Revenues of the Mutares holding company $MUX (-1.21%) from consulting services and management fees increase by 6% to EUR 109.8 million in financial year 2024 (previous year: EUR 103.6 million)
Revenue growth at holding and Group level due to portfolio expansion
- Net income of Mutares Holding in financial year 2024 amounts to EUR 108.3 million (previous year: EUR 102.5 million)
- Group revenue increases by 12% to EUR 5,261.6 million in financial year 2024 (previous year: EUR 4,689.1 million)
- Listing of Steyr Motors and sale of Frigoscandia were key earnings drivers in financial year 2024
- Publication of the audited annual and consolidated financial statements for the 2024 financial year and the associated publication of preliminary figures have been postponed due to the auditor's audit and documentation obligations, which have not yet been completed
- Publication of the audited annual and consolidated financial statements for the 2024 financial year planned for May 20, 2025
- Publication of Q1 figures 2025 brought forward to April 29, 2025 - conference call on April 29, 2025, at 2 p.m.
Both at the level of the Mutares Holding and at the level of the Mutares Group, an increase in revenues was again achieved in the financial year 2024. The revenues of Mutares Holding, which result from consulting services and management fees from the portfolio companies, increased by 6% to EUR 109.8 million in the financial year 2024 (previous year: EUR 103.6 million). The increase is also a result of the significantly larger portfolio due to the high level of acquisition activity, which was followed by a corresponding expansion of operational consulting capacities.
The net profit of Mutares Holding under commercial law increased to EUR 108.3 million for the 2024 financial year (previous year: EUR 102.5 million). The successful sale of Frigoscandia in the first quarter of 2024 and the gains from the sale and contribution of shares in the defense subsidiary Steyr Motors AG ("Steyr Motors"), which has been listed in the Scale segment of the Frankfurt Stock Exchange since the fourth quarter of 2024, made a significant contribution to this increase. The exits of portfolio companies and the sale of shares in Steyr Motors resulted in a cash inflow for Mutares Holding of around EUR 70 million in the financial year 2024.
The Mutares Group generated revenue of EUR 5,261.6 million in the 2024 financial year (previous year: EUR 4,689.1 million). The increase is due to the high level of acquisition activity in the 2023 and 2024 financial years and the resulting expansion of the portfolio. Group EBITDA (earnings before interest, taxes, depreciation and amortization) again benefited from gains from the acquisition of portfolio companies below market value ("bargain purchase") and amounted to EUR 117.1 million in the 2024 financial year (previous year: EUR 756.9 million).
By contrast, the Mutares Group's adjusted EBITDA[1], adjusted in particular for effects from changes in the portfolio, amounted to EUR -85.4 million in the financial year 2024 (previous year: EUR +3.5 million). The positive effects from successfully implemented operational restructuring programs within the portfolio were overshadowed by opposing effects from the acquisition of loss-making investments and the impact of the weak macroeconomic development, particularly in the Automotive & Mobility segment.
Growth in all segments
Revenue in the Automotive & Mobility segment amounted to EUR 2,223.2 million in the 2024 financial year (previous year: EUR 1,878.3 million). In addition to the price increases implemented, this increase was primarily due to the acquisitions made in the previous year and in the 2024 financial year, in particular the add-on acquisitions for the FerrAl United Group and HILO Group as well as Matikon as a new platform investment. The segment's EBITDA amounted to EUR 130.1 million (previous year: EUR 232.2 million). This includes gains from the acquisition of portfolio companies below market value ("bargain purchase") of EUR 219.7 million, in particular for the acquisitions of Matikon and Walor North America. In the 2024 financial year, the segment's investments were confronted with the weak industry-wide momentum on the sales side, with some call-offs by car manufacturers being canceled or postponed at short notice. As a result, adjusted EBITDA for the 2024 financial year amounted to EUR -45.9 million (previous year: EUR +3.3 million).
The investments in the Engineering & Technology segment generated revenue of EUR 1,142.0 million in the 2024 financial year (previous year: EUR 933.9 million). On the one hand, the exits from the previous year, particularly that of Special Melted Products Ltd ("SMP"), led to a decline in revenue. On the other hand, acquisitions, in particular Efacec, which was acquired in the 2023 financial year, and Sofinter, which was acquired in the 2024 financial year, made a positive contribution to revenue development. Significant consolidation effects from transactions must be taken into account in the segment's EBITDA for the 2024 financial year - particularly in comparison to the previous year: The only acquisition in the 2024 financial year, namely the acquisition of Sofinter, resulted in goodwill of EUR 80.6 million. In contrast, acquisitions in the 2023 financial year led to gains from the acquisition of portfolio companies below market value ("bargain purchase") of EUR 162.5 million. and the exit activities, in particular the exit of SMP, led to deconsolidation results totaling EUR 117.6 million. Due to these consolidation effects, the segment's EBITDA of EUR 49.9 million in the 2024 financial year was significantly lower than the previous year's EBITDA of EUR 227.6 million. While some of the portfolio companies, above all Guascor Energy, NEM Energy Group and Steyr Motors, achieved a significant improvement in profitability compared to the previous year, other portfolio companies, in particular Byldis and Efacec, which were only acquired in the fourth quarter of the 2023 financial year, made a negative contribution to adjusted EBITDA in the 2024 financial year.
At EUR 1,037.1 million, revenue in the Goods & Services segment in the 2024 financial year was on a par with the previous year (EUR 1,037.1 million). The stagnation in revenue compared to the previous year is due to the exit of Frigoscandia in the first quarter of the 2024 financial year, which was offset by platform investments for the segment in the previous year (primarily GoCollective, ReloBus and MobiLitas as well as Stuart) and in the 2024 financial year (primarily Alterga). This was additionally supported by the pleasing organic sales growth at Conexus and Terranor. The segment's EBITDA amounted to EUR 91.1 million (previous year: EUR 272.0 million). This includes gains from the acquisition of portfolio companies below market value ("bargain purchase") of EUR 36.5 million (previous year: EUR 246.5 million). Adjusted EBITDA for the 2024 financial year was again positive at EUR 18.1 million (previous year: EUR 38.3 million), but was impacted in particular by the absence of the positive contribution from Frigoscandia and the planned negative earnings contribution from Stuart, while other portfolio companies, in particular Conexus, Palmia and Terranor Group, recorded a pleasing increase in profitability.
