Nagarro SE, the Munich-headquartered global software engineering and technology services company, has disclosed a major shareholding notification filed on behalf of the State of Norway. The Ministry of Finance of Norway, acting on behalf of the Norwegian state via Norges Bank, crossed a key regulatory threshold in Nagarro SE on 10 November 2026. The notification, published under Article 40, Section 1 of the German Securities Trading Act (WpHG), confirms that the Norwegian state's combined voting rights position now stands at 3.08%, triggering a mandatory disclosure requirement under German securities law. Investors in Nagarro SE will be watching to see whether this holding changes further in subsequent filings.

Key Points

  • Nagarro SE (ticker: 0AA3), listed under ISIN DE000A3H2200, is a global technology and software engineering company based in München, Germany.
  • The Ministry of Finance on behalf of the State of Norway disclosed a combined voting rights position of 3.08% in Nagarro SE as of 10 November 2026.
  • Direct share-based voting rights fell slightly from 3.00% to 2.95%, while instrument-based rights rose from 0.08% to 0.13%, keeping the combined total unchanged at 3.08% across 12,922,297 total voting rights.
  • Investors should watch for any further threshold crossings in subsequent WpHG filings, particularly any movement above or below the 3% share-based voting rights level.

Norway's Ministry of Finance Discloses 3.08% Combined Stake in Nagarro SE via Norges Bank

The notification confirms that the Ministry of Finance, acting on behalf of the State of Norway, holds its interest in Nagarro SE indirectly through Norges Bank, the Norwegian central bank. As of 10 November 2026, the total combined position amounts to 3.08% of voting rights, comprising 2.95% attached to shares held indirectly under Section 34 WpHG, equating to 381,761 shares, and 0.13% through instruments — specifically shares lent or otherwise transferred with recall rights — amounting to 16,676 voting rights. The total number of voting rights in Nagarro SE pursuant to Section 41 WpHG is disclosed as 12,922,297.

How the Composition of Norway's Nagarro Holding Shifted Between Notifications

Comparing this notification against the previous filing reveals a subtle but regulatory-significant shift in the composition of the Norwegian state's position. The percentage of voting rights attached directly to shares fell from 3.00% to 2.95%, dipping below the 3% threshold on that individual measure. However, instrument-based voting rights increased from 0.08% to 0.13%, meaning the combined total held steady at 3.08%. The reason for notification is cited as an acquisition or disposal of shares with voting rights, suggesting a minor reduction in the outright share position was partially offset by an increase in lent or transferred share instruments.

Regulatory Context: WpHG Disclosure Rules and Nagarro SE's German Listing

The disclosure is mandated under Article 40, Section 1 of the WpHG, Germany's primary securities trading legislation, which requires major shareholders to notify issuers and regulators when their voting rights cross certain percentage thresholds. Nagarro SE, headquartered at Baierbrunner Straße 15 in München and identified by LEI code 9845008396BA67DA9B37, is subject to these German transparency requirements. The announcement states that the notifying entity — the Norwegian Ministry of Finance — is not controlled by, nor does it control, any other undertaking that directly or indirectly holds an interest in Nagarro SE beyond the chain involving the State of Norway and Norges Bank.