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December 31 Q4 and 2025 Results Preview RESUL TS INVESTORS PRESENTATION José Antonio Martínez Aguilar CEO Making Science 2025
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Legal Disclaimer 2 This document and the conference-call webcast (including the Q&A session) may contain forward-looking statements and information (hereinafter, the “Information”) relating to MAKING SCIENCE GROUP, S.A (hereinafter “Making Science” or the “Company”). This information may include financial forecasts and estimates based on assumptions or statements regarding plans, objectives and expectations that make reference to different matters, such as the customer base and its evolution, organic growth, potential acquisitions, the Company’s results and other aspects related to the activity and financial situation of the Company. The Information can be identified in some cases through the use of words such as “forecast”, “expectation”, “anticipation”, “projection”, “estimates”, “plan” or similar expressions or variations of such expressions. The Information reflects the current view of Making Science with respect to future events, and as such, do not represent any guarantee of future certain fulfilment, and are subject to risks and uncertainties that could cause the final developments and results to materially differ from those expressed or implied by such Information. These risks and uncertainties include those identified in the documents containing more comprehensive information filed by Making Science, such as Annual Accounts or the Information Document (Jan. 2020). Except as required by applicable law, Making Science does not assume any obligation to publicly update the Information to adapt it to events or circumstances taking place after the date of this presentation, including changes in the Company's strategy or any other circumstance. This document and the conference-call webcast (including the Q&A session) contains or might contain non-audited financial information as prepared by management of the Company. The Information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Neither this document nor the conference-call webcast (including the Q&A session) constitute an offer to purchase, sell or exchange any shares, a solicitation of any offer to purchase, sell or exchange any shares, or a recommendation or advice regarding any shares.
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of contentsTable 01 Company Overview 02 2025 Highlights 03 Artificial Intelligence in Making Science 04 Q4 2025 Results Appendix Q4 and 2025 Results Preview 3
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01 4 Overview of Making Science
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850 Employees 850+ Customers 18 Countries 25 Offices 374 M € Revenue in 2025 Making Science is a global digital acceleration company powered by Artificial Intelligence, with more than 800 employees and a presence in 18 countries. Making Science's business focuses on the high-growth markets of digital advertising, Cloud for Marketing, Adtech, and Martech. 14 M € Recurring EBITDA in 2025 Ticker: MAKS Making Science is a marketing and technology consulting firm helping companies accelerate their digital capabilities 5 Ticker: ALMKS Who are we?
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Our Business Lines 6 Business lines ● Global Digital Agency with Technology: Offering 360-degree digital advertising services that integrate strategic planning, creativity, data, and technology. ● RAISING Technology Division: Combining business expertise with data science to offer solutions based on AI applied to marketing—such as ad-machina, the Agentic AI platform for integrated marketing. ● AWAKE, an AI Venture Studio: Created to lead the Artificial Intelligence revolution by industrializing the creation of startups and innovative AI-native projects that meet the evolving needs of the digital economy. ● Making Science Investment Area: Featuring Ventis and TMQ as a line for business diversification and the practical implementation of capabilities from across all our specialized areas. Making Science is composed of 4 business lines:
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Social Media Social Media & Community Management Identify & Strategy Brand Identity and Values eCommerce Platform Development & Infrastructure Creativity Content Production, Photos, Videos SEO & Content SEO Positioning (Search Engines) Feed Feed Generation for Digital Marketing Performance Paid Media Campaign Management & Programmatics Measure Analytics, CRO, Dashboarding & Big Data Machine Learning Machine Learning, AI & Gauss Customer Management Lifetime Value & Customer Management Performance Paid Media Campaign Management & Programmatics 360º Capabilities Making Science Services eCommerce Platform Development & Infrastructure 7
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8 Data and technology capabilities that differentiate us from traditional agencies. AI & Technology A team of engineers and data scientists developing AI-applied marketing platform. AdTech & MarTech (Advertising & Marketing technologies)Digital Marketing Our access to client businesses and tech partnerships generates new opportunities. Complementary and high-growth business lines that reinforce the customer value proposition. Our Flywheel
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We create value through integrated solutions to offer a 360-degree, results-oriented experience. Some of our clients 9
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We have expertise across all channels of the digital ecosystem Working with the world's largest platforms 10 Partners Collaborators Google Security Partners de activación full funnel Partners full stack We are partners with the industry’s leading technology players, providing us with a comprehensive view of the digital advertising ecosystem. Our methodology is closely integrated with our technology partners, allowing us to offer the latest market innovations and ensure the highest level of support from these partners.
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Making Science is becoming increasingly global 11
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02 12 2025 Highlights
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This chart is shown for illustrative purposes only and does not, in any case, represent guidance on the company's future performance. Evolution 13 PHASE 3PHASE 2PHASE 1 The company is in Phase 3 Revenue (€ million) THE COMPANY IS ALREADY LARGE AND HIGHLY DIVERSIFIED THE COMPANY DOUBLES IN SIZE EVERY 3 TO 4 YEARS SIGNIFICANTLY HIGHER OPERATING LEVERAGE AND ECONOMIES OF SCALE ARE ACHIEVED THE GEOGRAPHIC LOCATION OF THE COMPANY'S RESOURCES MAKES IT MORE PROFITABLE THE COMPANY CAN SERVICE LARGER AND MORE GLOBAL CLIENTS THE COMPANY WILL BE MORE PROFITABLE What defines us?
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01 02 03 04 2025 Highlights: Spain & International 14 S The Agentic AI Marketing Platform International ExpansionLATAM Consolidation Strengthening our Partnerships Optiphi Creative HUB SEO & GEO THE AGENTIC AI MARKETING PLATFORM Diana Chaves LATAM Manager Sales Partner Certification in Mexico & Colombia Meta: Marketing Science certification in Spain and Italy TikTok: MMM Certification in Spain Amazon: Global DSP Reseller contract. New offices in Brazil and Argentina New Joint Venture with Pilot. Pilot acquires 25% of Making Science Germany and transfers its Search operations to Making Science. New Centers of Excellence (COEs) Creative & Content (Sweden & Spain); TV & CTV (France, Sweden & Spain); Data (France & Spain) Google: #1 globally in Partner Portal (US). MMM Certification in Spain. Synthetic Users 18 US CLIENTS NEW Opening offices in Amsterdam, Netherlands 05 AI & THRIVE: licenses and training Sale of BL2 to Lutech Sale of the Cloud and Cybersecurity unit (BL2) ● Lutech Alliance: Service continuity for clients and future strategic collaboration opportunities ● Focus on high-growth core areas - Digital Marketing (BL1) and AI Technology (BL3) ● Growth: Direct capital investment in global expansion and AI technology scalability
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Making Science 2026 AI Framework 15 Optimization of existing processes through AI Examples: Automation of manual tasks, workflow optimization New products and services enabled by AI Examples: Synthetic Users, Creative Optimizer New adjacent opportunities previously unfeasible due to cost and complexity Emergence of LLMs as a technological catalyst that enables the three vectors Business Evolution through AI: From Efficiency to Disruption Generative AI drives three vectors of change: efficiency in current processes, expansion into previously prohibitive adjacent opportunities, and disruptive innovation with entirely new products and services. Examples: PR, personalized services at scale
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Making Science employees have access to all AI tools and models to increase their productivity and improve customer satisfaction. AI Tools 16
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Making Science Group, SA - Company Confidential LATAM PROGRESS Region EMEA USA LATAM Partnership levels and contracts Feb 1st Feb 1st Currencies EUR USD GBP USD CAD MXN COP - Countries SP PT UK FR IT DE SW USA MX CO BR Certifications Product and Individual SPAIN EMEA CONTRACT EUR USD GBP PORTUGAL EMEA CONTRACT EUR USD US CONTRACT USD CAD Making Science has achieved Google Marketing Platform reseller status in Colombia and Mexico
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18 Google Next Generation Partners 2025 Award in the “Creative & Content” category YouTube Award in the “Collaboration: Brands & Creators" category El Mundo ranking of the 100 Best Companies to work for in Spain CM360 Latam Reseller of the Year Madrid Excelente Award for the AI-driven Transformation project. New recognitions and affiliations
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New clients in 2025 19
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03 Artificial Intelligence in Making Science 20
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21 Hybrid venture builder designed to identify high-value problems, prototype AI-driven solutions, and launch independent companies with proven product-market fit. ai forge & ai create Not Another Incubator. We Are an AI-First Factory.
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22 1 2 ADJACENT INNOVATIONS ● Synthetic Users DISRUPTIVE INNOVATIONS 10% 20% 70% CORE INNOVATIONS ● Measurement ● Campaign Management Process ● TV Planning 3 Investment in innovation maintaining the same CAPEX thanks to Artificial Intelligence Strategic allocation of innovation
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23 “THE HYBRID INTELLIGENCE”: CORPORATE VALUE PROPOSITION 2026
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04 Q4 2025 Results 24
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FY 2025 Results 25 Consolidated Revenue Gross Margin Recurrent EBITDA Results (FY 2024 vs. FY 2025) Revenue is driven by reselling clients in the USA and UK, plus the growth of service activity. Profitability remains around 20%. Recurring EBITDA remains stable YoY, as a result of the investment in talent we have made in the UK and Italy, plus the change of clients in Georgia. These figures include the business sold to Lutech for the full year 2025 and under the global consolidation criteria, which is different from how they will be presented in the annual accounts by applying IFRS 5 and moving these results to Discontinued Operations. All this information will follow this criteria for comparative purposes. €71,2 €74,79 €14,32 €14 +5%+36% -2% €274 €374
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2025 EBITDA: From Market Target to Actual Result 26 €3M deviation due to: International Business ● UK: Investment in senior profiles to drive growth and business transformation ● IT: Expansion with new hubs and skills to serve other geographies ● GE: Strategic focus on a profitable client portfolio Spain ● Increase in operational costs to serve other geographies (Hub). Strict cost control is maintained. Ecommerce: Ventis ● Impact of market conditions within the sector ● Increase in tariffs during 2025 Investment in Organic Expansion ● Opening of offices in Germany, Brazil, Argentina, and the Netherlands. 2025 Goal 2025 Result Recurrent EBITDA -1M€ -1,5M€ -1M€ UK, IT, GE ES Ventis -0,5M€ 17M€ 14M€
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FY 2025 Results 27 Significant growth in our business demonstrates the strength of our core operations. The EBITDA stability is due to the Investment in Talent. Core Business Results (FY 2024 vs. FY 2025) €363,3 €72,2 €13,8 €13,8 +7,7%+38% -0,3% €262,6 €67 Revenue Gross Margin Recurrent EBITDA
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FY 2025 Results 28 Core Business by Segment Revenue Gross Margin Recurring EBITDA Spain (FY 2024 vs. FY 2025) Revenue Gross Margin Recurrent EBITDA International (FY 2024 vs. FY 2025) €35 €40,6 +16% +8,6% €147,3 €9,6 €8,5 -11% €135,6 €216 €32 €31,6 €4,2 €5,2 -1% +70% +24% €127 +16% ex. Georgia
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FY 2025 Results 29 Investments: E-Commerce & Products Revenue Gross Margin Recurrent EBITDA Results (FY 2024 vs. FY 2025) Our e-commerce business has shown resilience in a year marked by the increase in tariffs. €11,4 €10,2 €4,2 €2,6 €0,5 €0,2 -38% -10% -54%
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Non-recurring expenses 30 Main expense groups ● Expenses in the first half of 2025 are related to corporate operations and severance payments. ● In the second half, they primarily correspond to the sale of the Cybersecurity and Cloud businesses, which were offset by the capital gain recorded in 4Q25. Non-recurring items MSG Consolidated (€ '000) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Corporate Operations 26 66 795 345 146 442 1.133 -24.387 People & Culture 7 50 52 690 223 71 298 177 Miscellaneous 38 2 3 20 0 0 366 0 Donations 17 0 0 45 0 0 17 0 Totals 88 118 850 1.100 369 513 1.814 -24.210
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Optimization of Net Financial Debt (NFD) 31 Disciplined use of debt financing and performance-based variable payments (earn-outs) to accelerate growth. Maturity schedule with a mix of short-term bank debt, bilateral loans, and multi-year staggered payments related to M&A. Credit Rating (EthiFinance): BB (stable) Evolution of Debt and NFD MSG Consolidated, EUR '000 31.12.24 31.12.25 Var % Loans 17,741 7,458 -58.0 Customer advances line 2,602 3,718 42.9 Confirming (Reverse Factoring) 16,743 17,577 5.0 Credit lines and other loans 3,922 2,995 -23.6 Other financial liabilities 6,073 5,438 -10.5 Debt with associated companies 7,242 3,552 -51.0 Total Debt 54,323 40,737 -25.0 less: Cash and equivalents 19,815 29,024 46.5 less: Short-term financial investments 2,284 4,739 107.4 Net Debt 32,224 6,975 -78.4 Committed Payments in 2026 MSG Consolidated, EUR '000 31.12.25 Pagos 2026 31.12.26 Var % 26/25 Bank Debt 1,630 1,630 0 -100.0 L/T Bilateral Loans 5,123 2,336 2,787 -45.6 Cash Earn-outs 7,495 5,819 1,676 -77.6 Equity Earn-outs (Shares) 500 500 0 -100.0 Total Debt Maturities 14,247 10,284 3,963 -72.2
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2026 Outlook 32 The investment made in 2025 sets the foundation for a 2026 of profitable and sustained growth. AI in the Business We have proprietary products (ad-machina and Gauss AI), world-class solutions that we market to our clients. This allows us to stay ahead of the market and grow organically within our client base. Specialized Regional Hubs Our specialized regional hubs allow us to deliver high-quality services to clients at an optimized cost. We leverage the existing structure to scale without increasing costs. AI as an Internal Efficiency Factor We apply AI to our internal processes to optimize operations and improve productivity. The result: the same operational capacity with fewer resources. International Expansion We continue to increase our global scale. The company has the necessary financial capacity to invest in new markets and AI development, consolidating our international position.
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Thank You AI POWERED DIGITAL ACCELERATION INVESTORS PRESENTATION 33
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34 APPENDIX
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Quarterly Gross Margin 35 Core Business by Market Ingresos Margen bruto EBITDA recurrente Gross Margin by Country (IFRS) Var. % 12M25/24Figures in EUR '000 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Spain 8.527 9.056 8.027 9.421 9.951 10.192 10.707 9.737 15,9% International 8.054 8.078 7.320 8.558 7.799 7.530 7.625 8.687 -1,2% - France 1.512 1.570 1.368 1.252 1.731 1.452 1.691 1.540 12,5% - Italy 1.103 1.042 1.033 1.060 1.129 1.139 862 954 -3,6% - Nordics 2.031 2.166 2.079 2.995 2.431 2.474 2.643 3.689 21,2% - U.K. 516 471 408 403 367 256 290 297 -32,7% - Georgia 2.715 2.480 2.055 1.801 1.574 1.281 1.157 987 -44,8% - USA 93 233 267 678 495 472 662 933 101,6% - Others 85 115 110 369 71 456 319 287 66,7% Core Business 16.581 17.134 15.347 17.979 17.750 17.722 18.332 18.424 7,7% International w/o Georgia 5.339 5.597 5.265 6.756 6.225 6.249 6.467 7.700 16,0%
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Quarterly EBITDA 36 Core Business by Market Ingresos Margen bruto EBITDA recurrente Recurrent EBITDA by Country (IFRS) Var. % 12M25/24Figures in EUR '000 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Spain 2.749 2.340 2.006 2.493 2.639 2.493 2.458 952 -10,9% International 635 1.245 1.158 1.192 1.282 1.235 724 1.997 23,8% - France 505 521 390 186 536 439 242 416 1,9% - Italy 301 318 277 237 201 143 -9 16 -69,0% - Nordics 339 368 539 541 360 388 478 967 22,7% - U.K. 144 117 69 8 36 -135 -111 138 -121,3% - Georgia 88 509 479 324 390 211 253 203 -24,4% - USA -476 -337 -359 48 -3 94 -94 596 -152,8% - Others -265 -251 -238 -153 -237 94 -35 -340 -42,8% Core Business EBITDA* 3.384 3.584 3.164 3.685 3.921 3.728 3.182 2.948 -0,3% (*) Recurring EBITDA, excluding extraordinaries
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Making Science management and employees collectively own ~72% of the shares outstanding, ensuring financial alignment with shareholders. Shareholder Information 37 Share Information The Science of Digital, Green Scientific Tree, Bastiat Internet Ventures (José Antonio Martínez Aguilar, Presidente y CEO) Other executives and founders of integrated companies Other shareholders (Free Float) Onchena, SL 54% 18% 21% 6% Shareholding Structure Number of shares 9.091.946 Price per share July 25, 2025 €8,65 Market capitalization €82M (Madrid) (Paris) Continuous and significant investment from the company's main stakeholders Treasury Shares0,4%
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Analyst Coverage 38 Analyst reports are available to investors on the Making Science Investor Relations page Fernando Abril-Martorell Iván San Félix Carbajo Analyst Analyst
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THANK YOU AI POWERED DIGITAL ACCELERATION