Mensch und Maschine Software SE, a CAD/CAM/BIM specialist company, achieved the second strongest 9M earnings in the company's history despite the retarding effects of the now completed transition to the new Autodesk model, while EBIT margin jumped from 14.1% to 21.0%.
Sales amounted to EUR 177.10 mln (PY: 270.08 / -34%), with EUR 85.99 mln (PY: 82.31 / +4.5%) from M+M Software and EUR 91.11 mln (PY: 187.77 / -51%) from Digitization, where after the switch from resale to commission, the majority of the Autodesk purchase has been eliminated. This leads to a technical reduction in sales, which was particularly strong in Q3 due to the final reselling boost in the previous year.
Group gross profit came in at EUR 135.70 mln (PY: 135.05 / -0.5%), with EUR 77.54 mln (PY: 74.99 / +3.4%) from M+M Software and EUR 58.16 mln (PY: 60.06 / -3.2%) from Digitization. The Autodesk transition resulted in gross margin jumps to 63.8% (PY: 32.0%) in the Digitization segment and to 76.6% (PY: 50.0%) in the Group.
Operating profit EBIT was EUR 37.18 mln (PY: 38.10 / -2.4%), with EUR 24.63 mln (PY: 23.18 / +6.2%) from M+M Software and EUR 12.55 mln (PY: 14.91 / -16%) from the Digitization segment. EBIT margin jumped from 14.1% to 21.0%. Net profit was EUR 24.01 mln (PY: 25.44 / -5.6%), or 143.6 Cents (PY: 150.5) per share.
Operating cash flow, which had benefited significantly from billing timing differences for Autodesk 3YR contracts in 2023/24 and is correspondingly lower in 2025/26 due to the technical counter-effect, amounted to EUR 16.62 mln (PY: EUR 52.78) or 99 Cents per share (PY: 312).
M+M Chairman Adi Drotleff and CFO Markus Pech are confident in light of solid 9M results and the completed system conversion: “Expecting a significant profit shift compared to the very weak Q4/2024, we reaffirm the 2025 targets unchanged, 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.”
