MBB SE grows revenues by 8% to €691 million in the first nine months with an EBITDA margin of 7%

Berlin, 14 November 2023 - MBB SE (ISIN DE000A0ETBQ4), a medium-sized family business, increased its revenues by 8.2% to €691.0 million in the first nine months of 2023. Adjusted EBITDA fell by 29.8% to €49.6 million in the same period. The decline in the adjusted EBITDA margin to 7.2% is primarily due to one-off project-related costs at Friedrich Vorwerk. The MBB Group's net liquidity totalled €392.4 million after nine months, of which €320.6 million was attributable to the holding company MBB SE.

The Service & Infrastructure segment generated revenues of €350.0 million in the first nine months, corresponding to a year-on-year increase of 3.0%. The energy infrastructure provider Friedrich Vorwerk achieved revenue growth of 6.4% to €275.1 million. IT security specialist DTS returned to its long-term growth path in the third quarter after a weaker first half of the year. However, at €75.6 million, DTS revenues for the first nine months were still 7.2% down on the previous year. The segment's adjusted EBITDA fell by 44.6% to €31.2 million. At 14.3%, the EBITDA margin at DTS was slightly below the previous year. Friedrich Vorwerk recorded a significantly greater decline in profitability, with an adjusted EBITDA margin of 7.4%, which was adversely affected by a precautionary provision of €7.4 million for costs still to be expected in a plant construction project of the Natural Gas segment. Apart from a few older projects, which will largely be completed by the end of the year, the outlook for Friedrich Vorwerk is remarkably positive thanks to a record order backlog of €1,049 million. Particularly noteworthy in this context is the A-Nord project, which has an order value for Friedrich Vorwerk of around €600 million and is based on a "cost-plus incentive fee" remuneration structure with a bonus-malus clause.

The Technological Applications segment grew by 20.5% to €267.7 million in revenues in the first nine months. The segment's adjusted EBITDA more than doubled to €18.8 million. The automation specialist Aumann once again accelerated its growth to 32.7% in the first nine months and achieved revenues of €199.6 million. Order intake totalled €249.0 million in the same period, underlining the company's continued growth ambitions. The company's adjusted EBITDA rose to €14.0 million, which corresponds to an EBITDA margin of 7.0%. In view of the strong market demand and the order backlog of €308.9 million, Aumann has raised its revenue forecast for the current financial year from over €250 million to over €280 million and expects to reach an EBITDA margin at the upper end of the previously forecast range of 6-7%. The acquisition of LACOM on 1 November 2023 gives Aumann technological access to upstream processes in the manufacturing of battery and fuel cells. In the area of fuel cells, Aumann is thus in a position to offer production solutions along the entire value chain, and in the area of battery systems, Aumann is expanding its existing portfolio to include coating systems for electrode production.

In light of weaker market demand, The Consumer Goods segment recorded revenues of €73.4 million in the first nine months of 2023, down 4.5% on the previous year. Due to the high volatility in raw material and energy prices, the segment's adjusted EBITDA was only breakeven, while the EBITDA margin in the previous year was 6.4%.

For the current financial year, MBB continues to expect revenues of €850-900 million and an EBITDA margin at the lower end of the forecast range of 8-10%.

The full quarterly statement is available at www.mbb.com.

MBB SE
Joachimsthaler Straße 34
10719 Berlin
Tel +49 30 844 15 330
Fax +49 30 844 15 333
[email protected]
www.mbb.com 

Executive Management
Dr. Constantin Mang (CEO)
Dr. Jakob Ammer
Torben Teichler

Chairman of the Board and Executive Director
Dr. Christof Nesemeier

Court of Registration
Berlin-Charlottenburg Local Court, registration number: HRB 165458