Mensch und Maschine Software (MUM) Q2 2024 earnings summary

Executive summary

• Achieved record first half-year results with revenue of €175.97M (+0.9% year-over-year), gross profit of €93.54M (+6.2%), EBIT of €27.98M (+6.3%), and net profit of €17.95M (+9.5%).

• Successful go-live of new ERP system; prepared for Autodesk partner model transition in September.

• Sustainability highlighted through renewable energy production and digitalization-driven resource savings for customers.

Financial highlights

• Revenue: €175.97M (+0.9% year-over-year); gross profit: €93.54M (+6.2%); EBIT: €27.98M (+6.3%); net profit: €17.95M (+9.5%).

• EPS: €1.06 (prior year: €0.97); operating cash flow: €31.39M (prior year: €31.59M).

• Gross margin improved to 53.2% (H1 2023: 50.5%).

• Total assets: €213.18M (+14% from Dec 2023); equity ratio: 45.8% (Dec 2023: 53.3%).

• Dividend of €1.65 per share (prior year: €1.40) paid, with option for cash or share dividend.

Outlook and guidance

• 2024 EPS target range reaffirmed at +10–20% (189–206 cents/share); dividend target 185–195 cents.

• 2025 EPS growth expected at +12–25%, with planned dividend increase of +25–35 cents.

• Average EPS growth path for 2024/25E remains at +17% per year, subject to market conditions.