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Munters Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved record order intake in 2025, up 191% in Q4 and 85% for the year, driven by strong DCT demand, especially in the Americas, with a book-to-bill ratio of 1.6.
Earnings weakened to a 10% adjusted EBITDA/EBITA margin in Q4 and 12.7% for the year, mainly due to tariffs, dual site costs, and underutilization in AirTech.
Net sales declined 8% in Q4 but increased 8% for the year, with growth in DCT and FoodTech offsetting AirTech weakness; strong cash flow from operating activities.
Entering 2026 with a robust order backlog, strong innovation pipeline, and expanded production capacity to support significant growth.
Board proposes a dividend of 1.6 SEK per share, representing 53% of net income from continuing operations.
Financial highlights
Q4 net sales: SEK 3,594m; full-year net sales: SEK 14,712m (+8% YoY); Q4 adjusted EBITA: SEK 358m; full-year adjusted EBITA: SEK 1,862m.
Q4 net income: SEK -8m; full-year net income: SEK 562m; operating working capital/net sales improved to 7.3%.
Leverage ratio stable at 2.9x; net debt increased to SEK 6,714m.
CapEx ratio: 7% in Q4, 5.8% for the year; continued investments in digitalization and capacity expansion.
Book-to-bill ratio: 1.6 for the group; 7.0 for DCT.
Outlook and guidance
2026 expected to be a record year for invoicing, with at least 30% higher DCT deliveries and potential for up to 40% increase depending on demand.
Adjusted EBITDA/EBITA margin expected to improve in H2 2026 as tariff impacts in DCT diminish and AirTech cost savings materialize.
DCT and FoodTech markets remain strong; AirTech outlook flat to positive, with non-battery segments showing growth.
FoodTech maintains a positive outlook, with ARR growth expected between 20%-30% annually.
Capex and tax rate expected to remain stable.
What specific indicators signal AirTech battery market recovery?
Quantify DCT tariff impact post-US production ramp-up
What is the expected ROI timeline for FoodTech's digital investments?
Quantify H2 DCT margin uplift from tariff ease
AirTech non-battery growth drivers for 2026
FoodTech full value chain expansion strategy
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Next Munters earnings date
Q1 202628 Apr, 2026
Munters
Next Munters earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Munters Group develops and sells climate technology systems that are a vital component in ensuring food safety and climate sustainability in the food chain. The Group's products mainly focus on drying and cooling, ventilation, heating and refrigerating, i.e., climatesolutions for fermentation, transport, store rooms, cold stores and transport containers. The Group's business areas contribute to cleaner and more comfortable environments where people work and live. Munters' products are used for both cooling and dehumidification, indoor air quality improvement, comfort heating in commercial buildings, open-air cooling in solar power plants and different industrial processes.
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