Mutares' Record $450M SABIC Deal and a Sharper H1 Profit Picture Leave the Stock Stuck in Neutral
Published on 08/06/2026 at 16:34 | Redaktion boerse-global.de
The gap between what Mutares is doing and what its share price is saying has rarely looked wider. Over the course of 48 hours this week, the Munich-based holding company published a half-year report showing a swing back into positive adjusted earnings, closed the largest acquisition in its history, and picked up a second business the very next day. The stock, meanwhile, is still trading roughly a quarter below its January peak.
The Numbers Behind the Narrative
The operational turnaround is the headline. Revenue for the first six months of 2026 rose 9 percent to EUR 3.4 billion, up from EUR 3.1 billion in the same period last year. More significant for investors was the adjusted EBITDA figure, which flipped from a negative EUR 89 million to a positive EUR 67 million. Unadjusted EBITDA, by contrast, came in at EUR 349 million, down from EUR 598 million a year earlier — a decline the company attributes to the ongoing reshaping of its portfolio.
On the holding level, Mutares booked an adjusted net result of EUR 6 million after absorbing roughly EUR 10 million in costs tied to a capital increase and bond restructuring. Management also confirmed that all bond covenants were met as of June 30, a reassurance that carries weight given the pace of recent deal-making. The full-year guidance stands, with the board still targeting a holding-level net profit between EUR 165 million and EUR 200 million.
A Record Deal and a New Segment
The acquisition activity has been relentless. On Tuesday, Mutares completed the purchase of SABIC's Engineering Thermoplastics business across the Americas and Europe at an enterprise value of USD 450 million — the biggest transaction in the company's history. The unit, which generates roughly EUR 2 billion in annual sales, will now operate as NexPoint Materials and anchor a newly created Chemicals & Materials segment, taking Mutares into unfamiliar territory.
Just 24 hours later, the company closed on Car Top Systems, the roof-systems specialist acquired from Magna, which brings in around EUR 75 million in revenue and strengthens the automotive arm. The flurry of activity follows an agreement announced in late July for Stellantis to sell its Free2move car-sharing operation to Mutares. Three transactions in quick succession underscore how aggressively the group is reconfiguring its portfolio.
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Analysts See Room to Run
The analyst community has responded favorably to the half-year figures. Sphene Capital reaffirmed its "Buy" rating on Wednesday, trimming its price target only marginally from EUR 49.40 to EUR 49.30. Against the current share price, that implies upside of more than 80 percent. The firm points to the improved earnings quality in H1 and suggests Mutares could hit its medium-term targets — including EUR 10 billion in group revenue — ahead of the original 2028 schedule. Management is also aiming for annual growth of at least 25 percent in both revenue and holding-level profit through 2030.
Cantor also weighed in on the same day, maintaining an "Overweight" stance with a price target of EUR 48.00, comfortably above where the shares currently trade.
The Market Remains Unimpressed
For all the positive news flow, the share price has yet to catch up. The stock was last seen at EUR 27.15, up 0.74 percent on the day, but that leaves it down 9.5 percent year to date and more than 22 percent below its 52-week high of EUR 35.15, reached on January 15. It also continues to trade beneath its 200-day moving average of EUR 28.75, a sign that the consolidation phase may not be over.
The disconnect between the operational momentum — two completed acquisitions within 24 hours, a sharply improved adjusted EBITDA, and two analyst endorsements — and the subdued share price is likely to remain a central talking point. The next earnings call on August 18 will give management a chance to outline how NexPoint Materials and Car Top Systems will be integrated and what the recent purchases mean for the annual targets. Whether that shifts the market's mood remains an open question.
