Mutares Lists Terranor on Nasdaq First North Growth Market

Terranor Group Celebrates Successful Stock Exchange Debut On Nasdaq First north Growth Market

Munich, June 30, 2025 – The Terranor Group (Publ), a portfolio company of Mutares SE & Co. KGAA, marked a significant milestone today with its debut on the Nasdaq First North Growth Market in Stockholm, Sweden. the initial trading price was established at SEK 20.00 per share, valuing the company’s total shares at SEK 400 million, approximately EUR 36 million.

Terranor’s Market Entry: Key Details

the placement of 5,000,000 existing shares represents 25% of the company’s outstanding stock. Mutares maintains a 75% majority stake in Terranor. Gross proceeds for Mutares amount to approximately SEK 100 million, or around EUR 9 million.

Furthermore, Mutares granted DNB Carnegie an option to purchase up to 750,000 additional existing shares to cover potential oversubscription. This represents up to 15% of the total shares offered. If fully exercised, the offering could include up to 5,750,000 existing shares, accounting for 28.75% of Terranor’s total shares and voting rights.

Lock-Up Agreements and Future Prospects

Mutares has committed to a lock-up agreement, refraining from selling additional shares for 180 days from the first day of trading. This agreement is subject to specific exceptions and requires prior written approval from DNB Carnegie. Terranor’s board members and management are also subject to a 360-day lock-up period, similarly subject to exceptions and DNB Carnegie’s approval.

Pro Tip: Lock-up agreements are common during IPOs,designed to prevent major shareholders from immediately selling their shares,stabilizing the stock price.

Additionally, Terranor has agreed not to decide on any equity increases for 360 days without DNB Carnegie’s prior written consent. This includes issuing shares or other financial instruments, ensuring stability post-IPO.

Terranor: A Leader in Nordic Infrastructure Services

Terranor stands as a leading provider of operations and maintenance services across Sweden, Finland, and Denmark. The company specializes in winter services such as snow removal and slip protection, alongside summer services including repair and asphalt work.

Further services encompass green space maintenance, traffic safety, and projects within light infrastructure. This comprehensive service portfolio positions Terranor as a key player in maintaining Nordic infrastructure.

Growth and Transformation Under Mutares’ Wing

Mutares initially acquired Terranor’s Swedish and Finnish operations in 2020 from NCC, followed by the acquisition of the Denmark business in 2021. Following this strategic takeover and subsequent transformation, Terranor has solidified its position as a leading provider in road operations and maintenance across the Nordic region.

Between 2022 and 2024, the company achieved a profitable average annual growth rate (CAGR) of 21%. In the 2024 financial year, Terranor reported sales of SEK 3,147 million (EUR 285 million) and an adjusted EBIT of SEK 78.9 million (EUR 7.2 million).

Terranor Financial Highlights (2024)

Metric	Value (SEK Million)	value (EUR Million)
Sales	3,147	285
Adjusted EBIT	78.9	7.2

Market Dynamics and Future Outlook

Terranor benefits from a stable customer base and a strong order backlog, indicating promising growth potential. The market for street infrastructure services is robust, driven by long-term trends such as urbanization, increased traffic, and rising demands for safety and environmental compliance.

Did You Know? According to a report by the European Road Federation, investments in road infrastructure are expected to increase by 4% annually until 2030, driven by sustainability and safety concerns.

Executive Insights

Johannes Laumann, Cio of Mutares, emphasized the significance of Terranor’s IPO. “With the IPO of Terranor, we once again underpin the high value potential of our business model. We expect sustainable growth in Terranor due to the growing need for state infrastructure investments and the accumulated maintenance backlog on the state level,where a broader investor circle now can participate.”

The Evergreen Value of Infrastructure Investments

Infrastructure maintenance is a critical, non-cyclical sector, making companies like Terranor inherently stable. As urban populations grow and existing infrastructure ages, the demand for maintenance and upgrades increases.This creates a reliable, long-term need for Terranor’s services, regardless of economic fluctuations.

Factors Driving Sustained Growth

• Urbanization: Cities continue to expand, requiring more roads, bridges, and public spaces.
• Aging Infrastructure: Existing roads and structures require constant maintenance and eventual replacement.
• Environmental Regulations: Stricter environmental standards necessitate greener and more sustainable infrastructure solutions.
• Safety Concerns: increasing traffic volumes demand safer roads and traffic management systems.

Frequently asked Questions About Terranor’s Stock Exchange Debut

What does Terranor Group specialize in?

Terranor Group specializes in operating and maintenance services, including winter and summer road maintenance across Sweden, Finland, and Denmark.

Who is the primary shareholder of Terranor following the IPO?

Mutares SE & Co. KGAA remains the primary shareholder,retaining a 75% stake in Terranor.

What were Terranor’s sales figures for the year 2024?

Terranor reported sales of SEK 3,147 million (EUR 285 million) in 2024.

What is a lock-up agreement, and how does it affect Terranor’s stock?

A lock-up agreement prevents major shareholders (like Mutares) and key personnel from selling their shares for a specified period, aiming to stabilize the stock price post-IPO.

How does the market outlook support Terranor’s growth?

The market outlook supports Terranor’s growth due to increasing urbanization, aging infrastructure, and rising safety and environmental standards.

What are your thoughts on Terranor’s market debut? How do you see the future of infrastructure investment shaping up? Share your insights in the comments below.

What are the key risks associated with investing in Terranor given its listing on the Nasdaq First North Growth Market?

Mutares Lists Terranor on Nasdaq First North Growth Market: Strategic Move Analyzed

understanding the Significance of the Listing

The listing of Terranor on the Nasdaq First North Growth Market, facilitated by Mutares, marks a notable growth in the company’s strategic roadmap. This move provides Terranor with access to capital markets, increased visibility, and opportunities for future expansion. This article delves into the details.

Key Benefits for Terranor

• Access to Capital: The First North Growth Market provides a platform to raise capital through the issuance of new shares. This can be used to fund growth initiatives, such as acquisitions, research and development, and geographic expansion. the ability to attract investors through this platform is a key advantage.
• Enhanced Visibility: Being listed on a public exchange enhances Terranor’s profile and visibility within the investment community. This wider recognition can attract new customers, partners, and talent. Greater brand exposure is a direct result.
• Increased Liquidity: Listing enables existing shareholders to trade their shares more easily. This improved liquidity can attract a wider range of investors.

Mutares’ Strategic Role in the Listing

Mutares, as an active investor and “value-add” partner, plays a pivotal role in guiding portfolio companies like Terranor through the listing process. Their expertise in M&A,restructuring,and capital markets is crucial for a successful IPO (Initial Public Offering). They support their companies throughout the whole process.

Mutares’ Approach to Portfolio Company Development

• Strategic Oversight: mutares provides strategic direction and assists in formulating business plans to enhance the portfolio company’s value.
• Operational Expertise: They provide hands-on operating support across various functions, including financial planning, and purchasing.
• Capital allocation: Mutares assists in identifying and securing financing options.

Nasdaq First North Growth Market: A Primer

The Nasdaq First North Growth Market is designed for growing companies. It offers a less regulated habitat than the main market, making it accessible to companies that may not yet meet the stringent requirements of larger exchanges. It is a good choice for companies like Terranor.

Key features include:

• Growth-Oriented: The market focus is on supporting high-growth companies from various sectors.
• Advisory Services: Companies benefit from the support of a Certified Adviser. This is a crucial factor.
• Simplified requirements: The listing requirements are generally less demanding than those of the main market.

Potential Implications for Investors

Investing in companies listed on the First North Growth market carries inherent risks. Investors should carefully consider the company’s financial performance, business model, and growth prospects. It’s essential to conduct thorough due diligence.

Factors to Consider

• Risk Profile: Businesses listed on First North are frequently enough earlier stage with potentially higher growth rates.
• Liquidity: Trading volumes might potentially be lower than on the main market.
• Due Diligence: Extensive research is vital.

future Growth Prospects and Market Dynamics

The listing provides Terranor with the resources and platform to pursue its growth strategy. Market dynamics, including sector trends and economic conditions, will influence its performance. Further expansion and success can be expected.

Analyzing Growth Indicators

Indicator	Description	Impact
Revenue Growth	Year-over-year increase in sales.	Positive indication of market demand.
Market share	Percentage of the overall market controlled.	Indicates a company’s competitiveness.
Profitability	Analysis of margins and net profits.	Crucial for long-term value creation.

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