Mensch und Maschine Software SE, a CAD/CAM/BIM specialist company, achieved the second strongest result in the company's history in H1/2025, as in Q1. The new Autodesk model led to an EBIT margin jump from 15.9% to 22.1%. As expected, the retarding effects of the transition are fading and can be expected to subside by the end of the year.
Sales amounted to EUR 120.87 mln (PY: 175.97 / -31%), with EUR 60.65 mln (PY: 57.66 / +5.2%) from M+M Software and EUR 60.22 mln (PY: 118.31 / -49%) from Digitization, where after the switch from resale to commission, the majority of the non-value-adding Autodesk purchasing volume has been eliminated. Gross profit came in at EUR 93.32 mln (PY: 93.54 / -0.2%), with EUR 54.68 mln (PY: 52.34 / +4.5%) from M+M Software and EUR 38.64 mln (PY: 41.20 / -6.2%) from Digitization. The Autodesk transition resulted in gross margin jumps to 64.2% (PY: 34.8%) in the Digitization segment and to 77.2% (PY: 53.2%) in the Group.
Operating profit EBIT was EUR 26.76 mln (PY: 27.98 / -4.4%), with EUR 18.62 mln (PY: 17.28 / +7.8%) from M+M Software and EUR 8.14 mln (PY: 10.70 / -24%) from the Digitization segment. EBIT margin jumped to 22.1% (PY: 15.9%). Net profit amounted to EUR 17.50 mln (PY: 18.73 / -6.6%), or 105 Cents (PY: 111) per share.
Operating cash flow, which had been on a record trip in recent years, partly due to pull-forward effects from the Autodesk business, came in lower at EUR 14.69 mln (PY: 31.39), or 88 cents per share (PY: 186), as we had expected. This sort of technical counter-effect will last until the end of 2026.
M+M Chairman Adi Drotleff and CFO Markus Pech reaffirm the targets: “In light of solid half year figures and fading retarding effects from the system change in the Digitization segment, and expecting a significant profit shift compared to the very weak Q4 in the previous year, we reaffirm the targets for 2025, namely +5-7% increase in gross profit and +9-19% in EPS and EBIT, and we plan for 205-215 Cents in dividends after 185 Cents in PY. For 2026 we expect a stronger growth of +8-12% in gross profit, +13-25% in EPS as well as in EBIT and are planning +25-40 Cents more in dividends.”
