Q4 & full-year Investor Presentation
January 2026
Investor Relations
Agenda
IntroductionQuarterly highlights
AirTech
Data Center Technologies
FoodTech
Appendix
Cases
World leader in energy-efficient climate solutions
Business area share 2025, FY
Order Intake
8%
32%
60%
Americas
Regional share 2025, FY
EMEA
Order
Intake
APAC
Order Intake
Order Intake
9%
Net Sales
Net Sales
Net Sales
14%
60%
73%
26%
18%
Net Sales
11%
49%
40%
4 Note: Figures includes discontinued operations.
FY
2025
Countries with sales & production
>25
Sales MSEK
14,712
Production sites
>25
Adj. EBITA margin
12.7%
Number of employees
~5,000
We secure mission-critical industries
Net sales per business area - Q4 2025
FoodTech 12%
DCT 37%
AirTech 51%
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
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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
CDU2
Controllers
Software
Service
Digital offering with controls & connectivity. Commissioning, installation and retrofitting
6
The above products are examples of products in the Munters offering
1 CRAH - Computer Room Air Handler
2CDU - 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 Minority investment, Capsol, Norway | Acq., Geoclima, Italy Net sales: MEUR 40 Employees: 165 Minority investment, Zutacore, Israel | Acq., Hotraco, NL Net sales MSEK 465 Employees: 140Majority investment, AEI, US Net sales: MSEK 102 Employees: 13 Minority investment, Agriwebb, Australia | ||
Full acq. MTech, US | ||||
AirTech DCT FoodTech
2024
2025
7
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
Q4: 7.3%
Progression towards our financial & sustainability targets
Currency adj. growth
Q4: 0%
Adj. EBITA margin
Q4: 10.0%
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 CO2e*
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
8
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 for 2026
FoodTech
AirTech
DCT
|
|
| |
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**
This reflects the company's view as of the date of this report, based on information and assessment available at that time.
Positive | Flat to positive | Flat | Negative |
> 5 % | ~ 1-5 % | ± 0-1% | <0% |
*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.
9
Agenda
IntroductionQuarterly highlights
AirTech
Data Center Technologies
FoodTech
Appendix
Cases
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