Mutares SE & Co. KGaA

M&A Activity • Dec 22, 2025

Mutares signs an agreement to acquire the Gas Solutions business from Wärtsilä

• World leading provider of systems for cargo handling and fuel supply, reliquefaction, regasification and VOC recovery as well as large-scale biogas and onshore gas solutions
• Strategic carve-out from Wärtsilä, strengthening Mutares' portfolio in the energy transition and marine technology sectors
• Revenues of EUR 300 million in 2024
• Closing expected in H1 2026

Munich, December 22, 2025 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has signed an agreement to acquire the Gas Solutions business from Wärtsilä, a global leader of engineering solutions for the marine and energy markets, listed in Finland. The corporate carve-out transaction strengthens the Engineering & Technology segment of Mutares as a new platform investment, and is expected to close in the first half of 2026, subject to customary approvals.

Gas Solutions is a clear market leader in critical equipment and process solutions across the entire gas value chain, serving both offshore and onshore end-markets primarily in Europe and Asia. With global operations, the company reported revenues of EUR 300 million in 2024. The company's diversified business mix, broad product portfolio, and strong global customer relationships position it at the forefront of the energy transition.

Johannes Laumann, CIO of Mutares, comments: "With this acquisition, we are expanding our presence in the energy and marine technology sectors. Gas Solutions brings a market-leading position, a highly skilled team, and a strong pipeline of opportunities. We see excellent prospects for the company in a rapidly growing market and look forward to supporting Gas Solutions as it embarks on its next phase of growth as a standalone company. Furthermore, this is another great case study for us in the Nordics of becoming the trusted carve-out partner in a very complex transaction."

Company profile of Mutares SE & Co. KGaA

Mutares SE & Co. KGaA, Munich (http://www.mutares.com), a listed private equity holding company with offices in Munich (HQ), Amsterdam, Bad Wiessee, Chicago, Frankfurt, Helsinki, London, Madrid, Milan, Mumbai, Paris, Shanghai, Stockholm, Vienna and Warsaw, acquires companies in special situations which show significant operational improvement potential and are sold again after undergoing a repositioning and stabilization process.

The shares of Mutares SE & Co. KGaA are traded on the Regulated Market of the Frankfurt Stock Exchange under the symbol "MUX" (ISIN: DE000A2NB650) and are part of the selection index SDAX.

For more information, please contact:

Mutares SE & Co. KGaA

Investor Relations

Phone: +49 89 9292 7760 E-mail: ir@mutares.de www.mutares.com

Press Contact in Germany

CROSS ALLIANCE communication GmbH

Susan Hoffmeister

Phone: +49 89 125 09 0333 E-mail: sh@crossalliance.de

www.crossalliance.de

Press Contact in France

VAE SOLIS COMMUNICATIONS

Marie-Caroline Garnier Phone: +33 6 22 86 39 17

E-mail: mutares@vae-solis.com

Press Contact in UK

14:46 Consulting

Tom Sutton

Phone: +44 7796 474940 E-mail: tsutton@1446.co.uk