Mutares SE & Co. KGaA announced that its portfolio company Nord Gas Solutions (NGS) has experienced a surge in 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 also reported a pipeline of potential projects worth an additional EUR 1.8 billion, underscoring its strong market position.
NGS, formed from the Wärtsilä Gas Solutions business and headquartered in Asker, Norway, with around 500 employees across nine locations, has seen its order book swell on the back of new contracts for liquefied gas carriers, ammonia fuel supply systems, floating LNG infrastructure, biogas liquefaction and emissions recovery. 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, and adjusted EBITDA of EUR 43 million, compared to EUR 20 million a year earlier. As of September 30, 2026, the company held total assets of EUR 493 million, including a strong cash position of EUR 194 million and a reported net cash position of EUR 84 million, with no financial indebtedness.
Management expects full-year 2026 revenues to exceed EUR 575 million, generating adjusted EBITDA of approximately EUR 50 million. For 2027, NGS is confident of achieving double-digit annual revenue growth and a double-digit adjusted EBITDA margin, noting that approximately 92% of planned 2027 revenue is already covered by the fixed order backlog. The business 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.
The growth is underpinned by three converging megatrends: rising global energy demand, partly driven by the expansion of AI and data-center capacity; heightened geopolitical tension sharpening the focus on secure and diversified energy supply; and the continued push for decarbonization, energy transition and efficiency. These trends are driving demand for NGS technologies across the gas value chain.
Key recent awards include a contract in August 2026 to supply cargo-handling and LPG fuel-supply systems for eight new 90,000 m³ liquefied gas carriers for BW LPG, to be built at HD Hyundai, and a June 2026 order for corresponding systems for two 40,000 m³ liquefied gas carriers for Byzantine Maritime, with delivery scheduled for April 2027. In midstream infrastructure, 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 for 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 that converts ammonia into hydrogen, achieving hydrogen purity of more than 99.5%.
Mutares is 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 (DE000A2NB650) is a listed private equity holding company that acquires companies in transition and resells them after stabilization and repositioning. More information is available at www.mutares.com. The original release can be viewed on www.newmediawire.com.
