Mutares SE & Co. KGaA $MUX (-1,27%) ("Mutares" or "Mutares Holding" and, together with its subsidiaries, "Mutares Group") has published the figures for the first nine months of the financial year 2025.
》Net profit of Mutares Holding +56%《
The revenues of Mutares Holding, which result from consulting services and management fees from the portfolio companies, amounted to EUR 77.6 million in the first nine months of 2025 (previous year: EUR 84.3 million)☑️
The net result of Mutares Holding amounted to EUR 83.5 million in the period from January to September 2025 (previous year: EUR 53.5 million)✅️
The successful partial sale of the Steyr Motors investment and the partial exit of Locapharm had a significant impact on the increase in earnings. $4X0 (-1,61%) and the partial exit of Locapharm, while the prior-year period was positively influenced in particular by the exit of Frigoscandia.
The Mutares Group generated revenue of EUR 4,725.3 million in the first nine months of 2025 (previous year: EUR 3,892.8 million)✅️
The increase is due to the high level of acquisition activity in the financial year 2024 and in the reporting period itself.
Group EBITDA (earnings before interest, taxes, depreciation and amortization) regularly benefits from gains from bargain purchases from completed acquisitions; these amounted to EUR 630.5 million in the first nine months of 2025 (previous year: EUR 203.4 million)✅️
Adjusted EBITDA, adjusted in particular for the effects of regular changes in the composition of the portfolio due to the business model (gains from bargain purchases and deconsolidation effects), amounted to EUR -62.5 million for the first nine months of 2025 (previous year: EUR -16.5 million)❌️
Adjusted EBITDA was influenced in particular by the new acquisitions of the financial year, above all Buderus and Magirus, as well as the continued challenging environment at Lapeyre.
However, this was offset by extremely pleasing restructuring and development progress at Efacec, Donges, SFC Solutions (part of Amaneos) and Guascor Energy.
》Portfolio expansion continued《
After completing a total of eleven transactions in the first nine months of 2025, Mutares continued to expand its portfolio.
In the third quarter, Fuentes, a temperature-controlled food logistics company, was acquired, and Mutares also successfully completed the acquisition of inTime Group, a pan-European specialist for time-critical transportation, third-party and fifth-party logistics and sustainable battery transport management, and Kawneer EU, a provider of façade systems.
After the reporting date, Mutares also completed the acquisition of Zendra Systems, a company active in the production of drum brakes and electric parking brakes, and Achleitner, a leading Austrian specialist for customized special vehicles for off-road, security and defense purposes as an add-on to Magirus (portfolio company).
On the exit side, Mutares completed five sales transactions in the first nine months of 2025, with the reduction of the stake in Steyr Motors to around 23% making a significant contribution to the earnings performance of the Group and the holding company.
At the end of June, the Terranor Group also went public on the $TERNOR on the Nasdaq First North Growth Market in Stockholm and the associated placement of 25% of Terranor shares.
The sale of Buderus Edelstahl business units to the GMH Group was also initiated in the third quarter.
In addition, Mutares received an irrevocable offer for the sale of Clecim to Fouré Lagadec, following the successful repositioning of the company in recent years.
Both transactions were successfully completed after the reporting date of September 30. Well-advanced exit processes are expected to lead to further transactions on the sell-side in the coming months.
》Resegmentation of the portfolio implemented《
In response to changing requirements in the market environment and, in particular, within the portfolio as a result of the acquisitions and exit transactions realized, Mutares has implemented a resegmentation of its operational focus.
Mutares is thus pursuing the goal of aligning the strategic control and operational management of the portfolio companies even more precisely with the different market characteristics and value drivers.
With these 9-month figures, Mutares has implemented the announced new segmentation of the portfolio in external financial reporting for the first time and the previous year's figures have been adjusted in line with the new segmentation.
The core of the new structure is the introduction of the Infrastructure & Special Industry segment, which bundles companies in regulated or infrastructure-based markets - such as energy supply, industrial services or special applications.
At the same time, the holdings of the former Retail & Food segment are being merged into the expanded Goods & Services segment, which now combines non-cyclical consumer and service companies in a thematically consistent manner.
Automotive & Mobility will remain an early-cycle segment, while Engineering & Technology will continue to cover the late-cycle industries.
》Segment overview《
The investments of the segment Automotive & Mobility segment continued to be confronted with cancellations at short notice, postponements of call-offs and delayed series start-ups at customers in the reporting period. Nevertheless, the segment's sales revenue increased to EUR 1,876.7 million in the first nine months of 2025 (previous year: EUR 1,679.7 million)✅️.
The organic decline in revenue in some areas was more than offset primarily by the Matikon Group acquired in the 2024 financial year and SFC Climate and TSM Components acquired in the reporting period.
The segment's EBITDA amounted to EUR 191.3 million (previous year: EUR 184.6 million)✅️ and was positively influenced by gains from bargain purchases in the amount of EUR 181.3 million (previous year: EUR 195.5 million)☑️
Adjusted EBITDA for the segment amounted to EUR 19.0 million (previous year: EUR 1.5 million)✅️
The investments in the Engineering & Technology segment generated revenue of EUR 964.6 million in the first nine months of 2025 (previous year: EUR 796.9 million) ✅️
The positive impetus in sales at an organic level is due to the pleasing development at Efacec, Donges Group and Gemini and ADComms Group.
In addition, the acquisition of Sofinter in the 2024 financial year led to an increase in the segment's revenue.
The segment's EBITDA reached EUR 271.8 million (previous year: EUR -30.5 million)✅️ and was significantly influenced by the successful partial exit of Steyr Motors.
The adjusted EBITDA of EUR 23.5 million (previous year: EUR -9.2 million)✅️ reflects, among other things, the pleasing development at Efacec, Guascor and Donges Group with a significant increase in profitability.
The newly created Infrastructure & Special Industry segment generated revenue of EUR 858.2 million in the first nine months of the 2025 financial year (previous year: EUR 192.8 million)✅️
The increase is due in particular to the new acquisitions in the reporting period, especially Buderus and Magirus.
The segment's EBITDA reached EUR 236.8 million (previous year: EUR 10.3 million)✅️ and was significantly influenced by the gains from the bargain purchase of the acquisitions made, particularly Buderus and Magirus.
Adjusted EBITDA amounted to EUR -48.9 million in the reporting period (previous year: EUR 10.3 million)❌️ and reflects in particular the continued negative earnings contributions from the new acquisitions.
Revenue in the Goods & Services segment amounted to EUR 1,025.8 million in the first nine months of the 2025 financial year (previous year: EUR 1,225.2 million)❌️
The sales trend was offset by the newly acquired investments Natura, Locapharm and Alterga in the second half of 2024, the sale of investments in the previous year (particularly Frigoscandia) and the decline in sales, particularly at Lapeyre.
Segment EBITDA amounted to EUR 20.3 million (previous year: EUR -13.8 million)✅️ , with the development in both the current year and the previous year benefiting from the effects of exits - in particular the partial exit of Locapharm in the reporting period and the exit of Frigoscandia in the previous year.
Adjusted EBITDA amounted to EUR -59.6 million in the reporting period (previous year: EUR -38.6 million)❌️, whereby the development was negatively impacted by the reduced profitability at Lapeyre and Stuart as a result of the decline in sales and the negative earnings contributions from Natura and Locapharm, while other investments in the segment, above all GoCollective and Alterga, recorded a pleasing increase in adjusted EBITDA compared to the same period of the previous year.
Adjusted EBITDA fluctuates significantly along the three phases of value creation that investments usually go through during their affiliation with Mutares (Realignment, Optimization and Harvesting).
As in the past, the classification of the portfolio into these three phases was adjusted with the publication of the results for the first quarter of the financial year on the basis of the progress made in the transformation and the budget submitted and approved.
》More exits expected in Q4《
Based on the development of the first nine months of 2025, the successfully implemented and signed transactions, including the further transaction pipeline, the Management Board of Mutares sees itself confirmed with regard to the communicated targets for the holding company and the Group.
The Management Board therefore continues to expect an increase in revenues in the Mutares Group to EUR 6.5 billion to EUR 7.5 billion for the financial year 2025.
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.
This development is based on all sources from which the net income of Mutares Holding is composed, namely on the one hand the revenues from the advisory business and on the other hand the dividends from portfolio companies and in particular the exit proceeds from completed and still to be completed sales of investments.
The aim is to increase Group revenues to EUR 10 billion by 2028 and to achieve a net profit of EUR 200 million for the Mutares holding company.
