Miko (MIKO) H1 2025 earnings summary

Executive summary

• Revenue/turnover increased by 13% year-over-year to €155.4 million in H1 2025, driven by price increases and a 7% volume growth.

• EBITDA rose 5% to €20.0 million, while EBIT declined 4% to €6.2 million compared to H1 2024.

• Net profit from continuing operations attributable to shareholders fell 15% to €3.1 million, reflecting margin pressure from soaring coffee prices and challenging price negotiations in France, Poland, and England.

• No losses from discontinued operations in 2025, compared to a €15.5 million loss in 2024 due to the sale of SAS Koffie.

Financial highlights

• Gross margin decreased to 50.7% from 55.1% year-over-year, impacted by raw materials and consumables rising to €76.5 million from €62.0 million.

• Operating cash flow before working capital changes was €17.3 million, up from €16.3 million in 2024.

• Investments were reduced to €8.7 million from €13.0 million in H1 2024.

• Basic earnings per share improved to €2.51 from a loss of €9.51 in H1 2024 (which included discontinued operations losses).

• Comprehensive income for the period was €3.4 million, up from a loss of €12.1 million year-over-year.

Outlook and guidance

• Coffee prices remain high and volatile, making future projections difficult.

• Management remains cautiously optimistic despite market uncertainties and ongoing challenges.