Mutares portfolio company Nord Gas Solutions benefits from a booming market; 2026 revenue expected to exceed EUR 575m, with record order backlog of EUR 880m; strategic exit options under review.

Mutares portfolio company Nord Gas Solutions benefits from a booming market; 2026 revenue expected to exceed EUR 575m, with record order backlog of EUR 880m; strategic exit options under review.

• Strong order backlog: New orders for liquefied gas carriers, ammonia fuel supply systems, floating LNG infrastructure, biogas liquefaction and emissions recovery reflect strong demand for NGS technologies and drive total order backlog to a record high of EUR 880 million.
• Surging demand driven by converging industry trends, including rising global energy demand, a global focus on securing reliable energy supply and the continued focus on long-term decarbonization, energy transition and efficiency.
• Clear visibility on 2026 and 2027 performance: Management of NGS expects revenues of over EUR 575 million and adjusted EBITDA of approximately EUR 50 million for the full year 2026 and is confident of achieving double-digit annual revenue growth and a double-digit adjusted EBITDA margin in the full year 2027.
• Standalone operations and profitability: Developing strategic initiatives across the NGS’s three business areas, together with harnessing the significant growth potential in the aftermarket business serving each business area, and implementing improvements in operational efficiency, have been key priorities since the acquisition by Mutares.
• Strategic exit alternatives under evaluation: Mutares is evaluating potential strategic exit alternatives for NGS together with its financial advisors, including a potential public listing in the Nordics.

Munich, October 14, 2026 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) (“Mutares”) announces that its portfolio company Nord Gas Solutions (“NGS”), a leading independent specialist in gas handling, fuel supply, regasification and liquefaction systems, has experienced surging demand for its gas solutions, including through new project awards, since its acquisition by Mutares.

NGS was formed from the Wärtsilä Gas Solutions business and is headquartered in Asker, Norway, with around 500 employees and nine locations worldwide. NGS is a global technology leader in gas solutions, providing gas and energy technologies to international shipyards, gas producers, energy infrastructure developers and industrial customers. Its main operational centers are located in Norway, Sweden and Poland.

Peter Wagner, CEO of NGS, comments: “Since becoming an independent company, we have materially grown our order backlog, which now stands at EUR 880 million. Our customers are investing in new gas infrastructure, and we are well positioned to deliver on our targets for 2026 and 2027.”

The growth of NGS is underpinned by three converging megatrends. Global energy demand is rising rapidly, driven in part by the expansion of AI and data-center capacity, and is driving a new investment cycle in LNG and gas infrastructure, shipping and regasification. At the same time, heightened geopolitical tension has sharpened the focus on securing reliable and diversified energy supply, increasing demand for energy security and fast-to-deploy solutions such as floating infrastructure. Finally, the continued focus on long-term decarbonization, energy transition and efficiency is creating demand for lower-emission gas solutions. Together, these trends are driving demand for NGS technologies across the gas value chain.

NGS: Strong progress in operational development

In the first nine months of 2026, NGS generated revenues of approximately EUR 459 million (PY: EUR 283 million) and adjusted EBITDA^[1] of EUR 43 million (PY: EUR 20 million). As of 30 September 2026, NGS holds total assets of EUR 493 million, including a very strong cash position of EUR 194 million, a reported net cash position^[2] of EUR 84 million and has no financial indebtedness.

Total annual revenues of NGS for the 2026 financial year are expected to exceed EUR 575 million, generating an adjusted EBITDA of approximately EUR 50 million.

Since the acquisition, Mutares has worked with the management of NGS to initiate and successfully implement targeted measures to strengthen NGS’s operational performance and strategic positioning. These measures reinforce its strong market position across the gas solutions value chain and support the expansion of aftermarket and service revenues. Improved sales and project execution support commercial effectiveness and operational efficiency, driving margin development.

NGS: Strong order backlog

NGS’s position is reflected in its fixed order backlog, which stood at EUR 880 million as of 30 September 2026, alongside an additional pipeline of potential projects amounting to EUR 1.8 billion.

NGS’s core marine business area remains a substantial part of the order book, while midstream infrastructure is growing rapidly. In marine, NGS was awarded a contract in August 2026 to supply cargo-handling and LPG fuel-supply systems for eight new liquefied gas carriers for BW LPG, each with a capacity of 90,000 m³. The vessels will be built at HD Hyundai, further strengthening the longstanding cooperation with the shipbuilding group and BW LPG. A further order, signed in June 2026, covers corresponding systems for two liquefied gas carriers for Byzantine Maritime, each with a capacity of 40,000 m³, with delivery scheduled for April 2027.

For the full year 2027, the management of NGS is confident of achieving a year-on-year double-digit revenue increase alongside a double-digit adjusted EBITDA margin, given that approximately 92% of planned 2027 revenue is already covered by NGS’s fixed order backlog as of 30 September 2026. The business of NGS is also on track to achieve its mid-term targets of over EUR 800 million in annual revenue and an adjusted EBITDA of over EUR 100 million.

NGS: Growth opportunities from midstream infrastructure and services business areas

Midstream infrastructure is a key growth engine for NGS, led by floating storage and regasification unit (“FSRU”) projects, where project scope is increasing and customers are moving towards full conversion scope. NGS is supplying the regasification module for Excelerate Energy’s conversion of the LNG carrier “Methane Patricia Camila” into an FSRU, with delivery planned for the first half of 2028, and has received an additional order from Exmar for a regasification system for a conversion project related to the expansion of the EemsEnergyTerminal in the Netherlands. These projects reflect NGS’s established position in international LNG import infrastructure, and the use cases for its midstream technology are broadening.

For the Texas GulfLink project in the United States, NGS is supplying volatile organic compound (VOC) recovery systems for two specially designed offshore support vessels, which capture emissions during crude oil loading and allow the recovered substances to be reused. In ammonia cracking, NGS and Höegh Evi have completed the first phase of performance testing of a pilot plant that converts ammonia into hydrogen, achieving a hydrogen purity of more than 99.5%.

Alongside this, NGS is placing a strong focus on its high-margin services and aftermarket business, where management sees substantial potential. With an installed base of more than 1,600 systems worldwide, NGS is well placed to grow recurring revenues from field services, maintenance, spare parts, retrofits and digital services.

Strategic alternatives

Mutares is evaluating potential strategic exit alternatives for NGS, including a potential public listing in the Nordics in the coming months. No final decision has been made, and there can be no assurance that or at what point in time any transaction will occur. Mutares has strong confidence in NGS's prospects and, in the event of a potential public listing, expects to remain a significant shareholder, subject to customary lock-up arrangements.

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, Tokyo, Vienna and Warsaw, that acquires companies in transition that show significant potential for operational improvement and are resold after stabilization and repositioning. Mutares 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.

Disclaimer

This announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction. No decision has been made, and there can be no assurance that or at what point in time any transaction will occur.

This announcement contains forward-looking statements based on current expectations and assumptions of the management of NGS and Mutares, which are subject to known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that may or may not occur in the future, whether or not outside the control of the relevant company. Accordingly, forward-looking statements are not guarantees of future performance and the development of the relevant company’s prospects, growth, strategies, industry and the effect of acquisitions may differ materially from those made in or suggested by the forward-looking statements contained in this announcement. In addition, even if the development of the relevant company’s prospects, growth, strategies and industry are consistent with the forward-looking statements contained in this announcement, those developments may not be indicative of the relevant company’s results, liquidity or financial position or of results or developments in subsequent periods not covered by this announcement. Forward-looking statements should therefore not be relied upon as predictions of future events. Actual results may differ materially from those expressed or implied. Neither NGS nor Mutares undertake any obligation to update forward-looking statements.

For more information, please contact:

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

Press Contact in 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 in the UK and the US
14:46 Consulting
Tom Sutton
Phone: +44 7796 474940
Email: tsutton@1446.co.uk

^[1] Adjusted EBITDA – Adjusted EBITDA is operating profit before depreciation, amortization and impairment, adjusted for items affecting comparability, such as carve-out, restructuring and transaction-related costs and other one-off items (including one-off bonuses). It is an alternative performance measure and is not defined by IFRS.

^[2] Reported net cash is defined as cash and cash equivalents, plus contract assets and receivables from group companies, less borrowings and contract liabilities.