Making Science Group (MAKS) Q1 2025 earnings summary

Executive summary

• Achieved recurring EBITDA of €4.0M in Q1 2025, the highest in company history, up 11% YoY, with revenues of €82.7M (+33%) and gross margin of €18.5M (+5%), driven by international expansion and operational efficiencies.

• International revenues surpassed Spain for the first time, reaching €48M versus €32M, with both Spain and international markets (excluding Georgia) growing gross margin at 17%.

• Core business recurring EBITDA grew 16% YoY to €3.9M, maintaining a 22% profitability ratio.

• Significant new client wins, entry of a new shareholder with over 5% stake, and launch of RAISING, an AI-driven technology division.

• U.S. operations reached breakeven, and Google Marketing Platform reseller status expanded to new geographies.

Financial highlights

• Q1 2025 consolidated revenue: €82.7M (+33% YoY); gross margin: €18.5M (+5% YoY); recurring EBITDA: €4.0M (+11% YoY).

• Core business revenue: €80.2M (+35% YoY); gross margin: €17.8M (+7% YoY); recurring EBITDA: €3.9M (+16% YoY).

• International segment revenue more than doubled (+103% YoY), while Spain saw a 10% decline in revenue but a 17% increase in gross margin.

• Investments segment (e-commerce & products) saw revenue fall 15% and gross margin fall 25% YoY, but remained profitable.

• Non-recurring costs decreased significantly in Q1 2025 compared to Q3 and Q4 2024.

Outlook and guidance

• 2025 guidance: revenue €350–370M, gross margin €79–83M, recurring EBITDA €17–18M; 22–24% of annual targets achieved in Q1.

• Plan 2027 targets recurring EBITDA of €23–27M, implying a 20% CAGR from 2025 to 2027.

• Strategic focus on profitability, cash flow, debt reduction, and operational efficiency.