Mutares (MUX) Investor Update summary

Financial integrity and audit status

• Financials are independently audited, fully compliant, and free of irregularities, with unqualified audit opinions from Deloitte and a clean review by BaFin after the Prime Standard uplisting; H1-2024 financials had only a minor editorial error corrected before publication.

• Underlying total assets exceed €4.4 billion, reflecting a diversified and balanced portfolio.

Growth strategy and portfolio development

• Aggressive growth strategy since 2020, focusing on buy-and-build, geographic expansion, and diversification across segments, executed through numerous acquisitions.

• Portfolio now includes over 30 groups with underlying assets of €4.4 billion and nearly €6 billion in group revenues, spanning four industry segments with varying cyclicality.

• Strategic investments are made via equity, loans, and consulting services, with average acquisition costs declining from €7 million in 2023 to €3 million in 2024.

• International expansion includes new offices in China, India, and the U.S., with measured initial investments and a focus on local self-financing.

Receivables, consulting services, and risk management

• Receivables from consulting services are a result of acquisition structures and seller agreements, with a current payment ratio of 80% and a goal to exceed 100% by 2025.

• Concentration of receivables is highest in the automotive segment, with top five exposures mostly automotive-related.

• Receivables are actively managed and expected to be reduced as portfolio companies improve profitability and pay down outstanding balances.