Mutares Clears Audit Hurdle While Debt Repayment Plan Takes Shape

Mutares posts €6.5B revenue and €130.4M net profit for 2025, unveils bond buyback plan after covenant breach, completes €105M capital raise for US acquisitions.

The Munich-based holding company Mutares has published its audited financial statements for 2025, delivering the verified numbers that investors have been waiting for after a period of balance sheet strain. The report confirms group revenue of €6.5 billion and a holding net profit of €130.4 million — figures that now carry the weight of a full audit opinion.

The release comes at a critical juncture. Mutares recently breached a covenant on its Nordic bonds, with the net debt-to-equity ratio exceeding the permitted threshold. The violation stemmed from valuation effects, higher lease liabilities, and a lack of value-accretive transactions in the final quarter of 2025. Bondholders have since granted a waiver, averting an immediate acceleration of the notes.

Management has responded with a concrete deleveraging plan. Starting in the second quarter of 2026, Mutares will begin regularly buying back its own bonds, targeting a reduction of the total outstanding to around €250 million by year-end. Portfolio disposals are expected to support this effort. The sale of the inTime Group has already closed, while Peugeot Motocycles and Polish bus operator Relobus are slated to change hands in the current quarter.

One disposal process has entered its decisive phase and could generate proceeds in the triple-digit millions — a potential catalyst that has so far flown under the radar.

On the equity side, Mutares has completed its rights-based capital increase, issuing roughly 4.27 million new shares at €24.50 each. The take-up rate stood at around 96 percent, yielding gross proceeds of approximately €105 million. Around 80 percent of that sum is earmarked for acquisitions in the United States, where the company says it is tracking a pipeline of roughly 15 candidates across energy, chemicals, infrastructure and automotive.

The share price, however, tells a different story. The stock last traded at €25.30, roughly 31 percent below its 52-week high of €36.75 and down about 15 percent since the start of the year. The decline reflects lingering scepticism around the dilutive capital raise and the debt overhang. The stock recently touched a new year low.

Despite the headwinds, management has left its 2026 guidance unchanged. The group is targeting revenue between €7.9 billion and €9.1 billion, with holding net profit in a range of €165 million to €200 million. The first quarter of 2026 is already described as “extremely robust.”

The next scheduled update comes on May 12, when Mutares publishes its first-quarter report. That release will provide early data on the debt reduction progress. The annual general meeting follows on July 3, where shareholders will vote on the dividend proposal for 2025.