Mutares receives Stuart offer. Mutares stock falls 2.55 percent

Published on 10/29/2026 at 12:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

NGS revenue hit EUR 459 million in nine months, up from EUR 283 million. Mutares stock costs EUR 27.53 on October 29, 2026, 2.55 percent below its Xetra close.

Portfolio strategy and market reaction

Quiver offered to acquire Stuart on October 26, 2026, in a transaction involving EUR 50 million of revenue.
Nord Gas Solutions reported EUR 880 million in fixed orders as of September 30, 2026.
Mutares stock trades at EUR 27.53 at 12:29 p.m. CET at Lang & Schwarz on October 29, 2026, 2.55 percent below the Xetra close of October 28, 2026.

Mutares, DE000A2NB650, Illustration mit AI erstellt.

Mutares (ISIN DE000A2NB650) received an irrevocable offer from Quiver to acquire Stuart on October 26, 2026, according to Mutares. At Lang & Schwarz on October 29, 2026 at 12:29 p.m. CET, Mutares stock traded at EUR 27.53, down 2.55 percent versus the Xetra close of October 28, 2026 at EUR 28.25.

Three portfolio moves in October

Mutares reported on October 14, 2026 that Nord Gas Solutions generated EUR 459 million in revenue during the first nine months of 2026, compared with EUR 283 million in the prior-year period. Fixed orders stood at EUR 880 million on September 30, 2026, while the project pipeline reached EUR 1.8 billion.

On October 20, 2026, Mutares signed a term sheet to sell Natura to Grupa Specja?. The retailer operates more than 190 stores, and the transaction is targeted for the fourth quarter of 2026, according to Mutares.

What does the backlog mean for Mutares?

The NGS figures provide the clearest operating measure in the portfolio. Revenue rose from EUR 283 million to EUR 459 million year over year in the first nine months of 2026, while adjusted EBITDA increased from EUR 20 million to EUR 43 million. Management expects full-year 2026 revenue above EUR 575 million and adjusted EBITDA of EUR 50 million.

The fixed backlog covered 92 percent of planned 2027 revenue as of September 30, 2026. That visibility supports Mutares' stated strategy of improving companies before a sale, but the figures belong to a portfolio company rather than the holding itself.

Next dates for investors

Mutares' next reporting date is November 12, 2026, for third-quarter results, followed by the London Investor Day on November 19, 2026, according to the company's investor-relations calendar.

Stock reaction and valuation context

Mutares had a market capitalization of EUR 701.9 million as of October 29, 2026. Its 52-week range was EUR 23.25 to EUR 35.10, placing the current Lang & Schwarz quote inside that range.

Mutares stock was trading at EUR 27.53 at Lang & Schwarz on October 29, 2026 at 12:29 p.m. CET, 2.55 percent below the Xetra close of October 28, 2026 at EUR 28.25. The further course of trading is shown by the continuously updated real-time quote of Mutares stock.