Mutares Stacks EUR 140 Million Fourth-Quarter Bet on Two Exits and a Bond Swap

Mutares has set its sights on a hefty close to the year, telling investors it expects at least EUR 140 million in earnings contributions during the fourth quarter from the divestments of Guascor and Magirus, supplemented by anticipated portfolio dividends. The guidance came alongside nine-month figures published Thursday that left the group's full-year and medium-term outlook untouched.

The two exits underpinning that target carry distinct terms. Under an agreement signed Wednesday, Mutares will hand Guascor Energy S.A.U. and Guascor Power USA, Inc. to Oaktree's Power Opportunities strategy at an equity value of EUR 74.0 million. Completion is targeted for the end of the fourth quarter of 2026 and remains subject to customary conditions, including merger-control clearances.

The Magirus disposal, already agreed, transfers the firefighting business to Morita Holdings Corporation for an equity value of EUR 65 million. Mutares was explicit that the defense operations stay with the group and form no part of that transaction.

Holding Profit Retreats as Revenue Climbs

Through the first nine months of 2026, Mutares posted a holding net profit of EUR 33 million, down sharply from EUR 84 million a year earlier. Group revenue, by contrast, advanced to EUR 5.4 billion from EUR 4.7 billion, while adjusted EBITDA came in at EUR 57 million — a swing from the EUR ?63 million recorded in the prior-year period. Management reaffirmed its 2026 holding net profit guidance of EUR 165 million to EUR 200 million.

On the financing side, Mutares disclosed Thursday that buybacks executed in June and September 2026 retired a total of EUR 28 million of its 2023/2027 bond, trimming the outstanding nominal amount to EUR 222 million. The company also intends to refinance early, a move announced a day earlier, by upsizing its 2024/2029 bond by as much as EUR 165 million. That transaction hinges on market conditions.

The structure involves a public exchange offer on a 1:1 ratio plus an additional subscription option, with the exchange window running from November 17 to December 4. Investors will get a closer look at the strategy on November 19, when Mutares holds an Investor Day in London focused on portfolio maturity, value creation, the pipeline of potential divestments and capital allocation.