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 (H1 2025: EUR 598 million), with Adjusted EBITDA improving to EUR 67 million from EUR -89 million, reflecting operational improvements and restructuring.

• Net income reached EUR 98 million, down from EUR 270.5 million in H1 2025, mainly due to lower gains from bargain purchases and deconsolidations.

• Largest acquisition in company history completed with NexPoint Materials (formerly SABIC), generating annual revenues of approx. EUR 2 billion.

• 14 transactions completed: 5 acquisitions and 9 exits, including major deals in Chemicals & Materials and Goods & Services.

Financial highlights

• Revenues: EUR 3.4 billion (+8.9% year-over-year); EBITDA: EUR 349 million; Adjusted EBITDA: 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: EUR 626.5 million (Dec 2025: EUR 507.0 million); net cash position: EUR 328.9 million.

• Operating cash flow: EUR -145.8 million, reflecting working capital changes and portfolio adjustments.

Outlook and guidance

• Guidance for FY 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.

• Significant revenue and EBITDA growth anticipated in H2 2026 from the integration of Nordgas Solutions and NexPoint.

• Exits, such as NEM, are expected to close in Q3, potentially adding over EUR 100 million in impact.

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