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Original-Research: MBB SE - from Quirin Privatbank Kapitalmarktgeschäft

22.10.2025 / 15:39 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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: 22.10.2025
Target price: 285.90
Last rating change:
Analyst: Ralf Marinoni

The next increase of FY 2025 guidance

According to preliminary figures, MBB achieved an adjusted EBITDA of EUR
67.4m in the third quarter of 2025, exceeding the previous year's figure of
EUR 37.4m by 80%. Revenue rose by 6.5% to EUR 316.8m in the same period. The
adjusted EBITDA margin increased significantly by 8.7 percentage points to ~
21.2%. The main reasons of this development were once again the strong
operating performance at Friedrich Vorwerk and DTS. In the first nine months
of FY 2025, MBB's adjusted EBITDA grew by 54% yoy to EUR 143.7m, outpacing
revenue development, which rose by 12.8% to EUR 862.3m. The adjusted EBITDA
margin thus reached 16.7%. In addition, MBB's net liquidity at the end of
the third quarter was EUR 526.9m (31 December 2024: EUR 553.9m), of which
EUR 317.6m was attributable to the holding company MBB SE (31 December 2024:
EUR 280.8m).
Following this strong performance, MBB is raising its forecast to revenue of
EUR 1.1bn to EUR 1.2bn (previously: EUR 1.0bn to EUR 1.1bn) with an adjusted
EBITDA margin of between 15 and 17% (previously: 11 to 14%).

As a result, we have increased our estimates and confirm our Buy
recommendation with a new EUR 285.90 TP, based on a sum-of-the-parts
approach.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=90798e90d3f0ad6a93ec2652f218f63e
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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2216988 22.10.2025 CET/CEST

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