Mutares' Record $450M SABIC Deal Caps a Half-Year of Wholesale Portfolio Reinvention
Published on 08/04/2026 at 16:35 | Redaktion boerse-global.de
The Munich-based investment firm has closed the largest acquisition in its corporate history, snapping up SABIC's Engineering Thermoplastics unit in a transaction valued at $450 million. The deal, completed Tuesday, marks the launch of a brand-new Chemicals & Materials segment for Mutares, with the acquired business set to operate under the NexPoint Materials banner.
The timing is hardly coincidental. The acquisition lands alongside the release of Mutares' first-half 2026 results, which show group revenue climbing 9 percent to EUR 3.4 billion from EUR 3.1 billion a year earlier. The earnings picture is even more striking: adjusted EBITDA swung from a negative EUR 89 million to a positive EUR 67 million. Net income at the holding level, however, came in at a comparatively modest EUR 6 million, well shy of the EUR 70 million recorded in the prior-year period.
A Deal Machine Running at Full Throttle
The SABIC purchase is just the latest in a relentless cadence of transactions that has defined Mutares' year. Late July brought the closing of the Wärtsilä gas-solutions acquisition, now being integrated as the Nord Gas Solutions platform. That same month, the company signed an agreement to take over Stellantis' Free2move carsharing business, with plans to expand the electric fleet by the end of 2026. The portfolio company Amaneos completed its purchase of Magna International's European automotive lighting operations at the end of June, while the Chemicals & Materials segment also secured Synthomer a.s. from UK-based Synthomer plc — a business that generated roughly EUR 110 million in revenue in 2025.
On the divestment side, Mutares has been equally busy. The Terranor Group was sold in full, generating proceeds of around EUR 50 million over the entire holding period. A far larger exit came with the signing of an agreement to sell NEM Energy Group to Hyundai Heavy Industries Power Systems — described by the company as the biggest exit of the year by volume. Two further disposals were finalized in late July: the sale of Walor Precision Turning to Reed Capital and the divestment of Finnish services firm Redo Oy.
Should investors sell immediately? Or is it worth buying Mutares?
The pattern is quintessential Mutares: acquire non-core divisions from established industrial groups, develop them operationally, and sell them at a premium after a successful turnaround. The sheer frequency of deals underscores how aggressively the company is reshaping its portfolio.
Guidance Holds, Covenants Confirmed
Despite the whirlwind of activity, management has kept its full-year outlook unchanged. Group revenue is still expected to land between EUR 7.9 billion and EUR 9.1 billion, with holding-level net profit projected at EUR 165 million to EUR 200 million. The company also confirmed that all bond covenants were fully satisfied as of June 30, 2026 — a reassurance to creditors that the financing structure remains sound even as the acquisition spree continues.
Shareholders have already received their reward for the past year: the annual general meeting in July approved a dividend of EUR 2.00 per share for fiscal 2025. The same meeting ratified the April capital increase, in which 1.08 million new shares were placed at EUR 24.50 each — a move management framed as a strategic step in funding the growth trajectory. Separately, Mutares has expanded its disclosures for the 2024 and 2025 group appendices with more detailed information on the maturities of intra-group receivables, a formal response to a finding by the accounting oversight body that does not alter the operational picture.
Market Stays Lukewarm Despite Operational Momentum
The stock market, however, has yet to reward the operational dynamism. Shares closed Monday at EUR 26.75, down 10.83 percent since the start of the year. The gap to the 52-week high of EUR 35.15, set in mid-January, now stands at 23.90 percent — a measure of how far sentiment has cooled from the early-year optimism. On Tuesday, following the SABIC announcement, the stock managed a modest gain of 1.31 percent, though it remains 2.85 percent below its 50-day average of EUR 27.89.
Mutares at a turning point? This analysis reveals what investors need to know now.
A market screener earlier in the week flagged the stock as undervalued, citing a price target of EUR 45.20 — a level that would imply a substantial re-rating from the current market capitalization of EUR 581.66 million.
Investors now have a clear calendar to test whether the deal-making translates into shareholder value. The H1 earnings call is scheduled for August 18, followed by third-quarter results on November 12 and an investor day in London on November 19. Between now and then, the question is whether the combination of headline-grabbing acquisitions like SABIC and Free2move, alongside the steady stream of exits, will be enough to close the gap between operational performance and market perception.
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