Mensch und Maschine Software (MUM) Q1 2025 earnings summary

Executive summary

• Mensch und Maschine (M+M) is a leading developer of technical software solutions, specializing in CAD/CAM/CAE, PDM/PLM, and BIM, with a 41-year market presence and over 1,200 employees.

• Achieved the second best quarter in company history, with strong margin improvements despite a 35% year-over-year revenue decline due to Autodesk business model transition.

• The company operates in two main segments: proprietary software and digitization solutions, serving over 30,000 customers in more than 70 countries.

• EBIT margin jumped from 16.7% to 24.4% year-over-year, confirming ambitious targets for 2025/26.

• Net profit reached EUR 10.39 million (-6.3% year-over-year), the second highest ever, with EPS at 62 cents.

Financial highlights

• Record 2024 sales reached EUR 324.84 million (+1.1%); Q1 2025 sales were EUR 66.02 million (-35%) due to Autodesk transition.

• Gross profit for 2024 was EUR 174.59 million (+3.6%); Q1 2025 gross profit was EUR 49.44 million (-1.5%), with margin rising to 74.9% from 49.7% year-over-year.

• EBIT for 2024 was EUR 46.47 million (-0.8%); Q1 2025 EBIT was EUR 16.11 million (-4.5%), margin up to 24.4% from 16.7%.

• Net profit for 2024 was EUR 30.49 million (+5.6%); Q1 2025 net profit was EUR 10.39 million (-6.3%), EPS at 62 cents (PY: 66).

• Record cash flow in 2024 at EUR 62.32 million (+23%); Q1 2025 cash flow was EUR 16.11 million (PY: 25.52).

Outlook and guidance

• Long-term strategy targets profit doubling in 4-5 years (EPS > 360 cents by 2028/29), focusing on organic growth and cost discipline.

• 2025 guidance: gross profit +5-7% (EUR 183-187 million), EBIT EUR 51-55 million, EPS +9-19% (196-214 cents), dividend 205-215 cents; 2024 dividend proposed at 185 cents.

• 2026 outlook: gross profit +8-12%, EBIT/EPS +13-25%, dividend +25-40 cents.

• All targets are subject to market conditions and planning assumptions.