MBB (MBB) Q2 2024 earnings summary

Executive summary

• EBITDA grew 75% year-over-year in H1 2024, reaching €56 million, with margin rising from 7.5% to 12% and all segments contributing to profitability gains, led by Service & Infrastructure.

• Revenue increased 9.3% year-over-year to €467 million in H1 2024, with Q2 revenues up 16% and EBITDA up 83% compared to Q2 2023.

• Q2 2024 outperformed Q1, with revenue up 27% sequentially and adjusted EBITDA up 46%.

• Full-year 2024 revenue is expected to surpass €1 billion for the first time, with adjusted EBITDA margin projected above 10%.

• Net cash position remains strong at €358 million despite €54 million in investments and buybacks.

Financial highlights

• H1 2024 revenue: €467 million (+9% year-over-year); adjusted EBITDA: €56 million (+75%), margin up to 12%.

• Q2 2024 revenue: €262 million (+16% year-over-year); adjusted EBITDA: €33 million (+83%).

• 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.

• Employees increased to 3,951 from 3,782 at year-end 2023.

Outlook and guidance

• Revenue guidance for 2024 raised to over €1 billion, with EBITDA margin expected to exceed 10%.

• Friedrich Vorwerk forecasts over €410 million in revenues for 2024, supported by a record €1.2 billion order backlog.

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

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

• DTS and Delignit anticipate stronger performance in H2 2024, with DTS benefiting from regulatory tailwinds.