Making Science Group (MAKS) Q2 2025 earnings summary

Executive summary

• Achieved record recurring EBITDA of €7.7M in H1 2025, with consolidated revenues up 40% year-over-year to €174.6M and gross margin up 2.7% to €36.7M, driven by core business strength and international expansion.

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

• Entry of a new shareholder with over 5% stake and successful hosting of the first Investor Day in Madrid.

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

Financial highlights

• Consolidated revenue rose from €124.8M in H1 2024 to €174.6M in H1 2025 (+40%), with gross margin up 2.7% to €36.7M and recurring EBITDA up 5.7% to €7.7M.

• Core business revenue up 43% year-over-year to €170.2M, with recurring EBITDA up 10% to €7.6M.

• International segment revenue more than doubled (+105%) to €102.3M, with EBITDA up 34% to €2.5M.

• Spain segment gross margin up 15% to €20.1M, recurring EBITDA stable at €5.1M.

• Investments segment revenue declined 20% to €4.4M, with recurring EBITDA down 80% to €0.1M.

Outlook and guidance

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

• As of H1 2025, 50% of revenue, 46% of gross margin, and 45% of recurring EBITDA guidance achieved.

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