MBB (MBB) Q2 2024 earnings summary

Executive summary

• Adjusted EBITDA grew 75% year-over-year in H1 2024 to €56 million, with margin rising from 7.5% to 12%.

• Revenue increased 9.3% year-over-year to €467 million in H1 2024, with Q2 revenues up 16% year-over-year and sequential Q2 growth of 27%.

• All business segments contributed to profitability gains, with Service & Infrastructure leading in absolute terms.

• Net cash position remains strong at €358 million as of June 30, 2024, despite €54 million in investments and buybacks.

• Full-year 2024 revenue is expected to surpass €1 billion, with EBITDA margin guidance raised above 10%.

Financial highlights

• Group EBITDA margin reached 12% for H1 2024, up from 7.5% the previous year; Q2 margin at 13%.

• Q2 2024 EBITDA was €33 million, up 46% sequentially from Q1 and 83% year-over-year.

• Adjusted EBIT up 181% to €33.8 million; adjusted EBT up 172% to €35.6 million year-over-year.

• Equity ratio increased to 67.1% as of June 30, 2024.

• Net cash position at €358.1 million, reduced from €475.3 million at year-end due to buybacks and investments.

Outlook and guidance

• Full-year 2024 revenue expected to reach or surpass €1 billion, with EBITDA margin guidance raised to above 10%.

• Friedrich Vorwerk expects revenue above €410 million and EBITDA margin at upper end of 11-13%.

• Aumann targets revenue above €320 million with 9-11% EBITDA margin.

• Management confident in achieving or surpassing segment forecasts, with expectations of bolt-on and possibly major acquisitions in 2024.

• Positive outlook for H2, especially in Service & Infrastructure and Technological Applications.