Moltiply Group reported mixed results for the first half of 2026, with revenue increasing by 13.7% to €343.1 million, but Q2 performance weakening with a 5% revenue decline. The company's EBITDA margin improved to 27.2% from 25.6% a year earlier, with net income rising by 69% to €37.1 million. However, Q2 revenue fell to €160.4 million, down 5% year-on-year, and EBITDA remained flat at €42.1 million. The net financial position worsened to a negative €453 million, though it improved from €328 million at the end of Q1.
The Mavriq division, which includes Verivox, contributed 63% of the group's revenue, with a 31.7% year-on-year increase to €217.4 million. Mavriq's EBITDA margin was 28%, down slightly from 29.1% the previous year. The Moltiply BPO & Tech division, which accounted for 37% of the group's revenue, saw a 9.9% revenue decline in Q2, with EBITDA growing by 12.1% to €16.9 million.
Market headwinds impacted Mavriq, particularly in energy and telco markets, due to high gas prices, market disruptions linked to the Iran war, and lower switching activity in Italy and Germany. Credit and mortgage markets also suffered from lower refinancing activity and bank lending constraints. Despite these challenges, Mavriq Insurance showed real growth, and Mavriq Shopping remained stable. Moltiply BPO & Tech demonstrated resilience through banking services, lease-related work, and insurance claims processing.
The European Commission's decision against Google for violating the Digital Markets Act has implications for Moltiply, which has an ongoing litigation claim against Google in Italy seeking up to €3 billion. Additionally, a mandate requiring companies to hold insurance against weather events came into effect in January 2026, potentially driving claims volume for Moltiply Insurance.
Marco Pescarmona, Chairman, noted that the first half results were an average of two very different quarters, and that Mavriq Telco & Energy performance would improve year-on-year compared to Q2. Alessandro Fracassi, CEO, stated that the company sees reasonable growth in revenues and a margin expansion.
The stock price at publication was $35.55, down 0.42% from the previous close of $35.70. The 52-week range is between $28.95 and $47.90.
