Munters (MTRS) Investor presentation summary

Strategic highlights and business overview

• Maintains global leadership in energy-efficient climate solutions, operating in over 25 countries with ~5,000 employees and three main business areas: AirTech, Data Center Technologies (DCT), and FoodTech.

• Service and components now account for over one-third of group net sales, with a strong focus on digital offerings and after-market services.

• Pursued an active M&A agenda from 2023–2025, acquiring and investing in companies across all business areas to drive growth and expand technology capabilities.

• Strategic investments and partnerships in digital farming, precision livestock monitoring, direct-to-chip liquid cooling, and carbon capture enhance innovation and long-term growth.

• Regionalized manufacturing strategy mitigates macroeconomic and tariff risks, with most sales produced locally in key markets.

Financial performance and targets

• Q3 2025 saw strong order intake (+57%) and net sales growth (+17%), with a book-to-bill ratio of 1.1 and solid profitability (adj. EBITA margin 13.5%).

• DCT and FoodTech delivered robust growth and margins, while AirTech faced lower volumes and profitability due to weak battery markets and regional mix.

• Operating working capital as a percentage of net sales improved to 8.3%, below the target range, while leverage increased to 2.8x due to acquisitions.

• Sustainability targets include reducing Scope 1 & 2 CO2e emissions by 42% and Scope 3 by 51.6% per unit sold by 2030, with 30% women in leadership and workforce by 2025.

AirTech business area

• Order intake grew, but net sales and EBITA margin declined due to lower sales in Americas and EMEA, unfavorable mix, and ongoing transition costs.

• Strategic cost-saving measures underway, targeting annual net savings of MSEK 250–300 by end of 2026, with a restructuring charge of ~MSEK 150.

• Secured a major order from a US battery cell manufacturer, demonstrating technology leadership in ultra-dry dehumidification.

• Clean Technologies segment delivered growth in VOC abatement and carbon capture, with notable projects in ammonia, hydrogen, and steel plants globally.