MBB (MBB) Q3 2024 earnings summary

Executive summary

• Revenue rose 10.6% year-over-year to €764.6 million for the first nine months of 2024, with adjusted EBITDA up 88% to €93.2 million and adjusted EPS at €3.76, a significant increase from €0.77.

• Achieved record profitability in Q3 2024, surpassing previous growth figures, with all three business segments contributing to EBITDA growth.

• Profitability improved across segments, especially in Service & Infrastructure, driven by strong order intake and margin expansion at Friedrich Vorwerk.

• Net cash position remains robust at €418.5 million, despite significant share buybacks and investments.

• Focus remains on long-term development of sustainable Mittelstand companies, with a unique family business approach and transparency through listed subsidiaries.

Financial highlights

• Adjusted EBIT increased 209.8% year-over-year to €59.8 million; adjusted EBT up 191.1% to €61.3 million.

• Group EBITDA grew by 88% year-over-year to €93 million for the first nine months of 2024, up from €50 million.

• Revenues increased by 11% year-over-year to €765 million for the first nine months.

• IFRS net profit after non-controlling interests was €17.3 million, up from €2.5 million; comprehensive income for the period reached €48.3 million.

• Liquid funds (including gold and securities) at €481.5 million, down from €529.6 million at year-end 2023.

Outlook and guidance

• Full-year adjusted EBITDA margin forecast raised to 12% (previously >10%), with revenue expected to reach €1 billion.

• Friedrich Vorwerk's 2024 revenue forecast increased to €430–€460 million, with EBITDA margin guidance raised to 14–15%.

• Aumann expects 2024 revenue of around €320 million and EBITDA margin at the upper end of 9–11%.

• Delignit revised its outlook to €63–67 million revenue and 4–6% EBITDA margin due to weak automotive demand.

• Management does not expect a decline in EBITDA margin in the near term.