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

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: MBB20251021kurz 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/