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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Mutares
Mutares (MUX) investor relations material
Mutares Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Portfolio expanded to 35 companies with ~€9bn in annualized revenue; NexPoint Materials was the largest acquisition to date, while exits and portfolio streamlining advanced.
Harvesting and reinvestment are progressing, with significant exit proceeds expected in Q4 2026 and 2027.
Management confirmed the 2026 guidance and medium-term outlook; proceeds are intended to support refinancing and growth in Chemicals & Materials, Energy & Technology, and Infrastructure & Defense.
Financial highlights
First-nine-month revenue rose 15% to €5,401m from €4,725m; EBITDA was €2,053m vs €720m, substantially affected by transaction-related gains.
Adjusted EBITDA improved to €57m from -€63m; Q3 standalone adjusted EBITDA was -€9m, amid NexPoint losses and slower European summer operations.
YTD holding net income was €33.3m vs €83.5m; Q3 included €10m of capital-markets costs, retail write-downs and Automotive & Mobility adjustments.
Holding-statement revenue was €77.6m vs €74.5m; other operating expenses rose to €53.7m from €36.8m, mainly from receivable depreciation and transaction costs.
Operating cash flow was -€51.5m vs +€4.0m, reflecting lower net income, portfolio adjustments, strategic support and lower prepayments.
Outlook and guidance
FY 2026 holding net income guidance remains €165m–€200m; estimated Q4 exit income of €110m and portfolio dividends above €30m are forecast to contribute at least €140m to Q4 earnings.
Medium-term target remains 25% annual growth through 2030 in consolidated revenue and holding net income.
Nord Gas Solutions expects FY2026 revenue above €575m and adjusted EBITDA of ~€50m; medium-term targets exceed €800m revenue and €100m adjusted EBITDA.
Efacec expects FY2026 revenue of €320m–€335m and adjusted EBITDA of €45m–€55m; medium-term targets exceed €500m revenue and €100m EBITDA.
Further exits are expected in coming months; strategic options and segment optimization are planned, with demand strongest for Energy & Technology and Infrastructure & Defense assets.
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Latest events from Mutares
- Revenues up 9% to EUR 3.4bn, Adjusted EBITDA positive, major deals completed, outlook confirmed.MUX
Q2 2026 - Q1 2026 revenues reached EUR 1.7B, with positive adjusted EBITDA and strong 2026 outlook.MUXQ1 2026
- Record 2025 growth, major exits, and bold 2026 guidance fueled by U.S. expansion and acquisitions.MUXQ4 2025
- Delivers strong growth and dividends through thematic turnarounds and global expansion.MUXInvestor presentation
- Audited financials, diversified growth, and strong exits expected in 2025.MUXInvestor Update
- Revenue up 14% YTD, guidance confirmed, and minimum dividend raised to €2/share.MUXQ3 2024
- Targets €10bn sales and €200m profit by 2028, boosting dividends and global expansion.MUXCMD 2024
- Revenue up 15% to EUR 2.61B, 11 acquisitions, net income mixed, outlook and dividend strong.MUXQ2 2024
- Q1 2025 revenue and net income rose, with strong exits and 2025 guidance at €6.5–7.5B.MUXH2 2024 & Q1 2025
Next Mutares earnings date
Investor Day 202619 Nov, 2026
Mutares
Next Mutares earnings date
Investor Day 202619 Nov, 2026
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Frequently asked questions
Mutares SE & Co. KGaA is a Germany-based investment company specializing in the acquisition and operational transformation of medium-sized companies facing challenges or undergoing structural changes. The firm focuses on acquiring underperforming or non-core businesses from large corporations and turning them into profitable enterprises. Mutares operates across various industries, including automotive, engineering, and consumer goods, leveraging its expertise to drive value creation and long-term growth. The company is headquartered in Munich, Germany, and its shares are listed on the Frankfurt Stock Exchange.