Mutares completes successful exit of Terranor Group – High demand among institutional investors

Mutares completes successful exit of Terranor Group – High demand among institutional investors
 

• Mutares sells remaining 46.3% stake in Terranor Group in line with strategy
• High demand from international institutional investors
• Further cash inflow with ROIC well above target range

Munich, May 21, 2026 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) successfully sold its remaining 46.3% stake in Terranor Group AB (“Terranor”; ISIN: SE0025159023) to Swedish and international institutional investors as part of a private placement. DNB Carnegie and SB1 Markets acted as Joint Bookrunners on the Sale.

With the placement now complete, Mutares has entirely exited the shareholder base of Terranor Group following the listing of Terranor Group in June 2025 and the gradual reduction of its shareholding in December 2025 and March 2026. Throughout the entire holding period of Terranor Group, Mutares generated total gross proceeds of around EUR 50 million, achieving a ROIC well above the target range.

Mutares acquired the operations of Terranor in Sweden and Finland in 2020 through a carve-out from NCC, followed by the acquisition of the Danish business in 2021. Following the accelerated transformation, Terranor is now showing very strong growth, improved profitability, and a strengthened market position. A key highlight is the record-high order backlog following the 2026 Swedish tender season. Terranor secured 31% of the awarded contract volume in Sweden, further expanding its market share. Terranor benefits substantially from the structural investment backlog in Nordic transport infrastructure. Sweden alone recently increased its road budget for 2026 – 2037 by 48%. As the only large independent road operations and maintenance specialist in the Nordic region, Terranor holds a highly attractive position in a largely non-cyclical market.

Johannes Laumann, CIO of Mutares, comments: “The final exit from Terranor Group is in line with Mutares' strategic approach of divesting investments following a successfully completed operational turnaround. Under Mutares’ ownership, Terranor developed into a profitable scalable infrastructure asset that attracted strong interest from investors. We are pleased to have successfully supported the company’s development while generating further cash inflows and value creation for our shareholders.”

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
Email: mutares@vae-solis.com

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