MBB (MBB) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue increased 17% year-over-year to €546 million, with adjusted EBITDA up 37% to €76 million and margin rising to 14.1% from 12.0% last year.

• Q2 2025 saw especially strong performance, with adjusted EBITDA up 40% to €46 million and margin rising to 16.4%, driven by Service & Infrastructure.

• Service & Infrastructure was the main growth driver, supported by energy transition and IT security demand, with revenue up 49% to €361.6 million and EBITDA margin at 17.3%.

• Technological Applications and Consumer Goods segments saw revenue and EBITDA declines due to weak automotive and consumer demand.

• Net cash position remains strong at €457 million, equity ratio improved to 65%.

Financial highlights

• H1 2025 revenue reached €546 million, up from €467 million in H1 2024.

• Adjusted EBITDA margin improved to 14.1% in H1 2025 from 12.0% in H1 2024.

• Q2 2025 revenue increased 9% year-over-year to €285 million; adjusted EBITDA up 40% to €46 million.

• Net cash at group level stands at €457 million, with €292 million at the holding level as of June 30, 2025.

• Negative operating cash flow of €-30 million, mainly due to working capital build-up at Friedrich Vorwerk.

Outlook and guidance

• Full-year 2025 revenue expected at the upper end of €1.0–1.1 billion, with adjusted EBITDA margin at 11–14%.

• Service & Infrastructure segment guidance raised to €610–650 million revenue and 17.5–18.5% EBITDA margin.

• Technological Applications expects €210–230 million revenue and 8–10% EBITDA margin for 2025.

• Delignit anticipates €68 million revenue and 6–7% EBITDA margin in 2025.

• DTS is optimistic for continued growth, especially in IT security, supported by government spending.