Mutares Locks In Oaktree Exit and Bond Swap as Nine-Month Revenue Reaches EUR 5.4 Billion

Mutares has set two parallel transactions in motion — a partial divestment to Oaktree and a bond refinancing — though neither is yet a done deal. The Guascor sale agreed on Wednesday requires merger-control clearances, among other conditions, before it can close. The bond top-up announced Friday, meanwhile, hinges on market conditions, the company said.

Oaktree Takes Guascor Energy and Guascor Power USA

The Oaktree agreement covers Guascor Energy S.A.U. and Guascor Power USA, Inc., which will pass to Oaktree's Power Opportunities strategy. Mutares puts the equity value of the deal at EUR 74.0 million and expects completion by the end of the fourth quarter of 2026, subject to customary conditions including the antitrust approvals.

That follows Monday's agreement to sell the Magirus Firefighter Business Unit to Morita Holdings Corporation at an equity value of EUR 65 million. Magirus Defense & Security is not part of that transaction and stays within the Mutares portfolio.

One-for-One Exchange to Retire the 2023/2027 Notes

To refinance the outstanding 2023/2027 bond early, Mutares is pairing a public exchange offer with a planned increase of its 2024/2029 bond by up to EUR 165 million. The exchange is set at a 1:1 ratio. Holders can tender from 17 November to 4 December 2026, with the deadline falling at 12:00 CET on the final day, and the new notes are scheduled for issuance on 21 December 2026.

Group Revenue Up 15%, Holding Profit Down

The nine-month figures for 2026, released Thursday, show the group and the holding company moving in opposite directions. Group revenue climbed 15% to EUR 5.4 billion from EUR 4.7 billion a year earlier. EBITDA came in at EUR 2.05 billion, against EUR 720 million in the prior-year period.

Adjusted EBITDA turned positive at EUR 57 million, recovering from a negative EUR 63 million a year ago. Net income at the holding level, however, fell to EUR 33 million from EUR 84 million. Mutares reaffirmed its full-year guidance, still projecting a holding net profit of between EUR 165 million and EUR 200 million for 2026 — a target that applies to the holding company, while the revenue and EBITDA figures reflect the group as a whole.

Investor Day Set for London

Portfolio maturity, value creation, the pipeline of potential divestments and capital allocation will take centre stage at the company's Investor Day on 19 November 2026 in London.