Nord Gas Solutions Sets Record Order Backlog of EUR 880 Million, Eyes 2026 Revenue Above EUR 575 Million

Nord Gas Solutions (NGS), a leading independent specialist in gas handling, fuel supply, regasification and liquefaction systems, has reported a record order backlog of EUR 880 million as of 30 September 2026, according to an announcement by its parent company Mutares SE & Co. KGaA. The company also expects revenues to exceed EUR 575 million and adjusted EBITDA of approximately EUR 50 million for the full year 2026. The strong performance reflects surging demand for NGS technologies across the gas value chain, driven by converging industry trends including rising global energy demand, a focus on energy security, and the continued push for decarbonization and efficiency.

NGS was formed from the Wärtsilä Gas Solutions business and is headquartered in Asker, Norway, with around 500 employees and nine locations worldwide. Since its acquisition by Mutares, the company has materially grown its order backlog. Peter Wagner, CEO of NGS, commented, "Since becoming an independent company, we have materially grown our order backlog, which now stands at EUR 880 million. Our customers are investing in new gas infrastructure, and we are well positioned to deliver on our targets for 2026 and 2027."

The growth is underpinned by three megatrends: rapidly rising global energy demand, partly driven by the expansion of AI and data-center capacity; heightened geopolitical tension increasing demand for reliable and diversified energy supply; and the long-term energy transition creating demand for lower-emission gas solutions. These trends are driving demand for NGS technologies, including 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, and adjusted EBITDA of EUR 43 million, compared to EUR 20 million. As of 30 September 2026, NGS holds 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. For the full year 2027, management is confident of achieving double-digit revenue growth and a double-digit adjusted EBITDA margin, with approximately 92% of planned 2027 revenue already covered by the fixed order backlog.

NGS's core marine business remains substantial, with recent contract awards including cargo-handling and LPG fuel-supply systems for eight new liquefied gas carriers for BW LPG, each with a capacity of 90,000 m³, to be built at HD Hyundai. A further order covers systems for two liquefied gas carriers for Byzantine Maritime. The midstream infrastructure segment is growing rapidly, led by floating storage and regasification unit (FSRU) projects. For the Texas GulfLink project in the United States, NGS is supplying volatile organic compound (VOC) recovery systems for two offshore support vessels, capturing emissions during crude oil loading and allowing recovered substances to be reused. This project highlights NGS's role in supporting energy infrastructure development in Texas and beyond.

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 expects to remain a significant shareholder in the event of a listing. Mutares SE & Co. KGaA, a listed private equity holding company, acquires companies in transition and supports their operational improvement. Its shares trade on the Frankfurt Stock Exchange under the symbol "MUX" (ISIN: DE000A2NB650). More information is available at www.mutares.com. The original release can be viewed on www.newmediawire.com.

The implications of NGS's growth extend beyond its immediate financials. The company's involvement in the Texas GulfLink project underscores the importance of emissions recovery technology in the energy sector, particularly in Texas, a hub for oil and gas infrastructure. As global demand for LNG and gas infrastructure rises, NGS's technologies support cleaner, more efficient operations. The potential public listing could further elevate NGS's profile, attracting investment and reinforcing its role in the energy transition.