Mutares Trims Automotive Exposure With Cimos Sale While Magirus Weighs Its Options

Mutares sold Cimos to management and Vero Automotive, reviews options for Magirus, and targets up to EUR 9.1 billion full-year revenue.

Munich-based turnaround specialist Mutares is keeping its deal engine running on two tracks at once — shedding automotive assets it no longer considers core, and testing the market for a much larger exit in firefighting equipment.

The latest move came with the sale of portfolio company Cimos d.d. to members of its current management team alongside Vero Automotive. Cimos supplies turbocharger components, drivetrain parts and electrification solutions to the auto industry, generating annual revenue of roughly EUR 120 million. The transaction continues Mutares' deliberate retreat from the Automotive & Mobility sector, freeing up capital for other growth areas.

That retreat is already well underway. Roughly two weeks ago, the company completed the disposal of NEM Energy Group to Hyundai Heavy Industries Power Systems, hitting its target timetable. Neither side disclosed the purchase price, though Mutares has said the proceeds will feed into its full-year objectives.

A Bigger Prize Under Review

Further up the scale sits Magirus, the storied firefighting vehicle manufacturer. Mutares has launched a structured review of strategic options for the business, spanning both a sale and a potential stock market listing. Magirus carries an order backlog exceeding EUR 880 million and is closing in on break-even.

Energy and infrastructure holdings form the core of Mutares' exit pipeline, and the company intends to fund its deleveraging primarily through proceeds from such portfolio disposals. Management has made shoring up the balance sheet a priority after a stretch of aggressive buying, with debt reduction now viewed as a key test of the business model — only lucrative exits can put the rapid expansion of recent quarters on durable financial footing.

Bolt-Ons Build Out Infrastructure & Defense

While trimming automotive, Mutares has been adding elsewhere. On 2 September it closed the acquisition of TREPEL Airport Equipment GmbH and MAFI Transport-Systeme GmbH from NDW Maschinenbau Holding GmbH. The two businesses bring around 410 employees into the Infrastructure & Defense segment, markedly expanding Mutares' footprint in specialized transport and airport equipment.

Other additions have rounded out the portfolio. The SABIC division was acquired more than a month ago, and the takeover of AmeriTerpenes was wrapped up about two weeks back.

Half-Year Figures Show the Scale of the Machine

The volume of activity is visible in the numbers. Group revenue climbed 9% year on year to EUR 3.4 billion in the first half, while adjusted operating earnings of EUR 67 million marked a return to profit. At holding companies like Mutares, headline results are heavily distorted by accounting one-offs tied to acquisitions, so the adjusted operating figure is the more reliable gauge of how the subsidiaries are actually performing.

The first quarter had already pointed the way: after a loss in the prior-year period, Mutares posted positive adjusted EBITDA, with total revenue growing at a double-digit clip.

For the full year, management is targeting group revenue of up to EUR 9.1 billion and a net income for the holding of between EUR 165 million and EUR 200 million.

Shareholders Tied to Deal Success

Dividends remain closely linked to transaction outcomes. At July's annual general meeting, shareholders approved a payout of EUR 2.00 per share, which can be topped up with supplementary payments if meaningful exit proceeds materialize. The blend of a base return and a performance component is designed to keep investors on board even when market uncertainty runs high.

Market Stays on the Sidelines

Equity investors have yet to buy into the story. The stock closed Friday at EUR 25.95, a daily loss of 0.4%, leaving it 26% below its 52-week high of EUR 35.15 and down 14% since the start of the year. Whether the shares can close that gap will depend heavily on progress with the announced divestments.

More detail on strategy and the pace of the transformation is expected in late autumn. Mutares has scheduled its London Investor Day for 19 November 2026.