MBB (MBB) Q1 2025 earnings summary

Executive summary

• Achieved strong Q1 2025 results with revenue up 27% to €260 million and adjusted EBITDA up 32% to €30 million, raising margin to 11.5%.

• Entered the SDAX index with both MBB and Friedrich Vorwerk, marking a significant milestone in market recognition.

• Adjusted EPS declined 7.1% to €1.03 due to higher tax expenses and minority interests.

Financial highlights

• Q1 2025 revenue reached €260 million, up from €205 million in Q1 2024, with adjusted EBITDA margin improving to 11.5% from 11.0% year-over-year.

• Net cash position at group level was €466.6 million, with €262 million at the holding as of March 31, 2025.

• Equity ratio improved to 65.3% from 64.5% at year-end 2024.

• Liquid funds, including gold and securities, totaled €527.6 million at quarter-end.

Outlook and guidance

• 2025 group revenue guidance is €1.0–1.1 billion with an EBITDA margin of 11–14%.

• Friedrich Vorwerk/Service & Infrastructure segment expects to reach the upper end of €540–570 million revenue and 16–17% EBITDA margin.

• Aumann targets €210–230 million in revenues and 8–10% EBITDA margin; Delignit guides for €68 million in revenues and 6–7% EBITDA margin.