MBB (MBB) Q3 2025 earnings summary

Executive summary

• Group revenue for the first nine months of 2025 rose 13% year-over-year to €862 million, with adjusted EBITDA up 54% to €144 million and a record 16.7% margin.

• Q3 2025 saw EBITDA surge 80% to €67 million, with a 21% margin and revenue up 6% to €317 million.

• Service & Infrastructure segment drove growth, while Technological Applications and Consumer Goods faced revenue declines.

• Equity ratio improved to 67% as of 30 September 2025, reflecting a robust balance sheet.

• Adjusted EPS for nine months rose 69.5% to €6.37.

Financial highlights

• Nine-month 2025 revenue reached €862 million, adjusted EBITDA €144 million, and Q3 EBITDA margin was 21.2%.

• Service & Infrastructure Q3 revenue up 39% to €202 million, EBITDA margin at 25%.

• Technological Applications Q3 revenue down 46% to €49 million, EBITDA margin held at 14%.

• Net cash at group level stands at €527 million, with €380 million at the holding.

• Equity ratio at 67% with €858 million in equity.

Outlook and guidance

• Full-year 2025 revenue guidance raised to €1.1–1.2 billion, with adjusted EBITDA margin expected between 15% and 17%.

• Service & Infrastructure (Friedrich Vorwerk) guidance for 2025: €650–680 million revenue, 20–22% EBITDA margin.

• Technological Applications (Aumann) guidance for 2025: €210–230 million revenue, 8–10% EBITDA margin.

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