Mutares lists Terranor Group AB (publ) on Nasdaq First North Growth Market in Stockholm

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Mutares lists Terranor Group AB (publ) on Nasdaq First North Growth Market in Stockholm

Munich, 30 June 2025 - Terranor Group AB (publ) (ISIN: SE0025159023, Ticker: TERNOR) (“Terranor”), a portfolio company of Mutares SE & Co. KGaA (ISIN: DE000A2NB650) (“Mutares”), celebrated their stock market debut today on the Nasdaq First North Growth Market in Stockholm, Sweden. The opening price was SEK 20.00 per share. This corresponds to a total value for all shares in the company of SEK 400 million, or approximately EUR 36 million.

The placement volume of 5,000,000 existing shares corresponds to 25% of the company’s outstanding shares. With a 75% stake, Mutares remains the majority shareholder of Terranor. The gross exit proceeds for Mutares amount to approximately SEK 100 million, or around EUR 9 million. To cover any overallotment in connection with the offering, Mutares has granted an option to DNB Carnegie to acquire up to an additional 750,000 existing shares, corresponding to up to 15% of the total number of shares in the offering. Assuming that the overallotment option is exercised in full, the offering will comprise up to 5,750,000 existing shares, corresponding to 28.75% of the total number of shares and votes in Terranor.

Mutares has committed, under a lock-up agreement, not to sell any further shares for a period of 180 days from the first day of trading. The lock-up agreement is subject to certain exceptions or prior written approval from DNB Carnegie. The members of the Board of Directors and the Executive Management of Terranor have committed to a lock-up period of 360 days. Their lock-up agreements are also subject to certain exceptions or prior written approval from DNB Carnegie. In addition, Terranor has undertaken not to resolve upon or propose to the general meeting an increase of the share capital through issuance of shares or other financial instruments for a period of 360 days without prior written approval from DNB Carnegie, subject to certain exceptions.

Terranor is one of the leading providers of operation and maintenance services with locations in Sweden, Finland and Denmark. The company offers both winter services, such as snow removal and anti-slip protection, as well as summer services, including repairs and asphalt work. Additional services include green area maintenance, road safety and light infrastructure projects.

Mutares acquired the operations in Sweden and Finland in 2020 through a carve-out from NCC, followed by the acquisition of the Danish business in 2021. Following the acquisition and subsequent successful transformation by Mutares, Terranor has established itself as one of the leading players in road operation and maintenance in the Nordic region. Between 2022 and 2024, the company recorded a profitable average annual growth (CAGR) of 21%. It achieved revenues of approximately SEK 3,147 million (EUR 285 million) in the 2024 financial year, along with an adjusted EBIT of approximately SEK 78.9 million (EUR 7.2 million).

Terranor has a stable customer base and a well-diversified contract portfolio and sees good potential for future growth. The market for road infrastructure services is stable and generally supported by long-term structural trends such as urbanization, increasing traffic volumes, increasing complexity in road construction, and higher safety and environmental requirements.

Johannes Laumann, CIO of Mutares, comments: “With the stock market listing of Terranor, we once again underscore our business model’s strong value creation potential. We anticipate sustainable growth at Terranor driven by increasing demand for public infrastructure investments and a significant backlog in public-sector maintenance, growth from which a broader group of investors can now benefit.”

Company profile of Mutares SE & Co. KGaA
Mutares SE & Co. KGaA, Munich (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
CLAI
Matthieu Meunier
Phone: +33 06 26 59 49 05
E-mail: matthieu.meunier@clai2.com

Press Contact in UK
14:46 Consulting
Tom Sutton
Phone: +44 7796 474940
E-mail: tsutton@1446.co.uk

IMPORTANT INFORMATION
This announcement is not and does not form a part of any offer for sale of securities.
Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, the Hong Kong Special Administrative Region of the People’s Republic of China, Japan, New Zealand, South Africa or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.
The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. Copies of this press release are not being, and should not be, distributed in or sent into the United States.
Any offering of the securities referred to in this announcement will be made by means of a prospectus. This announcement is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (together with any related implementing and delegated regulations, the “Prospectus Regulation”). Investors should not invest in any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.
In any EEA Member State other than Sweden, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State.
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Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements regarding the company’s business strategy, financial condition, profitability, results of operations and market data, as well as other statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” “continue”, “should”, “target”, “predict”, “guideline” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.