Mutares SE & Co. KGaA announced that its portfolio company Nord Gas Solutions has experienced surging demand for its gas handling, fuel supply, regasification and liquefaction systems, driving a record fixed order backlog of EUR 880 million as of September 30, 2026. The company, formed from the Wärtsilä Gas Solutions business and headquartered in Asker, Norway, employs around 500 people across nine locations worldwide. The announcement, made through NEWMEDIAWIRE, underscores the growing importance of gas infrastructure in a world balancing energy security with decarbonization.
The order backlog reflects new contracts across the gas value chain, including liquefied gas carriers, ammonia fuel supply systems, floating LNG infrastructure, biogas liquefaction and emissions recovery. 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 m³, to be built at HD Hyundai. A separate order signed in June 2026 covers systems for two liquefied gas carriers for Byzantine Maritime, with delivery scheduled for April 2027.
Management expects full-year 2026 revenues to exceed EUR 575 million, with adjusted EBITDA of approximately EUR 50 million. In the first nine months of 2026, NGS generated revenues of around 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. The company holds total assets of EUR 493 million, including a cash position of EUR 194 million, a reported net cash position of EUR 84 million and no financial indebtedness.
For 2027, NGS is confident of achieving double-digit revenue growth and a double-digit adjusted EBITDA margin, with approximately 92% of planned revenue already covered by the fixed order backlog. The company is also on track to meet mid-term targets of over EUR 800 million in annual revenue and adjusted EBITDA of over EUR 100 million. Peter Wagner, CEO of NGS, said: “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.”
Growth is underpinned by three megatrends: rising global energy demand, partly driven by AI and data-center expansion; heightened geopolitical tension increasing demand for reliable and fast-to-deploy energy solutions; and the continued focus on decarbonization and energy transition. Midstream infrastructure is a key growth engine, with NGS supplying regasification modules for Excelerate Energy’s conversion of the LNG carrier “Methane Patricia Camila” into an FSRU and an additional order from Exmar for a conversion project related to the EemsEnergyTerminal expansion in the Netherlands. In ammonia cracking, NGS and Höegh Evi completed the first phase of performance testing of a pilot plant, achieving hydrogen purity of more than 99.5%.
Mutares is evaluating 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 a transaction will occur. Mutares, a listed private equity holding company with shares traded on the Frankfurt Stock Exchange under the symbol “MUX” and included in the SDAX selection index, expects to remain a significant shareholder in the event of a listing. The company’s shares are identified by ISIN DE000A2NB650.
For investors and industry observers, the news highlights the robust demand for gas infrastructure solutions and the potential for a Nordic listing that could unlock further value. The outcome of Mutares’ strategic review will be closely watched, as it may signal broader consolidation or investment trends in the energy transition sector. More information about Mutares is available at www.mutares.com.
