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EQS-News: Mutares SE & Co. KGaA / Key word(s): Quarterly / Interim Statement
Promising start to the year: Mutares increases net income of the Holding in the first quarter of 2024 thanks to
successful exit - expansion into the growth market India initiated
2024-05-07 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
Promising start to the year: Mutares increases net income of the Holding in the first quarter of 2024 thanks to a
successful exit - expansion into the growth market India initiated
. Revenues from consulting services and management fees of Mutares Holding grew by 8% to EUR 29.3 million
in the first quarter of 2024 (previous year: EUR 27.1 million)
. Net income of Mutares Holding reaches EUR 51.3 million in the first three months of 2024 (previous year:
EUR 8.2 million), benefiting in particular from the exit of Frigoscandia
. Group revenues increase by 21% to EUR 1,346.1 million (previous year: EUR 1,108.0 million), Adjusted
EBITDA improves to EUR 14.0 million (previous year: EUR 5.1 million)
. Successful tap issue of the bond with a volume of EUR 100 million in the first quarter of 2024
Munich, May 7, 2024 - Mutares SE & Co. KGaA (ISIN: DE000A2NB650) ("Mutares" or "Mutares Holding" and, together with its
subsidiaries, "Mutares Group") today published its figures for the first quarter of 2024. At Mutares Holding level, an
increase in net income was achieved. At Group level ("Mutares Group") revenues and Adjusted EBITDA increased
significantly due to restructuring and development progress.
Significant growth at Holding company and Group level
The revenues of Mutares Holding, which result from consulting services and management fees from the portfolio
companies, increased by 8% to EUR 29.3 million in the first quarter of the fiscal year 2024 (previous year: EUR 27.1
million). In particular, the increase is due to portfolio growth in the fiscal year 2023 due to the high transaction
activity. The net income of Mutares Holding amounted to EUR 51.3 million for the first three months of 2024 (previous
year: EUR 8.2 million) and benefited significantly from the exit of Frigoscandia in the first quarter of 2024.
At Group level, Mutares generated revenues of EUR 1,346.1 million in the first quarter of 2024 (previous year: EUR
1,108.0 million). The increase is due in particular to the high level of acquisition activity in the fiscal year 2023.
Group EBITDA (earnings before interest, taxes, depreciation and amortization) is regularly influenced by
transaction-related effects such as gains from bargain purchases of completed acquisitions and deconsolidation effects
and amounted to EUR 66.1 million in the first three months of 2024 (previous year: EUR 112.4 million). Adjusted EBITDA,
adjusted in particular for transaction-related effects, amounted to EUR 14.0 million in the first quarter of the fiscal
year 2024 (previous year: EUR 5.1 million).
The Group's cash and cash equivalents amounted to EUR 527.0 million as at March 31, 2024 (December 31, 2023: EUR 520.2
million) and the equity ratio was 25% (December 31, 2023: 26%).
Successful continuation of high transaction activity
The period from January to March 2024 was again characterized by a high level of transaction activity, with two
completed transactions on the exit side and the closing of the acquisitions of PRINZ Kinematics from AL-KO and
Temakinho from Cigierre as well as the signing of an agreement for the acquisition of Magirus from Iveco Group.
With the acquisition of PRINZ Kinematics and its subsidiaries from AL-KO as an add-on investment, Mutares strengthens
the HILO Group with a leading global system supplier for high-quality kinematic systems for OEMs in the automotive
technology sector.
The acquisition of Temakinho from Cigierre serves as a platform investment to strengthen the Retail & Food segment. The
well-known Italian restaurant chain offers Japanese-Brazilian cuisine in ten directly managed restaurants in Milan,
Rome, Bologna and Florence, three franchise restaurants at Italian airports and one franchise restaurant in Lyon
(France) at prime locations.
Mutares has also signed an agreement for the acquisition of Magirus from Iveco Group. The acquisition is expected to be
completed no later than January 2025. The renowned provider of vehicles, ladders and other products as well as related
aftersales services in the field of firefighting and disaster control is intended as a platform investment for the
Engineering & Technology segment and generates annual revenues of over EUR 300 million.
On the exit side, Mutares completed two transactions in the first three months of the fiscal year 2024. The portfolio
company VALTI, a European manufacturer of seamless precision steel tubes, was sold to the company's management. In
addition, the sale of Frigoscandia, a full-service provider for temperature-controlled logistics, to Dachser was
completed following a successful repositioning. The transaction makes a significant contribution to the net income of
Mutares Holding in the first quarter of 2024.
Setting the course for further growth in the first quarter - expansion in growth market India
Mutares has taken further important decisions in the first quarter of 2024. In the newly formed HILO Group, Mutares
bundles the portfolio companies KICO and Innomotive Systems Hainichen (ISH) together with the recently completed add-on
acquisitions of PRINZ Kinematics and High Precision Components (HPC) as a globally active system supplier for
high-quality automotive technology.
In addition, the bond was increased by a further EUR 100 million to the maximum volume of EUR 250 million under the
existing increase option. The capital inflow from the bond tap enables Mutares to take maximum advantage of the
opportunities arising on the buy side.
Following the recent opening of an office in Shanghai (China), Mutares is continuing its expansion into Asia with a
further office in Mumbai (India). The market entry in India is a logical step for Mutares after the portfolio companies
SFC Solutions and MoldTecs (both part of Amaneos) already have activities in this fast-growing market. India offers
enormous opportunities for Mutares as a target market with strong economic growth expected in the coming years.
According to current forecasts, India will become the third-largest economy in the world by the end of the decade.
Favorable conditions for foreign direct investment and, in particular, the Indian government's agenda for planned
infrastructure development and investment are fully in line with Mutares' target industries.
Restructuring and development progress characterize development of Adjusted EBITDA
Revenues in the Automotive & Mobility segment amounted to EUR 605.9 million in the first quarter of 2024 (previous
year: EUR 448.7 million). This increase was primarily due to the acquisitions made in the fiscal year 2023, above all
Peugeot Motocycles and the add-on acquisitions for the FerrAl United Group (in particular MMT-B). EBITDA in the
Automotive & Mobility segment amounted to EUR 29.7 million in the first quarter of 2024 (previous year: EUR 65.9
million). Adjusted EBITDA was impacted by the still negative earnings contributions from the new acquisitions but
amounted to a pleasing EUR 22.3 million in the first three months of 2024 and was therefore significantly higher than
the previous year's figure of EUR -6.9 million.
The portfolio companies in the Engineering & Technology segment generated revenues of EUR 224.3 million in the first
quarter of 2024 (previous year: EUR 263.1 million). Segment EBITDA amounted to EUR -11.7 million (previous year: EUR
10.2 million). Adjusted EBITDA amounted to EUR -7.7 million (previous year: EUR 0.7 million) and was negatively
impacted in particular by the still negative earnings contributions from the new acquisitions from the fourth quarter
of fiscal year 2023 (Efacec and Byldis), which more than offset the positive developments at other portfolio companies
in the segment.
Revenues in the Goods & Services segment amounted to EUR 286.4 million in the first quarter of 2024 (previous year: EUR
190.4 million)^1. In addition to the inclusion of the acquisitions from the fiscal year 2023, above all GoCollective,
ReloBus and MobiLitas (together formerly: Arriva Group) and Palmia, Terranor Group and Conexus in particular showed
pleasing organic revenue growth. The segment's EBITDA amounted to EUR 52.8 million in the first quarter of 2024
(previous year: EUR 6.9 million) and benefited significantly from the sale of Frigoscandia. Adjusted EBITDA amounted to
EUR 0.2 million in the first quarter (previous year: EUR 3.7 million).
The Retail & Food segment generated revenues of EUR 230.1 million in the first quarter of 2024 (previous year: EUR
207.0 million). The increase reflects the acquisition of Gläserne Molkerei in the third quarter and the acquisition of
Prénatal and TeamTex in the fourth quarter of 2023. The decline in revenues at Lapeyre due to a challenging market
environment had the opposite effect. EBITDA for the segment amounted to EUR -13.5 million in the first quarter of 2024
(previous year: EUR 20.1 million). Adjusted EBITDA amounted to EUR -9.7 million (previous year: EUR -2.3 million).
Adjusted EBITDA fluctuates significantly along the three phases of value creation that investments usually go through
during their affiliation with Mutares (Realignment, Optimization and Harvesting). As in previous years, the
classification of portfolio companies into the three phases was adjusted in the first quarter on the basis of the
progress made in the transformation and the approved budgets.

Operational phase as part of the     Allocated investments as of  Revenues YTD 03/2024 in  Adj. EBITDA^2 YTD 03/ 2024 
value creation cycle                 March 31, 2024               EUR million              in EUR million 

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