Mensch und Maschine Software SE presenting H1 Report 2023

Record half year figures after solid Q2
- Sales +11% / Gross profit +10% / EPS +15%
- Optimistic guidance for 2023 and 2024

Wessling, July 20, 2023 – Mensch und Maschine Software SE (MUM - ISIN DE0006580806), a CAD/CAM/BIM specialist company, achieved the strongest first half year in the company's history with a record Q1, followed by a solid Q2, clearly underlining the guidance for full year 2023.

Half year sales amounted to EUR 174.38 mln (PY: 156.59 / +11%), with EUR 54.58 mln (PY: 48.77 / +12%) from M+M Software and EUR 119.80 mln (PY: 107.82 / +11%) from the VAR Business. After Q1 sales had been up +21% due to Autodesk’s 3YR final peak, the sales curve in Q2, which was more dominated by proprietary M+M business, was nearly flat at +0.2%, as expected. 

6M gross profit climbed to EUR 88.06 mln (PY: 80.03 / +10%), with EUR 49.37 mln (PY: 44.43 / +11%) from M+M Software and EUR 38.69 mln (PY: 35.60 / +8.7%) from the VAR Business. The swing to proprietary business is clearly visible in gross yield development, which after 45.7% in Q1 jumped to 57.4% in Q2. 

Personnel expenses rose by an acceptable +7.8% to EUR 49.90 mln (PY: 46.28). With +6.0% in Q2 after +9.7% in Q1 and +12% in 2022, M+M’s restrained personnel policy is increasingly showing an effect.

Operating profit EBIT was increased to EUR 26.33 mln (PY: 22.70 / +16%), with EUR 16.21 mln (PY: 13.73 / +18%) from M+M Software and EUR 10.12 mln (PY: 8.97 / +13%) from VAR Business. Net profit after minority shares grew by +14% to 16.14 mln (PY: 14.12), or 97 Cents (PY: 84 / +15%) per share. Operating cash flows stayed on record trip, coming in at EUR 31.59 mln (PY: 24.51) or 189 Cents (PY: 146) per share.

CFO Markus Pech and Chairman Adi Drotleff are optimistic for 2023/24: “After the strong first half year, we believe that our 164-181 Cents/share net profit target for full year 2023 is clearly underlined. Accumulated over the two years 2022/23 this would result in +38-55 Cents surplus over the 126 Cents/share achieved in 2021, or +14-20% p.a. - exactly matching the 2YR guidance from annual report 2021. When attaining this goal, we shall increase the dividend to 155-165 Cents (PY: 140). For 2024 we also expect EPS to grow by +14-20% or +24-34 Cents and plan for +15-25 Cents dividend increase.”
The H1 report title story is "Digital Twin", which runs like a red thread through M+M's software and digitization portfolio.