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Munters
Munters (MTRS) investor relations material
Munters Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary17 Jul, 2026
Executive summary
Order intake surged 137% year-over-year, led by Data Center Technologies (DCT) and AirTech, while FoodTech softened; exceptional order intake and backlog set up for substantial revenue growth in 2027 and beyond.
Net sales increased by 6% year-over-year, driven by AirTech and FoodTech, but DCT saw a decline due to supply chain constraints and planned production ramp-up.
Profitability improved in AirTech, but DCT margins were pressured by supply chain constraints, ramp-up costs, tariffs, and growth investments; adjusted EBITA margin declined to 11.0% from 13.6% year-over-year.
Strong cash flow from operations, mainly from customer advances in DCT; leverage increased to 3.2x due to lower adjusted EBITDA.
Portfolio optimization underway, with FoodTech (Speria) being prepared for divestment to sharpen strategic focus.
Financial highlights
Organic order intake increased by over 140% year-over-year; order backlog up 151%; group order intake reached MSEK 8,699 and backlog MSEK 24,542.
Net sales: MSEK 3,805 (+8% org., -2% currency); operating profit (EBIT): MSEK 381; adjusted EBITA: MSEK 417 (-18% org., -2% currency); net income: MSEK 202.
Book-to-bill ratio reached 2.3x; AirTech net sales up, DCT down due to ramp-up and supply issues.
CapEx at 7.2% of net sales for the quarter, mainly for Virginia facility and AirTech component production.
Leverage increased to 3.2x, above the 1.5-2.5 ambition, due to acquisitions, investments, and lower adjusted EBITDA.
Outlook and guidance
2026 outlook unchanged; net sales growth expected to accelerate through the year, with a strong setup for 2027.
Adjusted EBITA margin expected to improve in H2 2026, driven by DCT backlog and AirTech margin improvements.
DCT sales growth guidance of 30% for the full year reaffirmed, with growth weighted toward Q4.
Margin expansion expected as supply chain issues are resolved, with high teens targeted midterm for DCT.
Capex and tax rate expected to remain stable.
Impact of US chiller ramp-up on DCT margins
Drivers of exceptional AirTech component demand
Rationale for potential FoodTech divestment
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Next Munters earnings date
Q3 202623 Oct, 2026
Munters
Next Munters earnings date
Q3 202623 Oct, 2026
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