Mutares completes successful exit of Terranor Group – High demand among institutional investors

EQS-News: Mutares SE & Co. KGaA / Key word(s): Investment/Disposal Mutares completes successful exit of Terranor Group – High demand among institutional investors 21.05.2026 / 17:30 CET/CEST The issuer is solely responsible for the content of this announcement. Mutares completes successful exit of Terranor Group – High demand among institutional investors

• Mutares sells remaining 46.3% stake in Terranor Group in line with strategy
• High demand from international institutional investors
• Further cash inflow with ROIC well above target range

Munich, May 21, 2026 – Mutares SE & Co. KGaA (ISIN: DE000A2NB650) successfully sold its remaining 46.3% stake in Terranor Group AB (“Terranor”; ISIN: SE0025159023) to Swedish and international institutional investors as part of a private placement. DNB Carnegie and SB1 Markets acted as Joint Bookrunners on the Sale.

With the placement now complete, Mutares has entirely exited the shareholder base of Terranor Group following the listing of Terranor Group in June 2025 and the gradual reduction of its shareholding in December 2025 and March 2026. Throughout the entire holding period of Terranor Group, Mutares generated total gross proceeds of around EUR 50 million, achieving a ROIC well above the target range.

Mutares acquired the operations of Terranor in Sweden and Finland in 2020 through a carve-out from NCC, followed by the acquisition of the Danish business in 2021. Following the accelerated transformation, Terranor is now showing very strong growth, improved profitability, and a strengthened market position. A key highlight is the record-high order backlog following the 2026 Swedish tender season. Terranor secured 31% of the awarded contract volume in Sweden, further expanding its market share. Terranor benefits substantially from the structural investment backlog in Nordic transport infrastructure. Sweden alone recently increased its road budget for 2026 – 2037 by 48%. As the only large independent road operations and maintenance specialist in the Nordic region, Terranor holds a highly attractive position in a largely non-cyclical market.

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