MBB SE — Interim / Quarterly Report 2025

Nov 18, 2025

{0}------------------------------------------------

INTERIM STATEMENT 30 SEPTEMBER 2025

MBB SE, Berlin

{1}------------------------------------------------

MBB in figures

Nine months(unaudited)	2025	2024	Δ 2025/ 2024
Earnings figures (adjusted*)	€k	€k	%
Revenue	862,348	764,580	12.8
Operating performance	860,231	764,640	12.5
Total performance	889,280	785,846	13.2
Cost of materials	-434,075	-423,506	2.5
Personnel expenses	-236,325	-216,970	8.9
EBITDA	143,698	93,190	54.2
EBITDA margin	16.7 %	12.2 %
EBIT	106,715	59,801	78.4
EBIT margin	12.4 %	7.8 %
EBT	102,885	61,284	67.9
EBT margin	12.0 %	8.0 %
Consolidated net profit after non-controlling interests	34,042	20,407	66.8
eps in €	6.37	3.76	69.5
Average number of shares in circulation (in thousand)	5,343	5,431
Earnings figures (IFRS)	€k	€k	%
EBITDA	143,363	89,923	59.4
Consolidated net profit after non-controlling interests	33,780	17,279	95.5
eps in €	6.32	3.18
Figures from the statement of financial position (IFRS)	30 Sep	31 Dec
	€k	€k	%
Non-current assets	479,337	428,347	11.9
Current assets	800,144	786,324	1.8
thereof liquid funds**	582,619	616,168	-5.4
Issued capital (share capital)	5,325	5,411	-1.6
Other equity	853,133	777,770	9.7
Total equity	858,458	783,181	9.6
Equity ratio	67.1 %	64.5 %
Non-current liabilities	159,721	116,965	36.6
Current liabilities	261,303	314,525	-16.9
Total assets	1,279,482	1,214,671	5.3
Net cash (+) or net debt (-) **	526,824	553,857	-4.9

* For a detailed account of the adjustments, please refer to the information provided in the section on results of operations, financial position and net assets.

Percentages and figures in this report may be subject to rounding differences.

** This figure includes the value of physical gold stocks and securities.

{2}------------------------------------------------

Business development, result of operations, financial position and net assets

Business Development

MBB increased its revenue by 12.8% from €764.6 million to €862.3 million in the first nine months of the financial year. In the same period, adjusted EBITDA rose by 54.2% from €93.2 million to €143.7 million. The adjusted EBITDA margin reached 16.7%, significantly exceeding the previous year's figure of 12.2%. Adjusted earnings per share amounted to €6.37, significantly above the prioryear level (previous year: €3.76).

The Service & Infrastructure segment, which comprises Friedrich Vorwerk and DTS, increased its revenue in the first nine months by 44.8% to €595.2 million compared with the same period of the previous year. In particular, Friedrich Vorwerk recorded a very strong increase in revenue of 48.9% to €505.1 million. DTS also increased its revenue significantly by 25.2% to €90.3 million. The EBITDA of the segment could nearly be doubled to €118.4 million in the first nine months, corresponding to an EBITDA margin of 19.9%. The significant increase in profitability is attributable to Friedrich Vorwerk, which significantly increased its EBITDA margin from 14.7% in the previous year to 20.9% in the first nine months. This very good business performance is due to the high-quality order backlog and the increased use of resources, which is also reflected in a 13.3% increase in the number of employees in the first nine months. At DTS, the EBITDA margin of 14.0% was just below the level of the same period of the previous year (previous year: 14.4%), but above the full-year level for 2024 (13.4%).

Friedrich Vorwerk's order intake in the first nine months of the financial year was €418.9 million (previous year: €516.4 million), reflecting the Group's share of work performed in joint ventures (ARGE) on major projects and the order volume from its own projects. The total project volume, including the proportionate ARGE order volumes, of the projects won in the first nine months increased by 45.5% to €885.7 million (prior-year period: €608.8 million). In the third quarter, Friedrich Vorwerk won a major contract for the construction of a further 86 km section of the ETL 182 energy transport line with a contract value in the mid three-digit million range. At €1,101.5 million (31 December 2024: €1,187.7 million), the order backlog as of 30 September 2025, remains at a very high level, thus forming a solid foundation for continuous revenue and earnings growth. With effect from 1 August 2025, the Brunn branch was acquired from Christoffers GmbH as part of an asset deal. With around 35 employees, the branch is expected to generate annual revenue in the low single-digit million range.

Against the backdrop of the excellent business performance in the first nine months and an unchanged positive outlook, Friedrich Vorwerk has raised its forecast for the 2025 financial year and now expects revenue of €650–680 million with an EBITDA margin between 20.0% and 22.0%.

The Technological Applications segment, which comprises the listed companies Aumann and Delignit, recorded a 27.5% decline in revenue to €205.5 million in the first nine months (previous year: €283.3 million). The segment's EBITDA fell by 21.6% to €21.6 million (previous year: €27.5 million). The market environment in the automotive industry continues to be characterised by a noticeable investment restraint. Aumann's revenue declined by 32.4% to €157.7 million (previous year: €233.1 million), whereas the adjusted EBITDA margin increased from 11.0% in the previous year to 11.8%. In the first nine months, order intake of €112.4 million and the order backlog of €135.8 million were both well below the high levels of the previous year. For the 2025 financial year, Aumann continues to expect consolidated revenue of between €210 million and €230 million with an EBITDA margin of 8% to 10%. Delignit recorded a decline in revenue of 4.7% to €47.8 million in the first nine months of 2025 in a challenging market environment. For the 2025 financial year, the Delignit Executive Board continues to expect a revenue of around €68 million at an EBITDA margin of 6 to 7%.

The Consumer Goods segment comprises mattress manufacturer CT Formpolster and Hanke, which specialises in tissue products. The segment's revenue and EBITDA in the first nine months were impacted by weaker consumer demand in the furniture and mattress market and in the market for tissue products, among other factors. Segment revenue decreased by 12.0% to €62.0 million (previous year: €70.4 million), while segment EBITDA at €4.1 million was around one-third below the previous year's level (previous year: €5.9 million).

{3}------------------------------------------------

In the first nine months, MBB SE reduced its shareholding in Friedrich Vorwerk Group SE by 686,240 shares, resulting in a shareholding of 47.06% in the company as of the balance sheet date (31 December 2024: 50.49%). Following its participation in the public buyback offer by Aumann AG in the first half of 2025 and further share sales, MBB SE's stake in Aumann fell to 43.05% (previous year: 48.53%). As of 30 September 2025, Aumann AG holds 10.0% of its own shares, meaning that MBB SE holds 47.83% of the voting shares in Aumann as of the balance sheet date. MBB SE also sold 436,707 shares in Delignit AG by 30 September 2025, meaning that its stake in the company now stands at 56.11%, down from 60.37% previously.

Results of operations, financial position and net assets

The MBB Group's net assets, financial position and results of operations are strong despite the volatile overall economic developments. At €862.3 million, consolidated revenue after nine months of the financial year 2025 is 12.8% above last year's level (previous year: €764.6 million).

Income from joint ventures and associates total &11.5 million (previous year: &8.6 million) and relate to consortiums of Friedrich Vorwerk. Other operating income of &17.5 million (previous year: &12.7 million) includes income from securities of &5.7 million, income from the offsetting of remuneration in kind of &2.8 million, income from capitalised own work of &2.7 million, income from reimbursements and grants of &1.7 million, income from currency translation of &0.3 million and other income of &4.2 million. Own work capitalised mainly relates to the capitalisation of development costs at Aumann.

Cost of materials increased by 2.5% to €434.1 million. Adjusted personnel expenses increased by 8.9% to €236.3 million due to the increase in the number of employees 4,143 (30 September 2024: 4,009 employees) and higher labour costs.

Other operating expenses amount to €75.2 million (previous year: €52.2 million) in the first nine months. They include maintenance and repair expenses, rental expenses from short-term leases, legal and consulting fees, advertising expenses, insurance premiums, exchange rate losses as well as travel expenses and other external services.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 54.2% to €143.7 million (previous year: €93.2 million) after nine months of the financial year 2025. Adjusted EBITDA margin amounts to 16.7% (previous year: 12.2%). In the first nine months of 2025, adjusted personnel expenses of €0.3 million were incurred (previous year: €3.3 million) in connection with Aumann AG's stock option program. The reduced adjustments are due to the completion of MBB SE's stock option program in 2024.

{4}------------------------------------------------

Adjusted depreciation and amortisation increased by 10.8% year-on-year to €37.0 million after nine months of the financial year 2025. Adjustments relate to the depreciation and amortisation of assets amounting to €0.4 million capitalised as part of purchase price allocations (previous year: €0.5 million).

This resulted in an adjusted EBIT (earnings before interest and taxes) of €106.7 million (previous year: €59.8 million).

Taking into account the financial result of €-3.8 million (previous year: €1.5 million), adjusted earnings before taxes (EBT) amounted to €102.9 million (previous year: €61.3 million).

The reported adjusted tax expense for the financial year amounts to €33.8 million (previous year: €11.3 million) and is mainly attributable to current and deferred taxes. The adjustment of the tax expense corresponds to the adjustments explained above. The share of minority shareholders in net profit after tax amounts to €35.1 million (previous year: €19.3 million).

The adjusted consolidated net income after minority interests amounts to €34.0 million (previous year: €20.4 million) or €6.37 per share (previous year: €3.76 per share) in the first nine months.

Consolidated equity amounted to &858.5 million as of 30 September 2025 (31 December 2024: &858.2 million). In relation to the consolidated total assets of &858.2 million (31 December 2024: &858.2 million), the equity ratio increased to 858.2 compared to 858.2 million (31 December 2024. The increase in consolidated equity in the first nine months is mainly due to earnings after taxes of 858.6 million generated according to IFRS. From those, 858.8 million is attributable to shareholders of MBB SE and 858.8 million is attributable to Non-controlling interests. The increase in consolidated equity is also due to income from sale of shares in subsidiaries of 858.5 million as well as the fair value measurement of gold and bond portfolio presented in other comprehensive income (858.5 million). This was partly offset by the acquisition of own shares by MBB SE (858.5 million), the acquisition of treasury shares from Non-controlling interest by Aumann (858.5 million), profit distributions to shareholders of MBB SE (858.5 million) and to Non-controlling interests (858.5 million) as well as the fair value measurement of stock portfolio (858.5 million).

As of 30 September 2025 the MBB Group had liquid funds (including securities and physical gold holdings) of €582.6 million (31 December 2024: €616.2 million), of which €319.1 million were attributable to MBB SE (31 December 2024: €282.5 million). After deducting the Group's financial debt of €55.8 million (31 December 2024: €62.3 million), the MBB Group's net cash position amounts to €526.8 million, compared to €553.9 million as of 31 December 2024. Of this amount, €317.6 million are attributable to MBB SE (31 December 2024: €280.8 million).

The decline in net cash is partly due to the acquisition of treasury shares by MBB SE ( $\varepsilon$ -10.2 million), the acquisition of treasury shares from Non-controlling interest by Aumann ( $\varepsilon$ -5.9 million), net investments in property, plant and equipment and intangible assets ( $\varepsilon$ -52.0 million) as well as profit distributions to shareholders of MBB SE ( $\varepsilon$ -17.7 million) and to Non-controlling interests ( $\varepsilon$ -4.8 million). This was partly offset by a positive cash flow from operating activities in the amount of $\varepsilon$ 27.5 million and proceeds from the stake reduction in subsidiaries ( $\varepsilon$ 52.5 million). Also non-cash effects had an impact on net cash, particular the measurement of gold and securities at fair value presented in other comprehensive income ( $\varepsilon$ -4.4 million), the conclusion of new leases and the associated increase in lease liabilities ( $\varepsilon$ -3.6 million) as well as currency translation effects ( $\varepsilon$ -1.3 million).

{5}------------------------------------------------

In the first nine months 2025, investments were made in stocks totalling €69.9 million and bonds amounting to €81.2 million. This was offset by proceeds from sales of stocks amounting to €48.5 million and maturing bonds totalling €42.3 million. In the consolidated cash flow statement, these effects are recognised in cash flow from investing activities.

Events after the end of the reporting period

There were no significant events after the balance sheet date.

Outlook

In light of the very strong performance in the first nine months of the financial year, MBB has raised its full-year forecast on 21 October 2025 to revenues of €1.1 to €1.2 billion (previously: €1.0 to €1.1 billion) with an adjusted EBITDA margin of between 15% and 17% (previously: 11% to 14%).

Berlin, 13 November 2025

The Executive Management of MBB SE

{6}------------------------------------------------

IFRS interim consolidated financial statements

Percentages and figures in this report may be subject to rounding differences.

IFRS consolidated statement of profit or loss	1 Jan - 30 Sep	1 Jan - 30 Sep
	2025	2024
(unaudited)	€k	€k
Revenue	862,348	764,580
Increase (+) or decrease (-) in finished goods and work in progress	-2,116	61
Operating performance	860,231	764,640
Income from joint ventures and associates	11,538	8,551
Other operating income	17,511	12,655
Total performance	889,280	785,846
Cost of raw materials and supplies	-216,522	-244,685
Cost of purchased services	-217,553	-178,821
Cost of materials	-434,075	-423,506
Wages and salaries	-184,423	-172,505
Social security and pension costs	-52,236	-47,732
Personnel expenses	-236,659	-220,237
Other operating expenses	-75,183	-52,180
Earnings before interest, taxes, depreciation and amortisation
(EBITDA)	143,363	89,923
Depreciation and amortisation expense	-37,386	-33,881
Earnings before interest and taxes (EBIT)	105,977	56,042
Finance income	4,761	6,441
Finance costs	-2,349	-2,885
Earnings attributable to non-controlling interests	-6,235	-2,094
Net finance costs	-3,823	1,463
Earnings before taxes (EBT)	102,154	57,505
Income tax expense	-32,696	-20,128
Other taxes	-853	-1,130
Earnings after taxes	68,606	36,247
thereof attributable to:
- Shareholders of MBB SE	33,780	17,279
- Non-controlling interests	34,826	18,968
Basic earnings per share (in €)	6.32	3.18
Diluted earnings per share (in €)	6.32	3.18

{7}------------------------------------------------

IFRS consolidated statement of comprehensive income	1 Jan - 30 Sep	1 Jan - 30 Sep
	2025	2024
(unaudited)	€k	€k

Earnings after taxes	68,606	36,247
Items that may be subsequently reclassified to profit and loss
Fair value changes bonds and gold	2,554	3,367
Currency translation differences	-576	345
Reclassifications to profit or loss (debt instruments)	-538	535
Items that may not be subsequently reclassified to profit and loss
Fair value changes stocks	-6,909	7,839
Other comprehensive income after taxes	-5,468	12,086
Comprehensive income for the reporting period	63,137	48,334
thereof attributable to:
- Shareholders of the parent company	28,672	29,265
- Non-controlling interests	34,465	19,068

{8}------------------------------------------------

1 Jul - 30 Sep1 Jul - 30 SepIFRS consolidated statement of profit or loss20252024(unaudited)€k€kRevenue316,802297,578Increase (+) or decrease (-) in finished goods and work in progress9781,116Operating performance317,781298,694Income from joint ventures and associates6,4633,057Other operating income7,1392,137Total performance331,382303,887Cost of raw materials and supplies-77,127-93,141Cost of purchased services-78,150-76,358Cost of materials-155,277-169,498Wages and salaries-62,332Social security and pension costs-17,956Personnel expenses-80,288Other operating expenses-28,488Earnings before interest, taxes, depreciation and amortization(EBITDA)67,32935,115Depreciation and amortization expense-12,881Earnings before interest and taxes (EBIT)54,448Finance income1,329Finance costs-724Earnings attributable to non-controlling interests-3,262Net finance costs-2,657Earnings before taxes (EBT)51,791Income tax expense-15,261Other taxes-284Earnings after taxes36,247thereof attributable to:- Shareholders of MBB SE19,062- Non-controlling interests17,185Basic earnings per share (in €)3.58Diluted earnings per share (in €)3.58	3rd Quarter
		-61,118
		-17,338
		-78,456
		-20,818
		-11,514
		23,602
		2,017
		-969
		-1,328
		-281
		23,321
		-9,617
		-524
		13,180
		4,045
		9,135
		0.76
		0.76

{9}------------------------------------------------

3rd Quarter
IFRS consolidated statement of comprehensive income	1 Jul - 30 Sep2025	1 Jul - 30 Sep2024
(unaudited)	€k	€k

Earnings after taxes	36,247	13,180
Items that may be subsequently reclassified to profit and loss
Fair value changes bonds and gold	910	2,787
Currency translation differences	-201	38
Reclassifications to profit or loss (debt instruments)	-214	648
Items that may not be subsequently reclassified to profit and loss
Fair value changes stocks	-2,941	1,083
Other comprehensive income after taxes	-2,446	4,556
Comprehensive income for the reporting period	33,800	17,736
thereof attributable to:
- Shareholders of the parent company	16,628	8,657
- Non-controlling interests	17,172	9,079

{10}------------------------------------------------

Assets (IFRS)unaudited€kNon-current assetsConcessions, industrial property rights and similar rights21,436Goodwill48,899Intangible assets70,336Land and buildings including buildings on third-party land103,140Technical equipment and machinery79,731Other equipment, operating and office equipment53,595Advance payments and assets under development11,265Property, plant and equipment247,732Joint ventures and associates20,594Other participations3Long-term securities123,776Other loans317Financial assets144,690Deferred tax assets16,580479,337Current assetsRaw materials and supplies26,622Work in progress7,673Finished goods and commodities9,255Advance payments10,552Inventories54,102Trade receivables72,966Contract assets165,765Income tax receivables12,795Other current assets35,635Trade receivables and other current assets287,161Gold8,404Securities148,427Derivative financial instruments37Financial assets156,867Cash on hand41Bank balances301,972Cash on hand and bank balances302,013800,144Total assets1,279,482	Statement of financial position	30 Sep 2025	31 Dec 2024
			audited
			€k
			21,083
			48,899
			69,982
			103,820
			67,022
			45,545
			11,926
			228,313
			9,297
			1
			104,734
			359
			114,391
			15,661
			428,347
			21,586
			8,121
			11,016
			3,638
			44,361
			83,242
			118,721
			14,663
			13,834
			230,460
			6,492
			114,793
			69
			121,354
			27
			390,122
			390,149
			786,324
			1,214,671

{11}------------------------------------------------

Equity and liabilities (IFRS)unaudited€kEquityIssued capital5,325Capital reserve424,193Legal reserve61Retained earnings and other comprehensive income169,547Non-controlling interests259,332858,458Non-current liabilitiesLiabilities to banks22,413Lease liabilities10,069Liabilities from participation rights10,213Contract liabilities14,265Liabilities to non-controlling interests10,092Other liabilities740Pension provisions20,107Other provisions2,181Deferred tax liabilities69,641159,721Current liabilitiesLiabilities to banks16,115Lease liabilities7,198Trade payables54,155Contract liabilities58,649Liabilities to non-controlling interests3,273Other liabilities38,514Accruals41,360Income tax liabilities7,567Other provisions34,473261,303Total equity and liabilities1,279,482
	Statement of financial position	30 Sep 2025	31 Dec 2024
			audited
			€k
			5,411
			434,249
			61
			120,801
			222,659
			783,181
			22,947
			11,289
			10,213
			662
			3,857
			797
			20,122
			2,126
			44,951
			116,965
			20,492
			7,583
			54,182
			104,373
			3,179
			42,222
			45,096
			11,105
			26,293
			314,525
			1,214,671

{12}------------------------------------------------

Consolidated statement of cash flows	1 Jan - 30 Sep	1 Jan - 30 Sep
(unaudited)	2025€k	2024€k
Earnings before interest and taxes (EBIT)	105,977	56,042
Depreciation and amortisation expense	37,386	33,881
Increase (+), decrease (-) in provisions	8,219	16,865
Gains (-), Losses (+) from disposal of non-current assets	-250	-100
Income from joint ventures and associates	-11,538	-8,551
Other non-cash expenses and income	2,504	1,276
Adjustments for non-cash transactions	36,321	43,372
Increase (-), decrease (+) in inventories, receivables and other assets	-69,533	-45,880
Decrease (-), increase (+) in trade payables and other liabilities	-38,505	-11,470
Change in working capital	-108,038	-57,350
Income taxes paid	-10,188	-8,767
Other taxes paid	-853	0
Interest received	6,075	8,055
Dividend proceeds from joint ventures and associates	477	29
Reclassification to interest received and to cash flow from investing activities	-2,242	-1,008
Cash flow from operating activities	27,530	40,373
Investments (-), divestments (+) of intangible assets	-7,474	-5,847
Investments (-), divestments (+) of property, plant and equipment	-44,512	-35,490
Investments in long-term financial assets and securities	-151,110	-40,150
Proceeds from long-term financial assets and securities	90,960	54,356
Business combination (less cash received)	-1,145	-126
Cash flow from investing activities	-113,283	-27,257
Profit distribution to shareholders	-17,732	-5,376
Payments to non-controlling interests	-4,827	-3,628
Purchase of own shares	-10,229	-37,778
Acquisition of treasury shares by subsidiaries	-5,919	-5,972
Proceeds from sale of treasury shares relating to share-based payments	0	4,478
Proceeds from disposal of shares without change of control	52,546	0
Payments for shares without change of control	-2,567	-11,094
Proceeds from borrowings	16,453	20,585
Repayments of loans	-20,243	-11,190
Payments for lease liabilities	-6,267	-5,160
Interest payments	-2,331	-2,819
Cash flow from financing activities	-1,116	-57,954
Change in cash and cash equivalents (Subtotal 1-3)	-86,869	-44,839
Effects of changes in foreign exchange rates (non-cash)	-1,266	14
Cash and cash equivalents at beginning of period	390,149	313,901
Cash and cash equivalents at end of period	302,013	269,077
Composition of cash and cash equivalents
Cash on hand	41	39
Bank balances	301,972	269,038
Reconciliation to liquid funds as of 30 September	2025	2024
Cash and cash equivalents at end of period	302,013	269,077
Gold	8,404	6,042
Securities	272,202	206,351
Liquid funds as of 30 September	582,619	481,469

{13}------------------------------------------------

Segment reporting	2025	2024	∆ 2025 / 2024
9 months (unaudited)	€k	€k	€k	in %
Service & Infrastructure
Revenue	595,157	411,091	184,065	44.8%
EBITDA (adjusted)	118,380	60,123	58,257	96.9%
Segment assets	370,940	334,830	36,110	10.8%
Segment liabilities	175,519	140,894	34,625	24.6%
Technological Applications
Revenue	205,482	283,297	-77,814	-27.5%
EBITDA (adjusted)	21,583	27,522	-5,939	-21.6%
Segment assets	208,665	242,959	-34,294	-14.1%
Segment liabilities	88,983	133,107	-44,124	-33.1%
Consumer Goods
Revenue	61,958	70,443	-8,485	-12.0%
EBITDA (adjusted)	4,120	5,866	-1,746	-29.8%
Segment assets	63,572	60,607	2,965	4.9%
Segment liabilities	20,121	19,043	1,078	5.7%
Reconciliation
Service & Infrastructure	-157	-135	-22
Technological Applications	-20	-21	1
Consumer Goods	-72	-87	15
Revenue	-249	-243	-7
EBITDA (adjusted)	-385	-321	-64
Group
Third party revenue Service & Infrastructure	595,000	410,956	184,044	44.8%
Third party revenue Technological Applications	205,462	283,276	-77,814	-27.5%
Third party revenue Consumer Goods	61,885	70,356	-8,471	-12.0%
Revenue	862,348	764,580	97,768	12.8%
EBITDA (adjusted)	143,698	93,190	50,508	54.2%

{14}------------------------------------------------

Financial calendar

Deutsches Eigenkapitalforum, Frankfurt am Main

24 - 26 November 2025

End of financial year

31 December 2025

This document is an English translation of the original report written in German. In the event of discrepancies, the authoritative German version of the document shall take precedence.

Both language versions are available on the Internet at

https://www.mbb.com/en/ir/financial-reports.html

Please subscribe to our MBB newsletter at www.mbb.com/newsletter.

{15}------------------------------------------------

Page 15

Contact

MBB SE Kurfürstendamm 188 10707 Berlin

Tel.: +49 30 844 15 330 Fax.: +49 30 844 15 333

www.mbb.com ir@mbb.com

Imprint

MBB SE Kurfürstendamm 188 10707 Berlin

{16}------------------------------------------------