Mensch und Maschine Software (MUM) Q2 2025 earnings summary

Executive summary

• Achieved record sales of EUR 324.84 mln in 2024, up 1.1% year-over-year, with gross profit at EUR 174.59 mln (+3.6%).

• H1 2025 sales declined 31% to EUR 120.87 mln due to Autodesk transition, but gross profit margin rose to 77.2% (PY: 53.2%).

• Net profit for H1 2025 was EUR 17.50 mln, down 6.6% year-over-year; EPS at 105 cents (PY: 111).

• Second strongest half-year in company history despite transition effects.

• Ambitious 2025/26 targets reaffirmed, expecting strong profit rebound in H2.

Financial highlights

• EBIT 2024: EUR 46.47 mln (-0.8%); H1 2025: EUR 26.76 mln (-4.4%), with EBIT margin up to 22.1% (PY: 15.9%).

• Record net profit 2024: EUR 30.49 mln (+5.6%); 10-year average net profit growth: +22% p.a.

• Record cashflow 2024: EUR 62.32 mln (+23%); H1 2025 cashflow: EUR 14.69 mln (PY: 31.39).

• Record dividend 2024: 185 cents (PY: 165, +12%); 10-year average dividend growth: +25% p.a.

• Operating cash flow H1 2025: EUR 14.69 mln, reflecting normalization after prior pull-forward effects.

Outlook and guidance

• 2025 targets: gross profit EUR 183–187 mln (+5–7%), EBIT/EPS up 9–19%, dividend increase of 20–30 cents.

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

• Long-term target: EPS > 360 cents by 2028/29, aiming to double profit in 4–5 years.

• All forecasts subject to market conditions as assumed in planning models.