Müller (MLL) H2 2024 earnings summary

Executive summary

• Revenue declined by 4.3% to €248.7m in 2024, but EBIT rose 34.3% to €9.2m, and net income more than doubled to €3.8m despite challenging macroeconomic and geopolitical conditions.

• Strategic focus on profitable business, automation, and digitalization led to improved results and operational resilience.

• Major investment in a new automation facility at Blaufelden, the largest in company history, is expected to drive future growth, especially in Books/Media and E-Commerce.

• The company met its revenue guidance and exceeded EBIT expectations, reflecting successful restructuring and cost discipline.

• Dividend of €0.10 per share proposed for 2024; no dividend planned for 2026–2027 due to financing needs for automation investments.

Financial highlights

• Revenue: €248.7m (down 4.3% year-over-year); EBIT: €9.2m (up 34.3%); Net income: €3.8m (up 113.7%).

• EBITDA: €40.8m (up 12.1%); EBIT margin: 3.7% (prior year: 2.6%); EPS: €0.48 (prior year: €0.23).

• Operating cash flow: €40.6m (prior year: €35.1m); Capex: €26.6m (prior year: €25.8m).

• Equity ratio improved to 20.2% (prior year: 17.8%); liquidity at year-end: €16.0m.

• Dividend proposal: €0.10 per share for 2024.

Outlook and guidance

• 2025 revenue expected between €245m and €253m; EBIT forecasted at €7.0m–€8.3m, lower than 2024 due to one-off costs for automation.

• No dividend planned for 2026–2027 to support automation investment financing.

• Management expects continued economic challenges in Germany and a slow recovery in core markets.