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Deep Research·14 Aug 2026

Report on

Miele & Cie. KG

Germany · Sample deep-research report

Gütersloh, Germany · founded 1899 · ~23,000 (2025) employees · €5.16B (FY 2025) · miele.com

Generated by Mercatora AI·14 sources·8 sections
Risk assessmentLow riskCleared

88 / 100

Revenue FY 20251
€5.16B
−5% vs FY 2022 peak
Professional1
>€1B
Largest growth driver 2025
Employees1
~23,000
−2.4% in 2025
Ownership7
51.1 / 48.9
Miele / Zinkann families
Scope 1+2 CO₂10
−54%
2025 vs 2019, SBTi-validated

Executive summary

Miele is a low-risk, family-owned premium supplier that has absorbed a demand downturn without financial stress: revenue fell about 9% in FY 2023, the group cut or relocated up to 2,700 positions, and it returned to growth with €5.16B in FY 2025 1 5. Its €500M cost program is complete and investment continues at €468M over 2024 and 2025 1. At roughly a third of the revenue of BSH, which reported €15.0B in FY 2025, Miele competes on durability, service and professional equipment 13. Recommended to engage: expect firm unit pricing, with negotiating room in multi-year, multi-line volume and service commitments.

Findings

Company profile · Family-owned premium appliance maker

Miele & Cie. KG, Gütersloh, makes premium domestic appliances for laundry, dishwashing, cooking and floor care, and machines and services for hotels, care facilities, laboratories and medical reprocessing 1. It was founded in 1899 by Carl Miele and Reinhard Zinkann and is held by their families at 51.1% and 48.9% 7. The group employs about 23,000 people, runs 19 production sites (eight in Germany) and sells through 49 sales and service subsidiaries 1 9.

The business has two pillars. Domestic is the larger and more cyclical one, exposed to housing activity and price competition in laundry. Professional passed €1B in revenue in 2025, up from a record €819M in FY 2023, and includes the SteelcoBelimed joint venture with Metall Zug, launched in June 2024 with about 2,100 employees and Miele holding 67% 1 11 12.

Financial trajectory

The five-year record shows a pandemic peak, a sharp correction and a slow recovery. FY 2022 revenue reached €5.43B (+12.2%) 3. In FY 2023 revenue fell about 9% and unit sales fell roughly twice as much, as demand collapsed after three strong years and input costs rose 5. Miele answered with the Miele Performance Program in February 2024, targeting €500M of additional financial room by 2026 5.

The program closed at the end of 2025 with the target met, personnel costs down more than €120M, 3,200 individual measures implemented and no compulsory redundancies in Germany 1. Investment continued throughout: €468M in 2024 and 2025 combined, with a €500M target for Germany through 2028 and a plan to renew about 60% of the portfolio by then 1.

Fiscal yearRevenueChangeEmployeesGermany revenue
FY 2021€4.84B
FY 2022€5.43B+12.2%~23,300
FY 2023€4.96B−8.7%~22,700€1.23B (25%)
FY 2024€5.04B+1.7%~23,500
FY 2025€5.16B+2.3%~23,000
Miele Group, calendar fiscal years 1 2 3 4 6. FY 2023 change and Germany share computed from reported figures.

Operations & restructuring

The 2024 program changed the industrial footprint. Up to 2,700 positions worldwide were to be cut or relocated, about 2,000 of them mainly in indirect functions 5. Assembly of almost all domestic washing machines moves in stages from Gütersloh to Ksawerów, Poland, by 2027, removing about 700 jobs at the head plant; the press shop, foundry, machining, washer-dryers and small commercial machines stay in Gütersloh for now 5. In Germany about 1,300 of 11,700 jobs were affected, under an IG Metall agreement running to December 2028 that ties the cuts to €500M of domestic investment 6.

Outside Europe, Miele started its first US plant in Opelika, Alabama, in late 2024 to build built-in ovens for North America 8. Dongguan in China supplies vacuum cleaners 7. The resulting footprint is weighted toward Germany and Central Europe, with wage-cost relief coming from Poland and the Czech Republic.

RegionSitesProducts
Germany8 sites incl. Gütersloh, Bielefeld, Lehrte, EuskirchenLaundry, dishwashers, cooking, motors, plastics 7 9
PolandKsawerówDomestic washing machines, growing to 2027 5
Czech RepublicUničovDryers, dishwashers 8
Romania / AustriaBrașov / BürmoosElectronics / reprocessing equipment 7
ItalyRiese Pio X, Cusano di ZoppolaSteelco medical and lab equipment 9
ChinaDongguanVacuum cleaners 7
United StatesOpelika, AlabamaBuilt-in ovens since late 2024 8
Production footprint, 2026.

Risk assessment · verdict: low

Counterparty and governance. Family ownership with publicly identifiable beneficial owners and no external investors; registry status is active with no adverse filings 7.

Financial. No sign of distress. Revenue has grown for two years, the cost program is complete and investment has not been cut 1. The main gap is that group earnings are not disclosed in press releases, so a buyer with large prepayments or consignment stock should review the filed statutory accounts.

Operational. The washing-machine move to Poland runs through 2027 and is the most likely source of temporary allocation, lead-time or origin changes 5.

Compliance and ESG. No sanctions designation; request the written sanctions and export-control policy at onboarding. Climate targets are SBTi-validated and Scope 1 and 2 emissions were down 54% against 2019 by 2025 10. Product-compliance obligations (CE, EU energy label and EPREL registration, ecodesign spare-parts rules) apply to any importer of these goods and should be confirmed at contract stage.

Market position & competition

Miele competes in the premium tier of a market where the largest European producer, BSH, is about three times its size. BSH reported €15.0B revenue in FY 2025 (−1.6% in euros, +2.8% in local currency), more than 56,000 employees and 37 factories, with laundry revenue down 1.0% because of a contested market 13. BSH is also closing its German plants in Nauen and Bretten, which shows the cost pressure on German appliance production across the sector 14.

Against this, Miele's growth in FY 2025 was similar in percentage terms and came from kitchens and professional customers 1. Its differentiation rests on tested durability, a 25-year motor warranty on laundry appliances introduced in 2025, and direct service 1. In professional laundry, dishwashing and medical reprocessing the field is narrower and service contracts matter more, which supports pricing.

MetricMiele GroupBSH Hausgeräte
Revenue FY 2025€5.16B 1€15.0B 13
Change FY 2025+2.3% 1−1.6% (+2.8% LC) 13
Employees~23,000 1>56,000 13
Factories19 137 13
OwnershipTwo founding families 7Bosch Group 13
German footprint actionWashing machines to Poland by 2027 5Nauen and Bretten closures 14
Peer comparison, latest reported fiscal year.

Sustainability profile

Miele's targets were validated by the Science Based Targets initiative in 2021. By 2025 the group reported a 54% reduction in absolute Scope 1 and 2 emissions and a 27% reduction in use-phase emissions of sold products, both against 2019 10. The use phase represents about 83% of total emissions and purchased goods about 15%, so product efficiency and steel sourcing dominate the footprint; Miele has used low-CO₂ steel for hobs and ovens since 2021, which its supplier puts at about 66% lower production emissions 10. Sites generated 17.3 GWh of renewable electricity in 2025 10.

For a buyer reporting under CSRD, these figures can feed Scope 3 category 1 and 11 estimates, and the EcoVadis Gold rating received in February 2026 can be cited in supplier-engagement disclosures 1.

Cross-lane insights

  • 1.Cost program plus continued investment: Miele cut more than €120M of personnel cost while investing €468M, which points to a focus on margin protection; price concessions will be hard to obtain, volume commitments easier 1.
  • 2.Plant moves and origin: the Ksawerów transition through 2027 overlaps with any new three-year agreement, so origin, lead-time and allocation clauses deserve more attention than headline price 5.
  • 3.Professional as the negotiating lever: with more than €1B revenue and new launches, Professional is where Miele wants growth; buyers with hospitality, care or laboratory demand have more leverage than domestic-only distributors 1 12.
  • 4.Sector-wide pressure: BSH's revenue decline and German plant closures confirm the price pressure Miele cites, which also limits Miele's room to discount 13 14.

Key questions

  • 1.What volume-tier discount curve applies to Professional above 50, 200 and 500 units a year, and is it combined with Domestic volume?
  • 2.For multi-year agreements, is the incentive a flat annual rebate, a quarterly volume bonus or a tier reset each year?
  • 3.Which SKUs will change plant between Gütersloh and Ksawerów before 2027, and how is origin documentation handled for re-export 5?
  • 4.What on-site service response time do you commit to for Professional customers in EU markets, and which part of right-to-repair obligations sits with the distributor?
  • 5.Will you share the audited group accounts or a credit reference for our credit-risk file?
  • 6.Can you name a reference distributor in hospitality or healthcare in the EU?

Sources

  1. 1

    Miele · Business year 2025 press release, March 2026 (Swiss edition, PDF)

    https://media.miele.com/ex/ch/de/presse/2026/PDF/Miele%20Medieninformation_Geschaeftsbericht.pdf

  2. 2

    Miele · Business year 2024 press release, March 2025 (Swiss edition, PDF)

    https://media.miele.com/ex/ch/de/presse/2025/PDF/2025_03_Miele%20Medieninformation_Wachstumskurs_im_Geschaeftsjahr_2024.pdf

  3. 3

    Miele · Miele steigert Umsatz um 12,2 Prozent (business year 2022)

    https://www.miele.de/de/m/miele-steigert-umsatz-um-122-prozent-6465.htm

  4. 4

    Miele · 2023 auf einen Blick (PDF)

    https://m.miele.de/media/ex/ce/presseartikel/2024/2023-miele-auf-einen-blick.pdf

  5. 5

    Elektrowirtschaft · Miele startet weltweites Effizienzprogramm, February 2024

    https://www.elektrowirtschaft.de/umsatzrueckgang-und-stellenabbau-miele-startet-weltweites-effizienzprogramm/

  6. 6

    cash.ch (AWP) · Miele baut in Deutschland 1300 Arbeitsplätze ab, June 2024

    https://www.cash.ch/news/korr-miele-baut-in-deutschland-1300-arbeitsplatze-ab-719317

  7. 7

    Wikipedia (de) · Miele

    https://de.wikipedia.org/wiki/Miele

  8. 8

    Wikipedia (en) · Miele

    https://en.wikipedia.org/wiki/Miele

  9. 9

    Miele · Production sites

    https://www.miele.com/en/com/production-sites-2157.htm

  10. 10

    Miele · Sustainability at Miele: climate

    https://www.miele.com/en/c/sustainability-at-miele-climate-4699.htm

  11. 11

    Metall Zug (EQS) · Start of the joint venture SteelcoBelimed

    https://eqs-news.com/news/adhoc/start-of-the-joint-venture-between-belimed-infection-control-belimed-life-science-and-steelco-under-the-name-steelcobelimed/2070125

  12. 12

    Miele · In the anniversary year, Professional reports record sales (2024)

    https://www.miele.de/en/m/in-the-miele-anniversary-year-professional-reports-record-sales-and-looks-forward-to-further-growth-7354.htm

  13. 13

    BSH · Annual press conference 2026, business year 2025 (PDF)

    https://www.bsh-group.com/media3/Documents/28761961_AT_2026-BSH-Presseinformation-Jahrespressekonferenz_26032026.pdf

  14. 14

    Evertiq · BSH to adjust German production network, closing Nauen and Bretten sites

    https://evertiq.com/news/2025-10-21-bsh-to-adjust-german-production-network-closing-nauen-and-bretten-sites

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