Mutares Se & Co. Kgaa · XETR:MUX
Mutares Se & Co. Kgaa — Q1 2025 Earnings Presentation
24 slides from Mutares Se & Co. Kgaa's earnings presentation, Apr 29, 2025
Slide 1: Preliminary Financials FY 2024 & Final Q1 2025
Preliminary Financials FY 2024 & Final Q1 2025 April 29, 2025
Slide 2: Introduction
Introduction Preliminary Financials for Annual Report with Financials of Q1 2025 Annual General Meeting FY 2024 audited financials ¬ Mutares has been informed by its auditor that it would not be able to complete its audit work as planned due to increased auditing and documentation requirements resul
Slide 3: Company & Business Model
Company & Business Model Key Highlights Preliminary Financials of FY 2024 Financials of Q1 2025 Outlook 3
Slide 4: We promise – We deliver – We engage
We promise – We deliver – We engage Since our communication in October 2024, we followed what we promised: 1. 1 Continue to grow with larger acquisitions and lower exposure (such as Buderus Edelstahl and Magirus) 2. 2 Continue to grow profitable with an achieved net result for the Holding in accorda
Slide 5: Outstanding growth target to EUR 10 bn group revenues and net result of EUR 200m
Outstanding growth target to EUR 10 bn group revenues and net result of EUR 200m on Holding level Global Footprint Four Diversified Helsinki Segments Stockholm London Amsterdam Warsaw Frankfurt Paris Munich Vienna (HQ) Bad Wiessee Milan Target Company Size Turnaround Madrid EUR 100-750 m Hero 5
Slide 6: ROIC target of 7-10x through successful turnarounds with our unique value creation lifecycle
ROIC target of 7-10x through successful turnarounds with our unique value creation lifecycle Mutares value creation lifecycle (avg. holding period 3-5 years) Acquisition Realignment Optimization Harvesting Calculated risk taken in loss- Cash financing provided by Investment in a successful Transform
Slide 7: Well diversified portfolio with annualized revenues of EUR ~7.5 bn
Well diversified portfolio with annualized revenues of EUR ~7.5 bn Automotive & Engineering & Goods & Retail & Mobility Technology Services Food Early cyclical, Late cyclical, Non-cyclical, Cyclical, annual rev. EUR ~2.8 bn annual rev. EUR ~1.9 bn annual rev. ~1.7 bn annual rev. EUR ~1.0 bn 1) 1) Li
Slide 8: Key Highlights
Company & Business Model Key Highlights Preliminary Financials of FY 2024 Financials of Q1 2025 Outlook 8
Slide 9: Key FY 2024 highlights include high transaction activity with focus on sell-side and expansion
Key FY 2024 highlights include high transaction activity with focus on sell-side and expansion of the international footprint Buy-side with 13 acquisitions Sell-side with 7 exits3) 1) 1) 1) 1) 1) 1) Capital market milestones reached for both share and bond Geographical expansions into China and the
Slide 10: Ongoing high transaction activity in Q1 2025 with focus on sell-side and expansion
Ongoing high transaction activity in Q1 2025 with focus on sell-side and expansion of the international footprint Buy-side with 7 acquisitions Sell-side with 5 exits 2) 1) 1) 1) (VR Logistics) Listing of Steyr Motors Geographical expansion into India Successful listing of Steyr Motors in October 202
Slide 11: Preliminary Financials of FY 2024
Company & Business Model Key Highlights Preliminary Financials of FY 2024 Financials of Q1 2025 Outlook 11
Slide 12: Preliminary financials for 2024 show high net result in the Holding despite strong headwinds
Preliminary financials for 2024 show high net result in the Holding despite strong headwinds Key financials (EUR million) FY 2022 FY 2023 FY 2024 Δ (FY 2024-23) FY 2025e Mutares Group Revenues 3,751.7 4,689.1 5,261.6 572.5 6,500 – 7,500 EBITDA 181.5 756.9 117.0 -639.9 Adjusted EBITDA -32.7 3.5 -85.4
Slide 13: Segment financials show stable or increased revenues across all four segments
Segment financial show stable or increased revenues across all four segments EUR million Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 FY 2023 Δ Automotive & Mobility Revenues 605.9 533.8 540.0 543.5 2,223.2 1,878.3 344.9 Adjusted EBITDA 22.3 -1.2 -19.6 -47.4 -45.9 3.3 -49.2 Engineering & Technology Reven
Slide 14: Automotive & Mobility: Strong headwinds on sales due to global drop in call-offs from OEMs
Automotive & Mobility: Strong headwinds on sales due to global drop in call-offs from OEMs, focus on footprint optimization EUR million FY 2024 FY 2023 Δ Revenue bridge (EUR million) 2,223.2 Revenues 2,223.2 1,878.3 344.9 1,878.3 -287.5 632.4 Cost of material -1,348.5 -1,171.0 -177.5 Personnel expen
Slide 15: Engineering & Technology: Strong contribution of Guascor Energy, NEM Energy Group and Steyr Motors
Engineering & Technology: Strong contribution of Guascor Energy, NEM Energy Group and Steyr Motors; weak construction business at Byldis EUR million FY 2024 FY 2023 Δ Revenue bridge (EUR million) 1,142.0 Revenues 1,142.0 933.9 208.1 933.9 174.4 33.7 Cost of material -765.3 -653.2 -112.1 Personnel ex
Slide 16: Goods & Services: Exit of Frigoscandia with material effect on revenues and profitability
Goods & Services: Exit of Frigoscandia with material effect on revenues and profitability EUR million FY 2024 FY 2023 Δ Revenue bridge (EUR million) Revenues 1,037.1 1,037.1 0.0 1,037.1 17.2 -17.2 1,037.1 Cost of material -504.3 -535.5 31.2 Personnel expenses -434.6 -368.8 -65.8 2023 Organic M&A act
Slide 17: Retail & Food: Slight increase in revenues besides headwinds on organic revenue development
Retail & Food: Slight increase in revenues besides headwinds on organic revenue development EUR million FY 2024 FY 2023 Δ Revenue bridge (EUR million) Revenues 859.1 840.0 19.1 859.1 840.0 Cost of material -474.2 -439.8 -34.4 -110.2 129.3 Personnel expenses -212.9 -190.4 -22.5 2023 Organic M&A activ
Slide 18: Financials of Q1 2025
Company & Business Model Key Highlights Preliminary Financials of FY 2024 Financials of Q1 2025 Outlook 18
Slide 19: Promising start into FY 2025: Partial exit of Steyr Motors with first impact on net income
Promising start into FY 2025: Partial exit of Steyr Motors with first impact on net income on Holding level Key financials Q1 2025 Q1 2024 Δ FY 2025e (EUR million) Increase in revenues of Mutares Group attributable to high level of Mutares Group acquisition activity with already 6 closed acquisiti
Slide 20: Promising operational development in the portfolio, but Adjusted EBITDA negative
Promising operational development in the portfolio, but Adjusted EBITDA negative due to the large number of new investments requiring restructuring Key financials Q1 2025 Q1 2024 Δ EUR million Automotive & Mobility Revenues 627.1 605.9 21.2 Increase in revenues partly due to the acquisitions made in
Slide 21: Portfolio allocation as of March 31, 2025: Well diversified across value creation life cycle
Portfolio allocation as of March 31, 2025: Well diversified across value creation life cycle Revenues (EURm)1) Adj. EBITDA (EURm)1) Q1 2025 Q1 2024 Q1 2025 Q1 2024 Harvesting (#12) 2) 425.7 15.2 8.7 160.3 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Optimization (#7) 1,003.3 18.2 630.4 11.3 Acquisition (#1) Real
Slide 22: Outlook
Company & Business Model Key Highlights Preliminary Financials of FY 2024 Financials of Q1 2025 Outlook 22
Slide 23: Investment summary
Investment summary Access to the private equity market with balanced portfolio to mitigate risk and optimize opportunities Focus on growth towards EUR 10bn Group revenues and EUR 200m Holding net income Successful track record with a plan to acquire >10 companies and divest >10 portfolios in 2025 At
Slide 24: Disclaimer
This document has been prepared by Mutares SE & Co. KGaA solely for the use in this presentation. The information contained in this document has not been independently verified. No representation or warranty - whether expressed or implied – is made as to, and no reliance should be placed on, the fai
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