Munters (MTRS) Investor presentation summary

Strategic overview and business areas

• Operates in three main areas: AirTech (climate control), Data Center Technologies (DCT), and FoodTech, with a global presence and over 5,000 employees.

• AirTech focuses on dehumidification, humidification, and clean technologies for industrial and commercial clients.

• DCT delivers advanced cooling solutions for data centers, with strong demand in the Americas and a robust order backlog.

• FoodTech provides digital controllers and software for optimizing food production, with a growing SaaS offering.

• Strategic M&A activity has expanded capabilities and market reach across all business areas.

Financial performance and growth

• Q2 2025 saw a 22% increase in order intake and 11% growth in net sales, driven by DCT and FoodTech.

• Adjusted EBITA margin declined to 13.6% due to lower AirTech volumes and product mix, but DCT maintained strong profitability.

• Operating working capital as a percentage of net sales improved to 9.1%, below the target range.

• Net debt increased, mainly from acquisitions and higher lease liabilities, with leverage at 2.8x.

• Cash flow from operations declined, impacted by lower earnings and working capital changes.

Regional and market trends

• Americas led growth, especially in DCT, while EMEA and APAC showed mixed trends with pockets of growth and high competition.

• Battery market in AirTech remains challenging, with demand subdued into 2026, but APAC shows some resilience.

• Data center cooling market expected to grow at a 10-15% CAGR through 2030, with liquid cooling gaining traction.

• FoodTech benefits from increased regulation and digitalization trends in the food supply chain.