Mutares Offers Partial Buyback on 2027 Bond as Divestment Drive Continues

Mutares offers up to EUR 25 million buyback on its 2027 bond and completes the sale of Prénatal Netherlands as it reshapes its portfolio.

Mutares has moved to chip away at its debt load, offering holders of its variable-rate bond maturing in March 2027 the chance to tender part of their holdings. The Munich-based holding company capped the buyback at a total nominal volume of up to EUR 25 million, with a flat repurchase price of 100.00% of par plus accrued interest through the settlement date.

The tender window opens on 29 September and closes on 30 September 2026 at 16:00 CEST, with payment to participating investors expected around 2 October 2026. Retail investors can submit their positions through the Frankfurt Stock Exchange's open market, while institutions will be handled via Pareto Securities. Should tenders exceed the maximum volume, Mutares has reserved the right to scale back allocations on a pro-rata basis.

The move marks the second such operation on the so-called Nordic bond, which was issued in spring 2023 with an original volume of EUR 250 million. An earlier buyback in spring 2026 retired roughly EUR 18 million in nominal value ahead of schedule. Mutares intends to redeem what remains of the bond in full during the fourth quarter of 2026, clearing the decks for a broader refinancing that could be placed on the capital markets under revised terms.

Portfolio Pruning Runs in Parallel

While the balance sheet gets attention, the company is also busy reshaping what it owns. On Wednesday, Mutares confirmed the completed sale of Prénatal Netherlands to its existing managing director, Jochem van Bueren. The disposal of Moeder & Kind B.V., which trades under the Prénatal banner, saw signing and legal closing take place simultaneously, and the buyer has secured full financing for the transaction.

The Dutch chain brings more than 65 years of history in mother-and-baby products, spanning 34 stores and a growing online business, with annual revenue of around EUR 80 million. Its exit fits a deliberate strategy of retreating from the Retail and Automotive segments. The same logic drove the sale of Cimos d.d., wrapped up on 18 September, in which members of the existing management team took over the supplier's shares with backing from investor Vero Automotive 111 d.o.o.

Handing rehabilitated units to their own leadership ranks among Mutares' established exit routes. Even so, the market has been slow to cheer the progress. Macroeconomic headwinds are weighing on sentiment toward turnaround specialists, according to media reports, with credit-financed holding structures in particular drawing scrutiny.

Share Price Under Pressure

That caution shows up plainly in the valuation. The stock fell 2.4% on Thursday, closing at EUR 24.20, bringing its year-to-date decline to 19%. Friday brought a modest reprieve, with the shares climbing 2.3% to EUR 24.55.

Buying Where It Wants to Build

Not all of Mutares' activity is about subtraction. The group acquired AmeriTerpenes, the terpene business of Symrise Inc., in a move aimed at expanding its Chemicals & Materials segment and opening up fresh earnings potential.

The financial backdrop for this overhaul came through in the half-year report. Group revenue rose 9% to EUR 3.4 billion in the first six months, while adjusted operating profit crossed back into positive territory after a prior operating loss.

Full-Year Targets and Beyond

Management is holding firm to ambitious goals for the holding company. For 2026, Mutares is targeting revenue of up to EUR 9.1 billion, up from roughly EUR 6.5 billion in 2025. Net income at the holding level is projected at between EUR 165 million and EUR 200 million for 2026, with portfolio growth expected to continue at an annual rate of about 25% in subsequent years. By steadily retiring its existing bond obligations, the company is giving itself extra room to maneuver for future restructuring projects.