Mutares Trims Bond Debt as Fire-Engine Sale and Oaktree Exit Reshape Portfolio
Published on 11/13/2026 at 04:41 | Editorial boerse-global.de
Mutares has bought back EUR 28 million of its outstanding bond, cutting the total volume to EUR 222 million, and plans to launch an exchange offer for the notes in the fourth quarter. The announcement, released yesterday, covers the 2023/2027 bond. Shares in the Munich-based holding company fell 3.1% on the day, with the stock down a further 3.3% today as investors digested a mixed set of nine-month figures.
Two Divestments, One Still Pending
On the portfolio side, Mutares agreed on Monday to sell its Magirus firefighting business to Morita Holdings Corporation at an agreed equity value of EUR 65 million. The Defense & Security operations stay with Mutares and will be run separately under a new brand, according to Magirus. Completion of that sale has yet to take place.
A second exit, this one involving Oaktree's Power Opportunities strategy, covers Guascor Energy S.A.U. and Guascor Power USA, Inc. Mutares puts the equity value of that deal at EUR 74.0 million and expects to close by the end of the fourth quarter of 2026. The transaction still requires merger-control clearances, among other conditions, so the agreed sale is not yet final.
Should investors sell immediately? Or is it worth buying Mutares?
Revenue Grows, Holding Profit Shrinks
The nine-month report for 2026 showed group revenue of EUR 5.4 billion, up 15% year on year on the company's own reckoning. EBITDA came in at EUR 2.05 billion, while adjusted EBITDA reached EUR 57 million — a swing from a loss of EUR 63 million in the same period a year earlier.
At the holding level, the picture darkened. Net profit fell to EUR 33 million from EUR 84 million in the prior-year period, with Mutares citing burdensome effects from its retail operations. Group-level growth, in other words, did not translate into a larger holding result.
Full-Year Targets Left Untouched
Management reaffirmed its guidance on both fronts. Group revenue for 2026 is still expected at EUR 7.9–9.1 billion, and the holding's annual net profit forecast remains EUR 165–200 million.
Mutares has set 19 November 2026 for an investor day, where it will focus on the maturity of the portfolio, value creation, the pipeline of planned divestments and capital allocation.
Ad
Mutares Stock: New Analysis - 13 November
Fresh Mutares information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
