Thank you. This is Marco Pescarmona.

By the way, Francesco, our CFO, is travelling, he's not able to participate today. We will rely, as usual, on the presentation that was published on our website, and we will start from page 18 of the document.

We will look at the results of the first nine months. In the first nine months, the results are quite strong, of course.

Revenues are €467.1 million, up 45.4% year-on-year. The EBITDA in the nine months is €120.8 million, and that's up 42.4% year-on-year.

It corresponds to an EBITDA margin of 25.9%, which compares to the 26.4% of the previous year. The EBIT is, in the nine months, €75.5 million, that's up 54% year-on-year.

Finally, net income is €38.6 million, which is up 25.8% year-on-year. Of course, these numbers exclude discontinued operations, which means the small regulated entities that we used to have that is in the process of being sold, it's very tiny.

If we move to page 19 with the Q3 highlights, we can see that the results are very much as we expected, the continuation of the performance of Q2. Revenues for Q3 '25 are 165.4%—for €165.4 million, that's up 55.3% year-on-year.

EBITDA is €43.5 million, that's up 52.2% year-on-year. By the way, with an EBITDA margin of 26.3%, which compares to 26.8% of Q3 of the last year.

EBIT is 20- €26.8 million, that's up 60.9% year-on-year, and net income is €16.3 million, which is up 64.2% year-on-year. The important thing that you all already know to point out if we look at the quarter is that the quarter, in a year-on-year comparison, benefits from the inclusion of Verivox in Germany in the consolidation area, and so there is not only in the numbers solid organic growth, but there is also this enlargement of the consolidation area, which started in Q2.

That's the reason why we said this year, rather than focus on year-on-year growth, it's better to look sequentially at the evolution because this enlargement of the consolidation area is really quite significant. If we want to go into more detail on the divisions, on page 20, we have some details of Mavriq, which is our broking division.

Mavriq revenues are €268.2 million, that's up 70.8% year-on-year in the nine months. EBITDA is €78.1 million, which is up 68.8% compared to the previous year.

Here also, notice the EBITDA margin is 21- 29.1%, which is not so far from the 29.5% of the previous year, despite the inclusion of Verivox in the consolidation area, which means that the EBITDA margin of the traditional perimeter improved in a significant way. The EBIT is €54.5 million in the nine months, that's up 81% year-on-year.

It's important to keep in mind, however, that the EBIT figures don't include for now any amortization of the intangible assets that will result from the purchase price allocation of Verivox. We still have a provisional goodwill, and probably by the end of the year, we will allocate this goodwill, and some of it will be allocated to intangible assets such as software or trademark that are subject to amortization, and you will see all that impact concentrated in the fourth quarter of the year.

If we go to page 21, we have the Q3 financials of Mavriq. Here the effect is even stronger.

Revenues almost double, they're €103.2 million, which is up 91.8% year-on-year. Again, Verivox is a very big object, this makes a significant impact even if we also have here significant organic growth.

EBITDA is €30 million in Q3, that's up 78.9% year-on-year. The EBITDA margin is 29% in Q3, that compares to 31.1% in Q3 of the previous year.

The EBIT is €21.3 million, that's up 86.8% year-on-year. In terms of comments on the business, there are no particular news, we did strongly even from an organic point of view in all different businesses, with a notable exception of e-commerce price comparison, which continues to suffer from basically the competition of Google, which is still under investigation for noncompliance with the DMA, but no decision has been issued yet.

On top of the organic growth, there is the enlargement of the consolidation area, which again prompts us to look at things more on a sequential than on a year-to-year basis, because the change is too big change. For the coming months, we can expect some foreseeable evolutions, of course.

One is that there will be likely a slowdown in mortgage demand, especially for remortgages in Italy, because remortgages tend to be let's say, not seasonal, but concentrated in periods when interest rates go down, and then may disappear or slow down a lot for a while, and then come back again when interest rates move. We had a favourable environment for remortgages, and that's slowing.

This is on the less favourable side, even if the real estate market remains strong, it's mostly a remortgage effect here. On the other hand, we see a moderate recovery in energy demand in Germany, especially compared to the first part of the year.

Savings available to consumers in Germany that decide to switch energy provider are better than they used to be a few months ago. This is positive, even if we still have to see the entire peak season, it's still a bit undecided.

For the rest, the other markets are developing in continuity, there is nothing new to report. With this, I'm done with the update on Mavriq, and I hand it over to Alessandro for BPO.

Yes, thanks, Marco. Good afternoon, everyone.

Good morning for our friends in the States. We're on page 23.

As you see, the nine-month financials for the Moltiply BPO and Tech division are strong. We grew 21.2% year-on-year from €164 million to €198.8 million, and EBITDA grew from €38.5 million to €42.6 million, that's a growth year-on-year of 10.7%.

This different growth, which is also reflected in a change in the EBITDA margin, is basically connected to, as you all know because I've explained it quite some times this year, the impact of the new law on notary fees. We have, obviously in this results, a significant percentage of para-notary activities.

As we had an increase in prices for the services of notaries, which did not impact our absolute margin, but it did impact our percentage margin. There is this dilution effect if you look at the EBITDA percentage relative to revenues.

The growth, which is at least 70% of this growth is organic, I think it's a significant, good performance in the nine months, completely in line with what we expected and what we communicated. We keep this double-digit growth, which is obviously our long-term target.

Looking at EBIT, also here, you see that now the trends of EBITDA and EBIT in terms of growth are very similar, and we grew 11.2% year-on-year from €18.9 million to €21.0 million. The EBIT margin, also here, obviously, you have the dilution effect, went down from 11.5% to 10.6%.

If we go to the next page, we can see the third-quarter results. The third quarter has actually been a little better than the second quarter, and in fact, the impact on the overall year and the nine-month performance has been a little improvement.

The growth in revenues is 18.0% year-on-year. The growth in EBITDA margin is [unclear] 14.3%, and basically here you would have had also a double-digit growth even if you just kept the organic piece of it.

The EBITDA grew 11.8 to 13.5, again, a 14.3% year-on-year growth. EBITDA margin, again, we have the same dilution effect, 22.4% down to 21.7%.

The EBIT margin in the third quarter grew 4.8% from €5.3 million to €5.5 million, that is a growth of 4.8%. Basically the comments, as always when we're talking in the odd quarters are reasonably short, but the reality is there is not a lot to comment, meaning that basically what we told you at the end of August, beginning of September in terms of the trends, they are very similar.

The growth is basically driven by mortgages, by the lease business line, and also wealth is doing well, although the growth of wealth is connected to a significant and important project on the IT part, so that will not be a significant repetition of that in the next year. Instead, we are seeing, obviously, a normalization, as we have mentioned a lot of times, of claims and real estate.

We expect this growth to continue now in the coming quarters. Quarter 4 was exceptionally good last year, you might remember, it kind of even turned the year around, we'll see how it will compare just looking at Q4.

The trends that we discussed basically continue. What Marco said about the slowing down in remortgages will impact also the BPO division, specifically with para-notary activities that I just finished mentioning.

There will be a little bit of that, but all the rest of the trends are, generally speaking, positive and in line with what we told you. We keep working, obviously, on the processing efficiency, and as you all know, technology is playing a more and more significant role in increasing efficiency, and obviously this would be the name of the game looking forward in the next quarter and in the next years.

I think this basically ends my comments, and obviously I'm very happy to take questions, but before that, let me pass it back to Marco with comments on the net financial positions.

Thank you, Alessandro, and let's finish with a couple of words on net financial position on page 27. Here the statutory net financial position is negative €455 million.

That's an improvement to the negative 46- €467 million of June 30 or the €515 million of March 31. Basically, the improvement is a benefit from the cash generation of the business.

Just a reminder, we did two transactions in Q3, one which is neutral on net financial position, which is the acquisition of the large majority of the remaining stake of CercAssicurazioni. Basically, we bought the majority of that stake paying cash, plus we have a put and call on the residual portion, which is 6- 12%, but the amount of the cash outflow plus the new liability corresponds basically to, ballpark, to the liability that we had already recognized.

This is neutral on the net financial position. What is not neutral is the fact that we acquired also the entire minority in our company, we had a company with a third-party shareholder that was providing para-notary services, and we reached an agreement to acquire that for a consideration of €15 million, of which €8 million were immediately paid, this affected the net financial position.

That's first point. The second point is the kind of adjustment net financial position, including the value of the Money shares.

That's basically stable year-on-year because the stock price of Money went down, and this is not so relevant because, for the majority of the banks, now we have a custom-made definition which doesn't take this into account. Still, from our point of view, it's an interesting parameter to look at, and we still have a couple of legacy loans that look at net financial position including Money, and so with this again, we're at €355 million.

Clearly, if you do the multiples, our net financial position already is below three times EBITDA, the statutory one, and the let's say the adjusted one would be a bit more than two times two-thirds of EBITDA. We are in a comfortable situation, and also we are benefiting from reduced rates thanks to this lower net financial position, more favourable rates on our financing.

With this, we are finished with the comments, and we can open it to comments, so, operator, please you can open the floor to questions.

Good afternoon. Thanks for taking my questions.

Three questions on my side. First one, we have seen recent rulings awarding significant claims to other price comparison platforms in Germany against Google, and do you see any positive read-across or increased visibility for your case against Google?

Second one, following last week news on Azimut new banking project, could you share your view on any potential implication for the wealth segment within your BPO division? Last one, could you provide more colour on the margin evolution within the Mavriq division and how Verivox profitability is progressing post consolidation?

Thank you.

I will take the first and the third question, and Alessandro, of course, will handle the second. Regarding the news from Germany, just as a refresher, basically, Idealo, plus a smaller price comparison website, scored a success in a German court, being awarded damages exactly for the same thing that we are pursuing against Google.

Basically, the court in Germany, from what we know, confirmed that, of course, the abuse of dominant position is proven, but this court confirmed not only relied on the proven abuse, but also confirmed that the abuse continued after 2017. At least this is how we understand it.

In terms of the fact that there were damages and, in particular, that the abuse continued was very favourable to the claimants. In terms of the award, the amount is nice, but it is significantly lower than the original claim, because the original claim was for more than €3 billion, and the award was to Idealo something below €500 million.

On one side, I think this is a bit disappointing. On the other side, in Germany today, they just explained to me that the largest claim ever awarded in Germany for a similar situation was €60 million, this time they awarded eight times the largest claim ever awarded in Germany.

It was also a big departure from past, very conservative approach by German judges on the quantification of the claims, and this concept of prudence and so on, I don't know, I think it's bound to be favourable to companies in general. I think the very good news is the general win on the infringement and the continuation of the infringement.

On the amounts, we hope that we don't get 14% of our ask, we get significantly more. It's also important to point out that there are other cases that are being ruled these days, and so far, the rulings have been confirming the infringement and the fact that damages are due.

I think it's, again, good news. This will reinforce the conviction of judges that the quantum will depend on the work of the local experts, and again, we hope to get more than the percentage that they got.

The other question about the margins of the Mavriq division. The margins were slightly down year-on-year, especially if you look at the single quarter, but you have to keep in mind that we are now consolidating Verivox, which is a very large entity that has lower EBITDA margin than our other businesses.

The way you should read the margin evolution is we have a significant margin expansion in not everything, because the price comparison goes down in terms of margins, but in almost everything, plus a big dilution from a large object like Verivox where the EBITDA margin is significantly lower than the rest of the division. This is how to read it.

With this, I'm done.

Relatively to the TNB project, obviously here I have to be a little careful as we're talking about a client in a delicate situation. I mentioned this project when we were in September, discussing the half-year results as I was looking forward.

I mentioned that as something that I still didn't know which way would go because obviously this means the project is basically splitting Azimut in two, and I know and like the status quo as of today, as we are providing significant services to Azimut, and obviously that could be an opportunity given the fact that the scope of the new bank, becoming a bank, it will increase the number of services that they need. Still, I'm not in the position to say that we will necessarily continue to be offering services to them.

The way to look as a Moltiply shareholder, the way to look at the news of delays in the launch of TNB kind of connected to what's going on in Azimut right now, it is conceptually neutral looking at the status quo. We will continue to provide the services if the company remains with the current perimeter, if it will split and when it will split some months ahead, I know how it will work, and obviously I'll be explaining to our shareholders and to the market in general what the expectations are.

Today, basically, the news is that this thing is being pushed forward. Actually things about remediation, all the things that need to be done, if you look at the there were not many comments of Bank of Italy relative to the operating model, it was more about the overall governance.

We, let's say, we are not part of the problem, possibly in the next weeks and months, we will be part of the solution. Relatively speaking, this is a, as I said, a delicate moment for Azimut, but I don't think there should be any read-across towards definitely not something negative on us because of this.

Thank you.

Hi, good afternoon. Thank you for the presentation and for taking my questions.

A couple on my end. The first one is maybe a little bit early, but just the sentiment you have on 2026 or how you will enter the year considering what you already told us about the overall trend, a little bit decelerating mortgages, overall positive trends for most of the other divisions.

I was wondering is it reasonable to assume a sort of normalized growth rates for the BPO in mid single-digit range for revenues and maybe high single-digit range for the Mavriq broking division? This is the first one.

The second one is a follow-up on let's say the Google issue. Maybe do you have any clue, any idea of what could be the timing of the Italian courts to go on with the case?

Just to understand whether we have a timeframe for this issue, and also connected to what you were mentioning before on your expectation to get maybe even more than the amount got from Idealo. If I remember correctly, both you and Idealo are requesting for roughly €3 billion in damages, maybe Idealo a little bit more, but broadly €3 billion.

Just to understand better the underlying, so as far as the period covering these damages is the same for you and as for Idealo, and so if you can maybe remind us of how you calculated or estimated this €3 billion damages? Thank you.

Okay. In terms of sentiment, it's a bit too early to tell.

We have now a very diversified business. We have grown pretty well in recent years, and it's really hard to comment on whether the specific figures you quoted are appropriate or not, because we don't give guidance.

In general, I would say we tend to have analyst estimates that tend to be a bit on the conservative side for the future, we tend to do a bit better. I would look to the extent that it's possible to the past to have an idea to what happened in the last couple of years.

That's easier for BPO. For broking, there is the issue of Verivox, and if we do well, we will be able to deliver performance by being more effective with Verivox.

This will be an important driver, of course. The jury is out to see if we are able to deliver or not, but that's potentially for the next couple of years for broking a very relevant source of performance.

Again, even in terms of giving some vague indications, we are not ready for that. We will try to do it with the full-year results.

Marco, if I can just add one thing on the BPO. Aleksandra, correctly, you were referring to something like normalized, but I really want to stress out, it will also be clear the impact of the different business lines when we give the full picture with the full-year results.

It's true that we had a very, very strong performance on mortgages, but I think you should not discount that it was really a very significant drawback on claims and on real estate because of, on one side, statistical normalization of what had happened in 2023 and 2024. When you look at '26, obviously there will not be anymore this normalization because the whole of 2025 has been without Ecobonus, and the whole of 2025 has been with basically normal weather events.

Then, as one of the things that at a certain point we should start seeing some impact instead is the new law on natural catastrophes. As the full impact of the law is basically at the end of the year, meaning that everybody has to take on insurance, I think that the first year where we'll start seeing some impact for our claims BPO is 2026.

Keeping still our qualitative comments, I just wanted to make sure that this is what you're looking at. As Marco said, probably looking at the past is the best way to see what we can be doing in 2026.

In terms of the timing of the Italian court for the claim, Italian courts are normally take two to three years to reach decisions. We have no visibility of the exact timing, and I don't think we will be able to provide updates throughout the process.

Since before hearing anything from us about outcomes, you will hear a lot of decisions in other jurisdictions. By the way, all these decisions, if they continue to be favourable to the claimants, will just, I think, reinforce the conviction of our judges.

Don't expect anything in terms of amounts, decisions, or anything, at least for all of '26. We might have our own feelings, but until we have a judgment, it's all up in the air.

We don't know, it could be nothing, it could be a lot of money. Until we have a decision, we are in the dark, let's say.

Thank you. Maybe the last one on how you calculated the €3 billion and the number of years it covers?

Sorry, yeah.

Yes. It's difficult in fact to make comparisons between the claims of different countries or different players for a number of reasons.

One is exactly how the claim is structured, for what you are claiming damages, if it's for a certain period, for a longer period, and so on. Also, the abusive conducts that have been observed also have permanent effects.

If I, I don't know, if I crush your hand, then maybe you don't lose the hand, but you will not be able to manipulate things in the future, and that's a permanent damage. This is the same.

Once a player that had a very strong market position in a market with tipping and network effects becomes a number two, they'll be a little bit crippled compared to how they were before. Part of the damages is also that, and depending on how you phrased it and so on, it could be done in a way or another.

I would say, from what I read, the Idealo claim possibly doesn't have a terminal value, stops at a certain point in time. I don't know what kind of assessment they did on permanent effects, or if they reserved the right to further claims.

It's really hard to do the comparison. Idealo is significantly bigger than Trovaprezzi, this is important to know.

Again, this doesn't mean much. There is a company in Sweden that made a claim just a couple of weeks ago of €7 billion.

Our claim is well grounded, it's based on econometric models, all these things are done with counterfactual scenarios. The way it works, this is very general in terms of concept, when you have these abusive conducts, the way you determine the damages is by finding a counterfactual scenario.

Normally, there can only be one counterfactual scenario, this is something that typically the court has to decide, exactly what is the counterfactual scenario. Then, in this counterfactual scenario, you have to estimate the economic performance that reasonably you could have achieved, and then the damage is the difference between your actual economic performance and economic performance in the counterfactual, and then, of course, there is this issue of the permanent component that also has to be determined.

It's a bit like a concept of terminal value. This makes sense only if there are externalities and so on, which, in our case, we think are very strong.

These are the generic concepts, but it's very difficult to make comparisons.

Very clear. Thank you.

Hi again. Since we have a little bit of time, maybe a more general one on the businesses in France and Spain and the Netherlands.

In past occasions, you mentioned the work you were doing apart from the operating margin, on the top line and on marketing costs on the supply side, maybe an update on these aspects on LeLynx, Rastreator, and Pricewise? Thank you.

I think we are, in general, very happy of the work that we have done in especially in Spain and France. The Netherlands is a more recent acquisition, it's it's still more it's it's a bit more work in progress.

I think the key aspect is the fact that we're putting in place strong management team management teams with more and more autonomy. The teams, the new teams are part new people, part existing people, because we also had stronger people in in several cases from from the original teams.

Basically, thanks to to to to to to to the management teams, these companies are delivering strong performance and with a good level of autonomy now. In the Netherlands, we just appointed a new CEO, we are a couple of years behind in terms of this process.

This is a very important process, because it accelerates any knowledge transfer that we might be doing, because it improves the execution. First, this improves the execution basically.

Then, and initially, the execution is more like asking us, us asking them to do things that we think could be beneficial. Then, after the easy things are done, the execution will be local innovations, or, doing things that that have to do more with partners or other other things that that are inherently local.

With good teams, we are in very, very safe hands. This also allows our core leadership team, from Alessio to his closest team, to to concentrate more attention on Germany, because in Germany, we have a very big opportunity.

Of course, it's it's a big organization, and, we don't want to we want to do a good job, let's say. The strong teams in the different countries are delivering, and also they are freeing up resources so that we can focus more on Germany.

It's it's we we are very very happy with the overall situation.

Thank you.

Okay. Let us make two final comments.

One, I understand some of the questions you're asking. We will be thinking about how to represent the business in a possibly slightly different way from next year in terms of giving maybe more visibility on the international part, and maybe aggregating things in Italy, because it no longer makes sense on the Mavriq side, possibly given the relative sizes of the different things, to talk about mortgage broking in Italy, insurance broking in Italy, and then one big object, which is international markets.

This is, with two-thirds of the stuff coming from international, not exactly representative. We'll have to think about it, and maybe also on BPO, on how we aggregate things.

We'll think a little bit exactly the design of our business lines, this is first comment. Second comment, which is a bit stupid, but you saw the stock price on Friday going down 5%, etc., and we got feedback from a couple of people that maybe it was because we had moved the call to another day, and what could this imply, etc.

Basically, this implied that I was going to the seaside, and Alessandro had a tennis match, and we couldn't match the two things together. In our case, we suggest that you don't read too much into the fact that we move a call or anything.

It's really everything for the long term, and the normal explanation is normally the easiest, let's say, just to clarify that, because we found it very funny that, because we had moved the call, the stock price should go down because maybe, what could this mean. It meant that, again, we had other things to do, and we just couldn't make it work.

With these comments, I think we are finished.

Excellent. Thanks.

Thank you for participating to our call, and, as always, we are available for one-on-ones, and otherwise, we'll talk to you at the next call. Thank you.

Thank you, everyone. Good evening.

Bye.

Bye.