Mensch und Maschine Software (MUM) Q3 2025 earnings summary

Executive summary

• Achieved record 2024 sales of EUR 324.84 million (+1.1%) and gross profit of EUR 174.59 million (+3.6%), with net profit at EUR 30.49 million (+5.6%) and EPS of 180 cents.

• Nine-month 2025 sales declined 34–35% to EUR 175.85–177.10 million due to the Autodesk transition, but gross profit rose 0.5% to EUR 135.70 million, with margin jumping to 76.6%.

• EBIT margin for 9M 2025 rose to 21.0% (prior year: 14.1%), with EBIT at EUR 37.18 million (-2.4% year-over-year).

• The business model is diversified across proprietary software and digitization solutions, serving over 30,000 customers in more than 70 countries.

• Operating cash flow for 9M 2025 was EUR 16.62 million (prior year: EUR 52.78 million), reflecting timing effects.

Financial highlights

• 2024 EBIT was EUR 46.47 million (-0.8% year-over-year), with a Q4 dip due to system changes.

• 2024 cashflow reached a record EUR 62.32 million (+23%), and dividend increased to 185 cents (+12%).

• 9M 2025: EBIT EUR 37.18 million (-2.4%), net profit EUR 24.01 million (-5.6%), EPS 143.6 cents (prior year: 150.5 cents), and cashflow EUR 16.62 million.

• 9M 2025 revenue: EUR 175.85–177.10 million (-34–35% year-over-year), gross profit EUR 135.70 million (+0.5%), gross margin 76.6% (prior year: 50.0%).

• Equity ratio at 42.8% (Dec 31, 2024: 49.5%), total assets EUR 195.07 million (-8% from Dec 31, 2024).

Outlook and guidance

• Long-term organic growth target: profit doubling in 4–5 years, aiming for EPS > 360 cents by 2028/29.

• 2025 projection: gross profit EUR 183–187 million (+5–7%), EBIT EUR 51–55 million, EPS 196–214 cents (+9–19%), dividend 205–215 cents (+20–30 cents).

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

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