Munters Group Ab · OMXSTO:MTRS
Munters Group Ab — Q1 2025 Earnings Presentation
30 slides from Munters Group Ab's earnings presentation, 2025
Slide 1: Munters Q1 report 2025
Munters Q1 report 2025 Klas Forsström, President and CEO Katharina Fischer, GVP and CFO Line Dovärn, Head of Investor Relations Agreement signed to divest the FoodTech Equipment offering, closing expected in Q2 2025. The comments and figures in this presentation refer to continuing operations unless
Slide 2: Agreement signed to divest FoodTech Equipment
Agreement signed to divest FoodTech Equipment • An agreement has been signed to divest the FoodTech Equipment offering to Grain & Protein Technologies, owned by American Industrial Partners • Anticipated to close during Q2 2025 • The comments in this presentation refer to the ”continuing operations”
Slide 3: Strong performance in a volatile environment
Strong performance in a volatile environment Q1: Strong order intake Q1: Robust net sales growth Q1: Healthy profitability Order intake Announced orders* Order backlog Net sales Net sales growth* Adj. EBITA Adj. EBITA margin EBIT margin MSEK MSEK 15 000 MSEK 70% 800 20% 6 000 60% 4 000 50% 600 16% 1
Slide 4: DCT in Americas – main driver of growth
DCT in Americas – main driver of growth Americas EMEA APAC Group order intake Q1 16% (18) 55% (40) 29% (42) Business area order intake Q1 AirTech 41% (30) 32% (48) 27% (22) DCT 87% (91) 12% (9) 1% (0) 37% (65) 57% (28) 6% (7) FoodTech • Positive market sentiment • Mixed market sentiment • Stable mar
Slide 5: Regionalized manufacturing strategy mitigates macro uncertainty
Regionalized manufacturing strategy mitigates Group macro uncertainty Opportunities Munters Megatrends Market situation Consequences • Strategically See no current need to • Climate change • Tariff policy • Tariffs positioned further regionalize • Digitalization • Inflationary • Trade restrictions m
Slide 6: AirTech: Declined order intake, affected by EMEA
AirTech Declined order intake, affected by EMEA Order intake & backlog 4 000 Order Intake declined, 2,917 mainly EMEA; 2 000 MSEK • Industrial (excl. battery) – declined, growth 2,051 in food. Battery remained weak across all regions 0 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 • Commercial – grow
Slide 7: Solid development in most customer segments
Solid development in most customer Development Q1 2023 – Q1 2025 segments • Battery –customers started Order intake per customer placing orders closer to MSEK segment delivery in H2 2024, delays in 2 500 greenfield investments combined with more aggressive competitive environment 2 000 • CT- stable
Slide 8: AirTech: Lower volumes in battery and service Americas
AirTech Lower volumes in battery and service Americas, affecting margin Change (%) Net Sales decline, lower Q1 2025 Q1 2024 Org. Struct* FX sales in Americas; MSEK • Industrial (excl. battery) – flat, stable Order intake 2,051 2,255 -13 4 0 contributions across all sub-segments. Battery declined in
Slide 9: M300 – a new benchmark in dehumidification technology
AirTech M300 – a new benchmark in dehumidification technology Enhanced capacity: M300 ideal for applications requiring mobility & space efficiency Superior energy efficiency: Innovative design reduces energy use and cost Advanced control & connectivity: Plug-and-play functionality with pre-set value
Slide 10: Underlying demand remains strong
Underlying demand remains strong Data Center Technologies Order intake & backlog Order Intake increased; 8 000 • strong demand for chillers & CDUs • particularly in Americas, solid level of orders from 6 000 colocators & hyperscalers 6,508 • rise in small to mid-sized orders and shorter lead MSEK 4
Slide 11: Strong profitability supported by Data Center Technologies volume growth
Strong profitability supported by Data Center Technologies volume growth Change (%) Q1 2025 Q1 2024 Org. Struct* FX Net Sales increased; MSEK • successful execution of order backlog Order intake 1,108 343 147 68 9 in Americas Order backlog 6,508 7,003 • growth in EMEA & APAC primarily supported by r
Slide 12: Strong order backlog to be delivered throughout 2025 & 2026
Strong order backlog to be delivered throughout Data Center Technologies 2025 & 2026 2023 2024 2025 2026 MUSD 88 US colocator CRAHs MUSD 137 US colocator SyCool MUSD 65 US colocator CRAHs MUSD 35 US colocator LCX system (CDU) MUSD 60 US hyperscaler CRAHs MUSD 55 US colocator CRAHs MUSD 37 US colocat
Slide 13: Benefits of a full system offering for high density cooling
Data Center Technologies Benefits of a full system offering for high density cooling Secured medium-sized combined Chiller & CRAH order — significant step enabled by our comprehensive system portfolio designed for high-density cooling applications Munters selected based on: • Proven system performan
Slide 14: FoodTech - a focused digital offering
FoodTech FoodTech - a focused digital offering Offering Brands Partnerships Customers Controllers (incl. IoT & sensors) Part of Munters Farmers, integrators Controllers Automate, monitor, optimize & dealers environments with digital connectivity capabilities Combined or separate offering Software So
Slide 15: Strong order intake growth in controllers
FoodTech Strong order intake growth in controllers Order intake & backlog 800 600 665 Order Intake increased; • MSEK 400 Software – slight decline, mainly 439 due to timing of orders. Existing & new customers contributed 200 • Controllers – growth across all 0 regions, supported by acq. Q123 Q223 Q3
Slide 16: Margin decline due to mix and investments
Margin decline due to mix and FoodTech investments Q1 Q1 Change (%) Development of ARR Q1** (MSEK) 2025 2024 Org. Struct* FX MSEK +23% Net Sales increased, driven by Order intake 439 200 17 102 1 both software & controllers; Order backlog 665 553 314 256 • Software – strong growth in Americas Net sa
Slide 17: Milestones on FoodTech's journey of digitalizing food production
Milestones on FoodTechs journey FoodTech of digitalizing food production Software Quarterly Controllers developments Expanding efforts & Consolidating acq. companies presence in EMEA Cont. focus on synergies & Cont. strengthening of capability sharing footprint & sales capabilities Quarterly milesto
Slide 18: Financial highlights
Financial highlights @
Slide 19: Strong order intake and top line growth
Group Strong order intake and top line growth Q1 Q1 Change (%) • Net Sales increased; MSEK 2025 2024 Organic growth Structural growth* Currency effects • AT - declined, lower battery & Service sales in Americas • DCT – increased, successful backlog execution in Americas, growth in Order intake 3,556
Slide 20: Good overall profitability driven by strong volume growth in DCT & FoodTech
Adjusted EBITA-margin Good overall profitability driven by strong volume growth in DCT & FoodTech Group adj. EBITA margin impact Main factors affecting adj. EBITA margin in Q1: • Volume had a positive impact, robust growth in DCT & Q1 2024 FoodTech, while AT declined primarily in Americas adj. EBITA
Slide 21: Solid cash flow management
Cash flow Solid cash flow management Group cash flow YTD, MSEK Cash flow from changes in working capital 600 Q1 2025 Q1 2024 111 Change in accounts receivable 166 -167 430 400 Change in inventory -34 -74 Change in accrued income -175 115 200 Change in accounts payable -3 -5 -1,068 39 Change in advan
Slide 22: Investments supporting the next growth wave
Investments supporting CAPEX (Q) 15% the next growth wave 450 10% %-net sales 300 7.2% MSEK 150 5% Continued investments aiming at 0 0% strengthening competences, upgrades, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 digitalize & automize 2023 CAPEX 2024 CAPEX % of net sales 2025 • AirTech: investments in the new fa
Slide 23: Increased leverage ratio
Leverage & net debt Increased leverage ratio Development of leverage & net debt 2 000 3,5 Leverage ratio increased to 3.1x (2.6x, adj. for Equipment proceeds) 3,1 0 3,0 Net debt increased mainly 2.9 2.9 due to: 2,5 -2 000 2.6 • lease liabilities Amesbury, US 2.3 2.3 2.2 2,0 -4 000 2.0 2.1 • acq. of
Slide 24: Service ambition in line with strategic direction
Service Service ambition in line with Service share of business area net sales*, Q1 strategic direction Munters ambition: AirTech DCT FoodTech • AirTech 19% (24) 5% (4) 26% (47) • grow our large globally installed base Components share of AirTech net sales • continuous innovation Components • dehumi
Slide 25: Advancements towards our strategic sustainability agenda
Targets for 2030 – FY 2024 performance Advancements towards our Reduce CO2e* strategic sustainability agenda Scope 1 & 2: 42.0% Scope 3: reduce by an absolute average of reduction 51.6% per unit Munters climate targets validated by the Science sold Based Targets initiative (SBTi), support the goals
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 +16%* 13.5%* 10.2%* per share 35% 20% 20% 2 +23% 15.1% Financial target >14% +37% 25% 15% 15% 1,5 10.2% +12% 1.60** Financial target range SEK 13-10% +21% 1.30 15% Fin
Slide 28: Quarterly highlights
Quarterly highlights Strong performance DCT & FoodTech – AirTech progressing in Strategic advantage in a volatile robust pillars line with expectations with regional environment production
Slide 29: Financial calendar 2025 Q&A
Financial calendar 2025 Annual General Meeting May 14, 2025 Interim report Q2 July 18, 2025 Interim report Q3 October 24, 2025 Q&A Interim report Q4 Q1 report 2025 January 29, 2026
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