Q1 results out; execution on track

Research evidence excerpt

Q1 results out; execution on track

Diversified Financial Services

Mutares SE & Co. KGaA (MUX GR)

EQUITY RESEARCH Quick Take

May 12, 2026

Q1 results out; execution on track Price: €26.25

Price Target: €48.00 Takeaways

Rating: Overweight In a nutshell: a solid operational quarter, but the real story is on the

Key Statistics: transaction side.

Symbol XETRA: MUX GR

Q1 2026 Group revenues of €1,678.7m (+10% yoy) are run-rate wise 52-Week Range 20.41 - 36.69

Market Cap 672.5 below eCF FY26E of €8.4bn, supported by acquisition-driven perimeter

ADV (3 mo) 109,804 expansion but not yet including the landmark SABIC deal signed in

Shares Out (M) 25.6 January, with annual revenues of approximately €2bn and equity of €2bn

expected to close at the end of Q2.

Research Analysts:

Marie-Thérèse Gruebner More importantly, adjusted EBITDA swung to €11.1m from €-30.1m in Q1

Cantor Europe 2025, which validates the portfolio improvement thesis we have been

+49 69 50 9540640 outlining in recent updates. Marie.Therese.Gruebner@cantor.com

Management reiterates FY26 guidance, which is underpinned by a very

One-Year Price History promising exit pipeline in highly attractive verticals.

35 Summary

30 Q1 Group revenues & EBITDA: the trajectory is what matters. Group

25 revenues grew 10% to €1,678.7m, driven primarily by acquisitions, as

05/25 08/25 11/25 02/26 05/26 well operational turnarounds. Reported EBITDA of €162.4m compares to

MUX GR Created by BlueMatrix €379.7m in Q1 2025, with the prior-year base heavily inflated by bargain

purchase income courtesy of buoyant deal activity.

The operationally clean metric, adjusted EBITDA, tells a materially

better story at €11.1m vs. €-30.1m prior year: a meaningful inflection

showing turnaround progress. Positive contributors include Magirus,