Mutares SE & Co. KGaA (DE000A2NB650) announced that its portfolio company Nord Gas Solutions (NGS) has achieved a record order backlog of EUR 880 million as of September 30, 2026, alongside a potential project pipeline of EUR 1.8 billion. The surge in demand for NGS's gas handling, fuel supply, regasification and liquefaction systems reflects three converging megatrends: rising global energy demand, heightened focus on energy security, and the push for decarbonization and efficiency. These trends are driving investments in LNG infrastructure, shipping, and floating solutions, positioning NGS as a key beneficiary.
The company's financial performance underscores its strong market position. In the first nine months of 2026, NGS generated revenues of approximately EUR 459 million, up from EUR 283 million in the prior year, and adjusted EBITDA of EUR 43 million, more than double the previous year's EUR 20 million. With a net cash position of EUR 84 million and no financial indebtedness, NGS is well capitalized for growth. Management expects full-year 2026 revenues to exceed EUR 575 million and adjusted EBITDA of about EUR 50 million, with double-digit revenue growth and a double-digit EBITDA margin anticipated for 2027. Approximately 92% of planned 2027 revenue is already covered by the fixed order backlog, providing clear visibility.
Since its acquisition by Mutares, NGS has implemented targeted measures to improve operational efficiency, expand aftermarket services, and strengthen its commercial effectiveness. These initiatives have contributed to margin development and reinforced NGS's position across the gas value chain. The company's marine business remains a substantial part of the order book, with recent contracts including systems for eight liquefied gas carriers for BW LPG and two for Byzantine Maritime. The midstream infrastructure segment is growing rapidly, driven by floating storage and regasification unit (FSRU) projects for clients such as Excelerate Energy and Exmar. Additionally, NGS is supplying VOC recovery systems for the Texas GulfLink project and has completed successful ammonia cracking tests with Höegh Evi, achieving hydrogen purity above 99.5%.
Mutares is now evaluating strategic exit alternatives for NGS, including a potential public listing in the Nordics in the coming months. While no final decision has been made, Mutares expects to remain a significant shareholder in the event of a listing, subject to customary lock-up arrangements. The evaluation of exit options highlights the success of Mutares's operational improvement strategy and the attractiveness of NGS's business. Mutares, a listed private equity holding company with offices across Europe, the US, and Asia, focuses on acquiring companies in transition and reselling them after stabilization. Its shares trade on the Frankfurt Stock Exchange under the symbol "MUX" (ISIN: DE000A2NB650) and are included in the SDAX selection index.
NGS, headquartered in Asker, Norway, with around 500 employees and nine locations worldwide, was formed from the Wärtsilä Gas Solutions business. Its main operational centers are in Norway, Sweden, and Poland. With an installed base of over 1,600 systems globally, NGS sees substantial potential in its high-margin services and aftermarket business, including field services, maintenance, spare parts, retrofits, and digital services. The company's mid-term targets are annual revenue exceeding EUR 800 million and adjusted EBITDA above EUR 100 million.
The strategic review and potential listing could unlock significant value for Mutares and provide NGS with access to capital for further growth. As the energy transition accelerates and demand for reliable gas infrastructure grows, NGS's technologies and services are poised to play a critical role. The outcome of the strategic evaluation will be closely watched by investors and industry participants alike. For more information, visit www.mutares.com or view the original release on www.newmediawire.com.
