Mutares has signed an agreement to sell NEM Energy Group to Hyundai Heavy Industries Power Systems (“HPS”)

Mutares has signed an agreement to sell NEM Energy Group to Hyundai Heavy Industries Power Systems (“HPS”)
 

• NEM Energy Group is a leading global OEM supplier of heat transfer technology
• Mutares has successfully repositioned NEM into an independent and profitable platform after a complex carve-out in less than 4 years
• NEM Energy Group is ready for next growth phase under HPS ownership with a significant order backlog and large pipeline ahead in the market
• Closing is expected in Q3 2026

Munich, June 10, 2026 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) (“Mutares”) has signed an agreement to sell its portfolio company NEM Energy B.V. and subsidiary NEM Balcke-Dürr GmbH (together “NEM Energy Group”) to Hyundai Heavy Industries Power Systems Co., Ltd (“HPS”), ultimately owned by MiCo Ltd, listed on the KOSDAQ (KOSDAQ: 059090), a trading board of Korea Exchange. The parties have agreed not to disclose the purchase price and contractual details. The closing of the transaction is subject to customary approvals and is currently expected in the third quarter of 2026.

NEM Energy Group, headquartered in Zoeterwoude, the Netherlands, is a globally active specialist in heat transfer technology with leading market positions in heat recovery steam generators, exhaust and diverter systems and heat exchanger solutions. The company serves international customers across power generation, oil & gas, industrial applications, nuclear and emerging energy transition markets. In fiscal year 2025, NEM Energy employed approximately 470 people across its locations in the Netherlands, Germany and India.

Since acquiring NEM Energy from Siemens Energy in December 2022 as part of a carve-out transaction, Mutares has successfully transformed the business into an independent, innovative, operationally strengthened and sustainably profitable standalone platform. During Mutares’ ownership, NEM strengthened its operational setup and invested in a new go-to-market approach, reflected in a strong project pipeline and a globally diversified customer base.

The transaction marks a successful exit for Mutares and underlines the ability to create substantial shareholder value through operational transformation and strategic repositioning. Mutares focuses on companies operating in sectors with structural tailwinds, where demand dynamics support long‑term growth. The energy sector, in particular, benefits from increasing global demand for reliable, efficient and lower‑emission power generation solutions, energy security considerations and the ongoing transition of the global energy system. NEM's position within these high-demand and developing markets aligns well with Mutares’ investment approach and value‑creation expertise.

Johannes Laumann, CIO of Mutares, comments: “NEM Energy Group is a strong example of what we do best – identifying companies with potential, transforming them into high-performing standalone platforms, and creating value for all stakeholders. The energy sector is experiencing exceptional structural demand dynamics, and we have positioned NEM Energy perfectly to benefit from this environment. We are proud of having been part of the NEM journey and we are convinced that the HPS team is the best possible owner to support NEM Energy Group towards a future of further growth and profitable success. We would like to thank the HPS team for the pleasant cooperation and wish them a great journey ahead with the excellent teams of the NEM Energy Group.”

Company profile of Mutares SE & Co. KGaA

Mutares SE & Co. KGaA, Munich (www.mutares.com), is a listed private equity holding company with offices in Munich (HQ), Amsterdam, Bad Wiessee, Chicago, Frankfurt, Helsinki, London, Madrid, Milan, Mumbai, Paris, Shanghai, Stockholm, Tokyo, Warsaw, and Vienna, that acquires companies in transition that show significant potential for operational improvement and are resold after stabilization and repositioning. The company follows a sustainable minimum dividend policy.

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 included in the SDAX selection index.

For more information, please contact:

Mutares SE & Co. KGaA
Investor Relations
Phone: +49 89 9292 7760
Email: ir@mutares.de
www.mutares.com

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