Mutares SE & Co. KGaA announced that its portfolio company Nord Gas Solutions has amassed a fixed order backlog of EUR 880 million as of September 30, 2026, alongside a pipeline of potential projects worth EUR 1.8 billion. The figure represents a record for the Asker, Norway-based gas handling specialist, which was carved out of Wärtsilä's gas solutions business and now employs around 500 people across nine locations. For investors, the backlog provides unusually clear revenue visibility: management expects more than EUR 575 million in revenue and roughly EUR 50 million in adjusted EBITDA for the full year 2026, and about 92 percent of planned 2027 revenue is already covered by signed orders. The company is confident of double-digit revenue growth and a double-digit adjusted EBITDA margin in 2027.
The significance of the announcement lies in the convergence of three industry trends that are reshaping demand across the gas value chain. Rising global energy demand, partly driven by the expansion of AI and data-center capacity, is fueling a new investment cycle in LNG and gas infrastructure, shipping and regasification. Geopolitical tension has sharpened the focus on secure and diversified energy supply, boosting demand for fast-to-deploy floating infrastructure. At the same time, decarbonization and efficiency goals are creating demand for lower-emission gas technologies. Peter Wagner, CEO of NGS, said the company has materially grown its order backlog since becoming independent and is well positioned to deliver on its 2026 and 2027 targets.
The operational turnaround since Mutares acquired the business is visible in the numbers. In the first nine months of 2026, NGS generated revenues of approximately EUR 459 million, up from EUR 283 million a year earlier, while adjusted EBITDA doubled to EUR 43 million from EUR 20 million. The company reported total assets of EUR 493 million, including EUR 194 million in cash, a net cash position of EUR 84 million and no financial indebtedness. Mutares said it has worked with NGS management on sales effectiveness, project execution and expansion of aftermarket and service revenues, with an installed base of more than 1,600 systems worldwide offering recurring income from maintenance, spare parts, retrofits and digital services.
Recent contract wins illustrate the breadth of demand. In August 2026, NGS was awarded a contract 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. A June 2026 order covers systems for two 40,000 m³ carriers for Byzantine Maritime, with delivery scheduled for April 2027. Midstream infrastructure is growing rapidly, led by floating storage and regasification unit projects, including a regasification module for Excelerate Energy and an order from Exmar tied to the expansion of the EemsEnergyTerminal in the Netherlands. NGS is also supplying VOC recovery systems for the Texas GulfLink project and, with Höegh Evi, completed first-phase testing of an ammonia cracking pilot plant achieving hydrogen purity above 99.5 percent.
Mutares, a Munich-based listed private equity holding company whose shares trade under the symbol MUX and ISIN DE000A2NB650, is now evaluating strategic exit alternatives for NGS with its financial advisors, including a potential public listing in the Nordics in the coming months. No final decision has been made, and the company cautioned there can be no assurance that a transaction will occur. Mutares said it expects to remain a significant shareholder in the event of a listing, subject to customary lock-up arrangements. The outcome matters because a successful listing would test investor appetite for gas infrastructure exposure at a time of rising energy demand and would mark the next stage in Mutares' buy-build-sell model, which acquires companies in transition and resells them after stabilization. Further details are available via www.newmediawire.com, and the parent company's profile can be found at www.mutares.com.
