Munters (MTRS) Q2 2026 earnings summary

Executive summary

• Order intake surged 137% year-over-year, led by Data Center Technologies (DCT) and AirTech, while FoodTech softened; strategic focus is shifting to DCT and AirTech, with FoodTech being prepared for divestment.

• Net sales increased by 6% year-over-year, with growth in AirTech and FoodTech, but DCT sales declined due to supply chain constraints and ramp-up costs.

• Profitability improved in AirTech, but DCT faced margin pressure from supply chain constraints, ramp-up costs, tariffs, and product mix; 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 and investments.

• Exploring FoodTech divestment to sharpen strategic focus and accelerate growth under new ownership.

Financial highlights

• Group order intake: MSEK 8,699 (+144% org.); order backlog: MSEK 24,542 (+151%).

• Net sales: MSEK 3,805 (+8% org.); operating profit (EBIT): MSEK 381; net income: MSEK 202, up 13%.

• Adjusted EBITA: MSEK 417 (-18% org.); margin at 11.0% (13.6% Q2 2025).

• Cash flow from operating activities: MSEK 573, mainly driven by customer advances in DCT.

• Book-to-bill ratio reached 2.3x overall, with DCT at 3.6 and AirTech at 1.7.

Outlook and guidance

• DCT sales growth guidance of 30% for the full year remains intact, with acceleration expected in Q4.

• Adjusted EBITA margin expected to improve in H2 2026, driven by DCT backlog and AirTech margin improvements.

• Net sales expected to develop positively, supported by strong backlog.

• CapEx and tax rate expected to remain stable; CapEx for the full year expected at the same level as prior year.

• Market outlook: flat to positive in AirTech, positive in DCT, and continued positive in FoodTech.