,307)	(29,066)	(35,663)	(31,960)
Other operating costs	(4,774)	(3,176)	(3,954)	(2,661)	(2,985)

EBITDA	27,088	30,732	25,107	28,933	23,432
Depreciation and amortization	(11,697)	(18,735)	(8,757)	(11,353)	(6,258)
Operating income	15,391	11,997	16,350	17,580	17,174
Financial income	4,776	546	1,811	4,622	17
Financial expenses	(4,306)	(4,172)	(3,828)	(4,410)	(3,344)
Income/(Losses) from participations	-	92	(2)	39	-
Income/(Losses) from financial assets/liabilities	(340)	(257)	1,315	(4,795)	(663)
Net income before income tax expense	15,521	8,206	15,646	13,036	13,184
Income tax expense	(4,560)	(3,114)	(4,334)	(3,611)	(3,652)
Net income	10,961	5,092	11,312	9,425	9,532

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Moltiply Group S.p.A.

3.1.2. Consolidated income statement for the three months ended March 31, 2024 and 2023

	Three months ended
	March 31,	March 31,	Change	%
(euro thousand)	2024	2023
Revenues	106,348	93,911	12,437	13.2%
Other income	2,317	2,918	(601)	-20.6%
Capitalization of internal costs	3,177	2,240	937	41.8%
Services costs	(45,692)	(40,692)	(5,000)	12.3%
Personnel costs	(34,288)	(31,960)	(2,328)	7.3%
Other operating costs	(4,774)	(2,985)	(1,789)	59.9%
EBITDA	27,088	23,432	3,656	15.6%
Depreciation and amortization	(11,697)	(6,258)	(5,439)	86.9%
Operating income	15,391	17,174	(1,783)	-10.4%
Financial income	4,776	17	4,759	>1000%
Financial expenses	(4,306)	(3,344)	(962)	28.8%
Income/(Losses) from financial assets/liabilities	(340)	(663)	323	-48.7%
Net income before income tax expense	15,521	13,184	2,337	17.7%
Income tax expense	(4,560)	(3,652)	(908)	24.9%
Net income	10,961	9,532	1,429	15.0%
Attributable to:
Shareholders of the Issuer	10,781	9,410	1,371	14.6%
Minority interest	180	122	58	47.5%

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Moltiply Group S.p.A.

3.2. Balance sheet

3.2.1. Consolidated balance sheet as of March 31, 2024 and December 31, 2023

	As of
	March 31,	December 31,	Change	%
(euro thousand)	2024	2023
ASSETS
Intangible assets	440,100	446,292	(6,192)	-1.4%
Property, plant and equipment	31,372	31,253	119	0.4%
Participation measured with equity method	1,776	1,776	-	0.0%
Financial assets at fair value	122,480	150,727	(28,247)	-18.7%
Deferred tax assets	5,959	10,259	(4,300)	-41.9%
Other non-current assets	6,183	6,305	(122)	-1.9%
Total non-current assets	607,870	646,612	(38,742)	-6.0%
Cash and cash equivalents	158,456	150,097	8,359	5.6%
Current financial assets	6,120	1,761	4,359	247.5%
Trade receivables	155,143	135,026	20,117	14.9%
Tax receivables	7,681	7,384	297	4.0%
Other current assets	19,672	10,967	8,705	79.4%
Total current assets	347,072	305,235	41,837	13.7%
TOTAL ASSETS	954,942	951,847	3,095	0.3%
LIABILITIES AND SHAREHOLDERS' EQUITY
Group shareholders' equity	311,394	327,528	(16,134)	-4.9%
Minority interest	2,722	2,603	119	4.6%
Total shareholders' equity	314,116	330,131	(16,015)	-4.9%
Long-term debts and other financial liabilities	349,096	368,249	(19,153)	-5.2%
Provisions for risks and charges	691	689	2	0.3%
Defined benefit program liabilities	22,265	21,479	786	3.7%
Other non current liabilities	13,083	13,375	(292)	-2.2%
Total non-current liabilities	385,135	403,792	(18,657)	-4.6%
Short-term debts and other financial liabilities	116,678	83,810	32,868	39.2%
Trade and other payables	56,108	51,840	4,268	8.2%
Tax payables	3,183	2,879	304	10.6%
Other current liabilities	79,722	79,395	327	0.4%
Total current liabilities	255,691	217,924	37,767	17.3%
TOTAL LIABILITIES	640,826	621,716	19,110	3.1%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	954,942	951,847	3,095	0.3%

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Moltiply Group S.p.A.

3.3. Net financial position

The following net financial position is calculated according with ESMA orientation 32-382-1138 of March 4, 2021 and Consob guidance n. 5/21 of April 29, 2021.

3.3.1. Net financial position as of March 31, 2024 and December 31, 2023

		As of
		March 31,	December 31,	Change	%
	(euro thousand)	2024	2023
A. Cash and current bank accounts	158,456	150,097	8,359	5.6%
B. Cash equivalents	-	-	-	N/A
C. Other current financial assets	6,120	1,761	4,359	247.5%
D. Liquidity (A) + (B) + (C)	164,576	151,858	12,718	8.4%
E. Current financial liabilities	(25,251)	(4,305)	(20,946)	486.6%
F.	Current portion of non-current financial liabilities	(91,427)	(79,505)	(11,922)	15.0%
G.	Current indebtedness (E) + (F)	(116,678)	(83,810)	(32,868)	39.2%
H.	Net current financial position (D) + (G)	47,898	68,048	(20,150)	-29.6%
I.	Non-current financial liabilities	(349,096)	(368,249)	19,153	-5.2%
J.	Bonds issued	-	-	-	N/A
K. Trade and other non-current payables	-	-	-	N/A
L. Non-current indebtedness (I) + (J) + (K)	(349,096)	(368,249)	19,153	-5.2%
M. Net financial position (H) + (L)	(301,198)	(300,201)	(997)	0.3%

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Moltiply Group S.p.A.

4. EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS

4.1. Accounting principles and general valuation criteria

This consolidated interim report on operations refers to the period from January 1st, 2024 to March 31, 2024 ("first quarter 2024") and has been prepared pursuant to Art. 154-ter of Consolidated Finance Law, introduced by Legislative Decree 195/2007, in accordance with CONSOB Communication n. DEM/8041082 dated April 30, 2008.

The valuation criteria and the income statement and balance sheet structures used for the preparation of this consolidated interim report on operations are the same used for the preparation of the consolidated financial report of the Issuer as of and for the year ended December 31, 2023. Please refer to such document for a description of those policies.

4.2. Consolidation area

All the companies controlled by the Issuer are consolidated in this interim report on a line-by-line basis. The remaining companies participated by the Group are consolidated with the equity method.

The consolidation area did not change compared to December 31, 2023, date of reference for the consolidated annual financial report approved by the board of directors on March 14, 2024..

4.3. Comments to the most significant changes in items of the consolidated financial statements

4.3.1. Income statement

Revenues for the three months ended March 31, 2024, are Euro 106.3 million, up 13.2% compared to the same period of the previous financial year. For details of the Divisions' contribution to revenues, please refer to section 4.4.1.

During the three months ended March 31, 2024, services costs increase by 12.3% compared with the same period of the previous year. Such increase is mainly due to the full contribution of the foreign companies of the Mavriq Division, consolidated since February 1st, 2023.

Personnel costs for the three months ended March 31, 2024, increase by 7.3% compared to the same period of the previous financial year.

Other operating costs in the three months ended March 31, 2024, increase by 59.9% compared to the same period of the previous financial year.

Depreciation and amortization for the three months ended March 31, 2024, increases by 86.9% compared to the same period of the previous financial year, mainly due to the higher value of the assets recognized following the completion of the purchase price allocation related to the foreign acquisitions. In particular, the amortization of intangible assets related to purchase price allocations are equal to Euro 7.9 million (of which Euro 3.7 million for the Mavriq Division and Euro 4.2 million for the Moltiply Division) in the three months ended March 31, 2024, compared to Euro 2.9 million in the same period of the previous financial year.

The operating income for the three months ended March 31, 2024, decreases by 10.4% compared to the same period of the previous financial year, passing from Euro 17.2 million in the first quarter 2023 to Euro 15.4 million in the first quarter 2024.

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