All right, thank you, and welcome everybody to our first half '26 call. This is Marco, and I will start commenting the results starting from page 19 of our presentation.

Presentation is on our Investor Relations website. Let's start with the revenues.

Revenues in the first half '26 are €343.1 million. That's up 13.7% year-on-year, and the composition is 63% from Mavriq division and 37% for from Moltiply BPO & Tech.

The EBITDA in the six months is €93.4 million. This is up 20.8% year-on-year, and this counts for 65% from Mavriq and 35% from Moltiply BPO & Tech.

The EBITDA margin is 27.2%, which compares to the 25.6% of the same period of the previous year. The EBIT is €55.9 million.

That's up 14.7% compared to the previous year. Finally, the net income is €37.1 million, and that's up 69% year-on-year.

Of course, you know that the results are the sum of the two quarters, and that in the first quarter in the first quarter of '25, Verivox was not consolidated yet. You will remember we had a strong performance in Q1, both good organic performance and the consolidation of Verivox that was a big big addition to our performance.

If we only look at the second quarter, we are on page 20, the results are different, and they are overall in line or possibly even slightly better than what we explained in in the Q1 conference call. The revenues in the second quarter are €160.4 million, and that's down 5% year-on-year.

The mix is 60% from Mavriq and 40% from Moltiply BPO & Tech. The EBITDA in the second quarter is €42.1 million.

That's flat year-on-year, and it counts for 60% from Mavriq and for 40% from Moltiply BPO & Tech. The EBIT is €23.6 million.

That's minus 11.5%, and that counts for 57% from Mavriq and 43% from Moltiply BPO & Tech. Finally, the net income is €14.2 million, and that's up 42% year-on-year.

Here, I think to to comment and explain these results and what they mean and where they come from, it's better to look at the two divisions separately. I think we we can rapidly look at the first half, but then the most interesting part is the the second quarter, for the two divisions.

For for Mavriq, in the first half, the the revenues are €217.4 million. That's up 31.7% year-on-year, but this again includes the consolidation of Verivox.

The EBITDA, adjusted for the PPA amortization We started providing this figure in the full-year results, and we are giving it here again. is €51.9 million.

That's up Sorry. The EBITDA adjusted No, let let Sorry.

Let me read it the other way. The EBITDA is €60.9 million in the six months.

That's up 26.7% year-on-year, and it's an EBITDA margin of 28% compared to the 29.1% of the previous year. Here, we are providing also the EBIT adjusted for the PPA amortization, as we started doing in the full-year results of '25.

This basically tends to track EBITDA because it normalizes the effect of acquisitions. This figure was €51.9 million for the first half, and that's up 23% year-on-year.

Finally, the EBIT is, as reported, is €37.1 million. That's up 11.4% year-on-year.

Again, the first half results are really the average of two very different quarters, and the the update really is is the second quarter. On page 22, we have the figures for Mavriq for the second quarter.

Basically, revenues are €96.9 million, that's minus 1.5% year-on-year, and this is a bit better maybe than what we expected. You You remember we said we would expect a a contraction driven by the the the difficulties in in the Energy business because of the the the Iran war, and this happened.

The impact on the revenues overall, considering all the different business lines, was low single negative low single-digit. The EBITDA in the first in the second quarter is €25.2 million, that's down 6.4% year-on-year.

We we and this is also possibly a bit better than what one could have expected. Of course, we invested a bit more in in marketing to to compensate, in part, from decreasing demand, especially in Energy, and this also we have fixed costs.

It's it's quite normal that in this type of situation, we have a a a a a bigger contraction in EBITDA than in revenues. Finally, the EBIT figure that I'm not going to comment because this is really affected by how and when we started doing the PPA exercise for Verivox the year before.

This is really not not meaningful. In the second quarter of of the past year, there was no amortization of goodwill linked to to Verivox.

It all went in in the fourth quarter. This is the picture of of Mavriq, and this is a picture that, of course, is not a great picture after many quarters of growth.

It's it's possibly a bit better than expected. Starting from this, we'll try to give an idea of possible expectations for the future, even if it's it's very difficult to to to to to have a clear visibility because on on the Energy side, there is a lot of uncertainty.

We said in Q2, what happened? Basically what was expected.

We had two two two businesses that that had significant headwinds. One was Energy because the market, especially in March in in April and May, was really not functioning very well.

Then it started operating a bit better. There was less less switching in in general, in Italy and Germany in particular.

Also the the the credit markets were suffering in different ways in different countries, like in Italy, the mortgage market is still down in was down in the second quarter year-on-year. In Germany, where we have a a loans business, the the the market is also suffering and the banks are restricted.

These are the two things that, but as as we we said at the beginning of the quarter, that that that that were hindering our performance, whereas on the positive size, we had growth in in Mavriq insurance. This was the the the only area where we had real growth, and Mavriq shopping instead remained stable, which is an improvement over the previous quarters.

Now, what to expect? We We believe also because, of course, we have the visibility of a portion a good portion of the period, we we we we we believe that the performance of Mavriq Energy & Telco, which is mainly Energy, will be better year-on-year compared to to Q2, even if, the the market still has ups and downs.

By the way, July looked good, August is a slower month, and September is is a bit uncertain, especially in these days. There are many things happening, and it's not clear where it will go.

I would say, in general, we expect Q3 for Energy to do better year-on-year than what then than than Q2 that had a very very poor beginning of the quarter. Also in in Banking, the comparison year-on-year becomes easier, this should also be a bit more favorable.

For Shopping and Insurance, there are no I things are basically expected to be comparable to to Q2. The the things that were really suffering are going to to to do better, and the things that were doing well or okay, they are expected to continue.

Overall, Q3 will be year-on-year, we expect it to be a better quarter than than Q2. It's very difficult to say to to to have expectations for Q4 because, again, this is mostly Energy.

I would say, in Energy, hopefully, this is a big quarter for demand, et cetera. If the market is functioning, this could be a good quarter, back to normal growth.

You cannot rule out disruptions today. I think that, one could have like Q3 that is something with some recovery, but not full recovery, and Q4 that has full recovery.

There is uncertainty for Q4. It's it's impossible to say, that Q4 will be back to normal growth or where it would be because, again, we we are in the hands of of, the American President and a lot of other unpredictable people.

Finally, we we can comment on some positive news that came out in July and then with more details a couple of days ago. Basically, with shop with respect to Shopping, the European Commission issued a decision against Google for violating the self-preferencing prohibition of the Digital Markets Act.

This is very positive. I would say it was expected, but here with all the pressures, lobbying, et cetera, even things that are expected, you cannot take them for granted.

This happened, and actually, it's a it's a very good decision. I I think it's worth reading it, especially if you follow the company in in detail.

Basically, it this decision explains that the the Shopping box, the the box with the different ads that is shown at the top of the Google search results, this is comparison shopping service, and it's very explicit about this. For this reason, they say self-preferencing is continued because Google is putting this in in in the search results, and competitors don't have the same opportunity.

The implications of this are twofold. One, this is a further reinforcement to what everybody in in our sector says, which is that the Google abuse, of self-preferencing didn't terminate in 2017, but continued and is still continuing.

This is like a a a a a a very clear confirmation of this. Also, the the other potential outcome is that Google will have to come up with remedies, and the decision is very specific, the remedies, if they have to be compliant, have to get rid of of of this box or to give competitors the possibility to appear with another box.

We don't know if Google will comply or not because didn't happen in the past, we don't know if it will happen now. We'll find find out in the coming weeks.

Again, we have now a a a a a a a a good legal anchoring for further steps. The indications seem to be that, they want to ensure compliance.

Again, it's not clear what will happen if compliance is not established, how enforcement will work. In terms of what is okay, what is not okay, I think the decision is very explicit, and that's why I think it's it's it's very interesting reading.

With this, I think we and and possibly, depending on on the compliance mechanism, this could have possibly a favorable impact maybe, well, certainly not in Q3, but possibly in Q4 or afterwards for Trovaprezzi. With this, I'm done with the update on Mavriq, and I hand it over to Alessandro for Moltiply BPO & Tech.

Yes, thanks, Marco, and hello, everyone. We are on page 24.

Situation on the Moltiply BPO & Tech side is slightly different than the one that Marco described for Mavriq, meaning that there is more continuity in the results of Q1 and Q2, and therefore, there's not much to read in comparing H1 or Q2. Basically, the messages are similar.

I would say that also, looking forward, we're looking at very very similar continuing trends for Q3 and the rest of the year, obviously also always taking into account seasonality. I'm on page 24.

You see revenues are down 8%. Here, it's important to note that this is an impact due mainly to the really shrinking refinancing market in mortgages.

If we take away the pass-through value of notary services, meaning the ones that we invoice to banks, but we have exactly the equal amount that is invoiced to us by notaries, the revenues would have grown 3.7%. More in line with the rest of what you see here.

EBITDA grew double-digit as we expected. Actually, it grew faster than revenues, even the revenues net of notary services.

Grew from 29.3 to 32.5%, that's an 11.1%. It means that we see a growth in the EBITDA margin from 21.4% to 25.9%.

The EBIT, adjusted for PPA amortizations, shows a growth of 4.1% from 23.9 to 24.8. The EBIT, instead, has a growth of 21.9% year-on-year from 15.4 to 18.8.

If we look at Q2 financials, you will see similar messages. Actually, the decrease in revenues is a little stronger.

It's 9.9%. Again, even here, you would have seen a growth in revenues if you take out the impact of the pass-through notary costs that we invoice to banks.

The EBITDA grew 20 12.1% year-on-year from 15.1 to 16.9. The EBITDA margin grew from 21.4% of revenues to 26.7% of revenues.

At the EBIT level, again here, there is anyway the impact of the PP&A. You see a growth of 23.7% from €8.1 million to €10 million, and obviously, the EBIT margin grows from 11.5% to 15.8% of revenues.

Let's see what's behind these things. Again, we are happy of what's happening.

It's basically in line of what we explained and told you would happened. We see reasonable growth in revenues and a margin expansion.

That's basically due to a mix effect in a reduction in services like the para-notary services which have lower margins, and those are substituted by higher-margin services. Also, we have been working a lot on efficiency, and management is very focused on pruning services that are not as effective, in reducing capacity where possible, and obviously also using and implementing AI to do this.

We're starting to see some results there, and so you see this margin expansion. Now, if we had to look at H2, again, I would say that we will see at the division level similar numbers to the one that we have seen for H1 year-on-year.

When you enter the different business lines that make up the results of the division, trends are a little bit more nuanced. I would say that the star of H1 was the Banking business lines, even if mortgages had headwinds, the one that we described with the reduction in refinancing.

We still had growth in other services in mortgages thanks to increasing market share in some of our clients. We also had interesting growth from the loan services and from Banking.

Also in real estate, year-on-year, we saw growth thanks to the new clients that we had this year. Other services were more weak, like the one to NPL services because the NPL demand is down.

For example, this is one of those areas where we focused a lot in adjusting capacity, and therefore, bringing back to profitability some of these services which, because of overcapacity, were not contributing positively to the EBITDA. Then, for H1, we have in Moltipli- Lease, this business line, it's always delivering stable good news.

What happens here again, it's growth, and maybe not double-digit, but, our market position here is very strong in terms of market share, it's hard to grow in terms of market share. We grow thanks to the fact that we are able to increase the number of services that we sell to our clients, and this is what's happening.

The trend here is that we reached some results in a year also thanks to some one-off effects, and then the following year, we are able to fill the one-off effects with more stable revenues. This is basically what's going on also this time.

We expect that to continue in H2. I said that Banking was the star in H1.

The laggard was a little bit Multiply Insurance, meaning that even if the results are basically at the revenue level just slightly below the ones of '25, and at an EBITDA level we're slightly better on this one, this thing is actually going to turn around for H2. Meaning, we'll see probably a little slow down in Banking, and instead, we will see a growth in claims.

The reason why I see a growth in claims is basically because, especially in Q2, we didn't close a lot of claims from weather events. We didn't have a lot of rain in the early months of the year.

If you have experience with the Italian weather, actually, starting in June, then in July and also in August, we have started seeing hail events and rain events and floodings and so on, which obviously are not good news generally speaking, but the good news here is that thankfully, a lot of people are insured and therefore, the damages that they suffer create claims to insurance companies, and therefore, work for us as loss adjusters or as TPAs in services for insurance companies. By the way, as an engine for growth, it's not just the fact that there are these events, but also that we are experiencing and we're seeing that there is more penetration in terms of insurance to these events because, as starting January 1st, 2026, we have seen the complete effect of the low mandate to ensure companies, even small ones, to these events.

The events that are happening now should create more insurance claims that what has happened in the past. We are already seeing more claims that insurance company are trusting in our hands.

We had a very very hot summer, and that is, according to the weather experts, also will probably create more events in the fall months. Again here, we do expect Multiply Insurance to perform well in the second part of the year.

If these events are really significant, then also in 2027. To sum it up, again, I expect that Moltiply BPO & Tech will continue to grow at an EBITDA level, as it has done in the first half of the year.

A strong performance, stable performance from Moltiply- Lease, probably an acceleration in Insurance, and maybe less sustained growth in terms of pace from the Banking business line. All in all, we should see continuity in the good results, in our view, that we managed in the first part of the year.

Thanks, and back to you, Marco.

Thanks, Alessandro. Excuse me, Operator, can you hear us or not?

Yeah. I can hear you, Marco.

Marco? Hello.

Hello.

Okay. Alessandro, did you hand it over to me or not, because...

I

did hand it over to you, Marco. I had finished, and I...

There was

1 minute of audio. Perfect.

Thank you. Back to the presentation.

Quick comment on the net financial position on page 28. I think there is nothing special to comment here.

Actually, it's negative €453 million. There is an explanation of what generated cash, which is the operating performance, and how the cash was used.

Part of it was used for buyback. Part of it was used to buy a bit more Money shares.

This is what leads to this net financial position. Both the buybacks and the Money shares were already known, this was easily predictable.

Net of the Money shares, this amount is €315 million, which is improving compared to the 328 at the end of the second of the first quarter. We don't have other comments to make, I think the best is to open it to questions.

Please, Operator, can you do that?

Hello, and thank you a lot for taking my questions. I have a few.

The first one is for Marco on Energy & Telco. You are now guiding to an improved year-over-year performance in Q3 versus Q2.

Can you help us quantify what improved means? Are we talking about the business still declining year-over-year, but at lower rate, or could it already return to growth during Q3?

If there is any differences in Germany versus Italy, but if I'm not mistaken, maybe you already answered on the last one. The second one is for Alessandro on BPO & Tech, which deliver continuous margin expansion also versus Q1.

How much of that is simply the mechanical reduction in the para-notarial pass-through revenues, and how much actually reflects underlying efficiency gains from technology? The very last one, if you can give us an update on the strategic review around BPO & Tech that you mentioned a couple of quarters ago given that also we got some newspaper talking about it.

Thank you.

Okay. I'll start with the first one, and then we'll Okay, we'll we'll share the we will see the others.

Energy & Telco, I I I think what we are saying I I think that the overall message is, this will be a quarter that looks better year-on-year than the second quarter, but is still not a normal quarter. It's something in in the middle.

We had in in the past, a string of quarters of double-digit growth. This is not what should be expected.

What one should expect is something that is better, possibly between a bit better or a bit more better than than than than Q2. In In Energy, there are things that are possibly growing and others that are not growing, like where we have the biggest difficulties is actually in gas because gas is now very expensive, and so that that that is affecting demand.

I would say, it's not even very useful, and we don't really know if, we are going from -2% to +1% in Energy or from I don't know, and not giving you the right numbers, like -10% to -1%. It's an It's clearly an improvement.

Again, the message is, overall, we should expect a quarter of we are expecting, because September is still open, a quarter that is better than the Q2, but is still not a full recovery. A lot of things are still not working or not working at complete speed.

Then on what you call the strategic review, and maybe Alessandro might want to add something, but, we don't have any anything particular to to communicate. Nothing that is that that needs to be communicated as as being decided or done, there is really no no particular update.

I second that. I don't think there's anything particular to comment.

Even the news, basically, in the end, they were saying what we've told the market that, considering there are reasons for which, as we look at the future, it can make sense to have separate ways for the two divisions, but that's the only thing that I think we can confirm. Instead, going back to your question on the composition of the improvement of the margin expansion, the frank answer is that I haven't made the analysis.

By the way, everything in the end is a mix effect, meaning that is not like the increase in efficiency is in every single business line and in every single services because these are not things that you do across the board. These are things that are very focused on the things that you're doing, and in the different services.

I mentioned that, for example, in the cadastral services for NPL servicers, we had a situation where actually the margin was probably negative, and we were able to turn that around by reducing capacity and by improving efficiency in the things we were doing. That is a piece among the fact that we also add and also the AI, it is not across the board.

The kind of things we're doing exactly for the kind of services we do are hard to do. They require the vertical expertise that is needed to get into the single process, and so it takes time.

We do process by process, client by client. As we are able to see the improvements, then obviously, they reflect sometimes to the business line, sometimes we share them with clients.

That's the situation. In any case, it's important to say that, if you've looked at our numbers, you know that we are now in a situation where our EBITDA margin is getting closer to the maximum that we have ever had.

It means that it cannot just be the mix effects, but also the things that are the different composition of the services are going up, and I would leave it with that.

Okay. Great.

Thank you a lot.

Hi. Good afternoon.

Thank you for taking my questions. Three on my end.

The first one is just maybe a recap on what you said on the trends in the coming months and quarters. Summing up all together, it looks like we could expect a plus sign, a positive growth in EBITDA in the third quarter, maybe close to mid-single-digit growth.

Vis-a-vis what you said during your first quarter results call in May, it seems to me that the €200 million, let's say, consensus EBITDA target for the full-year '26 maybe slightly more achievable currently vis-a-vis a couple of months ago. Is this correct?

This was the first one. The second one, maybe a little bit of color on your end on the potential, if any, impact you could expect from the banking consolidation situation in Italy since there are a lot of things going on around banking consolidation now.

The third one, maybe it's just a curiosity on the situation, the litigation with Google. Since you mentioned that the European Commission confirmed that the abuse by Google is continuing, then after the last

Aleksandra, there is a lot of background noise, so... Oh,

sorry. Okay.

We cannot really hear you. Oh, okay.

Sorry. I will end up with my first question, then I can repeat the other ones.

On Google, you mentioned that the European Commission confirmed that their abuse is continuing. I'm wondering if you will use this in order to maybe ask for a higher damages vis-a-vis the €3 billion you already asked for.

Maybe if you can provide any timeline you expect for on the litigation side in Italian court. I don't know if you want me to repeat the first and the second one.

No.

Okay.

Hello?

I didn't get the second one, but maybe Marco, you got it, and if you...

I think it was the impact of banking consolidation on our Moltiply BPO & Tech business.

Yeah. Okay.

We will. Okay.

I'll take that one. Okay.

I'll take one and three. On the trends, yes, I think it's a reasonable interpretation, then it's still interpretation of what we said.

Regarding the 200 EBITDA, we haven't done the calculation. You have to see what kind of growth you need if you take the intermediate assumption for Q3, what you need for Q4.

Based on that, you can see if it's reasonable or not. Certainly, Q2 was a bit marginally better than, I think, what we expected, and so possibly it's slightly better outlook for the year.

We're not giving any indications. I think really you need to rely on the wording, what we said in the press release, and we are trying to interpret it a little bit, but it's still not a precise outlook.

In terms of this DMA decision, it confirms that the abuse is continuing. Google will appeal it, most certainly.

It has always been our position that the abuse continued, it was already included in any assessment of damages and so on. This is more a confirmation of our assessment, of our approach than anything that could lead to a better probability of getting an outcome that is what we want, but it doesn't change our position.

In terms of timeline, also we have nothing to communicate. This is like an Italian damage lawsuit.

It takes a few years to get the first decision. It has started, but we are still at the beginning, it takes a lot of patience.

Until the very end, we will have very little idea, you can count on a couple of years, at least. You'll have a lot of decisions in other countries before.

Maybe one update that is useful, I think there were some news, but only on some local papers, that also, I think, in the Czech Republic, there was also another decision saying that Google was liable for this. I don't know if the abuse also continued, I think.

That I don't know. I think you can look it up.

There should be in something about a company called Heureka, a piece of news in some local papers, but it's a small claim, it doesn't add much. It's a confirmation of the same approach of Sweden and of Germany.

Very clear. Thank you.

Instead relating to the M&A, okay. Let me say a couple of things here.

Any impact, it's on the Banking business line. I think it's useful to remember that the lease part, the Insurance part are not affected.

Then it's also important to remember that most of our services are BPO services. It means they are addictive, meaning no, addictive, I'd love they would be.

When two banks merge, they don't eliminate our services. One of the two does not eliminate our services.

The risk is obviously that somebody that was outsourcing decides to insource or they have more people and therefore, they decide to do things that before were not. Let me say, obviously, the scenario with Intesa taking over Montepaschi and Mediobanca is less favorable to us than the scenario in which the third pole is created around Montepaschi and Mediobanca as they are now because Intesa, as all the largest bank, is less prone to use outsourcing services.

Then we really have to enter the single services that we tell them and really what the scenario will be. I really don't know what they'll do with the retail part of Compass and which is really our client within Mediobanca, it's hard to say.

By the way, the discussion that we had with MPS and Mediobanca before let's say June, we're all positive, and so we were going in a very positive direction. We'll see.

We'll see, frankly. It's hard to say now.

We can start having discussions only the moment where it's clear what's happening and what the plans that they have are really clear.

Okay. Maybe a last one on this.

The situation between UniCredit and Commerz, do you think it would be a way for you to start doing BPO in Germany, maybe?

BPO in Germany, it's really an interesting proposition that we might be looking at in the future and not only in Germany. One of the things that we are looking at is if there are opportunities both organic and in terms of acquisitions also on the BPO side.

Obviously, this is not something that we would do lightly and also not necessarily across the board. Maybe the opportunities are not necessarily in the banking area, maybe they're more on the automotive area.

We are actively looking at what opportunities there are. If we come up with a strategic plan on that, obviously, we'll inform the market.

Thank you.

If that's the case, we thank everybody for participating to our call. We remain available for one-on-ones, and we look forward to seeing you again at the next occasion.

Thank you.

Thank you, everyone. Bye-bye.

Bye-bye.