Mensch und Maschine Software (MUM) Q3 2024 earnings summary

Executive summary

• Achieved record 9M/2024 sales of EUR 270.08 mln (+11.5% YoY), gross profit at EUR 135.05 mln (+7.2%), EBIT at EUR 38.10 mln (+11%), and net profit of EUR 24.39 mln (+14.6%).

• EPS for 9M/2024 was 144 cents (prior year: 127), and operating cash flow reached EUR 52.78 mln (+8.6% YoY).

• Q3 saw a revenue spike of 39% due to a final reselling boost before the Autodesk partner model transition.

• Business model centers on proprietary CAD/CAM/CAE/BIM software and digitization solutions, with a balanced segment approach and global reach.

Financial highlights

• 2023 sales hit a record EUR 322.31 mln (+0.5%), with gross profit at EUR 168.53 mln (+4.6%) and EBIT at EUR 46.83 mln (+10%).

• EBIT margin for 2023 was 14.5% (prior year: 13.3%), rising to 22% excluding Autodesk Resale.

• Net profit for 2023 was EUR 28.87 mln (+11%), EPS 172 cents, and record cash flow of EUR 50.59 mln (+30%).

• Dividend for 2023 increased to 165 cents (+18%).

• 9M/2024: Q3 gross profit up 9.4%, Q3 EBIT up 25%, Q3 net profit up 31.5%.

Outlook and guidance

• 2024 guidance confirmed: gross profit EUR 182–185 mln (+8–10%), EBIT EUR 51.5–56.2 mln (+10–20%), EPS 189–206 cents (+10–20%), dividend 185–195 cents.

• Q4 minimum targets: gross profit EUR 47 mln, EBIT nearly EUR 14 mln; sales expected lower under new Autodesk model but higher EBIT margin.

• 2025 guidance: gross profit +10–12%, EBIT/EPS +12–25%, dividend +25–35 cents.

• Long-term organic growth target: profit doubling in 4–5 years, aiming for EPS > 344 cents by 2027/28.

• Average EPS growth path for 2024/25E remains at +17% p.a.