Maschinenfabrik Berthold Hermle (MBH3) Q3 2025 earnings summary

Executive summary

• Incoming orders rose 4.7% YoY to €353.0m in 9M 2025, led by international projects; revenue fell 10% to €327.3m amid weak domestic business.

• The stronger Q3 order intake, continuing into October, improved the FY outlook for revenue and operating result.

Financial highlights

• 9M revenue declined 10% YoY to €327.3m; domestic revenue fell 32.5% to €91.1m, while non-domestic revenue rose 3.2% to €236.2m.

• Operating result fell disproportionately through September due to lower capacity utilisation, though the decline eased in Q3 against a weaker prior-year base.

Outlook and guidance

• FY 2025 revenue is now expected to approach the prior-year level or slightly exceed it in a favorable scenario, versus prior guidance for a high-single-digit to 15% decline.

• FY operating result is expected to decline 25%–30%, improved from prior guidance of a 40%–80% decline; cost and currency pressures remain.

• Q4 capacity utilisation is projected to increase markedly as international orders are mainly scheduled for delivery by year-end; short-time work ended in September.

• Slowdown days and short-time work are planned for Q1 2026, reflecting an expected low opening order backlog.