Miquel y Costas & Miquel (MCM) Q2 2025 earnings summary

Executive summary

• Net sales reached €168.5 million in H1 2025, up 2.6% year-over-year, driven by growth in tobacco and industrial products.

• EBITDA decreased by 7.8% to €40.6 million, and net profit fell 9.2% to €24.4 million compared to H1 2024.

• The period was marked by high uncertainty, inflationary pressures on energy, and adverse currency movements, especially USD devaluation.

• Continued execution of the 2024–2026 investment plan, with significant capital deployed in fixed assets and sustainability initiatives.

Financial highlights

• Operating income dropped 10.2% to €30.6 million; pre-tax profit declined 9.4% to €32.1 million year-over-year.

• Cash flow after tax was €34.4 million, down 6.5% from H1 2024.

• Net financial position (net cash) stood at €62.3 million at June 2025, down from €75.4 million at December 2024.

• Dividend payments totaled €4.5 million, with a nominal DPA of €0.113 per share.

Outlook and guidance

• Expects full-year 2025 results to be in line with 2024, targeting around €48.7 million net profit.

• Ongoing investment program focused on technology, logistics, and sustainability improvements.