Making Science Group (MAKS) Investor Presentation summary

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: initial integration and tech investment, international expansion, and current global consolidation with a focus on operational leverage and scale.

• 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 surged 103% YoY in Q1 2025, while Spain saw a 10% decline; gross margin in international markets (excluding Georgia) grew 17%.

• Core business EBITDA for Q1 2025 reached €3.9M, up 15.9% YoY, with notable growth in France, Nordics, and Georgia.

• 2025 guidance targets €350–370M revenue, €79–83M gross margin, and €17–18M recurring EBITDA, with 23% of targets achieved in Q1.

• Net financial debt stood at €7.9M at end-2024, with a BB (stable) credit rating and a disciplined approach to debt and M&A-related payments.

Market context and growth opportunities

• Digital advertising is projected to account for 72% of global ad growth by 2025, with the US and Asia leading regional investment.

• Google, Meta, and Amazon dominate the digital ad market, collectively exceeding $400B in 2024.

• The company is expanding in key European markets (Nordics, France, UK), each showing strong digital ad growth and demand for AI-driven solutions.

• AI investments exceed €15M, with proprietary platforms (Ad-machina, Gauss AI, Trust Generative AI) driving campaign efficiency, analytics, and content generation.

• Future strategy (Phase IV) emphasizes further AI integration, international expansion (especially in Asia and the US), and scaling with hyperscalers and AI-native clients.