MBB (MBB) investor relations material

Executive summary

• Revenue grew 16.8% to €546M in H1 2025, with adjusted EBITDA up 37% to €76M and margin rising to 14.1%, driven by Service & Infrastructure and major contract wins in energy and IT security.

• Q2 2025 saw EBITDA margin reach 16.4% on 9% revenue growth to €285M, with Service & Infrastructure as the main growth driver.

• Technological Applications and Consumer Goods segments declined due to weak automotive and consumer demand, but diversification and capacity ramp-up are underway.

• Net cash position remains strong at €457M–€519M, with equity ratio at 65%.

• High order backlog of €1.1B and robust liquidity support future growth and M&A flexibility.

Financial highlights

• H1 2025 revenue reached €546M, up 17% year-over-year; adjusted EBITDA margin improved to 14.1% from 12.0%.

• Q2 EBITDA grew 40% to €46M, with margin up to 16.4%.

• Service & Infrastructure Q2 revenue up 45% to €170M, EBITDA margin at 21%.

• Technological Applications Q2 revenue down 38% to €48M, EBITDA margin stable at 10%.

• Consumer Goods Q2 revenue down 14% to €19M, EBITDA margin at 1%.

Outlook and guidance

• Full-year 2025 revenue expected at upper end of €1.0–1.1B, with adjusted EBITDA margin at 11–14%.

• Service & Infrastructure guidance raised to €610–650M revenue and 17.5–18.5% EBITDA margin.

• Technological Applications expects €210–230M revenue and 8–10% EBITDA margin; Delignit targets €68M revenue and 6–7% margin.

• DTS expected to benefit from IT security focus and government spending.

• Cautious outlook for automotive and consumer segments due to weak demand.