Miquel y Costas & Miquel (MCM) Q4 2025 earnings summary

Executive summary

• Net sales reached €313.8 million in 2025, up 1.5% year-over-year despite currency headwinds and demand volatility.

• EBITDA fell 5.8% to €75.3 million, and EBIT dropped 9.4% to €54.5 million compared to 2024.

• Net income after taxes was €45.1 million, down 7.4% year-over-year.

• The group intensified its 2024-2026 investment plan, impacting operational efficiency in the last quarter.

Financial highlights

• Revenue increased by €4.7 million year-over-year, mainly from a favorable product mix in tobacco-related products.

• EBITDA margin compressed due to higher energy costs, unfavorable USD/EUR exchange, and operational stoppages.

• Cash flow after taxes was €65.9 million, a 3.7% decrease from 2024.

• Dividend payout totaled €18.4 million, with a nominal DPA of €0.461 per share.

Outlook and guidance

• 2026 outlook expects a return to historical growth if macroeconomic conditions stabilize and demand volatility does not increase.

• Ongoing investments are expected to support future growth, with recent projects set to be consolidated.