Mutares SE & Co. KGaA (DE000A2NB650) has announced that its portfolio company Nord Gas Solutions (NGS) has achieved a record order backlog of EUR 880 million as of 30 September 2026, alongside an additional pipeline of potential projects worth EUR 1.8 billion. The development underscores the strong demand for gas handling, fuel supply, regasification and liquefaction systems, driven by converging industry trends that are reshaping global energy infrastructure investment.
NGS, which was carved out of Wärtsilä’s Gas Solutions business and is headquartered in Asker, Norway with around 500 employees across nine locations, has benefited from three megatrends: rapidly rising global energy demand, heightened focus on energy security amid geopolitical tensions, and the continued push for decarbonization and efficiency. These forces are driving a new investment cycle in LNG and gas infrastructure, shipping and regasification, with customers increasingly favoring fast-to-deploy solutions such as floating infrastructure.
The financial performance reflects this momentum. In the first nine months of 2026, NGS generated revenues of approximately EUR 459 million, up from EUR 283 million in the prior-year period, while adjusted EBITDA rose to EUR 43 million from EUR 20 million. The company holds total assets of EUR 493 million, including a strong cash position of EUR 194 million and a net cash position of EUR 84 million, with no financial indebtedness. For the full year 2026, management expects revenues to exceed EUR 575 million and adjusted EBITDA of approximately EUR 50 million. For 2027, NGS is confident of achieving double-digit revenue growth and a double-digit adjusted EBITDA margin, with approximately 92% of planned 2027 revenue already covered by the fixed order backlog.
Key contract wins include an August 2026 award to supply cargo-handling and LPG fuel-supply systems for eight 90,000 m³ liquefied gas carriers for BW LPG, to be built at HD Hyundai, and a June 2026 order for two 40,000 m³ liquefied gas carriers for Byzantine Maritime, scheduled for delivery in April 2027. In midstream infrastructure, NGS is supplying a 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 tied to the expansion of the EemsEnergyTerminal in the Netherlands. For the Texas GulfLink project, NGS is providing volatile organic compound recovery systems for two offshore support vessels. In ammonia cracking, NGS and Höegh Evi have completed the first phase of performance testing of a pilot plant converting ammonia into hydrogen, achieving hydrogen purity above 99.5%.
Since the acquisition, Mutares has worked with NGS management to implement targeted operational improvements, strengthen commercial effectiveness and expand the high-margin aftermarket and services business, which serves an installed base of more than 1,600 systems worldwide. These measures have reinforced NGS’s market position and supported margin development. Mutares, a listed private equity holding company with offices across Europe, Asia and the United States, is now evaluating potential strategic exit alternatives for NGS together with its financial advisors, 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. In the event of a public listing, Mutares expects to remain a significant shareholder, subject to customary lock-up arrangements.
The evaluation of exit options signals Mutares’ confidence in NGS’s standalone prospects and the value created since the carve-out. For the market, it highlights how energy transition and security imperatives are creating durable demand for specialized gas technologies, and positions NGS as a candidate for public market investors seeking exposure to that theme. Further details are available through www.newmediawire.com and on Mutares’ website at www.mutares.com.
