With an EBIT increase of +42% in Q4, Mensch und Maschine Software SE, a CAD/CAM/BIM specialist company, returned to its long-term record track.
According to the preliminary figures now available, sales in 2025 amounted to approx. EUR 238.5 mln / -27%, with approx. EUR 114.4 mln / +4.7% from M+M Software and approx. EUR 124.1 mln / -43% from Digitization, where after the switch from resale to commission, the majority of revenues from non-value-adding Autodesk purchase has been eliminated. The market volume managed by M+M, including revenues invoiced directly by Autodesk, climbed by approx. 6% to over EUR 373 mln.
Gross profit rose to approx. EUR 181.8 mln / +4.2%, with c. EUR 102.7 mln / +3.7% from Software and c. EUR 79.1 mln / +4.7% from Digitization. The Autodesk transition pushed gross margin to approx. 76% (PY: 53.6%).
EBIT rose to approx. EUR 49.1 mln / +5.7%, with c. EUR 32.4 mln / +5.9% from M+M software and c. EUR 16.7 mln / +5.2% from Digitization. The EBIT margin jumped to approx. 20.6% (PY: 14.3%). Following the dip in the previous year due to system changes, EBIT leaped by around +42% in Q4. The average 10-year annual growth since 2015 was thus +19%, highly disproportionate to +8% p.a. increase in gross profit.
Adjusted for the non-operating costs of roughly EUR 2.4 mln incurred to consolidate the number of employees to 1,192 / +1.1% as of Dec 31, 2025, we achieved approx. EUR 51.5 mln / +11% operating EBIT.
Net profit after minority interest rose to approx. EUR 31.7 mln, or 190 cents per share (PY: 180 / +5.5%). M+M will propose a dividend of 200 cents (PY: 185 / +8%) to the Annual General Meeting. Net profit and dividend have shown +23% average 10-year annual growth since 2015.
M+M Chairman Adi Drotleff and CFO Markus Pech see significant long-term potential: “Our primary goal is to double EPS to over 380 cents within the five years leading up to 2030. The required average annual profit growth of +15% is expected to fluctuate between 11% and 19%. We will also maintain our full dividend payout policy, which we can afford because our software development investment (2025: EUR >28 mln) is largely booked directly into operating expenses and only a small portion is capitalized.”
Remark:
The final audited 2025 figures, which shall be disclosed on March 17, 2026, may differ from the preliminary figures.
