Munters (MTRS) Q4 2025 earnings summary

Executive summary

• Achieved record order intake in 2025, up 191% in Q4 and 85% for the year, driven by strong DCT demand, especially in the Americas, with support from AirTech and FoodTech; book-to-bill ratio reached 1.6.

• Earnings weakened to a 10% adjusted EBITDA/EBITA margin in Q4 and 12.7% for the year, mainly due to tariffs, dual site costs, and underutilization in AirTech.

• Net sales declined 8% in Q4 but grew 8% for the year, with DCT and FoodTech growth offsetting AirTech decline; currency effects were negative.

• Strong cash flow from operating activities, supported by DCT advances and disciplined working capital, helped offset lower earnings.

• Board proposes a dividend of 1.6 SEK per share, representing 53% of net income from continuing operations.

Financial highlights

• Q4 order intake: SEK 11,604m (+191% YoY); full-year: SEK 22,984m (+85% YoY); Q4 net sales: SEK 3,594m (-8% YoY); full-year: SEK 14,712m (+8% YoY).

• Q4 adjusted EBITA: SEK 358m (margin 10.0%); full-year: SEK 1,862m (margin 12.7%).

• Q4 net income: SEK -8m; full-year: SEK 562m.

• Operating working capital/net sales improved to 7.3%, below the target range.

• Leverage ratio stable at 2.9x; net debt increased to SEK 6,714m.

Outlook and guidance

• 2026 expected to be a record year for invoicing and turnover, with at least 30% higher DCT invoicing and potential for up to 40% growth.

• Adjusted EBITDA/EBITA margin anticipated to improve in H2 2026 as tariff impacts diminish and AirTech margin improvements materialize.

• DCT and FoodTech demand expected to remain strong; AirTech outlook flat to positive, with growth outside battery segment now representing 90% of sales.

• FoodTech maintains a positive outlook, with ARR expected to grow 20%-30% annually.

• Capex and tax rate expected to remain stable.