Making Science Group (MAKS) Q4 2025 earnings summary

Executive summary

• Achieved €374M in revenue for FY 2025, up 36% year-over-year, driven by international expansion and growth in service activity.

• Recurring EBITDA remained stable at €14M, reflecting investments in talent and geographic expansion.

• Significant international growth, with new offices in Brazil, Argentina, Germany, and the Netherlands, and a joint venture in Germany.

• Sale of the Cloud and Cybersecurity unit (BL2) to Lutech, focusing on core digital marketing and AI technology areas.

• Recognized for innovation and as a top employer, with awards from YouTube, Google, and El Mundo.

Financial highlights

• Revenue increased by 36% to €374M in FY 2025 compared to FY 2024.

• Gross margin rose 5% to €74.8M, with profitability maintained around 20%.

• Core business revenue grew 38% to €363.3M, with gross margin up 7.7% to €72.2M.

• International segment revenue surged 70% to €216M, with recurring EBITDA up 24% to €5.2M.

• E-commerce and product investments saw a 10% revenue decline and a 54% drop in recurring EBITDA.

Outlook and guidance

• 2026 expected to deliver profitable, sustained growth, leveraging AI-driven products and regional hubs.

• Continued international expansion and investment in AI development planned.