MBB : Earnings Call Q1 2024 FY

First Quarter 2024

MBB SE

15 May 2024

MBB offers long-term succession solutions to sustainable Mittelstand companies

Family business

Capital Markets

Founded in 1995 and family-owned for the long term

Extraordinary growth and value enhancement potential on the capital market

Long-term focus		Sustainability
Long-term investment horizon without		Entrepreneurial success through focus
intention to resell businesses		on sustainable business models

2

A quarter full of profitability growth

+64 %
	23
14
Q1/23	Q1/24

Adj. EBITDA

in €m

+89 %
	7
4
Q1/23	Q1/24

Adj. EBITDA

in €m

+21 %
	7
6
Q1/23	Q1/24

Adj. EBITDA

in €m

3

All segments increased their EBITDA significantly

Adj. EBITDA

in €m

Service &	Technological
Infrastructure	Applications

Consumer

Goods

	19%
8.8	10.4
Q1/23	Q1/24

+33%
	8.1
6.1
Q1/23	Q1/24

+1,194%

	3.1
0.2
Q1/23	Q1/24

4

Energy transition and IT security are the driving force behind the S&I Segment

Energy infrastructure for the energy transition

EBITDA margin recovery in seasonally weak Q1 as legacy projects are gradually being phased-out

Moderate revenue growth with higher value-add as A-Nord project picks up pace

Order intake of > €120 million underlines strong market dynamics, particularly in the electricity segment

	Revenue	EBITDA margin
Q1/24	Growth	Q1/24

77	+5%	9%
€m	y-o-y

IT security for the German Mittelstand

Demand for IT security rises in light of new regulation and geopolitically motivated threats

Positive momentum in Q1 with both revenue and EBITDA margin increase

Further growth anticipated for 2024 with high demand for own software solutions

	Revenue	EBITDA margin
Q1/24	Growth	Q1/24

22	+10%	17%
€m	y-o-y

5

Growing investment in automation and strong demand for renewable products drive TA Segment

Automation solutions for E-mobility

EBITDA margin surpassed 10 % for the first time since Covid and underlines strong market position

Order intake at €76 million in first quarter surpasses previous year's order intake

Strong cash position of €138 million gives lots of room for investments and M&A

	Revenue	EBITDA margin
Q1/24	Growth	Q1/24

65	+16%	11%
€m	y-o-y

System solutions from ecological raw materials

Lower demand of automotive customers leads to revenue decline in first quarter

Positive momentum in other business segments compensates part of weak automotive demand

More optimistic outlook for second half of the year as demand from major OEMs recovers

Revenue

Q1/24 Growth

18 -24%

€m y-o-y

6

Profitability increases despite lower revenues in CG Segment

Tissue products

EBITDA margin uplift in Q1 in light of less price volatility and ending energy price commitments

Revenues slightly below previous year due to lower material prices

Revenue

Q1/24 Growth

17 -5%

€my-o-y

Mattresses for e-commerce

Weak consumer demand for furniture and mattresses leads to revenue decline in first quarter

EBITDA margin only slightly below previous year due to cost discipline and more favorable material prices

Revenue

Q1/24 Growth

7 -39%

€m y-o-y

7

In total, revenues are slightly above previous year with significantly higher EBITDA margin

Revenue
	+2 %
201	205
Q1/23	Q1/24
	in €m

Adj. EBITDA

7 % 11 %

+ 49 %

+64 %
	23
14
Q1/23	Q1/24
in €m

8

For the full year 2024, MBB expects €1 billion in revenues with 10% EBITDA margin

Revenue
955	1.000
2023	Forecast
	2024
	in €m

Adj. EBITDA

8.4 %	10 %
+ 49 %
	100
80
2023	Forecast
	2024
	in €m

9

MBB invested more than €100 million in shares of MBB companies since the beginning of 2023

Investments in shares of MBB companies since 2023

45

million €

> 100		37
million €
		million €

23

million €

thereof €38 million through

public buyback offer 2024

thereof €15 million through Aumann's share buyback

10