Original-Research: MBB SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy

^

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

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.

---------------------------------------------------------------------------

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/

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com

---------------------------------------------------------------------------

2173658 23.07.2025 CET/CEST

°