Mutares has sold Relobus to Infracapital

• Leading private bus transport operator in Poland with strong market position
• Successful turnaround, numerous new contract wins under Mutares’ ownership
• Transaction marks another successful exit

Munich, May 12, 2026 – Mutares (ISIN: DE000A2NB650) has successfully sold its portfolio company Relobus Transport Polska sp. z o.o. (“Relobus”), one of the largest private operators of public bus transport services in Poland, to one of the funds managed by Infracapital, the infrastructure equity investment arm of M&G.

Relobus is a well-established provider of municipal and regional public transport services in Poland, operating under long-term public service contracts. The company benefits from a diversified contract portfolio, strong tendering capabilities and a solid operational footprint across multiple regions, providing high revenue visibility and a resilient business profile. Most recently, Relobus successfully secured two new 10-year public transport contracts in Warsaw (108 buses) and recently launched a new contract in Gdańsk, underlining its strong competitive position in key Polish metropolitan areas.

Since its acquisition by Mutares in 2023, Relobus has undergone a comprehensive operational and financial transformation. Key value‑creation initiatives included strengthening tender management and pricing discipline, improving cost control and organizational structures, and stabilizing operational performance.

The Polish public transport market offers attractive long-term fundamentals, driven by urbanization, stable public funding frameworks and a growing focus on sustainable mobility. Against this backdrop, Relobus has developed into a scalable platform with strong growth potential, supported by long‑term contracts and increasing demand for environmentally friendly transport solutions.

With this transaction, Mutares once again demonstrates its ability to acquire companies counter-cyclically at attractive valuations during early-stage transformation phases, develop them operationally, and divest them in a significantly improved market environment. Similar to the recent exit of Steyr Motors, Mutares is strategically leveraging periods of strong demand for infrastructure and mobility assets at the time of exit in order to realize significant value creation.

With Infracapital as its new owner, Relobus is well positioned to accelerate its next phase of development, including further expansion of its contract base, continued operational excellence initiatives and the continued rollout of low‑ and zero-emission vehicles.
 

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, Warsaw, and Vienna, Mutares SE & Co. KGaA acquires companies in transition that show significant potential for operational improvement and are resold after stabilization and repositioning. The company pursues 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 further information, please contact:

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

Press contact Germany

CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Phone: +49 89 125 09 0333
Email:sh@crossalliance.de
 www.crossalliance.de

Press Contact in France
VAE SOLIS COMMUNICATIONS
Marie-Caroline Garnier
Phone: +33 6 22 86 39 17
E-mail: mutares@vae-solis.com

Press contact United Kingdom
14:46 Consulting
Tom Sutton
Phone: +44 7796 474940
Email: tsutton@1446.co.uk