Mutares SE & Co. KGaA (ISIN: DE000A2NB650) announced that its portfolio company Nord Gas Solutions (NGS) has built a record order backlog of EUR 880 million as of 30 September 2026, alongside a pipeline of potential projects worth EUR 1.8 billion. The company expects full-year 2026 revenues to exceed EUR 575 million with adjusted EBITDA of approximately EUR 50 million, and management is confident of double-digit revenue growth and a double-digit adjusted EBITDA margin in 2027. These figures matter because they demonstrate NGS's ability to capitalize on converging industry trends, positioning it as a key player in the global gas infrastructure market.
Since its acquisition by Mutares, NGS has transformed from the former Wärtsilä Gas Solutions business into an independent specialist with around 500 employees across nine locations. In the first nine months of 2026, NGS generated revenues of EUR 459 million, a 62% increase from EUR 283 million in the prior year, while adjusted EBITDA rose to EUR 43 million from EUR 20 million. The company holds EUR 194 million in cash and a reported net cash position of EUR 84 million, with no financial indebtedness. These results reflect successful operational improvements and a sharp focus on commercial effectiveness, project execution, and aftermarket services. The strong balance sheet gives NGS flexibility to invest in growth and reinforces its standalone profitability.
The record backlog is driven by surging demand across three megatrends: rising global energy demand, heightened focus on energy security, and the ongoing energy transition. NGS secured major contracts, including cargo-handling and LPG fuel-supply systems for eight 90,000 m³ liquefied gas carriers for BW LPG, and systems for two 40,000 m³ carriers for Byzantine Maritime. In midstream infrastructure, NGS is supplying regasification modules for Excelerate Energy's FSRU conversion and an additional order from Exmar for the EemsEnergyTerminal expansion. It is also providing VOC recovery systems for the Texas GulfLink project and, with Höegh Evi, achieved over 99.5% hydrogen purity in ammonia cracking tests. These projects highlight NGS's technological leadership and its expanding role in LNG import infrastructure and emissions reduction.
Looking ahead, approximately 92% of planned 2027 revenue is already covered by the fixed order backlog, providing clear visibility. NGS targets mid-term annual revenue above EUR 800 million and adjusted EBITDA over EUR 100 million, with growth fueled by its high-margin services and aftermarket business, which serves an installed base of more than 1,600 systems. Mutares is now evaluating strategic exit alternatives for NGS, including a potential public listing in the Nordics in the coming months. While no final decision has been made, Mutares expects to remain a significant shareholder in the event of a listing. This potential exit signals confidence in NGS's standalone prospects and could unlock further value for Mutares shareholders, while giving NGS access to public capital for its next phase of growth. For more details, see the original release on www.newmediawire.com.
