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: 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.