Half Year 2026 Mutares SE & Co KgaA Earnings Call

August 18, 2026

Speaker #1: A very warm welcome, indeed, to our H1 2026 earnings call. My name is Johannes Laumann, I'm the CIO of Mutares. Back from holiday, batteries loaded, full of energy.

Johannes Laumann: A very warm welcome indeed to our H1 2026 earnings call. My name is Johannes Laumann. I am the CIO of Mutares and back from holiday. Battery is loaded, full of energy. If you miss Mark Friedrich, he is still on holiday somewhere in Southeast Asia, enjoying family and life, and will be next to me here on Q3 then again. I will take you, as always, a quick summary of what has happened in H1, the financials, the portfolio update, and finally, the invitation to our investor day. When we look at H1, we have conducted EUR 3.4 billion in total group sales and EBITDA of EUR 349 million. The most important number here as well is the EBITDA, the adjusted EBITDA of EUR 67 million, because that stands for the consolidated performance of our portfolio companies.

Speaker #1: And if you missed Mark Friedrich, he's still on holiday somewhere in Southeast Asia, enjoying family and life. And he'll be next to me here on Q3.

Speaker #1: Once again, I will give you, as always, a quick summary of what happened in H1, the financials, the portfolio update, and finally the invitation to our Investor Day.

Speaker #1: So, when we look at H1, we have conducted €3.4 billion in total group sales and EBITDA of €349 million. The most important number here as well is the adjusted EBITDA of €67 million, because that stands for the consolidated performance of our portfolio companies.

Speaker #1: In addition—and I will not read out all the highlights—we have reestablished full compliance with the bond covenant by June 30, 2026. And we have completed a bunch of work with the closing of our largest acquisition of the Saab business, which we have called Nextpoint since Q3.

Johannes Laumann: In addition, I will not read out all the highlights, we have reestablished full compliance with the bond covenant by 30 June 2026, and we have completed a bunch load of work with the closing of our largest acquisition of the SABIC business, which we call NexPoint since Q3. Further US expansion is planned, and we expect significant actions on buy side, but especially on sell side on the closings in the H2, where I will give you an insight later on. Last but not least, again, obviously, we confirm our guidance for fiscal year 2026, as we always do, because we always deliver what we have promised and that quarter-over-quarter, year-over-year over the past couple of years. When we go a little bit into the financial and the details, conducted revenue of EUR 3.4 billion, slightly higher than previous year.

Speaker #1: Third, a US expansion is planned, and we expect significant actions on the buy side, but especially on the sell side, on the closings in H2. I will give you an insight on that later on.

Speaker #1: And then, last but not least, again, obviously we confirm our guidance for fiscal year 2026, as we always do, because we always deliver what we have promised—quarter over quarter, year over year, over the past couple of years.

Speaker #1: When we go a little bit into the financials and the details, we conducted revenue of €3.4 billion, slightly higher than the previous year. We'll get a significant uplift in the second half of 2026 because of the additions of Nord Gas Solutions and the addition of Shadid, former project name Nextpoint. The new name of the business will significantly boost this number in the second half.

Johannes Laumann: We will get a significant uplift in the second half of 2026 because the additions of Nordgas Solutions and the addition of Jindal Shadeed Iron & Steel, former project name NexPoint, the new name of the business, will significantly boost this number in the second half. EBITDA is below, but this has to do simply with a lot of goodwills and badwills, which differs from 2025 to 2026. In 2025, we had large acquisitions with large badwills of Magirus and of Buderus Edelstahl, which is not there in 2026. There will be also a significant uplift here in H2, especially because of the SABIC transaction of NexPoint, which will boost that far and beyond the billion mark. Very importantly, adjusted EBITDA, we improved the performance of our business of more than EUR 150 million compared to prior year.

Speaker #1: EBITDA is below, but this has to do simply with a lot of goodwill and badwill, which differs from '25 to '26. So, in '25 we had large acquisitions with large badwills—of Mageros and of Buderus—which is not there in '26. But there will also be a significant uplift here in H2, especially because of the Saab transaction of Nextpoint, which will boost that far and beyond the €1 billion mark.

Speaker #1: And then, very important, the adjusted EBITDA—we improved the performance of our business by more than €150 million compared to the prior year. This is the pure operational performance.

Johannes Laumann: This is the pure operational performance, and we will see that later on in the segments where it is coming from and where we are still lagging behind. Adjusted net income of EUR 6 million previous year, EUR 70 million previous year. There was still a big portion within the Steyr Motors exit. The exit of NEM Energy Group, which we have announced but not closed yet, will be closed in Q3 very soon, and will have here an impact of north of EUR 100 million. That is why we are absolutely confident of the 2026 guidance as well, and despite the fact we are a little bit behind with exits, you cannot schedule. When we come to the segments, as I said, on adjusted EBITDA, first segment, Automotive & Mobility, we slightly increased the revenues. More or less, the portfolio is the same. Adjusted EBITDA also increased.

Speaker #1: And we will see that later on in the segments, where it’s coming from and where we’re still lagging behind. Adjusted net income of €6 million; previous year, €70 million. Previous year, there was still a big portion within the STS Tire exit.

Speaker #1: The exit of NEM, which we have announced but not closed yet, will be closed in quarter three very soon, and we'll have here an impact of north of €100 million.

Speaker #1: That's why we are absolutely confident of the guidance for '26 as well. And despite the fact we are a little bit behind, exits—you can't schedule.

Speaker #1: When we come to the segments, as I said, on adjusted EBITDA, first segment: Automotive. We slightly increased the revenues; more or less, the portfolio is the same.

Speaker #1: Adjusted EBITDA also increased. If you talk about automotive, obviously you have the European part, you have the global part, and the mix of this is the result here.

Johannes Laumann: If you talk about Automotive, obviously you have the European part, you have the global part, and the mix of this is the result here. I still believe if you are a good manager, and if you can manage Automotive, you can still make money. This is what we have proved in H1. It is not everywhere a depressing barbecue. You just have to do your job and manage the things well. If you look at the Energy & Technology, there you see a steep increase in profitability. The energy segment, obviously, is the golden diamond, is the rockstar industry of the moment that we also see with our participation. Infrastructure & Defense, same situation here. We have kind of stabilized the turnover, but we have done a significant improvement on the Magirus side, for example, compared to last year, which pays off here.

Speaker #1: So I still believe that if you are a good manager, and if you can manage automotive, you can still make money. And this is what we have proved in H1.

Speaker #1: It's not everywhere a depressing barbecue. You just have to do your job and manage things well. If you look at energy and technology, there you see a steep increase in profitability.

Speaker #1: The energy segment obviously is the golden diamond, is the rockstar industry of the moment. And that we also see with our participations. Infrastructure, defense, same situation here.

Speaker #1: So we have kind of stabilized the turnover, but we have seen significant improvement on the Magero side, for example, compared to last year, which pays off here. And defense infrastructure, obviously, is also a segment which is doing very well at the moment.

Johannes Laumann: Infrastructure & Defense, obviously, is also a segment which is doing very well at the moment. Goods & Services, stable from revenue, stable from loss-making. Here we have a very good business and stable business in the B2B service companies like, for example, Palmia in the Nordics, like Nervión, very stable business there. But obviously the retail is also going into that. As we have announced previously, retail is not going well. We do not get returns and we really want to divest surely but slowly here. The biggest negative driver here is Lapeyre in France. When we now come to our portfolio update, we have a portfolio still of the five segments. It is Automotive & Mobility with four companies. It is the Energy & Technology segment with six companies, which is a lot of fun, obviously, at the moment.

Speaker #1: Goods and services are stable from revenue and stable from loss-making. And here, we have a very good and stable business in the B2B service.

Speaker #1: Companies like, for example, Palmia in the Nordics, like Nervion—very stable business there. But obviously, retail is also going into that. And as we have announced previously, retail is not going well.

Speaker #1: We don't get the returns and we really, really want to, you know, divest, surely but slowly here. The biggest negative driver here is Lapir in France.

Speaker #1: When we now come to our portfolio update, we have a portfolio still of the five segments. It's automotive and mobility with four companies. It's the energy and technology segment, with six companies, which is a lot of fun, obviously, at the moment.

Speaker #1: Infrastructure and defense, you also see the result there. With 10 companies. Then we have goods and services, with a really depressing bar curve here at the retail part.

Johannes Laumann: Infrastructure & Defense, you also see the result there with 10 companies. Then we have Goods & Services with a really depressing barbecue here at the retail part. Then we have Chemicals & Materials with four. The two big ones which we are going to bring in there are signed but not closed yet. The total revenue here expected is far and beyond the EUR 2 billion mark. The NexPoint Materials business comes in and the chemical business we have acquired in Czech Republic will also pop in in Q3. As we used over the past couple of quarterly updates, quarterly earning calls we give you, we want to give you a snapshot and insight on one of the portfolio companies. For H1, the portfolio companies we would like to introduce is Nordgas Solutions.

Speaker #1: And then we have Chemicals and Materials with four, but the two big ones which we are going to bring in there are signed but not closed yet.

Speaker #1: So, the total revenue expected here is far and beyond the €2 billion mark. The Nextpoint business comes in, and the chemical business we have acquired in the Czech Republic will also pop in in quarter three.

Speaker #1: And then, as we have used over the past couple of quarterly updates and quarterly earnings calls, we want to give you a snapshot and an insight into one of the portfolio companies.

Speaker #1: And for H1, the portfolio company we would like to introduce is Nord Gas Solution. Nord Gas Solution is a company and acquisition, and, you know, we also have a lot of people listening to this call.

Johannes Laumann: Nordgas Solutions is a company and acquisition, and we have also a lot of people listening to that call, Mutares employees. This is where everybody knows I fought for this business heavily. This we signed very close to Christmas and we closed the transaction in H1. Nordgas Solutions is a provider of supply services of liquefaction offshore and onshore in the marine business, LNG, other gases. So everything which is currently asked, which is the segment at the moment which is there. The business has in the range of EUR 400 million to EUR 500 million of turnover, and we are very happy with the development so far over the year. Business in the first seven months has generated an EBITDA which is north of EUR 30 million and holds a significant cash position as well. Nordgas Solutions, as we speak, is a company which is growing heavily.

Speaker #1: Mutares employees, this is where everybody knows I fought for this business heavily. We signed this very close to Christmas, and we closed the transaction in H1.

Speaker #1: Nord Gas Solution is a provider of supply and supply services of liquefaction, offshore and onshore, in the marine business, LNG, and other gases. So everything which is currently—yeah, which is these segments at the moment, which is there.

Speaker #1: The business has in the range of €400 to €500 million of turnover, and we are very happy with the development so far over the year.

Speaker #1: Business in the first seven months has generated an EBITDA north of €30 million and holds a significant cash position as well.

Speaker #1: So, Nord Gas Solution, as we speak, is a company which is growing heavily. Nord Gas Solution is a company in the liquefaction of gas.

Johannes Laumann: Nordgas Solutions is a company in the liquefaction of gas, LNG, ammonium, hydrogen, biogas. This is really a growth market here, a mega market here, a mega trend here, and we are very happy to own this business. I would like to give you a little bit more insight in the movie clip which follows now.

Speaker #1: LNG, ammonium, hydrogen, biogas—so this is really a growth market here, a mega market here, a mega trend here. And we're very happy to own this business.

Speaker #1: And I would like to give you a little bit more insight into the movie clip which follows now.

[Company Representative] (Nordgas Solutions): Nordgas Solutions is a global provider of advanced gas handling systems and lifecycle solutions across the entire gas value chain. Our main focus areas are the handling of gas in marine, gas to power, liquefaction, biogas, onshore solutions, and recently, Power-to-X and ammonia cracking. What sets us apart is a combination of technical competency, precision in-house engineering and manufacturing expertise, and a strong partnership driven approach to delivering complex projects. Our solutions are fully customized and highly engineered. Each system is engineered to meet specific customer requirements, ensuring performance, safety, long-term reliability, and higher customer productivity. With more than 60 years of experience, we continue to build on a strong legacy while positioning ourselves for the future, supporting our customers in navigating the growing general energy demand, as well as the energy transition, with reliable, efficient, and sustainable solutions.

Speaker #2: Nord Gas Solution is a global provider of advanced gas handling systems and life cycle solutions across the entire gas value chain. Our main focus areas are the handling of gas in marine, gas to power, liquefaction, biogas, onshore solutions, and recently power to ex and ammonia cracking.

Speaker #2: What sets us apart is a combination of technical competency, precision, in-house engineering, and manufacturing expertise, as well as a strong, partnership-driven approach to delivering complex projects.

Speaker #2: Our solutions are fully customized and highly engineered. Each system is engineered to meet specific customer requirements, ensuring performance, safety, long-term reliability, and higher customer productivity.

Speaker #2: With more than 60 years of experience, we continue to build on a strong legacy while positioning ourselves for the future, supporting our customers in navigating the growing general energy demand as well as the energy transition with reliable, efficient, and sustainable solutions.

Speaker #2: As part of the Mutares Group, we benefit from strong industrial ownership with a clear focus on operational excellence, core competencies, performance improvements, and long-term value creation.

[Company Representative] (Nordgas Solutions): As part of the Mutares Group, we benefit from strong industrial ownership with a clear focus on operational excellence, covered competencies, performance improvements, and long-term value creation. This combination of engineering expertise, innovation, and industrial backing enables us to strengthen our position as a trusted partner in the global energy and maritime markets.

Speaker #2: This combination of engineering expertise, innovation, and industrial backing enables us to strengthen our position as a trusted partner in the global energy and maritime markets.

Speaker #2: We work closely with our customers to understand their operational needs and develop tailored solutions across the gas value chain—whether it's in marina, gas-to-power, liquefaction, regasification, or biogas.

[Company Representative] (Nordgas Solutions): We work closely with our customers to understand their operational needs and develop tailored solutions across the gas value chain, whether it is in marine, gas to power, liquefaction, regasification, or biogas. Our focus is on creating long-term partnerships by combining technical expertise with commercial understanding, ensuring that each solution delivers performance, reliability, and life cycle value. It is not just about delivering systems. It is about understanding our customers' challenges and providing integrated, efficient solutions that support their business over time.

Speaker #2: Our focus is on creating long-term partnerships by combining technical expertise with commercial understanding, ensuring that each solution delivers performance, reliability, and life cycle value.

Speaker #2: It's not just about delivering systems. It's about understanding our customers' challenges and providing integrated, efficient solutions that support their business over time. Our projects often operate in demanding environments, whether onboard vessels or in complex energy infrastructure.

[Company Representative] (Nordgas Solutions): Our projects often operate in demanding environments, whether on-board vessels or in complex energy infrastructure. This requires precision in engineering, strong project execution capabilities, and close collaboration with our customers and suppliers. We deliver innovative, highly integrated, and efficient gas handling systems, which enable our customers to succeed in their line of business. Each project is unique because most of the customers have unique needs and requirements. Our strength lies in combining expertise and passion across innovation, engineering, project execution, commissioning, and strong life cycle support to our end user customers. We are where our customers need us.

Speaker #2: This requires precision in engineering, strong project execution capabilities, and close collaboration with our customers and suppliers. We deliver innovative, highly integrated, and efficient gas handling systems, which enable our customers to succeed in their line of business.

Speaker #2: Each project is unique because most of the customers have unique needs and requirements. Our strength lies in combining expertise and passion across innovation, engineering, project execution, commissioning, and strong lifecycle support.

Speaker #2: So, our end user customers—we are where our customers need us. At Nord Gas Solutions, we combine competency, experience, innovation, and strong partnership to create lasting value.

[Company Representative] (Nordgas Solutions): At Nordgas Solutions, we combine competency, experience, innovation, and strong partnership to create lasting value. Nordgas Solutions, enabling a more sustainable and efficient future for the gas value chain and its customers.

Speaker #2: Nord Gas Solutions is enabling a more sustainable and efficient future for the gas value chain and its customers.

Johannes Laumann: Nordgas Solutions. To me, one of the, or the most valuable asset we have in our portfolio. Very close to my heart, but certainly in the same league like Magirus, FerrAl United, but also NEM Energy Group, where we have worked hard on the exit and will close it. This is a business which we have acquired in order to grow and in order to provide maximum shareholder value in the months and years to come. I love it and it is a growth business, and as you have seen in the clip, I think something also to build on for the next years. Last but not least, I would like to invite you to our Investor Day 2026 on Thursday, 19 November in London, in the location CÉ LA VI.

Speaker #1: Nord Gas Solutions, to me, is one of the, or the most valuable asset we have in our portfolio—very close to my heart. But certainly, it is in the same league as Magero’s FRSEC, but also NEM, where we have worked hard on the exit and will close it.

Speaker #1: So this is a business which we have acquired in order to grow and in order to provide maximum shareholder value in the months and years to come.

Speaker #1: I love it. And that's the core's business. And as you have seen in the clip, I think it's also something to build on for the next years.

Speaker #1: Last but not least, I would like to invite you to our Investor Day 2026 on Thursday, November 19, in London at the location Cella V.

Johannes Laumann: We have replaced the location, or moved the location from Frankfurt to London because we also want to attract a more global international base on this as the central financial hub here on the continent, and it should also set the scene for the future. Global growth, global profitability, and maximum shareholder creation. One last comment. CÉ LA VI, London. Life is also not easy, and if you open the newspapers, you can imagine that and you feel it in daily life. It is the same for me. It is the same for us here in Mutares. Buy-side deals are getting more expensive or are taking longer than we think. Restructuring is getting slower than we think or getting more expensive than we think. Exits maybe are postponed by one or 2 weeks, or one or 2 months, or deteriorating.

Speaker #1: We have moved the location from Frankfurt to London because we also want to address a more global, international base, with London serving as the central financial hub here on the continent.

Speaker #1: And it should also set the scene for the future: global growth, global profitability, and maximum shareholder value creation. One last comment: c’est la vie, London. Life is also not easy.

Speaker #1: And if you open the newspapers, you can imagine that and you feel it in daily life. It's the same for me.

Speaker #1: It's the same for us here at Mutares. Buy-side deals are getting more expensive, or are taking longer than we think. Restructuring is getting slower than we think, or is getting more expensive than we think.

Speaker #1: And exits maybe are postponed by one or two weeks, or one or two months, or deteriorating. But at the end of the day, I believe—and we have proved—that we will always win.

Johannes Laumann: But at the end of the day, I believe, and we have proof, that we will always win. I believe also for the H2, we will be successful, we will buy successfully, we will restructure successfully, and we will exit successfully our companies. I give you my word. Thanks for joining. Enjoy the rest of the summer and we see us for the Q3 results. Thank you very much.

Speaker #1: And I believe also, for the second half of the year, we will be successful. We will buy successfully, we will restructure successfully, and we will exit successfully our companies.