Do you think that the current context favors the sustained revaluation of companies like Making Science?
Without a doubt, the current moment is being dominated by two unstoppable forces, the Global digital acceleration and the massive emergence of Artificial Intelligence (AI). In this context, Making Science is at the epicenter of both trends, with a strategy based on four pillars: strength, size, diversification and profitability; the axes of our Third Growth Phase of the 2027 Plan. This approach allows us to generate operating leverage and economies of scale to serve increasingly larger and global clients and, with it, constant and continuous growth in our income statement.
In this sense, in the first half of 2025, we have already demonstrated the solidity of our results by reaching a Consolidated Recurring EBITDA of 7.7 million euros, which represents a growth of 5.7% compared to the same period in 2024. Furthermore, accompanied by the rise of our international business, which already represents 60% of Core Business revenues, a circumstance that gives us greater resilience as we are in different stages of geographical development.
It is also worth highlighting the most recent strategic move of our company, with the sale of the Cloud & Cybersecurity unit in Spain to Lutech. This operation allows us to double our commitment in Digital Marketing, AdTechfocusing on the acceleration of our AI products division. In particular, we want to accelerate the ad-machina development, The Agentic AI Marketing Platformwith the ambition of becoming global SaaS leaders.
What differences do you think Making Science has for investors from other small caps in the sector?
Making Science offers a differential value proposition with a global focus and very solid diversification. We have a direct presence in 18 countries and a network of partners in another 10 markets. Our strategic objective is that the contribution to the results is divided into one third in Spain, one third in the United States, and one third in the rest of the geographies. A goal on the way to being fulfilled.
We are one of 15 Google Full Stack Sales Partners on the platform, and the only one with all 11 certificationsa position that gives us a unique competitive advantage to accelerate business in that market.
Furthermore, we have proprietary and cost-effective AI technology (SaaS). Unlike many small caps that offer services, we have continuously invested in AI for over 8 years, developing platforms such as ad-machina, Gauss AI y Trust Generative AI. These products are marketed through the Google Cloud MarketPlace platform as Software as a Service (SaaS), providing us with greater recurrence and margin potential on a global scale.
Our strategy is clearly focused on profitability, cash flow generation, debt reduction and cost optimization, as demonstrated by our quarter-over-quarter results. We’re deploying AI internally, with over 800 users on Google Agentspace and over 500 individual AI licenses, to increase team productivity without increasing headcount. This is the basis of our future operating leverage.
After several years of acquisitions and integrations, what criteria will the company follow for M&A in the medium and long term?
Our M&A strategy will become more selective and will align with our new strategic direction: full focus on Digital Marketing, AdTech and our proprietary AI technology.
Within the framework of our objective of strengthening our technological leadership position, we will continue to explore acquisitions that provide us with differentiating AI technology and high-level engineering and data science teams. This combination of factors is key for us to continue accelerating the development of our SaaS platforms.
Likewise, we will seek alliances or acquisitions that allow us to accelerate entry into key markets and advance towards our already stated objective of geographical diversification by thirds between Spain, the United States and the rest of the regions. Recent examples of this approach are the openings of offices and joint ventures in Argentina, Brazil, the Netherlands and Germany, where we collaborate with Pilot to support our global clients.
Likewise, we will continue to apply a policy of strategic disinvestment. As we demonstrated with the sale to Lutech, we will not hesitate to divest profitable units that, although solid, do not fit with our Core Business high growth. These operations allow us to monetize assets, reduce debt and free up capital to invest in our priorities: AI and AdTech.
What reasons have driven the sale of the cloud and cybersecurity unit to Lutech?
The sale of the Cloud & Cybersecurity unit in Spain to Lutech responds to a purely strategic decision, with the main objective of Maximize the value of Making Science. We wanted to concentrate all our resources on the areas where Making Science has the greatest potential for growth, especially internationally, and margin: the Digital Marketing, AdTech and Artificial Intelligence solutions. In short, this is a move designed to reinforce the most profitable and scalable core of our business, in order to consolidate ourselves as global leaders in these areas.
By divesting ourselves of a solid area but unrelated to our core business, We freed up resources to invest more heavily in ad-machina, our AI-based marketing SaaS platform, which already has 90 clients in 20 countries and is experiencing sustained growth. The funds from the operation will be used precisely to accelerate its development and global expansion, promoting the transition towards a more technological and more profitable model.
The operation also has a relevant financial component, since it contributes to reinforce the company’s liquidity and advance our deleveraging process. Furthermore, it opens the door to a strategic collaboration with LutechItalian leader in digital transformation, with whom we maintain synergies in AdTech, MarTech and Artificial Intelligenceas well as an active relationship with Google Cloud.
In short, it is an operation that combines specialization, monetization and vision of the future: a decision that allows us to concentrate resources on the fastest-growing business lines and reinforce our position as a leading technology company in marketing and artificial intelligence at an international level.
What will be the immediate impact on cash after the initial payment of the operation and on what schedule do you expect to receive the variable component linked to EBITDA 2025?
The amount payable under the transaction amounts to maximum of 26 million euros (“enterprise value”). This figure is made up of an initial payment of 23,256 million euros, which will be paid at the closing of the transaction, expected during the fourth quarter of 2025; along with an additional variable payment, which will be paid in the first half of 2026, based on the actual EBITDA of 2025.
The immediate impact on cash is positive, since the transaction allows us to obtain initial cash flow that, strategically, we have taken advantage of to reinforce our liquidity and deleveraging.
After this operation, will you maintain the 2025 guidance or do you plan to make some type of adjustment to the items?
In our first half earnings release dated July 31, 2025, Making Science reaffirmed financial guidance for fiscal 2025. The impact of the transaction is not entirely clear as it has not yet closed. Therefore, Making Science will communicate to the market any updates to its 2025 guidance or its 2027 Plan once the transaction has been completed.
ad-machina is the company’s big technological bet. What role will it play in revenues and margins in the next year?
We can affirm that ad-machina is the future of Making Science margins and scalability. As it is a SaaS platform, its impact on margin and profitability is much higher than that of traditional services. As I mentioned previously, it currently has 90 active clients in 20 countries and will be the protagonist of the next phase of our AI frameworkthe stages Amplify y Awakenwho seek to scale solutions, multiply their impact on customers and develop new disruptive capabilities. Among them, the ad-machina version for META stands out, co-financed by the technology itself, capable of generating Reels videos at scale through generative AI.
The recent acquisition of 100% of Agua3the company that created ad-machina, reinforces our commitment to this platform. The funds released after the sale of the Cloud business will be used for its growth. Furthermore, its potential has been recognized with numerous awards, including the Google Marketing Partner Awards (GMP) 2025 in Spain, in the Scalable Solution category. With 30% international customers and active sales through Google Cloud Marketplace, we expect its contribution to revenue and profitability to increase, consolidating itself as one of the pillars of our long-term operating leverage.