MAKING SCIENCE GROUP SA

Ethifinance Ratings affirms Making Science Group S.A.'s rating at "BB", changing its outlook from Positive to Stable. Making Science Group S.A. is a company that provides consulting services in the areas of digital marketing, data analytics, e-commerce and cloud. The company, based in Madrid, began operating in 2016 as an integrated digital marketing provider, offering services both on the business side and on the technology side. At year-end 2022, the company reported revenues of € 210.1MM (+90.3% YoY) with adjusted EBITDA of € 8.9MM and an EBITDA margin of 4.2% (book EBITDA of € 7.6MM and EBITDA margin of 3.6%). The adjusted NFD/EBITDA ratio stood at 3.8x at the end of 2022.