Slides
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Global Private Equity Special Situations Investor Q3 2025 Earnings Call November 13, 2025
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4 3 2 1 Q3 2025 Financials 2 Agenda Business Model Portfolio Update Outlook
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3 OUR VISION Global Market leader in special carve- out situations OUR MISSION Transform distressed companies OUR VALUES Entrepreneurship Personal Integrity OUR GOALS Shareholder value creation CEO & Founder Robin Laik is responsible for strategy and business development. CFO Mark Friedrich is responsible for finance, HR and compliance. Management Board of Mutares Management SE CIO Johannes Laumann is responsible for M&A and investor relations. COO Dr. Lennart Schley is responsible for operations. Purpose: Who we are
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Asia North America Helsinki Chicago Mumbai Shanghai Tokyo Madrid Paris London Amsterdam Frankfurt Munich (HQ) Vienna Milan Warsaw Stockholm 4 Turnaround distressed carve-out assets Global leader in distressed carve-outs Four balanced and diversified segments Alignment of shareholder focus Investment Highlights
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Operating model with ROIC target of 7-10x through entire life cycle (avg. holding period 3-5 years) 5 Realignment Cash financing provided by the seller Recurring Holding revenues from consulting & management fees Optimization Investment in a successful turnaround Predictable portfolio dividends to Holding company Harvesting Transformation into a profitable company Exits proceeds Acquisition Calculated risk taken in loss-making companies Invested Capital
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4 3 2 1 Q3 2025 Financials 6 Agenda Business Model Portfolio Update Outlook
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Key financials YTD Q3 2025 of Mutares Group and Holding 7 EBITDA EUR 720.3 m (previous year: EUR 170.3 m) Acquisition Positive impact through buy-side transactions Harvesting Positive impact through successful exits Adjusted EBITDA EUR -62.5 m (previous year: EUR -16.5 m) Realignment/Optimization Positive impact from trans- formation and restructuring Acquisition Negative contribution from newly acquired companies with need for restructuring Net Income EUR 83.5 m (previous year: EUR 53.5 m) Harvesting Positive impact especially from exits Forms the basis for the dividends to shareholders GroupHolding Revenues EUR 4.7 bn (previous year: EUR 3.9 bn) Acquisition Positive impact through buy-side transactions
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1) Previous period financials have been adjusted to reflect the new segment structure and thus differ from prior year’s publications; 2) Financials include contributions from exited portfolio companies until the date of their deconsolidation; due to consolidation effects, total Revenues and Adjusted EBITDA for Mutares Group differ from the sum of the individual segments. Increase in revenues due to new add-on acquisitions made in 2025 in Amaneos, SFC and FerrAl United groups respectively Focus on consolidation of the two large groups (Amaneos and FerrAl United) with selective expansion; global footprint crucial Positive momentum for Efacec, Donges Group and Guascor driving revenue growth and improvement in Adjusted EBITDA Exit of Clecim closed in Q4 New segment that bundles companies in regulated or infrastructure-based markets Strong revenue growth through acquisitions Negative profitability driven primarily by new acquisitions (esp. Magirus and Buderus) 8 Portfolio segmentation redefined to drive strategic alignment and growth Q3 2025 Q3 20241) Automotive & Mobility Revenues 1,876.7 1,679.7 Adjusted EBITDA 19.0 1.5 Engineering & Technology Revenues 964.6 796.9 Adjusted EBITDA 23.5 -9.2 Infrastructure & Special Industry Revenues 858.2 192.8 Adjusted EBITDA -48.9 10.3 Goods & Services Revenues 1,025.8 1,225.2 Adjusted EBITDA -59.6 -38.6 Mutares Group Revenues 2) 4,725.3 3,892.8 Adjusted EBITDA 2) -62.5 -16.5 Market headwinds drive revenue decline and affect profitability in light of overall weak consumer demand Adjusted EBITDA on top affected by negative contributions of newly acquired Natura and Locapharm Promising development at Alterga, Palmia and GoCollective
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Well diversified portfolio across lifecycle stages as of September 30, 2025 Holding period approx. 3-5 years Revenues (EURm)1) Adj. EBITDA (EURm)1) Q3 2025 Q3 2024 Q3 2025 Q3 2024 9 1) Financials include contributions from exited portfolio companies; Due to consolidation effects, total Revenues and Adjusted EBITDA for Mutares Group differ from the sum of the individual lifecycle phases 2) Exits of Clecim and Buderus closed in Q4 2025 1,305.7 492.6 75.7 27.3 2,007.5 2,768.0 -25.4 4.1 1,413.6 634.1 -114.7 -66.6 Harvesting Optimization Realignment Kawneer EU 2) 2)
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4 3 2 1 Q3 2025 Financials 10 Agenda Business Model Portfolio Update Outlook
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Companies Companies CompaniesCompanies Engineering & Technology Automotive & Mobility Goods & Services Early cyclical, annualized rev. EUR ~2.9 bn Late cyclical, annualized rev. EUR ~1.6 bn Non-cyclical, annualized rev. ~1.8 bn 105 13 11 Infrastructure & Special Industry Non-cyclical, annualized rev. ~1.2 bn 6 Current status of new segmentation with well diversified portfolio with annualized revenues of EUR ~7.5 bn
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Realignment 12 Holding period approx. 3-5 years The portfolio companies in the Automotive & Mobility segment — our early-cyclical business — operate worldwide and supply renowned international original equipment manufacturers (OEMs) for passenger cars and commercial vehicles with high-quality components, systems, and technologies. The focus is on plastic, metal, and mechatronic solutions. Automotive & Mobility Early-cyclical business annualized rev. EUR ~2.9 bn Harvesting Realignment Optimization 1) Part of amaneos, shown here separately; 2) Closed in Q4 2025 2) 1)
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13 Holding period approx. 3-5 years The portfolio companies in the Engineering & Technology segment – our late-cyclical business – focus on sophisticated solutions in plant and machine engineering and related products and services, with an emphasis on technological and engineering expertise. Engineering & Technology Late-cyclical business annualized rev. EUR ~1.6 bn Kawneer EU Harvesting Realignment Optimization
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14 Holding period approx. 3-5 years Infrastructure & Special Industry Non-cyclical business The portfolio companies in the Infrastructure & Special Industry segment – our non-cyclical business – operate in the field of critical infrastructure and solutions as well as other highly specialized industries. These include providers from the areas of utility infrastructure, environmental technologies, transport logistics, and security technology. High entry barriers, regulated markets, and long-term, often public-sector customer relationships are characteristic features of this segment. annualized rev. EUR ~1.2 bn Harvesting 1) Currently ~73% stake with plan to further reduce in the next 12 months 1 Optimization Realignment
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15 Holding period approx. 3-5 years The portfolio companies in the Goods & Services segment – our non-cyclical business – offer specialized products and services to customers in various industries, some with a focus on end customers and consumers. Goods & Services Non-cyclical business annualized rev. EUR ~1.8 bn Harvesting Optimization Realignment
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16 Presented by CEO Fatmir Veselaj Update Presented by Christian Klingler Managing Director of Mutares Efacec Case Study
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4 3 2 1 Q3 2025 Financials 17 Agenda Business Model Portfolio Update Outlook
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18 Outlook 2025 18 Group Guidance for FY 2025: Revenues: EUR 6.5 – 7.5 bn EBITDA: clearly positive level Adjusted EBITDA: extraordinary improvement vs. previous year Holding Net income for FY 2025 expected in the range of EUR 130 – 160 m Full compliance with all BaFin requests, now awaiting formal feedback Infrastructure & Special Industry + EUR >700 m in annualized revenues in YTD 2025 Home run segment with a focus on defense and logistics Goods & Services + EUR >100 m in annualized revenues in YTD 2025 Expansion of industrial services and leadership in consolidation in niche markets Segments Automotive & Mobility + EUR >500 m in annualized revenues in YTD 2025 Focus on consolidation and exit readiness of the two large groups with selective expansion Engineering & Technology + EUR >100 m in annualized revenues in YTD 2025 Expansion of the segment due to significant opportunities in the energy and chemical sectors Transaction activity 5 sell-side transactions YTD – further exits expected until year-end
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Thank you for your participation! This document has been prepared by Mutares SE & Co. KGaA solely for the use in this presentation. The information contained in this document has not been independently verified. No representation or warranty - whether expressed or implied – is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained therein. Neither the company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its content or otherwise arising in connection with this document. This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither this document nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This document contains forward-looking statements that are based on current estimates and assumptions made by the management of Mutares SE & Co. KGaA, and other information currently available to them. The words “anticipate”, “assume”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “should” and similar expressions are used to identify forward-looking statements. Various known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements. Mutares SE & Co. KGaA does not intend or assume any obligation to update any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and is based on numerous assumptions which may or may not prove to be correct. This presentation and its contents are confidential and are not for release, reproduction, publication or distribution, in whole or in part, directly or indirectly, in or into or from the United States of America, Canada, Australia, Japan or any jurisdiction where such distribution is unlawful. This presentation is not an offer or invitation to buy or sell securities in any jurisdiction.