Munters (MTRS) Investor presentation summary

Financial performance and growth

• Q3 saw strong order intake (+57%) and net sales growth (+17%), with solid profitability across business areas despite currency headwinds and tariff impacts.

• Adjusted EBITA margin was 13.5%, with DCT and FoodTech contributing strongly, while AirTech faced lower volumes and uneven capacity utilization.

• Cash flow from operating activities increased, but net debt rose due to acquisitions and higher lease liabilities, resulting in a leverage ratio of 2.8.

• Operating working capital as a percentage of net sales improved to 8.3%, below the target range.

Business area highlights

• Data Center Technologies (DCT) achieved high order intake and net sales, driven by hyperscaler demand and large orders, with an adjusted EBITA margin of 20.8%.

• FoodTech continued its digitalization journey, growing ARR by 21% and expanding its software and controller offerings, with an adjusted EBITA margin of 18.4%.

• AirTech maintained a leading position in industrial air treatment, but faced short-term challenges from a weak battery market and delayed factory transition.

Strategic initiatives and investments

• Continued execution of M&A agenda, acquiring companies in Sweden, India, France, Italy, Brazil, the US, and the Netherlands to fuel growth and expand technology capabilities.

• Consolidation of multiple sites into the new Amesbury facility, increasing manufacturing capacity, R&D, and sustainability with a net zero, fully electrified site.

• Ongoing cost-saving and efficiency measures in AirTech, targeting annual net savings of MSEK 250-300 by end of 2026, with a restructuring charge of MSEK 150.