Mutares Pushes Amaneos Exit Back by Two Years as Debt Reduction Takes Centre Stage

Mutares posts first audited results with €6.5B revenue, but delayed Amaneos exit and diluted stake weigh on shares near 52-week low.

Mutares has delivered its first fully audited annual results, a milestone that should have calmed nerves after a covenant breach late last year. Instead, the mood on the Munich-based investor’s stock remains subdued, with the shares trading at €25 — down roughly 16% since January and hovering near their 52-week low.

The company’s 2025 revenue climbed to €6.5 billion, while operating profit hit around €675 million. Yet the headline numbers have been overshadowed by a delay to one of the portfolio’s most anticipated exits. The planned departure from automotive supplier Amaneos has been pushed back by one to two years, according to board member Johannes Laumann. Macroeconomic headwinds and rising oil prices are squeezing margins on plastics, making it harder to find the right moment for either a sale or an IPO. The management team is keeping both options open, but patience will be required.

Dividend Proposal and a Shift in Ownership

Shareholders are not being left empty-handed in the meantime. The board and supervisory board have proposed a base dividend of €2.00 per share, with an additional bonus payment contingent on a successful large-scale disposal. The payout will be put to a vote at the annual general meeting on July 3.

Behind the scenes, the ownership structure has shifted. Mutares issued around 4.2 million new shares in April at €24.50 each, diluting the founding Laik family’s stake to just below the 25% threshold and stripping them of their blocking minority. The capital injection raised €105 million, which will help finance a second US site as part of a broader transatlantic push.

A Record Exit Pipeline

Despite the Amaneos setback, the company is sitting on the largest pipeline of potential disposals in its history. Kalzip and the inTime Group have already been sold, while contracts are in place for Relobus and Conexus. A further deal, expected to generate proceeds in the triple-digit millions, is close to completion. The goal is to comfortably beat last year’s gross exit proceeds of €230 million.

One candidate attracting particular attention is fire-engine maker Magirus. Mutares is weighing either an IPO or a trade sale for the subsidiary, though no firm timeline has been set.

Debt Reduction Gets Underway

The company is also tackling its balance sheet. A voluntary bond buyback programme begins on May 8, with Mutares planning quarterly repurchases of at least €25 million from the second quarter onwards. The target is to reduce the outstanding bond to a maximum of €300 million by year-end. The clean audit certificate, secured after a covenant breach triggered a grace period from bondholders until June 2026, has provided the necessary credibility to proceed.

Management has reaffirmed its full-year guidance, targeting group revenue of up to €9.1 billion. The next checkpoint comes on May 12, when the first-quarter report will offer early clues on the pace of deleveraging. For now, the stock at €24.90 remains well below its 50-day moving average, suggesting the market is waiting for tangible proof that the turnaround is on track.