Cantor Summit Soundbites

Research evidence excerpt

Cantor Summit Soundbites

Diversified Financial Services

Mutares SE & Co. KGaA (MUX GR)

EQUITY RESEARCH Quick Take

May 26, 2026

Cantor Summit Soundbites Price: €27.05

Price Target: €48.00 Takeaways

Rating: Overweight Deal momentum continues to be strong with highly attractive

Key Statistics: monetisation prospects ahead, while the US remains in strong focus on

Symbol XETRA: MUX GR the 'buy-side'. We continue to like the stock at these levels.

52-Week Range 20.41 - 36.69

Market Cap 693.0 Summary

ADV (3 mo) 113,255 We hosted founder and CEO Robin Laik and CIO Johannes Laumann at our Shares Out (M) 25.6

recent Cantor European Summit. Here is what we learned...

Research Analysts: 1. Portfolio monetisation remains in full swing. Management sounded a

Marie-Thérèse Gruebner very upbeat tone regarding the MUX exit pipeline, with several live sell-side Cantor Europe

+49 69 50 9540640 transactions in progress. As a reminder and as flagged in previous updates,

Marie.Therese.Gruebner@cantor.com we estimate a cumulative enterprise value crystallisation of €725-870m

from upcoming portfolio divestitures into FY28E, which would translate

One-Year Price History into an average annual €250m in exit proceeds into FY28E. From the

40 conversations with investors, we believe the following assets should be the

35 likeliest to be sold over the next 6-18 months.

25 2. NEM Energy: we believe that this divestiture alone would put the lower

end of guidance within reach. Here is why...

05/25 08/25 11/25 02/26 05/26

MUX GR Created by BlueMatrix The company is a global leader in customised heat recovery solutions,

exhaust & divertor solutions for power generation, oil & gas and the

renewable energy sector. The asset was carved-out from Siemens Energy in