Müller (MLL) H1 2024 earnings summary

Executive summary

• Revenue increased by 1.5% year-over-year to €126.7 million in H1 2024, with EBIT rising to €3.6 million from a loss of €3.0 million in H1 2023, and net income turning positive at €1.5 million compared to a €4.9 million loss last year.

• EBITDA improved significantly to €19.3 million from €12.0 million year-over-year, reflecting operational improvements and the absence of prior-year one-off costs.

• The company maintained a stable workforce, with a 3.3% reduction in headcount mainly due to the prior exit from certain distribution activities.

Financial highlights

• Revenue: €126.7 million (+1.5% year-over-year); EBIT: €3.6 million (vs. -€3.0 million); Net income: €1.5 million (vs. -€4.9 million); EPS: €0.19 (vs. -€0.61).

• EBITDA margin rose to 15.2% from 9.6% year-over-year.

• Equity ratio increased to 18.5% (from 14.0% a year ago).

• Cash flow from operating activities was €17.7 million (up from €14.1 million), with liquidity at €11.5 million at period end.

Outlook and guidance

• Full-year 2024 revenue guidance lowered to €246–256 million (previously €260–270 million) due to reduced automotive volumes.

• EBIT guidance maintained at €7.0–8.3 million, expecting to reach the upper end of the range.

• Forecast excludes potential impacts from further geopolitical escalation or deeper economic downturns.