Making Science Group (MAKS) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw strong revenue and gross margin growth, with continued international expansion and increased adoption of AI-driven solutions.

• Financial reporting structure updated to reflect new business segmentation after the sale of Cloud and Cybersecurity in Spain, with four primary segments: Digital Agency, Awake, Raising, and Investments.

• Dividend of €2M paid in April 2026, charged to 2025 results.

• Workforce reduced to 850 following divestitures and efficiency gains from AI adoption.

Financial highlights

• Consolidated Q1 2026 revenue rose 20% year-over-year to €97.2M; gross margin up 9.5% to €17.3M; recurrent EBITDA up 8.5% to €3.3M.

• Profitability remains around 20% gross margin; EBITDA margin stable at 19%.

• OPEX increased due to geographic expansion, technology investment, and new AI licenses; operational costs up 9.6% year-over-year.

• Staff costs increased 3.6%; non-recurring expenses were not material.

Outlook and guidance

• 2026 expected to deliver profitable, sustained growth, leveraging 2025 investments.

• AI products and internal efficiency initiatives to drive organic growth and operational optimization.

• Focus remains on profitability, cash flow generation, debt reduction, and cost optimization.

• Positive outlook for Investments segment based on product distribution and cost optimization strategies.