Press release Mutares $MUX (-0,36 %) from 12.08.2025

• Revenues from advisory services and management fees of Mutares Holding reach EUR 53.4 million in the first half of 2025 (previous year: EUR 58.3 million)
• Net income of Mutares Holding increased by 32% to EUR 69.8 million in the first six months of 2025 (previous year: EUR 53.0 million)
• Group revenues increase by 19% to EUR 3,106.3 million (previous year: EUR 2,610.4 million), EBITDA jumps to EUR 598.2 million (previous year: EUR 71.6 million), Adjusted EBITDA at EUR -88.5 million (previous year: EUR 15.7 million)
• More exit activity expected for the remainder of the year
• Forecast for financial year 2025 and medium-term outlook confirmed

Mutares SE & Co. KGaA $MUX (-0,36 %) has signed an agreement to acquire the crane division of Hyva.

The transaction strengthens Mutares' Goods & Services segment as a new platform investment and is expected to be completed in the fourth quarter of 2025, subject to antitrust approval.

Hyva's Cranes division is an internationally established manufacturer and distributor of cranes and comprehensive services that designs, manufactures and services truck cranes for major global markets as part of a multi-brand strategy. The company generates sales of approximately EUR 100 million and employs around 400 people.

It has production and assembly plants in Italy, Brazil and China as well as a global network of sales and distribution offices to ensure local delivery and customer support.

The company's product portfolio serves various industries such as commercial and residential construction, infrastructure, marine equipment and many more, ensuring the necessary flexibility while maintaining cost efficiency and an optimal price-performance ratio.

With its diversified brand portfolio, deep experience in the development of compact and mid-sized crane applications and exceptionally well-established global presence, the company generates significant value in its niche and taps into high growth potential in emerging and developed markets, further strengthening its global market position.

Johannes Laumann, CIO of Mutares, comments: "Hyva's Cranes business is a promising new platform for our Goods & Services segment with a globally recognized brand for truck cranes. The business offers an opportunity for a turnaround and carve-out due to recent financial weakness and operational inefficiencies. With our proven expertise in carve-outs and restructurings, we aim to restore profitability and drive sustainable growth. With a hands-on approach and a long-term investment strategy, we see the company as a valuable addition to the Mutares portfolio."

It's been over a year since my last presentation.

I have continued to pursue my goal of reducing individual stocks during this time. 🎯 I have now reached a point where I am saving a single ETF ( $VWRL (+0,44 %) ) with €1,500/month and let all other securities continue to run. 📈

Buying individual stocks has become rather rare for me. However, one of these was a good buy last year: $CBK (-3,4 %) with a current +120% 🚀as well as $MUX (-0,36 %) which I sold at +33% (a little too late). My 12 Krugerrands also did quite well with an annual performance of around 31%. 🏅

I'm currently holding some cash for a good opportunity. 💶

I am happy about any feedback on my portfolio 🥳

Steyr Motors AG $4X0 (+2,01 %) ($MUX (-0,36 %)) is continuing its international expansion and is now also active on the Polish market. With a long-term framework agreement with Taurus Sea Power, a leading distributor of marine engines, Steyr Motors has taken a step towards opening up further markets in Eastern Europe. According to the Austrian genset manufacturer, in addition to Poland, Estonia, Latvia and Lithuania are also to become more of a focus.

"The market entry in Poland is a milestone for our international growth strategy. At the same time, it is a significant step towards geographical diversification within our core market of Europe," said Julian Cassutti, CEO of Steyr Motors, on Tuesday.

The agreement concluded in July 2025 includes exclusive cooperation in sales, spare parts supply and service. Steyr Motors intends to expand its position in Poland and neighboring countries in a targeted manner. The Polish market in particular is considered attractive due to its high defense spending and strategic importance within the EU and NATO.

Another component of the cooperation is the training of certified technicians at Taurus Sea Power to ensure service quality.

After careful consideration, I have today - probably - temporarily disposed of my entire holding of Mutares shares. $MUX (-0,36 %) shares. Together with the dividend received, I have a total gross return of a good 13%, which is not too bad for a 7-month holding period.

Why did I get out? The share price performance had already been gradually negative over the weeks since the end of June, then came the crash.

The immediate counterstatement was prompt, but the update call on Monday was too thin for me personally, with little concrete information on the individual points. And then perhaps the sticking point for my decision is that the aim is to resolve the matter by October. On the one hand, we are dealing with an authority and they are not exactly known for their speed. But it does make me wonder why Mutares wants to take so long. And in connection with the recent disagreements with the auditing company, I personally find the investment too uncertain at this point in time.

The figures will be published next week, and if there are even minor negative "surprises", I think another significant sell-off is possible.

No, I don't have shaky hands, in view of the overall state of the markets, there are many things possible that I simply don't want to do to myself and will wait and see how things develop over the next 3 months before deciding whether to re-enter the market.

Mutares SE & Co. KGaA $MUX (-0,36 %) has successfully completed the acquisition of inTime Group from Super Group Limited. The transaction strengthens Mutares' Goods & Services segment by building a powerful platform in the area of time-critical logistics services.

The inTime Group is a service company with a broad portfolio in the field of transportation and logistics.

The company is divided into three operating divisions. The core business addresses the fast-growing market for transportation and logistics of time-critical deliveries (inTime).

The service portfolio is supplemented by extensive services in the area of third-party logistics and fifth-party logistics, including consulting and warehousing (Trans-Logo-Tech).

With LibCycle, the third business division, the company is tapping into a strategically relevant future field: integrated and sustainable transport management for lithium-ion batteries - both from industrial residual stocks and end consumption.

The company is represented throughout Europe with its network and has its headquarters in Isernhagen, Germany. With around 450 employees, it generated sales of around EUR 115 million in 2024.

...sometimes you just have to seize the opportunity 👍

BaFin examines the annual financial statements 2023 of Mutares SE & CO KGAA $MUX (-0,36 %). Little more than a briefing, but nevertheless ad hoc and always good for share price losses.

Let us now turn to the classification of the announced initiation of an audit of the annual financial statements as at December 31, 2023, as well as the associated combined management and Group management report by BaFin (announced this morning by the investment holding company Mutares)

The subject matter is exclusively certain disclosures in the notes and management report - The audit expressly no key financial figures of the company from the balance sheet and income statement and, in particular, has no effects on the retained earnings reported in the annual financial statements as at December 31, 2023.

Both the annual financial statements as at December 31, 2023 and the associated combined management and Group management report were audited by the company's auditor, Deloitte GmbH Wirtschaftsprüfungsgesellschaft, on March 27, 2024, with unqualified audit opinions. with unqualified audit opinions.

However, BaFin sees indications of a possible violation of Section 268 (4) sentence 1 HGB, as the balance sheet no separate note on the residual term of the receivables from receivables from affiliated companies.

As at the balance sheet date of December 31, 2023, all receivables had a contractually agreed term of less than one year. The wording in the notes, according to which some of the receivables may only be collected after twelve months related to uncertainties in the restructuring progress of individual of individual portfolio companies.

In the annual financial statements as at December 31, 2024, Mutares has already included additional quantitative disclosures - both retrospectively for receivables as at December 31, 2023 and prospectively for receivables as at December 31, 2024. In the company's view, this means that the information interests of the users of the financial statements are now fully met.

However, BaFin criticized the fact that the forecasts in the management report relate exclusively relate exclusively to key earnings figures and do not contain any statements on the net assets and financial position.

From Mutares' point of view, the most important financial performance indicators - revenue revenue, EBITDA, adjusted EBITDA for the Group and the net profit for the year under commercial law of the company - are fully forecast.

The company's financial position is largely characterized by M&A and restructuring activities, the development of which is naturally subject to considerable uncertainty. However, these are comprehensively addressed and explained in the risk and explained.

Mutares continues to believe that, on this basis, the users of the financial statements receive a true and fair view of the net assets, financial position and results of operations and that the accounting is has been properly in accordance with the legal requirements.

Conclusion:

Affected companies must disclose special audits to BaFin, be it random checks or by providing information, but may also comment on them or even object to them. In the end, the official machinery always prevails: The issuer adjusts its report. Penalties are rare, however, as these are almost always differences in interpretation that can be easily rectified.

So Mutares will probably end up correcting its report after instructing BaFin and that's it 😉👍

Official press release dated 01.08.2025 from $MUX (-0,36 %) on the BAFIN publication. Let everyone draw their own conclusions.

• BaFin has initiated an audit of the 2023 annual financial statements and the associated management report
• Only certain disclosures in the notes and management report are the subject of the audit - not the company's key financial figures from the balance sheet and income statement
• Mutares welcomes and supports the audit as part of transparent reporting

Munich, August 1, 2025 - The German Federal Financial Supervisory Authority ("BaFin") today announced the initiation of an audit of the published annual financial statements of Mutares SE & Co. KGaA ("Mutares") as of December 31, 2023 and the related combined management and group management report.

BaFin's audit covers disclosures in the notes to the annual financial statements as of December 31, 2023 and the related combined management and group management report. The audit expressly does not concern any key financial figures of the company from the balance sheet and income statement and, in particular, has no impact on the net retained profits reported in the annual financial statements as at December 31, 2023. Both the annual financial statements as at December 31, 2023 and the associated combined management report and Group management report were audited by the company's auditor, Deloitte GmbH Wirtschaftsprüfungsgesellschaft, on March 27, 2024 with an unqualified audit opinion.

1. disclosures on receivables from affiliated companies in the notes to the annual financial statements of Mutares SE & Co. KGaA as of December 31, 2023

BaFin sees indications of a possible violation of Section 268 (4) sentence 1 HGB, as the balance sheet does not contain a separate note on the remaining term of receivables from affiliated companies.

As at the balance sheet date of December 31, 2023, all receivables had a contractually agreed term of less than one year. The wording in the notes, according to which some of the receivables may only be collected after twelve months, related to uncertainties in the restructuring progress of individual portfolio companies.

Mutares has already included additional quantitative disclosures in the annual financial statements as at 31 December 2024 - both retrospectively for receivables as at 31 December 2023 and prospectively for receivables as at 31 December 2024. As a result, the information interests of the users of the financial statements are now fully met from the company's perspective.

2 Scope of the forecast disclosures in the management report

BaFin criticizes the fact that the forecasts in the management report relate exclusively to key earnings figures and do not contain any statements on the net assets and financial position.

From Mutares' perspective, the most important financial performance indicators - revenue, EBITDA, adjusted EBITDA for the Group and the company's net profit for the year under commercial law - have been fully forecast.

The company's financial position is largely characterized by M&A and restructuring activities, the development of which is naturally subject to considerable uncertainty. These are addressed and explained in detail in the risk report. The company is of the opinion that, on this basis, the users of the financial statements receive a true and fair view of the net assets, financial position and results of operations.

Mutares stands for transparent and legally compliant financial reporting. Accordingly, Mutares takes note of BaFin's notification and welcomes the opportunity to contribute to further clarification of the facts within the framework of the proceedings. The company is convinced that the accounting has been carried out properly and that the legal requirements have been met. The company will cooperate constructively with BaFin.

$MUX (-0,36 %)

The financial supervisory authority BaFin has concrete indications that Mutares SE & Co. KGaA has violated accounting regulations. Therefore, on July 23, 2025, it conducted an audit of the annual financial statements of Mutares SE & Co. KGaA as of December 31, 2023 and the associated combined management report.

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