Miko (MIKO) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 increased by 12% year-over-year to €138.1 million, with gross margin rising to 55.1% from 52.2%.

• EBITDA grew by 24% to €19.0 million, and EBIT rose by 38% to €6.5 million compared to the restated H1 2023 figures.

• Net profit from continuing operations was €3.9 million, up 37% year-over-year, but the group posted a net loss of €11.6 million due to a €15.5 million loss from discontinued operations.

• All domestic markets contributed positively to recurring business growth.

Financial highlights

• Revenue from continuing operations reached €138.1 million, up from €123.7 million year-over-year.

• Gross margin: €76.0 million (up 18%), gross margin percentage at 55.1%.

• EBITDA: €19.0 million (up 24%), EBITDA margin at 13.8%.

• EBIT: €6.5 million (up 38%), EBIT margin at 4.7%.

• Net profit from continuing operations: €3.9 million (up 37%).

• Group net profit was -€11.6 million due to discontinued operations.

• Basic earnings per share fell to -€9.51 from €0.65 year-over-year.

Outlook and guidance

• Focus will return to core coffee service activities following the sale of SAS Koffie.

• Management notes ongoing uncertainty due to volatile raw material prices, especially coffee, which reached historic highs.

• Continued investment in core business signals positive outlook.