Mensch und Maschine Software (MUM) Q4 2024 earnings summary

Executive summary

• Achieved sales of EUR 324.84 million in 2024, up 1.1% year-over-year, with gross profit of EUR 174.59 million, up 3.6%.

• Net profit reached EUR 30.49 million, a 5.6% increase year-over-year; EPS at 180 cents.

• Record operating cash flow of EUR 62.32 million, up 23% year-over-year.

• Proposed record dividend of 185 cents per share, a 12% increase from prior year.

• Over 100,000 active software seats at more than 30,000 customers globally.

Financial highlights

• Gross margin rose sharply in Q4 to 70.9% due to the new Autodesk partner model; Q1–Q3 margin was 50.0%.

• EBIT for 2024 was EUR 46.47 million, slightly down 0.8% from previous year.

• Cash flow per share reached 369 cents; 10-year average cash flow growth is 25% p.a.

• 10-year average net profit growth stands at 22% p.a.; EBIT growth at 21% p.a.

• Dividend growth averaged 25% p.a. over the last decade.

Outlook and guidance

• 2025: Gross profit expected to grow 5–7%, EBIT/EPS up 9–19%, dividend to rise by 20–30 cents.

• 2026: Anticipated return to dynamic growth, with gross profit up 8–12%, EBIT/EPS up 13–25%, dividend up 25–40 cents.

• Long-term target: EPS to double to over 360 cents by 2028/29 through organic growth and cost discipline.