Mutares SE & Co. KGaA $MUX (-1.21%) has decided to publish the figures for the first quarter of 2025 ahead of schedule.
The start into the financial year 2025 started promisingly: In addition to the further development of the exit pipeline and a strong acquisition pipeline, Mutares was able to announce the completion of the acquisitions of VR-Logistics, Magirus, SMA Metalltechnik, Buderus Edelstahl, GDL Anläggning & Miljö and Nervión as well as the first exits for the financial year 2025 with a further sale of shares in Steyr Motors and the planned sale of Alcura Care in the first quarter.
- Revenues from consulting services and management fees of Mutares Holding reach EUR 26.2 million in the first quarter of 2025 (previous year: EUR 29.3 million)
- Net result of Mutares Holding reaches EUR 29.5 million in the first three months of 2025 (previous year: EUR 51.3 million)
- Group revenues increase by 13% to EUR 1,526.2 million (previous year: EUR 1,346.1 million)
- EBITDA improves to EUR 379.7 million (previous year: EUR 66.1 million)
- Adjusted EBITDA at EUR -30.1 million (previous year: EUR 14.0 million)
- Further successful exit transactions expected
Detailed segment performance indicates significant improvement in Q1 2025
Automotive & Mobility:
- Sales: EUR 627.1m (+3.5%)
- EBITDA: EUR 68.4m
- Adjusted EBITDA: EUR 27.2m
The focus will be on stabilization through international expansion with Amaneos and FerrAl United. It remains to be seen whether the automotive specialist Mutares will succeed in this. Also in the add-ons of the coming months.
Engineering & Technology:
- Sales: EUR 436.6m (+95%)
- EBITDA: EUR 345.6m
- Adjusted EBITDA: EUR -30.7m
Important in this segment: positive contribution from Efacec. And the effective integration of new acquisitions (including Buderus Edelstahl and Magirus).
Goods & Services:
- Sales: EUR 262.5m (-8%)
- Adjusted EBITDA: EUR -6.1m
There are two direct challenges here. Firstly, the decline in sales due to the loss of Frigoscandia. Added to this is the downward trend at Stuart.
Retail & Food:
- Sales: EUR 200.8m (-12.7 %)
- Adjusted EBITDA: EUR -20.1m
In this segment, Lapeyre, the infrastructure/construction hopeful, is of great importance and is facing a challenging environment. In addition, the integration of Natura appears to be going well.
Group EBITDA characterized by acquisition effects:
Group EBITDA amounted to EUR 379.7 million in the first quarter (previous year: EUR 66.1 million). As expected, adjusted EBITDA amounted to EUR -30.1m, influenced by the early phase of integrating new investments. This picture fits the classic value creation curve of Mutares, which develops its investments from Realignment via Optimization to Harvesting.
Outlook 2025 to 2028:
Mutares intends to remain on course for growth and optimism continues to characterize the management. The Executive Board continues to expect this for the full year 2025:
- Group sales: EUR 6.5 to 7.5 billion
- Mutares Holding net profit for the year: EUR 130 to 160 million
The long-term target until 2028 also remains unchanged:
- Group revenue: EUR 10 billion
- Holding company net profit for the year: EUR 200 million
The international expansion into China, India and the USA is emphasized as a key driver of growth. And the groundwork has already been done - through local presence and initial smaller acquisitions.
Conclusion: Mutares starts full steam ahead into 2025
