Making Science Group (MAKS) Q2 2025 earnings summary

Executive summary

• Achieved record H1 2025 consolidated revenue of €174.6M, up 39.9% YoY, with gross margin up 2.7% to €36.7M and recurring EBITDA up 5.7% to €7.7M, driven by international expansion and AI initiatives.

• International business now represents 60% of Core Business revenues, with significant growth in the US, Argentina, Brazil, Netherlands, and a JV in Germany.

• Entry of new shareholder Onchena, SL with over 5% stake and successful Investor Day in Madrid.

• Strategic focus on profitability, cash flow, debt reduction, and operational efficiency, leveraging AI and proprietary technology.

Financial highlights

• H1 2025 consolidated revenue: €174.6M (+39.9% YoY); gross margin: €36.7M (+2.7% YoY); recurring EBITDA: €7.7M (+5.7% YoY).

• Core Business revenue: €170.2M (+42.7% YoY); gross margin: €35.5M (+5.2% YoY); recurring EBITDA: €7.7M (+9.8% YoY).

• International segment revenues doubled (+105%) to €102.3M; EBITDA up 33.8% to €2.5M.

• Spain segment gross margin up 14.6% to €20.1M; recurring EBITDA stable at €5.1M.

• Investments segment revenue: €4.4M (-20% YoY); recurring EBITDA: €0.1M (-80% YoY).

Outlook and guidance

• 2025 guidance reaffirmed: revenue €350–370M, gross margin €79–83M, recurring EBITDA €17–18M.

• As of H1 2025, 49.9% of revenue and 45.3% of recurring EBITDA guidance achieved.

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