Mutares (MUX) Q2 2026 earnings summary

Executive summary

• Revenues rose to EUR 3,383.6 million in H1 2026, up from EUR 3,106.3 million year-over-year, driven by acquisitions and portfolio expansion.

• EBITDA was EUR 348.8 million (H1 2025: EUR 598.2 million), with Adjusted EBITDA improving to EUR 66.7 million from EUR -88.5 million, reflecting operational improvements and restructuring.

• Net income reached EUR 98.0 million, down from EUR 270.5 million in H1 2025, mainly due to lower gains from bargain purchases and deconsolidations.

• Largest transaction in company history completed with the acquisition of NexPoint Materials, generating annual revenues of approx. EUR 2 billion.

• 14 transactions completed: 5 acquisitions and 9 exits, including major deals in Chemicals & Materials and Goods & Services.

Financial highlights

• Revenues: EUR 3,383.6 million (+8.9% year-over-year).

• EBITDA: EUR 348.8 million (H1 2025: EUR 598.2 million); Adjusted EBITDA: EUR 66.7 million (H1 2025: EUR -88.5 million).

• Net income: EUR 98.0 million (H1 2025: EUR 270.5 million).

• Equity increased to EUR 738.3 million (Dec 2025: EUR 567.4 million); equity ratio at 13%.

• Cash and cash equivalents: EUR 626.5 million (Dec 2025: EUR 507.0 million).

Outlook and guidance

• Management expects full-year 2026 revenues of EUR 7.9–9.1 billion, driven by completed and signed transactions.

• Net profit for FY 2026 expected in the range of EUR 165–200 million, driven by exit proceeds.

• Management targets annual group revenue and net profit growth of at least 25% through 2030.

• Medium-term targets of EUR 10 billion in revenues and EUR 200 million net profit by 2028 expected to be achieved earlier.

• No material changes to previous forecasts; continued focus on internationalization and portfolio expansion.