Miko FY24 Results after “a very turbulent year”

Miko announced that the results of its continued recurring business in 2024 posted double-digit growth over last year.
Miko's good recurring core business in FY24 was overshadowed by a non-recurring loss of € 15.5m; On the one hand, there was exceptional earn-out of € 5m on Miko Pac (sold in FY21) and on the other hand the sale of SAS (May'24) resulted in a significant loss of € 20.5m.


So, 2024 was a very turbulent year. The decision to exit from SAS was very painful. Miko took this decision barely 2.5 years after the takeover. But Miko indicated that “sometimes you have to dare to move quickly”. Miko highlighted they are now ready as a group to focus 100% on what we are good at: coffee service.


We updated our model and maintain our € 67 Target Price and Accumulate rating as Miko indicated that coffee service -its core activity- is running well. They nevertheless stressed that today there is uncertainty because of the very erratic movements in the prices of raw materials. Coffee prices have recently exploded to record highs. The coffee price index rose from 182 in early 2024 to a provisional recent historic high of 433. Miko highlighted that calculating such increases always remains a huge challenge. The increase occurred mainly from 4Q24 onward. From then on, margins came under pressure. A second boom occurred early this year. Miko indicated that this will also be at the expense of FY25 margins.