Munters (MTRS) Q1 2026 earnings summary

Executive summary

• Order intake grew 32% year-over-year, with strong demand across all business areas and regions, especially in Data Center Technologies (DCT), despite currency headwinds and a large project cancellation in AirTech.

• Net sales declined 4% year-over-year due to negative currency effects, but organic growth was 9% in all business areas.

• Adjusted EBITA margin fell to 10.9% from 13.5%, mainly due to tariffs, product transitions, and underutilization.

• Order backlog surged 88% year-over-year, mainly driven by DCT orders for delivery in 2026–2028.

• CEO succession announced, with Stefan Aspman to take over in Q3 2026.

Financial highlights

• Net sales: MSEK 3,580 (-4% year-over-year, +9% organic, -12% currency).

• Adjusted EBITA: MSEK 390 (margin 10.9%, down from 13.5%).

• Net income: MSEK 124 (down from 198); EPS SEK 0.68 (1.05).

• Cash flow from operating activities: MSEK 387 (down from 541), supported by customer advances in DCT.

• Operating working capital/net sales: 6.5%, below the target range.

Outlook and guidance

• No change in 2026 outlook: Net sales growth expected to be positive, supported by a strong backlog.

• Adjusted EBITA margin expected to improve in H2 2026, driven by DCT backlog and AirTech margin improvements.

• DCT sales growth guidance maintained at 30%-40% for the full year, with ramp-up effects weighted to H2.

• CapEx and tax rate expected to remain stable and broadly in line with 2025 levels.

• Market demand for DCT and FoodTech expected to remain strong; AirTech outlook flat to positive.