Making Science Group (MAKS) Q4 2024 earnings summary

Executive summary

• Achieved strong business growth in 2024, with revenues up 16% year-over-year to €274.0M and recurring EBITDA up 71% to €14.3M, meeting or exceeding guidance targets.

• International segment grew faster than Spain, with international gross margin up 14% and recurring EBITDA up 75% year-over-year; US operation reached breakeven in Q4 2024.

• Investments segment (Ventis) delivered its best year, with recurring EBITDA of €503k, up from €124k in 2023 (+305%).

• Expanded client base and introduced new services internationally, with 42% of clients now international, up from 25% in 2023.

• Launched new AI-driven technology division RAISING and received multiple industry awards for innovation and client solutions.

Financial highlights

• Consolidated revenue rose 16% to €274.0M in 2024, gross margin increased 11% to €71.2M, and recurring EBITDA surged 71% to €14.3M compared to 2023.

• Core business revenue grew 17% to €262.6M, gross margin up 11% to €67.0M, and recurring EBITDA up 67% to €13.8M.

• Spain revenue up 4% and international revenue up 34% year-over-year; international recurring EBITDA up 75%.

• Investments segment revenue up 5% to €11.4M, gross margin up 4%, and recurring EBITDA up €379k to €503k (+305%).

• Over 80% of service revenues are recurring, supporting high predictability of revenues.

Outlook and guidance

• 2025 guidance: revenue €350–370M (28–35% growth), gross margin €79–83M (11–17% growth), recurring EBITDA €17–18M (19–26% growth), EBITDA/gross margin ratio 21.5–21.7%.

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

• 2024 recurring EBITDA and revenue met guidance; gross margin was 4% below guidance but cost management offset the impact.