Shares of Mutares plummeting amid BaFin investigation!
The Federal Financial Supervisory Authority (BaFin) has launched an audit investigation into the 2023 annual financial statements of Mutares SE & Co. KGaA, a German holding company, focusing on the disclosures about receivables from affiliated companies and the scope of forecast information in the management report [1][3][5].
The review, which was initiated on July 23, 2025, comes after BaFin found "concrete indications" that accounting regulations may have been violated, particularly concerning the maturity classification of receivables and completeness of future economic outlook disclosures [1][3][5].
The investigation has put significant pressure on Mutares' stock, with the shares dropping by as much as 22% following the news [2][4]. Earlier in 2025, Mutares' shares also experienced challenges related to audit timing issues with their 2024 report, resulting in temporary removal from the SDax index [1].
However, it is important to note that the review is limited to specific notes and management report disclosures and does not target the company’s overall financial ratios, balance sheet figures, income statement, or the net income reported for 2023 [5]. Deloitte had previously audited Mutares' 2023 financial statements and issued unqualified audit opinions [5].
In response to BaFin's hearing letter and initial findings, Mutares provided clarifications that led BaFin to drop most issues except the two key areas still under scrutiny [3]. As of early August 2025, the audit remains ongoing, with no final resolution publicly announced.
Mutares' stock has been under pressure since September 2024, when it was hit by a short report by Gotham City. In contrast, the company's stock significantly increased due to the listing of Steyr Motors AG on the stock exchange in the spring of 2025, which also saw a significant revaluation of Steyr Motors' stock [2].
In the midst of the investigation, Mutares sold its shares in Steyr Motors AG, taking advantage of the opportunity [4]. The company is not currently a recommendation from AKTIONÄR.
Investors are advised to exercise caution when considering Mutares' stock. The ongoing investigation is a significant burden for the company's stock, and it is crucial to wait for a final resolution before making any investment decisions.
Mutares has rejected the allegations made by Gotham City with a detailed statement [2]. The company has not made any further public comments regarding the BaFin investigation.
[1] https://www.reuters.com/business/mutares-shares-plunge-after-german-watchdog-opens-probe-2025-07-23/ [2] https://www.reuters.com/business/mutares-says-rejects-gotham-city-allegations-2024-10-01/ [3] https://www.reuters.com/business/mutares-says-bafin-drops-most-issues-after-clarifications-2025-08-03/ [4] https://www.reuters.com/business/mutares-sells-steyr-motors-shares-amid-bafin-probe-2025-08-05/ [5] https://www.reuters.com/business/mutares-says-bafin-probe-focuses-receivables-related-parties-2025-08-05/
In light of the ongoing audit investigation by the Federal Financial Supervisory Authority (BaFin) into the 2023 financial statements of Mutares SE & Co. KGaA, speculation about the company's financial stability has emerged among investors. This investigation, focusing on the disclosures about receivables from affiliated companies and the scope of forecast information in the management report, has prompted questions about the sustainable state of their business and investing prospects.
The probe into specific notes and management report disclosures does not target the company’s overall financial ratios, balance sheet figures, income statement, or the net income reported for 2023; however, it has put significant pressure on Mutares' stock, underscoring the importance of exercising caution when considering investments in the company.
