$MUX (-0.74%)

Why does the forecast in the chart below look so bad?

https://aktienfinder.net/aktien-profil/Mutares-Aktie

Following the successful IPO of Steyr Motors AG $4X0 (-0.1%) the next IPO from the Mutares portfolio is now on the horizon. $MUX (-0.74%) is on the horizon.

In one of his most recent interviews, CIO Johannes Laumann also mentioned another IPO in 2025 in addition to numerous exits, and now the candidate is also known.

Amaneos SE & Co. KGaA (subsidiary of Mutares since 2023)

https://amaneos.com/de/

FIRST START: targeted Q3/Q4 2025

REVENUE: ~€1.2 billion

INDUSTRY: Automotive supplier (plastic elements)

HQ: Frankfurt

Conclusion: ...and the story goes on 👍🏻

$VOE (-0.8%)
https://ooe.orf.at/stories/3308198/

Earnings before interest, taxes, depreciation and amortization (EBITDA) fall from 1.7 billion to 1.3 billion

Net profit fell from 207 to 179 million euros.

Turnover decreased by 5.6 percent to 15.7 billion euros

Dividend now reduced to 0.60 (previously: 0.70) euros per share.

The decline in earnings was justified by a gloomy market environment and internal restructuring measures within the Group. Among other things, Voestalpine sold the subsidiary Buderus Edelstahl (sale to $MUX) (-0.74%) and adjusted its sales structure.

For 2025/26, the Group expects EBITDA of between EUR 1.4 and 1.55 billion. The announced US tariffs on steel products are likely to have a negative impact on earnings in the mid double-digit million euro range.

Mutares SE & Co. KGaA $MUX (-0.74%) has completed the acquisition of NBHX Trim Europe from Ningbo Lawrence Automotive Interiors Co, Ltd, a subsidiary of Ningbo Huaxiang Electronic Co, Ltd ("NBHX").

The company strengthens Mutares' Automotive & Mobility segment and will complement the Matikon Group within Amaneos as an add-on acquisition.

NBHX Trim Europe is a leading European supplier of decorative surfaces for premium automotive interiors. The company develops and produces interior components in a variety of materials, including aluminum, wood, carbon, leather and injection-molded plastics.

Headquartered in Bruchsal (Germany) with additional production facilities in Rolem (Romania) and Abergavenny (UK), the company generated sales of almost EUR 200 million in 2024 and employs around 2,000 people.

$MUX (-0.74%)

CAUSA Verwaltungs GmbH offers to buy my shares for EUR 8.50 per share.

Have any of you also received this offer? What is behind it, it can't really be serious?

$MUX (-0.74%)
$IVG (-1.65%)

A final joint works meeting with around 2000 employees. "Ambitious goals" are presented for Magirus, Iveco plans to invest 20 million euros in a hall for the electric truck.

By Michael Kroha

21.05.25, 02:17 a.m.

For 50 years, the long-established Ulm-based company Magirus and the Italian commercial vehicle manufacturer Iveco belonged together. In the summer of 2023, however, the end was announced. Since the turn of the year, the takeover of the manufacturer of fire engines and turntable ladders by the new owner, the listed private equity holding company Mutares headquartered in Munich, has been completed. This Tuesday, the Iveco Magirus workforce held a final joint works meeting in the Danube valley in Ulm. For around three and a half hours, some 2000 employees discussed the future of the Magirus and Iveco sites in Ulm.

Mutares has set "ambitious goals" for its new subsidiary, according to a press release sent out afterwards. According to the press release, annual turnover is to double to over 750 million euros by 2030. In 2023, it was still around 300 million. This is to be made possible by a "comprehensive transformation plan", which essentially comprises ten points.

Magirus Defense: New division for civilian and military special vehicles

These include international expansion through the establishment of national subsidiaries in Switzerland, Spain, Poland and the United Arab Emirates. The company is also aiming to "optimize its corporate structure through the targeted reduction of other operating expenses". In addition, a new division, Magirus Defense, is to be established. This is a reaction to the new threat situation and thus the increased demand in the military sector, which also requires special fire fighting vehicles. A service that Magirus already provides, but now wants to offer even more intensively and competitively. Furthermore, the "Dragon", the special vehicle for airports and large-scale firefighting, is to be further developed.

According to the Group, the order backlog at Magirus is at a "historic high". Incoming orders are currently around 30 percent higher than in 2024, reports Thomas Hilse, still Managing Director of Magirus GmbH, in an interview with our editorial team. Hilse will move to the Supervisory Board on July 1, 2025. He will be replaced by Fatmir Veselaj, previously Chief Restructuring Officer, who will assume operational responsibility for the long-established Ulm-based company.

Magirus plans to increase the production of fire department turntable ladders from 200 to 350 units

An "innovation offensive" has been announced in the area of turntable ladders and fire-fighting vehicles. Instead of the 200 to 220 turntable ladders manufactured in Ulm to date, the aim is to produce 350 per year in future. Plus around 1000 fire engines. Around 300 are currently manufactured in the Danube Valley. How the new specified figures will affect the respective production sites remains to be seen. The takeover of companies in Romania and Croatia, which previously served as an "extended workbench", is intended to make production "more cost-efficient".

However, this should not have any impact on Ulm and the approximately 1000 employees there. "We are focusing on Ulm," says Hilse. Wilfried Schmid, Chairman of the Group Works Council at Iveco Magirus AG, also rates the concept presented as "fundamentally positive" because "a plan for the future" has been presented as to how Magirus could develop. There are no plans for redundancies. The company will have to "reorganize to some extent", "but not in a critical area". A partial retirement program has been set up. However, the jobs will "not be changed" for the time being.

In case of doubt, however, work will probably not run out in the immediate vicinity either. Because there was not only news for Magirus employees. Iveco also announced investments at the meeting, reports Works Council Chairman Schmid. In addition to the existing large production hall, a further new hall costing around 20 million euros is planned for the production of the electric truck. The electric series is set to go into series production from the fourth quarter. The large parking lot is also to be rebuilt from this summer at a cost of around one million euros.

https://www.augsburger-allgemeine.de/neu-ulm/magirus-unter-mutares-auf-expansionskurs-umsatz-bis-2030-verdoppeln-neue-militaer-sparte-109089263

Net profit of Mutares Holding $MUX (-0.74%) at EUR 108.3 million - dividend of EUR 2.00 per share planned

• Revenues of Mutares Holding from advisory services and management fees increase by 6% to EUR 109.8 million in financial year 2024 (previous year: EUR 103.6 million)
• Dividend of EUR 2.00 per share planned for financial year 2024
• Group revenue to increase by 12% to EUR 5,261.6 million in the 2024 financial year (previous year: EUR 4,689.1 million)
• Listing of Steyr Motors and sale of Frigoscandia were key earnings drivers in financial year 2024
• Short and medium-term targets confirmed

Munich, May 20, 2025 - Mutares SE & Co. KGaA (ISIN: DE000A2NB650) ("Mutares" or "Mutares Holding" and, together with its subsidiaries, "Mutares Group") today published the audited annual and consolidated financial statements for the financial year 2024. Mutares thus confirms the preliminary business figures presented on April 28, 2025.

"With the presentation of our unqualified audited annual report 2024, we fully confirm the preliminary figures already communicated. The solid business development of the past year confirms us in our course - and we look to the future with confidence and a clear strategy. Our goal is to reap the rewards of our many years of development work in the coming months with accelerated exit activities," comments Robin Laik, CEO of Mutares.

Sales growth at holding and Group level through portfolio expansion

The revenues of the Mutares holding companyresulting 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), as provisionally reported. 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 income of Mutares Holding for the 2024 financial year under commercial law is also confirmed at EUR 108.3 million (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 the increase in 2024. The exits of portfolio companies and the sale of shares in Steyr Motors resulted in a cash inflow for the Mutares holding company of around EUR 70 million in the financial year 2024.

The Mutares Group generated revenue of EUR 5,261.6 million in the financial year 2024 as communicated (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) was again boosted by 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). Adjusted EBITDA of the Mutares Group, adjusted in particular for effects from changes in the portfolio[1] of the Mutares Group 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.

Dividend proposal of EUR 2.00 per share

Mutares pursues a dividend policy with which shareholders are to participate directly and continuously in the company's success and at the same time the short and medium-term development of Mutares can be driven forward. For the financial year 2024, the Executive Board and Supervisory Board will propose to the Annual General Meeting to be held on July 2, 2025 that a dividend totaling EUR 2.00 per share be distributed. This dividend amount corresponds to the minimum annual dividend set as part of the 2023 dividend policy update.

Outlook

Mutares plans further successful exits by the end of the financial year 2025: Sales processes for portfolio companies with cumulative revenues of EUR 1.85 billion have already been initiated, which should generate gross proceeds of more than EUR 200 million for the Mutares holding company.

In addition, Mutares confirms the communicated short and medium-term targets. These envisage an increase in consolidated revenues to EUR 10 billion by 2028 and a net profit of EUR 200 million for the Mutares holding company. For the financial year 2025, the Management Board continues to expect an increase in revenues in the Mutares Group to EUR 6.5 billion to EUR 7.5 billion. For the Mutares holding company, a net profit in the range of EUR 130 million to EUR 160 million is expected for the financial year 2025.

The 2024 annual report of the Mutares SE & Co. KGaA is available for download at www.mutares.com in the Investor Relations section for download.

[1] The basis for the calculation of the adjusted EBITDA of the Mutares Group is the Group EBITDA, adjusted for transaction-related effects (gains from the favorable acquisition of portfolio companies or deconsolidation gains or losses as deconsolidation effects) as well as restructuring and other one-off expenses or income.

The B&C Group has increased its stake in the listed company Steyr Motors AG $4X0 (-0.1%) from 9 percent to 20 percent.

The B&C Group acquired the shares from the German investment company Mutares $MUX (-0.74%)which thus reduced its stake in the manufacturer of high-performance engines from 40 percent to 29 percent.

With the increase in shares, the B&C Group is also seeking a seat on the Supervisory Board.

Austria-based Steyr Motors has been listed on the Frankfurt Stock Exchange since October 2024 and on the Vienna Stock Exchange since February 2025. For this year, the company is aiming for an increase in turnover of at least 40 percent and an EBIT margin of 20 percent.

$MUX (-0.74%) There are index adjustments in the SDAX.

The shares of Nagarro, Mutares and STRATEC are removed from the SDAX. They will be replaced by the shares of thyssenkrupp nucera, ProCredit and MBB. This was announced by the index operator Stoxx. The shares of Nagarro will also be removed from the TecDAX and HDAX and replaced by Drägerwerk. The reason for this is the failure to publish an audited annual financial report on time. The changes will come into effect at the start of trading on May 9.