Mutares (MUX) investor relations material

Executive summary

• Net income reached EUR 130.4 million and group revenues EUR 6.5 billion for 2025, with a mid-term target of 25% annual growth by 2030.

• Minimum dividend of EUR 2.00 per share proposed, with potential for additional performance dividends on significant exits.

• Successful capital increase (EUR 105 million) with high demand and 96% subscription, funding U.S. expansion and broadening the international investor base.

• Major acquisitions and exits, including Steyr Motors, Amaneos, SFC, FerrAl United, and Jadeed, with a robust buy-side pipeline and significant exit opportunities.

• Portfolio expansion focused on scalable platforms, add-on acquisitions, and internationalization, especially in the U.S. and China.

Financial highlights

• Group revenues grew to EUR 6.5 billion in 2025, up from EUR 5.3 billion, with EBITDA surging to EUR 675.3 million from EUR 117.1 million.

• Adjusted EBITDA improved to EUR -31.2 million from EUR -85.4 million, reflecting restructuring and portfolio changes.

• Net income at holding level increased to EUR 130.4 million, driven by successful exits such as Steyr Motors, Fuentes, and Terranor.

• Major acquisitions (Magirus, Buderus, Jadeed) contributed over EUR 500 million to group revenues and established a new Chemicals & Materials segment.

• Exit proceeds in 2025 totaled approximately EUR 230 million, with Steyr Motors and Terranor as key transactions.

Outlook and guidance

• 2026 guidance: group revenues expected between EUR 7.9–9.1 billion and net income between EUR 165–200 million.

• Reiterated midterm target of at least 25% annual group revenue growth and holding net income through 2030.

• U.S. market identified as the main growth driver, with further office expansion and a transaction pipeline of EUR 4.8 billion.

• New "Chemicals & Materials" segment to be established in 2026 following the SABIC ETP acquisition.