Summary of Mutares Update Call - August 04, 2025 Company Overview - **Company**: Mutares (0UTK) - **Context**: Update call regarding the Batten announcement and ongoing discussions with BaFin (the German Federal Financial Supervisory Authority) Key Points Regulatory Process and Clarifications - BaFin issued a hearing letter detailing concerns regarding Mutares' financial statements, prompting the company to provide clarifications [1] - Initial responses from Mutares led to BaFin dropping most of their questions, leaving only two topics for further discussion [1][2] - The two remaining topics focus on: 1. Disclosures related to receivables against affiliated companies 2. Scope of information regarding forecasted data in the management report [1] Financial Statements Focus - The discussion is centered on the 2023 financial statements, not the recently published 2024 financials [2] - Mutares emphasized that the focus is on notes and management reports rather than the balance sheet, P&L, or cash flow statements [2] Disclosure on Receivables - Mutares clarified that all receivables against the portfolio have a maturity within one year, but noted that due to business uncertainties, this could extend beyond twelve months [3][4] - The company has improved clarity in the 2024 financial statements regarding this matter [4] Forecast Information in Management Report - Mutares has consistently focused on key performance indicators (KPIs) such as group revenues, group EBITDA, adjusted EBITDA, and holding net income, which have been established based on stakeholder discussions [5][6] - The company acknowledged the diverse nature of its portfolio, which includes over 30 unrelated groups, influencing its focus on group revenues and EBITDA [5][6] Business Model and Uncertainty - Mutares highlighted the inherent uncertainty in its business model, which limits the focus to a select number of KPIs [8] - The adjusted EBITDA is considered a key indicator of progress across portfolio companies, despite the variability in their development stages [7] Next Steps in Regulatory Process - Mutares anticipates receiving a detailed questionnaire from BaFin in the coming weeks, with a personal exchange expected soon [9] - The company aims to complete the regulatory process by October, with a focus on expediting responses to BaFin's inquiries [9] Upcoming Events - Mutares will hold an H1 earnings call on the following Tuesday, August 12, 2025 [10] Additional Important Points - The management's approach to financial disclosures reflects a commitment to transparency and responsiveness to regulatory inquiries [1][9] - The emphasis on stakeholder engagement in determining financial focus areas indicates a strategic alignment with investor interests [5][6]