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Original-Research: MBB SE - from Quirin Privatbank Kapitalmarktgeschäft

23.07.2025 / 13:16 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of Quirin Privatbank Kapitalmarktgeschäft to MBB SE

Company Name: MBB SE
ISIN: DE000A0ETBQ4

Reason for the research: Update
Recommendation: Buy
from: 23.07.2025
Target price: 246.50
Last rating change:
Analyst: Ralf Marinoni

Increase of FY 2025 guidance
MBB published strong KPIs for the first half of the current business year:
Based on preliminary figures, revenue exceeded the previous year's figure by
16.8% to EUR 545.5m. The company achieved a disproportionately high adjusted
EBITDA increase of 36.8% to EUR 76.4m in the H1-25 period compared with the
previous year. The adjusted EBITDA margin thus increased significantly by
2.1 percentage points to 14.1%.

In the second quarter, the adjusted EBITDA grew by 40.3% to EUR 46.5m
compared to the previous year and therefore significantly stronger than
sales, which increased by 9.2% to EUR 285.5m. The adjusted EBITDA margin
thus reached 16.4%. The main driver of this development is the strong
operating performance at Friedrich Vorwerk and DTS. Friedrich Vorwerk
announced to have generated an EBITDA of EUR 54.5m in the first half of
2025, more than doubling the previous year's figure of EUR 24.4m. Revenue
rose by 56% to EUR 303m in the same period. The EBITDA margin thus increased
by more than 5 percentage points to 18.0%. As a result, Friedrich Vorwerk
increased its FY 2025 guidance: Vorwerk now expects revenue of EUR 610-650m,
compared with the previous forecast of revenue at the upper end of the range
of EUR 540-570m. In addition, the management is raising its EBITDA margin
forecast to 17.5-18.5%, which had previously been expected to be in the
range of 16-17%.

MBB: the group's net liquidity at the end of the second quarter amounted to
EUR 457.4m (31 December 2024: EUR 553.9m), of which EUR 292.0m was
attributable to the holding company MBB SE (31 December 2024: EUR 280.8m).
The war chest is therefore well filled to finance further external growth.

New guidance: MBB expects to achieve its forecast of EUR 1.0 to EUR 1.1bn in
revenue with an adjusted EBITDA margin between 11 and 14%, now each at the
upper end of the range. Due to the prel. H1-25 figures, this outlook is far
from being aggressive.

We increase our TP to EUR 246.50 (EUR 200.00), based on a sum-of-the-parts
approach. The increase in the target price reflects in particular the rise
in the share price of the subsidiary Friedrich Vorwerk. Our recommendation
remains Buy.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=bb9bd5be5354614cecdbc03e923868f9
For additional information visit our website:
https://research.quirinprivatbank.de/

Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/

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2173658 23.07.2025 CET/CEST

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