Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has announced that its portfolio company Nord Gas Solutions (NGS) has achieved a record fixed order backlog of EUR 880 million as of September 30, 2026, alongside a further pipeline of potential projects valued at EUR 1.8 billion. The order book reflects strong demand for NGS’s gas handling, fuel supply, regasification, and liquefaction technologies, with new contracts spanning liquefied gas carriers, ammonia fuel supply systems, floating LNG infrastructure, biogas liquefaction, and emissions recovery. The backlog provides clear visibility into future performance, with approximately 92% of planned 2027 revenue already covered.
The company’s growth is driven by three converging megatrends: rising global energy demand, heightened focus on energy security, and the continued push for decarbonization and efficiency. NGS, which was formed from the Wärtsilä Gas Solutions business and is headquartered in Asker, Norway, with around 500 employees and nine locations worldwide, has capitalized on these trends. “Since becoming an independent company, we have materially grown our order backlog, which now stands at EUR 880 million,” said Peter Wagner, CEO of NGS. “Our customers are investing in new gas infrastructure, and we are well positioned to deliver on our targets for 2026 and 2027.”
Financial results for the first nine months of 2026 show revenues of approximately EUR 459 million, up from EUR 283 million in the prior-year period, and adjusted EBITDA of EUR 43 million, compared with EUR 20 million previously. As of September 30, 2026, NGS reported total assets of EUR 493 million, including a cash position of EUR 194 million, a net cash position of EUR 84 million, and no financial indebtedness. Management expects full-year 2026 revenues to exceed EUR 575 million with adjusted EBITDA of approximately EUR 50 million, and is confident of achieving double-digit annual revenue growth and a double-digit adjusted EBITDA margin in 2027.
The record backlog includes significant marine contracts. In August 2026, NGS was awarded a contract 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 cubic meters, to be built at HD Hyundai. A further order signed in June 2026 covers systems for two liquefied gas carriers for Byzantine Maritime, each with a capacity of 40,000 cubic meters, with delivery scheduled for April 2027. Midstream infrastructure is also growing rapidly, led by floating storage and regasification unit projects. 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 related to the expansion of the EemsEnergyTerminal in the Netherlands. For the Texas GulfLink project in the United States, 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 that converts ammonia into hydrogen, achieving a hydrogen purity of more than 99.5%.
Since the acquisition, Mutares has worked with NGS management to strengthen operational performance, commercial effectiveness, and aftermarket services. With an installed base of more than 1,600 systems worldwide, NGS sees substantial potential in recurring revenues from field services, maintenance, spare parts, retrofits, and digital services. Mutares is now 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 public listing, expects to remain a significant shareholder subject to customary lock-up arrangements. Mutares SE & Co. KGaA, Munich (www.mutares.com), is a listed private equity holding company that acquires companies in transition and resells them after stabilization and repositioning. 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. The original release is available on www.newmediawire.com.
