Mutares stock faces bond buyback as EBITDA turns positive

Mutares stock traded at EUR 24.15 on Xetra on September 28, 2026, at 1:34 p.m. CEST, down 0.62 percent from the prior close of EUR 24.30. The immediate catalyst is a bond buyback of up to EUR 25 million, followed by a planned refinancing in the fourth quarter of 2026.

Bond buyback sets the next test

According to Investegate on September 25, 2026, Mutares offered to repurchase up to EUR 25 million of a EUR 250 million floating-rate bond maturing in March 2027. The offer runs from September 29 through September 30, 2026, with settlement expected on October 2, 2026.

The transaction covers 10 percent of the bond's original nominal amount. Mutares also said it intends to refinance the bond in the fourth quarter of 2026, making funding conditions a central valuation issue for the holding company.

EBITDA turns positive in H1

In the first half of 2026, Mutares increased group revenue 9 percent to EUR 3.4 billion from EUR 3.1 billion a year earlier, while adjusted EBITDA improved to EUR 67 million from a loss of EUR 89 million. These figures were reported by Boerse Global for the half-year period ended June 30, 2026.

The recovery was not uniform. Adjusted holding net income fell to EUR 6 million from EUR 70 million in the prior-year period, according to Nebenwerte Magazin. For investors, the contrast puts the portfolio turnaround and the holding-level cash generation on separate tracks.

Guidance and next reporting date

Mutares maintained its fiscal 2026 targets of group revenue between EUR 7.9 billion and EUR 9.1 billion and holding net income between EUR 165 million and EUR 200 million, as stated on its Mutares investor-relations page. The next scheduled report is the publication of third-quarter 2026 results on November 12, 2026.

At EUR 24.15, the stock was EUR 10.95 below its 52-week high of EUR 35.10 and EUR 0.90 above its 52-week low of EUR 23.25. The market is therefore weighing improved operating earnings against refinancing execution and the weaker holding result.

Stock trades near yearly low

Mutares stock was last at EUR 24.15 on Xetra on September 28, 2026, at 1:34 p.m. CEST. Its market capitalization was EUR 526.1 million, with 3,386 shares traded at that time.