Making Science Group (MAKS) Q3 2026 earnings summary

Executive summary

• Unaudited 9M26 results: revenue rose 7.9% YoY to €277.7m, gross margin increased 9.6% to €51.4m, and recurring EBITDA grew 12.7% to €9.4m.

• Growth was supported by the US and operating efficiency; reporting excludes the Spanish Cloud and Cybersecurity businesses sold in Dec 2025.

Financial highlights

• 9M26 revenue was €277.746m vs €257.463m; gross margin was €51.395m vs €46.889m.

• Recurring EBITDA reached €9.372m, up 12.7%; reported EBITDA was €7.932m, up 48.3%, as non-recurring charges fell to €1.439m from €2.967m.

• Operating costs increased 9.6% to €42.881m; staff costs rose 5.0% to €35.842m, while CAPEX declined 3.6% to €4.123m.

• US revenue was €56.5m in 9M26, up 14% YoY; operating costs also reflected new country operations and AI software licenses.

Outlook and guidance

• Priorities for year-end and coming quarters: profitability, cash generation, debt reduction and cost optimization; these are management priorities, not quantitative closing guidance.

• Digital Agency aims to sustain efficiency gains and increase contributions from developing markets; Raising AI plans continued product investment and commercialization in Europe, the US and LATAM.