Mutares (MUX) Q1 2026 earnings summary

Executive summary

• Q1 2026 group revenues reached EUR 1.7 billion, up 10% year-over-year, driven by acquisitions and exit momentum.

• Adjusted EBITDA improved to EUR 11.1 million from EUR -30.1 million year-over-year, reflecting operational progress.

• Holding net income for Q1 2026 was EUR -0.9 million, compared to EUR 29.4 million in Q1 2025; group net income was EUR 18.9 million.

• Successful capital increase completed by end of April, with oversubscription and broader international investor base.

• Largest acquisition to date signed: SABIC's Engineering Thermoplastics business, expected to close end of Q2 2026.

Financial highlights

• Q1 2026 group revenues were EUR 1,678.7 million, up from EUR 1,526.2 million in Q1 2025.

• Adjusted EBITDA for Q1 2026 was EUR 11.1 million, up from EUR -30.1 million year-over-year.

• EBITDA for Q1 2026 was EUR 159.4 million, down from EUR 379.6 million in Q1 2025.

• Net income for Q1 2026 was EUR 18.9 million, down from EUR 247.9 million in Q1 2025.

• Consulting fee expense of approximately EUR 6 million included in Q1.

Outlook and guidance

• Full-year 2026 guidance: group revenues of EUR 7.9–9.1 billion and holding net income of EUR 165–200 million.

• Medium-term targets: EUR 10 billion revenue and EUR 200 million net income expected earlier than 2028, with 25% annual growth targeted through 2030.

• Second half expected to be stronger in revenue and EBITDA due to completion of major transactions (Borealis, Wärtsilä, Jadeed/SABIC ETP).

• Proposed EUR 2 dividend per share to be discussed at July shareholder meeting.