Mutares Lines Up Three Portfolio Moves, Each at a Different Stage

Mutares has received an irrevocable purchase offer from Quiver for SRT Group SAS and its subsidiaries, the company said, setting the stage for the sale of urban logistics platform Stuart — a business that has kept improving operationally without yet turning a profit. The announcement lands alongside a pair of other portfolio developments: a possible Nordic listing for Nord Gas Solutions and a Polish disposal for Natura, each sitting at a different point on the path to completion.

Stuart, which Mutares acquired in 2023, focuses on the last-mile delivery segment. Since the takeover the platform has broadened its customer base, put money into technology and cut costs per order substantially. It generates roughly EUR 50 million in revenue and employs about 70 people. Those gains have not translated into positive operating earnings, which is why the planned exit amounts to more than a reshuffling of the portfolio — it concerns a company whose commercial trajectory has stayed difficult despite the measures put in place.

Revenue at Stuart fell sharply in 2025, according to Mutares, and the operating result remained clearly negative even with lower costs per order. The first half of 2026 brought a marked increase in both revenue and operating profit versus the year-earlier period, yet Stuart was still posting operating losses after that improvement. The picture is therefore split: the top line recovered while profitability stayed under pressure. A better cost position on its own has not been enough to break the lossmaking pattern.

Management at Stuart expected revenue to rise strongly year on year in the second half of 2026, while projecting a significantly weaker operating result over the same stretch. That guidance is a reminder that top-line growth should not be read in isolation when weighing the proposed sale.

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Stuart operates in France, the UK and Poland and runs a technology centre in Spain. Mutares intends the transaction to trim its exposure to the trading sector, which would shift both the makeup of the portfolio and its operational risk profile. The company expects to close in the fourth quarter of 2026, subject to informing employee representatives. The irrevocable offer, in other words, does not yet equal a completed sale.

Nord Gas Valuation Draws Analyst Attention

Separately, the value of Nord Gas Solutions is providing tailwind for Mutares, according to media reports. Analyst Stefan Augustin argued on Thursday that the share price fails to reflect the worth of that holding. On Friday the Mutares stock rose 2.7% to EUR 28.20.

Münchmeyer Petersen Capital Markets raised its price target for Mutares to 45 euros from 41 on Thursday and reaffirmed its buy recommendation, pointing among other things to the review of possible exit options for Nord Gas Solutions. Mutares has said it is working with financial advisers on strategic options for the holding, including a potential IPO in the Nordic countries. No decision on that route has been announced.

Roughly two weeks ago Mutares reported a record order backlog of EUR 880 million for Nord Gas Solutions. The business expected revenue of more than EUR 575 million for 2026, with adjusted EBITDA estimated at about EUR 50 million. In the first nine months of 2026 it generated revenue of around EUR 459 million and adjusted EBITDA of EUR 43 million.

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Natura Terms Signed, Warsaw's Approval Outstanding

Mutares is also preparing a possible sale at Natura. The company signed an agreement with Grupa Kapita?owa Specja? covering the key terms for disposing of the Polish drugstore chain. A purchase contract and completion are targeted for the fourth quarter of 2026, with closing conditional on, among other things, clearance from Polish competition authority UOKiK. dpa-AFX attributed Tuesday's share price gain to the sale announcement.

Mutares will publish its third-quarter 2026 results on 12 November.

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