Mutares (MUX) investor relations material

Executive summary

• Group revenues rose to EUR 3.4 billion in H1 2026, up 9% year-over-year, driven by acquisitions and portfolio expansion.

• EBITDA was EUR 349 million, with Adjusted EBITDA improving to EUR 67 million from negative prior-year levels, reflecting operational progress.

• The largest acquisition in company history, NexPoint Materials (formerly SABIC Engineering Thermoplastics), was completed, adding annual revenues of approximately EUR 2 billion.

• Significant exit proceeds are expected in H2 2026 from signed and ongoing sales agreements, including the NEM Energy Group exit.

• A capital increase in April 2026 raised EUR 104.6 million, strengthening the financial base for further growth.

Financial highlights

• Revenues increased to EUR 3.4 billion (+8.9% year-over-year), with EBITDA at EUR 349 million and Adjusted EBITDA at EUR 67 million.

• Adjusted net income was EUR 6 million, down from EUR 70 million last year, mainly due to the absence of large exits.

• Equity increased to EUR 738.3 million (Dec 2025: EUR 567.4 million); equity ratio at 13%.

• Cash and cash equivalents stood at EUR 626.5 million (Dec 2025: EUR 507.0 million).

• Consulting and management fee revenues reached EUR 49 million.

Outlook and guidance

• Guidance for fiscal year 2026 and medium-term outlook confirmed, with expected group revenues of EUR 7.9–9.1 billion.

• Net profit for FY 2026 expected in the range of EUR 165–200 million, driven by exit proceeds.

• Management targets annual group revenue and net profit growth of at least 25% through 2030.

• Medium-term targets of EUR 10 billion in revenues and EUR 200 million net profit by 2028 expected to be achieved earlier.

• Significant buy-side and sell-side activity anticipated in H2 2026.