Munters (MTRS) Investor presentation summary

Group performance and outlook

• Q2 order intake rose 137% reported, with 144% organic growth and a 7% currency drag; backlog increased 151% reported and book-to-bill was 2.3.

• Net sales rose 6% reported, with 8% organic growth and a 2% currency drag; adjusted EBITA margin was 11.0% versus 13.6% YoY.

• Operating cash flow was MSEK 573 versus MSEK 190; OWC/net sales improved to 5.2% from 9.1%, while leverage rose to 3.2x from 2.8x.

• 2026 outlook unchanged: net sales expected to develop positively, supported by backlog; adjusted EBITA margin expected to improve in H2, driven by DCT backlog and AirTech margin improvement.

AirTech

• Q2 order intake was MSEK 3,358, up 103%; net sales reached MSEK 1,998, up 20%, and adjusted EBITA margin improved to 10.9% from 7.4%.

• Growth included strong demand for evaporative pads from data center customers, Commercial growth in the Americas, and Industrial growth across several markets; AirTech book-to-bill was 1.7.

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

Data Center Technologies

• Q2 order intake reached MSEK 4,853, up 264%; backlog was MSEK 19,185 and book-to-bill 3.6, with deliveries mainly expected in 2026 and 2027.

• Net sales declined 8% to MSEK 1,356; adjusted EBITA margin fell to 11.3% from 21.0%, reflecting US chiller ramp-up, supply constraints, product mix, higher material costs and tariff headwinds of ~3 percentage points.

• Virginia’s manufacturing footprint expanded from 32k to 51k m²; production output is targeted to double, while component constraints and tariffs continue to weigh on throughput and profitability.

• Capacity initiatives include additional staffing and shifts, expanded manufacturing and assembly, product re-engineering, and automation to improve throughput and scalability.