New Risk • Feb 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 22% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.6% net profit margin). Reported Earnings • Jul 26
First half 2025 earnings released: EPS: €1.35 (vs €0.33 in 1H 2024) First half 2025 results: EPS: €1.35 (up from €0.33 in 1H 2024). Revenue: €206.3m (down 1.9% from 1H 2024). Net income: €6.41m (up 38% from 1H 2024). Profit margin: 3.1% (up from 2.2% in 1H 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 17
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 24 July 2025. Payment date: 28 July 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.4%). In line with average of industry peers (3.2%). Reported Earnings • Jun 04
Full year 2024 earnings released Full year 2024 results: Revenue: €534.3m (up 15% from FY 2023). Net income: €11.5m (down 76% from FY 2023). Profit margin: 2.2% (down from 10% in FY 2023). The decrease in margin was driven by higher expenses. New Risk • Jun 04
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.2% Last year net profit margin: 10% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 18% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.2% net profit margin). Announcement • Mar 31
Sion Power Advances Licerion®? Battery Commercialization with New Large-Format Battery Cell Production Line and Strengthens Leadership Sion Power has taken a significant step toward commercializing its Licerion®? battery technology with the installation of a new large-format battery cell production line, developed in partnership with Muhlbauer Group. These cells are critical demonstration tools, showcasing the scalability of Sion Power's proprietary lithium-metal anode technology for EV manufacturers. Sion Power's proprietary, patented Licerion®? technology addresses the most significant barriers to mass EV adoption - range, cost, and charge time. Unlocking the potential of lithium metal, Licerion®? doubles energy density, surpassing graphite and silicon anode solutions, and is expected to reduce the cost of a 200 kWh pack by 35% through a 15% cut in cell material costs and a 20% reduction in cell count. It also enables charge times comparable to a gas station's 8-minute average refuel time. Compared to traditional lithium-ion batteries, Licerion®? batteries offer twice the energy in the same size and weight. With over 400 Wh/kg, Licerion®? batteries are produced at scale in large-format cells and will enhance commercial and consumer electric vehicles' performance significantly. Scaling Production for Large-format Lithium-Metal Cells: The production line will produce large-format battery cells exceeding 50 amp-hours. It is a critical milestone in advancing its Licerion®? technology to meet automotive standards. The new fully automated manufacturing line will be capable of producing 75MWh of 56 Ah lithium metal cells annually. Until now, Sion Power used an automated assembly line to produce a variety of cell formats, including lab-scale and six-amp-hour cells, while using a semi-automated line for larger-format cells. Adding the new line significantly enhances production efficiency and quality control for larger-format cells, which are essential for validating performance, cycle life and manufacturability at scale. The new line serves multiple purposes, including: Technology Development: Supporting Sion Power's continued innovation and testing across various cathode chemries. Joint Development Efforts: Providing high-capacity cells for strategic partners conducting their own testing. Customer Validation: Supplying potential commercial partners with large-format cells to evaluate Licerion®? technology in relevant applications. Sion Power's new production line is a significant improvement over previous semi-automated processes, increasing throughput and enhancing stacking, sealing, and anode preparation precision. To accelerate its growth further, Sion Power's growth further, Sion Power will continue to expand its battery production line and expand its battery production line. New Risk • Feb 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 12
First half 2024 earnings released: EPS: €0.33 (vs €1.52 in 1H 2023) First half 2024 results: EPS: €0.33 (down from €1.52 in 1H 2023). Revenue: €210.4m (down 1.0% from 1H 2023). Net income: €4.66m (down 78% from 1H 2023). Profit margin: 2.2% (down from 9.9% in 1H 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 02
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 09 August 2024. Payment date: 13 August 2024. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.5%). Announcement • Jul 01
Mühlbauer Holding AG, Annual General Meeting, Aug 08, 2024 Mühlbauer Holding AG, Annual General Meeting, Aug 08, 2024, at 10:00 W. Europe Standard Time. Reported Earnings • Jun 23
Full year 2023 earnings released Full year 2023 results: Revenue: €474.6m (up 46% from FY 2022). Net income: €48.4m (up €51.4m from FY 2022). Profit margin: 10% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. New Risk • Feb 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.1% net profit margin). Reported Earnings • Aug 15
First half 2023 earnings released: EPS: €1.52 (vs €0.45 in 1H 2022) First half 2023 results: EPS: €1.52 (up from €0.45 in 1H 2022). Revenue: €212.5m (up 36% from 1H 2022). Net income: €21.0m (up 232% from 1H 2022). Profit margin: 9.9% (up from 4.0% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 04
Upcoming dividend of €1.00 per share at 1.6% yield Eligible shareholders must have bought the stock before 11 August 2023. Payment date: 15 August 2023. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.7%). New Risk • Jul 02
New major risk - Revenue and earnings growth Earnings have declined by 0.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.8% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 8x cash flows per share). Upcoming Dividend • Aug 05
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 12 August 2022. Payment date: 16 August 2022. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.5%). In line with average of industry peers (2.6%). Reported Earnings • Jul 03
Full year 2021 earnings released Full year 2021 results: Revenue: €365.0m (up 29% from FY 2020). Net income: €58.9m (up 70% from FY 2020). Profit margin: 16% (up from 12% in FY 2020). The increase in margin was driven by higher revenue. Reported Earnings • Aug 08
First half 2021 earnings released: EPS €2.44 (vs €0.77 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €158.2m (up 22% from 1H 2020). Net income: €34.9m (up 216% from 1H 2020). Profit margin: 22% (up from 8.5% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 30
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 06 August 2021. Payment date: 10 August 2021. Trailing yield: 3.3%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.0%). Is New 90 Day High Low • Mar 01
New 90-day high: €41.00 The company is up 5.0% from its price of €39.00 on 01 December 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Machinery industry, which is up 4.0% over the same period. Is New 90 Day High Low • Feb 04
New 90-day high: €40.00 The company is up 3.0% from its price of €39.00 on 06 November 2020. The German market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 14% over the same period. Announcement • Jul 17
Mühlbauer Holding AG to Report Fiscal Year 2019 Final Results on Jun 30, 2020 Mühlbauer Holding AG announced that they will report fiscal year 2019 final results on Jun 30, 2020 
