EQS-News: Mutares grows and generates Group r...

Mutares grows and generates Group revenues of EUR 3.4 billion in the first half of 2026 – further exit activities expected in the second half, guidance for fiscal year 2026 confirmed, all bond covenants complied with, largest transaction in the Company's history completed
 

• Group revenues increase by 9% to EUR 3.4 billion (previous year: EUR 3.1 billion), EBITDA at EUR 349 million (previous year: EUR 598 million), Adjusted EBITDA jumps to EUR 67 million (previous year: EUR -89 million)
• Revenues from consulting services and management fees of Mutares Holding reach EUR 49 million in the first half of 2026 – as planned (previous year: EUR 53 million)
• Adjusted net result in the first six months at EUR 6 million (previous year: EUR 70 million)
• Significant exit proceeds expected in the second half from already signed purchase agreements and purchase agreements currently in the exit process
• Bond covenants fully complied with again as of June 30, 2026
• Guidance for fiscal year 2026 and medium-term outlook confirmed
• Largest transaction in Company’s history with annual revenues of approx. EUR 2 billion completed

Munich, August 4, 2026 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) (“Mutares” or “Mutares Holding” and, together with its subsidiaries, the “Mutares Group”) today published its results for the first half of 2026 and, following a very successful start to the year, looks ahead to the remainder of the year with optimism. The first half of 2026 was marked by pivotal transactions with high momentum on the exit side. A high level of transaction activity is expected to continue in the second half of the year, with a focus on lucrative divestments of portfolio companies.
Strong growth at Group level

Revenues of Mutares Holding, which result from consulting services and management fees from portfolio companies, reached EUR 49 million (previous year: EUR 53 million), as planned. The net result of Mutares Holding, adjusted for capital markets costs (EUR 10 million) relating to the capital increase and the written resolution procedure for the bonds, amounted to EUR 6 million for the first six months of 2026 (previous year: EUR 70 million).

The Mutares Group generated revenues of EUR 3.4 billion in the first half of 2026 (previous year: EUR 3.1 billion). The increase is mainly attributable to acquisition activity as part of the continued expansion of the portfolio. Group EBITDA (earnings before interest, taxes, depreciation and amortization) is regularly influenced by transaction-related effects such as gains from bargain purchases (“Bargain Purchase”) of completed acquisitions as well as deconsolidation effects, and amounted to EUR 349 million in the first half of 2026 (previous year: EUR 598 million). Adjusted EBITDA, which is adjusted in particular for these transaction-related effects,^[1] stood at EUR 67 million in the first half of 2026 (previous year: EUR -89 million). Adjusted EBITDA in the first half was negatively impacted in particular by the new acquisitions of fiscal year 2025, above all Novastruct and F.lli Ferrari, as well as by a continued challenging environment at Lapeyre, Prénatal, Stuart, La Rochette and Natura. This was offset by encouraging restructuring and development progress, with correspondingly clearly positive Adjusted EBITDA at Efacec Group, SFC Solutions (part of Amaneos), Guascor Energy, NEM Energy Group, Alterga Group, Gemini Rail, HILO Group, Donges Group and Kuljettava.
Largest acquisition in the Company's history completed – record pipeline on the buy and sell side

Highlights on the transaction side in the first half of 2026 include the acquisition of the Engineering Thermoplastics business in the Americas and Europe from SABIC, signed in January 2026 and completed in early August 2026. The company, now operating under the name NexPoint Materials, generates annual revenues of approx. EUR 2.0 billion, employs around 2,800 people and operates eight production sites in the Americas and Europe. As the world’s second-largest producer of polycarbonates and a leading ABS and the only PBT producer in the USA, NexPoint Materials holds a strong market position and serves customers in particular from the automotive, construction, consumer goods, and electrical and electronics industries. With this acquisition, Mutares strengthens its industrial platform and lays the foundation for further growth and value enhancement in the newly created “Chemicals & Materials” segment.

Also worth highlighting is the successful completion of the acquisition of the Gas Solutions business from Wärtsilä, now operating under the name Nord Gas Solutions, a globally leading provider of gas and energy technologies with revenues in 2025 of just under EUR 400 million. The company is a market leader for critical equipment and process solutions along the entire gas value chain and benefits from long-term growth trends in the areas of energy security, LNG infrastructure, biogas and decarbonization. The acquisition strengthens Mutares’ portfolio in the energy sector and opens up attractive value enhancement potential.

The first half of 2026 was also marked by accelerated exit activity. With the successful sales of Kalzip, WIJ Special Media (formerly part of Prénatal), inTime Group, Relobus, Locapharm, the Dutch company of Fratelli Ferrari and Peugeot Motocycles, Mutares achieved further value realizations and portfolio optimizations. In addition, with the sale of its remaining shares in Terranor Group, Mutares successfully completed the full exit following the IPO in June 2025. Over the entire holding period, Mutares generated gross proceeds of around EUR 50 million as well as a ROIC clearly above the target range.

With the signed agreement on the sale of NEM Energy Group to Hyundai Heavy Industries Power Systems, Mutares has also agreed the largest exit transaction of the current year to date. Since its acquisition in 2022, the specialist in heat transfer technologies has been successfully developed into an independent, profitably growing platform and strategically repositioned. Completion is expected in the third quarter of 2026.

These activities underscore Mutares’ ability to realize attractive exits through operational transformation and targeted value enhancement. Mutares continues to have an extensive exit pipeline with several robust and material sales processes under way and expects additional attractive exits with significant value creation potential over the remainder of the year, in particular for portfolio companies in the Defense, Energy and Energy Infrastructure areas.
Largely successful development in the segments^[2] despite challenges

The portfolio companies in the Automotive & Mobility segment continued to face short-term order cancellations, call-off postponements and delayed series ramp-ups at customers during the reporting period. The segment's revenues reached EUR 1,403 million in the first half of 2026 (previous year: EUR 1,229 million). The increase is mainly attributable to the portfolio companies newly acquired in 2025, above all Matikon Trim as part of Amaneos, TSM as part of FerrAl United, and Zendra. The segment's EBITDA amounted to EUR 154 million (previous year: EUR 194 million) and benefited from the gain from the bargain purchase of LMS Lighting as part of Amaneos. The segment's Adjusted EBITDA stood at EUR 38 million (previous year: EUR 7 million). Adjusted EBITDA reflects positive effects from improved profitability at SFC, Amaneos and FerrAl United as well as positive earnings contributions from Zendra and HST/HSR.

The portfolio companies in the Energy & Technology segment generated revenues of EUR 522 million in the first half of 2026 (previous year: EUR 467 million). The main driver of the increase in revenues was the acquisition of Nord Gas Solutions in the first half of 2026 as well as organic revenue growth at NEM Energy Group, Efacec, Ganter and Guascor during the reporting period. EBITDA amounted to EUR 106 million (previous year: EUR 135 million). Adjusted EBITDA stood at EUR 56 million (previous year: EUR 0 million) and reflects, among other things, the positive development at Efacec, NEM Energy Group and Nord Gas Solutions.

The portfolio companies in the Infrastructure & Defense segment generated revenues of EUR 828 million in the first half of 2026 (previous year: EUR 857 million). The portfolio companies newly acquired during the reporting period and in the second half of 2025 – Fratelli Ferrari, inTime Group and M3 as an add-on for Move2Green – were unable to compensate for the decline in revenues resulting from the exits of Terranor and Kalzip. The segment's EBITDA reached EUR 40 million (previous year: EUR 292 million) and benefited from effects such as, in the prior-year period, the acquisitions of Buderus and Magirus as well as the exit of Steyr Motors, and in the reporting period, in particular, the gain from the exits of Terranor and Kalzip as part of Donges Group. Adjusted EBITDA stood at EUR 22 million (previous year: EUR -46 million) benefiting in particular from the positive earnings contributions of Donges Group, Terranor and Kuljettava.

Revenues of the Goods & Services segment amounted to EUR 601 million in the first half of 2026 (previous year: EUR 555 million). The segment's revenue development mainly reflects the acquisitions made during fiscal year 2025, above all Novastruct, as well as the acquisitions of Mimovrste and Haro in the first half of 2026, offset by the exits completed in fiscal year 2025 and the organically declining revenue development at some companies, above all Lapeyre. The segment's EBITDA stood at EUR 27 million in the first half of 2026 (previous year: EUR -20 million), with Adjusted EBITDA at EUR -45 million (previous year: EUR -50 million). This development was driven by profitability pressures at a number of the segment's portfolio companies resulting from declining revenues, as well as the negative earnings contribution from the acquisitions made in fiscal year 2025 and the first half of 2026.

The Chemicals & Materials segment, newly created in 2026, generated revenues of EUR 31 million in the first half of 2026 (previous year: EUR 0 million). Revenues benefited from the acquisition of Holliday Pigments, completed in February 2026. The segment's EBITDA amounted to EUR 28 million for the first half of 2026 (previous year: EUR 0 million). Adjusted EBITDA amounted to EUR 1 million (previous year: EUR 0 million), reflecting in particular the still-negative earnings contribution of the newly acquired Ohio Strip Steel.

Adjusted EBITDA fluctuates significantly along the three value creation phases that portfolio companies typically go through during their affiliation with Mutares (Realignment, Optimization and Harvesting). As in previous years, the allocation of the portfolio to these three phases was adjusted upon publication of the results for the first quarter of the fiscal year, based on the progress made in the transformation and the approved budget submitted.

Operating phase within the value creation cycle	Portfolio companies assigned as of June 30, 2026	Revenues YTD 06/2026 in EUR million	Adj. EBITDA[3] YTD 06/2026 in EUR million
Realignment	Automotive & Mobility Peugeot Motocycles   Infrastructure & Defense Byldis F.lli Ferrari   Goods & Services Hamberger Flooring Lapeyre Group Mimovrste Natura Prénatal   Chemicals & Materials Ohio Strip Steel Holliday Pigments	458	-48
Optimization	Automotive & Mobility Amaneos (excluding SFC Group) FerrAl United Group Zendra Systems   Energy & Technology Ganter Group La Rochette Sofinter Group   Infrastructure & Defense Move2Green Magirus Nervión Industries   Goods & Services Gläserne Molkerei Novastruct REDO Stuart	1,728	19
Harvesting	Automotive & Mobility SFC Group   Energy & Technology Efacec Guascor Energy NEM Energy Group Nord Gas Solutions   Infrastructure & Defense Alterga Donges Gemini Rail & ADComms Group GoCollective Kuljettava   Goods & Services Conexus keeeper Group Palmia	1,200	88

 
Full compliance with bond covenants

In connection with the financial covenant not met for fiscal year 2025 under the Nordic Bonds 2023/2027 and 2024/2029, the bondholders granted Mutares a waiver from compliance with the relevant covenant until June 29, 2026. Following the completion of significant portfolio transactions and the very positive development of parts of the portfolio, the Company once again fully complies with the relevant covenant requirements as of June 30, 2026. In June 2026, Mutares successfully completed the repurchase of its own Nordic Bonds 2023/2027 with a nominal volume of around EUR 18 million. This measure is part of the program to reduce Holding debt, which is to be reduced to between EUR 250 million and EUR 300 million by the end of 2026.
Outlook reaffirmed

In view of the transactions of the current fiscal year 2026 completed and signed by the date of preparation, the assumptions regarding further intended transactions over the course of the year, as well as the plans for the individual portfolio companies, the Management Board confirms its guidance for fiscal year 2026. For the Mutares Group, an increase in revenues to between EUR 7.9 billion and EUR 9.1 billion (fiscal year 2025: EUR 6.5 billion) continues to be expected.

The net profit of Mutares Holding is mainly influenced by revenues from the consulting business, dividends from portfolio companies and, in particular, by exit proceeds from the sale of portfolio companies. According to the Management Board's expectations, the latter are expected to make a disproportionately large contribution to the net profit again in fiscal year 2026. Accordingly, the Management Board expects gross proceeds (sale prices) from the planned exit transactions, which are recognized by the Company as a cash inflow, to be significantly higher in fiscal year 2026 than in the previous year (fiscal year 2025: around EUR 230 million). On this basis, the net profit for Mutares Holding for fiscal year 2026 continues to be expected in a range of EUR 165 million to EUR 200 million.

Increasing internationalization, combined with the establishment of the new “Chemicals & Materials” segment, opens up additional growth opportunities for Mutares. Accordingly, the Management Board is targeting annual growth in Group revenues of at least 25% through fiscal year 2030. In parallel, net profit for the year of Mutares Holding is also to be increased by at least 25% per year. With regard to the previously communicated medium-term targets of Group revenues of EUR 10 billion and net profit for the year of Mutares Holding of EUR 200 million by fiscal year 2028, Mutares expects to achieve these significantly earlier than planned.

The full Half-Year Report 2026 will be published on the company website at www.mutares.com in the Investor Relations section. An earnings call for investors, interested parties and press representatives will take place on August 18, 2026.
Company profile of Mutares SE & Co. KGaA

Mutares SE & Co. KGaA, Munich (www.mutares.com), is a listed private equity holding company with offices in Munich (HQ), Amsterdam, Bad Wiessee, Chicago, Frankfurt, Helsinki, London, Madrid, Milan, Mumbai, Paris, Shanghai, Stockholm, Tokyo, Warsaw, and Vienna, that acquires companies in transition that show significant potential for operational improvement and are resold after stabilization and repositioning. The company follows a sustainable minimum dividend policy.

The shares of Mutares SE & Co. KGaA are traded on the Regulated Market of the Frankfurt Stock Exchange under the symbol “MUX” (ISIN: DE000A2NB650) and are included in the SDAX selection index.
For more information, please contact:

Mutares SE & Co. KGaA
Investor Relations
Phone: +49 89 9292 7760
Email: ir@mutares.de
www.mutares.com

Press Contact in Germany
CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Phone: +49 89 125 09 0333
Email: sh@crossalliance.de
www.crossalliance.de

Press Contact in France
VAE SOLIS COMMUNICATIONS
Marie-Caroline Garnier
Phone: +33 6 22 86 39 17
Email: mutares@vae-solis.com

Press Contact in UK
14:46 Consulting
Tom Sutton
Phone: +44 7796 474940
Email: tsutton@1446.co.uk
 

^[1] The basis for calculating the Adjusted EBITDA of the Mutares Group is Group EBITDA, adjusted for transaction-related effects (gains from the bargain purchase of portfolio companies or deconsolidation gains or losses as deconsolidation effects) as well as restructuring and other non-recurring expenses or income.

^[2] At the beginning of fiscal year 2026, Mutares realigned the segmentation of its portfolio. As part of this restructuring, the Engineering & Technology segment was renamed Energy & Technology. The Infrastructure & Special Industry segment was likewise renamed Infrastructure & Defense. In this context, the companies Byldis, Donges, Gemini Rail and ADComms Group were transferred from the former Engineering & Technology segment to the Infrastructure & Defense segment, while Kawneer was allocated to the Goods & Services segment. In addition, the companies Alterga, F.lli Ferrari and GoCollective were reclassified from the former Goods & Services segment to the Infrastructure & Defense segment. Furthermore, Greer Steel was carved out of the former Infrastructure & Special Industry segment and allocated to the newly formed Chemicals & Materials segment. The prior-year figures have been adjusted in line with the new segment structure.

^[3] The sum of the figures for the segments or value creation cycles deviates due to consolidation effects from the Group figures  as certain consolidation levels cannot be directly allocated to either the segments or the value creation cycles.