Maschinenfabrik Berthold Hermle (MBH3) Q1 2025 earnings summary

Executive summary

• Q1 2025 business declined as expected amid a sluggish machine tool industry: Group turnover fell 8.8% to €97.2 million and incoming orders fell 5.3% to €120.3 million.

• Lower capacity utilization drove a disproportionate decline in earnings; the full-year forecast remains unchanged.

Financial highlights

• Group turnover was €97.2 million, down 8.8% YoY from €106.6 million.

• Incoming orders decreased 5.3% YoY to €120.3 million from €127.0 million; order backlog was €121.8 million at March 31, versus €150.8 million a year earlier and €98.7 million at year-end 2024.

• Reduced capacity utilization caused a disproportionate earnings decline; flexible working-time accounts were reduced and short-time work introduced across many business areas.

Outlook and guidance

• FY 2025 forecast unchanged: turnover decline of just below 10% to 25% and a disproportionate earnings decline of 40% to 90%.

• Forecast reflects persistent sluggish economic conditions, geopolitical conflicts, and tariff and trade disputes, with no current signs of improvement.