MBB (MBB) Q1 2026 earnings summary

Executive summary

• Adjusted EBITDA grew 40.2% year-over-year to €41.9 million in Q1 2026, with margin up to 17.7% from 11.5%, despite revenue softness.

• Group equity surpassed €1 billion for the first time, coinciding with the 20th anniversary of the IPO and marking a 2,759% increase since 2006.

• Maintains a long-term, sustainable approach, focusing on developing and growing acquired companies rather than selling.

Financial highlights

• Group revenue for Q1 was €237.5 million, down 8.7% year-over-year, but adjusted EBITDA margin improved to 17.7%.

• Net cash position reached €766.2 million, with €415.6 million at the holding company level.

• Proposed a base dividend increase to €1.21 per share, marking the 16th consecutive annual increase.

• Ongoing share buyback program, with €21 million in shares repurchased in 2026 and authorization increased to €25 million.

• Liquid funds (including gold and securities) totaled €825.1 million at quarter-end.

Outlook and guidance

• Group expects 2026 revenue between €1.1–1.2 billion and an adjusted EBITDA margin of 15–18%.

• Friedrich Vorwerk guidance for 2026: €730–780 million revenue, €160–180 million EBITDA (21%–25% margin).

• Aumann expects €160 million revenue and 6%–8% EBITDA margin for 2026.

• Delignit projects €66 million revenue and a 7%–8% EBITDA margin.