Miko Strong Brew in a Bitter Market: Delivering resilient FY25 results

Miko delivered a strong and resilient performance in FY25, achieving double-digit growth across its key financial metrics despite one of the most challenging operating environments the global coffee sector has faced in decades. We welcome Miko demonstrated its ability to absorb extreme raw material price inflation, pass through necessary price increases, protect margins and continue to grow organically. The results underline the robustness of Miko's service-oriented business model and the value customers place on quality, reliability and long-term partnerships.
Miko's FY25 performance stands out for its resilience in an exceptionally difficult year for the global coffee sector, marked by unprecedented raw material inflation. Despite surging wholesale coffee prices—driven by drought in Brazil and sharp increases in both arabica and robusta—Miko successfully passed on price increases, tightly controlled costs and still delivered organic growth, limiting the potential €30m+ impact. This operational discipline drove a sharp recovery in profitability versus last year's loss, while the stable dividend underlines management's confidence in earnings quality and cash-generating capacity.
We updated our model with a new TP of € 69 and Accumulate.