Mutares Delivers a Two-Pronged Tuesday: Record SABIC Acquisition Meets an Operational Turnaround
Published on 08/05/2026 at 06:24 | Redaktion boerse-global.de
The holding company's first-half report landed on the same day as its largest-ever acquisition, giving investors a rare glimpse of both the operational engine and the deal-making machinery running in tandem.
Revenue climbed 9 percent to EUR 3.4 billion in the first six months of 2026, up from EUR 3.1 billion a year earlier. More striking was the swing in adjusted EBITDA, which flipped from a negative EUR 89 million to a positive EUR 67 million. The holding's net result settled at EUR 6 million, a marked improvement after several loss-making periods.
The SABIC Deal Reshapes the Portfolio
The headline event, however, was the completion of the acquisition of SABIC's Engineering Thermoplastics business across the Americas and Europe. With an enterprise value of USD 450 million, it stands as the biggest transaction in Mutares' history. The acquired unit will operate as NexPoint Materials and anchor the newly created Chemicals & Materials segment.
That move follows a June agreement to purchase Synthomer a.s., an acrylate solutions provider, from UK-listed Synthomer plc. Together, the two deals have rapidly scaled a segment that barely existed a few months ago.
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A Busy Exit Calendar
The first half also saw Mutares offload Kalzip, inTime Group, Relobus, Locapharm and Peugeot Motocycles. Late July brought the sale of Walor Precision Turning, a metal components specialist, to investment firm Reed Capital. Still to close is the disposal of NEM Energy Group to Hyundai Heavy Industries Power Systems, scheduled for the end of September.
The buy-and-sell rhythm reflects the core Mutares model: acquire distressed assets, restructure them, and exit at a profit. The summer's flurry of transactions suggests that cycle is currently turning at speed.
Why Reported EBITDA Tells a Different Story
While adjusted EBITDA swung into positive territory, the reported figure moved in the opposite direction, falling from EUR 598.2 million to EUR 348.8 million. The gap underscores how acquisition and exit-related effects shape the reported numbers more than underlying operations — a familiar pattern for a holding company whose balance sheet is constantly reshaped by portfolio changes.
The adjusted EBITDA recovery was driven by restructuring progress at Guascor Energy, NEM Energy and alterga. Offsetting those gains were continued drags from Lapeyre, Prénatal, Stuart and LaRochette. The mixed picture illustrates the uneven nature of a portfolio that pairs successful turnarounds with problem cases still requiring time.
Guidance Hinges on Second-Half Closings
Management reaffirmed its full-year outlook: group revenue between EUR 7.9 billion and EUR 9.1 billion, with holding net income of EUR 165 million to EUR 200 million. The range remains unchanged from prior guidance.
The key variable is whether planned divestments actually complete in the second half. The exit pipeline is described as well-filled, but only realized sales count toward the result. That timing dependency is inherent to the model — annual profit forecasts hinge on transaction scheduling as much as on operational performance of portfolio companies.
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Regulatory Closure and Shareholder Returns
The BaFin concluded its review of the 2023 annual financial statements, with the only finding being a missing note on the residual maturity of receivables in the annex — subsequently added in later reports. The annual general meeting in early July approved a dividend of EUR 2.00 per share for fiscal 2025 and discharged management and supervisory board members by a large majority.
Market Response Remains Measured
The share closed Tuesday at EUR 27.15, up 1.50 percent. That leaves the stock roughly 9.5 percent lower year-to-date and about 22.8 percent below its 52-week high of EUR 35.15 reached in mid-January. From the April low of EUR 23.30, however, the shares have recovered considerably.
The combination of an operational earnings turnaround and the record chemicals acquisition provides a fresh narrative for investors after a difficult stretch. Yet with the decisive exits still pending for the second half, the market's measured response suggests the real test lies ahead — whether the promised transactions close on schedule and translate guidance into delivered results.
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