Munters (MTRS) Q3 2026 earnings summary

Executive summary

• Q3 order intake rose 70% to MSEK 7,070; backlog increased 178% to MSEK 27,851, with book-to-bill at 1.6.

• Net sales grew 18% to MSEK 4,473; adjusted EBITA was MSEK 546 and margin eased to 12.2% from 13.5%.

• DCT ramp-up constraints and inventory build-up weighed on profitability and operating cash flow, despite higher volumes and sequential margin improvement.

• 2026 outlook was unchanged: net sales expected to develop positively and adjusted EBITA margin to improve in H2.

Financial highlights

• Net sales were MSEK 4,473 vs MSEK 3,798, up 17% organically and 18% reported; EBIT was MSEK 391 vs MSEK 381.

• Adjusted EBITA was MSEK 546 vs MSEK 511; margin was 12.2% vs 13.5%, improving from 11.0% in Q2 2026.

• Adjusted EBITDA was MSEK 663 vs MSEK 614; gross margin was 27.6% vs 31.2%, and net income from continuing operations was MSEK 211 vs MSEK 194.

• Operating cash flow was MSEK -216 vs MSEK 389; DCT inventory build-up was the main drag, partly offset by customer advances.

• AirTech margin was 12.9%, including a 2.5 percentage-point cancellation-fee impact; excluding the fee, margin was 10.4%, comparable with Q2.

Outlook and guidance

• FY 2026 net sales are expected to develop positively, supported by backlog; adjusted EBITA margin is expected to improve in H2, led by DCT backlog and AirTech margin gains.

• AirTech 2026 market outlook was flat to positive; subdued battery demand was expected to be offset by improved Industrial and Components activity.

• DCT demand and FoodTech demand were expected to remain strong; FoodTech growth was supported by digital-solution adoption.

• CAPEX outlook remained in the prior-year range; DCT high-teens margins remained a midterm ambition, with no precise timing.