Making Science Q1 2025 presentation: Revenue jumps 33%, EBITDA hits record high

Making Science (BME:MAKS) reported strong Q1 2025 financial results, with consolidated revenues increasing 33% year-over-year to €82.7 million and recurring EBITDA rising 11% to a record €4.0 million. This growth was primarily driven by explosive international expansion, which saw revenues more than double, and the company's strategic focus on AI-powered solutions, alongside achieving sustainable profitability in its USA operations and attracting a new significant shareholder. Despite some margin pressure in international markets and a decline in Spanish revenues, the company maintained its 2025 guidance for €17-18 million in recurring EBITDA and projected continued growth through 2027, underscoring confidence in its trajectory within the digital marketing and technology consulting sector.

Analysis

Making Science (BME:MAKS) reported a robust Q1 2025, demonstrating significant top-line momentum despite a challenging industry backdrop for digital consulting. Consolidated revenues grew 33% year-over-year to €82.7 million, while recurring EBITDA increased 11% to a company record of €4.0 million. This performance was predominantly fueled by an aggressive international expansion strategy, which saw international segment revenues surge 103% to €48.0 million, although this rapid growth was accompanied by a slight 3% decrease in gross margin for the segment. In contrast, the domestic Spanish market experienced a 10% revenue contraction but improved its gross margin by 17%, indicating a strategic pivot to higher-value services. Key operational milestones were achieved, including sustainable profitability in the USA and the addition of a new significant shareholder, Onchena, SL, which acquired a 6% stake. The company's reaffirmed 2025 guidance, which projects €17-18 million in recurring EBITDA, appears on track, with Q1 results already accounting for approximately 23% of this annual target.

Key Decisions for Investors

• Given the strong execution on international growth and an on-track 2025 forecast, investors may view MAKS as a compelling growth opportunity in the AI-focused digital services sector, supported by high insider ownership.
• Investors should closely monitor the trade-off between rapid international revenue growth and the associated margin pressure, as sustained margin erosion could threaten future profitability targets despite top-line expansion.
• The upcoming Investor Day on May 6, 2025, represents a key near-term catalyst; look for detailed updates on the AI product roadmap and the strategy to balance growth with profitability in international markets.