Steyr Motors AG successfully listed in the Scale segment of the Frankfurt Stock Exchange

 Steyr Motors AG successfully listed in the Scale segment of the Frankfurt Stock Exchange

• One of the world's leading companies in the field of customized engines for mission-critical defense and civilian applications^{1 with an international customer base}
• Expected total revenue² in the year 2024 to be between EUR 41 and 45 million and adjusted EBIT³ in the range of EUR 9 to 11 million
• Total order backlog of EUR 150 million as at September 30, 2024⁴
• Market capitalization of EUR 82.7 million at IPO
• B&C Holding Österreich GmbH as new anchor shareholder alongside Mutares
• Revenue growth of over 40% and adjusted EBIT margin of over 20% aimed for 2025

Steyr, Austria, October 30, 2024 - Steyr Motors AG (“Steyr Motors” or “Company”) today celebrated a successful stock market debut in the Scale segment of the Frankfurt Stock Exchange under the ticker symbol 4X0 and the international securities identification number (ISIN) AT0000A3FW25. The first price was EUR 15.90, bringing the market capitalization to EUR 82.7 million at the start of trading. The listing creates the basis for sustained profitable growth and an increase in the enterprise value of Steyr Motors, strengthens the company's international presence as part of its global sales expansion and at the same time opens up access to new financing opportunities.

In the run-up to the listing, 1,110,000 shares were placed with institutional investors at a price of EUR 14.00 per share in a private placement. The shares originated from a capital increase with a gross issuing volume of EUR 2.8 million and from the shareholding of Mutares SE & Co. KGaA (‘Mutares’) with a volume of EUR 12.7 million. The total placement volume amounted to approximately EUR 15.5 million, or 21.3% of the company's shares after the capital increase.

B&C Holding Österreich GmbH as a further anchor shareholder

Mutares remains the largest shareholder of Steyr Motors with a 70.9% stake, which – like the company – is subject to a lock-up obligation of 180 days. As a cornerstone investor with a 9.9% stake, B&C Holding Österreich GmbH intends to support the further growth of Steyr Motors.

Steyr Motors is one of the world's leading companies in the development and production of customized high-performance engines that are characterized by high power density and durability. The patented and extremely durable monoblock design combines compactness and lightweight construction and offers a high power-to-performance ratio of up to 70 kW per liter of displacement with multi-fuel capability and exceptional reliability and durability. As an independent listed company, Steyr Motors AG has the greatest possible flexibility to consistently drive forward its growth strategy and to benefit optimally from the favorable market conditions for the company. In particular, the significantly increasing defense budgets in numerous countries offer considerable opportunities. The gensets from the supplier of high-performance diesel engines are used worldwide, particularly in mission-critical defense platforms, for example in the so-called “Ribcraft” boats of the US Navy Seals, or as auxiliary power units (APUs) in tanks such as the Leopard 2. Defense applications account for around 60% of total sales. The remainder is accounted for by civilian applications such as APUs for diesel locomotives or engines for civilian lifeboats and engineering services for B2B customers as well as the sale of spare parts and newly established services in the area of maintenance, repair, and overhaul.

Julian Cassutti, CEO of Steyr Motors, comments: “We are very pleased with the strong interest from investors, the entry of B&C Holding Österreich GmbH, and the successful listing. The listing gives us the flexibility to successfully drive our profitable growth and attract new investors who want to participate in the success of Steyr Motors. We are ideally positioned to benefit from an emerging super-cycle in the defense sector, with corresponding large orders in the coming years.”

Global growth and significant profit increase planned

Steyr Motors generates its revenue through a high-quality and diverse global customer base, with approximately 60% of revenue in the first nine months of 2024 coming from Europe, 20% from Asia, and approximately 10% from the Americas. For 2024, Steyr Motors expects an adjusted EBIT of between EUR 9 million and EUR 11 million, with production of 800 to 850 units and sales of EUR 41 million to EUR 45 million. The total order backlog⁴ for the period Q4 2024 to the end of 2027, which consists of firm orders, blanket orders, and non-binding sales commitments, amounted to EUR 150 million as of 30 September 2024. As of September 30, 2024, Steyr Motors also had a solid balance sheet with lean current assets, a high equity ratio, and a net cash position of EUR 8.6 million, excluding interest-bearing bank liabilities.

Mark Friedrich, CFO of Mutares, comments: “With the stock exchange listing, Steyr Motors gains independence and now has all options to exploit the growth potential and accelerate the growth course it has embarked on. The stock exchange listing and thus the valuation via the stock exchange is also an indicator of the successful value creation at Mutares, after we acquired Steyr Motors around two years ago for a symbolic purchase price. Steyr Motors is another Mutares success story in which everyone can now participate.”

Hauck Aufhäuser Investment Banking acted as Sole Global Coordinator for the transaction.

Noerr Partnerschaftsgesellschaft mbB and BINDER GRÖSSWANG Rechtsanwälte GmbH acted as legal advisors. CROSS ALLIANCE communication GmbH is acting as PR and IR advisor.

Company profile of Steyr Motors AG

Headquartered in Steyr, Austria, Steyr is a global leader in the development and production of high-performance customized special engines with high power density and durability. The Company's engines are primarily used for military special vehicles, boats (both military and civilian) and as APUs for main battle tanks and locomotives. For the full year 2024, revenues are expected to reach EUR 41 to 45 million and Adjusted EBIT to be in the range of EUR 9 to 11 million. For 2025, Steyr Motors is aiming for a year-on-year increase in revenue of over 40%, an adjusted EBIT margin of over 20% and a production volume of more than 1,250 units.

Company profile of Mutares SE & Co. KGaA

Mutares SE & Co. KGaA, Munich (www.mutares.com), a listed private equity holding company with offices in Munich (HQ), Amsterdam, Bad Wiessee, Chicago, Frankfurt, Helsinki, London, Madrid, Milan, Mumbai, Paris, Shanghai, Stockholm, Vienna and Warsaw, acquires companies in special situations which show significant operational improvement potential and are sold again after undergoing a repositioning and stabilization process. For the fiscal year 2024, consolidated revenues of EUR 5.7 billion to EUR 6.3 billion are expected. Based on this, consolidated revenues are to be expanded to approx. EUR 7 billion by 2025 and EUR 10 billion by 2028. As the portfolio grows, so do consulting revenues, which together with portfolio dividends and exit proceeds accrue to the Mutares Holding. On this basis, the Holding Company is expected to generate a net income of EUR 108 million to EUR 132 million for the fiscal year 2024, EUR 125 million to EUR 150 million for the fiscal year 2025 and EUR 200 million for the fiscal year 2028. 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 have been part of the selection index SDAX since December 2023.

_______________________

¹ Based on company assessment.

² All historical financial information in this press release relates to Steyr Motors Betriebs GmbH, which was merged with the company (formerly: Mutares Austria Holding-01 GmbH) to enable it to be listed on the stock exchange.

³ “EBIT” is defined as Revenues + Change in inventories + capitalized self-generated assets + other Income - Material expenses/purchased services - personnel expenses - other operating expenses - depreciation & amortization. From 2024 onwards, EBIT includes effects from the capitalization of internally generated intangible assets (IAS 38) of EUR 1.8m and certain OPEX adjustments due to the IFRS treatment of leases (IFRS 16). In addition, EBIT 9M 2024 is improved by EUR 3.3m compared to 9M 2023 due the absence of an impairment on land & buildings in the context of a sale and leaseback transaction in 2023.

“Adjusted EBIT” is defined as EBIT adjusted for certain one-off M&A adjustments and fees in connection with the merger and other M&A related expenses, in 2024 totalling EUR 0.5 million and one-off adjusted intercompany restructuring related expenses totalling EUR 1.5 million.

“Adjusted EBIT margin” is defined as Adjusted EBIT divided by Revenue.

⁴ The total order backlog of EUR 150 million comprises both legally binding and non-legally binding orders and is made up of (i) the firm order backlog, (ii) the order backlog for framework agreements and (iii) the committed revenue relating to the period between Q4 2024 and the end of 2027. The “firm order backlog” comprises legally binding customer contracts for which an order has been placed for specific quantities and delivery dates and the revenue has not yet been recognized. The “order backlog of framework agreements” comprises signed framework agreements with legally binding volumes or minimum order quantities in the defined periods, whereby the exact delivery dates per year have not yet been determined (no order by the customer). “Committed sales” include sales volumes from existing customers in existing (vehicle) platforms whose production is planned in the coming years, as well as the spare parts business to support existing vehicle fleets.

The total order backlog of EUR 150 million includes both legally binding and non-legally binding orders and consists of (i) the firm order backlog, (ii) the order backlog of framework agreements and (iii) the tied sales for the period between Q4 2024 and end 2027. The “firm order backlog” includes legally binding customer contracts where an order for specific quantities and delivery dates has been placed and the sales have not yet been booked. The “order backlog of framework agreements” includes signed framework agreements with legally binding volumes or minimum order quantities in the defined periods, whereby the exact delivery dates per year have not yet been determined (no order by the customer). The “committed sales” includes sales volumes from existing customers in existing (vehicle) platforms whose production is planned in the coming years, as well as the spare parts business to support existing vehicle fleets.

For further information, please contact:

Steyr Motors AG
Investor Relations
Phone: +436766222367
E-mail: ir@steyr-motors.com
www.steyr-motors.com

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

Press Contact in Germany, Austria, Switzerland
CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Phone: +49 89 125 09 0333
E-mail: sh@crossalliance.de
www.crossalliance.de

Press Contact in France
CLAI
Matthieu Meunier
Phone: +33 06 26 59 49 05
E-mail: matthieu.meunier@clai2.com

Press Contact in UK
14:46 Consulting
Tom Sutton
Phone: +44 7796 474940
E-mail: tsutton@1446.co.uk