M1 Kliniken (M12) H1 2025 earnings summary

Executive summary

• Revenue increased by 9.4% year-over-year to EUR 183.5 million in H1 2025, driven by both Beauty and Trade segments.

• EBIT rose 24% to EUR 18.0 million, with the EBIT margin improving from 8.6% to 9.8%.

• Net income grew by 18.7% to EUR 12.5 million compared to H1 2024.

• Equity increased by EUR 12.8 million to EUR 147.0 million, with the equity ratio rising to 72.3%.

• Dividend of EUR 0.50 per share approved at the July 2025 AGM.

Financial highlights

• Cash and cash equivalents rose to EUR 32.9 million from EUR 21.4 million at year-end 2024.

• Trade receivables decreased to EUR 11.2 million, and inventories to EUR 33.7 million.

• Operating cash flow increased to EUR 19.1 million from EUR 14.5 million in H1 2024.

• Net cash flow for the period was EUR 18.6 million, up from a negative EUR 15.4 million in H1 2024.

Outlook and guidance

• Economic uncertainty remains high due to global tariff policy and moderate inflation.

• Global production growth is forecast to slow to 2.9% in 2025 and 2026.

• The German economy is expected to recover gradually, with GDP growth of 0.3% in 2025 and 1.6% in 2026.

• The pharmaceutical industry is expected to see continued sales and employment growth, with investment intentions remaining optimistic.