Mutares weighs Nord Gas exit options. Cantor targets Mutares stock at EUR 48.00

Published on 10/18/2026 at 13:07 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Nord Gas Solutions made EUR 459 million in nine months, up from EUR 283 million. Mutares stock closed at EUR 24.35 on October 16, 2026 on Xetra.

Portfolio signals and trading date

On October 14, 2026, NGS reported an EUR 880 million order backlog while Mutares evaluated Nordic listing options.
For the first nine months of 2026, NGS generated EUR 459 million in revenue versus EUR 283 million.
Mutares stock closed at EUR 24.35 on October 16, 2026 on Xetra.
On September 30, 2026, Cantor listed Mutares at EUR 48.00 with an Overweight view.

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 (ISIN DE000A2NB650) said on October 14, 2026 that Nord Gas Solutions had built an EUR 880 million order backlog while strategic exit options, including a possible Nordic listing, were under review, according to Mutares. The same release reported first-nine-month revenue of EUR 459 million, up from EUR 283 million, and adjusted EBITDA of EUR 43 million, up from EUR 20 million. Cantor listed a EUR 48.00 target and an Overweight view on September 30, 2026, on the company investor-relations dashboard.

Three transactions reshape the portfolio

The recent sequence shows how Mutares is combining acquisitions with potential exits. On September 29, 2026, the company signed an agreement to acquire Steinmüller Engineering, which generated total output of close to EUR 100 million in its last financial year, according to Mutares. On October 5, 2026, it received an irrevocable offer for a controlling stake in Lapeyre, a portfolio company with EUR 475 million in 2025 revenue, according to Mutares. The October 14 NGS announcement was the latest of the three and added the EUR 880 million backlog figure.

What does the backlog mean for growth?

NGS expects 2026 revenue to exceed EUR 575 million and adjusted EBITDA to reach approximately EUR 50 million. Its fixed backlog covered approximately 92 percent of planned 2027 revenue as of September 30, 2026, while the potential project pipeline stood at EUR 1.8 billion. That combination gives the portfolio company a measurable base for its stated 2027 goal of double-digit revenue growth and a double-digit adjusted EBITDA margin. The exit review is still an option rather than a completed transaction, so its financial effect on Mutares has not been quantified.

Two dates for the next phase

Mutares lists the publication of its third-quarter 2026 results for November 12, 2026, followed by a London Investor Day on November 19, 2026, on its investor-relations page. Those dates put the next operating update and the next investor presentation within one week.

Stock closes at EUR 24.35

Mutares stock closed at EUR 24.35 on Xetra on October 16, 2026. The company carried a market capitalization of EUR 623.8 million and a 52-week range of EUR 23.25 to EUR 35.10 as of that trading snapshot. The further course of trading is shown by the continuously updated real-time quote of Mutares stock.