Maschinenfabrik Berthold Hermle (MBH3) H1 2025 earnings summary

Executive summary

• H1 2025 turnover fell 8.4% YoY to €221.6m; EBIT declined 60.3% to €15.3m, mainly on lower capacity utilisation.

• Orders fell 6.0% to €235.9m, while the first half slightly exceeded expectations; FY turnover and result are now expected near the midpoint of guidance ranges.

• Strong balance sheet: equity was €368.8m, 72.2% of total assets, and cash and cash equivalents reached €139.6m at 30 June 2025.

Financial highlights

• Revenue decreased 8.4% YoY to €221.6m; domestic sales fell 34.0% to €59.2m, while non-domestic sales rose 6.8% to €162.4m.

• EBIT declined to €15.3m from €38.5m; pretax result was €16.7m versus €40.6m, and net profit was €11.8m versus €29.8m.

• EPS was €2.36 per ordinary share and €2.38 per preference share, versus €5.96 and €5.99, respectively, in H1 2024.

• Operating cash flow before working-capital changes fell 46.0% to €19.8m; cash inflow from operating activities was €22.8m versus €57.7m.

• Investments in tangible and intangible assets decreased 52.6% to €9.2m; depreciation rose 14.9% to €7.7m.

Outlook and guidance

• FY 2025 turnover is expected to decline from the upper single-digit percentage range to a good 15%; losses of up to 25% are no longer considered likely.

• FY operating result is forecast to decrease 40%–80%; a decline of up to 90% had previously appeared possible.

• After H1 slightly exceeded expectations, turnover and result are expected near the midpoint of forecast ranges; medium-term demand for machine tools and automation solutions is expected to be strong.