NEM Energy being sold to Hyundai; the exit machine keeps humming

Research evidence excerpt

NEM Energy being sold to Hyundai; the exit machine keeps humming

Diversified Financial Services

Mutares SE & Co. KGaA (MUX GR)

EQUITY RESEARCH Company Update

June 11, 2026

NEM Energy being sold to Hyundai; the exit machine Price: €27.35

Price Target: €48.00 keeps humming

Rating: Overweight

MUX has signed an agreement to sell NEM Energy Group to Hyundai

Key Statistics: Heavy Industries Power Systems (HPS). In our view, this is a further

Symbol XETRA: MUX GR demonstration of continued strong execution around MUX’s exit strategy. 52-Week Range 20.41 - 36.69

Market Cap 700.7 While the purchase price was not disclosed, we estimate the disposal

ADV (3 mo) 115,091 carries a Holding Net Income impact of c.€70-90m, equivalent to

Shares Out (M) 25.6 roughly 40%-50% of the midpoint of management’s FY26 Holding Net

Income guidance of €165-200m – a material contribution from a single

Research Analysts: asset. NEM follows hot on the heels of six signed exits in Q1 and

Marie-Thérèse Gruebner confirms management’s confidence in a richer harvesting pipeline,

Cantor Europe with further exits set to follow and a remaining short- to mid-term +49 69 50 9540640

Marie.Therese.Gruebner@cantor.com exit pipeline carrying a CF-estimated cumulative transaction value of

€700-960m (Efacec, Magirus, Borealis), which would represent 1.0-1.3x

Sales (€) the current market capitalisation, also underpinning our Holding Net

FYE Dec 2026E 2027E 2028E Income forecasts into FY28 and the investment case overall.

Year 8.4(B)E 10.5(B) 11.3(B)

Consolidated Sales The transaction. MUX has signed the sale of NEM Energy B.V. and its

Net Income subsidiary NEM Balcke-Dürr GmbH (together 'NEM Energy Group') to HPS,

FYE Dec 2026E 2027E 2028E ultimately owned by KOSDAQ-listed MiCo Ltd. The price and contractual