Mutares seeks early refinancing of the outstanding Bond 2023/2027 by increasing the Bond 2024/2029 by up to EUR 165 million

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Mutares advances growth and portfolio transformation in the first nine months of 2026: record acquisition, dynamic exit activity with strong outlook and guidance confirmed

  • Group revenues increased by 15% to EUR 5.4 billion (previous year: EUR 4.7 billion), EBITDA at EUR 2,053 million (previous year: EUR 720 million), Adjusted EBITDA at EUR 57 million (previous year: EUR -63 million)
  • Portfolio expanded to 35 companies with around EUR 9 billion in annualized revenues; record acquisition NexPoint Materials and further US platforms strengthen the foundation for the next value creation and exit phase
  • Net income of Mutares Holding at EUR 33 million (previous year: EUR 84 million) in the first nine months of 2026; significant earnings contribution from the sale of NEM Energy in the third quarter, offset in particular largely by the write-down of the investments in the retail sector
  • Significant further earnings contributions from exits in the fourth quarter of at least EUR 140 million from the sales of Guascor and Magirus as well as expected dividends from the portfolio; guidance for net income for the year confirmed
  • High level of exit activity continues in order to realize the value enhancements created and for the targeted strategic streamlining, further development and optimization of the overall portfolio; further sales of NEM Energy, Lapeyre, Natura, Stuart, Guascor and Magirus agreed, initiated or completed
  • Nord Gas Solutions with record order backlog of EUR 880 million; review of strategic options including a possible IPO
  • Efacec with order backlog of more than EUR 1 billion; strategic exit options under review
  • Outstanding volume of the Nordic Bond 2023/2027 reduced by EUR 28 million to EUR 222 million through repurchases; bond exchange offer planned for the fourth quarter
  • Guidance for fiscal year 2026 and medium-term outlook confirmed
  • Investor Day on November 19, 2026 with a focus on portfolio maturity, value creation, exit pipeline and capital allocation
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Mutares has signed an agreement for the sale of Guascor Energy to Oaktree

  • Guascor Energy is a provider of tailored energy solutions across a broad range of power outputs and fuel types, serving power generation, cogeneration, waste-to-energy, and marine applications
  • Following a thorough value creation plan, Mutares, together with management, has repositioned Guascor, ready for its next growth phase under Oaktree ownership
  • Equity Value of EUR 74.0 million
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Mutares signs agreement to sell the Magirus Firefighter Business Unit to Morita Holdings Corporation – Defense business is retained and will be continued as an independent company under a new brand

  • Partial sale of the civil business: Mutares sells the Magirus Firefighter Business Unit
  • Magirus Firefighter is a well-known brand and a leading provider in firefighting solutions with good capacity utilization and an order book of approx. EUR 780 million for the coming years and an expected sales level of approx. EUR 400 million in 2026
  • Mutares retains the Defense business with high growth rates and significant future potential: Mutares continues to expand it towards defense vehicles and system solutions, is in discussions with several major market participants and will continue the business independently under a new brand
  • Equity Value of EUR 65 million
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Mutares has sold SRT Group and its subsidiaries to Quiver

  • Leading platform for urban and last-mile logistics
  • Revenues of approximately EUR 50 million
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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.
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Mutares receives an irrevocable offer for the acquisition of SRT Group and its subsidiaries from Quiver

  • Leading platform for urban and last-mile logistics
  • Revenues of approximately EUR 50 million
  • Closing of the transaction expected in Q4 2026
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Mutares has signed a term sheet for the sale of Natura sp. z o.o. to Grupa Specjał

  • Term sheet sets out the key terms for the sale of Poland’s No. 3 drugstore chain to one of the country’s largest FMCG wholesale and retail groups
  • Comprehensive transformation programme implemented since the acquisition at the end of 2024; transaction in line with Mutares’ retail exit strategy
  • Signing and closing targeted for Q4 2026, subject to merger clearance by the Polish competition authority (UOKiK)
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Mutares completes the acquisition of long-established Steinmüller Engineering GmbH from IHI Group

  • German specialist in thermal-process engineering
  • Total output of close to EUR 100 million
  • More than 1,300 projects delivered for over 500 customers in 80 countries
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Mutares portfolio company Nord Gas Solutions benefits from a booming market; 2026 revenue expected to exceed EUR 575m, with record order backlog of EUR 880m; strategic exit options under review.

  • Strong order backlog: New orders for liquefied gas carriers, ammonia fuel supply systems, floating LNG infrastructure, biogas liquefaction and emissions recovery reflect strong demand for NGS technologies and drive total order backlog to a record high of EUR 880 million.
  • Surging demand driven by converging industry trends, including rising global energy demand, a global focus on securing reliable energy supply and the continued focus on long-term decarbonization, energy transition and efficiency.
  • Clear visibility on 2026 and 2027 performance: Management of NGS expects revenues of over EUR 575 million and adjusted EBITDA of approximately EUR 50 million for the full year 2026 and is confident of achieving double-digit annual revenue growth and a double-digit adjusted EBITDA margin in the full year 2027.
  • Standalone operations and profitability: Developing strategic initiatives across the NGS’s three business areas, together with harnessing the significant growth potential in the aftermarket business serving each business area, and implementing improvements in operational efficiency, have been key priorities since the acquisition by Mutares.
  • Strategic exit alternatives under evaluation: Mutares is evaluating potential strategic exit alternatives for NGS together with its financial advisors, including a potential public listing in the Nordics.
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