Munters Group Ab · OMXSTO:MTRS
Munters Group Ab — Q3 2026 Earnings Presentation
24 slides from Munters Group Ab's earnings presentation, October 2026
Slide 1: Munters Q3 report 2026
Munters Q3 report 2026 Stefan Aspman, President and CEO Katharina Fischer, GVP and CFO Line Dovärn, GVP Investor & Corporate Relations
Slide 2: Significant order growth - operational improvements progress
Significant order growth - operational improvements progress Q3: Significant order intake… Q3: …translating into volume growth Q3: Ramp-up weighs on profitability Order intake Announced orders* Order backlog Net sales Net sales growth Adj. EBITA Adj. EBITA margin EBIT margin MSEK MSEK MSEK 5 000 30%
Slide 3: Positive momentum across regions and several end-markets
Positive momentum across regions and several end-markets Americas EMEA APAC Group order intake Q3 14% (12) 16% (19) 71% (69) Business area order intake Q3 AirTech 41% (44) 31% (32) 28% (24) DCT 84% (91) (86) 7% (3) 9% (5) 42% (48) 54% (48) 4% (4) FoodTech • AT: market stabilization, growth • AT: mix
Slide 4: AirTech: Strong demand - continuing a positive trend
Strong demand - continuing a positive AirTech trend Order intake & backlog 4 000 4,135 Order intake increased; (currency effects +3%) • reflecting robust demand MSEK 2 000 1,774 across all segments & regions, APAC strongest contributor 0 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Order Intake Orde
Slide 5: AirTech: Robust demand across all segments
AirTech Robust demand across all segments Development Q3 2024 – Q3 2026 • Battery – fluctuating order MSEK, Q Order intake per customer segment MSEK, LTM intake, with higher levels in 4 000 9 000 2026 than at the start of the period 3 500 8 000 • Other Industrial – positive 7 000 overall trend, supp
Slide 6: AirTech: Profit more than doubled
AirTech Profit more than doubled Service share of net sales, Q3 Change (%) Q3 2026 Q3 2025 Org. Struct* FX Net sales increased; 19% (22) MSEK • driven primarily by strong Order intake 1,774 1,567 11 - 3 performance in Americas but also Components share of net sales, Q3 Order backlog 4,135 2,697 APAC
Slide 7: Data Center Technologies: Order intake more than doubled
Data Center Technologies Order intake more than doubled Order intake & backlog 25 000 20 000 22,927 Order intake increased; (currency effects, -2%) 15 000 • high demand, broad-based across the MSEK expanded product portfolio, customer 10 000 groups & regions 5 000 • Americas remained the largest mar
Slide 8: Data Center Technologies: Higher net sales - improved factory utilization
Higher net sales - improved factory Data Center Technologies utilization Change (%) Service share of net sales, Q3 Net sales increased; Q3 Q3 2026 2025 Org. Struct* FX • volumes increased both sequentially & MSEK year-on-year, supported by strong Order intake 4,907 2,164 129 - -2 7% (5) backlog Orde
Slide 9: Transformational growth potential, headwinds weigh on pace and profitability
Data Center Technologies Transformational growth potential, headwinds weigh on pace and profitability Near-term affected by: Fundamentals shaped by: 1. Production ramp-up economics 2. Supply constraints and cost pressures New US products bring initial labor inefficiencies and higher AI infrastructur
Slide 10: FoodTech: Demand affected by cautious investment activity
Demand affected by cautious investment FoodTech activity Order intake & backlog 1 000 800 Order Intake decreased; (currency effects, 3%) 789 600 • mainly due to timing of software MSEK projects & lower investment 400 activity in selected end-markets 402 • project pipeline remained 200 healthy 0 Q324
Slide 11: FoodTech: Margin remains strong
FoodTech Margin remains strong Service share of net sales, Q3 Q3 Q3 Change (%) 23% (21) Net sales flat organically; 2026 2025 Org. Struct* FX MSEK • growth in Software offset by lower Development of ARR Q3** sales in Controllers in APAC and Order intake 402 435 -11 - 3 +18% EMEA Order backlog 789 75
Slide 12: Financial highlights
Financial highlights Kd
Slide 13: Operational execution improving, more to do
Group Operational execution improving, more to do • Net Sales Q3 Q3 Change (%) • increased +17%, org. growth driven by both AirTech & DCT, with MSEK 2026 2025 Organic growth Structural growth* Currency effects FoodTech flat Order intake 7,070 4,159 69 - 1 • Adj. EBITA margin declined; Order backlog
Slide 14: Mixed development as operational improvements progress
Adjusted EBITA-margin Mixed development as operational improvements progress Main factors affecting adj. EBITA margin in Q3: Group adj. EBITA margin impact • Positive volume impact with growth in all business areas, Q3 2025 particularly AirTech adj. EBITA % 13.5 • Negative product mix and tariff imp
Slide 15: AirTech: 2025 & 2026 cost-savings continue to progress as planned
AirTech: 2025 & 2026 cost-savings continue to progress as planned 2026 • Expected annual net-cost MSEK savings of MSEK 250-300 • Full effect reached by end of 350 2026 2026 efficiency measures 300 2025 • Delivered more • Investment adjustments 250 than the planned MSEK 100 200 • Workforce optimizati
Slide 16: Inventories impacted cash flow
Cash flow Inventories impacted cash flow Group cash flow Q3*, MSEK Q3: 500 444 • negative cash flow from operating activities 400 • primarily inventory build-up within DCT, somewhat mitigated by customer advances 300 200 • cash flow from investing activities positively -660 impacted by divestment of
Slide 17: Investing in future growth
Capex & OWC Investing in future growth Business Outlook 2026 - Capex* Expected to remain in same range (**investments in intangible assets & PPE) CAPEX 15% Continued CAPEX investments 450 • capability strengthening via upgrades, digitalization 10% and automation %-net sales 300 MSEK 6.0% • ongoing c
Slide 18: Leverage ratio above ambition
Leverage & net debt Leverage ratio above ambition Development of leverage & net debt 2 000 3,5 Leverage ratio 3.4x 0 3,0 • increased mainly due to negative cash 2.9 3.1 3.2 3.4 flow and higher lease liabilities 3.0 2.8 2.8 2,5 • increased compared to Q3 2025 (2.8x) 2.6 -2 000 • increased compared to
Slide 19: Solar electricity building resilience
Targets for 2030 – FY 2025 performance Solar electricity building resilience Reduce CO2e* • Facility performance: The Amesbury AirTech facility is in strong Scope 1 & 2: Scope 3: 42.0% reduce by an condition, with the solar investment contributing to a lower absolute average of operating cost base w
Slide 20: Summary
Summary i)
Slide 21: Unchanged outlook for 2026
Outlook Unchanged outlook for 2026 AirTech DCT FoodTech • Strong demand translating into • Solid earnings & increased • Positive order trend continues sales growth ARR Status: • Higher utilization and cost • Ramp-up progressing, supply • Potential divestment measures support profitability constraint
Slide 22: Quarterly summary
Quarterly summary Market potential Orders Orders Revenue • Outstanding commercial performance • DCT scales 30% sequentially, to record sales • Negative impact by component constraints • AT developing well Revenue Profits Profits Cash • DCT profitability lags, mitigation underway • DCT inventory buil
Slide 23: Financial calendar 2026
Financial calendar 2026 Capital Markets Day November 11, 2026 Q4 report January 28, 2027 Release of the Annual & Sustainability Report 2026 Week beginning March 8, 2027 Annual General Meeting 2027 April 29, 2027 Q&A Q3 report 2026 IR Website
Slide 24: Forward-looking statements
This presentation contains forward-looking statements that reflect Munters current expectations on future events and Munters financial and operational development. Although Munters believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, no ass