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Making Science Group (MAKS) investor relations material
Making Science Group Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Company overview and strategy
Operates as a global digital acceleration consultancy with over 1,200 employees in 16 countries, focusing on digital advertising, data analytics, e-commerce, and cloud services.
Recognized among Europe's fastest-growing companies, serving 850+ clients and generating €274M in 2024 revenue with €14.3M recurring EBITDA.
Business lines include digital marketing/adtech, cloud/software/cybersecurity, and investments, all growing at double-digit rates.
Strategic phases: integration of digital capabilities (Phase I), international expansion and critical mass (Phase II), global consolidation and scale (Phase III), and future focus on AI, internationalization, and new products (Phase IV).
Competitive advantages include proprietary technology, global scale, strong local presence, and a culture of ambition and innovation.
Financial performance and guidance
Q1 2025 revenue grew 33% YoY to €82.7M, with gross margin up 5% to €18.5M and recurring EBITDA up 11% to €4.0M, marking a record quarter.
International revenue more than doubled YoY, while Spain saw a 10% decline; gross margin in Spain grew 17%.
Core business gross margin rose 7.1% YoY in Q1 2025; international margin (excluding Georgia) up 16.6%.
Recurring EBITDA for core business increased 15.9% YoY in Q1 2025, with international EBITDA up 101.9%.
2025 guidance: €350–370M revenue, €79–83M gross margin, €17–18M recurring EBITDA; 2027 plan targets €23–27M EBITDA with a 20% CAGR (2025–2027).
Market context and growth opportunities
Global digital ad market projected at $1 trillion in 2025, with 72% of growth from digital channels; Google, Meta, and Amazon dominate with over $400B in digital ad revenue.
U.S. and Asia account for 74% of global media investment; U.S. to add $27B and Asia $20B in ad spend by 2025.
Key markets: Nordics (digital 74.5% of €10.1B ad spend), France (digital 63% of €18.9B), UK (digital 75% of £42.6B), each with strong local teams, client wins, and double-digit growth.
AI adoption and full-service digital offerings position the group uniquely in markets with increasing demand for pan-regional solutions.
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