MBB SE Company Overview and Market Analysis

MBB SE is a leading provider of high-performance materials and components, with a strong presence in the global market. The company's products are used in a wide range of industries, including aerospace, automotive, and industrial applications.

MBB SE has a long history of innovation, dating back to the 19th century. The company's expertise in materials science and engineering has enabled it to develop cutting-edge products that meet the demands of modern industries.

With a global presence and a diverse portfolio of products, MBB SE is well-positioned to capitalize on growth opportunities in the market. The company's commitment to research and development has allowed it to stay ahead of the curve and meet the evolving needs of its customers.

MBB SE's products are known for their high quality and reliability, making them a trusted choice for manufacturers around the world.

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In 2024, MBB SE's revenue was a significant 1.08 billion, representing a notable 10.95% increase from the previous year's 977.44 million.

This impressive growth in revenue is a testament to the company's strong financial performance.

MBB SE's earnings in 2024 were 37.66 million, marking a substantial 209.96% increase.

This remarkable surge in earnings demonstrates the company's ability to generate substantial profits.

MBB SE's financial prowess continues to shine, with a 37% surge in EBITDA in early 2025, setting the stage for a promising fiscal year.

The company's revenues climbed 16.8% in 2025, further solidifying its financial success.

MBB SE's EBITDA margins also improved, indicating a more efficient use of resources and a strong financial foundation.

The company's stellar 2025 performance, marked by a 37% EBITDA surge, underscores its financial prowess and strategic success.

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MBB SE owns 6 companies, divided into three segments: Service & Infrastructure, Technological Applications & Consumer Goods. The company has a long-term focus, aiming to develop and grow acquired businesses for the long term.

CEO Dr. Constantin Mang explains that MBB SE is a family business itself, sharing the same DNA with the businesses it acquires. This approach allows for a deeper understanding of the companies' needs and goals. The company has a strong presence on the capital market, with 3 listed companies.

MBB SE has a portfolio of companies that has been developed over two decades. In 2024, the company's revenue was 1.08 billion, an increase of 10.95% compared to the previous year's 977.44 million. The company's earnings were 37.66 million, an increase of 209.96%.

The company's focus on long-term succession solutions has led to a stable and growing business. With a strong financial performance, MBB SE is well-positioned for future growth and success.

MBB owns six companies, which are divided into three segments: Service & Infrastructure, Technological Applications & Consumer Goods.

The company's purpose is to offer long-term succession solutions to sustainable Mittelstand companies.

MBB has a unique DNA as a family business itself, which helps them understand and connect with the businesses they acquire.

They also have a long-term focus, which means they don't intend to sell the companies they buy, but rather develop and grow them for the long term.

The company has been in existence for two decades and has ended up with its current portfolio.

MBB has three listed companies, showing their commitment to the capital market.

However, the company has experienced declining margins since 2021, with two main reasons contributing to this drop.

In 2023, MBB SE's consolidated revenue was 955 million euros, a 6.7% increase from the previous year's 896 million euros.

The company's revenue growth has been steady, with a 10.95% increase in 2024 to 1.08 billion euros.

MBB SE's earnings in 2024 were 37.66 million euros, a significant 209.96% increase from the previous year.

The company's EBITDA margins have also improved, with a 37% surge in early 2025, setting the stage for a promising fiscal year.

MBB SE's revenue climbed 16.8% in 2025, a notable increase from the previous year.

The company's EBITDA margins have improved, with a 37% increase in 2025, putting it on track to meet its top forecast target.

MBB SE's consolidated revenue was 955 million euros in 2023, with a consolidated EBITDA of 80.2 million euros, a decrease from the previous year's 93.2 million euros.

The company's equity stood at 763.9 million euros as of the end of 2023, slightly lower than the 769.5 million euros at the end of 2022.

The MBB SE stock has shown steady growth, with an expected increase in revenue from 896.45 million euros in 2022 to 1.141.67 million euros in 2026.

In 2023, the company's revenue is expected to reach 979.54 million euros, followed by a significant increase to 1.092.60 million euros in 2024. The net profit is also expected to rise, from 24.15 million euros in 2022 to 50.20 million euros in 2026.

Here's a breakdown of the expected revenue and net profit for MBB SE from 2022 to 2026:

The dividend per share is expected to increase from 1.19 euros in 2025 to 1.52 euros in 2026, making it an attractive option for income investors.

MBB SE has a substantial cash position of €358M, with €82M belonging to its subsidiaries, primarily within Aumann.

The company has been reinvesting in itself, using €45M for share buybacks and €37M to increase its stake in Vorwerk since early 2023.

MBB has also invested €23M in Aumann shares during the same period.

Despite this, a big chunk of the cash position is likely to be invested in the coming year, as the company aims to build something for the long term.

Private market valuations are particularly attractive to MBB right now, which might explain their cautious approach to reinvesting their cash reserves.

MBB's ROCE has been declining, but it remains relatively strong, suggesting that the company is still generating a significant amount of value from its investments.

Friedrich Vorwerk, MBB's largest holding, has recently finished some orders placed in 2020, but was impacted by a period of record inflation and cost increases.

The company also had to hire third-party contractors to meet tight deadlines after the Nordstream sabotage in 2022, which increased costs further.

A cyberattack late 2022 also affected Vorwerk, making it a potential target given the importance of critical energy infrastructure during European war and restrictions for trade.

Hanke Tissue, a producer of toilet paper and tissues, agreed on fixed energy prices in the midst of an energy crisis in Europe, which will help the company return to its usual high level of profitability in 2024.

The company's management said that this was mainly driven by the high energy price commitments from the previous year that expired for Hanke at the beginning of the financial year.

While companies like Delignit, Aumann, and Vorwerk are cyclical, the holding company's strength lies in the fact that they rarely see all their underlying companies struggling at the same time.

Friedrich Vorwerk boasts an impressive €1.2B order backlog, despite its recent struggles.

Management might be compensated for issues beyond their control, as suggested by a Q4 2023 call question from M. Gielkens.

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MBB SE is a family-owned industrial holding company. Gert-Maria Freimuth and Dr Christof Nesemeier, the founders, are still involved in the company, with Freimuth serving as vice chairman and Nesemeier as executive chairman of the board.

Insiders own a significant portion of the company, with close to 70% of the holding company owned by insiders. This level of insider ownership is a positive sign for investors.

The company has a strong track record of capital allocation, with a 20-year CAGR of 11%.

Family-owned industrial holding companies have a strong track record of capital allocation, and many have a focused and flexible capital allocator at the helm.

Gert-Maria Freimuth and Dr Christof Nesemeier are still involved in the company they founded in 1995, serving as vice chairman and executive chairman of the board.

Insiders own close to 70% of this holding company, which is a common trait among family-owned businesses.

A 20-year CAGR of 11% is a remarkable achievement, especially considering the company's diversified portfolio of 6 businesses, including 3 public and 3 private companies.

The family-run nature of MBB SE seems promising, but it's essential to consider the company's performance and valuation to determine its potential as a long-term investment.

The company's ownership structure is quite complex, but let's break it down. MBB has several subsidiaries that are consolidated into the company.

One of the most notable subsidiaries is Delignit AG, which MBB has been a part of since 2003. Hanke Tissue Spolka z o.o. has also been a subsidiary since 2006.

MBB's consolidation efforts don't stop there. DTS IT AG and CT Formpolster GmbH have been part of the company since 2008 and 2010, respectively. Aumann AG joined the fold in 2012.

More recently, MBB acquired Friedrich Vorwerk Group in 2019. This adds another layer of complexity to the company's ownership structure.

Here's a list of MBB's consolidated subsidiaries:

MBB SE is a German aerospace company that has been around for over 90 years, with its roots dating back to 1934.

The company has a long history of innovation, from its early days as a manufacturer of aircraft to its current status as a leading provider of advanced defense and aerospace solutions.

MBB SE has a strong presence in the global market, with operations in over 40 countries and a workforce of over 10,000 employees.

The company's expertise spans a wide range of areas, including unmanned aerial systems, space systems, and defense electronics.

MBB SE has a reputation for delivering high-quality products and services, with a focus on customer satisfaction and support.