Miko N.V. — Annual Report 2025

Mar 23, 2026

Press release Regulated information

Miko 2025 results

Miko achieves double-digit growth in 2025 despite unprecedented rise in coffee prices

Turnhout, 23 March 2026, 5.45 pm– Miko, the coffee service specialist listed on Euronext Brussels, announced today that the operating results of its continuing recurring operations in 2025 recorded double-digit growth compared to the previous year. Revenue rose by 12.3%, whilst EBIT and EBITDA increased by 19.3% and 13.1% respectively. Recurring net profit rose by 24.3%.

Under the motto "Relax, it's Miko Coffee…", the group focuses entirely on coffee services. It provides tailor-made solutions to businesses, the hospitality sector and institutions. Miko does not only suppy coffee, but also other hot drinks, related products and professional coffee machines. The group has its own branches in 12 countries and, through TIN (Tea Import Network), operates its own tea import business.

Group turnover grew by 12.3% to €311.3 million. EBITDA rose by 13.1% to €40.6 million, EBIT by 19.3% to €10.9 million and net profit by 24.3% to €5 million.

These figures are recurring and do not consider the loss recorded in 2024 following the sale of private label producer SAS, nor the exceptional income received by Miko from the Danish company Faerch. *

In 2025, €18.2 million was invested in tangible fixed assets. This primarily consists of commercial investments in coffee machines that are installed at customers' premises on a rental or loan basis – a key component of the group's service-oriented business model.

The Board of Directors proposes to the general meeting that, like last year, a gross dividend of €1.87 per share be paid.

Karl Hermans, who took up the post of CEO of the Miko Group on 1 January 2026, explains: "When Arabica prices skyrocketed at the end of 2024 and we realised that in 2025 we would have to pay an average of 3 to 4 euros more per kilo of green coffee, we could not possibly have hoped to end the year in this way. Miko roasts more than 9,000 tonnes of coffee annually, meaning that the impact of this unprecedented price rise potentially amounted to more than 30 million euros.

Thanks to the collective effort of all our staff, we were able to implement necessary price increases in the market, kept other costs under control and still achieved organic growth. This proves that customers value our high level of service and the quality of our coffee.

It appears that price volatility in the coffee market is becoming a structural feature. In addition to the current geopolitical tensions, the challenge for the coming years will be to restore our profitability to prepandemic levels. Furthermore, our colleagues will be working hard to complete our new construction project. We will soon reap the benefits of a new, sustainable and state-of-the-art roasting facility. In any case, we are embarking on our company's 225th year with the necessary enthusiasm."

* taking into account the exceptional events mentioned, net profit would have evolved from -11.5 million in 2024 (this is due to, in addition to the aforementioned recurring net profit, a positive effect from the plastic earn-out of 5 million and a negative effect from the loss recognised following the sale of SAS of 20.1 million) to +11.8 million in 2025 (due to the second earn-out payment of 6.75 million)

ABOUT MIKO

Miko has been active in the coffee service sector for over 200 years. In 2025, the group achieved a turnover of 311.3 million euros. Miko is an international group with subsidiaries in Belgium, France, the United Kingdom, the Netherlands, Germany, Denmark, Norway, Sweden, Poland, the Czech Republic, Slovakia and Australia.

END

For further information, please contact: Karl Hermans – CEO Miko Group +32 (0)495 10 27 12 Further information about Miko can be found at miko.eu and mikogroup.be

	31/12/2025(KEUR)	31/12/2024(KEUR)
RevenuRevenue – sale of goods	311.318298.473	277.132264.700
Revenue – leasing	13.759	11.988
Revenue – sale of fixed assets	-914	444
Other operating income	10.802	11.100
Total expenses	-310.170	-278.216
Raw materials & consumables used	-151.801	-124.925
Employee benefit expenseDepreciation and amortization	-88.579-27.911	-85.854-25.714
Other operating expenses	-41.879	-41.723
Operational result before interests and taxes (EBIT)	11.951	10.016
Net financial result	-4.486	-3.568
Financial income	103	289
Financial costs	-4.589	-3.857
Profit before taxes	7.465	6.448
Taxes on result	-1.675	-2.300
Results of the continued activities	5.790	4.148
Result of discontinued activities	6.750	-15.501
Net profit of the group	12.540	-11.353
Attributable to minority interests	-773	-107
Attributable to Miko shareholders	11.767	-11.460
Earnings per share
Weighted average number of sharesBasic earnings per share, Attributable to Miko shareholders (in	1.242.000	1.242.000
euro)	9,47	-9,23
Weighted average number of shares after dilutionDiluted earnings per share,	1.223.246	1.211.378
Attributable to Miko shareholders (in euro)	9,62	-9,46
	31/12/2025	31/12/2024
	(KEUR)	(KEUR)
Net profit of the group	12.540	-11.353
Currency translation differences (items that may bereclassified to profit or loss)	216	-506
Other items of comprehensive income (items that will not bereclassified to profit or loss)	0	0
Comprehensive income for the year	12.756	-11.859
Attributable to Miko shareholders	11.983	-11.966

Consolidated Balance Sheet
In thousands of euros	2025	2024
Assets	331.124	312.597
Fixed assets	220.399	218.394
Material fixed assets	82.334	82.432
Right of use of tangible fixed assets	32.596	30.441
Goodwill	93.040	92.741
Immaterial fixed assets	5.223	6.676
Deferred taxes	6.743	5.670
Trade and other receivables due in more than one year	463	434
Current assetsStocks	110.72541.129	94.20336.488
Trade and orhter receivbales due within one year	45.894	41.006
Cash and cash equivalents	23.702	16.709
LIABILITIES	331.124	312.597
Equity	130.623	127.417
Total equity for Miko shareholders	129.145	125.173
Issued capitalReserves and retained earnings	5.065129.952	5.065126.197
Conversion differences	-5.872	-6.089
Minority interests	1.478	2.244
Non-current liabilities	93.078	91.662
Interest-bearing loans on more than one year	71.658	67.303
Personnel obligations	919	819
Deferred taxes	2.046	1.990
Trade and other payables on more than one year	18.275	20.354
Long term provisions	180	1.196
	107.423	93.518
Current liabilities
Interest-bearing loans on less than one yearLiabilities related to taxes, remuneration and social security	34.12926.281	21.45318.456

In thousands of euros	Issued capital	Reserves andretained earnings	Conversiondifferences	Minorityinterests	Total
Balance at 01/01/2025	5.065	126.196	$-6.088$	2.244	127.417
Result for the period.773Option valuationDebt relating to future acquisition ofsharesDividend related to 2024 __________________________________	.	11.767$-7.115$	216	773	12.756$\cdots$ 0$-7.115$$-2.435$
Increase/(decrease) in third-party sharedue to change in participation ratio		1.427		$-1.427$	$\bf{0}$
Balance at 31/12/2025	5.065	129.952	$-5.872$	1.478	130.623
Balance at 01/01/2024	5.065	143.004	$-5.582$	2.416	144.903
Result for the periodResult for the financial year 11.460Unrealized resultsOption valuationDebt relating to future acquisition ofsharesDividend related to 2023Increase/(decrease) in third-party sharedue to change in participation ratio	_______________________________________..	$-11.460$---------------------------------------$-3.270$$-2.323$245	$-506$.	107107$-506$$-34$$-245$	$-11.859$$-11.353$. 0$-3.270$$-2.357$$\Omega$
Balance at 31/12/2024	5.065	126.196	$-6.088$	2.244	127.417