Supportive recent newsflow, including a promising pipeline build-up

Research evidence excerpt

Supportive recent newsflow, including a promising pipeline build-up

Diversified Financial Services

Mutares SE & Co. KGaA (MUX GR)

EQUITY RESEARCH Company Update

June 5, 2026

Supportive recent newsflow, including a promising Price: €28.80

Price Target: €48.00 pipeline build-up

Rating: Overweight

Mutares has recently put out a number of press releases, on the 'buy-

Key Statistics: side' and on the 'sell-side', that underpin both immediate monetisation

Symbol XETRA: MUX GR and pipeline prospects. The announcements come on the back of 52-Week Range 20.41 - 36.69

Market Cap 737.8 management's attendance of our recent Cantor European Summit

ADV (3 mo) 114,584 (feedback here), where further deal prospects were discussed (EFACEC,

Shares Out (M) 25.6 NEM exits and US acquisition pipeline).

1.Kick-starting the divestiture process for firefighting and defence vehicle Research Analysts:

manufacturer Magirus. Marie-Thérèse Gruebner

Cantor Europe Magirus, which was acquired by Mutares in January 2025, is showing +49 69 50 9540640

Marie.Therese.Gruebner@cantor.com strong and rapid operational progress, with record-high Q1 2026 order

intake and strong revenue growth, positioning the company for rapid and

Sales (€) visible adjusted EBIT inflection. Under Mutares' ownership, the company

FYE Dec 2026E 2027E 2028E acquired Achleitner Fahrzeugbau in October in 2025, now rebranded

Year 8.4(B)E 10.5(B) 11.3(B) Magirus Defense Systems (MDS).Consolidated Sales

Net Income MDS is home to the Survivor platform of heavily armoured tactical

FYE Dec 2026E 2027E 2028E vehicles built for military, police and VIP security. One variant, the HMV

Year €180.0E €234.0 €292.5 Survivor I, for example, is designed for extreme off-road conditions, offers