Making Science Group (MAKS) Q4 2024 earnings summary

Executive summary

• Achieved strong revenue and EBITDA growth in 2024, with consolidated revenue up 16% year-over-year to €274M and recurring EBITDA up 71% to €14.3M, meeting guidance targets.

• International segment outpaced Spain in growth, with international revenue up 34% and recurring EBITDA up 75%, and the US operation reached breakeven in Q4 2024.

• Core business demonstrated robust operational leverage, with cost controls and automation driving profitability.

• Expanded client base and geographic reach, with 42% of clients now international, new senior hires in key markets, and the launch of the AI-driven RAISING division.

• Achieved Google Marketing Platform Sales Partner status in the US, Colombia, and Mexico, and received multiple industry awards for innovation.

Financial highlights

• Consolidated revenue rose to €274.0M (+16% year-over-year), gross margin to €71.2M (+11%), and recurring EBITDA to €14.3M (+71%).

• Core business revenue reached €262.6M (+17%), gross margin €67.0M (+11%), and recurring EBITDA €13.8M (+67%).

• Investments segment revenue grew 5% to €11.4M, with EBITDA at €503k (+305%), marking the best year for Ventis.

• Q4 2024 core business revenue was €77.2M (+27% year-over-year), with recurring EBITDA of €3.7M (+29.6%).

• Non-recurring expenses mainly related to M&A, capital increases, and bond repurchase, especially in 3Q24 and 4Q24.

Outlook and guidance

• 2025 guidance targets revenue of €350–370M (+28–35%), gross margin of €79–83M (+11–17%), and recurring EBITDA of €17–18M (+19–26%), with EBITDA/gross margin ratio at 21.5–21.7%.

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

• 2024 results met or exceeded guidance for revenue and EBITDA; gross margin was 4% below guidance.