Mutares Faces June 29 Covenant Deadline as SABIC Megadeal and Magirus Exit Converge
Veröffentlicht: 30.06.2026 um 03:13 Uhr, Redaktion boerse-global.de
The countdown is over for Mutares. Today, 29 June 2026, marks the end of the grace period granted by bondholders after the buyout group breached a key debt covenant in its 2025 financial year. The net debt-to-equity ratio on both outstanding bonds fell outside the permitted range, and while management has remained confident that the recent acquisition of Wärtsilä Gas Solutions — closed on 1 June — will bolster equity before the deadline, no official confirmation of compliance has been issued. The SABIC Engineering Thermoplastics (ETP) deal, which would inject roughly €2 billion in annual revenues, will not close until the second half of the year and therefore cannot contribute to today's test.
That SABIC ETP acquisition, the largest in Mutares’ history, is nonetheless reshaping the narrative around the stock. Together with the already agreed purchase of Czech acrylate solutions maker Synthomer a.s. (€110 million in sales, zero initial purchase price but a three-year cash-sharing arrangement worth up to €12 million) and the existing Venator position, Mutares is building a dedicated Chemicals & Materials segment. Warburg Research analyst Stefan Augustin reiterated a Buy rating with a €41.00 target, arguing that the portfolio shift unlocks upside of more than 40% from the current share price of €28.20.
Ordinary shareholders will get their first chance to judge progress at the annual general meeting on 3 July, where the board has proposed a base dividend of €2.00 per share. There will be no performance bonus this time, the company said, despite a strong operational 2025 that saw revenue rise to €6.5 billion and EBITDA jump from €117 million to €675 million. Mutares has promised to revisit a special payout after future exits — and one of the most promising candidates is already being prepared.
Should investors sell immediately? Or is it worth buying Mutares?
The fire-engine specialist Magirus, which generated around €336 million in revenue last year and holds an order backlog of more than €880 million stretching deep into 2027, is being readied for sale or an initial public offering. The decision will depend on market conditions. Separately, a pending disposal of another portfolio company could yield a three-digit million-euro windfall if it goes through.
To reduce leverage, management has committed to buying back at least €25 million of the 2023/2027 bond each quarter starting from the second quarter of 2026. The outstanding volume is expected to fall from the current €385 million to between €250 million and €300 million by the end of the year. In the first quarter of 2026, adjusted EBITDA swung to €11.1 million on revenues of €1.68 billion; the full-year forecast calls for group revenue of €7.9 billion to €9.1 billion and a holding net profit of €165 million to €200 million.
The stock has recovered about 21% from its April low of €23.30 but remains 22.5% below its level a year ago. Mutares has set a long-term target of at least 25% annual growth in both revenue and net profit through 2030, and says the previous 2028 goals of €10 billion in sales and €200 million in net profit will be reached “significantly earlier”. Whether today’s covenant confirmation — or its absence — delays that trajectory is the immediate question.
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