Müller (MLL) H2 2025 earnings summary

Executive summary

• Revenue increased by 0.7% year-over-year to €250.5 million, with EBIT up 22.8% to €11.3 million, surpassing guidance.

• Net income rose 12.5% to €4.3 million, and EPS improved to €0.54.

• Performance was achieved despite challenging geopolitical and economic conditions, including the Iran conflict and weak German economy.

• Major investments in automation and digitalization, including the ongoing Autostore project, are expected to drive future growth.

• Two new sites were launched, and organizational restructuring was implemented to enhance agility.

Financial highlights

• EBITDA increased 9.7% to €44.7 million, with an EBITDA margin of 17.9% (prior year: 16.4%).

• EBIT margin improved to 4.5% from 3.7% year-over-year.

• Operating cash flow rose to €44.3 million, while free cash flow was impacted by €44.1 million in capex, mainly for automation.

• Equity ratio strengthened to 21.8% (prior year: 20.2%).

• Dividend proposal of €0.15 per share, up from €0.10.

Outlook and guidance

• 2026 revenue guidance: €245–253 million; EBIT expected to decline to €7.3–8.6 million due to one-off automation costs.

• Dividend policy aims for stable payouts while supporting growth.

• Management expects continued market volatility but sees opportunities in automation, digitalization, and sector diversification.