Germany's Mutares 9-month revenue rises on acquisitions

Overview

• Germany private equity firm's 9-month revenue rose 15% to EUR 5.4 bln on portfolio expansion

• Adjusted EBITDA turned positive at EUR 57 mln, up from a loss last year

• Net income at holding level fell due to retail write-downs despite gains from asset sales

Outlook

• Mutares expects 2026 group revenues between EUR 7.9 bln and EUR 9.1 bln

• Company sees 2026 net income for Mutares Holding at EUR 165 mln to EUR 200 mln

• Mutares targets annual revenue and net profit growth of at least 25% through 2030

Result Drivers

• PORTFOLIO EXPANSION - Revenue growth mainly driven by acquisitions, especially NexPoint Materials and other new platforms

• ASSET SALES - Earnings benefited from the sale of NEM Energy, though offset by retail sector write-downs

• SEGMENT CONTRIBUTIONS MIXED - Positive Adjusted EBITDA contributions from Efacec Group, Nord Gas Solutions, Guascor Energy and others, offset by losses from new acquisitions and ongoing challenges at Lapeyre, Prénatal, Stuart, Natura and La Rochette

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the investment management & fund operators peer group is "buy"

• Wall Street's median 12-month price target for Mutares SE & Co KgaA is €46.50, about 60.9% above its November 11 closing price of €28.90

• The stock recently traded at 41 times the next 12-month earnings vs. a P/E of 6 three months ago

Reuters Recommended Reads

• Nov 12 - Germany's GFT Technologies 9M revenue rises on AI growth; ups FY26 outlook

• Nov 12 - Germany's INDUS nine-month revenue rises on infra demand

• Nov 12 - Germany's JOST Werke Q3 sales rise on new customer additions; outlook raised

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)