Maschinenfabrik Berthold Hermle (MBH3) H2 2025 earnings summary

Executive summary

• 2025 results exceeded expectations: order intake and revenue rose despite weak domestic demand, while operating profit declined YoY but surpassed the revised forecast.

• International orders and sales drove performance; 2026 outlook ranges from revenue growth of up to 10% to a mid-single-digit decline, with operating profit potentially down as much as 50%.

Financial highlights

• Order intake rose 5.9% to €483.8 million; international orders increased 19.1% to €347.4 million, while domestic orders fell 17.4% to €136.4 million.

• Revenue increased 0.7% to €491.9 million; overseas revenue rose 13.9% to €351.4 million, while domestic revenue fell 21.7% to €140.5 million.

• Operating profit was €69.2 million vs. €85.3 million; pre-tax profit was €71.0 million vs. €89.0 million, and Group profit was €51.4 million vs. €65.9 million.

• HERMLE AG net income was €52.8 million vs. €66.2 million; proposed dividends were €9.50 per ordinary share and €9.55 per preference share, down from €11.00 and €11.05.

Outlook and guidance

• 2026 revenue is forecast to rise by up to 10% in the best case, or decline in the mid-single-digit percentage range under unfavourable conditions.

• 2026 operating profit could be close to 2025’s level in the best case, but could also fall by up to 50%.

• New products are planned in 2026 for complete machining and intuitive machine operation; medium-term demand for automation solutions and high-performance machine tools is expected to remain strong.