Kvartalsrapport Q1 2026

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

Interim report January- March 2026 
 
   Good momentum across all business areas 
 
* Definitions of key financial indicators can be found on page 19
Financial summary LTM Full-year
MSEK 2026 2025 ∆% Apr-Mar 2025
Order intake 4,700 3,556 32 24,129 22, 984
Net sales 3,580 3,714 -4 14,578 14,712
Growth -4% 18% - 8%
  of which organic growth 9% 5% - 6%
  of which acquisitions and divestments - 11% - 9%
  of which currency effects -12% 2% - -7%
Operating profit (EBIT) 274 385 -29 1,116 1,228
Operating margin, % 7.6 10.4 7.7 8.3
Adjusted EBITA 390 502 -22 1,750 1,862
Adjusted EBITA margin, % 10.9 13.5 12.0 12.7
Net income 124 198 -37 488 562
Earnings per share, SEK 0.68 1.05 2.64 3.01
Cash flow from operating activities 387 541 1,564 1,718
OWC/Net Sales 6.5% 10.2% 6.5% 7.3%
Net debt 6,781 7,630 6,781 6,699
Leverage 3.1 3.0 3.1 2.9
ROCE, % 9.3 1 5.1 9.3 10.0
Q1
Q1 2026 
 
 
Currency adjusted  
growth 
9% 
 
Adj. EBITA margin 
10.9% 
 
Operating working 
capital/net sales 
6.5% 
January – March 
– Order intake increased +32%, strong demand in Data Center Technologies (DCT), supported by good 
growth in FoodTech and organic growth in AirTech. 
– Net sales declined -4%, impacted by currency effects of -12%, while all business areas grew organically.  
– The adjusted EBITA margin declined, primarily related to temporary factors from tariff headwinds and 
product transitions in DCT, as well as planned investments in FoodTech, while AirTech margins 
improved.  
– Stable cash flow from operating activities, largely explained by advances from customers in DCT. 
– OWC/net sales improved to 6.5%, below the target range of 13–10%. 
– Leverage of 3.1x (2.9x in Q4 2025), partly due to a contingent consideration paid to the previous owners 
of MTech as well as decreased EBITDA. 
– Earnings per share from continuing operations amounted to SEK 0.68 (1.05). 
Events after the close of the period 
- Munters wins order of BSEK 2.0 for a modular AI cooling solution  – In April, business area DCT received an order from 
a US colocation data center provider valued at appr. BSEK 2.0. The order includes custom-designed high-capacity CDUs 
(Coolant Distribution Units) and over-the-rack CRAHs (Computer Room Air Handlers) for an AI factory build-out. The 
order will be booked in the second quarter, with deliveries expected from early 2027 through the first quarter of 2028.

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

Interim report January - March 2026 
 
CEO comments 
 
We delivered a well -executed first quarter with good demand across all business areas, driving 
continued strong  order growth of 32% , confirming  our positive direction. Organic n et sales 
increased in line with our expectations , while profitability declined  due to planned and temporary 
factors, including tariff headwinds  and product transitions in DCT as well as  investments in 
FoodTech. At the same time, actions to strengthen execution supported profitability improvements 
in AirTech. Overall, t he quarter was characterized by continued progress in scaling and delivering 
production capacity in DCT, building commercial momentum while executing on cost measures in 
AirTech, and ongoing investments to support growth and expansion in Fo odTech.  
We remain positive about the long-term structural trends driving growth for Munters, including 
increased data traffic, the electrification of society, and digitalization of the food supply-chain. At the 
same time, the external market environment is becoming more uncertain, with geopolitical 
developments and emerging supply chain challenges across many industries. Our regional production 
strategy provides resilience and positions us well to manage potential disruptions effectively. 
Strong order intake supports outlook  
Order intake developed well across all business areas, providing a solid foundation for the coming 
quarters. AirTech achieved strong order intake in the quarter, reflecting robust demand and 
demonstrating resilience despite a project cancellation. The cancellation of MUSD 28 was related to a 
battery customer project being cancelled and not to Munters position as a supplier. In DCT, demand 
remained strong, driven primarily by continued investments in the US, supported by a broader 
customer base and product portfolio. It is also encouraging to see continued momentum in Europe 
and Asia. Demand in FoodTech remains healthy, with growth in both software and controllers, 
reflecting good activity across several regions. 
Operational progress in line with plan   
AirTech developed in line with our expectations, with stable net sales and gradual margin improvements 
as the cost measures initiated in 2025 continue to progress according to plan. The transition to our new 
facility in Amesbury, US, was completed at the beginning of the year, eliminating dual-site costs. While 
the ramp-up phase is temporarily impacting efficiency, we expect margins to improve as operations are 
optimized.  
In DCT, we continue to scale capacity in a controlled manner. Chiller production in the US will start 
during the second quarter and will be ramped up in line with our regionalization strategy. The initial 
ramp-up phase is expected to temporarily impact volumes and margins, reflecting the gradual and 
typical build-up of production capacity. Tariff effects remain, with an impact of approx. -4 p.p. on DCT 
margins but are expected to ease from the second quarter as local production increases. FoodTech 
maintained good momentum both in net sales and margins, while we continued to invest in scalability 
and the expansion of our digital offering.  
 
  Klas Forsström 
President and CEO 
 
 
 
  
 Midterm financial targets 
 
Sustainability targets and full year 2025 results  
 
Net sales growth:  Annual currency adjusted net sales growth above 14%.  
Performance Q1 2026: 9% (16) 
Environment  Scope 1, 2 absolute reduction 42% , Performance: +3% (+3)  
Scope 3: reduce CO 2e by an average of 51.6% per unit sold , 
Performance: +19% (-37)        
(compared to base year 2023) 
 
 
Adjusted EBITA margin:  An adjusted EBITA margin above 14%.  
Performance Q1 2026: 10.9% (13.5) 
Social 30% women leaders & in workforce  
Performance: Leaders: 21% (22), Workforce: 23% (22)  
 OWC/net sales:  
Average (LTM) operating working capital in the range of               
13-10% of net sales.   
Performance Q1 2026: 6.5% (10.2) 
Governance  
Code of Conduct compliance   
100% Key supplier CoC, Performance: 92% (99) 
100% employees to complete CoC every two years, 
Performance: 90% (83)  
 
 Dividend policy:  
Aim to pay an annual dividend corresponding to 30-50% of net 
income for the year  
Proposed dividend 2025: 53% of net income from continuing 
operations (SEK 1.60 per share, totaling MSEK 292) paid in two 
instalments. 
For full description of the dividend policy see the ASR 2025, page 9 or at 
www.munters.com 
Service & Components 
ambition:  
Revenues in the long term of > 1/3 of net sales,   
Performance Q1 2026: 26% (22)  
See Munters annual and sustainability report (ASR) 2025 pages 67-132, for 
further information on our targets or at www.munters.com

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

Interim report January - March 2026 
 
 
CEO comments continued 
Outlook unchanged,  stronger second half expected  
There are no changes to our overall view of the year. We expect the second half to be stronger than the 
first, driven by our order backlog, continued growth in DCT and FoodTech, and gradual improvements in 
AirTech, supporting both net sales and profitability. 
As we enter the second quarter, visibility has become somewhat more limited due to geopolitical factors 
and the continued high pace of data center capacity expansion. We assess that any impact will primarily 
relate to the timing of deliveries, while underlying demand remains unchanged. Our regional production 
footprint and diversified supply chain provide resilience and we continue to monitor developments 
closely. 
Looking ahead, our priorities remain clear. In AirTech, we remain focused on improving profitability 
through operational measures, cost discipline and a more balanced product mix. In DCT, we will continue 
to scale in line with strong underlying demand and deliver on our backlog, including further capacity 
expansion and the ramp-up of US chiller production. The strong momentum in the data center market 
highlights a compelling structural growth opportunity, and we are investing to expand capacity and 
broaden our offering to support long-term profitable growth. In FoodTech, we are advancing our digital 
offering while continuing to scale the business.  
During the quarter, we announced a planned CEO succession. Stefan Aspman, currently GVP and 
President of DCT, will succeed me as President and CEO. The transition will take place in connection with 
the publication of the interim report for the third quarter 2026. This reflects our focus on long-term 
continuity and leadership development, and I will remain in my role until the transition is completed. 
I would like to thank all Munters employees for their continued commitment and contribution during 
the quarter. We have started the year well, reflecting strong execution, resilience and focus across the 
organization. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
“A well-executed start to the 
year, with strong order intake 
across all business areas - proof 
of how well our teams have 
navigated the increasingly 
uncertain market environment.”
  
 
 
 
 
 
 
 
 
  
Market Outlook 2026* 
AirTech market  – Flat to positive  
Market demand in battery remains subdued but 
expected to be offset by improved activity in the 
Industrial market, including defense, food and pharma 
DCT market  – Positive 
Market demand is expected to remain strong, 
supported by continued investments
 
FoodTech market  – Positive 
Market demand is expected to remain strong, driven by 
increased adoption of digital solutions
 
Business Outlook 2026**  
Net sales  
Expected to develop positively, supported by the 
strong backlog
 
Adjusted EBITA margi n 
Expected to improve in H2 2026, driven by order 
backlog in DCT & margin improvements in AirTech 
Tax rate  
Expected to remain in the same range 
Capex 
Expected to remain in the same range (investments in 
intangible assets & PPE) 
 
Outlook for 2026 
* This reflects the company’s assessment of market demand for full year 2026, based on current market indications and the information 
available at the time of this report. 
** Based on assumptions and measures within the company’s control, not taking into account external factors or events outside the 
company’s ability to influence, which may impact actual outcomes. Business outlook compared to previous year.  
This reflects the company’s view as of the date of this report, based on information and assessments available at that time. 
Positive (>5%), Flat to positive (~1-5%), Neutral (±0-1%), Negative (<0)

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

Interim report January- March 2026 4 
 
Financial performance  
 
Order intake 
January - March 2026 
Order intake amounted to MSEK 4,700 (3,556), (organic +49%, currency effects -17%), driven by strong demand in 
DCT, supported by good growth in FoodTech and organic growth in AirTech. 
In AirTech, demand remained robust across regions despite a project cancellation in Americas of MUSD 28, related 
to a full customer project cancellation not attributable to Munters as a supplier. In DCT, order intake was driven by 
continued strong demand in Americas from both colocators and hyperscalers. Demand was characterized by a 
high share of small- and mid-sized orders, reflecting ongoing investments in data center capacity. In FoodTech, 
order intake increased, supported by strong demand for controllers and software in Americas and EMEA, in line 
with recent growth trends.  
For more information on the order intake, see the business area comments on pages 7, 8 and 9. 
Net sales 
January - March 2026 
Net sales amounted to MSEK 3,580 (3,714) (organic +9%, currency effects -12%), with organic growth in all business 
areas.  
In AirTech, net sales was primarily driven by strong performance in Americas. In DCT, net sales increased, 
supported by continued strong delivery execution on the order backlog in both Americas and EMEA. Visibility on 
future demand remains good, and capacity planning is well managed. In FoodTech, net sales increased, driven by 
growth in controllers and software in Americas.  
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 accounted for 
15% (14) of total net sales with an organic growth of +13%. Service and Components amounted to 26% (22) of net 
sales. 
For more information on the net sales, see the business area comments on pages 7, 8 and 9. 
 
LTM Full-year
MSEK 2026 2025 ∆% Apr-Mar 2025
Order intake 4,700 3,556 32 24,129 22,984
AirTech 1,932 2,051 -6 7,181 7,300
DCT 2,293 1,108 107 15,073 13,889
FoodTech 484 439 10 1,912 1,867
Corporate & elim. -8 -43 - -37 -72
Net sales 3,580 3,714 -4 14,578 14,712
AirTech 1,779 1,844 -4 7,126 7,191
DCT 1,403 1,505 -7 5,804 5,906
FoodTech 416 413 1 1,755 1,753
Corporate & elim. -18 -49 - -107 -138
Adjusted EBITA 390 502 -22 1,750 1,862
AirTech 142 88 62 507 453
DCT 202 344 -41 1,008 1,149
FoodTech 61 67 -8 292 297
Corporate & elim. -16 3 - -56 -37
Adjusted EBITA margin, % 10.9 13.5 12.0 12.7
AirTech 8.0 4.8 7.1 6.3
DCT 14.4 22.8 17.4 19.5
FoodTech 14.7 16.1 16.6 17.0
Q1
Quarterly order intake , (MSEK) 
  
Order intake per business area  
Q1, 2026 
   
Order intake per region  Q1, 2026 
   
Quarterly net  sales, (MSEK) 
  
 
Net sales  per business area Q1, 2026 
   
Net sales per region Q1, 2026 
   
0
5,000
10,000
15,000
20,000
25,000
Q1
24
Q3 Q1
25
Q3 Q1
26
0
3,000
6,000
9,000
12,000
15,000
Quarter LTM
0% 50% 100%
AirTech 41% DCT 49% FoodTech 10%
0% 50% 100%
Americas 67% EMEA 20% APAC 13%
0
4,000
8,000
12,000
16,000
Q1
24
Q3 Q1 25 Q3 Q1
26
0
1,000
2,000
3,000
4,000
Quarter LTM
0% 50% 100%
AirTech 49% DCT 39% FoodTech 12%
0% 50% 100%
Americas 61% EMEA 25% APAC 14%

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

Interim report January- March 2026 5 
 
Results 
Adjusted EBITDA and EBITA excludes Items Affecting Comparability, IAC, see page 18 for disclosure of the IACs. 
January - March 2026 
The gross margin amounted to 29.2% (32.9).  
Adjusted EBITDA amounted to MSEK 498 (615), corresponding to an adjusted EBITDA margin of 13.9% (16.6). 
Depreciation of tangible assets amounted to MSEK -108 (-113), whereof depreciation of leased assets was MSEK    
-60 (-70). 
Adjusted EBITA amounted to MSEK 390 (502), corresponding to an adjusted EBITA margin of 10.9% (13.5). 
AirTech’s margin improved, mainly reflecting the positive impact of cost-saving measures, price increases and the 
absence of dual-site costs. Partly offset by an unfavorable product mix, lower volumes and continued 
underutilization of factories, keeping profitability below historical levels. The margin in DCT declined from last 
year’s high level, mainly due to tariff headwinds of approx. -4 p.p. and an unfavorable product mix as new 
products are introduced and scaled. FoodTech’s margin remained robust, impacted by continued investments in 
growth, including innovation and expansion. 
Operating profit (EBIT) was MSEK 274 (385), corresponding to an operating margin of 7.6% (10.4). Amortization of 
intangible assets were MSEK -78 (-74), where MSEK -18 (-21) related to amortization of intangible assets from 
acquisitions. 
For more information on the results, see the business area comments on pages 7, 8 and 9. 
Items affecting comparability (IAC) 
Items affecting comparability totaled MSEK -38 (-42) in the first quarter. The amount pertains mainly to costs for 
restructuring activities within AirTech of MSEK -30 and costs for M&A activities of MSEK -7 (-42). 
Financial items 
Financial income and expenses for the first quarter amounted to MSEK -94 (-105) compared to -113 in the fourth 
quarter 2025. Interest expense on lease liabilities amounts to MSEK -27 (-30) in the first quarter compared to -29 in 
the fourth quarter 2025. 
Taxes 
Income taxes for the first quarter were MSEK -56 (-82) with an effective tax rate of 31% (29%). The tax rate in the 
quarter is in line with the effective tax rate for the full year 2025. 
Earnings per share 
Net income from continuing operations attributable to Parent Company’s shareholders in the first quarter was 
MSEK 124 compared to MSEK 193 in the same period last year. The decrease in Net income is explained by lower 
operating profit. 
Earnings per share from continuing operations were SEK 0.68 (1.05). 
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
24
Q3 Q1
25
Q3 Q1
 26
0%
10%
20%
30%
40%
Q1
24
Q3 Q1
25
Q3 Q1
 26
0%
5%
10%
15%
20%
Q1
24
Q3 Q1
25
Q3 Q1
 26
0%
5%
10%
15%
20%
Q1
24
Q3 Q1
25
Q3 Q1
 26
0%
5%
10%
15%
20%
Q1
24
Q3 Q1
25
Q3 Q1
 26
0%
10%
20%
30%
40%
50%

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

Interim report January- March 2026 6 
 
Financial position 
Net debt as of March 31 amounted to MSEK 6,781 (7,630) compared to 6,699 at end of December 2025. Net debt in 
relation to adjusted EBITDA was 3.1x (3.0x) and 2.9x as of December 2025.  
Interest-bearing liabilities, including lease liabilities, amounted to MSEK 7,906 (8,816) compared to 7,919 at end of 
December 2025. The Group’s interest-bearing liabilities have an average maturity of 2.7 (1.4) years at end of March 
compared to 2.8 years at end of December 2025.  
Cash and cash equivalents amounted to MSEK 1,407 (1,439) as of March 31 compared to 1,492 end of December 
2025. 
Average capital employed for the last twelve months amounted to MSEK 11,940 (11,348). Return on capital 
employed (ROCE) for the last twelve months was 9.3% (15.1). The decrease is explained by an increase in capital 
employed combined with lower operating profit. 
Cash flow 
Cash flow from operating activities in the first quarter was solid at MSEK 387 (541), driven by favorable cash flow 
in DCT mainly due to advances received from customers. The decrease from last year is explained by lower 
operating earnings and less favourable working capital development. 
Cash flow from investing activities amounted to MSEK -368 (-1,068) in the quarter. Investments in intangible 
assets and property, plant and equipment decreased by MSEK 63 to MSEK -197 (-260).  
As disclosed in the Q4 report, the MTech contingent consideration was paid to the sellers in the first quarter of 
2026 and is reflected as cash flow from business acquisitions. 
Cash flow from financing activities in the first quarter was MSEK -152 (566). 
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. 
 
Net debt per quarter  
 
ROCE, % 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 -
  1.0
  2.0
  3.0
  4.0
Q1
24
Q3 Q1
25
Q3 Q1
 26
0
2,000
4,000
6,000
8,000
Quarter Leverage
Q1
24
Q3 Q1
25
Q3 Q1
 26
0%
5%
10%
15%
20%

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

Interim report January- March 2026 7 
 
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 air quality. 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 2026 
Order intake 
Order intake grew +6% organically (currency effects -12%), reflecting robust demand across all regions despite a 
project cancellation in Americas of MUSD 28. The cancellation related to a full customer project cancellation and 
was not attributable to Munters as a specific supplier.  
• In Americas, order intake showed growth excluding the cancellation, driven primarily by the Industrial 
segment as well as Commercial and Components.    
• EMEA remained flat, with growth in the Industrial segment, within mainly defense and pharma.   
• APAC reported solid growth, supported by Components, Commercial, Service as well as within the sub-
segment battery. 
• Clean Technologies (CT) showed stable demand, mainly driven by EMEA and Americas.  
Net sales  
Net sales increased +8% organically (currency effects -11%), driven primarily by strong performance in Americas.  
• In Americas growth was led by strong development in the Components segment as well as Commercial.   
• In EMEA net sales declined mainly due to a weaker battery sub-segment, despite good growth in Industrial 
and Service. 
• In APAC net sales declined, though good sales in Commercial and Components.  
• Clean Technologies was flat, with growth mainly in Americas offset by declines in the other regions.  
• Service accounted for 18% (19) and Components 23% (17) of AirTech’s net sales. 
Adjusted EBITA 
The adjusted EBITA margin improved, mainly reflecting the positive impact of cost-saving measures, price 
increases and the absence of dual-site costs. Partly offset by an unfavorable product mix, lower volumes and 
continued underutilization of factories, keeping profitability below historical levels. 
• The transition to the new Amesbury facility was completed by year-end, while ramp-up in the new factory is 
ongoing. 
• Cost adjustment measures initiated in Q3 2025 are progressing as planned and are expected to generate 
annual net cost savings of MSEK 250–300 by end 2026. These actions are intended to strengthen the cost 
base and operational efficiency, positioning AirTech to emerge stronger as demand recovers.  
  
LTM Full-year
MSEK 2026 2025 ∆% Apr-Mar 2025
External order backlog 3,007 2,917 3 3,007 2,782
Order intake 1,932 2,051 -6 7,181 7,300
Growth -6% -9% - -1%
Net sales 1,779 1,844 -4 7,126 7,191
Growth -4% -8% - -12%
of which organic growth 8% -13% - -10%
of which acquisitions and divestments - 5% - 3%
of which currency effects -11% 1% - -5%
Operating profit (EBIT) 92 75 24 319 301
Operating margin, % 5.2 4.1 4.5 4.2
Amortization of intang. asset -19 -13 -69 -63
Items affecting comparability -31 -1 -119 -88
Adjusted EBITA 142 88 62 507 453
Adjusted EBITA margin, % 8.0 4.8 7.1 6.3
Q1
Quarterly net  sales - AirTech , 
(MSEK) 
 
Quarterly adjusted EBITA  
margin, % - AirTech  
   
Order intake per region Q 1, 2026 - 
AirTech  
 
  
Net sales per region Q 1, 2026 - 
AirTech  
   
 
 
 
 
 
0
2,000
4,000
6,000
8,000
10,000
12,000
Q1
24
Q3 Q1
 25
Q3 Q1
 26
0
400
800
1,200
1,600
2,000
2,400
Quarter LTM
0%
5%
10%
15%
20%
Q1
 24
Q3 Q1
 25
Q3 Q1
 26
0%
5%
10%
15%
20%
Quarter LTM
0% 50% 100%
Americas 38% EMEA 33% APAC 29%
0% 50% 100%
Americas 43% EMEA 31% APAC 26%

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

Interim report January- March 2026 8 
 
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 2026 
Order intake 
Order intake increased +138% organically (currency effects -31%), driven by continued strong demand primarily in 
Americas from both colocators and hyperscalers. Demand was characterized by a high share of small- and mid-
sized orders, reflecting ongoing investments in data center capacity. 
• Demand for chillers was particularly strong, reflecting sustained AI-related investments across all three 
regions, with the largest contribution from Americas. 
Net sales 
Net sales increased +8% organically (currency effects -15%), supported by continued successful execution of the 
order backlog in both Americas and EMEA. Visibility on future demand remains good, and capacity planning is 
well managed. 
• A transition to new products is ongoing and has naturally resulted in initial ramp‑up effects. Efficiency 
improvements are expected to continue during the year. The focus remains on aligning supply-chain and 
production capacity with demand while ensuring stable execution. 
• Service accounted for 7% (5) of DCTs net sales. 
Adjusted EBITA 
The adjusted EBITA margin declined from a high level last year, but remained resilient. The decrease was primarily 
driven by continued tariff headwinds of approx. -4 p.p., and unfavorable changes in product mix as new products 
are introduced and scaling progresses.  
• Price increases more than compensated for higher raw material costs, while ongoing efficiency initiatives had a 
positive impact. 
• Strategic growth initiatives continue, including the expansion of the Virginia facility to increase capacity and 
enable domestic chiller manufacturing for Americas.  
 
 
LTM Full-year
MSEK 2026 2025 ∆% Apr-Mar 2025
External order backlog 15,172 6,508 133 15,172 13,787
Order intake 2,293 1,108 107 15,073 13,889
Growth 107% 223% - 240%
Net sales 1,403 1,505 -7 5,804 5,906
Growth -7% 57% - 34%
of which organic growth 8% 43% - 37%
of which acquisitions and divestments - 10% - 6%
of which currency effects -15% 4% - -9%
Operating profit (EBIT) 194 336 -42 976 1,118
Operating margin, % 13.8 22.3 16.8 18.9
Amortization of intang. asset -9 -8 -32 -32
Items affecting comparability - - - -
Adjusted EBITA 202 344 -41 1,008 1,149
Adjusted EBITA margin, % 14.4 22.8 17.4 19.5
Q1
Quarterly net  sales - DCT, 
(MSEK) 
  
Quarterly adjusted EBITA margin , % 
- DCT 
  
Order intake per regi on Q1, 2026 – 
DCT 
 
 
Net sales per regio n Q1, 2026 - DCT 
  
 
 
 
 
 
 
0
1 500
3 000
4 500
6 000
Q1
 24
Q3 Q1
 25
Q3 Q1
 26
0
500
1 000
1 500
2 000
Quarter LTM
0%
5%
10%
15%
20%
25%
Q1
 24
Q3 Q1
 25
Q3 Q1
 26
0%
5%
10%
15%
20%
25%
Quarter LTM
0% 50% 100%
Americas 96% EMEA 3% APAC 1%
0% 50% 100%
Americas 88% EMEA 11% APAC 1%

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

Interim report January- March 2026 9 
 
 FoodTech 
Business area FoodTech’s portfolio consists of controllers, sensors, supply chain optimization software, and 
advanced analytics that strengthen efficiency, productivity, and sustainability across the global food supply 
chain. Together with customers and partners, FoodTech is driving the transition toward more efficient and 
sustainable food production.                        
 
 
January - March 2026 
Order intake 
Order intake increased +18% organically (currency effects -8%), supported by strong demand for controllers and 
software in Americas and EMEA.  
• Software grew across Americas, EMEA and APAC, driven by the broiler and layer customer segments. 
• Controllers delivered strong growth in Americas within the broiler and layer customer segments, supported 
by recovery in the US layer market. 
Net sales 
Net sales increased +8% organically (currency effects -8%), with growth in both software and controllers in 
Americas.  
• Software grew organically in the broiler and layer customer segments due to higher recurring revenue. SaaS 
ARR growth increased +7% to MSEK 336 (314), supported by subscription growth. 
• Controllers grew in Americas mainly within the broiler and layer customer segments, supported by recovery 
in the US layer market.  
• Service represented 24% (26) of FoodTech's net sales. 
 
Adjusted EBITA 
The adjusted EBITA margin remained robust, mainly impacted by continued high investment levels to support 
future growth, including innovation and expansion into new regions and customer segments.  
• Price increases offset higher raw material costs and ongoing efficiency initiatives contributed positively. 
• The first quarter is seasonally a lower‑volume period for controllers, although the segment still delivered 
strong growth during the quarter.  
  
LTM Full-year
MSEK 2026 2025 ∆% Apr-Mar 2025
External order backlog 813 665 22 813 714
Order intake 484 439 10 1,912 1,867
Growth 10% 120% - 86%
Net sales 416 413 1 1,755 1,753
of which SaaS 83 83 -0 325 326
SaaS ARR 336 314 7 336 351
Growth 1% 102% - 73%
of which organic growth 8% 23% - 16%
of which acquisitions and divestments - 79% - 66%
of which currency effects -8% -1% - -10%
Operating profit (EBIT) 31 37 -17 -35 -29
Operating margin, % 7.5 9.0 -2.0 -1.7
Amortization of intang. asset -30 -29 -132 -131
Items affecting comparability - -0 -195 -196
Adjusted EBITA 61 67 -8 292 297
Adjusted EBITA margin, % 14.7 16.1 16.6 17.0
Q1
Quarterly net  sales - FoodTech , 
(MSEK) 
 
 
Quarterly adjusted EBITA margin %  
- FoodTech  
 
 
SaaS ARR – FoodTech (MSEK)  
  
Order intake per region Q1, 2026 – 
FoodTech 
 
 
Net sales per region Q1, 2026 - 
FoodTech  
 
 
0
400
800
1 200
1 600
2 000
Q1
 24
Q3 Q1
 25
Q3 Q1
 26
0
100
200
300
400
500
Quarter LTM
0%
5%
10%
15%
20%
25%
30%
Q1
 24
Q3 Q1
 25
Q3 Q1
 26
0%
5%
10%
15%
20%
25%
30%
Quarter LTM
Q1
 24
Q3 Q1
 25
Q3 Q1
 26
0
100
200
300
400
0% 50% 100%
Americas 48% EMEA 51% APAC 2%
0% 50% 100%
Americas 49% EMEA 47% APAC 4%

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

Interim report January- March 2026 10 
 
Corporate 
The Corporate function reported an adjusted EBITA of MSEK -16 (3) in the first quarter. The increase in corporate 
costs from last year is mainly explained by adjusted EBITA in the first quarter of 2025 being 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, 2026 was 5,153 (4,999 as of March 31, 2025). 
The number of FTEs in business area AirTech was 3,239 (3,309), in DCT 1,123 (963), in FoodTech 661 (592) and at 
Group functions 129 (134).  
Number of shares  
As of March 31, 2026, 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 was 182,541,440 (182,541,440). 
Dividend  
The Board of Directors proposes a dividend of SEK 1.60 (1.60) per share totaling MSEK 292 (292) based on the total 
number of outstanding shares to be paid in two equal installments. This represents 53% of net income from 
continuing operations. 
Other events during the quarter 
MX3 product launch – In March, AirTech launched a new series of high-performance dehumidifiers, MX3 and 
MX3 PLUS. The series offers up to 20% lower energy consumption and is designed to meet demanding industrial      
and commercial climate control requirements.
 
Munters Annual and Sustainability report 2025 – In March, Munters published the Annual and Sustainability     
report for 2025 on www.munters.com, available in both Swedish and English. 
CEO succession – In March, The Board of Directors announced a planned CEO succession. Klas Forsström will 
step down as President and CEO in connection with the publication of Munters interim report for the third 
quarter of 2026 and will remain with Munters in an advisory capacity until 31 December 2026, ensuring 
continuity during the transition. The Board has appointed Stefan Aspman, currently President of the Data Center 
Technologies business area, as his successor. Stefan Aspman is in his sixth year at Munters and has been a 
member of the executive management team since 2021. He has served as President of DCT and Group Vice 
President since mid-2022 and previously held responsibility for Commercial Excellence, playing a key role in 
strengthening Munters commercial operating model. 
Annual General Meeting 2026 – In March, shareholders of Munters Group AB were invited to attend the 
Annual General Meeting to be held at 10:00 am. CEST on Thursday, 30 April 2026, at Elektron, adjacent to 
Munters headquarters at Borgarfjordsgatan 16, Kista, Stockholm. Registration will commence at 9:00 am CEST. 
Events after the close of the period 
Munters wins order of BSEK 2.0 for a modular AI cooling solution – In April, business area Data Center Technologies (DCT) 
received an order from a US colocation data center provider valued at appr. BSEK 2.0. The order includes custom-designed 
high-capacity CDUs (Coolant Distribution Units) and over-the-rack CRAHs (Computer Room Air Handlers) for an AI factory 
build-out. The order will be booked in the second quarter, with deliveries expected from early 2027 through the first quarter of 
2028. 
 
Stockholm, April 28, 2026 
Klas Forsström  
CEO & President 
 
This report has not been subject to review by the company’s auditors. 
Ten largest shareholders  
 
 
 
As of 31 Mar 2026 %
FAM AB 28.3%
Swedbank Robur Funds 6.9%
Fourth Swedish National 
Pension Fund 6.8%
ODIN Funds 3.4%
Nordea Funds 3.1%
Vanguard 2.9%
Handelsbanken Funds 2.5%
Norges Bank Investment 
Management 1.8%
Third Swedish National 
Pension Fund 1.6%
DWS Investments 1.5%
Source: Modular Finance AB

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

Interim report January- March 2026 11 
 
About Munters 
 
Munters is a global leader in technologies that optimize 
climates, contributing to productivity, quality and resource 
efficiency in a wide range of industries. Our portfolio includes 
humidity control systems, air and liquid cooling solutions, 
controllers and software – offering precise control over 
mission-critical operating conditions such as temperature and 
humidity. Munters solutions are used in industries where 
reliable climate control is essential, helping customers reduce 
overall resource consumption. Alongside lower resource 
consumption, our technologies contribute to cleaner air, higher 
efficiency and reduced carbon emissions, making sustainability 
an important part of Munters business strategy and value 
creation. 
 
Short facts 
– ~ 5,000 employees (FTEs) 
– >30 countries with sales and 
manufacturing  
– >25 production sites  
– 21% women leaders  
– Three business areas: AirTech, Data 
Center Technologies and FoodTech 
In Q1, AirTech generated 49%, Data Center 
Technologies 39% and FoodTech 12% 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 12 =====

Interim report January- March 2026 12 
Quarterly overview Group 
Income Statement 
 
 
Key performance indicators 
 
 
Net Debt 
 
 
Operating Working Capital 
 
2026
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Order backlog 18,991 17,282 10,034 9,774 10,090 11,287 1 0,289 11,274 11,244
Order intake 4,700 11,604 4,159 3,666 3,556 3,994 2,646 2,996 2,796
Net sales 3,580 3,594 3,798 3,606 3,714 3,923 3,254 3,256 3,154
Adjusted EBITDA 498 474 614 600 615 607 616 676 543
Depreciation tangible assets -108 -116 -103 -109 -113 -102 -85 -83 -70
Adjusted EBITA 390 358 511 491 502 505 532 593 473
Amortization intangible assets from acq. -18 -20 -22 -20 -21 -15 -12 -10 -9
Amortization other intangible assets -60 -62 -55 -55 -53 -68 -4 9 -39 -27
Items affecting comparability (IAC) -38 -174 -52 -56 -42 -88 -1 4 -6 -20
Operating profit (EBIT) 274 101 381 360 385 333 457 538 418
Financial income and expenses -94 -113 -101 -94 -105 -82 -98 -91 -87
Tax -56 3 -86 -88 -82 -81 -121 -134 -97
Net result, continuing operations 124 -8 194 178 198 170 238 313 233
Net result, discontinued operations - 3 -21 -84 -342 7 37 28 -6
Net income, total 124 -5 173 94 -144 176 275 342 227
 -attributable to Parent Comp. Shareholders 124 -8 171 92 -149 162 26 3 330 218
20242025
2026
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Organic Growth, Net Sales 9% -3% 15% 10% 5% 11% 3% -1% 7%
Currency adjusted Growth, Net Sales 9% 0% 26% 21% 16% 21% 8% 4% 14%
Adjusted EBITA margin, % 10.9 10.0 13.5 13.6 13.5 12.9 16.3 18.2 15.0
Operating margin, % 7.6 2.8 10.0 10.0 10.4 8.5 14.0 16.5 13.2
Earnings per share, SEK 0.68 -0.06 1.05 0.97 1.05 0.85 1.23 1.65 1.22
Service, % of net sales 15 17 15 16 14 17 17 19 19
Service & components, % of net sales 26 27 24 25 22 24 25 28 30
OWC/Net Sales, % 6.5 7.3 8.3 9.1 10.2 11.6 12.9 14.3 15.4
Leverage, LTM 3.1 2.9 2.8 2.8 3.0 2.6 2.1 2.0 2.2
ROCE, % 9.3 10.0 11.9 13.0 15.1 16.4 17.4 16.9 15.5
2025 2024
2026
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Interest-bearing receivables -14 -1 5 -29 -35 -44 -55 -36 -14 -34
Cash and cash equivalents -1,407 -1,492 -2,421 -1,648 -1,439 -1,530 -1,393 -1,775 -1,581
Interest-bearing liabilities 6,147 6,177 7,070 6,486 7,019 6,514 5,013 5,045 5,089
Lease liabilities 1,759 1,742 1,776 1,717 1,797 1,083 1,015 892 757
Provisions for pensions 275 271 273 280 265 277 306 283 262
Accrued financial expenses 21 16 38 15 32 20 28 3 29
Net Debt 6,781 6,699 6,707 6,816 7,630 6,310 4,932 4,433 4,522
2025 2024
2026
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Inventory 2,047 1,884 2,046 1 ,996 1,940 2,283 2,192 2,108 1,902
Accounts receivable 2,133 1,912 1,921 2 ,159 2,112 2,567 2,090 2,275 2,306
Accounts payable -1,616 -1,461 -1,510 - 1,605 -1,505 -1,789 -1,308 -1,362 -1,349
Advances from customers -2,712 -2,462 -2,109 - 1,994 -1,947 -1,821 -1,879 -2,160 -1,879
Accrued/deferred income, net 670 595 714 524 4 08 256 516 555 583
Operating Working Capital 523 468 1,061 1 ,081 1,008 1,497 1,612 1,417 1,563
2025 2024

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

Interim report January- March 2026 13 
Condensed statement of comprehensive 
income 
 
 
 
LTM Full-year
MSEK 2026 2025 Apr-Mar 2025
Net sales 3,580 3,714 14,578 14,712
Cost of goods sold -2,536 -2,490 -10,137 -10,091
Gross profit 1,044 1,224 4,441 4,621
Selling expenses -324 -380 -1,332 -1,388
Administrative costs -297 -345 -1,409 -1,457
Research and development costs -117 -120 -485 -487
Other operating income and expenses -32 7 -96 -57
Share of earnings in associates -0 -1 -3 -3
Operating profit 274 385 1,116 1,228
Financial income and expenses -94 -105 -402 -413
Profit/Loss after financial items 180 280 715 815
Tax -56 -82 -226 -253
Net income for the period, continuing operations 124 198 488 562
Net income for the period, discontinued operations - -342 -102 -444
Net income for the period, total operations 124 -144 386 118
Attributable to Parent Company shareholders, total 124 -149 379 106
  whereof continuing operations 124 193 481 550
  whereof discontinued operations - -342 -102 -444
Attributable to non-controlling interests 0 5 7 12
Earnings per share, continuing operations, SEK 0.68 1.05 2.64 3.01
Earnings per share, discontinued operations, SEK - -1.87 -0.56 -2.43
Earnings per share, total operations, SEK 0.68 -0.82 2.08 0.58
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange-rate differences on translation of foreign operations 183 -721 -248 -1,152
Exchange-rate differences reclassified to profit or loss - - -53 -53
Items that will not be reclassified to profit or loss:
Financial assets at fair value through OCI - - -42 -42
Actuarial gains/losses on defined-benefit pension obligations - 10 1 11
Income tax effect not to be reclassified to profit or loss - -2 -0 -2
Other comprehensive income, net after tax 183 -713 -342 -1,239
Total comprehensive income for the period 307 -857 44 -1,120
Attributable to Parent Company shareholders 298 -861 30 -1,130
Attributable to non-controlling interests 9 4 14 9
Q1

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

Interim report January- March 2026 14 
Condensed statement of financial position 
 
 
Condensed statement of changes in equity items 
 
 
  
MSEK 2026/03/31 2025/03/31 2025/12/31
ASSETS
NON-CURRENT ASSETS
Goodwill 5,569 6,059 5,458
Other intangible assets 3,388 3,149 3,362
Property, plant and equipment 1,984 1,678 1,846
Right-of-Use assets 1,627 1,711 1,624
Participations in associated companies 43 48 42
Other financial assets 158 191 158
Deferred tax assets 571 556 512
Total non-current assets 13,341 13,393 13,002
CURRENT ASSETS
Inventory 2,047 1,940 1,884
Accounts receivable 2,133 2,112 1,912
Derivative instruments 16 − −
Current tax assets 150 129 239
Other receivables 199 205 237
Prepaid expenses and accrued income 1,035 750 963
Cash and cash equivalents 1,407 1,439 1,492
Assets held for sale − 1,510 −
Total current assets 6,988 8,085 6,727
TOTAL ASSETS 20,329 21,477 19,728
EQUITY AND LIABILITIES
EQUITY
Shareholders' equity 5,164 5,440 4,858
Non-controlling interests 9 12 8
Total equity 5,173 5,452 4,866
NON-CURRENT LIABILITIES
Interest-bearing liabilities 5,419 4,356 5,348
Lease liabilities 1,469 1,524 1,462
Provisions for pensions 275 265 271
Other provisions 93 85 91
Other non-current liabilities 420 563 419
Deferred tax liabilities 600 497 591
Total non-current liabilities 8,276 7,290 8,182
CURRENT LIABILITIES
Interest-bearing liabilities 728 2,663 829
Lease liabilities 290 273 280
Other provisions 212 178 203
Accounts payable 1,616 1,505 1,461
Derivative instruments − 69 12
Current tax liabilities 64 115 77
Advances from customers 2,712 1,947 2,462
Other current liabilities 162 307 361
Accrued expenses and deferred income 1,096 1,248 995
Liabilities attributable to assets held for sale − 430 −
Total current liabilities 6,880 8,735 6,680
TOTAL EQUITY AND LIABILITIES 20,329 21,477 19,728
MSEK 2026/03/31 2025/03/31 2025/12/31
Opening balance 4,866 5,908 5,908
Total comprehensive income for the period 307 -857 -1,120
Put/call option related to non controlling interests − 218 206
Deferred tax recognized in equity − 197 180
Dividends − -14 -308
Closing balance 5,173 5,452 4,866
Total shareholders´ equity attributable to :
The parent company's shareholders 5,164 5,440 4,858
Non-controlling interests 9 12 8

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

Interim report January- March 2026 15 
Condensed cash flow statement 
  
 
  
LTM Full-year
MSEK 2026 2025 Apr-Mar 2025
OPERATING ACTIVITIES
Operating profit 274 385 1,116 1,228
Adjustment for:
Depreciation, amortization and impairment losses 186 188 749 751
Other non-cash items 5 5 219 219
Changes in provisions 15 -38 61 8
Cash flow before interest and tax 479 539 2,145 2,205
Net financial items paid -110 -72 -435 -397
Taxes paid -25 -37 -323 -335
Cash flow before changes in working capital 344 430 1,387 1,473
Change in accounts receivable -161 166 -100 227
Change in inventory -111 -34 -185 -108
Change in accrued income -59 -175 -265 -380
Change in accounts payable 116 -3 182 63
Change in advances from customers 172 309 837 974
Cashflow from changes in operating working capital -44 263 470 777
Change in other working capital 86 -152 -293 -532
Cash flow from changes in working capital 43 111 177 245
Cash flow from operating activities, continuing operations 387 541 1,564 1,718
Cash flow from operating activities, discontinued operations - 4 -142 -138
Cash flow from operating activities 387 545 1,422 1,580
INVESTING ACTIVITIES
Business acquisitions -172 -809 -513 -1,150
Investments in participations and securities in other companies - - -22 -22
Sale of intangible assets and property, plant and equipment 2 0 1 -0
Investment in property, plant and equipment -142 -174 -560 -592
Investment in intangible assets -56 -86 -236 -266
Cash flow from investing activities, continuing operations -368 -1,068 -1,330 -2,031
Cash flow from investing activities, discontinued operations - -7 1,027 1,020
Cash flow from investing activities -368 -1,075 -303 -1,011
FINANCING ACTIVITIES
Net change in loans -103 680 -648 135
Repayment of lease liabilities -51 -54 -198 -202
Dividends paid - -14 -293 -308
Other changes to financing activities 1 -45 -40 -87
Cash flow from financing activities, continuing operations -152 566 -1,179 -461
Cash flow from financing activities, discontinued operations - -6 -4 -10
Cash flow from financing activities -152 560 -1,184 -471
Cash flow for the period, total operations -133 30 -65 98
Cash and cash equivalents at period start 1,492 1,530 1,490 1,530
Exchange-rate differences in cash and cash equivalents 48 -70 -17 -135
Cash and cash equivalents at period end 1,407 1,490 1,407 1,492
Whereof cash and cash equivalents attributable to discontinued operations - 51 - -
Cash and cash equivalents at period end, continuing operations 1,407 1,439 1,407 1,492
Q1

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

Interim report January- March 2026 16 
Parent company 
Condensed income statement 
 
 
Condensed statement of comprehensive income 
 
Condensed balance sheet 
 
 
  
LTM Full-year
MSEK 2026 2025 Apr-Mar 2025
Net sales − − − −
Gross profit/loss − − − −
Administrative costs -5 -4 -12 -11
Other operating income and expenses 0 − 0 0
Operating profit -5 -4 -12 -11
Financial income and expenses -16 -7 -50 -41
Profit/Loss after financial items -20 -11 -62 -52
Group contributions − − − −
Profit/Loss before tax -20 -11 -62 -52
Tax − − − −
Net income for the period -20 -11 -62 -52
Q1
Profit/Loss for the period -20 -11 -62 -52
Other comprehensive income, net after tax − − − −
Comprehensive income for the period -20 -11 -62 -52
MSEK 2026/03/31 2025/03/31 2025/12/31
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 0
Prepaid expenses and accrued income 2 3 1
Current tax assets 1 1 2
Receivables from subsidiaries 10 11 6
Cash and cash equivalents 2,140 0 2,260
Total current assets 2,154 15 2,269
TOTAL ASSETS 6,256 4,117 6,371
EQUITY AND LIABILITIES
EQUITY
Share capital 6 6 6
Share premium reserve 4,136 4,136 4,136
Profit brought forward -1,013 -669 -961
Income for the period -20 -11 -52
Total equity 3,108 3,462 3,128
NON-CURRENT LIABILITIES
Interest-bearing liabilities 2,395 - 2,395
Provisions for pensions and similar commitments 7 5 7
Total non-current liabilities 2,402 5 2,402
CURRENT LIABILITIES
Interest-bearing liabilities 696 − 794
Accounts payable 2 1 1
Accrued expenses and deferred income 43 59 41
Liabilities to subsidiaries 1 586 1
Other liabilities 5 6 5
Total current liabilities 747 651 841
TOTAL EQUITY AND LIABILITIES 6,256 4,117 6,371

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

Interim report January- March 2026 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 Corporate Reporting Board and the Swedish Annual Accounts Act 
and, with regards to the Parent Company, in accordance with recommen-
dation RFR 2 of the Swedish Corporate Reporting Board and the Swedish 
Annual Accounts Act. The accounting policies applied correspond to those 
presented in the Annual- and Sustainability report 2025 (Note 1). 
In the first quarter of 2025, Munters classified the financial reporting of the 
Equipment offering as held for sale and as discontinued operations, 
meaning that assets and liabilities related to Equipment were 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, was 
reported on a separate line. The income statement was 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 were eliminated. On May 30
th 2025 
the transaction was closed and all balances related to Equipment were 
derecognized. See 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. 
No new and revised standards and interpretations effective from January 1, 
2026, are considered to have any material impact on the financial 
statements.  
As from 2026, the definition of Net Debt has been updated to include non-
current and current interest-bearing receivable. See the breakdown of Net 
Debt on page 12 for details. The updated definition has no significant 
impact on any KPIs presented. 
The definitions of Capital Employed and Return on Capital Employed have 
also been updated. Capital Employed is defined as Total equity plus Net 
Debt. 
Return on Capital Employed (ROCE) is defined as Operating profit for the 
last 12 months, divided by the average Capital Employed for the same 
period.  
The KPIs have been updated in all historic periods 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 energy use, 
waste and resource use. Munters climate-related impacts include negative 
impacts from greenhouse gas emissions across operations, distribution, 
product use and end-of-life, as well as positive impacts through the 
provision of energy-efficient solutions. Munters is committed to reduce and 
track the environmental impact of its operations and reduce climate impact 
across the value chain in line with the Paris agreement 1.5°C  pathway. 
Munters Code of Conduct outlines our commitment to conducting business 
ethically, responsibly, and in compliance with all relevant laws and 
regulations. It emphasizes respect for human rights, labour rights, and 
environmentally responsible practices, aligning with international 
standards such as the UN Global Compact, the UN Universal Declaration of 
Human Rights and the International Labour Organization’s 
conventions. 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. 
Risks and uncertainties 
Effective management of risks is important for the Group in achieving its 
strategic business objectives and delivering sustainable outcomes for 
customers and society. The aim of Munters Group risk management is to 
identify and control the exposure to risks that may have an impact on the 
achievement of the organization’s business objectives. 
As a global company, Munters are affected by geopolitical, worldwide 
financial and sustainability factors, as well as industry and business-related 
events that can give rise to risks and uncertainties. Munters face a range of 
external and internal risks and opportunities that fluctuate over time.  
The Group’s risk categories and uncertainties are divided into five 
categories: strategic, operational, financial, sustainability and 
compliance/regulatory risks. 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 work actively with insurance solutions, and group-wide insurances 
are governed by central guidelines. 
A more detailed description of the Group’s risks and how they are managed 
can be found in the Annual- and Sustainability report 2025 on pages 58-61. 
Transactions with related parties 
There have been no significant transactions with related parties during the 
period.   
Fair value of financial instruments 
Financial investments and derivatives are measured at fair value and 
categorized in level 3 and level 2 of the fair value hierarchy respectively. 
Financial investments amount to MSEK 145 (145 as of Q4, 2025) and net 
derivatives to MSEK 16 (-12 as of Q4, 2025) as of the balance sheet date. 
In January 2026, a contingent consideration of MSEK 167 was paid to the 
previous owners of MTech. In addition, in the quarter a holdback payment 
of MSEK 5 in relation to the acquisition of Zeco, closed in 2023, was paid. 
 
Munters deem that the interest rate on interest-bearing liabilities is in line 
with market terms on March 31, 2026, and the fair value at the end of the 
reporting period therefore in all material aspects correspond to the 
carrying amount. 
Business combinations 
No new acquisitions have been signed or closed in Q1 2026. 
 
 
 
 
 
 
 
 
MSEK 2026/03/31 2025/03/31 2025/12/31
Opening balance 188 1,498 1,498
Remeasurement options − -235 -270
Payments -172 -809 -1,169
Change recognized in op. profit -1 3 207
Discounting − 26 48
Exchange-rate differences -4 -118 -126
Closing balance 11 365 188

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

Interim report January- March 2026 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. Below is a break-down of items affecting comparability.
 
 
Discontinued operations 
Munters report the result from FoodTech Equipment, divested in 2025, as 
discontinued operations. See Accounting policies for further information.
MSEK 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025
Americas 781 737 1,235 1,406 203 182 -10 -43 2,210 2,282
EMEA 622 689 332 121 228 228 -8 -5 1,174 1,033
APAC 461 521 21 13 15 21 − − 496 556
Sales between regions -84 -103 -185 -35 -31 -18 0 -1 -301 -157
TOTAL 1,779 1,844 1,403 1,505 416 413 -18 -49 3,580 3,714
AirTech DCT GroupFoodTech Eliminations
LTM Full-year
MSEK 2026 2025 Apr-Mar 2025
Restructuring activities -30 - -107 -77
M&A activities -7 -42 -5 -40
Contingent considerations from acquisitions -1 - -208 -207
Other items - − -1 -1
Total -38 -42 -320 -324
Q1
Condensed statement of comprehensive income
LTM Full-year
MSEK 2026 2025 Apr-Mar 2025
Net Sales, external − 407 319 726
Operating costs − -390 -298 -688
Result from business divestment − - 13 13
Impairment loss goodwill - -346 - -346
Operating profit − -329 34 -295
Financial items − 0 -1 -1
Profit before tax − -329 33 -296
Tax − -1 3 -135 -148
Net income for the period, discontinued operations − -342 -102 -444
Condensed statement of financial position
MSEK 3/31/2026 3/31/2025
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
Lia
bilities
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 19 =====

Interim report January- March 2026 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. 
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. The measure refers to earnings per share before and after dilution, 
unless otherwise stated. 
 
Capital employed 
Capital employed is calculated as the total equity plus net debt. 
Return on capital employed (ROCE) 
Operating profit (LTM), divided by the average capital employed. 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 highlights 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 and interest-bearing receivables. 
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 20 =====

Interim report January- March 2026 20 
Information and 
reporting dates 
Welcome to join a webcast or telephone conference on April 28, at 
9:00 CEST, when President and CEO, Klas Forsström together with 
Group Vice President and CFO, Katharina Fischer, will present the 
report.  
Webcast 
https://munters.events.inderes.com/q1-report-2026 
 
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=50054958 
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 28, 
2026.  
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 Manager 
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 2026 April 30, 2026 
Proposed payment date for dividend  May 8, 2026 
Second quarter report 2026 July 17, 2026 
Third quarter report 2026 October 23, 2026 
Proposed payment date for dividend November 10, 2026 
Fourth quarter and full-year report 2026                                         January 28, 2027