Müller (MLL) H1 2025 earnings summary

Executive summary

• Revenue declined by 3.1% year-over-year to €122.7m in H1 2025, mainly due to lower volumes in the automotive sector, partially offset by growth in Defense & Security, Electronics, and Medical & Pharma.

• EBIT increased slightly to €3.7m (H1 2024: €3.6m) as cost reductions offset revenue declines; EBITDA rose 4.8% to €20.2m.

• Net income fell 16.5% year-over-year to €1.26m, with EPS at €0.16 (H1 2024: €0.19).

Financial highlights

• Gross margin remained stable; EBITDA margin improved to 16.4% (H1 2024: 15.2%).

• Material and personnel costs decreased, but the personnel cost ratio rose due to one-off restructuring costs of €458k.

• Cash flow from operations was stable at €17.8m; cash and equivalents dropped to €8.4m due to infrastructure investments.

• Equity ratio improved to 21.4% (Dec 2024: 20.2%).

Outlook and guidance

• Full-year 2025 revenue expected between €245m and €253m, with EBIT forecasted at €7.0m to €8.3m.

• Management notes risks from ongoing weakness in automotive and global trade uncertainties.