Mutares SE & Co. KGaA (ISIN: DE000A2NB650), the Munich-based listed private equity holding company, has published its nine-month results for fiscal year 2026, reporting group revenues of EUR 5.4 billion, up 15% from EUR 4.7 billion in the prior-year period. The company completed its largest acquisition in its history with NexPoint Materials, while accelerating exit activity across its 35-company portfolio. Full-year guidance for net income at Mutares Holding of EUR 165 million to EUR 200 million was confirmed, with at least EUR 140 million in further earnings contributions expected from Q4 exits and dividends.

Key Points

  • Mutares SE & Co. KGaA (0UTK), ISIN: DE000A2NB650, Munich-listed private equity holding company
  • Group revenues rose 15% to EUR 5.4 billion in the first nine months of 2026; EBITDA reached EUR 2,053 million, Adjusted EBITDA EUR 57 million
  • Net income at Mutares Holding was EUR 33 million for the nine-month period; full-year guidance of EUR 165–200 million confirmed; Investor Day scheduled for 19 November 2026
  • Investors will be watching the completion of Guascor and Magirus sales, the planned Nordic Bond exchange offer, and potential IPO of Nord Gas Solutions

NexPoint Materials Acquisition and New Chemicals & Materials Segment Drive Portfolio to EUR 9bn in Annualised Revenues

The most significant development in the reporting period was the August 2026 acquisition of the Engineering Thermoplastics business from SABIC, now operating as NexPoint Materials. The business generates approximately EUR 2.0 billion in annual revenues, operates eight production sites across the Americas and Europe, and holds a position as the world's second-largest producer of polycarbonates. Alongside AmeriTerpenes, acquired from Symrise with roughly USD 200 million in annualised revenues, and Synthomer a.s., which generated revenues of approximately EUR 110 million in 2025, these acquisitions form the foundation of Mutares' newly created Chemicals & Materials segment, expanding its US presence materially.

Mutares Holding Net Income at EUR 33 Million as NEM Energy Exit Offsets Retail Write-Downs

Mutares Holding recorded net income of EUR 33 million in the first nine months of 2026, compared with EUR 84 million in the prior-year period. The announcement states that the sale of NEM Energy Group to Hyundai Heavy Industries Power Systems, completed in September, made a significant earnings contribution. However, write-downs on retail sector investments and adjustments in the Automotive & Mobility segment partially offset this gain. Revenues at Mutares Holding, derived from consulting services and management fees, reached EUR 75 million, compared with EUR 78 million in the same period of the prior year.

Guascor Sale for EUR 74 Million and Magirus Civil Business Sale at EUR 65 Million Equity Value to Boost Q4 Earnings

Following the reporting date, Mutares signed two further disposal agreements expected to contribute materially to the full-year result. Guascor Energy is to be sold to a subsidiary of Oaktree Power Opportunities Fund VII for EUR 74 million, with completion anticipated by end of Q4 2026 subject to regulatory approvals. Separately, the civil firefighting business of Magirus is to be sold to Japan's Morita Holdings Corporation at an equity value of EUR 65 million; this business carries an order backlog of approximately EUR 780 million and expects 2026 revenues of approximately EUR 400 million. The Magirus Defense & Security Business Unit will remain with Mutares.

Nord Gas Solutions IPO Exploration and Bond Refinancing Mark Key Capital Allocation Developments

Mutares is evaluating strategic options for Nord Gas Solutions, including a possible IPO in the Nordics, supported by a record order backlog of EUR 880 million, a project pipeline of EUR 1.8 billion, and expected full-year revenues exceeding EUR 575 million. Similarly, Efacec Group, with an order backlog exceeding EUR 1.0 billion and a 2026 revenue forecast of EUR 320–335 million, is under strategic exit review. On the financing side, Mutares reduced the outstanding nominal amount of its Nordic Bond 2023/2027 to EUR 222 million through repurchases totalling EUR 28 million and plans a bond exchange offer in Q4 2026, with Pareto and Arctic Securities Capital mandated as advisers.