Mutares posts another record year: According to preliminary, unaudited figures, Mutares increases Group revenues and Holding’s net income in the fiscal year 2025 – medium-term targets raised to 25%...

Mutares posts another record year: According to preliminary, unaudited figures, Mutares increases Group revenues and Holding’s net income in the fiscal year 2025 – medium-term targets raised to 25% annual growth in Holding´s profit and Group revenues

• Revenues from consultancy services and management fees of the Mutares Holding reached EUR 106.2 million in the fiscal year 2025 (previous year: EUR 109.8 million)
• Net income of Mutares Holding in the fiscal year 2025 increased to EUR 130.4 million (previous year: EUR 108.3 million)
• Group revenues rose to EUR 6.5 billion (previous year: EUR 5.3 billion), EBITDA increased to EUR 733.5 million (previous year: EUR 117.1 million), and adjusted EBITDA improved to EUR -27.8 million (previous year: EUR -85.4 million)
• Forecast for the fiscal year 2026 anticipates Group revenues of between EUR 7.9 billion and EUR 9.1 billion and net income of between EUR 165 million and EUR 200 million for Mutares Holding
• New medium-term targets through to 2030: 25% annual growth in Group revenues and net income at Mutares Holding
• Strong short-term growth expected in the US and Asia

Munich, March 16, 2026 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) (“Mutares” or “Mutares Holding” and, together with its subsidiaries, the “Mutares Group”), has met its forecasts with the preliminary and unaudited figures for the fiscal year 2025 published today. The Company is entering the fiscal year 2026 with great optimism and is raising its medium-term targets. The net income of Mutares Holding, which is relevant to Mutares shareholders, is expected to grow by 25% per year by fiscal year 2030, in line with Group revenues.

Mutares Holding’s net income increased to EUR 130.4 million

Revenue at Mutares Holding (Mutares SE & Co. KGaA), arising from consultancy services to portfolio companies and management fees, reached EUR 106.2 million in the fiscal year 2025 (previous year: EUR 109.8 million). Mutares Holding’s net income under commercial law for the fiscal year 2025 stood at EUR 130.4 million (previous year: EUR 108.3 million). The increase in earnings was significantly influenced by increased exit activity during the reporting period, with the complete divestment of Steyr Motors being the standout transaction that had a decisive impact on earnings in the fiscal year 2025.

The Mutares Group generated revenues of EUR 6.5 billion in the fiscal year 2025 (previous year: EUR 5.3 billion). Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) in accordance with IFRS amounted to EUR 733.5 million in the fiscal year 2025 (previous year: EUR 117.1 million), influenced, among other things, by gains from a bargain purchase and the positive contributions from the exits in the fiscal year. Adjusted EBITDA[1], which is adjusted in particular for the effects of regular changes in the composition of the portfolio, improved to EUR -27.8 million for the fiscal year 2025 (previous year: EUR -85.4 million). Adjusted EBITDA was characterized in particular by the new acquisitions made during the fiscal year, foremost among them Buderus, as well as by a continuing challenging environment at Lapeyre and Byldis. This is offset by extremely encouraging restructuring and development progress at Efacec, Donges, SFC Solutions (part of Amaneos) and Guascor Energy.

Significant expansion and internationalization of the portfolio

In the fiscal year 2025, Mutares drove forward the expansion of its portfolio with great momentum, thereby laying the foundations for the next phase of value creation. The focus was particularly on scalable platform investments, targeted add-on acquisitions and the consistent internationalization of the portfolio – particularly in the US. With the acquisitions made in the fiscal year 2025, Mutares has added companies with a combined annual turnover of around EUR 2.5 billion to its portfolio, thereby significantly broadening the Group’s base. Further acquisitions in the US are planned. Due to the significant growth in opportunities, Mutares plans to establish a second US office within the next twelve months.

Following the end of the fiscal year 2025, Mutares has also set a decisive strategic course for the Group’s next phase of development and growth. Central to this is the agreement signed in January 2026 to acquire SABIC’s Engineering Thermoplastics business in the Americas and Europe, which will enable the Group to enter a new league. With annual revenues of around EUR 2 billion, equity of just under EUR 2 billion and historically achieved annual operating results of more than EUR 500 million – which have come under pressure in recent years against the backdrop of a weak chemical cycle – this is the largest acquisition in Mutares’ history. In addition to the substantial contribution to revenues, the strong industrial footprint in the US in particular strengthens Mutares’ international positioning. The transaction also forms the basis for the establishment of the new ‘Chemicals & Materials’ segment, through which Mutares is entering the specialty chemicals and high-performance materials sectors on a significant scale for the first time, thereby significantly broadening the Mutares Group’s overall revenue base.

Intensified exit activities underscore value creation

With numerous exit transactions, Mutares has once again impressively confirmed the effectiveness of its business model in the fiscal year 2025. The focus was on two outstanding capital market transactions: Steyr Motors and Terranor. The complete exit from the former company is a particular milestone, as it represents the most successful investment in the company’s history. Following the successful IPO of Steyr Motors in the fiscal year 2024 and a gradual reduction of its stake, Mutares sold its remaining 23% stake in November 2025 in its entirety to institutional investors from Austria and abroad as part of a highly sought-after private placement. Over the entire holding period, Mutares generated gross proceeds of over EUR 170 million and an ROIC well above the target range.

Mutares also realized significant value with Terranor. With its listing on the Nasdaq First North Growth Market in Stockholm in June 2025, Terranor was successfully positioned on the capital market. In a first step, Mutares sold 25% of its shares, followed by a further placement in December 2025, reducing its stake to 57%. Both transactions met with strong demand from national and international investors and also resulted in an ROIC well above the target range.

With the sale of Fuentes shortly before the turn of the year, Mutares has once again demonstrated its ability to identify companies with sound business models and attractive market positions, and to realize a significant increase in value within a very short timeframe by implementing key operational improvements.

This strong exit momentum has continued into the current year 2026. Additional value realizations have been achieved through the successful sale of LiBCycle (formerly part of the inTime Group) and the signed agreement for the sale of Kalzip, Relobus and the inTime Group. Furthermore, Mutares anticipates additional attractive exit opportunities with significant value creation potential over the remainder of the year, particularly in relation to investments in the energy and energy infrastructure sectors.

New segmentation of investments

During the fiscal year 2025, Mutares implemented a re-segmentation of its operational focus areas in response to changing requirements in the market environment and, in particular, within the portfolio as a result of the acquisitions and exits realized. The aim is to align the strategic steering and operational management of the portfolio companies even more precisely with the different market characteristics and value drivers.

At the heart of the new structure was the introduction of the “Infrastructure & Special Industry” segment, which brings together companies in regulated or infrastructure-based markets – such as energy supply, industrial services or specialized applications. The investments previously in the “Retail & Food” segment have been allocated to the expanded “Goods & Services” segment, which now groups cyclical consumer and service companies in a thematically consistent manner. “Automotive & Mobility” remains an early-cycle segment, whilst “Engineering & Technology” continues to cover late-cycle industries. From the fiscal year 2026 onwards, the segmentation described above will be supplemented by the new “Chemicals & Materials” segment, which covers early-cycle to weakly cyclical business.

New medium-term outlook – At least 25% annual growth in Group revenues and net income planned for Mutares Holding

Based on operational performance, the transactions successfully completed and signed during the reporting year, and the transaction pipeline, which remains well-stocked, the Mutares Management Board sees its growth strategy validated.

For the fiscal year 2026, the Management Board expects a further significant increase in revenues within the Mutares Group to between EUR 7.9 billion and EUR 9.1 billion, based on the existing portfolio structure and the transactions already agreed. For Mutares Holding, net income for the fiscal year 2026 is expected to range from EUR 165 million to EUR 200 million. The drivers of this development are, in addition to a rising revenue base within the portfolio, in particular additional advisory revenues from newly acquired platform investments, an increasing improvement in operating results within the portfolio companies, and further planned value realizations through exits.

The increasing internationalization of the portfolio, particularly through the extensive opportunities in the US and, looking ahead, through the further expansion of activities in Asia, is creating new structural growth prospects in the short, medium and long term. The US, in particular, is emerging as a strategic core market for Mutares, with a dynamically growing deal pipeline and attractive industrial transformation opportunities.

By establishing the new “Chemicals & Materials” segment, based on the acquisition of SABIC’s Engineering Thermoplastics business in the Americas and Europe, Mutares is tapping into the new market for specialty chemicals and high-performance materials on a significant scale and creating a scalable platform with global reach. The new segment offers considerable potential for operational improvements, further add-on acquisitions and additional long-term value creation.

By the fiscal year 2030, the Management Board is targeting annual growth in Group revenues of 25%. In parallel, Mutares Holding’s net income is also set to increase by 25% per year. With regard to the previously communicated medium-term targets of EUR 10 billion in Group revenues and a net income of EUR 200 million for Mutares Holding by the fiscal year 2028, Mutares expects to achieve these significantly earlier.

The figures announced in this press release are provisional and unaudited. The final figures for the fiscal year 2025 will be published with the 2025 Annual Report on 28 April 2026.

Non-compliance with financial covenants at the end of the fiscal year 2025 and waiver of a review prior to 30 June 2026

Based on the preliminary figures for the fiscal year 2025, the Mutares Management Board expects that a condition regarding the ratio of Group net debt to Group equity, as set out in the terms and conditions of the 2023/2027 (ISIN NO0012530965) and 2024/2029 (ISIN NO0013325407) regarding the ratio of consolidated net debt to consolidated equity will not be met. The reasons for this include, in addition to valuation effects, a lower number of completed transactions with a positive impact on consolidated equity (‘bargain purchase’) in the fourth quarter of 2025, as well as significantly increased lease liabilities. Based on the already signed acquisitions of Wartsila Gas Solutions and SABIC’s ETP business, the Management Board expects that the financial covenants will be met again by the end of June 2026 and will be significantly below the required levels. Mutares will therefore shortly request the bondholders, in accordance with a written procedure (“Written Resolution”) provided for in the bond terms, to waive compliance with the financial covenants relating to the ratio of consolidated net debt to consolidated equity for the financial year 2025. Furthermore, the Company will apply to suspend compliance with these financial covenants until 29 June 2026.

With regard to Mutares Holding’s debt, the plan is to reduce the bonds to a nominal amount of between EUR 250 million and EUR 300 million by the end of the fiscal year 2026. To this end, the Management Board intends to repurchase at least EUR 25 million of the 2023/2027 bond each quarter, starting from the second quarter of the fiscal year 2026. The Management Board of Mutares is confident that the motions described will be approved in the written procedure and expects the bondholders to give their consent by 5 April 2026. In this context, Mutares offers the bondholders the payment of a fee of 1.50% of the nominal amount, provided that the required approval of the proposals is obtained.

^[1] The basis for calculating the Mutares Group’s adjusted EBITDA is the Group’s EBITDA, adjusted for transaction-related effects (gains from the acquisition of portfolio companies at a discount or gains or losses from deconsolidation as deconsolidation effects) as well as restructuring and other one-time expenses or income.
 

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 pursues 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.

This announcement contains forward-looking statements based on current estimates and assumptions made by the management of Mutares SE & Co. KGaA, as well as on other information currently available to it. The terms “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should,” and similar expressions are intended to identify forward-looking statements. Various known and unknown risks, uncertainties, and other factors could cause actual results to differ materially from those contained in the forward-looking statements. Mutares SE & Co. KGaA does not intend to and assumes no obligation to update forward-looking statements. Any forward-looking statement is valid only at the time it is made and is based on numerous assumptions that may prove to be correct or incorrect.

For further information, please contact:

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

Press contact for Germany

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

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

Press contact for the United Kingdom
14:46 Consulting
Tom Sutton
Phone: +44 7796 474940
Email: tsutton@1446.co.uk