Making Science Group (MAKS) investor relations material

Executive summary

• Revenue for 1H26 reached €196.2 million, up 12.8% year-over-year, with Gross Margin at €35.0 million, up 11.3%.

• Recurring EBITDA grew 7.2% to €6.4 million, maintaining profitability at 18.5% of Gross Margin.

• U.S. operations were a key growth driver, with revenue up 15.6% year-over-year.

• The company completed a legal reorganization and divested its Cloud and Cybersecurity businesses in Spain in December 2025.

• AI integration and operational efficiency initiatives have stabilized costs and improved productivity.

Financial highlights

• Revenue: €196.2 million (+12.8% YoY); Gross Margin: €35.0 million (+11.3% YoY).

• Recurring EBITDA: €6.4 million (+7.2% YoY); EBITDA margin stable at 18.5%.

• Operating expenses rose 12.8%, mainly due to AI license investments and administrative costs.

• Personnel expenses increased 10.6% YoY but declined 2.4% sequentially from 2H25.

• Non-recurring expenses mainly related to restructuring and strategic initiatives.

Outlook and guidance

• Continued focus on profitability, sustainable cash flow, and cost optimization.

• Expectation of improved performance in Investments as market conditions normalize.

• Ongoing investment in AI and technology to drive future growth.