Kvartalsrapport Q1 2024

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

===== SIDA 1 =====

Interim report January-March 2024 1 
 
Profitable growth and strong cash flow  
January-March  
– Order intake increased +32 per cent (+29 organic) with strong growth in all three business areas. AirTech saw 
good demand, especially in the battery sub-segment in EMEA. Data Center Technologies (DCT) had a solid 
order intake in North America. FoodTech had a positive development, primarily in Americas and EMEA, 
slightly offset by APAC.  
– Net sales increased +11 per cent (+7 organic), mainly driven by good deliveries on large orders  in DCT. 
FoodTech had strong growth in Climate solutions in Americas and very strong growth in Digital solutions in 
the US. AirTech declined, but with growth in Americas, mainly in the battery sub -segment, offset by weaker 
development in APAC and EMEA. 
– The adj. EBITA margin improved mainly driven by net sales and price increases in DCT and FoodTech as well 
as efficiency improvement efforts in all business areas.  
– Earnings per share, before and after dilution, was SEK 1.19  (1.18) in the first quarter. 
– Cash flow from operating activities improved mainly because of improved earnings and a reduction in 
operating working capital. The positive impact on working capital in the quarter was primarily driven by 
customer advances related to DCT in Americas. 
– Leverage decreased for the third quarter in a row, from 2.1x at the end of December to 2.0x mainly because of 
increased operating earnings.  
– The AGM in March resolved to pay a total dividend of 1.30 SEK (0.95), a total of MSEK 237 (173) to be paid in 
two equal instalments. This represented 30 per cent of net income in 2023. A first instalment of the dividend 
was paid out in March. 
 
Financial summary LTM Full-year
MSEK 2024 2023 ∆% Apr-Mar 2023
Order intake 3,368 2,544 32 14,940 14,116
Net sales 3,538 3,175 11 14,292 13,930
Growth 11% 50% 25% 34%
  of which organic growth 7% 38% - 27%
  of which acquisitions and divestments 6% 2% - 3%
  of which currency effects -2% 9% - 5%
Operating profit (EBIT) 412 349 18 1,649 1,586
Operating margin, % 11.6 11.0 11.5 11.4
Adjusted EBITA 498 389 28 1,947 1,839
Adjusted EBITA margin, % 14.1 12.3 13.6 13.2
Net income 227 214 6 806 792
Earnings per share before dilution, SEK 1.19 1.18 4.32 4.30
Earnings per share after dilution, SEK 1.19 1.18 4.32 4.30
Cash flow from operating activities 553 -168 1,787 1,066
OWC/Net Sales 13.6% 12.7% 13.6% 14.2%
Net debt 4,557 4,175 4,557 4,620
Net debt/Adjusted EBITDA, LTM 2.0 2.7 2.0 2.1
Q1
Q1 2024 
 
Net sales 
organic growth 
+7% 
 
Adj. EBITA margin 
14.1% 
 
Operating working 
capital/net sales 
13.6%

===== SIDA 2 =====

Interim report January-March 2024 2 
CEO comments 
High demand drives continued strong momentum  
I'm pleased to report a very strong first quarter of 2024 for Munters. Demand for our innovative climate 
control solutions remains high, driven by powerful trends like digitalization and electrification. This 
momentum resulted in another quarter where we achieved significant order intake growth of 32 per cent, 
driven by robust demand in all business areas. 
Within AirTech all segments showed stable order intake in the quarter, with positive development especially 
in the battery sub-segment in EMEA. In DCT order intake increased with very strong underlying demand for 
energy-efficient cooling solutions. Americas and EMEA were the main contributors to growth in Climate 
solutions within FoodTech, as well as Digital solutions growing the SaaS revenue (ARR) by 68 per  cent in the 
quarter. 
As a result of continued good underlying demand and a high pace in customer deliveries, net sales 
increased by 11 per cent. This was driven mainly by very strong growth in DCT  and FoodTech.  
Enhanced profitability and good cash flow resulting in improved leverage  
Growth was accompanied by substantial improvement in adjusted EBITA margin, reaching our mid -term 
target of 14 per cent for the second time in a 12-month period, demonstrating the effectiveness of our 
strategic initiatives. This achievement stems from a powerful combination of initiatives to drive profitability 
at the same time as we are investing strategically to create a platform for long -term sustainable growth in 
all business areas.  
DCT contributed with a significant margin improvement driven mainly by good customer deliveries on 
orders announced in previous years. Profitability levels in Digital solutions in FoodTech continued to 
positively affect the margin. I'm particularly pleased  to see the continued recovery and strong development 
of Climate solutions in EMEA this quarter. After a period of challenges, it's encouraging to witness the 
strong profitability improvement. This positive momentum is a testament to the hard work and dedication of 
our team in FoodTech. The strategic review of FoodTech equipment is moving along according to plan. In 
AirTech the margin declined mainly due to lower volumes and increased investments in sustainability, 
operational efficiency and innovation. 
Cash flow from operating activities was good in the quarter mainly related to an increase of operating 
earnings and a positive development of working capital. Leverage improved for the third quarter in a row.  
Investing for a sustainable future  
During the quarter we announced the acquisition of Airprotech within AirTech. Airprotech, an Italian 
manufacturer of Volatile Organic Compounds (VOC) abatement systems, adds a complementary set of 
technologies and expertise to our portfolio. This strategic move strengthens our position in the Clean 
Technologies market and opens up exciting new innovation opportunities. We're confident that the 
combined talent and resources positions us to meet the growing demand for abatement services , ie capture 
and destruction of hazardous compounds. 
The strong growth in Data Center Technologies has led us to expand our production capacity in Ireland for 
the European offering. The new factory being built in Cork, Ireland expands our footprint, increases 
production capacity and positions us well to meet the growing need for innovative and sustainable cooling 
solutions. 
We remain committed to investing in digitization and automation and as a result we recently launched AirC 
Connect, AirTechs new digital platform for remote climate control with features like real-time monitoring for 
both desktop and mobile devices. In addition, we are actively investing to accelerate our journey towards 
achieving net-zero emissions from our own operations. This commitment to sustainability aligns with our 
core values and the growing expectations of our stakeholders. 
I want to express my sincere gratitude to all our dedicated employees. Your hard work and commitment were 
instrumental in achieving these impressive results.   
 
 
Klas Forsström 
President and CEO 
“Strong start to the year. Solid 
net sales growth, improved 
profitability and very good 
cash generation.” 
     Midterm financial targets Sustainability targets*  
 Net sales growth:  Annual organic growth of net sales of 10%  
Performance Q1 2024: 7% (38) 
Renewable 
electricity 1: 
80% by 2026, eventually 100%,  
Performance Q1 2024: 78% (79) 
 
 Adjusted EBITA  
margin:  
An adjusted EBITA margin above 14%.  
Performance Q1 2024: 14.1% (12.3) 
TRIR2: Zero accidents in production 
Performance Q1 2024: 1.4 (2.0) 
 
 OWC/net sales:  Average (LTM) operating working capital in the 
range of 13-10 % of net sales.   
Performance Q1 2024: 13.6% (12.7) 
Women in 
workforce:  
30% by 2025 
Performance Q1 2024: 22% (23) 
 
 Dividend policy:  Munters aim to pay an annual dividend 
corresponding to 30-50% of its consolidated 
income after tax for the period. 
Women 
leaders:  
30% by 2025 
Performance Q1 2024: 22% (22) 
 
  Dividend 2024: 30% (SEK 1.30 per share, totaling 
MSEK 237) paid in two instalments. 
Service share:  Service share 30% of net sales in the long term 
Performance Q1 2024: 14% (14) 
 
       See Munters Annual and Sustainability report (ASR) 2023, pages 61-94, for 
further information on goals and outcome or at www.munters.com. For full 
description of the dividend policy, see the ASR 2023, page 10 or at 
www.munters.com. 
* Last 12 months 
1 In production plants 
2 Total Recordable Incident Rate (number of accidents where the 
employee had to seek medical assistance multiplied by 
200,000/number of hours worked)

===== SIDA 3 =====

Interim report January-March 2024 3 
Financial performance  
 
Order intake 
January-March 2024 
Order intake amounted to MSEK 3,368 (2.544), (organic development of +29%, structural +6%, currency effects   
-2%), with strong growth in all business areas.  
In AirTech order intake was very strong, driven primarily by the battery sub -segment in EMEA. Americas also 
showed growth whereas APAC saw a lower level of development.  Order intake in DCT was good in the quarter, 
mainly in North America. Order intake in FoodTech was strong, primarily driven by Climate solutions in Americas 
and EMEA as well as Digital solutions in Americas .  
 
For more information on the order intake, see the business area comments on pages 6, 7 and 8.  
Net sales 
January-March 2024 
Net sales grew to MSEK 3,538 (3,175) (organic growth +7%, structural +6%, currency effects -2%). Good deliveries 
on large orders in DCT continued to contribute to strong growth. AirTech had growth in Americas offset by 
weaker development in APAC and EMEA. Climate solution in Americas grew strongly, offset by  a decline in 
APAC and a slight decline in EMEA. Service net sales amounted to MSEK 529 (400) representing 15% (13) of total 
net sales with an organic growth of +25%.  
For more information on the net sales, see the business area comments on pages 6, 7 and 8.  
 
 
LTM Full-year
MSEK 2024 2023 ∆% Apr-Mar 2023
Order intake 3,368 2,544 32 14,940 14,116
AirTech 2,255 1,686 34 7,366 6,796
DCT 343 293 17 4,998 4,948
FoodTech 786 581 35 2,638 2,433
Corporate & elim. -16 -15 - -62 -61
Net sales 3,538 3,175 11 14,292 13,930
AirTech 1,996 2,023 -1 8,199 8,226
DCT 956 653 46 3,712 3,408
FoodTech 596 512 16 2,447 2,363
Corporate & elim. -10 -13 - -65 -67
Adjusted EBITA 498 389 28 1,947 1,839
AirTech 296 323 -8 1,252 1,278
DCT 181 82 121 619 519
FoodTech 70 24 186 267 222
Corporate & elim. -49 -40 - -190 -181
Adjusted EBITA margin, % 14.1 12.3 13.6 13.2
AirTech 14.9 16.0 15.3 15.5
DCT 19.0 12.6 16.7 15.2
FoodTech 11.7 4.7 10.9 9.4
Q1
Quarterly order intake  
(MSEK)  
  
Order intake per Business Area  
Q1, 2024 
 
Order intake per region  
Q1, 2024 
 
Quarterly net  sales, 
(MSEK)  
 
Net sales  per Business Area  
Q1, 2024 
 
Net sales per region Q 1, 2024 
 
0
5,000
10,000
15,000
20,000
Q1
22
Q3 Q1
23
Q3 Q1
24
0
2,000
4,000
6,000
8,000
Quarter LTM
0% 50% 100%
AirTech 67% DCT 10% FoodTech 23%
0% 50% 100%
Americas 42% EMEA 41% APAC 17%
0
4,000
8,000
12,000
16,000
Q1
22
Q2Q3Q4 Q1
23
Q2Q3Q4 Q1
24
0
1,000
2,000
3,000
4,000
Quarter LTM
0% 50% 100%
AirTech 56% DCT 27% FoodTech 17%
0% 50% 100%
Americas 65% EMEA 21% APAC 14%

===== SIDA 4 =====

Interim report January-March 2024 4 
Results 
Adjusted EBITDA and EBITA excludes Items Affecting Comparability, IAC, see page  18 for disclosure of the IACs. 
January-March 2024 
The gross margin amounted to 33.7% (30.4). The margin improved due to strong net sales growth in DCT, net 
price increases and positive effects from efficiency improvements.  
Adjusted EBITDA amounted to MSEK 582 (462), corresponding to an adjusted EBITDA margin of 16.5% (14.6). 
Depreciation of tangible assets amounted to MSEK -84 (-73), whereof depreciation of leased assets was MSEK   
-44 (-41). 
Adjusted EBITA amounted to MSEK 498 (389), corresponding to an adjusted EBITA margin of 14.1% (12.3). The 
margin improved because of net sales and price increases in DCT and FoodTech as well as efficiency 
improvement efforts in all business areas.  
Adjusted EBITA for Corporate amounted to MSEK -49 (-40).  
Operating profit (EBIT) was MSEK 412 (349), corresponding to an operating margin of 11.6% (11.0). Amortization 
of intangible assets were MSEK -41 (-34), where MSEK -13 (-12) related to amortization of intangible assets from 
acquisitions. 
For more information on the results, see the business area comments on pages 6, 7 and 8.  
Items affecting comparability (IAC) 
Items affecting comparability totaled MSEK -44 (- 6) in the first quarter, including costs for restructuring 
activities of MSEK -11 (-4) and costs for M&A activities of MSEK -9 (-2). Other IACs totaled MSEK -25 (-) and 
relate to costs for the ongoing strategic review of the equipment offering in FoodTe ch. 
Financial items 
Financial income and expenses for the first quarter amounted to MSEK -87 (-73). Compared to the same period 
last year interest expenses have increased due to higher interest rates in combination with increased 
outstanding debt. Interest expense on lease liabilities amounts to MSEK -10 (-10) in the first quarter. 
Taxes 
Income taxes for the first quarter amounted to MSEK -97 (-62). The effective tax rate was 30% (22%) and is in line 
with the effective tax rate for the full year 2023 of 30.5%, adjusted for the impairment of deferred tax assets on 
loss carry-forwards of MSEK 80 recognized in Q4 2023.  
  
The effective tax rate is negatively impacted by tax losses not recognized in Sweden and Germany.  
Earnings per share 
Net income attributable to Parent Company’s shareholders amounted to MSEK 218  (214) in the first quarter. Net 
income in the first quarter was mainly negatively impacted by higher interest rate expenses and tax expenses.  
Earnings per share, before and after dilution, was SEK 1.19 (1.18) in the first quarter.  
The average number of outstanding ordinary shares in the first quarter, for the purpose of calculating earnings 
per share, was 182,529,041 before dilution and 182,535,150 after dilution.  
  
Quarterly gross margin, %  
 
Quarterly adjusted EBITDA 
margin, %  
 
Quarterly adjusted EBITA  
margin, %  
 
Quarterly EBIT margin, %  
 
 
Tax rate per quarter , % 
 
Quarterly EPS , SEK  
 
Q1
22
Q2 Q3 Q4 Q1
23
Q2 Q3 Q4 Q1
24
20%
25%
30%
35%
Q1
22
Q2 Q3 Q4 Q1
23
Q2 Q3 Q4 Q1
24
0%
5%
10%
15%
20%
Q1
22
Q2 Q3 Q4 Q1
23
Q2 Q3 Q4 Q1
24
0%
5%
10%
15%
20%
Q1
22
Q2 Q3 Q4 Q1
23
Q2 Q3 Q4 Q1
24
0%
5%
10%
15%
20%
Q1
22
Q2 Q3 Q4 Q1
23
Q2 Q3 Q4 Q1
24
0%
15%
30%
45%
60%
75%
90%
Q1
22
Q2 Q3 Q4 Q1
23
Q2 Q3 Q4 Q1
24
0.0
0.5
1.0
1.5

===== SIDA 5 =====

Interim report January-March 2024 5 
Financial position 
Net debt as of March 31 amounted to MSEK 4,557 compared to 4,620 at the end of December 2023 and 4,175 at 
the end of March 2023. Net debt in relation to adjusted EBITDA as of March 31 was 2.0x compared to 2.1x at end 
of December 2023 and 2.7x at the end of March 2023.  
Interest-bearing liabilities, including lease liabilities, increased by MSEK 1, 294 compared to the same period last 
year and amounted to MSEK 5,846 (4,552). The increase is driven mainly by acquisitions financed through debt 
executed during the recent year.  
The Group’s interest-bearing liabilities have an average maturity of 2.5 years. The financing consists primarily of 
Revolving Credit Facilities and a term loan. In April 2023, Munters signed a MEUR 100 Revolving Credit facility 
designated for M&A purposes. The facility was an 18-month facility with a 6-month extension option. In Q1 2024 
the extension option was utilized, extending the facility to Q2 2025. 
 During the last 12 months Munters has closed acquisitions of the Swedish manufacturer of components, Tobo 
components, the French service business SIFT, the acquisition of a majority share in InoBram the Brazilian 
manufacturer of controllers and complimentary accessories for the broiler and swine segments and the Indian 
air handling equipment company ZECO. In addition, Munters participated in capital increases in three  minority 
investments and made one new minority investment.  
Cash and cash equivalents amounted to MSEK 1,581 (618) as of March 31 which is an increase of MSEK 963. 
Average capital employed for the last twelve months was MSEK  11,757 (9,715). Return on capital employed 
(ROCE) for the last twelve months increased to 14.6% (11.6) because of improved operating earnings.  
Cash flow 
Cash flow from operating activities amounted to MSEK 553  (-168) in the first quarter. The positive cash flow is 
related to an increase of operating earnings and a positive development of working capital compared to last 
year. 
Cash flow from changes in working capital had a positive impact of MSEK 215 ( -513) in the first quarter. The 
positive impact on working capital in the quarter was primarily driven by customer advances related to DCT in 
Americas. 
Total cash flow for the first quarter amounted to MSEK 20 (-295). The total cash flow was impacted by 
investments in tangible and intangible assets of MSEK -173, investments in associated and other companies of 
MSEK -59 and payment of dividend to shareholders in March of MSEK -119. Due to a strong cash flow in the 
quarter, external borrowing decreased with MSEK -164. 
Parent company  
The parent company for the Group is Munters Group AB. The parent company does not engage in sales of goods 
and services to external customers. Cash and cash equivalents at the end of the period amounted to MSEK 3 (0).  
  
Net debt per quarter  
 
ROCE, %  
 
 -
  0.5
  1.0
  1.5
  2.0
  2.5
  3.0
  3.5
Q1
22
Q2 Q3 Q4 Q1
23
Q2 Q3 Q4 Q1
24
0
1,000
2,000
3,000
4,000
5,000
6,000
Quarter Leverage
Q1
22
Q2 Q3 Q4 Q1
23
Q2 Q3 Q4 Q1
24
0%
5%
10%
15%
20%

===== SIDA 6 =====

Interim report January-March 2024 6 
AirTech 
Business area AirTech is a global leader in energy -efficient air treatment for industrial and commercial 
applications. We offer solutions for mission-critical processes that require exact control of moisture and 
temperature, with a focus on energy-efficiency and sustainable climate systems. Our climate systems also 
provide better indoor air quality and comfort, as well as increased production capacity.  
 
January-March 2024 
Order intake 
Order intake increased 29% organically, driven primarily by the battery sub -segment in EMEA. Americas 
grew, offset by a weaker development in APAC.  
• The Industrial segment (excl. battery) showed good development, especially EMEA. Within the battery 
sub-segment, EMEA showed very strong growth. In APAC the battery sub -segment was continued 
weak, mainly related to consolidation of the battery market in China . The battery market in Americas 
continued to be weak mainly as customers are placing orders closer to delivery.  
• Through the acquisition of Zeco in 2023, order intake in the Commercial segment in APAC had a 
positive development. Also, Americas saw good growth.  
• Clean Technologies (CT) declined mainly as the first quarter last year included large orders in Americas .  
• Components showed good growth in Americas and EMEA, whereas development in APAC was weaker 
due to lower component replacements in the Chinese battery market.  
• Service increased mainly in Americas. Also EMEA showed growth, offset by a slight decline in APAC . 
Net sales  
Net sales decreased -7% organically, with growth in Americas offset by weaker development in APAC and 
EMEA. Service accounted for 24% (24) of net sales with an organic increase of +22%.  
• The Industrial segment (excl. battery) showed weaker development primarily in Americas whereas the 
food sub-segment in EMEA showed growth. The battery sub -segment showed strong growth in 
Americas, offset by weak development in EMEA and APAC.  
• The Commercial segment showed growth in Americas and APAC  offset by a weaker development in 
EMEA.  
• CT had stable development in APAC, offset by Americas  and EMEA were weaker.  
• The Components segment developed positively in Americas and EMEA, whereas APAC was weaker. 
• The Service segment showed good growth, primarily in Americas.  
Adjusted EBITA 
The adjusted EBITA margin decreased mainly due to lower volumes and increased investments in 
operational efficiency and innovation such as R&D competences and capabilities to reach our net -zero 
target. 
• Efficiency improvements continued to have a positive impact on the margin, slightly offset by a lower 
production utilization rate in EMEA and APAC.  
 
  
LTM Full-year
MSEK 2024 2023 ∆% Apr-Mar 2023
External order backlog 3,688 4,341 -15 3,688 3,250
Order intake 2,255 1,686 34 7,366 6,796
Growth 34% 7% -13% -19%
Net sales 1,996 2,023 -1 8,199 8,226
Growth -1% 43% 10% 20%
of which organic growth -7% 32% - 13%
of which acq. and div. 7% 3% - 3%
of which currency effects -2% 9% - 4%
Operating profit (EBIT) 274 309 -11 1,155 1,190
Operating margin, % 13.7 15.3 14.1 14.5
Amortization of intang. asset -11 -10 -40 -39
Items affecting comparability -12 -4 -56 -49
Adjusted EBITA 296 323 -8 1,252 1,278
Adjusted EBITA margin, % 14.9 16.0 15.3 15.5
Q1
Quarterly net  sales - AirTech , 
(MSEK)  
 
Quarterly adjusted EBITA  
margin % - AirTech  
 
Order intake per region  
Q1, 2024 - AirTech  
 
Net sales per region  
Q1, 2024 - AirTech  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0
2,000
4,000
6,000
8,000
10,000
Q1
22
Q2 Q3 Q4 Q1
23
Q2 Q3 Q4 Q1
24
0
400
800
1,200
1,600
2,000
2,400
Quarter LTM
0%
5%
10%
15%
20%
Q1
22
Q2 Q3 Q4 Q1
23
Q2 Q3 Q4 Q1
24
0%
5%
10%
15%
20%
Quarter LTM
0% 50% 100%
Americas 30% EMEA 48% APAC 22%
0% 50% 100%
Americas 54% EMEA 23% APAC 22%

===== SIDA 7 =====

Interim report January-March 2024 7 
Data Center Technologies 
Business area Data Center Technologies (DCT) is a leading supplier of advanced climate cooling solutions using 
a wide range of heat rejection technologies. Our solutions produce significant energy savings for data centers 
compared with traditional cooling solutions. With a diversified product portfol io and extensive application 
knowledge, we create sustainable climate solutions for data center operators worldwide.  DCT has operations in 
Virginia and Texas in the US, as well as in Ireland.  
 
January-March 2024 
Order intake 
Order intake increased +17% organically, with growth mainly in the co-locator segment in Americas.  
• The underlying demand remains very strong, both short-term and long-term driven by factors such 
as digitization and the growing demand for energy -efficient cooling solutions.  
• Hyperscalers driving increased market activity by both  significant investments in new facilities as well 
as leasing space from co-locators. 
Net sales 
Net sales strong increase +47% organically, driven by good deliveries on large orders announced during 
previous years. Executions on these orders are proceeding according to plan and deliveries on the first 
announced order in 2022 was finalized in the quarter.  
• Also, region EMEA showed good development compared to the previous year.  
Adjusted EBITA 
The adjusted EBITA margin improved significantly related to  several positive contributions in the quarter 
i.e. strong volume growth, net price increases, positive product mix and high utilization rate in production 
combined with operational efficiency improvements.  
• Indirect costs in relation to net sales are expected to increase as investments  in resources and 
competence are planned to accelerate over the coming quarters in order to capture growth 
opportunities.   
• Production ramp-up in Europe is progressing and during the quarter the build of a new production site 
in Cork, Ireland was announced, expected to be completed during the year . 
 
  
LTM Full-year
MSEK 2024 2023 ∆% Apr-Mar 2023
External order backlog 7,003 5,564 26 7,003 7,206
Order intake 343 293 17 4,998 4,948
Growth 17% -84% 7% -21%
Net sales 956 653 46 3,712 3,408
Growth 46% 197% 102% 143%
of which organic growth 47% 173% - 131%
of which acq. and div. - - - -
of which currency effects -1% 24% - 12%
Operating profit (EBIT) 176 77 130 597 497
Operating margin, % 18.4 11.7 16.1 14.6
Amortization of intang. asset -5 -5 -22 -22
Items affecting comparability - - - -
Adjusted EBITA 181 82 121 619 519
Adjusted EBITA margin, % 19.0 12.6 16.7 15.2
Q1
Quarterly net  sales - DCT, 
(MSEK)  
 
Quarterly adjusted EBITA margin % - 
DCT 
 
Order intake per region Q 1,  
2024 – DCT 
 
Net sales per region Q 1,  
2024 - DCT 
 
0
1,000
2,000
3,000
4,000
Q1
22
Q3 Q1
23
Q3 Q1
24
0
200
400
600
800
1,000
1,200
Quarter LTM
0%
5%
10%
15%
20%
Q1
22
Q2 Q3 Q4 Q1
23
Q2 Q3 Q4 Q1
24
0%
5%
10%
15%
20%
Quarter LTM
0% 50% 100%
Americas 91% EMEA 9% APAC 0%
0% 50% 100%
Americas 91% EMEA 9% APAC 0%

===== SIDA 8 =====

Interim report January-March 2024 8 
FoodTech 
Business area FoodTech is one of the world’s leading suppliers of innovative, energy -efficient climate systems 
for livestock farming and greenhouses, as well as software for controlling and optimizing the entire food 
production value chain. Our solutions increase productivity while contributing to sustainable food production, 
where strict requirements are placed on quality, animal health and food safety.  In July 2023 Munters announced 
an initiation of a strategic review of FoodTech’s equipment business. 
 
January-March 2024 
Order intake 
Order intake increased +32% organically, primarily driven by Americas and EMEA, slightly offset by APAC.  
• Climate solutions in Americas showed good growth, primarily in the broiler and layer segments. 
Digital solutions in Americas showed strong growth.  
• The EMEA region showed recovery in all segments, especially within the broiler and greenhouse 
segments.  
Net sales 
Net sales increased +10% organically, with contributions mainly from Americas.  
• Climate solutions in Americas showed good growth, primarily in the layer  and broiler segments. 
Digital solutions in the US grew with increased software recurring  revenues (SaaS) +68% to MSEK 61, 
with an ARR (Annualized Recurring software Revenue) of MSEK 244  as well as a high level of software 
implementations. 
• Region EMEA was slightly negative, showing decline in most segments.    
• APAC declined, with a continued weak swine market in China whereas the layer segment showed 
slight growth.  
Adjusted EBITA 
The adjusted EBITA margin increased significantly with contributions from all regions, especially EMEA 
and Americas.  
• Increased net sales in both Climate and Digital solutions had a positive effect on margin.  
• Digital solutions continue to show good profitability, driven by strong level of software 
implementations and ARR growth.  
• Positive effects from operational excellence improvements  combined with net price increases. 
  
LTM Full-year
MSEK 2024 2023 ∆% Apr-Mar 2023
External order backlog 1,122 878 28 1,122 877
Order intake 786 581 35 2,638 2,433
Growth 35% -17% 24% 9%
Net sales 596 512 16 2,447 2,363
of which SaaS 61 36 68 207 183
SaaS ARR 244 145 68 244 226
Growth 16% 1% 10% 7%
of which organic growth 10% -5% - 1%
of which acq. and div. 8% - - 3%
of which currency effects -2% 7% - 4%
Operating profit (EBIT) 24 6 309 125 107
Operating margin, % 4.1 1.2 5.1 4.5
Amortization of intang. asset -20 -17 -83 -80
Items affecting comparability -25 -1 -59 -35
Re-allocation of int. services 0 - - -
Adjusted EBITA 70 24 186 267 222
Adjusted EBITA margin, % 11.7 4.7 10.9 9.4
Q1
Quarterly net  sales - FoodTech , 
(MSEK)  
 
Quarterly adjusted EBITA margin %  
- FoodTech  
 
Order intake per region Q1, 2024 – 
FoodTech  
 
Net sales per region Q1, 2024 - 
FoodTech  
 
0
500
1,000
1,500
2,000
2,500
3,000
Q1
22
Q2Q3Q4 Q1
23
Q2Q3Q4 Q1
24
0
100
200
300
400
500
600
700
Quarter LTM
0%
2%
4%
6%
8%
10%
12%
Q1
22
Q2 Q3 Q4 Q1
23
Q2 Q3 Q4 Q1
24
0%
2%
4%
6%
8%
10%
12%
14%
Quarter LTM
0% 50% 100%
Americas 56% EMEA 36% APAC 8%
0% 50% 100%
Americas 59% EMEA 33% APAC 8%

===== SIDA 9 =====

Interim report January-March 2024 9 
Corporate 
The Corporate function reported an adjusted EBITA of MSEK -49 (- 40) in the first quarter. Corporate staff 
functions as well as minority investments are accounted for within Corporate.  
To further enhance Munters strategic journey Munters has started to make financial investments in start -ups 
with the aim to support innovation for the group within digitalization, technology, and sustainability. In 202 2, 
five minority investments were made. In 2023 Munters participated in three capital increases, whereas no new 
minority investments were made in the year. In the first quarter this year Munters participated in two capital 
increases of minority investments and one new minority investment was done.  
 
  
 
Quarterly Corporate cost (MSEK)  
 
0.0%
0.5%
1.0%
1.5%
2.0%
Q1
22
Q2 Q3Q4 Q1
23
Q2 Q3Q4 Q1
24
0
20
40
60
Quarter
% of Net sales, LTM

===== SIDA 10 =====

Interim report January-March 2024 10 
Other information 
Employees 
The number of permanent FTEs (Full Time Equivalents) , at March 31, 2024 was 4,983 (4,017). The amount of 
FTEs at March 31, 2024 in business area AirTech was 3,243 (2,745), in DCT 707 (376), in FoodTech 859 (776) and 
at Group functions 173 (119).  
Outstanding shares  
As of March 31, 2024, Munters held 1,924,705 treasury shares of the total shares of 184,457,817. Thus, the 
number of outstanding shares as of the balance sheet date was  182,533,112. 
Dividend  
The AGM in March resolved to pay a total dividend of 1.30 SEK (0.95), a total of MSEK 237 (173) to be paid in two 
equal instalments. This represented 30% of net income in 2023. A first instalment of the dividend was paid out in 
March. The second part is to be paid in September. This represents 30 (30) per cent of the net income 2023.  
Other events during the quarter 
Munters Annual and Sustainability report 2023 – On February 23, Munters published the Annual and 
Sustainability report for 2023 on www.munters.com, available in both Swedish and English.  
Munters to acquire Air protech – In March, Munters announced it has agreed to acquire Airprotech, an Italian 
company within VOC abatement systems. This acquisition enhances Munters Clean Technology portfolio and 
expands the presence in Europe. The deal is expected to complete in the second quarter of 2024.  
Annual general meeting 2024  - The annual general meeting was held at Munters headquarters in Kista, 
Stockholm, Sweden on Thursday, March 21. More information around the main resolutions made at the Annual 
General Meeting can be found on 
www.munters.com. 
Webinar focused on Data Center Technologies – In March, a webinar focusing on DCT was held. The webinar 
provide an overview ofthe market as well as Munters strategy and operations within the area.  
. 
  
Ten largest shareholders  
 
 
 
As of 31 Mar 2024 %
FAM AB 28.0
Swedbank Robur Fund 6.4
First Swedish National 
Pension Fund 5.1
ODIN Funds 5.0
Fourth Swedish National 
Pension Fund 4.9
Capital Group 2.9
Vanguard 2.6
Norges Bank 1.7
Columbia Threadneedle 1.6
Handelsbanken Fonder 1.5
Source: Modular Finance AB

===== SIDA 11 =====

Interim report January-March 2024 11 
About Munters 
 
Munters is a global leader in energy-efficient and sustainable 
climate solutions. The solutions guarantee temperature and 
humidity control, which is mission-critical for customers. 
Munters offers solutions to many different industries where 
controlling temperature and humidity is mission critical. Our 
solutions reduce customers’ climate and environmental impact 
through lower resource consumption, and in the process 
contribute to cleaner air, higher efficiency and reduced carbon 
emissions. Sustainability is an important part of Munters’ 
business strategy and value creation. 
Short facts 
– ~4,983 employees (FTEs) 
– >45 countries with sales and 
manufacturing 
– 22 production units 
– 22% women leaders 
– Three business areas: AirTech, Data 
Center Technologies and FoodTech 
In Q1, AirTech generated 56%, Data Center 
Technologies 27% and FoodTech 17% of the 
total net sales of Munters 
Purpose 
For customer success and a 
healthier planet 
Curiosity and a drive to 
create pioneering 
technologies are part of our 
DNA. Our climate solutions 
are mission-critical to our 
customers’ success and 
contribute to a more 
sustainable planet. 
 
 
 
The strategy of Munters 
Munters has a strong position in most of our markets. We see great opportunities to 
improve and strengthen our market position and to achieve our mid-term financial targets 
and deliver on our strategy. The key to success is how we respond in working toward our 
goals. Our overarching strategic priorities show which areas we regard as important to our 
success. For each strategic priority we have clear action plans and ambitions what we want 
to achieve. Sustainability is a priority issue reflected in every strategic priority. 
People:  Employees are the hub of our business and their safety and health is a priority. 
Diversity and inclusion are important to us, since we are convinced that diversity 
leads to stronger innovation. Through collaboration and a passion for creating 
energy-efficient solutions for our customers and partners, we contribute to our 
customers’ success and a better world. 
Customers:  We help our customers succeed by supplying high-quality climate solutions that make them more sustainable. Our success is built on 
close, long-term relationships and a deep understanding of the customer’s business and future needs. Our strategy is to continue to 
build customer insight and utilize our broadbased expertise on applications, techn ology and components to supply attractive solutions 
and services. 
Innovation:  Curiosity and an ambition to create pioneering technologies are part of our DNA. We will stay  at the forefront of the industry’s 
development and contribute to sustainable development through our energy - and resource-efficient climate solutions. We continue to 
invest in our core technologies, solutions and digitization to optimize our product portfo lio and our innovative production technology.  
Markets:  Munters is active around the world and climate change, digitization and population growth are the key markets drivers. Our re sources 
are focused on strengthening our position in areas where we can be a market leader and growing the service business. With h igh-
quality, resource-efficient solutions and a conscious effort to re-duce our own climate impact, we contribute to sustainable 
development. 
Excellence in 
everything we do:  
Our aim is to increase efficiency and quality in everything we do  and to reduce our climate impact. Munters’ operations all share 
responsible business practices and high ethical standards with a respect for human rights, diversity, and health and safety i n the 
workplace

===== SIDA 12 =====

Interim report January-March 2024 12 
Quarterly overview Group 
Income Statement 
 
 
Key performance indicators 
 
 
Net Debt 
 
 
Operating Working Capital 
 
2024
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Order backlog 11,812 11,333 10,025 11, 153 10,783 11,463 11,866 7,515 6,367
Order intake 3,368 5,651 2,494 3,427 2,544 3,143 6,354 3,200 4,133
Net sales 3,538 3,659 3,560 3,536 3,175 3,011 2,644 2,610 2,121
Adjusted EBITDA 582 556 587 561 462 381 359 332 260
Depreciation tangible assets -84 -88 -84 -82 -73 -78 -66 -60 -59
Adjusted EBITA 498 467 503 479 389 304 293 272 201
Amortization intangible assets from acq. -13 -7 -13 -1 3 -12 -8 -9 -9 -9
Amortization other intangible assets -28 -36 -29 -2 5 -22 -30 -19 -15 -14
Items affecting comparability (IAC) -44 -49 -7 - 34 -6 -9 6 -28 -44
Operating profit (EBIT) 412 375 454 408 349 255 271 220 134
Financial income and expenses -87 -99 -93 -66 -73 -64 -41 -14 -23
Tax -97 -218 -98 -85 -62 -61 -53 -39 -10
Net income 227 58 264 257 214 131 178 166 102
 -attributable to Parent Comp. Shareholders 218 54 260 256 2 14 128 176 169 104
2023 2022
2024
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Organic Growth, Net Sales 7% 16% 28% 2 7% 38% 26% 22% 25% 16%
Adjusted EBITA margin, % 14.1 12.8 14.1 13.5 12.3 10.1 11.1 10.4 9.5
Operating margin, % 11.6 10.3 12.8 11.5 11.0 8.5 10.3 8.4 6.3
Earnings per share before dilution, SEK 1.19 0.30 1.42 1.40 1.18 0.70 0.97 0.93 0.57
Earnings per share after dilution, SEK 1.19 0.30 1.42 1.40 1.18 0.70 0.97 0.93 0.57
OWC/Net Sales, % 13.6 14.2 13.7 13.2 12.7 12.7 13.1 13.3 13.4
Net Debt/Adjusted EBITDA, LTM 2.0 2.1 2.2 2.7 2.7 2.9 3.0 2.9 2.6
2023 2022
2024
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Cash and cash equivalents -1,581 -1,532 -1,165 -710 -618 -914 -698 -459 -565
Interest-bearing liabilities 5,089 5,131 4,575 4,518 3,772 3,721 3,424 3,101 2,830
Lease liabilities 757 719 770 801 781 774 731 367 370
Provisions for pensions 262 280 197 209 217 227 187 226 298
Accrued financial expenses 29 22 21 15 24 16 10 6 5
Net Debt 4,557 4,620 4,399 4,833 4,175 3,825 3,654 3,241 2,938
2023 2022
2024
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Inventory 1,902 1 ,726 1,965 2,153 2,071 1,956 1,765 1,521 1,316
Accounts receivable 2,306 2 ,038 2,245 2,167 2,035 2,020 1,570 1,407 1,263
Accounts payable -1,349 -1 ,294 -1,156 -1,277 -1,159 -1,288 -932 -910 -802
Advances from customers -1,879 - 1,355 -1,725 -1,592 -1,576 -1,715 -1,428 -1,105 -804
Accrued/deferred income, net 583 6 40 741 782 466 418 484 493 231
Operating Working Capital 1,563 1 ,755 2,071 2,233 1,837 1,390 1,460 1,407 1,204
20222023

===== SIDA 13 =====

Interim report January-March 2024 13 
Condensed statement of comprehensive 
income 
 
 
 
 
LTM Full-year
MSEK 2024 2023 Apr-Mar 2023
Net sales 3,538 3,175 14,292 13,930
Cost of goods sold -2,344 -2,208 -9,644 -9,508
Gross profit 1,193 967 4,649 4,422
Selling expenses -326 -298 -1,309 -1,281
Administrative costs -348 -243 -1,211 -1,106
Research and development costs -99 -72 -387 -360
Other operating income and expenses -5 -5 -82 -82
Share of earnings in associates -3 -0 -10 -8
Operating profit 412 349 1,649 1,586
Financial income and expenses -87 -73 -345 -331
Profit/Loss after financial items 325 276 1,304 1,255
Tax -97 -62 -498 -463
Net income for the period 227 214 806 792
Attributable to Parent Company shareholders 218 214 787 784
Attributable to non-controlling interests 10 -1 19 8
Average number of outstanding shares before dilution 182,529,041 182,088,972 182,384,387 182,274,370
Average number of outstanding shares after dilution 182,535,150 182,335,596 182,389,980 182,284,750
Earnings per share before dilution, SEK 1.19 1.18 4.32 4.30
Earnings per share after dilution, SEK 1.19 1.18 4.32 4.30
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange-rate differences on translation of foreign operations 342 1 67 -274
Items that will not be reclassified to profit or loss:
Actuarial gains/losses on defined-benefit pension obligations 15 12 -43 -46
Income tax effect not to be reclassified to profit or loss -3 -3 9 9
Other comprehensive income, net after tax 354 10 33 -311
Total comprehensive income for the period 581 224 839 481
Attributable to Parent Company shareholders 567 222 823 478
Attributable to non-controlling interests 14 2 16 4
Q1

===== SIDA 14 =====

Interim report January-March 2024 14 
Condensed statement of financial position 
 
 
Condensed statement of changes in equity 
 
 
  
MSEK 2024-03-31 2023-03-31 2023-12-31
ASSETS
NON-CURRENT ASSETS
Goodwill 6,125 5,351 5,822
Other intangible assets 2,384 2,071 2,259
Property, plant and equipment 1,196 863 1,097
Right-of-Use assets 695 758 672
Participations in associated companies 61 33 25
Other financial assets 135 83 95
Deferred tax assets 324 292 292
Total non-current assets 10,921 9,451 10,262
CURRENT ASSETS
Inventory 1,902 2,071 1,726
Accounts receivable 2,306 2,035 2,038
Derivative instruments 14 11 0
Current tax assets 60 51 84
Other receivables 140 114 135
Prepaid expenses and accrued income 900 776 954
Cash and cash equivalents 1,581 618 1,532
Total current assets 6,902 5,675 6,469
TOTAL ASSETS 17,823 15,126 16,731
EQUITY AND LIABILITIES
EQUITY
Shareholders' equity 5,460 5,526 5,257
Non-controlling interests 1 4 1
Total equity 5,462 5,529 5,258
NON-CURRENT LIABILITIES
Interest-bearing liabilities 5,063 3,772 4,151
Lease liabilities 578 639 553
Provisions for pensions 262 217 280
Other provisions 62 64 62
Other non-current liabilities 815 224 636
Deferred tax liabilities 480 436 455
Total non-current liabilities 7,261 5,352 6,135
CURRENT LIABILITIES
Interest-bearing liabilities 26 − 980
Lease liabilities 178 141 167
Other provisions 179 140 145
Accounts payable 1,349 1,159 1,294
Derivative instruments − 1 33
Current tax liabilities 73 53 78
Advances from customers 1,879 1,576 1,355
Other current liabilities 195 225 92
Accrued expenses and deferred income 1,221 950 1,193
Total current liabilities 5,100 4,245 5,337
TOTAL EQUITY AND LIABILITIES 17,823 15,126 16,731
MSEK 2024-03-31 2023-03-31 2023-12-31
Opening balance 5,258 5,307 5,307
Total comprehensive income for the period 581 224 481
Exercised share options 1 2 21
Put/call option related to non controlling interests -141 -5 -377
Dividends -237 − -175
Share option plan incl. deferred tax − 0 1
Other − 0 −
Closing balance 5,462 5,529 5,258
Total shareholders´ equity attributable to:
The parent company's shareholders 5,460 5,526 5,257
Non-controlling interests 1 4 1

===== SIDA 15 =====

Interim report January-March 2024 15 
Condensed cash flow statement 
 
  
LTM Full-year
MSEK 2024 2023 Apr-Mar 2023
OPERATING ACTIVITIES
Operating profit 412 349 1,649 1,586
Adjustment for:
Depreciation, amortization and impairment losses 126 108 502 484
Other non-cash items -46 -8 5 43
Changes in provisions 25 -11 25 -11
Cash flow before interest and tax 516 437 2,181 2,102
Net financial items paid -75 -67 -319 -312
Taxes paid -104 -25 -469 -390
Cash flow before changes in working capital 338 345 1,393 1,400
Change in accounts receivable -167 -19 -159 -11
Change in inventory -88 -120 303 271
Change in accrued income 115 -43 -109 -267
Change in accounts payable -1 -128 66 -60
Change in advances from customers 406 -138 246 -299
Cashflow from changes in operating working capital 264 -448 346 -366
Change in other working capital -49 -65 48 31
Cash flow from changes in working capital 215 -513 394 -335
Cash flow from operating activities 553 -168 1,787 1,066
INVESTING ACTIVITIES
Business acquisitions - -2 -743 -744
Investments in associated companies -36 - -36 0
Investments in participations and securities in other companies -23 0 -27 -4
Sale of intangible assets and property, plant and equipment 0 0 0 0
Investment in property, plant and equipment -98 -71 -350 -323
Investment in intangible assets -75 -85 -337 -347
Cash flow from investing activities -232 -158 -1,493 -1,418
FINANCING ACTIVITIES
Exercised share options 1 2 19 21
Loan raised 435 471 2,232 2,268
Amortization of loans -599 -404 -1,083 -887
Repayment of lease liabilities -37 -37 -156 -156
Dividends paid -119 - -293 -175
Other changes to financing activities 18 -2 -40 -60
Cash flow from financing activities -301 31 679 1,011
Cash flow for the period 20 -295 973 658
Cash and cash equivalents at period start 1,532 914 618 914
Exchange-rate differences in cash and cash equivalents 29 -1 -10 -40
Cash and cash equivalents at period end 1,581 618 1,581 1,532
Q1

===== SIDA 16 =====

Interim report January-March 2024 16 
Parent company 
Condensed income statement 
 
Condensed statement of comprehensive income 
 
Condensed balance sheet 
 
 
  
LTM Full-year
MSEK 2024 2023 Apr-Mar 2023
Net sales − − − −
Gross profit/loss − 0 − −
Administrative costs -4 -4 -3 -11
Other operating income and expenses 1 2 30 32
Operating profit -3 0 19 22
Financial income and expenses -6 -2 -21 -18
Profit/Loss after financial items -8 -2 -2 4
Group contributions − − − −
Profit/Loss before tax -8 -2 -2 3
Tax − − -0 -0 
Net income for the period -8 -2 -2 3
Q1
Profit/Loss for the period -8 -2 -2 3
Other comprehensive income, net after tax − − − −
Comprehensive income for the period -8 -2 -2 3
MSEK 2024-03-31 2023-03-31 2023-12-31
ASSETS
NON-CURRENT ASSETS
Participations in subsidiaries 4,098 4,098 4,098
Other financial assets 4 4 4
Total non-current assets 4,102 4,103 4,102
CURRENT ASSETS
Other current receivables − − 1
Prepaid expenses and accrued income 2 1 1
Current tax assets 1 1 1
Receivables from subsidiaries 9 15 10
Cash and cash equivalents 3 0 3
Total current assets 15 18 15
TOTAL ASSETS 4,117 4,121 4,118
EQUITY AND LIABILITIES
EQUITY
Share capital 6 6 6
Share premium reserve 4,136 4,136 4,136
Profit brought forward -627 -239 -394
Income for the period -8 -3 3
Total equity 3,506 3,899 3,750
NON-CURRENT LIABILITIES
Provisions for pensions and similar commitments 5 3 1
Total non-current liabilities 5 3 1
CURRENT LIABILITIES
Accounts payable 2 2 3
Accrued expenses and deferred income 34 18 32
Liabilities to subsidiaries 448 191 327
Other liabilities 123 8 4
Total current liabilities 607 219 366
TOTAL EQUITY AND LIABILITIES 4,117 4,121 4,118

===== SIDA 17 =====

Interim report January-March 2024 17 
Other disclosures 
Accounting policies 
This report has been prepared, with regards to the Group, in accordance 
with IAS 34 Interim Financial Reporting, recommendation RFR 1 of the 
Swedish Financial Reporting Board and the Swedish Annual Accounts Act 
and, with regards to the Parent Company, in accordance with 
recommendation RFR 2 of the Swedish Financial Reporting Board and the 
Swedish Annual Accounts Act. The accounting principles applied 
correspond to those presented in the Annual- and Sustainability report 
2023 (Note 1). 
Environmental impact and 
environmental policy  
Munters’ operations affect the external environment through air and water 
emissions, the handling of chemicals and waste, transport of input goods 
and finished products to and from Munters factories. Munters is committed 
to constant vigilance regarding the environmental impact of its operations. 
Munters is committed to complying with all laws and to continuously 
promoting improvements in all Environment, Health & Safety (EHS) 
aspects, wherever Munters conducts business. Munters constantly seeks 
opportunities to reduce risk and to create a safer, healthier, more diverse 
and more environmentally friendly workplace for our employees, 
customers, communities, and the overall environment. Munters’ 
manufacturing facilities all over the world are committed to working 
according to an EHS Management Program. The purpose of the EHS 
Program is to ensure regulatory compliance, actively prevent injuries, and 
reduce the impact that our business has on the environment.  
Risks and uncertainties 
The Group’s significant risks and uncertainties can be divided into four 
categories; strategic, operational, financial and regulatory risks. In these 
categories, there are both risks due to political and macroeconomic trends 
and specific risks directly linked to the business carried out by the Group. A 
risk assessment is carried out on an annual basis and the purpose is to 
identify and address the most important risks.  
Munters’ products are used in complex customer processes. Quality and 
contract obligations are critical and could result in claims for damages. The 
Group depends to some extent on key customers and key personnel. 
Considering that Munters is a company with geographically widespread 
operations and many small organizational units, there is a risk of failure to 
comply with relevant regulations in the business ethics area, e.g. anti-
bribery rules.  
Financial risks mainly consist of currency, interest and financing risks. 
Munters works actively with insurance solutions, and group -wide 
insurances are governed by central guidelines. This includes for example 
coverage for general liability and product liability, property, business 
interruption, transportation, the liability of Board members and the CEO 
and employment practices liabilities.  
In the beginning of October, 2023 Israel declared it was at war with Hamas.  
On April 14, 2024 Iran launched an aerial attack on Israel. Within the 
business area FoodTech, Munters has manufacturing of controllers in Israel 
located south of Tel Aviv with about 140 employees. Munters operations 
has so far not been impacted by the situation and we continue to monitor 
the situation closely in order to be able to quickly respond to any 
disturbances. 
On 22 January, 2024, Munters announced preliminary results for 202 3 as a 
result of a ransomware attack at its hosting provider Tietoevry. Munters 
financial consolidation system and a limited part of our business systems 
were affected by the attack. Munters estimates that the event will not have 
an impact in 2024. 
A more detailed description of the Group’s risks and how they are managed 
can be found in the Annual- and Sustainability report 2023 on pages 108-
112
. 
Transactions with related parties 
There have been no significant transactions with related parties during the 
period.   
Fair value of financial instruments 
Financial assets measured at fair value through profit/loss relate to 
financial investments and derivatives. Financial investments amounted t o 
MSEK 89 (62) and net derivatives to MSEK 14 (9) as of the balance sheet 
date. 
The Group’s put/call option, from the acquisition of MTech Systems in 2017, 
is recognized at fair value in the statement of financial position. The option 
is measured according to IFRS 9 and is categorized in level 3 in the fair 
value hierarchy. The exercise period begins on January 1, 2025, and end s on 
December 31, 2025. The fair value of the option amounts to MSEK 740 
(220) as of the balance sheet date. 
The put/call option from the acquisition of a majority share in InoBram  is 
recognized at fair value. Munters acquired 60 per cent of the company but 
the agreement includes a put/call option for Munters to acquire the 
remaining 40 per cent of the company in 2027. The exercise period for the 
sellers put option begins on 1 January, 2026. The fair value of the option 
amounts to MSEK 40 as of the balance sheet date. 
 
Munters deems that the interest rate on interest-bearing liabilities is in line 
with market terms on March 31, 2024, and the fair value at the end of the 
reporting period therefore in all material aspects corresponds to the 
carrying amount. 
 
  
MSEK 2024-03-31 2023-03-31 2023-12-31
Opening balance 632 217 217
Valuation put/call options − − 37
Holdbacks − − 37
Remeasurements 138 − 352
Discounting 3 5 25
Exchange-rate differences 42 -2 -35
Closing balance 815 220 632

===== SIDA 18 =====

Interim report January-March 2024 18 
Net Sales by business area and region 
Net Sales by business area and region in Q1 
 
 
Reconciliation of alternative performance measures and items  
affecting comparability 
The Group presents certain financial metrics in the Interim Report that are 
not defined in accordance with IFRS. The Group is of the opinion that these 
metrics provide valuable complementary information, in that they enable 
an evaluation of the Group’s performance. The financial metrics are 
calculated in accordance with the definitions presented  in this interim 
report. A reconciliation of Adjusted EBITDA and Adjusted EBITA is found in 
the quarterly overview on page 12. Items affecting comparability are events 
or transactions with significant financial effects, which are relevant for the 
understanding of the financial performance when comparing the current 
period to previous periods. Items included are for example, restructuring 
activities, capital gains and losses from business divestments and M&A 
related costs as well as costs for other events, such as the Covid -19 
pandemic and war in Ukraine, having a significant impact on the 
comparability. 
Below is a break-down of items affecting comparability by period.
 
 
 
Business combinations 
 
No acquisitions have been closed in Q1 2024 or were closed in same 
period last year. 
In March, Munters announced the agreement to acquire Airprotech, an 
Italian company within VOC abatement systems. The  transaction is 
expected to close in Q2 2024. 
 
 
 
  
MSEK 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Americas 1,114 836 866 582 346 240 0 0 2,327 1,658
EMEA 545 649 90 69 234 233 -5 -5 864 946
APAC 448 695 1 1 55 67 -3 -4 500 759
Sales between regions -111 -157 -1 0 -40 -28 -2 -3 -154 -188
TOTAL 1,996 2,023 956 653 596 512 -10 -13 3,538 3,175
AirTech DCT GroupFoodTech Eliminations
LTM Full-year
MSEK 2024 2023 Apr-Mar 2023
Restructuring activities -11 -4 -41 -34
M&A activities -9 -2 -37 -29
Other items affecting comparability -25 − -57 -32
Total -44 -6 -135 -96
Q1

===== SIDA 19 =====

Interim report January-March 2024 19 
Definition of key financial indicators 
In this financial report, there are references to several performance 
measures. Some of the measures are defined in IFRS, others are alternative 
performance measures and are not disclosed in accordance with applicable 
financial reporting frameworks or other legislations. The performance 
measures are used by the Group to assist both investors and management 
in analyzing Munters’ business. Below the performance measures found in 
this financial report are described and defined. The reason for the use of 
the performance measure is also disclosed. 
Organic growth 
Change in net sales compared to the previous period, excluding 
acquisitions and divestments and currency translation effects. The measure 
is used by Munters to monitor net sales growth driven by changes in 
volume and price between different periods. 
Order backlog 
Received and confirmed sales orders not yet delivered and accounted for 
as net sales. Order Backlog is a useful measure to indicate the efficiency of 
the conversion of received and confirmed sales orders into net sales in 
future periods. The measure is used by Munters to monitor business 
performance and customer demand and adjust operations if needed. 
Order intake 
Received and confirmed sales orders minus cancelled orders during the 
reporting period. The order intake is an indicator of future revenues and, 
consequently, an important KPI for the management of Munters’ business.  
Operating profit (EBIT) 
Earnings before interest and tax. Munters believes that EBIT shows the 
profit generated by the operating activities. 
Adjusted EBITA 
Operating profit, adjusted for amortizations, write -downs of intangible 
assets and items affecting comparability. Munters believes that using 
adjusted EBITA is helpful in analyzing our performance as it removes the 
impact of items considered not to be of recurring character and therefore 
do not reflect our core operating performance.  
Adjusted EBITA margin 
Adjusted EBITA as a percentage of net sales. Munters believes that 
Adjusted EBITA margin is a useful measure for showing the Company’s 
profit generated by the operating activities. 
Adjusted EBITDA 
Operating profit adjusted for items affecting comparability and 
depreciations, amortizations and write-downs of tangible and intangible 
assets as well as Right-of-Use assets. 
Adjusted EBITDA margin 
Adjusted EBITDA as a percentage of net sales.  
Items affecting comparability (IAC) 
Items affecting comparability are events or transactions with significant 
financial effects, which are relevant for the understanding of the financial 
performance when comparing the current period to previous periods. Items 
included are for example, restructuring activities, capital gains and losses 
from business divestments and M&A related costs.  
Capital employed 
Capital employed is calculated as the total equity plus interest bearing 
liabilities. 
Return on capital employed (ROCE) 
Average operating profit (EBIT) plus financial income, divided by the 
average capital employed, where capital employed is total equity plus 
interest-bearing liabilities. The average capital employed is calculated 
based on the last 12 months. 
Cash and cash equivalents 
Cash and bank balances plus investments in securities and the like with 
maturity periods not exceeding three months. This is a measure that 
highlights the short-term liquidity. 
LTM 
LTM (last twelve months) after any key indicator means that the KPI 
corresponds to an accumulation of previous twelve month reported 
numbers. The measure highlight trends in different KPIs, which is valuable 
in order to gain a deeper understanding of the development of the 
business. 
Net debt 
Net debt calculated as interest bearing liabilities, lease liabilities, provisions 
for pension and accrued financial expenses, reduced by cash and cash 
equivalents. 
Number of employees 
Number of employees is presented recalculated as full -time positions, if 
not otherwise stated. Average number of employees for the year is 
calculated as the sum of permanent employees at the end of each of the 
last 13 months divided by 13.  
Operating working capital 
Includes accounts receivable, inventory, accrued income, accounts payable 
and advances from customers. 
Operating working capital/net sales 
Average Operating Working Capital for the last twelve months as a 
percentage of Net sales for the same period.  
Earnings per share 
Net income divided by the weighted average number of outstanding  
shares. 
SaaS recurring revenue 
Total recurring revenue from SaaS contracts (Software -as-a-Service) 
recognized in the period. The KPI is also presented annualized and named 
SaaS ARR, which is calculated by multiplying SaaS Recurring Revenue in 
the last quarter by four. 
Equity/assets ratio 
Equity (including non-controlling interests) divided by total assets.  
Americas 
Refers to North-, Central and South America.

===== SIDA 20 =====

Interim report January-March 2024 20 
Information and 
reporting dates 
Welcome to join a webcast or telephone conference on  
April 23 at 9:00 AM CEST, when President and CEO Klas Forsström 
together with the Group Vice President and CFO, Katharina Fischer, 
will present the report.  
Webcast 
https://ir.financialhearings.com/munters-q1-report-2024 
 
Conference call 
If you wish to participate via teleconference, please register on the 
link below. After registration you will be provided phone numbers 
and a conference ID to access the conference. You can ask questions 
verbally via the teleconference. 
https://conference.financialhearings.com/teleconference/?id=5004
9059 
This interim report, presentation material and a link to the webcast 
will be available on 
https://www.munters.com/en/investor-
relations/ 
Every care has been taken in the translation of this interim report. In 
the event of discrepancies, the Swedish original will supersede the 
English translation. The addition of the totals presented may result 
in minor rounding differences. 
This information is information that Munters Group AB is obliged to 
make public pursuant to the EU Market Abuse Regulation. The 
information was submitted for publication, through the agency of 
the contact persons set out above, at 07.30 AM CES T on April 23, 
2024. 
This report 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 assurance can be given that such expectations prove to have been correct, as 
forward-looking statements are subject to both known and unknown risks and uncertainties and 
a variety of factors that could cause actual results or outcomes to differ materially from those 
expressed or implied by such forward-looking statements. Such factors include, but are not 
limited to, changes in economic, market, competitive and/or regulatory conditions. Forward-
looking statements speak only as of the date they were made and, other than as required by 
applicable law, Munters undertakes no obligation to update any of them in light of new 
information arising or future events. 
Munters Group AB, Corp. Reg. No. 556819-2321 
Contact information: 
Ann-Sofi Jönsson  
Vice President, Investor Relations & Group Risk Management 
Phone: +46 (0)730 251 005 
Email: ann-sofi.jonsson@munters.com 
 
Line Dovärn  
Director, Investor Relations 
Phone: +46 (0)730 488 444 
Email: line.dovarn@munters.com 
 
 
Financial calendar: 
Capital Markets Day, Stockholm May 21, 2024 
Second quarter report 2024 July 17, 2024 
Payment date for dividend September 30, 2024 
Third quarter report 2024 October 22, 2024 
Fourth quarter & Full year report 2024 February 5, 2025