Mutares Portfolio Review: Completed Buy, Pending Sale and an Undecided Exit

Mutares is currently juggling three portfolio moves that sit at three very different stages of completion — and for investors, that distinction matters more than the headline count of deal announcements. A finished acquisition, a sale that has only cleared its first hurdle and an exit that remains nothing more than an option under review tell three separate stories about how far each transaction has actually progressed.

Nord Gas Solutions: strong trading, no exit decision

Take Nord Gas Solutions first. The subsidiary's figures, published on 14 October, point to a profitable business with a hefty order book. Revenue for the first nine months of 2026 came in at roughly EUR 459m, with adjusted EBITDA of EUR 43m — a measure of operating profit before interest, taxes, depreciation and amortisation, after adjustments. Neither figure should be read as a sale proceeds number for Mutares.

That gap is the crux for shareholders. The operating data allow a read on how the business itself is performing; they say nothing on their own about what Mutares might bank from an exit. As of 30 September 2026, the firmly contracted order backlog stood at EUR 880m, while full-year 2026 revenue is guided above EUR 575m and adjusted EBITDA around EUR 50m. The backlog underpins that guidance, though it is not the same as revenue already booked — and the annual outlook remains a forecast, not a closed set of results.

On the exit itself, Mutares is working with financial advisers to review strategic options, including a possible listing in the Nordic countries. No decision on a transaction has been taken, according to the company.

Natura: framework agreed, closing still ahead

The Polish drugstore chain Natura sits a step further along. Mutares has signed an agreement with Grupa Specja? on the key terms of a disposal, which names the intended buyer — but a signed sale and purchase agreement and completion are not the same thing. Both are targeted for the fourth quarter of 2026, subject to merger control clearance from Poland's UOKiK antitrust authority. No financial details were disclosed. The announcement therefore marks a concrete milestone in the sale process rather than a finished exit, and it offers no quantified earnings contribution for Mutares to book.

Steinmüller: the completed piece

At the other end of the spectrum is Steinmüller Engineering, where Mutares has wrapped up the acquisition from the IHI Group. The business is assigned to the Energy & Technology segment as a new platform investment — a portfolio build-out rather than a disposal. Steinmüller generated total output of close to EUR 100m in its last financial year and employs around 170 people; that total output figure is not reported as revenue.

What to watch next

The company calendar points to the quarterly report on 12 November 2026 as the next scheduled update. Until then, the takeaway for investors is to keep operating results, planned disposals and completed add-ons in separate boxes. Nord Gas Solutions supplies hard trading numbers, but valuing a potential exit takes more than revenue, earnings and an order backlog alone.