Mühlbauer Holding (MUB) H1 2025 earnings summary

Executive summary

• H1 revenue was €206.3m, down €4.1m YoY; total output fell €23.6m, or 10.1%, to €211.0m.

• Operating result rose €5.2m YoY to €11.6m; order intake declined 23.7% to €121.8m.

• Backlog was €768.9m at June 30, 2025, down €119.1m, or 13.4%, YoY.

Financial highlights

• Material expense ratio fell to 36.6% from 48.0% YoY.

• Personnel expenses declined by nearly €2m alongside a workforce reduction of 249; personnel costs remained 39.3% of total output.

• Other operating expenses increased €2.4m, mainly due to provisions for damage claims and currency expenses.

• Basic EPS was €1.35, compared with €0.33 in H1 2024.

Outlook and guidance

• FY 2025 outlook calls for lower order intake and revenue, alongside a moderately improved operating result.

• Pretax return and operating cash flow are expected to develop correspondingly; process optimization efforts support an overall positive outlook for nonfinancial indicators, despite a lower workforce.