Moltiply Group (AO) | Buy | IIC: Cyclical Q2 weakness, structural story intact

研报英文原文证据摘录

Moltiply Group (AO) | Buy | IIC: Cyclical Q2 weakness, structural story intact

Italian Investment Conference Feedback

Release date: 20 May 2026

Tommaso Nieddu

Equity Research Analyst

Buy +39 02 85 50 72 18Moltiply Group tnieddu@keplercheuvreux.com

Italy | Financial services Beta Profile: MCap: EUR1.1bn

Target Price: EUR60.00 Bloomberg: MOL IM Reuters: MOL.MI

Current Price: EUR30.45 Free float 62%

Up/downside: 97.0% Avg. daily volume (EURm) 2.2

YTD abs performance -12.2% Market data: 19 May 2026

52-week high/low (EUR) 49.50/30.00

IIC: Cyclical Q2 weakness, structural story intact

Key points

Management reiterated Mavriq Q2 EBITDA decline of >10% YOY, fully driven by Energy & Telco in Germany and Italy, with a binary

H2 setup: Q4 remains the key swing factor given the seasonal concentration of energy renewals, and normalisation could trigger a

sharp catch-up on postponed demand.

Traffic substitution from chatbots remains immaterial, the Google AI Overviews impact has largely lapped, and Moltiply is already

positioned on the main AI platforms with a best-in-class mortgage advisor, should the channel scale.

Verivox remains the main near-term margin expansion lever within Mavriq, with tangible results expected once the energy

switching market rebounds.

Speaker

Marco Pescarmona, Chairman & Co-Founder

Temperature

Constructive but candid meeting. Investor focus was on the Mavriq Q2 trajectory and its potential rebound in the following

quarters. Reassuring tone on AI.

Company’s pitch

Moltiply continues to position itself as a high-cash-conversion platform combining a resilient domestic BPO franchise with a pan-

European comparison business (Mavriq), now with a meaningful German footprint via Verivox. Management framed the current