Magirus starts 2026 with strong momentum in Q1, record high order intake; Mutares initiates preparation of exit process
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- Strong growth momentum: Magirus (the “Company”), a leading provider of firefighting technology and specialized vehicle platforms for security forces, generated revenues in Q1 2026 of approx. EUR 85m and is well on track to reach break-even. Strong order intake resulted in an order backlog of more than EUR 880m for the coming years.
- Substantial progress in operational transformation achieved: The operational improvements initiated following the acquisition of Magirus by Mutares are increasingly translating into higher production output and improved operational KPIs.
- Strategic flexibility and exit optionality: Mutares has initiated a structured review of strategic options for Magirus, including a potential initial public offering (IPO) with a view to supporting the Company in capitalizing on numerous growth opportunities in its relevant markets.
Ulm, May 28, 2026 – Magirus, a leading provider of firefighting solutions and specialized vehicle platforms for security forces, recorded a materially improved Q1 2026 performance compared to the prior-year period, underlining the strong momentum in its end markets as well as the substantial value creation achieved since its acquisition.
Strong progress in operational performance
In Q1 2026, Magirus generated revenues of approximately EUR 85m. The quarter was supported by a record order intake(1), improved operational efficiency and strong demand across core European and international markets.
The performance improvement program is progressing, delivering efficiency gains and supporting a structurally higher profitability profile. At the same time, Magirus’ established asset-light business model enables the Company to capture future revenue growth within its existing setup and with limited incremental capital expenditure.
In the 2025 financial year, Magirus generated revenues of approximately EUR 336m and an adjusted EBIT(2) of EUR -12m, compared with revenues of approx. EUR 276m and an adjusted EBIT of EUR -40m in 2024. The current order backlog(3) exceeds EUR 880m. Firm vehicle orders recorded in the Company’s order backlog provide substantial visibility for 2026 revenue outlook, with meaningful de-risking already achieved for 2027.
Magirus Defense – High-Growth Segment with Attractive Margin Profile
With the acquisition of Achleitner Fahrzeugbau in October 2025 and its rebranding to Magirus Defense Systems, the Company is leveraging its existing long-standing military customer relationships by expanding its portfolio towards defense vehicles and system solutions. This strategic extension into one of Europe’s most attractive growth areas – powered by rising defense and infrastructure spending – positions Magirus Defense Systems to deliver incremental EBIT margin expansion and to make a meaningful contribution to Magirus group’s profitability, already underpinned by a major customer order for its Survivor vehicle platform.
Strategic flexibility and exit optionality
Mutares has initiated a review of strategic options for Magirus to support its next phase of growth. These options include evaluating a potential trade sale as well as a potential exit via the capital markets, including an initial public offering (IPO). Any such transaction would not only strengthen Magirus’ capital base but also enhance its financial flexibility to support continued profitable growth, both organically and through selective acquisitions, alongside ongoing investment in innovation. No decision has been made at this stage, and any potential transaction remains subject to market conditions and further strategic assessment.
About Magirus
Magirus is dedicated to Serving Heroes. Since 1864, Magirus has empowered firefighters, police, and military teams with innovative, reliable, and purpose‑built vehicles and technologies. From firefighting solutions created by firefighters for firefighters to advanced armored vehicle platforms for security forces, Magirus delivers equipment that enhances protection and performance for those who safeguard society. With a comprehensive range of intelligent turntable ladders, ultra-modern and reliable fire engines, rescue and equipment vehicles, digital fleet and operations management systems, firefighting and operations robots as well as pumps, portable pumps and clever equipment, Magirus is one of the largest and technologically leading suppliers of fire and disaster protection technology in the world. Magirus employs more than 1,650 people across its main production and service sites in Ulm (DE), Brescia (IT), Chambéry (FR), and Premstätten (AT), as well as additional locations in Schongau (CH), and Radfeld (AT).
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(1) Order intake is defined as the value of binding customer contracts and binding purchase orders concluded and/or received in the respective reporting period at the respective price, including expected fixed price escalations agreed over the respective contract term but excluding variable price escalations, which are only considered in the reporting period of which the variable price escalation amounts are billed to our customers and – in the case of framework agreements – only reflects actual call-off orders received in the respective reporting period.
(2) Adjusted EBIT is defined as revenue, plus other income, plus or minus increases or decreases in inventories of finished goods and work in progress, less raw materials and consumables used, personnel expenses, depreciation, amortization and impairment and other operating expenses adjusted for certain special items. Such special items comprise restructuring costs, transaction-related income and expenses, expenses relating to the ERP implementation as well as other one-off IT-related costs and other one-off costs.
(3) Order backlog represents, with respect to binding customer contracts and purchase orders concluded and/or received, the portion of the total transaction price (as defined under IFRS 15 “Revenue from Contracts with Customer”) that has not yet been recognized as revenue in accordance with IFRS.
IMPORTANT NOTICE
This announcement is not and does not constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in the United States of America (“United States” or “U.S.“), Australia, Canada or Japan, or any other jurisdiction in which such offer may be restricted. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“Securities Act“), or the securities laws of any state or other jurisdiction of the United States, and may not be offered, sold, or otherwise transferred, directly or indirectly, in or into the United States absent such registration, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements under the Securities Act, and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offer of the securities in Magirus GmbH (after its change of legal form into a German stock corporation, “Company“) referred to in this announcement (“Securities“) in the United States.
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