Mutares Sheds Stuart as Q3 Results Loom and Nord Gas Weighs Its Future
Published on 10/26/2026 at 22:51 | Editorial boerse-global.de
Mutares has secured an irrevocable offer from Quiver for Stuart, the last-mile logistics business formally held as SRT Group SAS, as the Munich-based holding company presses ahead with a portfolio clean-up that prioritises risk reduction over drawn-out turnaround work. The market liked what it saw: the stock climbed 5.0% to EUR 29.60, leaving it 6.4% above its 200-day moving average.
The decision to sell follows a sharp deterioration at the delivery unit, which Geopost only handed over in November 2023. After meaningful customer losses in the 2025 financial year, the roughly 70-employee business slid deep into operating losses. Revenue picked up again in the first half of 2026, yet the operating result stayed in the red. Local management now expects further strain in the second half: sales growth is forecast to come with a marked worsening of operating profit. Stuart operates in France, the UK and Poland and runs a technology centre in Spain.
Rather than commit more capital to a stubborn operational recovery, Mutares is taking the risk off its balance sheet. Quiver's offer is unconditional, and the transaction is targeted for completion in the fourth quarter of 2026, subject to the formal condition of informing the relevant employee representatives. Financial terms were not disclosed. The exit return of 7 to 10 times invested capital (ROIC) that management normally targets is not confirmed for this sale. Mutares CIO Johannes Laumann said Quiver was the right partner for the subsidiary's next stage of development.
Should investors sell immediately? Or is it worth buying Mutares?
The sale accelerates Mutares' retreat from the retail segment, even though Stuart was reported under the Goods & Services division in the most recent half-year report. The unit generated annual revenue of around EUR 50 million.
Natura and Nord Gas round out the pipeline
Two further portfolio moves sit at different stages. For the planned sale of Polish drugstore chain Natura, Mutares has signed an agreement on the key terms with Grupa Specja?. Signing of the purchase contract and completion are both targeted for the fourth quarter of 2026, subject to conditions including clearance from Poland's competition authority, UOKiK.
At Nord Gas Solutions, meanwhile, Mutares reported a record order backlog of EUR 880 million around two weeks ago and said at the same time that it was examining strategic exit options for the subsidiary. For 2026 the company expects Nord Gas to post revenue above EUR 575 million and adjusted EBITDA of roughly EUR 50 million — forecasts that apply to the subsidiary alone, not to the Mutares group as a whole.
Investors will get a fuller picture on 12 November, when Mutares publishes its figures for the third quarter of 2026.
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