Mutares SE & Co. KGaA reported mixed first-half results for 2026, with group sales rising to €3.4 billion, slightly above the prior-year period, while adjusted EBITDA totaled €67 million. The company’s underlying operational performance improved by more than €150 million year-over-year, though adjusted net income declined to €6 million from €70 million in H1 2025—a figure boosted by prior-year badwill effects and the exit from Steyr.
Adjusted EBITDA was weighed down by differences in goodwill and badwill accounting, according to the earnings call. Bond covenant compliance was fully re-established by June 30, 2026, following earlier restructuring efforts. The company’s Nordgas Solutions unit contributed more than €30 million in EBITDA during the first seven months of operations, with turnover estimated between €400 million and €500 million.
Mutares’ Chemicals and Materials segment is expanding, with revenue expected to exceed €2 billion following the planned closings of NexPoint—formerly part of SABIC—and a Czech chemical company acquisition in the third quarter. The automotive mobility segment posted slight revenue and adjusted EBITDA increases, while the energy and technology segment was described as a "rockstar industry" with steep profitability gains. Infrastructure and defense turnover stabilized, with significant improvements at Magirus.
Retail operations, particularly Lapeyre in France, continued to struggle, prompting plans to divest the segment gradually. The company’s goods and services segment, including B2B service providers Palmia and Nervión, remained stable. Management highlighted the pending exit from NEM, expected to generate proceeds of more than €100 million.
Mutares’ stock rose 0.93% to $27.05 in early trading, following the release of the earnings call. The shares remain 22.9% below their 52-week high of $35.10 and 15.9% above the low of $23.25. The company plans to host an investor day on November 19, 2026, at CÉ LA VI in London, having relocated the event from Frankfurt.
