Mühlbauer Holding (MUB) H2 2025 earnings summary

Executive summary

• FY2025 was a transition year focused on restructuring, modernization and developing new business areas amid difficult market conditions.

• Revenue and total output declined YoY, while EBIT and net income rose substantially; management said order intake, revenue and cash flow were within its half-year forecast but not satisfactory.

Financial highlights

• Consolidated revenue was €484.6m, down €37.9m or 7.3% from €522.5m YoY.

• Total output fell 3.6% to €470.2m from €487.9m.

• EBIT increased to €51.2m from €15.1m; net income rose to €24.7m from €11.5m.

Outlook and guidance

• Management considers the business well positioned in its markets; ATECH is preparing for the next growth wave in European and US battery industries, including e-mobility, storage and defense.

• Measures were initiated to improve cash flow; the 2025 order intake, revenue and cash flow trajectory was in line with the half-year forecast, though management viewed it as unsatisfactory.