Munters Group Ab · OMXSTO:MTRS
Munters Group Ab — Q3 2025 Earnings Presentation
30 slides from Munters Group Ab's earnings presentation, Oct 24, 2025
Slide 1: Munters Q3 report 2025
Munters Q3 report 2025 Klas Forsström, President and CEO Katharina Fischer, GVP and CFO Line Dovärn, Head of Investor Relations
Slide 2: Strong growth and solid profitability
Strong growth and solid profitability Q3: Strong order intake Q3: Increased net sales growth Q3: Solid profitability Order intake Announced orders* Order backlog Net sales Net sales growth MSEK 50% MSEK Adj. EBITA Adj. EBITA margin EBIT margin 15 000 MSEK 900 20% 6 000 4 000 40% 3,798 13.5% 15% 10,0
Slide 3: Variations across regions & end-markets
Variations across regions & end-markets Americas EMEA APAC Group order intake Q3 12% (14) 19% (23) 69% (62) Business area order intake Q3 AirTech 44% (42) 32% (35) 24%(23) DCT 91% (98) 3% (5) (2) 5% (0) 48% (60) 48% (31) 4% (9) FoodTech • AT: market remains soft, • AT: mixed market sentiment • AT: s
Slide 4: Stable growth in a challenging environment
Stable growth in a challenging AirTech environment Order intake & backlog 4 000 Order Intake grew; (currency effects -8%) 2,697 MSEK 2 000 • Industrial (excl. battery) – slight growth in 1,567 EMEA & APAC, battery remained flat in all regions 0 • CT 1 – good growth in VOC, supported by Q323 Q423 Q12
Slide 5: Solid demand across segments
AirTech Solid demand across segments Development Q3 2023 – Q3 2025 • Battery – regional differences, Order intake per customer MSEK, LTM delays in investments, lower MSEK, Q segment project volumes, increased 2 500 10 000 competitive environment • CT- continued good 2 000 development 8 000 • Other I
Slide 6: Lower volumes and profitability
AirTech Lower volumes and profitability Net Sales declined, lower Change (%) sales in all regions; Q3 2025 Q3 2024 Org. Struct* FX • Industrial (excl. battery) – declined, MSEK primarily Americas, battery decline Order intake 1,567 1,529 7 3 -8 Americas & EMEA Order backlog 2,697 3,327 • CT – growth
Slide 7: Co-innovation through strategic investments
Co-innovation through strategic AirTech investments • Munters drives co-development and innovation through venture investments in adjacent technologies • Minority investments include ZutaCore (DCT), AgriWebb & Farmsee (FoodTech) and Capsol (AirTech) • Partnerships focus on direct-to-chip liquid cool
Slide 8: Continuous adaptation of our organization to ensure resilience, scalability & profitable growth
Continuous adaptation of our organization to AirTech ensure resilience, scalability & profitable growth Previous cost-saving measures from 2024 progressing according to plan Strategic rationale Initiatives Efficiency measures 1. Market demand • weak battery market • Investment adjustments • • footpr
Slide 9: Technology leadership validated by order from new US battery customer
AirTech Technology leadership validated by order from new US battery customer LDP system: • Q4 2025 - Secured order from leading US battery cell manufacturer for heavy-duty vehicles • Includes LDP systems, advanced dehumidification systems & supporting field service • LDP with HPX*-rotor enables ult
Slide 10: High demand for our broad portfolio
Data Center Technologies High demand for our broad portfolio Order intake & backlog Order Intake increased; (currency effects, -25%) 8 000 • orders received across full product portfolio, strong demand for CDUs & CRAHs from colocators & hyperscalers 6,581 6 000 • EMEA growth, especially CRAHs & serv
Slide 11: Continued strong execution, although impacted by tariffs
Continued strong execution, Data Center Technologies although impacted by tariffs Change (%) Q3 2025 Q3 2024 Org. Struct* FX Net Sales increased; MSEK • successful execution of backlog Order intake 2,164 898 149 17 -25 • deliveries of SyCool, CDUs, CRAHs in Order backlog 6,581 6,464 Americas & chill
Slide 12: Strong order backlog to be delivered mainly in 2026 and into 2027
Strong order backlog to be delivered mainly in Data Center Technologies 2026 and into 2027 2023 2024 2025 2026 MUSD 137 US colocator, SyCool MUSD 65 US colocator, CRAH MUSD 35 US colocator, CDU MUSD 60 US hyperscaler, CRAH MUSD 55 US colocator, CRAH MUSD 37 US colocator, Chillers, CRAH MUSD 47 US co
Slide 13: Liquid cooling and heat rejection steps
Data Center Technologies Liquid cooling and heat rejection steps Liquid cooling Technology loop Facility/Rejection loop 1. DISSIPATION 2. CAPTURE 3. TRANSFER 4. RELEASE (INSIDE THE SERVER) (INSIDE THE DC) THROUGH INFRASTRUCTURE (OUTSIDE THE DC) Removing the heat from the chip Capture heat inside the
Slide 14: Modularity: Accelerating scalable growth in AI infrastructure
Modularity: Accelerating scalable Data Center Technologies growth in AI infrastructure To meet increasing demand, DC operators are increasingly looking to modular solutions to increase speed of deployment Evolution of modularity • Pre-2020s: Modularity meant interchangeable components—standardized p
Slide 15: Strong overall demand driven by Americas
Strong overall demand driven by FoodTech Americas Order intake & backlog 800 756 600 Order Intake increased; (currency effects, -10%) MSEK 435 400 • Software – growth, mainly Americas, new & existing 200 customers • Controllers – strong growth in 0 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Americ
Slide 16: Maintaining excellent momentum
FoodTech Maintaining excellent momentum Q3 Q3 Change (%) Development of ARR Q3** (MUSD) 2025 2024 Org. Struct* FX MSEK +21% Net Sales increased, mainly Order intake 435 221 29 77 -10 driven by controllers; Order backlog 756 497 34 28 • Software – grew, despite negative Net sales 486 239 18 95 -10 cu
Slide 17: AI at the core of operations in FoodTech
FoodTech AI at the core of operations in FoodTech Transformation from an equipment-based business to a fully digital one, leveraging AI for efficiency, strengthened customer relationships and enhanced offering Software: → Calvin: suite of AI-powered agents to enable efficiencies in software developm
Slide 18: Financial highlights
Financial highlights @
Slide 19: Strong growth and solid margin
Group Strong growth and solid margin • Net Sales increased; Change (%) Q3 Q3 • AT – declined; lower sales in all regions 2025 2024 Organic Structural Currency MSEK growth growth* effects • DCT - increased; driven by cont. successful execution of backlog Order intake 4,159 2,646 56 14 -13 • FT – incr
Slide 20: Solid profitability despite challenges in AirTech & currency headwinds
Adjusted EBITA-margin Solid profitability- despite challenges in AirTech & currency headwinds Group adj. EBITA margin impact Main factors affecting adj. EBITA margin in Q3: • Volume had a positive impact, driven by DCT and FT Q3 2024 adj. EBITA % 16.3 • Positive net price increase in DCT and FT. Neg
Slide 21: Maintained emphasis on cash management
Cash flow Maintained emphasis on cash management Group cash flow YTD*, MSEK Cash flow from changes in working capital 1 400 Q3 2025 Q3 2024 1 200 1,161 -42 Change in accounts receivable 217 151 Change in inventory -70 -125 1 000 Change in accrued income -186 20 800 Change in accounts payable -85 -13
Slide 22: Investments supporting the next growth wave
Capex & OWC Investments supporting the next growth wave 450 CAPEX 15% 10% CAPEX continued investments %-net sales 300 MSEK 6.7% • strengthening competences, upgrades, digitalize & 3.9% 5% 150 automize • 2026: investments in DCT facility to support chiller 0 0% production in Virginia, US Q3 Q4 Q1 Q2
Slide 23: Sustained leverage ratio during the quarter
Leverage & net debt Sustained leverage ratio during the quarter Development of leverage & net debt 2 000 3,5 Leverage ratio 2.8x 0 3,0 • Compared to Q2 2025: unchanged 3.1 2.8 2.8 • Compared to Q3 2024: increased due 2.6 2,5 to debt-financed acquisitions & -2 000 increased lease liabilities 2.3 2.3
Slide 24: Service ambition in line with strategic direction
Service Service ambition in line with strategic direction Service share of business area net sales, Q3 Munters ambition: AirTech DCT FoodTech • AirTech 22% (21) 5% (4) 21% (45) • grow our large globally installed base Components share of AirTech, Q3 • continuous innovation – digital offering with AI
Slide 25: Advancements towards our sustainability agenda
Targets for 2030 – Advancements towards our FY 2024 performance sustainability agenda Reduce CO2e* Scope 1 & 2: Scope 3: 42.0% reduce by an Advancing circularity through innovation and cross-industry absolute average of collaboration: reduction 51.6% per unit sold • Circularity programme with Combie
Slide 26: Summary
Summary
Slide 27: Progression towards our financial targets
Financial targets & dividend Progression towards our financial targets Currency adj. growth Adj. EBITA margin OWC/net sales Dividend Q3 : +26% Q3 : 13.5% Q3 : 8.3% per share 35% 20% 20% 2 +23% Financial target >14% 13.5% +37% 25% 15% 15% 21% 1,5 10.2% +12% 1.60 SEK Financial target range Financial t
Slide 28: Quarterly highlights
Quarterly highlights Strong performance DCT maintaining strong FoodTech advancing AirTech navigating driven by growth in momentum – confident as a fully digital short-term challenges, key industries for the future business building long-term strength
Slide 29: Financial calendar 2025/2026 Q&A
Financial calendar 2025/2026 Q4 & full-year report 2025 January 29, 2026 Q&A Q3 report 2025
Slide 30: Forward-looking statements disclaimer
This presentation contains forward-looking statements that reflect Munters current expectations on future events and Munters financial and operational development. Although Munters believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, no ass