MBB (MBB) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of €1,170m in FY2025, up 10% year-over-year, with adjusted EBITDA rising 46% to €217m and margin improving to 18.6%.

• Q4 2025 was particularly strong for profitability, with adjusted EBITDA margin reaching 23.7% on €308m revenue.

• Outperformed original and increased profitability guidance for FY2025, driven by strong Q4 margins and exceptional performance from Friedrich Vorwerk and DTS, with Aumann and Delignit also contributing despite industry headwinds.

• Maintains a long-term, sustainable business model focused on structural trends like energy transition and IT security.

Financial highlights

• FY2025 revenue grew 10% to €1,170m compared to FY2024, with adjusted EBITDA up 46% to €217m and margin rising from 14.0% to 18.6%.

• Q4 2025 revenue rose 1% to €308m, while adjusted EBITDA jumped 31% to €73m and margin reached nearly 24%.

• Friedrich Vorwerk Q4 revenue grew 25% year-over-year to €199m, with a 29% EBITDA margin.

• Group net cash position at year-end was €764m, with €374m at the holding level.

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

Outlook and guidance

• 2026 group revenue expected to be stable at €1,100m–€1,200m, with adjusted EBITDA margin of 15%–18%.

• Friedrich Vorwerk guides for €730–780m revenue and €160–180m EBITDA (21%–25% margin) in 2026.

• DTS expects a good year but is cautious due to memory chip shortages and macro volatility, while also seeing rising demand in IT security.

• Aumann targets €160m revenue and 6%–8% EBITDA margin for 2026; Delignit expects slight revenue growth to €66m and 7%–8% EBITDA margin.