Miko (MIKO) H2 2024 earnings summary

Executive summary

• Operating results from continued recurring business in 2024 showed double-digit growth year-over-year, with EBIT up 10% and EBITDA up 13%.

• Sales increased by 9% to €277.1 million, driven by strong performance in the core coffee service segment.

• Net profit decreased 20% to €4 million, impacted by higher interest expenses and corporate taxes.

• The year was marked by a non-recurring loss of €15.5 million, mainly due to the sale of subsidiary SAS NV and related costs.

Financial highlights

• Revenue from continued recurring operations rose 9% year-over-year to €277.1 million.

• EBIT increased 10% to €10.0 million; EBITDA grew 13% to €35.9 million.

• Net profit from continued operations fell 20% to €4 million, mainly due to increased interest and taxes.

• Total expenses increased to €278.2 million, with higher raw material and employee costs.

• Recurring net profit per share was €3.25, down from €4.07 the previous year.

Outlook and guidance

• Margins are expected to remain under pressure in 2025 due to record-high coffee prices and volatile raw material costs.

• The group will focus exclusively on coffee service following the divestment of SAS NV.