Business
Munters : Q1 2026 Investor Presentation
Munters : Q1 2026 Investor
About this update from Munters Group Ab
Q1 - Investor Presentation Munters - April 2026 Investor Relations Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases A well-executed start to the year Q1: Continued strong order growth Q1: Net sales affected by currency Q1: Margins impacted by temporary factors MSEK 12 000 AirTech DCT FoodTech Group FoodTech DCT AirTech MSEK 4 000 AirTech DCT FoodTech 14.7% 9 000 3 000 % 30 25 20 6 000 3 000 2 000 14.4% 10.9% 5 15 10 1 000 8.0% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 2024 2025 2026 Order intake, +32% (+49% org.,-17% currency) AT - robust demand across regions, despite larger project cancellation DCT - strong demand in Americas from both hyperscalers and colocators FT - strong demand for controllers & software Order backlog, +88% (currency adj.: +96%) Mainly DCT - orders to be delivered mainly in 2026 & 2027 Book-to-bill: 1.3 Net sales, -4% (+9% org., -12% currency) AT - strong performance in Americas DCT - cont. strong delivery execution on order backlog FT - driven by both controllers & software in Americas Adj. EBITA-margin: 10.9% (13.5) DCT: tariff headwinds of approx. -4.p.p & product transition FT: remained robust, impacted by continued investments in growth + AT: improved, mainly positive impact of cost-saving measures, price increases & absence of dual site costs EBIT margin: 7.6% (10.4) AT = AirTech, DCT = Data Center Technologies, FT = FoodTech, BA = business areas * Large orders announced through press releases World leader in energy-efficient climate solutions Business area share Q1 2026, LTM Order Intake 8% 30% 62% Americas Regional share Q1 2026, LTM EMEA Order Intake APAC Order Intake Order Intake 8% Net Sales Net Sales Net Sales 14% 60% 75% 26% 17% Net Sales 11% 49% 40% Note: Figures includes discontinued operations. Q1 2026, LTM Countries with sales & production >30 Sales MSEK 14,578 Production sites >25 Adj. EBITA margin 12.0% Number of employees ~5,000 We secure mission-critical industries Net sales per business area - Q1 2026 FoodTech 12% DCT 39% AirTech 49% State-of-the-art cooling solutions for data centers Ultra dry air for battery production Climate & hygiene control for food production industry Dehumidification for windmills & infrastructure Controllers for optimizing livestock, cultivation, and crop storage Leading supplier of rotors & other components 6 Clean Technology solutions for a healthier planet Service offering to a broad range of customers Constant humidity for the pharmaceutical industry A leading software solution provider for food producers We operate through three business areas AirTech Climate Control Technologies Data Center Technologies Cooling Technologies FoodTech Digital Technologies Dehumidification Humidification Clean Technologies Refrigerant-based Water-based Controllers Software (SaaS) Pharmaceutical Food Processing Battery Broiler Layer Swine Plants Customer segments Liquid cooling Hyperscaler Colocator Air-based Customer Segments Segments Components Dehumidification rotors sold to various industries for moisture control applications Evaporative cooling pads for precise temperature control and humidification Selection of products Commercial Preservation Power Enterprise Solutions Split solutions SyCool and outdoor units (Chillers) Indoor units within the white space, i.e. CDU & CRAH Air handling units , i.e. Oasis, direct evaporative units and EPX Specialized cooling units Solutions Controllers to automate, monitor, optimize environments with digital connectivity capabilities Software for food supply chain optimization Units Systems Digital connectivity SyCool Split Chiller CRAH 1 CDU 2 Controllers Software Service Digital offering with controls & connectivity. Commissioning, installation and retrofitting 7 The above products are examples of products in the Munters offering 1 CRAH - Computer Room Air Handler 2 CDU - Coolant Distribution Units Service Commissioning, installation and retrofitting -fans, controls, heat exchangers & refrigeration Service Broadening, investing & developing more software to grow portfolio as well as cont. focus on after-market service Delivery on M&A agenda to fuel growth 2023-2025 2023 Acq., Tobo Component, Sweden Net sales: MSEK 76 Employees: 14 Acq., ZECO, India Net sales: MSEK 510 Employees: ~600 Acq., SIFT, France Net sales: MEUR 3 Employees: 17 Majority investment, InoBram, Brazil Net sales: MBRL 53 Employees: ~150 Acq., Airprotech, Italy Net sales: MSEK 330 Employees: 52 Acq., Geoclima, Italy Net sales: MEUR 40 Employees: 165 Acq., Hotraco, NL Net sales MSEK 465 Employees: 140 Minority investment, Capsol, Norway Minority investment, Zutacore, Israel Majority investment, AEI, US Net sales: MSEK 102 Employees: 13 Minority investment, Agriwebb, Australia Full acq. MTech, US Full acq. InoBram, Brazil AirTech DCT FoodTech 2024 2025 8 Core/ Cosolidation Structured process for M&A and integration with aligned workflows M&A categories in focus Technology /Digital Service -string of pearls New growth areas OWC/net sales Q1 : 6.5% Progression towards our financial & sustainability targets Currency adj. growth Q1 : 9% Adj. EBITA margin Q1 : 10.9% 35% 20% 20% 25% 15% Financial target >14% 15% Financial target >14% 15% 15% 10% 12.7% 10% Financial target range 13-10% 5% 5% 5% Targets for 2030 -FY 2025 performance Reduce CO 2 e* Gender Equity 30% women leaders & in workforce Workforce - Leaders 23% (22) 21% (22) 7.3% SEK Responsible business -5% 0% 0% 2020 2021 2022 2023 2024 2025 Note: Change in net sales compared to the previous period, adjusted for currency translation effects Note: Average OWC (Operating Working Capital) last twelve months as % of net sales for the same period 9 Note: Figures for 2020-2024 includes discontinued operations. * From 2023 to 2030. Compared to base year set at 2023. Scope 1 & 2: 42.0% absolute reduction +3% (+3) Scope 3: reduce by an average of 51.6% per unit sold +19% (-37) 100% of employees to complete CoC training every two years 90% (83) 100% of key suppliers must sign Supplier CoC 92% (99) Outlook No changes in outlook for 2026 FoodTech AirTech DCT Improved order intake across several segments Status: Positive book-to-bill Ongoing efficiency programs Wide product portfolio Order backlog >15 BSEK US chiller ramp-up Fully digital offering New regions Investments for future growth Market outlook for 2026 * Flat to positive Market demand in battery remains subdued but expected to be offset by continued activity in the Industrial market, including defense, food and pharma Positive Market demand is expected to remain strong, supported by continued investments Positive Market demand is expected to remain strong, driven by increased adoption of digital solutions Net sales growth: Expected to develop positively, supported by the strong backlog Adjusted EBITA margin : Expected to improve in H2 2026, driven by order backlog in DCT & margin improvements in AirTech Business outlook for 2026 ** Positive > 5 % Flat to positive ~ 1-5 % Flat ± 0-1% Negative <0% This reflects the company's view as of the date of this report, based on information and assessment available at that time. *This reflects the company's assessment of market demand for full year 2026, based on current market indications and the information available at the time of this report. **Based on assumptions and measures within the company's control, not taking into account external factors or events outside the company's ability to influence, which may impact actual outcomes. Business outlook compared to previous year. 10 Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases Favorable trend in several regions & end-markets Americas EMEA APAC Group order intake Q1 67% (55) 20% (29) 13% (16) Business area order intake Q1 (86) 33% (32) 38% (41) 29% (27) 1% (1) AirTech DCT FoodTech 96% (87) 48% (37) AT : market stabilization, pockets of growth persist DCT : expanding rapidly, cont. to lead globally by hyperscale investments & AI-driven demand FT : positive growth momentum 3% (12) 51% (57) AT : mixed demand environment -defense and utilities growing, pricing remains competitive DCT : competitive & slower market with signs of pick-up, growth driven by North Europe & Middle East FT : positive market outlook -driven by efficiency and animal 2% (6) AT : signs of improvement in China though cont. high competition, SEA & India growing DCT : good market outlook, especially SEA & Oceanic / Pacific FT : growing market - mix of maturity levels and business practices All figures as reported, not currency adjusted. Note: the comments refers to overall market trends and developments and should not be 12 interpreted as specific to Munters or its operations welfare requirements Stable leverage ratio Business Outlook 2026 - Capex * Leverage Expected to remain in same range ( ** investments in intangible assets & PPE) 2 000 0 Development of leverage & net debt 3,5 3,0 450 MSEK 300 CAPEX 3.1 5.5% 15% %-net sales 10% -2 000 2.2 2.6 3.1 2.8 2.8 2.9 2,5 2,0 150 2.1 0 5% 5.5% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 MSEK -4 000 2.0 1,5 2024 2025 Capex** % - net sales, Q % - net sales, LTM 2026 -6 000 -8 000 -10 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 1,0 0,5 0,0 2 000 MSEK 1 000 Operating working capital Financial target range 13-10% 6.5% 15% % - net sales 10% 5% 2024 2025 2026 Cash & equivalents Other Lease liabilites Interest bearing liabilities Net debt / adj. EBITDA, LTM 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 Operating working capital OWC/net sales, R12M 2026 Note: Leverage ratio corresponds to net debt in relation to adj. EBITDA, LTM 13 * Based on assumptions and measures within the company's control, not taking into account external factors or events outside the company's ability to influence, which may impact actual outcomes. Business outlook compared to previous year. Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases Global leader in air treatment for industry Order intake, MSEK* 7,181 MSEK 2 500 2 000 1,932 1 500 1 000 500 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 MSEK 2 000 1 500 1,779 1 000 500 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 Net sales, MSEK* 7,126 % 20 15 10 8.0% 5 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 Adjusted EBITA margin* 7.1% Financial figures Q1 2026 * LTM 15 AirTech Customer segment order intake, LTM 21% 9% 29% 19% 11% 10% Battery Other industrial Clean Technologies Commercial Service Components Order intake per region, Q 29% 38% 33% Americas EMEA APAC Strong demand across several segments MSEK, Q Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 * Q1 26 * 2 500 Order intake per customer segment MSEK, LTM 10 000 2 000 8 000 1 500 6 000 1 000 4 000 500 2 000 0 0 Battery Other industrial Clean Technologies Commercial Components Service Net sales, Q Order intake, LTM 16 For comparability, figures have been adjusted for currency effects * Adjusted for a one-off battery project order of MUSD 28 booked in Q4 and cancelled in Q1 Battery - regional differences, delays in investments, lower project volumes, increased competitive environment Other Industrial - positive development in several markets CT- continued stable development Commercial - good growth driven by supermarkets Components - growth of evaporative pads to data center market. Rotor replacements impacted by weaker battery market Service - stable development AirTech Development Q1 2024 - Q1 2026 AirTech AirTech: 2025 & 2026 cost-savings progressing as planned 2025 Net-cost savings 2026 Unrealized net-cost savings Range 2025 Delivered more than the planned MSEK 100 2026 Expected annual net-cost savings of MSEK 250-300 Full effect reached by end of 2026 MSEK 350 300 250 200 2026 efficiency measures Investment adjustments Workforce optimization Increased efficiency Restructuring charge MSEK ~120 recognized across Q4 2025 - Q1 2026 150 100 50 0 17 AirTech Our offering to the market Components Units Systems Services Dehumidification Humidification Clean Technologies Relationships Knowledge Other Trusted advisor Responsive service - Remote or on-site Timely selections & quotes Application and solution expertise Meet future climate needs Capacity and lead time Turnkey capability Competitive pricing and OPEX 18 High product quality & performance Rotor and media innovation Product quality and Performance • Product quality and Performance • Product quality and Performance Energy efficiency • Energy efficiency • Energy efficiency Flexible sizing for every • Responsive service application • Fully trained Munters team Rotors & Evaporative Pads ComDry, ML, MX, MCD DSS Pro, Pure, MX & ML Plus Agreements, Spares, Upgrades Electronics Process (Hard to abate) Power Overview of Munters Clean Technologies Business Line Clean Technologies (CT) Offering Components Units Systems Service Carbon Capture Sustainable Transportation Mass Transfer Mist Elimination Technologies New Areas Segment VOC (1) Abatement Example Products Example End-customers Wind Waste to Energy Steel & cement Pulp & Paper Chemical Paint E-fuel Battery Semiconductor Notes: 1. Volatile Organic Compounds 19 AirTech Fragmented market with numerous smaller, local players Humidity Control Technologies Clean Technologies Dehumidification & Humidification Air Quality & Pollution Control AM/AS/EU EU/AM AM EU/AS EU/AS/AM EU/AS/AM AS EU AM AM AM/AS EU/AS/AM AM 20 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .