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MB

MASTERBEEF GROUP

MB

MASTERBEEF GROUP • NASDAQ
$6.39 ▲ 1.43% (+0.09)
Market Cap $108.63 M
52w High $16.40
52w Low $2.73
Dividend Yield 0%
P/E 25.56
Volume 744
Outstanding Shares 17.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2018 $63.782M ▲ $58.094M ▼ $-17.237M ▼ -27.025% ▲ $-0.36 $-3.252M ▲
Q2-2018 $61.611M ▲ $58.403M ▲ $-16.891M ▼ -27.416% ▼ $-0.36 ▼ $-9.026M ▼
Q1-2018 $53.823M ▲ $42.556M ▲ $-1.691M ▲ -3.142% ▲ $-0.036 ▲ $-1.101M ▼
Q4-2017 $49.693M ▲ $38.663M ▲ $-2.878M ▲ -5.792% ▲ $-0.061 ▲ $-640K ▲
Q3-2017 $46.612M $37.253M $-3.63M -7.788% $-0.076 $-1.21M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $117.336M ▼ $308.315M ▼ $279.772M ▼ $28.543M ▼
Q2-2024 $124.469M ▼ $320.997M ▼ $285.177M ▼ $35.82M ▼
Q4-2023 $187.647M ▼ $456.084M ▼ $365.991M ▲ $90.093M ▼
Q3-2018 $325.09M ▼ $571.292M ▼ $290.43M ▲ $280.862M ▼
Q2-2018 $325.795M $574.45M $287.066M $287.384M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2018 $-17.237M ▼ $-2.391M ▲ $-173.076M ▼ $3.775M ▼ $-171.721M ▼ $-4.338M ▲
Q2-2018 $-16.891M ▼ $-5.175M ▼ $-138.876M ▼ $252.217M ▲ $108.087M ▲ $-7.186M ▼
Q1-2018 $-1.691M ▲ $55K ▼ $-18.208M ▼ $3.844M ▼ $-14.311M ▼ $-1.914M ▼
Q4-2017 $-2.878M ▲ $5.586M ▲ $-3.021M ▼ $4.079M ▲ $6.707M ▲ $4.528M ▲
Q3-2017 $-3.63M $1.357M $-2.098M $2.247M $1.52M $-491K

Revenue by Products

Product Q3-2017Q4-2017Q2-2018Q3-2018
Payments Revenue
Payments Revenue
 $20.00M ▲$20.00M ▲$0 ▼$0 ▲
Product And Other
Product And Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Subscription And Services Revenue
Subscription And Services Revenue
 $30.00M ▲$30.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been broadly steady over the last few years, growing from a smaller base and then flattening out recently. Profitability has been positive but modest and a bit erratic, with operating results dipping in the latest year even though overall earnings stayed just above break‑even. This suggests the core restaurant operations are under some pressure from costs or pricing, while non‑operating items or efficiencies are helping the bottom line. Overall, MB looks like a business that can generate profit, but with thin margins and some volatility in performance.

Balance Sheet

Balance Sheet The balance sheet has become lighter, with total assets and cash balances stepping down while debt stayed roughly the same. Equity has shrunk, which means the financial cushion is quite thin and the company is more reliant on borrowed money relative to its size. This structure can work if cash flows remain healthy, but it leaves less room to absorb shocks or missteps in expansion. Financial flexibility therefore looks limited and will need close monitoring as the company grows.

Cash Flow

Cash Flow MB is still generating cash from its operations, but the trend has been downward, with less cash produced each year. Free cash flow remains positive, helped by a recent pullback in investment spending, which suggests management is being cautious on new projects or renovations. The combination of positive but declining cash flow and lower capital outlays points to a business that is funding itself for now, but may need stronger cash generation to comfortably support future expansion and debt over time.

Competitive Edge

Competitive Edge Within Hong Kong’s Taiwanese hotpot and barbecue niche, MB appears to hold a strong and well‑recognized position, with brands that have built a loyal following in the all‑you‑can‑eat segment. Its focus on a clear, authentic Taiwanese concept and quality cuts of meat differentiates it from more generic hotpot chains. Control over parts of the supply chain and a portfolio approach to brands add some operational advantages. That said, the restaurant industry is intensely competitive and highly sensitive to consumer spending and trends, so maintaining this lead will require constant execution and brand upkeep, especially as it moves into new markets.

Innovation and R&D

Innovation and R&D MB is not a heavy R&D player, but it is actively using technology to refine the dining experience and operations, such as QR‑code ordering and planned upgrades to ordering, table service, and inventory systems. These are practical, execution‑focused innovations aimed at faster service, better cost control, and a smoother customer journey rather than breakthrough technologies. In parallel, the company is developing semi‑finished food products and packaged items, which is more of a product innovation and brand extension play. Overall, its innovation is about improving efficiency and extending the brand rather than deep technological research.

Summary

MB combines a strong local brand in a clear culinary niche with modest, sometimes choppy profitability and a relatively tight financial cushion. The business is generating cash and remains profitable, but margins have come under pressure and operating performance has softened recently. The balance sheet shows limited room for error, making disciplined execution and careful capital allocation particularly important as the group pursues expansion into new geographies and retail products. Future results will likely hinge on MB’s ability to protect its Hong Kong stronghold, successfully roll out its franchise and packaged‑food strategies, and use technology to lift efficiency without overextending its finances.

NEWS

September 8, 2025 · 9:50 AM UTC

MasterBeef Group Announces Secondary Listing on the Frankfurt Stock Exchange

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