Mühlbauer Holding (MUB) H2 2023 earnings summary

Executive summary

• 2023 revenue reached a record €464.4m, up 43.1% YoY; EBIT was €66.3m versus €8.1m, and net income was €48.4m versus a €3.0m loss.

• Growth reflected established RFID and TECURITY® markets, while delayed large projects in SRP and ATECH weighed on cash conversion; backlog rose 6.3% to €963.8m.

Financial highlights

• Total output increased 26.0% to €497.5m; gross result rose 34.0% to €334.8m.

• Operating cash flow was €38.8m, down 2.3% YoY; investing cash outflow was €54.1m and financing outflow €13.7m.

• Free cash flow was negative €17.0m; gross investment increased 52.1% to €56.3m.

Outlook and guidance

• For 2024, consolidated order intake and adjusted operating result are expected to rise slightly YoY on a slightly higher revenue level; pretax return and operating cash flow are also expected to develop accordingly.

• Precision Parts & Systems expects 2024 order intake and revenue at prior-year levels, with positive earnings and a low-single-digit margin.

• Automation expects strong order intake, revenue growth and positive earnings development in 2024; TECURITY® forecasts higher order intake and revenue, with operating margin above 10% of sales.

• ATECH expects delayed e-mobility projects to complete in 2024; initial serial orders for its MEA production line have been secured.