Mühlbauer Holding (MUB) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 21.1% YoY to €249.9m; operating result increased to €22.0m and net income to €16.9m.

• Order intake doubled to €243.7m, while backlog fell 10.5% YoY to €688.5m following revenue recognition of major projects.

Financial highlights

• Total output increased 11.6% YoY to €235.5m, despite a €14.4m inventory decrease versus a €4.6m increase in H1 2025.

• Gross profit was €151.9m versus €142.4m; material costs rose to €93.2m from €75.4m.

• Net income reached €16.9m versus €6.4m; income tax expense was €5.1m versus €5.4m.

• Cash and bank balances were €81.6m at 30 June 2026, up from €71.5m at 31 December 2025.

Outlook and guidance

• FY 2026 consolidated guidance calls for slight growth in order intake and revenue and a moderate improvement in operating result, pre-tax return and operating cash flow.

• Precision Parts & Systems expects order intake and revenue above prior-year levels and a positive single-digit operating result.

• Automation expects slightly higher order intake, flat revenue and a positive operating result; ATECH expects moderate order growth, lower revenue and a slightly positive result.

• Precision Parts & Systems production in Germany is forecast by VDMA to show no real growth in 2026; equipment investment growth is forecast at 0.2%.