Miquel y Costas & Miquel (MCM) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was €230.2m, down 4.5% YoY; EBITDA fell 18.6% to €47.4m and profit after tax declined 29.4% to €24.6m.

• Weaker demand, unfavorable product mix and sharply higher energy costs weighed on sales and operating margins.

Financial highlights

• Revenue was €230.151m vs. €241.016m in 9M 2025; EBITDA was €47.440m vs. €58.277m.

• Profit before tax was €31.837m, down 30.5%; profit after tax was €24.594m, down 29.4%.

• After-tax cash flow was €41.478m, down 16.3% YoY.

Outlook and guidance

• No significant change in the operating environment is expected in Q4; energy-cost pressure, including gas and electricity, is expected to increase further.

• New commercial policies and efficiency initiatives are underway to mitigate cost inflation and adapt production capacity to demand and cost conditions.

• Dividend policy and the current investment plan remain in place; initial measures under the 2027–2029 plan are being analyzed to support margin recovery and sustainable growth.