Mutares cites EUR 880 million NGS backlog: Mutares stock falls 3.27 percent

Published on 10/15/2026 at 14:05 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

NGS projects 2026 revenue above EUR 575 million and adjusted EBITDA of EUR 50 million. Mutares stock costs EUR 24.23 on October 15, 2026, below EUR 25.05.

NGS growth and November dates

Nord Gas Solutions held an EUR 880 million order backlog on October 14, 2026.
NGS projected 2026 revenue above EUR 575 million and adjusted EBITDA of EUR 50 million.
Mutares stock trades at EUR 24.23 at 2:00 p.m. CEST at Lang & Schwarz on October 15, 2026, 3.27 percent below the Xetra close of October 14, 2026.
Mutares will publish its third-quarter report on November 12, 2026.

Moderne Glas-Bürozentrale in München bei Sonnenuntergang mit Passanten auf der Plaza — Fotorealistische Bürozentrale in München symbolisiert Mutares SE & Co. KGaA, ISIN DE000A0Z23Y2, im warmen Abendlicht, Illustration mit AI erstellt.

Mutares (DE000A2NB650) cited an EUR 880 million order backlog at portfolio company Nord Gas Solutions on October 14, 2026, while its stock traded 3.27 percent below the Xetra close the following afternoon. The announcement also put NGS revenue and profitability targets on the market's radar.

NGS backlog reaches EUR 880 million

According to EQS News, NGS had generated EUR 459 million in revenue and EUR 43 million in adjusted EBITDA during the first nine months of 2026, versus EUR 283 million and EUR 20 million in the prior-year period. The figures show a quantified improvement in both sales and adjusted operating earnings.

NGS expects 2026 revenue to exceed EUR 575 million and adjusted EBITDA to reach EUR 50 million. Its fixed backlog covered 92 percent of planned 2027 revenue as of September 30, 2026, giving Mutares a visible operating metric beyond the current reporting year.

What does the backlog mean for margins?

The answer is the combination of growth and execution. NGS held EUR 880 million of orders and a EUR 1.8 billion project pipeline on September 30, 2026, while management targeted a double-digit adjusted EBITDA margin for 2027, according to EQS News. Mutares is also evaluating strategic exit alternatives for NGS, including a possible Nordic listing, but the announcement said no transaction decision had been made.

Three dated portfolio steps

On September 30, 2026, Mutares completed the Synthomer acquisition, a platform with EUR 110 million of 2025 carve-out revenue, according to EQS News. On October 1, 2026, it accepted EUR 10.4 million of bonds in a partial repurchase, reducing the outstanding nominal amount to EUR 222 million, according to EQS News. On October 14, 2026, the NGS update put EUR 880 million of backlog and more than EUR 575 million of expected 2026 revenue at the center.

November brings two company dates

Mutares is scheduled to publish its third-quarter 2026 report on November 12, 2026, followed by its London Investor Day on November 19, 2026, according to the company's investor-relations calendar at Mutares. These dates provide the next checkpoints for portfolio integration, refinancing and the NGS strategy.

Stock falls below EUR 25.00

Mutares stock was trading at EUR 24.23 at Lang & Schwarz on October 15, 2026 at 2:00 p.m. CEST, down 3.27 percent versus the Xetra close of October 14, 2026 at EUR 25.05. The primary listing is in Frankfurt, and the stock belongs to the SDAX.

The further course of trading is shown by the continuously updated real-time quote of Mutares stock.