Mutares Strikes Natura Sale Terms as Nord Gas Earnings Surge

Mutares has agreed the key conditions for the sale of Polish drugstore chain Natura to Grupa Specja?, setting the stage for a purchase contract and closing that the company is targeting for the fourth quarter of 2026. The announcement lifted the stock 4.4% on the day, though the shares remain 16% lower since the start of the year and were quoted at EUR 25.30, up 0.8% in the session.

The distinction matters for investors: what has been settled so far are the principal terms. The planned transaction is still subject to clearance from Poland's competition authority, UOKiK, and the signing of the purchase agreement and completion are the next steps. Natura now has a concrete disposal plan with a named buyer, but the timetable remains tied to antitrust approval, so shareholders should not treat the arrangement as a completed sale.

A Portfolio Moving on Two Tracks

The Natura process sits alongside a broader reshaping of Mutares' holdings. On 30 September the company closed its acquisition of Synthomer a.s. from Synthomer plc, describing the purchase as a platform investment to strengthen its Chemicals & Materials segment. It also completed the takeover of Steinmüller Engineering GmbH from IHI Corporation in a share deal, with the business to be run as a platform investment in the Energy & Technology segment.

On the exit side, Nord Gas Solutions is at a different stage. Roughly a week ago Mutares said it was reviewing strategic options for the unit, including a possible listing in the Nordics, with financial advisers engaged and no decision yet taken. The two holdings therefore represent different points in the process: Natura has an agreement with a named counterparty, while Nord Gas Solutions is still at the options-review stage — a distinction that matters more for assessing progress than lumping both together as prospective disposals.

Nord Gas Delivers a Step Change

The operational numbers behind the Nordic exit review are striking. In the first nine months of 2026, Nord Gas Solutions lifted revenue to around EUR 459 million from EUR 283 million a year earlier, while adjusted EBITDA more than doubled to EUR 43 million. An order backlog of EUR 880 million underpins that growth and provides the foundation for the planned business development.

For the full year 2026, management is guiding to revenue above EUR 575 million and adjusted EBITDA of around EUR 50 million. For 2027, the company is targeting double-digit revenue growth and a double-digit adjusted EBITDA margin.

For Natura, attention now turns to the purchase contract, competition clearance and closing. The next scheduled fixed date for Mutares is the Q3 2026 quarterly report on 12 November, which should shed further light on the business performance and segment-level development. What counts in the meantime is which steps are actually completed by then.