MBB (MBB) Q4 2024 earnings summary

Executive summary

• Achieved record results in FY 2024, surpassing EUR 1 billion in revenue and delivering strong EBITDA growth year-over-year.

• EBITDA surged by 86% to EUR 149 million, with a record EBITDA margin of 14% for the year and 19% in Q4.

• Maintained a robust balance sheet with significant net cash, surpassing EUR 550 million, and continued investments in portfolio companies.

• Leadership transition announced: Torben Teichler to become CFO in July 2025; CEO Constantin Mang to step down after June 2025.

• All business segments contributed to EBITDA growth, with Service & Infrastructure and Technological Applications leading.

Financial highlights

• Revenue rose 12% year-over-year to EUR 1,068 million in FY 2024, breaking the symbolic billion-euro mark.

• Adjusted EBITDA increased 86% to EUR 149 million, with EBITDA margin improving to over 13%.

• Net cash position grew 17% to EUR 554 million, with additional investments pushing effective net cash above EUR 600 million.

• Q4 2024 was the strongest quarter ever, with revenue up 15% year-over-year to EUR 304 million and EBITDA margin at 19%.

• Equity ratio stands at 65%, supporting a robust balance sheet.

Outlook and guidance

• FY 2025 revenue expected to remain stable at EUR 1,000–1,100 million with an EBITDA margin of 11–14%.

• Service & Infrastructure segment anticipates EUR 540–570 million revenue and 16–17% EBITDA margin in 2025.

• Technological Applications/Aumann guidance: EUR 210–230 million revenue, 8–10% EBITDA margin, supported by a solid order backlog.

• Consumer Goods segment outlook improves as demand from major customers is set to recover.

• Economic uncertainty and sectoral weaknesses, especially in automotive, may impact results.