Mensch und Maschine Software SE
Mensch und Maschine supplies engineering software, implementation and training that help customers design products, plan manufacturing and manage construction projects.
Overview
Latest results
Jan–Sep 2026 · Reported in EUR
Latest financial publication
Nine-month 2026 results
Investment Thesis
More value from the engineering workflow
European Tech Equities analysis ·
Own software can improve the economics of a familiar customer base
Mensch und Maschine Software SE combines engineering-software distribution and services with its own products, including OPEN MIND’s hyperMILL. The opportunity is to earn more from customers designing and making complex products, especially where software and implementation expertise can reduce costly production work. The quality of growth depends on which products generate it and how much gross profit MuM keeps.
Own software carries more of the profit
Nine-month own-software revenue reached €93.4 million and operating profit rose 18% to €29.1 million. Yet operating profit in the digitisation division fell 38% to €7.8 million as the Autodesk transition continued. The stronger software business is therefore offsetting pressure elsewhere, rather than lifting every part of the group together.
Customers pay to make engineering work more productive
Gartner forecasts worldwide software spending of roughly $1.47 trillion in 2026, but MuM competes for the engineering portion of those budgets. European manufacturers can justify CAM and simulation spending when it cuts programming time, scrap or machine downtime. hyperMILL’s virtual-machining tools address that practical task. International demand broadens the opportunity, although a factory postponing investment can still postpone software and services linked to it.
Cash flow improves while profit is almost flat
Group revenue reached €189.3 million in the first nine months, while operating profit was €36.9 million, slightly below the restated prior-year figure. Operating cash flow improved to €27.7 million from €16.6 million. Management still sees the lower end of its 11–19% earnings-growth target as ambitious because it requires a strong final quarter.
Focus on the profit retained from each sale
A revenue multiple can mislead when the same customer relationship is accounted for as a full resale in one period and a commission in another. Gross profit, sustainable operating earnings and cash per share offer a clearer basis. The case strengthens if own software grows faster and earns attractive returns on development spending. It weakens if distribution changes flatter reported growth without improving what reaches shareholders.
What would weaken the case
- Industrial customers defer projects, slowing own-software sales and associated services.
- Changes in supplier terms reduce MuM’s share of customer spending.
- Development and personnel costs grow faster than retained gross profit.
Sources
- Mensch und Maschine Software SE · company and business model
- MuM · software portfolio
- hyperMILL · virtual machining
- Nine-month 2026 report
- Gartner · Worldwide IT spending forecast, July 2026
- Nine-month results: own software and Autodesk transition
- Mensch und Maschine · half-year report 2026
- 2025 annual report · business model, risks and accounts
Financials
The business in numbers
Latest
Income statement
| For the periodEUR million | 9M 2026 |
|---|---|
| Revenue | 189.34 |
| Gross profit | 134.99 |
| Gross margin | 71.3% |
| EBITDA | 46.51 |
| EBITDA margin | 24.6% |
| Operating profit (EBIT) | 36.93 |
| Operating margin | 19.5% |
| Net income | 23.38 |
| Earnings per share (EUR) | 1.4197 |
Cash flow
| For the periodEUR million | 9M 2026 |
|---|---|
| Operating cash flow | 27.72 |
| Capital expenditure | 5.16 |
| Free cash flow | 22.56 |
Balance sheet
| At period endEUR million | 9M 2026 |
|---|---|
| Cash & cash equivalents | 17.11 |
| Total debt | 59.04 |
| Net debt / (net cash) | 41.93 |
| Total assets | 193.94 |
| Total liabilities | 112.13 |
| Total equity | 81.82 |
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS. Net income is attributable to M+M shareholders. Nine-month cash flow is cumulative, not Q3 alone. Prior-year interim earnings use the issuer’s restated tax basis. Autodesk’s move from resale to commission changes revenue comparability. Debt includes loans and leases; capital expenditure excludes acquisitions and asset-sale proceeds.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
FY 2024 · Printed pp. 27–29; 2024 comparatives; Autodesk transition year
FY 2025 · Printed pp. 27–29; debt = current/non-current loans + IFRS 16 leases
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS. Net income is attributable to M+M shareholders. Nine-month cash flow is cumulative, not Q3 alone. Prior-year interim earnings use the issuer’s restated tax basis. Autodesk’s move from resale to commission changes revenue comparability. Debt includes loans and leases; capital expenditure excludes acquisitions and asset-sale proceeds.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
H1 2025 · Printed pp. 6, 8; tax and earnings comparatives restated
H1 2026 · Printed pp. 6–9; unaudited; debt = 22.582 + 23.688 + 4.621 + 6.562
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS. Net income is attributable to M+M shareholders. Nine-month cash flow is cumulative, not Q3 alone. Prior-year interim earnings use the issuer’s restated tax basis. Autodesk’s move from resale to commission changes revenue comparability. Debt includes loans and leases; capital expenditure excludes acquisitions and asset-sale proceeds.
Quarterly
Income statement
| For the periodEUR million | Q3 2026 |
|---|---|
| Revenue | 58.59 |
| Gross profit | 39.90 |
| Gross margin | 68.1% |
| EBITDA | 12.10 |
| EBITDA margin | 20.7% |
| Operating profit (EBIT) | 8.78 |
| Operating margin | 15.0% |
| Net income | 5.21 |
| Earnings per share (EUR) | 0.3179 |
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS. Net income is attributable to M+M shareholders. Nine-month cash flow is cumulative, not Q3 alone. Prior-year interim earnings use the issuer’s restated tax basis. Autodesk’s move from resale to commission changes revenue comparability. Debt includes loans and leases; capital expenditure excludes acquisitions and asset-sale proceeds.
Year to date
Income statement
| For the periodEUR million | 9M 2026 |
|---|---|
| Revenue | 189.34 |
| Gross profit | 134.99 |
| Gross margin | 71.3% |
| EBITDA | 46.51 |
| EBITDA margin | 24.6% |
| Operating profit (EBIT) | 36.93 |
| Operating margin | 19.5% |
| Net income | 23.38 |
| Earnings per share (EUR) | 1.4197 |
Cash flow
| For the periodEUR million | 9M 2026 |
|---|---|
| Operating cash flow | 27.72 |
| Capital expenditure | 5.16 |
| Free cash flow | 22.56 |
Balance sheet
| At period endEUR million | 9M 2026 |
|---|---|
| Cash & cash equivalents | 17.11 |
| Total debt | 59.04 |
| Net debt / (net cash) | 41.93 |
| Total assets | 193.94 |
| Total liabilities | 112.13 |
| Total equity | 81.82 |
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS. Net income is attributable to M+M shareholders. Nine-month cash flow is cumulative, not Q3 alone. Prior-year interim earnings use the issuer’s restated tax basis. Autodesk’s move from resale to commission changes revenue comparability. Debt includes loans and leases; capital expenditure excludes acquisitions and asset-sale proceeds.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Mensch und Maschine’s own software grows as Autodesk weighs on profits
Its software business is moving ahead, but weaker earnings from the Autodesk-related business show why the mix of sales matters.
Nine-month 2026 results
Dynamic +8.7% increase in M+M Software
Most profitable quarter ever in M+M’s history
Record results despite restructuring expenses
Interviews
Interviews are coming soon
No interviews with Mensch und Maschine Software SE have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
9M 2026 · Published Oct 20, 2026 · Checked Oct 23, 2026
Q3 2026 · Published Oct 20, 2026 · Checked Oct 23, 2026
H1 2026 · Published Jul 21, 2026 · Checked Sep 10, 2026
FY 2025 · Published Mar 17, 2026 · Checked Sep 10, 2026
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