Munters (MTRS) Investor presentation summary

Business profile

• Q3 2026 net sales mix: AirTech 49%, Data Center Technologies 40%, FoodTech 11%.

• Operations span more than 30 countries, with over 25 production sites and approximately 5,500 employees; LTM adjusted EBITA margin was 11.1%.

Q3 performance

• Order intake grew 70% YoY, including 69% organic growth and 1% currency impact; order backlog increased 178%, or 163% currency adjusted, with book-to-bill of 1.6.

• Net sales rose 18% YoY, including 17% organic growth and 1% currency impact; adjusted EBITA margin was 12.2% versus 13.5%, and EBIT margin was 8.7% versus 10.0%.

• Negative operating cash flow of MSEK 216 reflected inventory build-up, partly offset by customer advances; net debt was MSEK 7,412 and leverage was 3.4x.

• Operating working capital was 4.2% of LTM net sales, below the 10–13% target range.

AirTech

• Q3 order intake rose 11% to MSEK 1,774; net sales increased 23% to MSEK 2,191 and adjusted EBITA margin improved to 12.9% from 7.0%.

• Margin gains reflected higher volumes, favorable mix, cost savings, lower site costs and a 2.5 percentage-point order cancellation fee benefit; factory underutilization remained a drag.

• 2025 savings exceeded the MSEK 100 plan; 2026 measures are on track for MSEK 250–300 annual net cost savings, with full effect expected by year-end.

• Q3 demand was robust across segments and regions, with APAC the strongest contributor; the market outlook for 2026 was flat to positive.