Mutares signs agreement to sell the Magirus Firefighter Business Unit to Morita Holdings Corporation – Defense business is retained

Mutares signs agreement to sell the Magirus Firefighter Business Unit to Morita Holdings Corporation – Defense business is retained and will be continued as an independent company under a new brand

• Partial sale of the civil business: Mutares sells the Magirus Firefighter Business Unit
• Magirus Firefighter is a well-known brand and a leading provider in firefighting solutions with good capacity utilization and an order book of approx. EUR 780 million for the coming years and an expected sales level of approx. EUR 400 million in 2026
• Mutares retains the Defense business with high growth rates and significant future potential: Mutares continues to expand it towards defense vehicles and system solutions, is in discussions with several major market participants and will continue the business independently under a new brand
• Equity Value of EUR 65 million

Munich, October 9, 2026 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) (“Mutares”) has signed an agreement to sell the Magirus Firefighter Business Unit to Morita Holdings Corporation (“MORITA”), a Japanese manufacturer of fire trucks and specialty vehicles, for an equity value of EUR 65 million. MORITA is already a leading player in Asia, where it is highly profitable, and intends to expand its European business with Magirus. The transaction is a partial sale of Magirus’ Firefighter Business Unit: the Defense business, which promises high growth rates and significant future potential, is not part of the transaction and will remain with Mutares under a new brand.

Since 1864, Magirus has empowered firefighters with innovative, reliable, and purpose-built vehicles and technologies. Magirus is a well-known brand and one of the largest and technologically leading suppliers of fire and disaster protection technology in the world: In firefighting, and particularly in the aerial ladder business, Magirus holds a leading market position. The Magirus Firefighter Business Unit employs more than 1,650 people across its main production and service sites in Ulm (DE), Brescia (IT), Chambéry (FR) and Premstätten (AT).

Since acquiring Magirus in January 2025 from Iveco Group, Mutares has implemented a series of transformation initiatives, including a reorganization of the management structure, cost optimization programs, improved project governance, and acceleration of product development activities. As a result, substantial value creation and operational transformation have been achieved in the Magirus Firefighter Business Unit. Capacity utilization is good, supported by an order book that has increased to approx. EUR 780 million for the coming years and an expected sales level of approx. EUR 400 million in 2026 (excl. Defense). Customer call-offs are currently subdued – a development that can also be observed in the Defense business. The operational improvements initiated following Mutares’ acquisition are increasingly translating into higher production output and improved operational KPIs. The transaction marks a successful exit for Mutares and underlines the ability to create substantial shareholder value through operational transformation.

Mutares retains the Defense business (currently Magirus Defense & Security Business Unit), which offers high growth rates. Following the acquisition of Achleitner Fahrzeugbau in October 2025, Mutares continues to expand the business towards defense vehicles and system solutions, which is progressing according to plan. The development will build on the existing expertise at the Ulm and Radfeld sites, combining Ulm’s extensive experience in vehicle development and production with the long-standing know-how in protected and highly specialized vehicles of the former Achleitner Fahrzeugbau in Radfeld (AT). The Defense business, in parallel, is examining further market potential in protected vehicles of up to 18 tonnes gross vehicle weight and is open to strategic partnerships, while also serving customers in special vehicle construction directly. Mutares is in discussions with several major market participants regarding the further development of the business. After closing of the transaction, the Defense business will be continued independently under a new brand.

Johannes Laumann, CIO of Mutares, comments: “With the Magirus Firefighter business, we are selling a well-known brand that holds a leading position in firefighting and benefits from good capacity utilization and a solid order book for the coming years. The management team has done an outstanding job in putting the Firefighter business on the right track. We are convinced that MORITA is exactly the right partner to further advance the Firefighter business and fully unlock its potential. For our part, we will continue to develop the Magirus Defense & Security Business Unit as part of the Mutares portfolio. After the acquisition of Achleitner Fahrzeugbau, we are expanding the portfolio with complementary systems solutions for security- and defense-related applications, where current demand clearly exceeds the capacity available in the market. With the successful restructuring of Steyr Motors, we have already demonstrated our ability to build up and develop businesses in the defense sector.”

Company profile of Mutares SE & Co. KGaA

Mutares SE & Co. KGaA, Munich (www.mutares.com), is a listed private equity holding company with offices in Munich (HQ), Amsterdam, Bad Wiessee, Chicago, Frankfurt, Helsinki, London, Madrid, Milan, Mumbai, Paris, Shanghai, Stockholm, Tokyo, Warsaw, and Vienna, that acquires companies in transition that show significant potential for operational improvement and are resold after stabilization and repositioning. The company follows a sustainable minimum dividend policy.

The shares of Mutares SE & Co. KGaA are traded on the Regulated Market of the Frankfurt Stock Exchange under the symbol “MUX” (ISIN: DE000A2NB650) and are included in the SDAX selection index.

For more information, please contact:

Mutares SE & Co. KGaA
Investor Relations
Phone: +49 89 9292 7760
Email: ir@mutares.de
www.mutares.com

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