Hello, welcome everybody to our quick wrap-up of the 2025 earnings call. My name is Johannes Laumann. I'm the Chief Investment Officer of Mutares, and in the next couple of minutes I will guide you through our 2025 financial results. So we delivered what we promised. We held our guidance: 130 million of net profit in the holding group, revenues north of 6 billion, and with a great outlook where we have a new guidance, midterm guidance upgraded to 25% growth year-over-year on group revenue but also on holding profit. We again announced a dividend proposal of €2 per share. We have done a successful capital increase with high demand in both tranches. We have a significant exit pipeline in play, where we made a soft announcement yesterday also to potentially exit Mirus and other businesses around the energy and defense sector. We entered into the US market with a large transaction from Sabi, and we will further grow our presence in the US, and also this is for us the midterm most significant growth accelerator. And then we came out with a more clear guidance on 2026. We again want to grow, as said, minimum 25% year-over-year. So we want to grow at least 165 to 200 million in net holding profit, and we want to grow roughly to 8 to 9 billion of group revenues.
A quick reminder on our business model. We have also increased our footprint. We are a global player in the turnaround segment. Internationally, we have opened the newest office in Tokyo, and we will soon add the second office in the US in Houston. We look for the unloved children of corporates, still the cutouts. We stick to our genes. We stick to our DNA. We buy shitty businesses and we try to find a diamond. We look for difficult financial profiles, good robust balance sheets, lossmaking P&Ls, negative cash flows, and with our own operational team, we want to make it happen. We want to turn around the business, then we invest in the business, and then we exit the business. Typical holding period roughly 3 to 5 years, and we want to make 7 to 10x on our invested capital.
When you look at the financials, already said it: group revenues of 6.5 billion, EBITDA group close to 700 million, which is mainly driven by the goodwill which we have to assign on a transaction phase, and then we have a very robust adjusted EBITDA of 31.2 million negative in the group. This all results in a holding net income of 130.4 million euros, mainly driven by three sources of income. The first income is the consulting income we have from our people working in the field. The second one is dividends from the portfolio companies, and the third one is exit proceeds, and that resulted in 130.4 million.
When you look at the segments, we have grown almost all the segments. We have entered in four segments: infrastructure and special industries, and where especially Meras and Boderas, wherein in 2025 the automotive segment performed better, and we could shrink the losses from almost 50 million to less than 10. Engineering technology, which is energy-driven businesses, significant improvement there, and also on the goods and services side, very very flat. So we will grow the business, we will grow the countries, we will grow the profitability, and we will also grow the number of segments. We add in 2026 a fifth segment, which is a segment of chemical materials, where we just have acquired a business from Sabi, which is planned to be closed in the next 2 to 3 months, and which is a polycarbonate business predominantly out of the US, headquartered in Houston, Texas.
A quick outlook, and this is the business I was talking about: the ETP business of Sabi out of the US, out of Houston, close to 3,000 people. We signed a deal in January, and this is the main outlook for the next couple of weeks. So we're going to close this transaction, which will be a big changer obviously on our group results, but also the outlook is great. So with the current conditions in the market, the high oil price obviously also our sales price of polycarbonate is attached to that. So we are enjoying at the moment the ride of a great market support, and that's why we also intend to close the deal as soon as possible. It's the largest deal in Mutares' history, and we are very happy that we own the business. In addition, the tariffs implied by the US government obviously also helps us here, stay out the typical suspects out of Asia, Korea, China, Vietnam predominantly, which is an additional help for the US business. So overall, an acquisition where we have a lot of market support at the moment, which was not planned to, but we still have a heavy workload of restructuring to do, and the US team together with the operations team which are already in play are really really looking forward to that.
Overall, you can say a very successful 2025, another record year. We aim for another record year in 2026. We're very proud of having the team together in the 14 countries now with 15 offices. We have in the holding roughly 250 people, and there are 50 bankers and roughly 160 operational people. So these results were not achievable without them, and I have to admit I'm very happy every day when I get up in the morning to lead this squad. So thanks for listening in. Thanks for enjoying the ride in 2025 with us, and can't wait to present you next week the Q1 results, and then it's going to be a rockstar year 2026. Thank you so much.
