Miquel y Costas & Miquel (MCM) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 were €78.6 million, down 13.5% year-over-year, but higher than the previous two quarters.

• EBITDA decreased by 14.9% to €18.0 million compared to Q1 2025.

• Net profit after tax was €10.0 million, a 22.5% decline year-over-year, but above Q4 2025.

• Results were impacted by a weaker US dollar, volatile demand, and new geopolitical conflicts affecting trade and energy prices.

Financial highlights

• Operating profit fell 23.8% to €12.4 million year-over-year.

• Cash flow after tax reached €15.6 million, down 12.3% from Q1 2025.

• Parent company sales dropped 11.1% to €51.6 million, mainly due to lower tobacco industry sales.

• Net financial position (net cash) was €60.0 million at quarter-end, down €5.8 million from December 2025.

Outlook and guidance

• Quarterly results aligned with forecasts and exceeded Q4 2025, despite being below Q1 2025.

• Ongoing geopolitical and macroeconomic uncertainty, with continued pressure from a weak dollar and volatile gas prices.

• Growth expected to continue, supported by recent and upcoming investments and new product development.