Munters (MTRS) CMD 2026 summary

Strategic direction and market opportunity

• Shift from product-led selling to application-focused Applied HVAC, using precision climate, thermal-management and psychrometric expertise to address broader mission-critical needs.

• Applied HVAC addressable market estimated at EUR 290bn, excluding segments outside the arena, versus EUR 550bn total HVAC; expansion could make the arena 10x the current one.

• 2025–30 market CAGR estimated at 9%–13% overall and ~16% for data-center cooling; prioritize selected applied-HVAC segments, broader solutions and geographic reach.

• Aim to double net sales from SEK 14.7bn in 2025 to SEK 30.0bn in 2030 through organic growth and targeted M&A; growth pace may adjust if success conditions weaken.

• Balance high-growth data centers with broader, resilient revenue sources; sharpen market choices and pursue growth that outpaces added cost and complexity.

Financial framework and returns

• Medium-term (3–5 years) targets: average annual net sales growth >14%, currency-adjusted and from organic growth and acquisitions; management expects most growth to be organic.

• Adjusted EBITA margin target remains >14%; revised definition no longer adds back amortization of operating intangible assets, with reporting under the new definition beginning in Q4 2026.

• New adjusted ROCE target >15% replaces the OWC/net sales target; Q3 2026 adjusted ROCE was 12.7%. ROCE uses adjusted LTM operating profit divided by average capital employed.

• Long-term leverage ambition is 1.5–2.5x net debt/adjusted EBITDA; long-term CapEx expected near 5% of sales, with near-term CapEx within the previously communicated range.

• Margin and return progress depends on scale, utilization, productivity, sourcing and disciplined capital deployment; M&A may temporarily dilute margins and progress may not be linear.

AirTech

• Q3 2026 LTM net sales were ~SEK 7.05bn, down 8% vs. CMD 2024; adjusted EBITA margin was 9.7%, down 6.0pp, while Service & Components reached 50% of order intake vs. 43%.

• Battery order intake fell from ~40% in 2022 to ~11% over the last 12 months and is expected to remain near this level for 3–4 years; focus on core markets, Food and Pharma, with selective Battery exposure in China.

• Industrial dehumidification holds about one-third share in markets growing 4%–8% on average; prioritize refilling existing capacity and defending leadership through product innovation, media performance and energy efficiency.

• Broaden beyond dehumidification into connected climate systems, including air handlers, chillers, heat exchangers, heat pumps, controls and service, increasing customer wallet share through existing capabilities and footprint.

• Grow service through installed-base tracking, IoT and AI-enabled energy and uptime services; one AI-controls customer reported energy savings up to 30%. Long-term adjusted EBITA margins of 13%–16% remain achievable, with utilization and volume recovery key.