Mutares portfolio company Efacec is a critical enabler of the global electrification supercycle; order backlog of more than EUR 1.0 billion; strategic exit options under review

Strong order backlog: Increased order intake of EUR 334 million as of September 2026 YTD (book-to-bill ratio of 1.5x) has driven Efacec’s order backlog to more than EUR 1.0 billion, covering ca. 4x 2025 revenue.
Uniquely positioned to benefit from the electrification supercycle: Grid modernization, industrial and transportation electrification, renewables and data-center compute capacity are supporting strong demand for decades of structural growth, with the relevant T&D and rail market expected to grow by around 12% p.a. between 2026 and 2031.
Strong growth and improved profitability: Revenue has grown to EUR 229 million in the nine months to September 2026, expecting revenues of EUR 320–335 million for the full year 2026.
Efacec has entered the harvesting phase, with focused portfolio breadth and operational improvements, the company is ready to capture the full potential ahead and unlock significant value creation. Mutares is evaluating strategic exit options earliest in 2027.

Munich, November 2, 2026 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) (“Mutares”) announces that its portfolio company Efacec (“Efacec”), a differentiated global power and distribution transformer, medium-voltage switchgear, grid automation and mobility infrastructure platform, has seen growing demand and improving earnings since its acquisition by Mutares in November 2023.

Headquartered in Porto, Portugal, with more than 75 years of industrial experience, Efacec combineshighly engineered, tailored and complementary electrical T&D equipment, automation and lifecycle capabilities and has a growing international footprint, including strong growth momentum in the US. The company employs approximately 1,660 people and serves customers in more than 70 countries.

Efacec is exposed to structural growth themes including grid modernization, renewable energy integration, electrification of energy infrastructure and sustainable mobility. Decades of grid underinvestment are giving way to a major modernization and infrastructure expansion cycle, as rising electricity demand from industrial electrification, data centers and renewables is increasing the need for grid technologies. Demand for transformers in Europe and North America currently exceeds supply, and Efacec’s addressable T&D and rail market is expected to grow by around 12% p.a.

Efacec: Positioned for the next phase of growth

In the year to date as of September 2026, Efacec generated revenues of EUR 229 million and Adjusted EBITDA of EUR 34 million, expecting revenues of EUR 320–335 million and EBITDA of EUR 45–55 million for the full-year 2026, representing growth of >20% and >55% in revenue and EBITDA, respectively, compared to prior year, led mainly by the core transformer and switchgear businesses and continued expansion in international markets.

Since the acquisition, Mutares has worked with Efacec’s management to refocus the portfolio on core products, reshape the cost base and strengthen supplier relationships and cash controls, supporting improving margins.

Ongoing capacity expansion by a factor of ca. 2x and long-standing relationships with leading utilities provide a solid platform to convert demand into profitable growth.

Efacec: Strong revenue and de-risked profit visibility, underpinned by backlog, proven operational efficiencies and increased US exposure

Efacec’s order backlog stood at more than EUR 1.0 billion as of September 2026, equivalent to ca. 4x 2025 revenue and complemented by a high-quality pipeline. Efacec is expecting significant future growth achieving midterm goals of revenues in excess of EUR 500 million and an EBITDA in excess of EUR 100 million based on current management expectations and market conditions.

With a predominantly European backlog, there is also a significant and growing exposure to North America, largely driven by utilities and grid operators, many of them long-standing customers.

Disclaimer

This announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction. No decision has been made, and there can be no assurance that or at what point in time any transaction will occur.

This announcement contains forward-looking statements based on current expectations and assumptions of the management of Efacec and Mutares, which are subject to known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that may or may not occur in the future, whether or not outside the control of the relevant company. Accordingly, forward-looking statements are not guarantees of future performance and the development of the relevant company’s prospects, growth, strategies, industry and the effect of acquisitions may differ materially from those made in or suggested by the forward-looking statements contained in this announcement. In addition, even if the development of the relevant company’s prospects, growth, strategies and industry are consistent with the forward-looking statements contained in this announcement, those developments may not be indicative of the relevant company’s results, liquidity or financial position or of results or developments in subsequent periods not covered by this announcement. Forward-looking statements should therefore not be relied upon as predictions of future events. Actual results may differ materially from those expressed or implied. Neither Efacec nor Mutares undertakes any obligation to update forward-looking statements.