Kvartalsrapport Q1 2025

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

Interim report January-March 2025 
 
Strong order intake and top line growth 
 
* Definitions of key financial indicators can be found on page 18
Financial summary LTM Full-year
MSEK 2025 2024 ∆% Apr-Mar 2024
Order intake 3,556 2,796 27 13,191 12,431
Net sales 3,714 3,154 18 14,147 13,587
Growth 18% 12% 12% 11%
  of which organic growth 5% 7% - 8%
  of which acquisitions and divestments 11% 7% - 4%
  of which currency effects 2% -2% - -1%
Operating profit (EBIT) 385 418 -8 1,714 1,746
Operating margin, % 10.4 13.2 12.1 12.9
Adjusted EBITA 502 473 6 2,132 2,104
Adjusted EBITA margin, % 13.5 15.0 15.1 15.5
Net income 198 233 -15 918 954
Earnings per share 1.05 1.22 4.80 4.96
Cash flow from operating activities 541 511 2,119 2,089
OWC/Net Sales 10.2% 15.4% 10.2% 11.6%
Net debt 7,674 4,557 7,674 6,364
Leverage 3.1 2.2 3.1 2.6
Q1
Q1 2025 
 
 
Currency adjusted  
growth 
+16% 
 
Adj. EBITA margin 
13.5% 
 
Operating working 
capital/net sales 
10.2% 
January-March  
Agreement signed to divest the FoodTech Equipment offering for MEUR 97.5, closing expected in the second 
quarter 2025. The comments and figures in this report refer to continuing operations unless otherwise stated. 
For more information see pages 16-17.  
– Order intake increased +27% (+8% organic) with strong growth in DCT (Data Center Technologies) and 
FoodTech offset by a decline in AirTech. 
– Net sales grew +18% (+5% organic), driven by robust growth in DCT and FoodTech, while AirTech declined. 
– The adjusted EBITA margin declined, primarily due to lower volumes in AirTech in Americas and temporary 
dual-site costs. This was partly offset by a strong margin contribution from DCT. 
– Cash flow from operating activities remained stable, supported by positive development of working capital. 
OWC/net sales improved to 10.2%, within our target range of 13-10%.  
– Leverage increased to 3.1x, mainly due to increased lease liabilities and acquisition of the remaining shares in 
MTech Systems. Adjusted for the proceeds from the divestment of the Equipment offering, expected to be 
received in the second quarter this year, leverage was 2.6x. 
– Earnings per share, before and after dilution, was SEK 1.05 (1.22) in the first quarter. 
– The Board of Directors proposes a dividend of SEK 1.60 (1.30) per share to be paid in two equal installments. 
This represents 30 (30) per cent of the net income for 2024. 
Events after the close of the period 
- Climate targets validated by the Science Based Targets initiative (SBTi).

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

Interim report January-March 2025 2 
CEO comments 
Strong performance  in a volatile environment  
The year has started off with good overall performance in order intake, net sales and profitability, supported by 
solid execution across our business. This was largely driven by continued robust net sales and earnings 
development in our two business areas DCT and FoodTech. As expected, order intake declined in business area 
AirTech where we initiated measures last year to improve margins. We remain positive about the long-term 
structural trends driving growth for Munters, such as increased data traffic, the electrification of society, and 
the global need for more sustainable food production. We are closely monitoring the increasingly uncertain 
macro environment and global discussions around trade tariffs. Our conclusion about trade tariffs is that our 
well-established strategy of regional production can provide us with competitive advantages and resilience. 
DCT and FoodTech – two robust pillars   
DCT recorded one of its highest-ever first-quarter order intake, driven by small and mid-sized orders. The 
pipeline remains healthy, supported by steady demand across a broad range of customer segments in the data 
center market. The strong performance in DCT is driven by our broad and competitive product portfolio which 
enables us to meet a wide range of customer needs.  
Within FoodTech, we announced the sale of the Equipment business during the quarter, which is expected to 
close in the second quarter. The divestment marks a strategic shift in our focus towards a digital offering 
centered around software and control systems. In line with our strategic focus, we also announced the 
acquisition of the remaining shares in MTech Systems, following the completion of the previously 
communicated transaction with minority shareholders. The continuing business in FoodTech experienced high 
demand and several new customer agreements were signed, further strengthening our market position. 
AirTech progressing in line with expectations   
As anticipated, AirTech had a softer start to the year, due to continued weakness in the battery market weighing 
on utilization and profitability. Margin improvement remains a priority, and our actions taken in late 2024 are 
expected to support a gradual improvement during the year. Short-term, profitability is also negatively 
impacted by the temporary situation with dual site operations in Amesbury in the US. We expect this situation 
to ease as the transition to our new, more efficient facility progresses in the second quarter. We expect the 
battery market to remain weak throughout 2025, although we see increased activity in some areas. Over the 
long term, we remain confident in the potential of this segment and we are now better positioned to scale 
efficiently as the market recovers. 
We are intensifying efforts within AirTech to grow our services and component business. We are also 
strengthening our focus on key customer segments such as the food industry. We continue to invest selectively, 
including the recently announced expansion and optimization of our Tobo factory in Sweden. This includes 
regionalizing the production of the humidification medium GLASdek, a component previously only 
manufactured in Mexico. 
Regional production – a continued strategic advantage  
Today, with extensive global discussions about trade tariffs, regional production is becoming increasingly 
important. At Munters, this has long been a strategic cornerstone. Approximately 90 percent of sales in our 
largest regions are produced within the same region, thereby supporting customer proximity, reduced lead 
times and greater resilience.  
We continue to focus on execution and operational efficiency across the Group while closely monitoring the 
development of the global business environment. With the strong momentum in DCT and FoodTech, along 
with margin enhancing actions underway in AirTech, we are well positioned for the year ahead.  
I would like to thank all Munters employees for their continued commitment and contribution. Together, we are 
well prepared to capture future opportunities and deliver on our targets. 
   Klas Forsström 
President and CEO 
“The start of the year 
confirms our ability to deliver 
strong results even when 
facing short-term 
challenges, thanks to our 
broad offering and ability to 
meet customer needs. We 
are well prepared to capture 
future opportunities and 
deliver on our targets.” 
 Midterm financial targets 
 
Sustainability targets and full year 2024 results    
 Net sales growth:  Annual currency adjusted net sales growth above 14%.  
Performance Q1 2025: 16% (14) 
Environment  Scope 1, 2 absolute reduction 42%, Performance: +3%  
Scope 3: reduce CO 2e by an average of 51.6% per unit sold , 
Performance: -37%        
(compared to base year 2023) 
   
 Adjusted EBITA margin:  An adjusted EBITA margin above 14%.  
Performance Q1 2025: 13.5% (15.0) 
Social 30% women leaders & in workforce  
Performance: Leaders: 22% (21), Workforce: 22% (21) (incl. 
discontinued operations) 
   
 OWC/net sales:  Average (LTM) operating working capital in the range of               
13-10% of net sales.   
Performance Q1 2025: 10.2% (15.4) 
Governance  Code of Conduct compliance   
100% Key supplier CoC, Performance: 99% 
100% employees to complete CoC every two years, 
Performance: 83%  
(incl. discontinued operations) 
   
 Dividend policy:  Aim to pay an annual dividend corresponding to 30-50% of net 
income for the year  
Dividend 2024: 30% (SEK 1.60 per share, totaling MSEK 292) paid 
in two instalments. 
For full description of the dividend policy see the ASR 2024, page 9 or at 
www.munters.com 
Service & Components  
ambition : 
Revenues in the long term of > 1/3 of net sales Performance 
Q1 2025: 22% (30)  
See Munters annual and sustainability report (ASR) 2024 pages 61-109, for 
further information on goals and outcome or at www.munters.com

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

Interim report January-March 2025 3 
 
Financial performance  
 
Order intake 
January-March 2025 
Order intake amounted to MSEK 3,556 (2,795), (organic development of +8%, structural +19%, currency effects 
+1%), with strong growth in DCT and FoodTech offset by a decline in AirTech. 
In AirTech order intake declined, mainly due to EMEA, while Americas saw positive development and APAC 
remained stable. The overall order intake level remained solid, reflecting continued weakness in the battery sub-
segment across all regions. Order intake in DCT increased strongly, primarily driven by strong demand for 
chillers and Coolant Distribution Units (CDU). Growth was particularly robust in Americas, with a solid level of 
orders from both colocators and hyperscalers, indicating a continued strong underlying demand. In FoodTech 
order intake increased, mainly driven by strong development in the controllers with growth in all regions, 
supported by acquisitions last year.  
For more information on the order intake, see the business area comments on pages 6, 7 and 8. 
Net sales 
January-March 2025 
Net sales increased to MSEK 3,714 (3,154) (organic growth +5%, structural +11%, currency effects +2%), driven by 
robust growth in DCT and FoodTech, while AirTech showed a decline. 
In AirTech, net sales declined, driven by lower sales in Americas, particularly within the battery sub-segment 
and the Service segment, partly offset by solid growth in EMEA and APAC. Net sales in DCT increased, driven by 
successful backlog execution in Americas and growth in EMEA and APAC, supported by the recent Geoclima 
acquisition finalized at the end of last year. In FoodTech net sales also grew, driven by positive developments in 
both software and controllers, with additional contribution from the Hotraco acquisition, finalized at the end of 
2024. 
Munters has an ambition to reach a Service and Components level of more than one third of net sales in the 
long-term. Service is defined as after-market service plus Software-as-a-Service (Saas) revenues. Service and 
Components amounted to 22% (30) of net sales, with an organic development of -14%. Service accounted for 
14% (19) of total net sales with an organic growth of -17%.  
For more information on the net sales, see the business area comments on pages 6, 7 and 8. 
 
 
LTM Full-year
MSEK 2025 2024 ∆% Apr-Mar 2024
Order intake 3,556 2,796 27 13,191 12,431
AirTech 2,051 2,255 -9 7,161 7,365
DCT 1,108 343 223 4,853 4,088
FoodTech 439 200 120 1,246 1,007
Corporate & elim. -43 -2 - -69 -28
Net sales 3,714 3,154 18 14,147 13,587
AirTech 1,844 1,996 -8 8,053 8,204
DCT 1,505 956 57 4,941 4,392
FoodTech 413 204 102 1,224 1,015
Corporate & elim. -49 -3 - -71 -24
Adjusted EBITA 502 473 6 2,132 2,104
AirTech 88 296 -70 905 1,113
DCT 344 181 90 1,082 920
FoodTech 67 45 47 259 238
Corporate & elim. 3 -49 - -114 -167
Adjusted EBITA margin, % 13.5 15.0 15.1 15.5
AirTech 4.8 14.9 11.2 13.6
DCT 22.8 19.0 21.9 20.9
FoodTech 16.1 22.1 21.2 23.5
Q1
Quarterly order intake , (MSEK) 
  
Order intake per Business Area  
Q1, 2025 
 
Order intake per region  Q1, 2025 
 
Quarterly net  sales, (MSEK) 
 
Net sales  per Business Area Q1, 2025 
 
Net sales per region Q1, 2025 
 
0
5,000
10,000
15,000
Q1
23
Q3 Q1
24
Q3 Q1
25
0
2,000
4,000
6,000
Quarter LTM
0% 50% 100%
AirTech 56% DCT 31% FoodTech 12%
0% 50% 100%
Americas 55% EMEA 29% APAC 16%
0
4,000
8,000
12,000
16,000
Q1
23
Q2Q3Q4 Q1
24
Q2Q3Q4 Q1
25
0
1,000
2,000
3,000
4,000
5,000
Quarter LTM
0% 50% 100%
AirTech 48% DCT 41% FoodTech 11%
0% 50% 100%
Americas 60% EMEA 25% APAC 15%

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

Interim report January-March 2025 4 
Results 
Adjusted EBITDA and EBITA excludes Items Affecting Comparability, IAC, see page 17 for disclosure of the IACs. 
January-March 2025 
The gross margin amounted to 32.9% (34.5).  
Adjusted EBITDA amounted to MSEK 615 (543), corresponding to an adjusted EBITDA margin of 16.6% (17.2). 
Depreciation of tangible assets amounted to MSEK -113 (-70), whereof depreciation of leased assets was MSEK   
-70 (-37). 
Adjusted EBITA amounted to MSEK 502 (473), corresponding to an adjusted EBITA margin of 13.5% (15.0). The 
margin decline in AirTech was mainly driven by lower volumes in Americas—particularly in the battery sub-
segment and Service—resulting in reduced production utilization. Additional pressure came from product and 
regional mix as well as ongoing investments, including temporary dual-site costs in the US. Cost-saving 
measures are progressing as planned, with gradual margin improvements expected. DCT delivered a strong 
adjusted EBITA margin, supported by robust volume growth primarily in Americas, high production utilization, a 
favorable product mix, and continued benefits from lean initiatives. FoodTech’s adjusted EBITA margin declined, 
though remaining at a healthy level, impacted by product mix and growth investments, partly offset by higher 
sales in software and controllers. 
Operating profit (EBIT) was MSEK 385 (418), corresponding to an operating margin of 10.4% (13.2). Amortization 
of intangible assets were MSEK -74 (-36), where MSEK -21 (-9) 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) 
In the first quarter items affecting comparability totaled MSEK -42 (-20), related to costs for M&A activities. 
Financial items 
Financial income and expenses for the first quarter amounted to MSEK -105 (-87). Compared to same period last 
year the increase in interest expense was primarily driven by higher lease liabilities related to the new facility in 
Amesbury, US, partly offset by lower interest rates.  
Taxes 
Income taxes for the first quarter were MSEK -82 (-97) with an effective tax rate of 29% (29%).  
Earnings per share 
Net income from continuing operations attributable to Parent Company’s shareholders amounted to MSEK 193 
(223) in the first quarter. Net income from continuing operations in the first quarter decreased to MSEK 198 
(233). 
Earnings per share from continuing operations was SEK 1.05 (1.22) in the first quarter.  
The average number of outstanding ordinary shares in the first quarter, for the purpose of calculating earnings 
per share, was 182,541,440 before dilution and after dilution. There are no dilution effects on earnings per share. 
  
Quarterly gross margin, %  
 
Quarterly adjusted EBITDA 
margin, %  
 
Quarterly adjusted EBITA  
margin, %  
 
Quarterly EBIT margin, %  
 
 
Tax rate per quarter , % 
 
 
 
 
Q1
23
Q2 Q3 Q4 Q1
24
Q2 Q3 Q4 Q1
25
0%
10%
20%
30%
40%
Q1
23
Q2 Q3 Q4 Q1
24
Q2 Q3 Q4 Q1
25
0%
5%
10%
15%
20%
Q1
23
Q2 Q3 Q4 Q1
24
Q2 Q3 Q4 Q1
25
0%
5%
10%
15%
20%
Q1
23
Q2 Q3 Q4 Q1
24
Q2 Q3 Q4 Q1
25
0%
5%
10%
15%
20%
Q1
23
Q2 Q3 Q4 Q1
24
Q2 Q3 Q4 Q1
25
0%
15%
30%
45%
60%
75%
90%

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

Interim report January-March 2025 5 
Financial position 
Net debt as of March 31 amounted to MSEK 7,674 compared to MSEK 6,364 at the end of December 2024. 
Leverage was 3.1x compared to 2.6x at end of December 2024. During the quarter an agreement was signed to 
divest the FoodTech Equipment offering for MEUR 97.5, adjusted for the anticipated purchase price, Leverage 
was 2.6x as of March 31, 2025.  
Interest-bearing liabilities, including lease liabilities, increased to MSEK 8,816 compared to MSEK 7,597 at the 
end of December 2024. The increase is driven mainly from increased lease liabilities as well as the acquisition of 
the outstanding shares in MTech Systems (for more information see pages 17-18).  
The Group’s interest-bearing liabilities have an average maturity of 1.4 years compared to 1.6 years at the end of 
December 2024.  
Cash and cash equivalents amounted to MSEK 1,439 compared to MSEK 1,530 at the end of December 2024. 
Average capital employed for the last twelve months amounted to MSEK 13,256 (11,903). Return on capital 
employed (ROCE) for the last twelve months was 13.3% (13.8%). The decrease compared to last year is explained 
by an increase in capital employed mainly due to acquisitions and new leases. 
Cash flow 
Cash flow from operating activities amounted to MSEK 545 (553) in the first quarter, whereof MSEK 4 (42) 
related to discontinued operations. Changes in working capital contributed with a positive impact of MSEK 111 
(190), mainly explained by an increase in advances from customers driven by DCT in the US. Taxes paid were 
MSEK -37 (-106). The decrease is explained by the due date for US tax prepayments being moved from Q1 in last 
year to Q2 in 2025.  
Cash flow from investing activities totaled MSEK -1,075 (-232), whereof MSEK -7 (-3) related to discontinued 
operations. Business acquisitions amounted to MSEK -809 (-) relating to the acquisition of the outstanding 
shares in MTech Systems (for more information see page 16). Investments in intangible assets and property, 
plant and equipment amounted to MSEK -260 (-170). The increase in capital expenditures is explained by 
investments in the new AirTech facility in Amesbury, US. 
 
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 0 (3). 
  
Net debt per quarter  
 
ROCE, % 
 
 -
  1.0
  2.0
  3.0
Q1
23
Q2Q3Q4 Q1
24
Q2Q3Q4 Q1
25
0
2,000
4,000
6,000
8,000
Quarter Leverage
Q1
23
Q2 Q3 Q4 Q1
24
Q2 Q3 Q4 Q1
25
0%
5%
10%
15%
20%

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

Interim report January-March 2025 6 
AirTech 
Business Area AirTech is a global leader in energy-efficient air treatment for a broad range of applications, 
providing advanced climate solutions requiring precise humidity and temperature control. AirTech is structured 
across key customer segments: Industrial, including battery manufacturing and other industrial applications; 
Commercial, serving supermarkets and public infrastructure; and Clean Technologies, with purification and gas 
treatment systems that cut emissions and boost energy performance. Service helps extend equipment lifecycles 
and improve efficiency and Components supplies critical parts for sustainable, low-emission operations. 
Collectively, the customer segments enhance indoor air quality, production reliability and long-term customer 
value.
 
January-March 2025 
Order intake 
Order intake declined, -13% organically, mainly due to EMEA while Americas saw positive development and 
APAC remained stable. The overall order intake level remained solid, despite continued weakness in the battery 
sub-segment across all regions. 
• The Industrial segment declined, despite growth in the sub-segment food in EMEA and Americas. As 
anticipated, the sub-segment battery remained weak across all regions. The market was impacted by 
delayed greenfield investments, shorter lead times and lower project volumes. Regions Americas and 
APAC showed slight improvement, but this was offset by a decline in EMEA compared to the same 
quarter last year. While these challenges are expected to persist throughout 2025, the long-term 
growth potential of the battery market remains strong.  
• The Commercial segment grew, primarily driven by increased demand to supermarkets in Americas.  
• Clean Technologies (CT) grew, driven by a new carbon capture project in EMEA. 
• The Components segment increased, mainly in Americas, due to continued higher demand for 
evaporative pads to the data center market.  This was partially offset by lower rotor replacements in the 
battery market in APAC.  
• The Service segment declined, mainly in Americas, due to strong comparison base last year.  
Net sales  
Net sales declined, -13% organically, driven by lower sales in Americas. This was partly offset by good growth in 
EMEA and APAC. Service accounted for 19% (24) and Components 17% (16) of AirTech’s net sales. 
• The Industrial segment (excl. battery) remained flat, with stable contributions across all sub-
segments. The battery sub-segment showed a decline, driven by Americas, partly offset by growth in 
EMEA and APAC.   
• CT achieved growth, supported in part by last year’s Airprotech acquisition, along with organic 
growth across all regions. 
• The Components segment declined, especially in APAC due to lower demand from the battery 
market.   
• The Service segment declined, primarily in Americas, due to a strong comparison base from the 
previous year. APAC recorded growth, while EMEA remained flat. 
Adjusted EBITA 
As expected, the adjusted EBITA margin declined, primarily due to lower net sales in Americas - especially 
within the battery sub-segment and the Service segment, leading to lower production utilization. The margin 
was further pressured by product and regional mix. 
• Ongoing investments in the global manufacturing footprint also had a negative impact on the margin, 
including costs from running dual sites in the US. These costs are expected to ease going forward. 
• Measures identified last quarter to address lower demand included workforce reductions and 
manufacturing optimization. These cost saving actions are progressing according to plan, with 
gradual margin improvement expected going forward. 
  
LTM Full-year
MSEK 2025 2024 ∆% Apr-Mar 2024
External order backlog 2,917 3,688 -21 2,917 2,986
Order intake 2,051 2,255 -9 7,161 7,365
Growth -9% 34% -3% 8%
Net sales 1,844 1,996 -8 8,053 8,204
Growth -8% -1% -2% 0%
of which organic growth -13% -7% - -7%
of which acq. and div. 5% 7% - 8%
of which currency effects 1% -2% - -1%
Operating profit (EBIT) 75 274 -73 750 949
Operating margin, % 4.1 13.7 9.3 11.6
Amortization of intang. asset -13 -11 -52 -49
Items affecting comparability -1 -12 -103 -114
Adjusted EBITA 88 296 -70 905 1,113
Adjusted EBITA margin, % 4.8 14.9 11.2 13.6
Q1
Quarterly net  sales - AirTech , 
(MSEK) 
 
Quarterly adjusted EBITA  
margin % - AirTech  
 
Order intake per region Q 1, 2025 - 
AirTech  
 
Net sales per region Q 1, 2025 - 
AirTech  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0
2,000
4,000
6,000
8,000
10,000
Q1
23
Q2 Q3 Q4 Q1
24
Q2 Q3 Q4 Q1
25
0
400
800
1,200
1,600
2,000
2,400
Quarter LTM
0%
5%
10%
15%
20%
Q1
23
Q2 Q3 Q4 Q1
24
Q2 Q3 Q4 Q1
25
0%
5%
10%
15%
20%
Quarter LTM
0% 50% 100%
Americas 41% EMEA 32% APAC 27%
0% 50% 100%
Americas 36% EMEA 35% APAC 29%

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

Interim report January-March 2025 7 
Data Center Technologies 
Business Area Data Center Technologies  is a leading provider of advanced, energy-efficient cooling solutions 
for data centers. With a comprehensive portfolio of air- and liquid-based cooling technologies, we address a 
wide range of needs across different types of environments and customers. Our solutions support both current 
and emerging computing demands, and with a diversified product portfolio and extensive application 
knowledge, we create sustainable climate solutions for data center operators worldwide. 
 
January – March 2025 
Order intake 
Order intake increased, +147% organically, primarily driven by strong demand for chillers and CDUs. Growth was 
particularly robust in Americas, with a solid level of orders from both colocators and hyperscalers. indicating a 
continued strong underlying demand. 
• Orders received across the full product portfolio, including combined orders of Computer Room Air 
Handlers (CRAH) and chiller units, underscoring the strategic value of our broad offering following the 
Geoclima acquisition. 
• The continued rise in small to mid-sized orders and shorter lead times reflects a shift in customer 
behavior, driven by technology advancements and evolving regulations, tending to delay commitment 
until closer to project starts.  
Net sales 
Net sales increased, +43% organically, driven mainly by successful execution of the order backlog in Americas, 
with deliveries progressing according to plan. Service accounted for 5% (4) of DCTs net sales. 
• Net sales growth in EMEA and APAC is primarily supported by the Geoclima acquisition finalized at the 
end of last year.  
Adjusted EBITA 
The strong adjusted EBITA margin was supported by a combination of factors including robust volume growth 
primarily in Americas, high production utilization, a favorable product mix, and continued benefits from lean 
initiatives. 
• Net price increases more than offset raw material cost increases compared to last year. 
• Strategic growth initiatives are expected to continue throughout 2025, including expanding the Virginia 
factory, an investment aimed at increasing production capacity and enabling domestic manufacturing of 
chillers for the US market. 
  
LTM Full-year
MSEK 2025 2024 ∆% Apr-Mar 2024
External order backlog 6,508 7,003 -7 6,508 7,604
Order intake 1,108 343 223 4,853 4,088
Growth 223% 17% -3% -17%
Net sales 1,505 956 57 4,941 4,392
Growth 57% 46% 33% 29%
of which organic growth 43% 47% - 27%
of which acq. and div. 10% - - 2%
of which currency effects 4% -1% - -1%
Operating profit (EBIT) 336 176 91 1,043 884
Operating margin, % 22.3 18.4 21.1 20.1
Amortization of intang. asset -8 -5 -27 -24
Items affecting comparability - - -12 -12
Adjusted EBITA 344 181 90 1,082 920
Adjusted EBITA margin, % 22.8 19.0 21.9 20.9
Q1
Quarterly net  sales - DCT, 
(MSEK) 
 
Quarterly adjusted EBITA margin % - 
DCT 
 
Order intake per region Q 1, 2025 – 
DCT 
 
Net sales per region Q 1, 2025 - DCT 
 
0
2,000
4,000
6,000
Q1
23
Q3 Q1
24
Q3 Q1
25
0
500
1,000
1,500
2,000
Quarter LTM
0%
5%
10%
15%
20%
25%
Q1
23
Q2 Q3 Q4 Q1
24
Q2 Q3 Q4 Q1
25
0%
5%
10%
15%
20%
25%
Quarter LTM
0% 50% 100%
Americas 87% EMEA 12% APAC 1%
0% 50% 100%
Americas 93% EMEA 6% APAC 1%

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

Interim report January-March 2025 8 
 FoodTech 
Business Area FoodTech  is a global leader of innovative digital solutions enabling data driven optimization of 
the global food supply chain. Through advanced software, controllers and sensors, actors across the food 
supply chain get insights on how to reduce waste, improve productivity and increase resource efficiency. 
FoodTech’s solutions help to build resilience into food supply chains by enabling greater transparency and 
helping customers meet high standards for animal welfare, crop quality and environmental performance.  
                                       
 
 
January – March 2025 
Order intake 
Order intake increased, +17%, organically, mainly driven by strong development in controllers. Growth in 
controllers was also supported by the acquisitions of AEI and Hotraco last year. 
• Software declined slightly, mainly due to timing of orders. However, additional orders to existing 
customers and new engagements in the broiler segment in EMEA contributed to growth. 
• Controllers grew across all regions, though a slight hesitation in the US market is observed due to 
postponements of layer projects linked to the Avian flu outbreak.  
Net sales 
Net sales increased, +23% organically, driven by positive developments in both software and controllers. Growth 
was further supported by recent controller acquisitions. Service represented 26% (47) of FoodTech's net sales. 
• Software reported strong growth in Americas, especially within the broiler customer segment. SaaS ARR 
increased +23% to MSEK 314 (256), driven by subscription growth. The slight decline compared to Q4 2024 
was attributable to currency effects during the quarter. 
• Controllers saw significant growth in all customer segments and regions, supported by acquisitions made 
last year. 
Adjusted EBITA 
The adjusted EBITA margin declined, though remained at a healthy level. The decline was mainly due to product 
mix effects and continued high investment levels to support future growth, including innovation and expansion 
into new regions as well as additional customer segments.  
• Margins were positively supported by increased sales in both controllers and software. 
• Net price increases contributed to margin improvements. 
• Integration synergies from recent acquisitions and ongoing efficiency initiatives also had a positive effect. 
 
  
LTM Full-year
MSEK 2025 2024 ∆% Apr-Mar 2024
External order backlog 665 553 20 665 697
Order intake 439 200 120 1,246 1,007
Growth 120% 31% 75% 51%
Net sales 413 204 102 1,224 1,015
of which SaaS 83 61 36 311 288
SaaS ARR 314 256 23 314 337
Growth 102% 37% 66% 49%
of which organic growth 23% 13% - 33%
of which acq. and div. 79% 27% - 19%
of which currency effects -1% -3% - -2%
Operating profit (EBIT) 37 30 25 128 121
Operating margin, % 9.0 14.7 10.5 11.9
Amortization of intang. asset -29 -15 -115 -102
Items affecting comparability -0 - -16 -16
Adjusted EBITA 67 45 47 259 238
Adjusted EBITA margin, % 16.1 22.1 21.2 23.5
Q1
Quarterly net  sales - FoodTech , 
(MSEK) 
 
Quarterly adjusted EBITA margin %  
- FoodTech  
 
SaaS ARR – FoodTech (MSEK)  
 
Order intake per region Q1, 2025  – 
FoodTech  
 
Net sales per region Q1, 2025  - 
FoodTech  
 
0
200
400
600
800
1,000
1,200
1,400
Q1
23
Q2 Q3Q4 Q1
24
Q2 Q3Q4 Q1
25
0
250
500
Quarter LTM
0%
5%
10%
15%
20%
25%
30%
Q1
23
Q2 Q3 Q4 Q1
24
Q2 Q3 Q4 Q1
25
0%
5%
10%
15%
20%
25%
30%
Quarter LTM
Q1
23
Q2 Q3 Q4 Q1
24
Q2 Q3 Q4 Q1
25
0
100
200
300
400
0% 50% 100%
Americas 37% EMEA 57% APAC 6%
0% 50% 100%
Americas 44% EMEA 51% APAC 5%

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

Interim report January-March 2025 9 
Corporate 
The Corporate function reported an adjusted EBITA of MSEK 3 (-49) in the first quarter.  
The rollout of a new global software system, initiated end of 2024, has progressed in 2025. The system is 
managed by Corporate functions, with costs including amortization allocated to the Business Areas in 
accordance with the rollout plan. As more subsidiaries implemented the system in 2025, the corporate charge 
increased, improving EBITA in Corporate functions. EBITA in the quarter is positively impacted by exchange rate 
differences from translation of a non-current contract for software licenses, denominated in Euro. 
Other information 
Employees 
The number of permanent FTEs (Full Time Equivalents), at March 31, 2025 was 4,999 (4,515). The amount of 
FTEs at March 31, 2025 in business area AirTech was 3,309 (3,243), in DCT 963 (707), in FoodTech 592 (391) and 
at Group functions 134 (173).  
Number of shares  
As of March 31, 2025, Munters held 1,916,377 treasury shares of the total shares of 184,457,817. The number of 
outstanding shares as of the balance sheet date was 182,541,440. The average number of outstanding shares 
before and after dilution in Q1 2025 was 182,541,440 (182,529,041 in Q1 2024). 
Dividend  
The Board of Directors proposes a dividend of SEK 1.60 (1.30) per share totaling MSEK 292 (237) based on the 
total number of outstanding shares to be paid in two equal installments. This represents 30 (30) per cent of the 
net income for 2024. 
Other events during the quarter 
Divestment of FoodTech Equipment offering – In February, an agreement was signed to divest the FoodTech 
Equipment offering to Grain & Protein Technologies (GPT), owned by American Industrial Partners, for MEUR 
97.5 (approx. BSEK 1.1) on a cash- and debt-free basis. The transaction aligns with Munters strategy to focus on 
digital growth within FoodTech, including software, controllers, sensors and IoT. The divestment is anticipated to 
close in Q2, subject to regulatory approvals and other customary closing conditions. 
Munters Annual and Sustainability report 2024 – In March, Munters published the Annual and Sustainability 
report for 2024 on www.munters.com, available in both Swedish and English. 
Expansion of manufacturing in Tobo, Sweden – In March, an investment of MSEK 250 was announced to 
expand and modernize the Tobo facility. In addition to producing dehumidifying rotors, the site will now 
manufacture GLASdek humidification media, previously only produced in Mexico. The investment is set to be 
fully completed by 2026. Thanks to ongoing investment in geothermal energy and reduced transportation needs 
the climate footprint is minimized.  
Munters becomes sole owner of MTech Systems – In March the remaining shares in MTech Systems were 
acquired. MTech has been part-owned by Munters since 2017 and is a key enabler of FoodTech’s digital 
transformation. 80% of the transaction price, MUSD 80.7 was paid on 31 March 2025 and the remaining 20% 
expected to be paid during the first half of 2026. The acquisition strengthens Munters position in delivering 
digital, data-driven solutions to customers across the global food production value chain. 
Events after the close of the period 
Munters adopts new science -based climate targets – In April, it was announced that our climate targets were 
validated by SBTi, supporting the 1.5°C goal of the Paris Agreement. A new Scope 3 target aimed to reduce 
emissions per unit sold by 51.6% by 2030 (base year 2023). For Scope 1 and 2, the updated target is a 42% 
reduction by 2030. The revised goals reflect Munters’ ambition to double in size while halving its climate 
footprint, integrating sustainability into product development and operations. 
 
Stockholm, April 29, 2025 
Klas Forsström 
President and CEO 
 
This report has not been subject to review by the company’s auditors.
Ten largest shareholders  
 
 
 
As of 31 Mar 2025 %
FAM AB 28.0
Swedbank Robur Fund 6.2
First Swedish National 
Pension Fund 5.0
Capital Group 4.9
Fourth Swedish National 
Pension Fund 3.7
ODIN Funds 3.6
Vanguard 2.8
Third Swedish National 
Pension Fund 1.9
Handelsbanken Funds 1.9
Nordea Funds 1.7
Source: Modular Finance AB

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

Interim report January-March 2025 10 
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 
– ~ 5,000 employees (FTEs) 
– >45 countries with sales and 
manufacturing (incl. discontinued operations) 
– >30 production sites (incl. discontinued operations) 
– 22% women leaders (incl. discontinued operations) 
– Three business areas: AirTech, Data 
Center Technologies and FoodTech 
In Q1, AirTech generated 48%, Data Center 
Technologies 41% and FoodTech 11% of the 
total net sales of Munters 
Purpose 
For customer success and a 
healthier planet 
Curiosity and the 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 the markets we operate in. 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: Our employees are central to our success. That is why their safety and well-being 
are top priorities, and we invest significant resources in leadership development. 
We constantly strive to be the most attractive employer. 
Customers:  We work closely with our customers to ensure optimal climate and resource utilization in  
their mission-critical applications. Our expertise is built on unique insights into our customers’ operations and  
a deep understanding of their current and future needs. We aim to be an ambitious and proactive partner for climate control solutions. 
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 portfolio and our innovative production technology. 
Markets:  Munters is active around the world and climate change, digitization & AI, globalization and population growth are the key markets 
drivers. Our resources are focused on strengthening our position in areas where we can be a market leader and growing the service 
business. With high-quality, resource-efficient solutions and a conscious effort to reduce 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 respect for human rights, diversity, and health and safety in the 
workplace.

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

Interim report January-March 2025 11 
Quarterly overview Group 
Income Statement 
 
 
Key performance indicators 
 
 
Net Debt 
 
 
Operating Working Capital 
 
2025
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Order backlog 10,090 11,287 10,289 11,274 11,244 10,977 9,566 10,643 10,378
Order intake 3,556 3,994 2,646 2,996 2,796 5,302 2,049 2,911 2,126
Net sales 3,714 3,923 3,254 3,256 3,154 3,245 3,114 3,107 2,820
Adjusted EBITDA 615 607 616 676 543 514 527 510 443
Depreciation tangible assets -113 -102 -85 -83 -70 -72 -67 -66 -58
Adjusted EBITA 502 505 532 593 473 441 460 444 385
Amortization intangible assets from acq. -21 -15 -12 -10 -9 -5 -9 -9 -9
Amortization other intangible assets -53 -68 -49 -39 -27 -35 -27 -24 -21
Items affecting comparability (IAC) -42 -88 -14 -6 -20 -33 -7 -13 -4
Operating profit (EBIT) 385 333 457 538 418 369 417 399 351
Financial income and expenses -105 -82 -98 -91 -87 -99 -89 -66 -73
Tax -82 -81 -121 -134 -97 -217 -86 -85 -62
Net result, continuing operations 198 170 238 313 233 53 242 248 216
Net result, discontinued operations -342 7 37 28 -6 5 22 9 -2
Net income, total -144 176 275 342 227 58 264 257 214
 -attributable to Parent Comp. Shareholders -149 162 263 330 218 54 260 256 214
2024 2023
2025
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Organic Growth, Net Sales 5% 11% 3% -1% 7% 15% 34% 35% 50%
Currency adjusted Growth, Net Sales 16% 21% 8% 4% 14% 21% 37% 37% 52%
Adjusted EBITA margin, % 13.5 12.9 16.3 18.2 15.0 13.6 14.8 14.3 13.7
Operating margin, % 10.4 8.5 14.0 16.5 13.2 11.4 13.4 12.8 12.5
Earnings per share, SEK 1.05 0.85 1.23 1.65 1.22 0.27 1.31 1.36 1.19
Service, % of net sales 14 17 17 19 19 19 16 15 16
Service & components, % of net sales 22 24 25 28 30 29 26 25 27
OWC/Net Sales, % 10.2 11.6 12.9 14.3 15.4 16.1 15.6 15.1 14.8
Leverage, LTM 3.1 2.6 2.1 2.0 2.2 2.3 2.3 2.9 2.9
20232024
2025
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Cash and cash equivalents -1,439 -1,530 -1,393 -1,775 -1,581 -1,532 -1,165 -710 -618
Interest-bearing liabilities 7,019 6,514 5,013 5,045 5,089 5,131 4,575 4,518 3,772
Lease liabilities 1,797 1,083 1,015 892 757 719 770 801 781
Provisions for pensions 265 277 306 283 262 280 197 209 217
Accrued financial expenses 32 20 28 3 29 22 21 15 24
Net Debt 7,674 6,364 4,968 4,447 4,557 4,620 4,399 4,833 4,175
20232024
2025
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Inventory 1,940 2,283 2,192 2,108 1,902 1,726 1,965 2,153 2,071
Accounts receivable 2,112 2,567 2,090 2,275 2,306 2,038 2,245 2,167 2,035
Accounts payable -1,505 -1,789 -1,308 -1,362 -1,349 -1,294 -1,156 -1,277 -1,159
Advances from customers -1,947 -1,821 -1,879 -2,160 -1,879 -1,355 -1,725 -1,592 -1,576
Accrued/deferred income, net 408 256 516 555 583 640 741 782 466
Operating Working Capital 1,008 1,497 1,612 1,417 1,563 1,755 2,071 2,233 1,837
20232024

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

Interim report January-March 2025 12 
Condensed statement of comprehensive 
income 
 
 
 
LTM Full-year
MSEK 2025 2024 Apr-Mar 2024
Net sales 3,714 3,154 14,147 13,587
Cost of goods sold -2,490 -2,064 -9,221 -8,795
Gross profit 1,224 1,089 4,926 4,792
Selling expenses -380 -287 -1,461 -1,367
Administrative costs -345 -290 -1,252 -1,197
Research and development costs -120 -87 -441 -408
Other operating income and expenses 7 -5 -49 -62
Share of earnings in associates -1 -3 -10 -12
Operating profit 385 418 1,714 1,746
Financial income and expenses -105 -87 -377 -359
Profit/Loss after financial items 280 330 1,337 1,388
Tax -82 -97 -419 -434
Net income for the period, continuing operations 198 233 918 954
Net income for the period, discontinued operations -342 -6 -270 66
Net income for the period, total operations -144 227 649 1,020
Attributable to Parent Company shareholders, total -149 218 606 973
  whereof continuing operations 193 223 875 906
  whereof discontinued operations -342 -6 -270 66
Attributable to non-controlling interests 5 10 43 47
Earnings per share before dilution, continuing operations, SEK 1.05 1.22 4.80 4.96
Earnings per share before dilution, discontinued operations, SEK -1.87 -0.03 -1.48 0.36
Earnings per share before dilution, total operations, SEK -0.82 1.19 3.32 5.33
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange-rate differences on translation of foreign operations -721 342 -614 449
Items that will not be reclassified to profit or loss:
Actuarial gains/losses on defined-benefit pension obligations 10 15 10 16
Income tax effect not to be reclassified to profit or loss -2 -3 -2 -3
Other comprehensive income, net after tax -713 354 -605 462
Total comprehensive income for the period -857 581 44 1,482
Attributable to Parent Company shareholders -861 567 7 1,436
Attributable to non-controlling interests 4 14 36 46
Q1

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

Interim report January-March 2025 13 
Condensed statement of financial position 
 
 
Condensed statement of changes in equity items 
 
 
  
MSEK 2025/03/31 2024/03/31 2024/12/31
ASSETS
NON-CURRENT ASSETS
Goodwill 6,059 6,125 7,769
Other intangible assets 3,149 2,384 3,380
Property, plant and equipment 1,678 1,196 1,789
Right-of-Use assets 1,711 695 1,000
Participations in associated companies 48 61 54
Other financial assets 191 135 189
Deferred tax assets 556 324 403
Total non-current assets 13,393 10,921 14,584
CURRENT ASSETS
Inventory 1,940 1,902 2,283
Accounts receivable 2,112 2,306 2,567
Derivative instruments − 14 4
Current tax assets 129 60 178
Other receivables 205 140 240
Prepaid expenses and accrued income 750 900 593
Cash and cash equivalents 1,439 1,581 1,530
Assets held for sale 1,510 − −
Total current assets 8,085 6,902 7,395
TOTAL ASSETS 21,477 17,823 21,979
EQUITY AND LIABILITIES
EQUITY
Shareholders' equity 5,440 5,460 5,894
Non-controlling interests 12 1 14
Total equity 5,452 5,462 5,908
NON-CURRENT LIABILITIES
Interest-bearing liabilities 4,356 5,063 3,780
Lease liabilities 1,524 578 847
Provisions for pensions 265 262 277
Other provisions 85 62 90
Other non-current liabilities 563 815 803
Deferred tax liabilities 497 480 598
Total non-current liabilities 7,290 7,261 6,394
CURRENT LIABILITIES
Interest-bearing liabilities 2,663 26 2,734
Lease liabilities 273 178 237
Other provisions 178 179 249
Accounts payable 1,505 1,349 1,789
Derivative instruments 69 − 3
Current tax liabilities 115 73 108
Advances from customers 1,947 1,879 1,821
Other current liabilities 307 195 1,242
Accrued expenses and deferred income 1,248 1,221 1,496
Liabilities attributable to assets held for sale 430 − −
Total current liabilities 8,735 5,100 9,677
TOTAL EQUITY AND LIABILITIES 21,477 17,823 21,979
MSEK 2025/03/31 2024/03/31 2024/12/31
Opening balance 5,908 5,258 5,258
Total comprehensive income for the period -857 581 1,482
Exercised share options − 1 1
Acquisition of non-controlling interests − − 9
Put/call option related to non controlling interests 218 -141 -604
Deferred tax recognized in equity 197 − −
Dividends -14 -237 -237
Closing balance 5,452 5,462 5,908
Total shareholders´ equity attributable to:
The parent company's shareholders 5,440 5,460 5,894
Non-controlling interests 12 1 14

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

Interim report January-March 2025 14 
Condensed cash flow statement 
 
  
LTM Full-year
MSEK 2025 2024 Apr-Mar 2024
OPERATING ACTIVITIES
Operating profit 385 418 1,714 1,746
Adjustment for:
Depreciation, amortization and impairment losses 188 106 650 568
Other non-cash items 5 -46 81 31
Changes in provisions -38 25 17 81
Cash flow before interest and tax 539 502 2,463 2,426
Net financial items paid -72 -76 -335 -339
Taxes paid -37 -106 -537 -606
Cash flow before changes in working capital 430 321 1,591 1,482
Change in accounts receivable 166 -167 134 -200
Change in inventory -34 -74 -109 -149
Change in accrued income -175 115 150 440
Change in accounts payable -3 -5 270 267
Change in advances from customers 309 386 115 193
Cashflow from changes in operating working capital 263 254 560 551
Change in other working capital -152 -65 -32 55
Cash flow from changes in working capital 111 190 528 607
Cash flow from operating activities, continuing operations 541 511 2,119 2,089
Cash flow from operating activities, discontinued operations 4 42 241 279
Cash flow from operating activities 545 553 2,359 2,367
INVESTING ACTIVITIES
Business acquisitions -809 - -2,489 -1,680
Investments in associated companies - -36 -0 -37
Investments in participations and securities in other companies - -23 -67 -89
Sale of intangible assets and property, plant and equipment 0 0 0 0
Investment in property, plant and equipment -174 -97 -822 -745
Investment in intangible assets -86 -74 -303 -291
Cash flow from investing activities, continuing operations -1,068 -230 -3,681 -2,842
Cash flow from investing activities, discontinued operations -7 -3 -27 -23
Cash flow from investing activities -1,075 -232 -3,708 -2,865
FINANCING ACTIVITIES
Exercised share options - 1 -0 1
Net change in loans 680 -164 1,712 868
Repayment of lease liabilities -54 -30 -179 -155
Dividends paid -14 -119 -133 -237
Other changes to financing activities -45 18 -46 18
Cash flow from financing activities, continuing operations 566 -293 1,353 494
Cash flow from financing activities, discontinued operations -6 -7 -25 -27
Cash flow from financing activities 560 -301 1,328 467
Cash flow for the period, total operations 30 20 -20 -30
Cash and cash equivalents at period start 1,530 1,532 1,581 1,532
Exchange-rate differences in cash and cash equivalents -70 29 -71 28
Cash and cash equivalents at period end 1,490 1,581 1,490 1,530
Whereof cash and cash equivalents attributable to discontinued operations 51 - 51 -
Cash and cash equivalents at period end, continuing operations 1,439 1,581 1,439 1,530
Q1

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

Interim report January-March 2025 15 
Parent company 
Condensed income statement 
 
 
Condensed statement of comprehensive income 
 
Condensed balance sheet 
 
 
  
LTM Full-year
MSEK 2025 2024 Apr-Mar 2024
Net sales − − − −
Gross profit/loss − − − −
Administrative costs -4 -4 -15 -15
Other operating income and expenses − 1 1 2
Operating profit -4 -3 -14 -13
Financial income and expenses -7 -6 -30 -29
Profit/Loss after financial items -11 -8 -44 -41
Group contributions − − − −
Profit/Loss before tax -11 -8 -44 -41
Tax − − − −
Net income for the period -11 -8 -44 -41
Q1
Profit/Loss for the period -11 -8 -44 -41
Other comprehensive income, net after tax − − − −
Comprehensive income for the period -11 -8 -44 -41
MSEK 2025/03/31 2024/03/31 2024/12/31
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 4,102 4,102
CURRENT ASSETS
Other current receivables 0 − 0
Prepaid expenses and accrued income 3 2 2
Current tax assets 1 1 1
Receivables from subsidiaries 11 9 17
Cash and cash equivalents 0 3 0
Total current assets 15 15 19
TOTAL ASSETS 4,117 4,117 4,122
EQUITY AND LIABILITIES
EQUITY
Share capital 6 6 6
Share premium reserve 4,136 4,136 4,136
Profit brought forward -669 -627 -627
Income for the period -11 -8 -41
Total equity 3,462 3,506 3,472
NON-CURRENT LIABILITIES
Provisions for pensions and similar commitments 5 5 5
Total non-current liabilities 5 5 5
CURRENT LIABILITIES
Accounts payable 1 2 2
Accrued expenses and deferred income 59 34 54
Liabilities to subsidiaries 586 448 581
Other liabilities 6 123 7
Total current liabilities 651 607 644
TOTAL EQUITY AND LIABILITIES 4,117 4,117 4,122

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

Interim report January-March 2025 16 
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 
2024 (Note 1). 
As of the first quarter of 2025, Munters classify the financial reporting of 
the Equipment offering as held for sale and as discontinued operations, 
meaning that assets and liabilities related to Equipment are presented on 
separate lines in the balance sheet. In the income statement, the profit/loss 
after tax for the period from discontinued operations, including IACs, is 
reported on a separate line. The income statement is adjusted for 
comparative periods as though the discontinued operation had already 
been classified as discontinued operations at the beginning of the 
comparative periods. Internal balances and transactions between 
continuing and discontinued operations have been eliminated. See Assets 
held for sale and discontinued operations for further information. 
The cash flow from discontinued operations has been separated from cash 
flow from continuing operations and reported on separate lines within cash 
flow from operating activities, investing activities and financing activities in 
the current period and comparative periods. 
No new and revised standards and interpretations effective from January 1, 
2025, are considered to have any material impact on the financial 
statements.  
As from 2025, the definition of SaaS ARR has been updated from being 
calculated as SaaS Recurring Revenue in the last quarter multiplied by 4, to 
being calculated as SaaS Recurring Revenue in the last month of the period 
multiplied by 12. The updated definition has no significant impact on the 
ARR presented.  
Sustainability policy 
Munters products and operations affect people and the external 
environment to a varying extent throughout the value chain. Munters 
environmental footprint from operations mainly derives from the handling 
of chemicals and waste, transport of input goods and finished products to 
and from Munters factories. The use of sold products is identified as the 
major source of climate impact and Munters is committed to constant 
vigilance regarding the environmental impact of its operations and reduce 
climate impact throughout the lifetime of the products. Munters is 
committed to complying with all laws and to continuously promoting 
improvements in all Environment, Health & Safety (EHS) aspects, wherever 
Munters conducts business. We constantly seek opportunities to reduce 
risk and to create a safer, healthier and more diverse 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 
Management Program is to ensure regulatory compliance, actively prevent 
injuries, and reduce the impact that our business has on the environment. 
Risks and uncertainties 
Munters is a global company. Our global presence enhances Munters 
resilience against local disruptions while simultaneously exposing the 
company to various risks associated with cultural, legal, political, and 
climate-related differences worldwide. The Group’s significant risks and 
uncertainties can be divided into five categories; strategic, market, 
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 Group. A strategic risk assessment is carried out on an 
annual basis and the purpose is to identify and manage the most important 
risks that threaten our strategic goal.  
Given the heightening uncertainty driven by a shifting evolving political risk 
landscape, particularly the threat of new tariffs and changes in trade 
policies that elevate market risk, it is essential for Munters to remain agile 
and review its strategy. Flexibility across both the value chain and 
production is key to mitigating the impact of unforeseen disruptions. 
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. In addition, due to Munters presence in multiple geographical 
locations, the Group is also exposed to climate-related risks, such as 
extreme weather events, regulatory changes, and supply chain disruptions. 
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.  
A more detailed description of the Group’s risks and how they are managed 
can be found in the Annual- and Sustainability report 2024 on pages 56-
59
. 
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 to 
MSEK 164 (89) and net derivatives to MSEK -70 (14) as of the balance sheet 
date. 
In January 2025, the minority shareholders of MTech Systems exercised 
their options to sell their 33.6% shareholding in the company to Munters. 
80% of the transaction price, USD 80.7 million was paid on 31 March 2025. 
The remaining 20% of the transaction price is considered contingent 
consideration and will be expensed over the next 12 months. 
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 in March, 2026. The fair value of the option 
amounts to MSEK 142 (40) as of the balance sheet date. 
 
The put/call options are measured according to IFRS 9 and are categorized 
in level 3 in the fair value hierarchy. 
Munters deems that the interest rate on interest-bearing liabilities is in line 
with market terms on March 31, 2025, and the fair value at the end of the 
reporting period therefore in all material aspects corresponds to the 
carrying amount. 
Business combinations 
Other than the acquisition of the non-controlling interest in MTech 
Systems (see Fair value of financial instruments), no new acquisitions have 
been closed in Q1 2025 or were closed in the same period of last yea
MSEK 2025/03/31 2024/03/31 2024/12/31
Opening balance 1,498 632 632
Holdbacks − − 212
Remeasurement call options -235 138 567
Reclassifications − − 17
Payments -809 − -29
Changes recognized in other 
operating income 3 − -3
Discounting 26 3 38
Exchange-rate differences -118 42 64
Closing balance 365 815 1,498

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

Interim report January-March 2025 17 
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 11. 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. 
Below is a break-down of items affecting comparability by period.
 
 
Assets held for sale and discontinued operations 
In February 2025, Munters signed an agreement to divest the FoodTech 
Equipment offering (“FT Equipment”) to Grain & Protein Technologies for 
MEUR 97.5 on a cash and debt free basis. The divestment is anticipated to 
close in Q2, subject to regulatory approvals and other customary closing 
conditions. 
The divestment includes five production facilities across Italy, Germany, 
China and US, one assembly hub in South Africa and three sales offices. 
Approximately 400 employees operating across Europe, North America, 
Middle East and Southeast Asia are part of this business, which 
manufactures and sells ventilation equipment for customers within 
livestock farming and greenhouses. The FoodTech Equipment offering 
includes fans, ventilation and cooling systems as well as production of 
CELdek (evaporative cooling pads). Production and sales of the CELdek 
product line in Americas is excluded from the divestment and has been 
integrated into the business area AirTech. 
As from the first quarter of 2025, Munters classify the financial reporting of 
FT Equipment as held for sale and discontinued operations. See Accounting 
policies for further information about the impacts to the financial reports 
from the reclassification.
MSEK 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Americas 737 1,114 1,406 866 182 139 -43 0 2,282 2,120
EMEA 689 545 121 90 228 66 -5 -1 1,033 699
APAC 521 448 13 1 21 10 − 0 556 458
Sales between regions -103 -111 -35 -1 -18 -11 -1 -1 -157 -123
TOTAL 1,844 1,996 1,505 956 413 204 -49 -3 3,714 3,154
AirTech DCT GroupFoodTech Eliminations
LTM Full-year
MSEK 2025 2024 Apr-Mar 2024
Restructuring activities - -11 -83 -94
M&A activities -42 -9 -81 -48
Other items - − 14 14
Total -42 -20 -151 -128
Q1
Condensed statement of comprehensive income
LTM Full-year
MSEK 2025 2024 Apr-Mar 2024
Net Sales, external 407 384 1,889 1,866
Operating costs -390 -390 -1,772 -1,772
Impairment loss goodwill -346 0 -346 -
Operating profit -329 -6 -229 94
Financial items 0 0 3 3
Profit before tax -329 -6 -226 98
Tax -13 0 -44 -31
Net income for the period, discontinued operations -342 -6 -270 66
Condensed statement of financial position
MSEK 2025/03/31
Assets
Intangible assets 867
Property, plant and equipment 111
Right-of-use assets 51
Financial assets 15
Current receivables 414
Cash and cash equivalents 51
Total assets held for sale 1,510
Liabilities
Interest-bearing liabilities 61
Current liabilities 324
Deferred tax liabilities 45
Total liabilities attributable to assets held for sale 430
Net assets held for sale 1,079
Q1

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

Interim report January-March 2025 18 
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. 
Currency-adjusted growth 
Change in net sales compared to the previous period, adjusted for currency 
translation effects. The measure is used by Munters to monitor changes in 
net sales from both organic and inorganic growth 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. 
Earnings per share 
Net income divided by the weighted average number of outstanding 
shares. 
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. 
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. 
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. 
Leverage 
Net debt / adjusted EBITDA, LTM 
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 month of the period by twelve. 
Service 
After-market service and software-as-a-service (SaaS) revenues.  
After-market service  
After-market service is defined as sales of spare parts, commissioning and 
installation, inspections and audits, repairs and other billable services.  
Components  
The Components portfolio within AirTech includes dehumidification rotors 
and humidification pads used in climate control. 
Full Time Equivalents (FTE) 
Number of employees is presented recalculated as full-time positions, 
defined as Full Time Equivalents (FTE), 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.

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

Interim report January-March 2025 19 
Information and 
reporting dates 
Welcome to join a webcast or telephone conference on April 29, at 
9:00 CEST, when President and CEO, Klas Forsström together with 
the Group Vice President and CFO, Katharina Fischer, will present 
the report.  
Webcast 
https://munters.events.inderes.com/q1-report-2025 
 
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.inderes.com/teleconference/?id=50052346 
This interim report, presentation material and a link to the webcast 
will be available on https://www.munters.com/en-se/investors/ 
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 CEST on April 29, 
2025.  
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: 
Line Dovärn  
Head of Investor Relations 
Phone: +46 (0)730 488 444 
Email: line.dovarn@munters.com 
 
Daniel Carleson  
Investor Relations Specialist 
Phone: +46 (0)703 065 452 
Email: daniel.carleson@munters.com 
 
Presentation material and Annual & Sustainability Reports available for 
download https://www.munters.com/en-se/investors/ 
 
Financial calendar: 
Annual General Meeting   May 14, 2025 
Second quarter report 2025 July 18, 2025 
Third quarter report 2025 October 24, 2025 
Fourth quarter & full-year report 2025 January 29, 2026