Kvartalsrapport Q3 2023

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

Interim report January-September 2023 1 
 
Strong net sales growth and 
profitability improvement 
July-September  
– Order intake declined in business areas AirTech and Data Center Technologies  (DCT), with a good 
development in business area FoodTech.  
– Net sales increased +28% organically, mainly driven by a very strong growth in DCT and the battery sub-
segment in AirTech. FoodTech had a strong development in the US, in both Climate and Digital solutions, 
offset by a weak development in EMEA and APAC.  
– The adj. EBITA margin showed strong improvement mainly related to increased net sales in AirTech and 
DCT, net price increases, as well as efficiency improvements in all business areas.  
– Earnings per share increased by +47% driven by the strong net sales and improved profitability.  
– Cash flow from operating activities improved both compared to Q3 last year and Q2 this year mainly 
because of improved earnings and a reduction in operating working capital.  
Events after the close of the period 
– On 16 October the acquisition of the Indian manufacturer of air treatment solutions, ZECO was finalised. 
   
 
Financial summary LTM Full-year
MSEK 2023 2022 ∆% 2023 2022 ∆% Oct-Sep 2022
Order intake 2,494 6,354 -61 8,465 13,688 -38 11,608 16,830
Net sales 3,560 2,644 35 10,271 7,375 39 13,281 10,386
Growth 35% 42% 39% 39% 41% 41%
  of which organic growth 28% 22% 31% 21% - 23%
  of which acquisitions and divestments 3% 3% 2% 4% - 15%
  of which currency effects 4% 18% 7% 14% - 4%
Operating profit (EBIT) 454 271 68 1,211 626 94 1,466 881
Operating margin 12.8 10.3 11.8 8.5 11.0 8.5
Adjusted EBITA 503 293 72 1,371 766 79 1,675 1,070
Adjusted EBITA margin, % 14.1 11.1 13.3 10.4 12.6 10.3
Net income 264 178 48 734 446 65 865 577
Earnings per share before dilution, SEK 1.42 0.97 4.00 2.47 4.71 3.18
Earnings per share after dilution, SEK 1.42 0.97 4.00 2.47 4.71 3.17
Cash flow from operating activities 554 266 396 345 823 772
OWC/Net Sales 13.7% 13.1% 13.7% 13.1% 13.7% 12.7%
Net debt 4,399 3,654 4,399 3,654 4,399 3,825
Net debt/Adjusted EBITDA, LTM 2.2 3.0 2.2 3.0 2.2 2.9
Q3 Jan-Sep
Q3 2023 
 
Net sales 
organic growth 
+28% 
 
Adj. EBITA margin 
14.1% 
 
Operating working 
capital/net sales 
13.7%

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

Interim report January-September 2023 2 
CEO comments 
Strong net sales growth and margin contributions  from all business areas  
As a summary of our achievements in the third quarter I would firstly like to highlight the strong net sales 
growth, driven by very good execution on large orders in Data Center Technologies as well as a good 
development in the battery sub-segment in AirTech. FoodTech had a very strong net sales development in 
the US driven both by Climate and Digital solutions, whereas APAC and EMEA continued to be weak. 
Secondly, I am happy to see that through good contributions from all business areas we reached our 
financial target for adjusted EBITA-margin of 14% in the quarter. Thirdly, through great efforts throughout 
the organization we generated strong operating cash flow reducing net debt to adjusted EBITDA to 2.2x.  
We continued to expand our market presence through the acquisition of ZECO, an Indian manufacturer of 
air treatment solutions. ZECO constitutes an important step in developing our dehumidification business in 
India and positions us to grow with market leading products and complete solution sales.   
Stable long -term growth trends and good market activity  
The underlying long-term growth drivers for our main markets are strong and we have seen continued good 
market activity in the quarter. In the short-term customers are placing orders closer to delivery, ie lead times 
are shortening, partly driven by the more unstable macroenvironment.  
Market activity in Airtech’s end markets was good, but order intake lower than last year mainly as the order 
intake did not comprise of any larger orders in the quarter compared to last year when we received a larger 
order for a battery production facility of MUSD 65. In Asia , the development in China was weak mainly due 
to a continued consolidation of the battery market.  
Data Center Technologies continued to see a very strong demand in North Americas, however, did not 
receive any large orders in the quarter. Last year in the same period two large orders were received with a 
combined value of MUSD 239. They had a good development in Europe, for example with an order for the 
product Oasis, that has enjoyed a good position in the US market since several years.  
Order intake in FoodTech was positive with strong development in both Climate - and Digital solutions in the 
US. The strong growth journey in Digital solutions is continuing and our SaaS business grew above 50 per 
cent. A slight recovery of the markets in APAC and EMEA led to a stable order intake in these regions.   
Focus on customer success through sustainable solutions  
Our adjusted EBITA grew more than 70% and the EBITA-margin improved compared to the third quarter 
last year in all business areas. The improvement is a result of the good volume increase, continued good 
pricing management, our continuous improvement initiatives as well as well -executed projects that led to 
high utilization of our production. 
Operating cash flow was positive in the quarter mainly because of reduced working capital levels from 
solutions being delivered to customers in Data Center Technologies.  
AirTech announced the first implementation of a virtually moisture - and carbon-free process air system in a 
production facility, in partnership with GreenCap solutions. The technology will improve the quality and 
lifetime of customers’ products, thereby making them more sus tainable.  
Our employees are the core of our business. In recent times with increasing geopolitical instability,  we are 
now focusing even more on safety first for all our employees. I want to thank all employees for their hard 
work in making our journey a success. 
  
 
Klas Forsström 
President and CEO 
“We deliver strong net 
sales, good margins and 
a reduction of 
leverage. ” 
     Midterm financial targets Sustainability targets*  
 Net sales growth:  Annual organic growth of net sales of 10%  
Performance Q3 2023: 28% (22) 
Renewable 
electricity 1: 
80% by 2026 , eventually 100%,  
Performance Q3 2023: 80% (71) 
 
 Adjusted EBITA 
margin:  
An adjusted EBITA margin above 14%.  
Performance Q3 2023: 14.1% (11.1) 
TRIR2: Eliminate accidents in production 
Performance Q3 2023: 1.2 (1.6) 
 
 OWC/net sales:  Average (LTM) operating working capital in the 
range of 13-10 % of net sales.   
Performance Q3 2023: 13.7% (13.1) 
Women in 
workforce:  
30% by 2025 
Performance Q3 2023: 24% (22) 
 
 Dividend policy:  Munters aim to pay an annual dividend 
corresponding to 30-50% of its consolidated 
income after tax for the period. 
Women 
leaders:  
30% by 2025 
Performance Q3 2023: 21% (22) 
 
  For 2022 a dividend of SEK 0.95 (30% of income 
after tax) was paid in the second quarter, totaling 
MSEK 173. 
Service share:  Service share 30% of net sales in the long term 
Performance Q3 2023, LTM: 13.4% (15.2) 
 
       See Munters Annual and Sustainability report (ASR) 2022, pages 48-80, for 
further information on goals and outcome or at www.munters.com. For full 
description of the dividend policy, see the ASR 2022, page 9 or at 
www.munters.com. 
* Last 12 months 
1 In production plants 
2 Total Recordable Incident Rate (number of accidents where the 
employee had to seek medical assistance multiplied by 
200,000/number of hours worked)

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

Interim report January-September 2023 3 
Financial performance  
 
Order intake 
July-September 2023 
Order intake amounted to MSEK 2,494 (6,354), (organic development of -64%, structural +1%, currency effects 
+2%), with good growth in FoodTech while the two other business areas experienced lower growth than last 
year. In the short-term customers are placing orders closer to delivery, partly driven by the more unstable 
macroenvironment. In the long-term underlying growth drivers for our main markets remain strong.  
Market activity in Airtech’s end markets was good, however  order intake was lower than last year mainly as the 
order intake did not comprise of any larger orders in the quarter compared to last year. DCT  continued to see 
strong demand in North Americas, however, did not receive any large orders in the quarter. Last year in the same 
period two large orders were received with a combined value of MUSD 239.  Order intake in FoodTech was 
positive with strong development in both Climate- and Digital solutions in the US. A slight recovery of the 
markets in APAC and EMEA led to a stable order intake in these regions.  
For more information on the order intake, see the business area comments on pages 6 , 7 and 8.  
January-September 2023 
Order intake during the first nine months of the year amounted to MSEK 8,465 (13,688), (organic development of 
-43%, structural +1%, currency effects +3%).  
The order backlog at the end of the period amounted to MSEK 10,025 compared to MSEK 11,866 in the third 
quarter 2022, corresponding to a -16% decrease. The majority of the backlog is attributable to large orders 
received in DCT and AirTech during 2022 to be delivered throughout 2025.  
Net sales 
July-September 2023 
Net sales grew to MSEK 3,560 (2,644) (organic growth +28%, structural +3%, currency effects +4%). Growth was 
mainly driven by good execution on large orders in DCT as well  as a good development in the battery sub-
segment in AirTech. Both Climate and Digital solutions within FoodTech showed strong development in the US, 
whereas APAC and EMEA continued to be weak. Service net sales amounted  to MSEK 479 (382) representing 
13% (14) of total net sales with an organic growth of 7%.  
For more information on the net sales, see the business area comments on pages 6, 7 and 8.  
January-September 2023 
Net sales grew to MSEK 10,271 (7,375) (organic growth +31%, structural +2%, currency effects +7%). Strong net 
sales growth was reported in AirTech and DCT driven by high activity in projects deliveries, whereas FoodTech 
showed flat development. Service net sales for the year amounted to MSEK 1,282 (1,056) representing 12% (14) of 
total net sales with an organic growth of 10%. 
  
LTM Full-year
MSEK 2023 2022 ∆% 2023 2022 ∆% Oct-Sep 2022
Order intake 2,494 6,354 -61 8,465 13,688 -38 11,608 16,830
AirTech 1,463 2,453 -40 4,875 5,757 -15 7,517 8,399
DCT 404 3,406 -88 1,764 6,216 -72 1,793 6,245
FoodTech 651 507 28 1,878 1,759 7 2,360 2,242
Corporate & elim. -24 -11 - -50 -44 - -62 -56
Net sales 3,560 2,644 35 10,271 7,375 39 13,281 10,386
AirTech 1,978 1,684 17 6,090 4,817 26 8,103 6,830
DCT 953 378 152 2,483 901 176 2,983 1,401
FoodTech 650 594 10 1,745 1,697 3 2,259 2,211
Corporate & elim. -21 -12 - -48 -40 - -64 -56
Adjusted EBITA 503 293 72 1,371 766 79 1,675 1,070
AirTech 305 242 26 974 684 42 1,303 1,014
DCT 160 24 560 375 48 679 411 84
FoodTech 80 53 53 162 124 31 166 128
Corporate & elim. -42 -26 - -140 -91 - -205 -156
Adjusted EBITA margin, % 14.1 11.1 13.3 10.4 12.6 10.3
AirTech 15.4 14.4 16.0 14.2 16.1 14.8
DCT 16.8 6.4 15.1 5.3 13.8 6.0
FoodTech 12.4 8.8 9.3 7.3 7.4 5.8
Q3 Jan-Sep
Quarterly order intake  
(MSEK)  
  
Order intake per Business Area  
Q3, 2023 (MSEK)  
 
Order intake per region  
Q3, 2023 (MSEK)  
 
Quarterly net  sales, 
(MSEK)  
 
Net sales  per Business Area  
Q3, 2023 (MSEK)  
 
Net sales per region Q 3, 2023 (MSEK)  
 
0
5,000
10,000
15,000
20,000
Q3
21
Q1 Q3
22
Q1 Q3
23
0
2,000
4,000
6,000
8,000
Quarter LTM
0% 50% 100%
AirTech 58% DCT 16% FoodTech 25%
0% 50% 100%
Americas 52% EMEA 31% APAC 17%
0
4,000
8,000
12,000
16,000
Q3
21
Q4 Q1 Q2Q3
22
Q4 Q1 Q2Q3
23
0
1,000
2,000
3,000
4,000
Quarter LTM
0% 50% 100%
AirTech 55% DCT 27% FoodTech 18%
0% 50% 100%
Americas 62% EMEA 22% APAC 16%

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

Interim report January-September 2023 4 
Results 
Adjusted EBITDA and EBITA excludes Items Affecting Comparability, IAC, see page  18 for disclosure of the IACs. 
July-September 2023 
The gross margin amounted to 32.1% (29.3). The margin improved mainly as a result of strong net sales growth 
in AirTech and DCT, net price increases and positive effects from efficiency improvements .  
Adjusted EBITDA amounted to MSEK 587 (359), corresponding to an adjusted EBITDA-margin of 16.5% (13.6). 
Depreciation of tangible assets amounted to MSEK -84 (-66), whereof depreciation of leased assets was MS EK   
-48 (-34). 
Adjusted EBITA amounted to MSEK 503 (293), corresponding to an adjusted EBITA-margin of 14.1% (11.1). The 
margin improved mainly because of net sales increase s in AirTech and DCT as well as a high utilization rate of 
production, efficiency improvement efforts in all business areas as well as contributions from net price 
adjustments.  
Adjusted EBITA for Corporate amounted to MSEK -42 (-26). An expansion of the corporate functions is the main 
driver of the increased cost level.  
Operating profit (EBIT) was MSEK 454 (271), corresponding to an operating margin of 12.8 % (10.3). Amortization 
and write-downs of intangible assets were MSEK -41 (-28), where MSEK -13 (-9) related to amortization of 
intangible assets from acquisitions. 
January-September 2023 
The gross margin amounted to 31.5% (29.0).  
Adjusted EBITDA amounted to MSEK 1,610 (951), corresponding to an adjusted EBITDA-margin of 15.7% (12.9). 
Depreciation of tangible assets amounted to MSEK -239 (-186), whereof depreciation of leased assets was MSEK 
-136 (-92). 
Adjusted EBITA amounted to MSEK 1,371 (766), corresponding to an adjusted EBITA-margin of 13.3% (10.4). The 
margin improved mainly because of net sales increases in AirTech and DCT, net price increase as well as 
efficiency improvement efforts in all business areas.   
Adjusted EBITA for Corporate amounted to MSEK -140 (-91).  
Operating profit (EBIT) was MSEK 1,211 (626), corresponding to an operating margin of 11.8% (8.5). Amortization 
and write-downs of intangible assets in the first nine months of the year were MSEK -113 (-75), where MSEK -38 
(-27) related to amortization of intangible assets from acquisitions.  
Items affecting comparability (IAC) 
Items affecting comparability totaled MSEK -7 (6 ) in the third quarter including restructuring activities of MSEK 
0 (8). A reversal of restructuring costs of MSEK 3 was recorded in the period, explaining the low cost from 
restructuring activities in the quarter. Other IACs totaled M SEK -7 (-2) and relate to costs for M&A activities. 
For the 9 months period IACs totaled MSEK -47 (-65) including restructuring activities of MSEK -12 (-36). Other 
IACs of MSEK -35 (-29) were recorded in the period and comprise costs for M&A activities and costs related to 
the announced strategic review of the equipment offering in FoodTech.  In the same period last year Munters 
incurred IACs related to the decision to close down business activities in Russia of MSEK -27. 
Financial items 
Financial income and expenses for the third quarter amounted to MSEK -93 (-41). Compared to the same period 
last year interest expenses have increased due to higher interest rates in combination with increased 
outstanding debt. Interest expense on lease liabilities amounts to MSEK -11 (-5) in the third quarter. 
Financial income and expenses for the first nine months amounted to MSEK - 232 (-78).  
Taxes 
Income taxes for the third quarter was MSEK -98 (-53). The effective tax rate in the third quarter was 27% (23). 
Income taxes for the first nine months was MSEK -245 (-102). The effective tax rate for first nine months was 
25% (19). 
The low effective tax rate in the first nine months of 2022 was mainly driven by tax related to previous years and 
a revaluation effect on deferred taxes in Sweden.  
Earnings per share 
Net income attributable to Parent Company’s ordinary shareholders amounted to MSEK 260  (176) in the third 
quarter. Earnings per share, before dilution, was SEK 1. 42 (0.97). Earnings per share, after dilution, was SEK 1. 42 
(0.97). 
The average number of outstanding ordinary shares in the third quarter, for the purpose of calculating earnings 
per share, was 182,371,664 before dilution and 182,405,896 after dilution. 
Quarterly gross margin, %  
 
Quarterly adjusted EBITDA 
margin, %  
 
Quarterly adjusted EBITA  
margin, %  
 
Quarterly EBIT margin, %  
 
 
Tax rate  LTM, % 
 
Quarterly EPS , SEK  
 
Q3
21
Q4 Q1 Q2 Q3
22
Q4 Q1 Q2 Q3
23
0%
5%
10%
15%
20%
25%
30%
35%
Q3
21
Q4 Q1 Q2 Q3
22
Q4 Q1 Q2 Q3
23
0%
5%
10%
15%
20%
Q3
21
Q4 Q1 Q2 Q3
22
Q4 Q1 Q2 Q3
23
0%
5%
10%
15%
20%
Q3
21
Q4 Q1 Q2 Q3
22
Q4 Q1 Q2 Q3
23
0%
5%
10%
15%
20%
Q3
21
Q4 Q1 Q2 Q3
22
Q4 Q1 Q2 Q3
23
0%
10%
20%
30%
Q3
21
Q4 Q1 Q2 Q3
22
Q4 Q1 Q2 Q3
23
0.0
0.5
1.0
1.5

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

Interim report January-September 2023 5 
Financial position 
Net debt as of September 30 amounted to MSEK 4, 399 compared to 3,654 at the end of September 2022 , 3,825 
at the end of December 2022 and 4,833 at the end of June 2023. In the third quarter net debt was reduced 
because of improved operating earnings as well as a reduction in operating  working capital. Net debt in relation 
to adjusted EBITDA was 2.2x compared to 2.7x at end of June 2023.  
Interest-bearing liabilities, including lease liabilities, increased by MSEK 1,190 compared to end of September 
2022 and amounted to MSEK 5,345 (4,155). The increase is driven mainly by acquisitions financed through debt 
executed during the recent year as well as increased operating working capital in the recent twelve months. In 
the first nine months of 2023 Munters closed the acquisition of the Swedish manufacturer of components, Tobo 
components, the French service business SIFT and the acquisition of a majority share in the Brazilian 
manufacturer of controllers and complimentary accessories for the broiler and swine segments, InoBram. On the 
16th of October, after the end of the Q3, it was announced that the acquisition of the Indian air handling  
equipment company ZECO had been finalized.  
The Group’s interest-bearing liabilities have an average maturity of 3. 3 years. 
Average capital employed for the last twelve months was MSEK 10,733 (8,255). Return on capital employed 
(ROCE) for the last twelve months increased to 13 .8% (9.9) because of improved operating earnings.  
Cash flow 
Cash flow from operating activities amounted to MSEK 554 (266) in the third quarter and MSEK 396 (345) for the 
first nine months of 2023.  
Cash flow from changes in working capital had a positive impact of MSEK 110 (30) in the third quarter and a 
negative impact of MSEK -724 (-273) for the first nine months of 2023. The positive impact in the third quarter is 
mainly related to the positive contribution from DCT as their deliveries to customers increased. The negative 
impact during the first nine months 2023 is mainly related to build-up of operating working capital in large 
orders within battery in AirTech.  
Total cash flow for the third quarter amounted to MSEK 458  (225) and MSEK 253 (-9) for the first nine months of 
2023. The total cash flow for the first nine months was impacted by acquisitions of MSEK -148, investments in 
tangible and intangible assets of MSEK -455, payment of dividend to external shareholders in May 2023 of 
MSEK -175 and net increased external borrowing of MSEK 742.  
Parent company  
The parent company for the Group is Munters Group AB. The parent company does not engage in sales of goods 
and services to external customers. Cash and cash equivalents at the end of the period amounted to MSEK 3 (0 ).  
Net debt per quarter  
 
ROCE, %  
 
 -
  0.5
  1.0
  1.5
  2.0
  2.5
  3.0
  3.5
Q3
21
Q4 Q1 Q2 Q3
22
Q4 Q1 Q2 Q3
23
0
1,000
2,000
3,000
4,000
5,000
6,000
Quarter Leverage
Q3
21
Q4 Q1 Q2 Q3
22
Q4 Q1 Q2 Q3
23
0%
5%
10%
15%

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

Interim report January-September 2023 6 
AirTech 
Business area AirTech is a global leader in energy -efficient air treatment for industrial and commercial 
applications. We offer solutions for mission-critical processes that require exact control of moisture and 
temperature, with a focus on energy-efficiency and sustainable climate systems. Our clim ate systems also 
provide better indoor air quality and comfort, as well as increased production capacity.  
 
July-September 2023 
Order intake 
Order intake decreased -45% organically, with negative development in all regions. No large orders were 
received in the quarter. Last year a large order for a battery production facility of MUSD 65  was received in 
the third quarter, excluding this order Airtech’s order intake declined -17%.   
• Within the Industrial segment the battery sub-segment had a weaker development, as customers in all 
regions are ordering closer to delivery. In APAC the weaker development was mainly related to China 
where the consolidation of the battery market continues. The market in EMEA and Americas was 
weaker mainly as customers are placing orders closer to delivery, ie lead times are shortening, partly 
driven by the more unstable macroenvironment .  
• Clean Technologies (CT) declined mainly due to delays in customer decisions related to major 
investments.   
• Components showed good growth in all regions, mainly driven by strong growth in Americas where the 
acquisition of Hygromedia and Rotorsource in 2022  had good contribution. Service showed growth in 
EMEA, offset by weaker markets in APAC and Americas. 
Net sales  
Net sales increased +12% organically, showing positive development in all segments and especially the 
battery sub-segment in Americas. Regions Americas and EMEA grew strongly, slightly offset by a weaker 
development in APAC. Service accounted for 19% (23) of net sales with an organic increase of +8%. 
• The Industrial segment showed growth in all regions, driven mainly by the battery subsegment in 
Americas. EMEA also showed good growth in the battery sub-segment, whereas APAC had weaker 
development. The pharmaceutical sub-segment in EMEA and the food sub-segment in Americas and 
APAC also contributed to growth.     
• Clean Technologies had a stable development in all regions.  
• The Components segment showed good growth in Americas  and a flat development in APAC and 
EMEA. Service had good growth in EMEA, and flat development in the other regions.  
Adjusted EBITA 
The adjusted EBITA margin improved mainly because of increased net sales .  
• Efficiency improvements continued to have a positive impact on the margin.  
• Contributions from net price increases strengthened the margin. 
January-September 2023 
• Order intake declined -21% organically. Components segment had good growth, offset by a weaker 
development in the Industrial segment. The Service segment showed a stable development.  
• Net sales increased +19% organically, mainly because of a strong development in the Industrial segment 
in all regions. Components showed good growth in all regions and Service grew in Americas and EMEA 
with a flat development in APAC. Service accounted for 19% (14) of net sales with an organic growth of 
+11%.  
• The adjusted EBITA margin improved because of volume increase combined with positive contributions 
from efficiency improvements and net price increases.   
 
 
LTM Full-year
MSEK 2023 2022 ∆% 2023 2022 ∆% Oct-Sep 2022
External order backlog 3,572 4,219 -15 3,572 4,219 -15 3,572 4,698
Order intake 1,463 2,453 -40 4,875 5,757 -15 7,517 8,399
Growth -40% 63% -15% 41% 0% 44%
Net sales 1,978 1,684 17 6,090 4,817 26 8,103 6,830
Growth 17% 43% 26% 47% 31% 46%
of which organic growth 12% 25% 19% 32% - 31%
of which acq. and div. 3% - 2% - - 0%
of which currency effects 3% 17% 5% 14% - 15%
Operating profit (EBIT) 290 247 17 926 657 41 1,245 976
Operating margin, % 14.7 14.7 15.2 13.6 15.4 14.3
Amortization of intang. asset -14 -7 -35 -17 -46 -29
Items affecting comparability -1 14 -13 -8 -14 -9
Re-allocation of int. services - -2 - -3 3 -
Adjusted EBITA 305 242 26 974 684 42 1,303 1,014
Adjusted EBITA margin, % 15.4 14.4 16.0 14.2 16.1 14.8
Q3 Jan-Sep
Quarterly net  sales - AirTech , 
(MSEK)  
 
Quarterly adjusted EBITA  
margin % - AirTech  
 
Order intake per region  
Q3, 2023 - AirTech (MSEK)   
 
Net sales per region  
Q3, 2023 - AirTech (MSEK)  
 
 
 
0
2,000
4,000
6,000
8,000
10,000
Q3
21
Q4 Q1 Q2 Q3
22
Q4 Q1 Q2 Q3
23
0
400
800
1,200
1,600
2,000
2,400
Quarter LTM
0%
5%
10%
15%
20%
Q3
21
Q4 Q1 Q2 Q3
22
Q4 Q1 Q2 Q3
23
0%
5%
10%
15%
20%
Quarter LTM
0% 50% 100%
Americas 46% EMEA 30% APAC 24%
0% 50% 100%
Americas 48% EMEA 28% APAC 24%

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

Interim report January-September 2023 7 
Data Center Technologies 
Business area Data Center Technologies (DCT) is a leading supplier of advanced climate cooling solutions using 
a wide range of heat rejection technologies. Our solutions produce significant energy savings for data centers 
compared with traditional cooling solutions. With a diversified product portfolio and extensive application 
knowledge, we create sustainable climate solutions for data center operators worldwide.  DCT has operations in 
Virginia and Texas in the US, as well as in Ireland.  
 
July-September 2023 
Order intake 
Order intake decreased -89% organically, excluding the two large orders of MUSD 239 received in the 
third quarter 2022 order intake decreased -49% organically.     
• The lower order intake compared to last year is partly due to a changed ordering pattern among 
customers, where orders last year were placed well ahead  due to the supply chain constraints in the 
market. 
• The underlying demand is continued good with a strong long -term trend driven by continued 
digitization and an increased focus on energy-efficient cooling solutions for data centers. 
• Good development in Europe, for example with an order for the product Oasis .  
Net sales 
Net sales increased +140% organically, driven by good execution on large projects and increased 
deliveries.  
• Deliveries of the large orders announced during last year are proceeding according to plan.  
• The production ramp-up in Europe of Munters products is progressing according to plan . Preparations 
to introduce the SyCool split solution to the European market are ongoing.   
Adjusted EBITA 
The adjusted EBITA margin improved significantly primarily because of strong volume growth, combined 
with a high utilization rate in production.  
• Indirect costs in relation to net sales are expected to increase as investments in resources and 
competence are planned to accelerate over the coming quarters in order to capture growth 
opportunities.  
January-September 2023 
• Order intake decreased -73% organically mainly because of customers having ordered solutions in 
advance last year because of previous supply chain challenges.  
• Net sales increased +157% organically, driven by high activity in large projects and a ramp -up of 
production. 
• The adjusted EBITA margin improved strongly because of volume increase, net price increases and 
efficiency improvements.   
LTM Full-year
MSEK 2023 2022 ∆% 2023 2022 ∆% Oct-Sep 2022
External order backlog 5,453 6,739 -19 5,453 6,739 -19 5,453 5,937
Order intake 404 3,406 -88 1,764 6,216 -72 1,793 6,245
Growth -88% 1034% -72% 801% -73% 494%
Net sales 953 378 152 2,483 901 176 2,983 1,401
Growth 152% 134% 176% 74% 175% 100%
of which organic growth 140% 66% 157% 11% - 35%
of which acq. and div. - 32% - 38% - 35%
of which currency effects 13% 36% 18% 25% - 30%
Operating profit (EBIT) 154 19 716 358 41 771 389 71
Operating margin, % 16.2 5.0 14.4 4.6 13.0 5.1
Amortization of intang. asset -6 -5 -17 -15 -22 -20
Items affecting comparability - 0 - 8 0 8
Adjusted EBITA 160 24 560 375 48 679 411 84
Adjusted EBITA margin, % 16.8 6.4 15.1 5.3 13.8 6.0
Q3 Jan-Sep
Quarterly net  sales - DCT, 
(MSEK)  
 
Quarterly adjusted EBITA margin % - 
DCT 
 
Order intake per region Q 3,  
2023 – DCT (MSEK)  
 
Net sales per region Q 3,  
2023 - DCT (MSEK)  
 
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Q3
21
Q1 Q3
22
Q1 Q3
23
0
200
400
600
800
1,000
1,200
Quarter LTM
0%
5%
10%
15%
20%
Q3
21
Q4 Q1 Q2 Q3
22
Q4 Q1 Q2 Q3
23
0%
5%
10%
15%
20%
Quarter LTM
0% 50% 100%
Americas 71% EMEA 28% APAC 0%
0% 50% 100%
Americas 95% EMEA 4% APAC 0%

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

Interim report January-September 2023 8 
FoodTech 
Business area FoodTech is one of the world’s leading suppliers of innovative, energy -efficient climate systems 
for livestock farming and greenhouses, as well as software for controlling and optimizing the entire food 
production value chain. Our solutions increase productivity while contributing to sustainable food production, 
where strict requirements are placed on quality, animal health and food safety.  In July 2023 Munters announced 
an initiation of a strategic review of FoodTech’s equipment business. 
 
July-September 2023 
Order intake 
Order intake increased +22% organically, mainly driven by strong order intake in the US and a slight 
recovery in EMEA and APAC.    
• Both Climate and Digital solutions showed strong growth in the Americas region. Climate solutions in 
the US had a good development in the broiler and layer segments. Digital solutions continued to 
show very strong growth in the US.  
• In region EMEA the underlying market was continued weak as a consequence of lower investment 
levels. Positively, the layer segment showed good growth . 
• Region APAC showed stable development, with growth in both the broiler and layer segments. In 
China the swine market showed continued weak development.  
Net sales 
Net sales increased +1% organically, mainly due to continued weak markets in APAC and EMEA.    
• Climate solutions in Americas showed strong growth, primarily in the broiler and layer segment s. 
Digital solutions in the US grew with increased software recurring revenues +53% to MSEK 48, with an 
ARR (Annualized Recurring software Revenue) of MSEK 194 . 
• Region EMEA declined due to the overall weak market demand in all segments  except layer which 
showed good growth.   
• The APAC region declined, mainly due to a continued weak swine market in China  whereas the layer 
segment showed good growth.  
Adjusted EBITA 
The adjusted EBITA margin increased, mainly driven by positive effects from commercial excellence 
initiatives, including net price increases.  
• Increased net sales combined with positive effects from operational excellence improvements  led to 
an improved margin, with recent years actions to mitigate negative effects from lower net sales in 
both EMEA and APAC providing a major positive contribution.  
• Positive effects from improved profitability in Digital solutions, despite continued high investments 
for growth.  
January-September 2023 
• Order intake was flat organically, with a good development in Americas, offset by weak markets in 
APAC and EMEA. 
• Net sales declined -4% organically, mainly due to weak markets in APAC and EMEA, partly offset by a 
good development in Americas.  
• The adjusted EBITA margin improved significantly as a result of positive effects from net price 
increases and efficiency improvement initiatives.  
  
LTM Full-year
MSEK 2023 2022 ∆% 2023 2022 ∆% Oct-Sep 2022
External order backlog 999 908 10 999 908 10 999 828
Order intake 651 507 28 1,878 1,759 7 2,360 2,242
Growth 28% 1% 7% 6% 4% 4%
Net sales 650 594 10 1,745 1,697 3 2,259 2,211
of which SaaS 48 32 53 126 86 47 160 119
SaaS ARR 194 127 53 194 127 53 194 133
Growth 10% 13% 3% 12% 2% 9%
of which organic growth 1% -1% -4% 1% - -2%
of which acq. and div. 5% - 2% - - -
of which currency effects 3% 13% 5% 11% - 11%
Operating profit (EBIT) 61 30 99 86 28 210 63 5
Operating margin, % 9.3 5.1 4.9 1.6 2.8 0.2
Amortization of intang. asset -19 -15 -53 -39 -73 -59
Items affecting comparability -1 -6 -24 -57 -31 -64
Re-allocation of int. services - -1 - -1 1 -
Adjusted EBITA 80 53 53 162 124 31 166 128
Adjusted EBITA margin, % 12.4 8.8 9.3 7.3 7.4 5.8
Q3 Jan-Sep
Quarterly net  sales - FoodTech , 
(MSEK)  
 
Quarterly adjusted EBITA margin %  
- FoodTech  
 
Order intake per region Q3, 2023  – 
FoodTech  (MSEK)  
 
Net sales per region Q 3, 2023  - 
FoodTech  (MSEK)  
 
0
500
1,000
1,500
2,000
2,500
Q3
21
Q4 Q1 Q2Q3
22
Q4 Q1 Q2Q3
23
0
100
200
300
400
500
600
700
Quarter LTM
0%
2%
4%
6%
8%
10%
12%
14%
Q3
21
Q4 Q1 Q2 Q3
22
Q4 Q1 Q2 Q3
23
0%
2%
4%
6%
8%
10%
12%
14%
Quarter LTM
0% 50% 100%
Americas 55% EMEA 33% APAC 12%
0% 50% 100%
Americas 55% EMEA 31% APAC 13%

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

Interim report January-September 2023 9 
Corporate 
The Corporate function reported an adjusted EBITA of MSEK -42 (-26) in the third quarter. Corporate staff 
functions as well as minority investments are accounted for within Corporate.  
To further enhance Munters strategic journey Munters has started to make financial investments in start -ups 
with the aim to support innovation for the group within digitalization, technology, and sustainability. In 2022, 
five minority investments were made. In the third quarter 2023 Munters participated in the capital increase of 
one of the investments.  
  
Quarterly Corporate cost  (MSEK)  
 
0.0%
0.5%
1.0%
1.5%
2.0%
Q3
21
Q4 Q1 Q2 Q3
22
Q4 Q1 Q2 Q3
23
0
20
40
60
Quarter
% of Net sales, LTM

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

Interim report January-September 2023 10 
Other information 
Employees 
The number of permanent FTEs (Full Time Equivalents) , at September 30, 2023 was 4,370 (3,755). The amount 
of FTEs at September 30, 2023 in business area AirTech was 2,720 (2,536), in DCT 619 (341), in FoodTech 892 
(785) and at Group functions 139 (93).  
Outstanding shares  
As of September 30, 2023, Munters held 1,966,345 treasury shares of the total shares of 184,457,817. Thus, the 
number of outstanding shares as of the balance sheet date was 182, 491,472. 
Dividend  
A dividend of SEK 0.95 (0.85) per share was paid in May 2023, in total MSEK 17 3 (154). This represented 30 per 
cent of the net income 2022. During the second quarter a dividend of MSEK 2 (2) was paid to non- controlling 
interests. 
Other events during the quarter 
Strategic review of FoodTech equipment offering  – On 18th July Munters announced that a strategic review of 
the equipment offering in FoodTech has been initiated. The company has decided to accelerate the focus on 
digital growth (software, IoT, sensors and controllers) and the strategic review includes exploring different 
options and may result in partial divestments, although no such d ecisions have yet been made. Munters net 
sales for 2022 amounted to approximately BSEK 10.4, of which the equipment sales within FoodTech accounted 
for approximately 16%.   
Agreement signed to a cquire ZECO – In September 2023 it was announced 
that an agreement had been signed to acquire ZECO, an Indian manufacturer of 
air treatment solutions for an estimated enterprise value of MSEK 790. ZECO 
will provide Munters with a strong platform to expand its  dehumidification 
offering in the Indian market. ZECO reported net sales of about MSEK  510 for 
FY 2022/2023, ending on the 31st of March 2023. The reported EBITA -margin is accretive to the Munters Group. 
The acquisition will be fully financed through existing credit facilities.  
Nomination committ ee for the 2024 Annual General Meeting – In September Munters announced the 
Nomination committee for the 2024 Annual General Meeting. It comprises the following members: Magnus 
Fernström, FAM, Chairman of the Nomination Committee, Celia Grip, Swedbank Robur Funds, Ma ts Larsson, 
First Swedish National pension fund, Philip Mesch, ODIN Fund Management.  
Events after the close of the period 
Acquisition of ZECO - On 16th October the acquisition of the Indian manufacturer of air treatment solutions, 
ZECO was finalised. 
  
Ten largest shareholders  
 
 
 
As of 30 Sep %
FAM AB 28.0
First Swedish National 
Pension Fund 6.2
ODIN Funds 6.2
Swedbank Robur Fund 6.1
Fourth Swedish National 
Pension Fund 5.1
Capital Group 3.3
Vanguard 2.1
Columbia Threadneedle 1.9
Schroders 1.8
Janus Henderson Investors 1.7
Source: Modular Finance AB

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

Interim report January-September 2023 11 
About Munters 
 
Munters is a global leader in energy-efficient and sustainable 
climate solutions. The solutions guarantee temperature and 
humidity control, which is mission-critical for customers. 
Munters offers solutions to many different industries where 
controlling temperature and humidity is mission critical. Our 
solutions reduce customers’ climate and environmental impact 
through lower resource consumption, and in the process 
contribute to cleaner air, higher efficiency and reduced carbon 
emissions. Sustainability is an important part of Munters’ 
business strategy and value creation. 
Short facts 
– ~4,370 employees (FTEs) 
– >30 countries with sales and 
manufacturing 
– 19 production units 
– 21% women leaders 
– Three business areas: AirTech, Data 
Center Technologies and FoodTech 
In Q3, AirTech generated 55%, Data Center 
Technologies 27% and FoodTech 18% of the 
total net sales of Munters 
Purpose 
For customer success and a 
healthier planet 
Curiosity and a drive to 
create pioneering 
technologies are part of our 
DNA. Our climate solutions 
are mission-critical to our 
customers’ success and 
contribute to a more 
sustainable planet. 
 
 
 
The strategy of Munters 
Munters has a strong position in most of our markets. We see great opportunities to 
improve and strengthen our market position and to achieve our mid-term financial targets 
and deliver on our strategy. The key to success is how we respond in working toward our 
goals. Our overarching strategic priorities show which areas we regard as important to our 
success. For each strategic priority we have clear action plans and ambitions what we want 
to achieve. Sustainability is a priority issue reflected in every strategic priority. 
People: Employees are the hub of our business and their safety and health is  a priority. 
Diversity and inclusion are important to us, since we are convinced that diversity 
leads to stronger innovation. Through collaboration and a passion for creating 
energy-efficient solutions for our customers and partners, we contribute to our 
customers’ success and a better world. 
Customers : We help our customers succeed by supplying high-quality climate solutions that make them  
more sustainable. Our success is built on close, long -term relationships and a deep understanding of the customer’s b usiness and 
future needs. Our strategy is to continue to build customer insight and utilize our broadbased expertise on applications, tec hnology and 
components to supply attractive solutions and services.  
Innovation:  Curiosity and an ambition to create pioneering technologies are part of our DNA. We will stay  
at the forefront of the industry’s development and contribute to sustainable development through our energy - and resource-efficient 
climate solutions. We continue to invest in our core technologies, solutions and digitization to optimize our product portfolio and our 
innovative production technology. 
Markets :  Munters is active around the world and climate change, digitization and population growth are the key mar kets drivers. Our resources 
are focused on strengthening our position in areas where we can be a market leader and growing the service business. With hig h-
quality, resource-efficient solutions and a conscious effort to re-duce our own climate impact, we contribute to sustainable 
development. 
Excellence in 
everything we do:  
Our aim is to increase efficiency and quality in everything we do  and to reduce our climate impact. Munters’ operations all share 
responsible business practices and high ethical standard s with a respect for human rights, diversity, and health and safety in the 
workplace

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

Interim report January-September 2023 12 
Quarterly overview Group 
Income Statement 
 
 
Key performance indicators 
 
 
Net Debt 
 
MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Order backlog 10,025 11,153 10,783 11,463 11,866 7,515 6,367 4,198 3,525
Order intake 2,494 3,427 2,544 3,143 6,354 3,200 4,133 2,605 2,295
Net sales 3,560 3,536 3,175 3,011 2,644 2,610 2,121 2,057 1,857
Adjusted EBITDA 587 561 462 381 359 332 260 274 270
Depreciation tangible assets -84 -82 -73 -78 -66 -60 -59 -56 -55
Adjusted EBITA 503 479 389 304 293 272 201 217 215
Amortization intangible assets from acq. -13 -13 -12 -8 -9 -9 -9 -8 -8
Amortization other intangible assets -29 -25 -22 -30 -19 -15 -14 -10 -10
Items affecting comparability (IAC) -7 -34 -6 -9 6 -28 -44 -9 -4
Operating profit (EBIT) 454 408 349 255 271 220 134 190 194
Financial income and expenses -93 -66 -73 -64 -41 -14 -23 -14 -20
Tax -98 -85 -62 -61 -53 -39 -10 -43 -35
Net income 264 257 214 131 178 166 102 133 138
 -attributable to Parent Comp. Shareholders 260 256 214 128 176 169 104 133 138
202120222023
MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Organic Growth, Net Sales 28% 27% 38% 26% 22% 25% 16% 10% 3%
Adjusted EBITA margin, % 14.1 13.5 1 2.3 10.1 11.1 10.4 9.5 10.6 11.6
Operating margin, % 12.8 11.5 11.0 8.5 10.3 8.4 6.3 9.2 10.5
Earnings per share before dilution, SEK 1.42 1.40 1.18 0.70 0.97 0.93 0.57 0.73 0.75
Earnings per share before after, SEK 1.42 1.40 1.18 0.70 0.97 0.93 0.57 0.73 0.75
OWC/Net Sales, % 13.7 13.2 12.7 12.7 13.1 13.3 13.4 13.1 12.5
Net Debt/Adjusted EBITDA, LTM 2.2 2.7 2.7 2.9 3.0 2.9 2.6 2.2 2.2
2023 2022 2021
MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Cash and cash equivalents -1,165 -710 -618 -914 -698 -459 -565 -674 -440
Interest-bearing liabilities 4,575 4,518 3,772 3, 721 3,424 3,101 2,830 2,374 2,324
Lease liabilities 770 801 781 774 731 367 370 376 369
Provisions for pensions 197 209 217 227 187 226 298 308 279
Accrued financial expenses 21 15 24 16 10 6 5 5 4
Net Debt 4,399 4,833 4,175 3,825 3,654 3,241 2,938 2,389 2,536
202120222023

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

Interim report January-September 2023 13 
Condensed statement of comprehensive 
income 
 
 
 
 
LTM Full-year
MSEK 2023 2022 2023 2022 Oct-Sep 2022
Net sales 3,560 2,644 10,271 7,375 13,281 10,386
Cost of goods sold -2,418 -1,870 -7,040 -5,237 -9,172 -7,368
Gross profit 1,142 774 3,230 2,138 4,110 3,017
Selling expenses -313 -271 -939 -772 -1,246 -1,079
Administrative costs -278 -204 -805 -566 -1,040 -800
Research and development costs -94 -58 -245 -168 -313 -236
Other operating income and expenses 0 30 -26 -7 -38 -19
Share of earnings in associates -3 - -5 - -7 -2
Operating profit 454 271 1,211 626 1,466 881
Financial income and expenses -93 -41 -232 -78 -296 -142
Profit/Loss after financial items 362 230 979 548 1,171 739
Tax -98 -53 -245 -102 -305 -162
Net income for the period 264 178 734 446 865 577
Attributable to Parent Company shareholders 260 176 730 449 857 577
Attributable to non-controlling interests 4 2 5 -3 8 -0
Average number of outstanding shares before dilution 182,371,664 181,795,436 182,194,023 181,671,444 182,143,744 181,752,465
Average number of outstanding shares after dilution 182,405,896 182,049,874 182,225,460 181,862,239 182,174,003 181,932,090
Earnings per share before dilution, SEK 1.42 0.97 4.00 2.47 4.71 3.18
Earnings per share after dilution, SEK 1.42 0.97 4.00 2.47 4.71 3.17
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange-rate differences on translation of foreign operations -87 289 151 643 -9 483
Items that will not be reclassified to profit or loss:
Actuarial gains/losses on defined-benefit pension obligations 12 44 35 131 -5 91
Income tax effect not to be reclassified to profit or loss -3 -9 -7 -27 1 -18
Other comprehensive income, net after tax -78 324 178 747 -13 555
Total comprehensive income for the period 186 502 912 1,193 852 1,132
Attributable to Parent Company shareholders 182 500 908 1,197 845 1,133
Attributable to non-controlling interests 3 2 4 -4 7 -1
Q3 Jan-Sep

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

Interim report January-September 2023 14 
Condensed statement of financial position 
 
 
Condensed statement of changes in equity 
 
 
  
MSEK 2023-09-30 2022-09-30 2022-12-31
ASSETS
NON-CURRENT ASSETS
Goodwill 5,694 5,172 5,359
Other intangible assets 2,207 2,041 2,027
Property, plant and equipment 972 781 825
Right-of-Use assets 729 713 751
Participations in associated companies 30 38 34
Other financial assets 86 53 83
Deferred tax assets 382 298 298
Total non-current assets 10,098 9,096 9,376
CURRENT ASSETS
Inventory 1,965 1,765 1,956
Accounts receivable 2,486 1,899 2,235
Derivative instruments 2 − 2
Current tax assets 89 89 93
Other receivables 131 126 159
Prepaid expenses and accrued income 1,069 785 684
Cash and cash equivalents 1,165 698 914
Total current assets 6,907 5,362 6,042
TOTAL ASSETS 17,005 14,459 15,419
EQUITY AND LIABILITIES
EQUITY
Shareholders' equity 5,976 5,413 5,303
Non-controlling interests 1 3 3
Total equity 5,978 5,416 5,307
NON-CURRENT LIABILITIES
Interest-bearing liabilities 4,568 3,386 3,721
Lease liabilities 594 610 640
Provisions for pensions 197 187 227
Other provisions 66 66 65
Other non-current liabilities 378 174 223
Deferred tax liabilities 443 459 442
Total non-current liabilities 6,246 4,882 5,318
CURRENT LIABILITIES
Interest-bearing liabilities 7 37 −
Lease liabilities 176 121 135
Other provisions 165 159 150
Accounts payable 1,156 932 1,288
Derivative instruments 11 3 −
Current tax liabilities 108 48 55
Advances from customers 1,725 1,428 1,715
Other current liabilities 97 163 257
Accrued expenses and deferred income 1,335 1,270 1,194
Total current liabilities 4,781 4,160 4,794
TOTAL EQUITY AND LIABILITIES 17,005 14,459 15,419
MSEK 2023-09-30 2022-09-30 2022-12-31
Opening balance 5,307 4,363 4,363
Total comprehensive income for the period 912 1,193 1,132
Exercised share options 14 15 25
Put/call option related to non controlling interests -81 − -58
Dividends paid -175 -156 -156
Share option plan incl. deferred tax 1 2 0
Other − − 0
Closing balance 5,978 5,416 5,307
Total shareholders´ equity attributable to :
The parent company's shareholders 5,976 5,413 5,303
Non-controlling interests 1 3 3

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

Interim report January-September 2023 15 
Condensed cash flow statement 
 
  
LTM Full-year
MSEK 2023 2022 2023 2022 Oct-Sep 2022
OPERATING ACTIVITIES
Operating profit 454 271 1,211 626 1,466 881
Reversal of non-cash items
Depreciation, amortization and impairments 125 94 352 260 468 377
Other profit/loss items not affecting liquidity 15 -6 15 -14 5 -24
Change in provisions
Provisions 3 -26 11 -20 7 -24
Cash flow before interest and tax 598 334 1,588 852 1,946 1,210
Paid financial items -73 -34 -214 -64 -272 -121
Taxes paid -81 -64 -254 -171 -316 -233
Cash flow from operating activites before changes in working 
capital 444 235 1,120 617 1,359 856
Change in accounts receivable -119 -94 -157 -151 -641 -635
Change in inventory 161 -149 83 -454 -168 -706
Change in accrued income 60 62 -278 -233 -281 -236
Change in accounts payable -104 -22 -172 33 192 397
Change in advances from customers 109 204 -173 573 230 977
Cashflow from changes in operating working capital 106 1 -696 -233 -667 -203
Change in other working capital 4 30 -28 -40 132 119
Cash flow from changes in working capital 110 30 -724 -273 -535 -84
Cash flow from operating activities 554 266 396 345 823 772
INVESTING ACTIVITIES
Business acquisitions 1 - -148 -302 -568 -721
Investments in associated companies - -34 -0 -34 -1 -34
Investments in participations and securities in other companies -4 -36 -3 -39 -27 -62
Sale of intangible assets and property, plant and equipment 0 18 -1 19 7 27
Investment in property, plant and equipment -65 -44 -214 -133 -303 -222
Investment in intangible assets -66 -74 -242 -223 -337 -317
Cash flow from investing activities -134 -169 -608 -710 -1,227 -1,330
FINANCING ACTIVITIES
Exercised share options 11 10 14 15 25 25
Loan raised 376 267 1,454 1,052 1,904 1,503
Amortization of loans -308 -117 -712 -466 -749 -504
Repayment of lease liabilities -40 -32 -117 -88 -150 -122
Dividends paid - - -175 -156 -175 -156
Other changes to financing activities -1 - -0 - -6 -5
Cash flow from financing activities 38 128 465 357 850 743
Cash flow for the period 458 225 253 -9 446 184
Cash and cash equivalents at period start 713 459 914 674 698 674
Exchange-rate differences in cash and cash equivalents -6 14 -2 34 20 56
Cash and cash equivalents at period end 1,165 698 1,165 698 1,165 914
Q3 Jan-Sep

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

Interim report January-September 2023 16 
Parent company 
Condensed income statement 
 
Condensed statement of comprehensive income 
 
Condensed balance sheet 
 
 
  
LTM Full-year
MSEK 2023 2022 2023 2022 Oct-Sep 2022
Net sales − − − − − −
Gross profit/loss 0 0 0 0 0 −
Administrative costs -4 0 -11 -3 -15 -8
Other operating income and expenses 26 4 29 5 32 8
Operating profit 22 5 18 2 18 1
Financial income and expenses -6 -2 -12 -3 -14 -5
Profit/Loss after financial items 16 3 6 -1 4 -4
Group contributions − − − − 7 7
Profit/Loss before tax 16 3 6 -1 10 3
Tax − 0 − 0 1 1
Net income for the period 16 3 6 -1 11 4
Q3 Jan-Sep
Profit/Loss for the period 16 3 6 -1 11 4
Other comprehensive income, net after tax − − − − − −
Comprehensive income for the period 16 3 6 -1 11 4
MSEK 2023-09-30 2022-09-30 2022-12-31
ASSETS
NON-CURRENT ASSETS
Participations in subsidiaries 4,098 4,097 4,098
Other financial assets 4 4 4
Total non-current assets 4,103 4,101 4,103
CURRENT ASSETS
Prepaid expenses and accrued income − 1 1
Current tax assets 1 1 1
Receivables from subsidiaries 27 18 14
Cash and cash equivalents 3 0 0
Total current assets 31 20 15
TOTAL ASSETS 4,134 4,122 4,118
EQUITY AND LIABILITIES
EQUITY
Share capital 6 6 6
Share premium reserve 4,136 4,136 4,136
Profit brought forward -401 -257 -246
Income for the period 6 -1 4
Total equity 3,747 3,883 3,899
NON-CURRENT LIABILITIES
Provisions for pensions and similar commitments 4 3 3
Total non-current liabilities 4 3 3
CURRENT LIABILITIES
Accounts payable 1 2 1
Accrued expenses and deferred income 29 12 16
Liabilities to subsidiaries 348 217 192
Other liabilities 4 5 6
Total current liabilities 383 236 215
TOTAL EQUITY AND LIABILITIES 4,134 4,122 4,118

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

Interim report January-September 2023 17 
Other disclosures 
Accounting policies 
This report has been prepared, with regards to the Group, in accordance 
with IAS 34 Interim Financial Reporting, recommendation RFR 1 of the 
Swedish Financial Reporting Board and the Swedish Annual Accounts Act 
and, with regards to the Parent Company, in accordance with 
recommendation RFR 2 of the Swedish Financial Reporting Board and the 
Swedish Annual Accounts Act. The accounting principles applied 
correspond to those presented in the Annual- and Sustainability report 
2022 (Note 1). 
Environmental impact and 
environmental policy  
Munters’ operations affect the external environment through air and water 
emissions, the handling of chemicals and waste, transport of input goods 
and finished products to and from Munters factories. Munters is committed 
to constant vigilance regarding the environmental impact of its operations. 
Munters is committed to complying with all laws and to continuously 
promoting improvements in all Environment, Health & Safety (EHS) 
aspects, wherever Munters conducts business. Munters cons tantly seeks 
opportunities to reduce risk and to create a safer, healthier, more diverse 
and more environmentally friendly workplace for our employees, 
customers, communities, and the overall environment. Munters’ 
manufacturing facilities all over the world are committed to working 
according to an EHS Management Program. The purpose of the EHS 
Program is to ensure regulatory compliance, actively prevent injuries, and 
reduce the impact that our business has on the environment.  
Risks and uncertainties 
The Group’s significant risks and uncertainties can be divided into four 
categories; strategic, operational, financial and regulatory risks. In these 
categories, there are both risks due to political and macroeconomic trends 
and specific risks directly linked to the business carried out by the Group. A 
risk assessment is carried out on an annual basis and the purpose is to 
identify and address the most important risks.  
Munters’ products are used in complex customer processes. Quality and 
contract obligations are critical and could result in claims for damages. The 
Group depends to some extent on key customers and key personnel. 
Considering that Munters is a company with geographically widespread 
operations and many small organizational units, there is a ris k of failure to 
comply with relevant regulations in the business ethics area, e.g. anti-
bribery rules.  
Financial risks mainly consist of currency, interest and financing risks. 
Munters works actively with insurance solutions, and group -wide 
insurances are governed by central guidelines. This includes for example 
coverage for general liability and product liability, property, business 
interruption, transportation, the liability of Board members and the CEO 
and employment practices liabilities.  
In the beginning of October, 2023 Israel declared it was at war. Within the 
business area FoodTech, Munters has manufacturing of controllers in Israel  
located south of Tel Aviv with about 140 employees. Munters monitors the 
situation in Israel closely in order to be able to quickly respond to any 
disturbances. A more detailed description of the Group’s risks and how they 
are managed can be found in the Annual- and Sustainability report 2022 
on pages 91-96
. 
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 relates to 
financial investments and derivatives. Financial investments am ounted to 
MSEK 65 (39) and net derivatives to MSEK -9 (-3) as of the balance sheet 
date. 
The Group’s put/call option, from the acquisition of MTech Systems in 2017, 
is recognized at fair value in the statement of financial position. The option 
is measured according to IFRS 9 and is categorized in level 3 in the fair 
value hierarchy. The exercise period begins on January 1, 2025, and ending 
on December 31, 2025. The fair value of the option amounts to MSEK 304 
as of the balance sheet date. 
In June, Munters closed the acquisition of a majority share in InoBram. 
Munters has acquired 60% of the company but the agreement includes a 
put/call option for Munters to acquire the remaining 40% of the company 
in 2027. The option was recognized at fair value as of the transaction date. 
The fair value of the option amounts to MSEK 63 as of the balance sheet 
date. 
 
Munters deems that the interest rate on interest-bearing liabilities is in line 
with market terms on September 30, 2023, and the fair value at the end of 
the reporting period therefore in all material aspects corresponds to the 
carrying amount. 
 
  
MSEK 2023-09-30 2022-09-30 2022-12-31
Opening balance 217 137 137
Valuation put/call option 73 − −
Remeasurements 62 − 57
Discounting 18 − −
Exchange-rate differences 8 32 23
Closing balance 377 169 217

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

Interim report January-September 2023 18 
Net Sales by business area and region 
Net Sales by business area and region in Q3 
 
 
Net Sales by business area and region Jan-Sep 
 
 
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, rest ructuring 
activities, capital gains and losses from business divestments and M&A 
related costs as well as costs for other events, such as the Covid -19 
pandemic and war in Ukraine, having a significant impact on the 
comparability. 
Below is a break-down of items affecting comparability by period.
 
 
Business combinations 
 
Consolidated acquisitions in 2023  
 
The table shows number of full-time equivalent employees at the 
acquisition date. Revenue refers to estimated net sales in 2022.  
In May, Munters acquired 100% of Tobo Component, a Swedish 
manufacturer of humidification components. The company is 
headquartered in Tobo and has been a contract manufacturer of pads, 
cassettes, and modules for Munters for several years. 
In June, 100% of SIFT, a French service company within climate control 
and cold storage, active primarily in the northern France was acquired. 
The acquisition strengthens the market share for Munters within Service 
and builds a local service presence in strategic areas.  
In June, the acquisition of a majority share in InoBram was finalized. 
InoBram is a Brazilian manufacturer of controllers and complimentary 
accessories for the broiler and swine segments. With the help of 
innovative software, sensors and connected solutions, farmers and food 
producers get the tools they need to improve animal health and increase 
energy efficiency in their operations. 
Munters has acquired 60% of InoBram and has an option to acquire the 
remaining 40% of the company in 2027. The acquisition supports 
Munters’ strategy to grow its digital solutions for the food and 
agricultural industry and connects the entire food production value 
chain. 
The table below presents an overview of paid purchase considerations 
and the fair value of acquired net assets for the business combinations in 
2023. At the balance sheet date the purchase considerations and the fair 
value of acquired net assets are based on preliminary purchase price 
allocations. 
 
The acquisition of the Indian air handling equipment company ZECO was 
closed on October 16th. For more information related to the acquisition, 
see page 10. 
 
 
MSEK 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Americas 979 727 913 315 353 258 0 0 2,245 1,301
EMEA 619 499 88 60 239 268 -13 -4 932 822
APAC 472 576 1 3 95 111 -6 -5 562 684
Sales between regions -92 -118 -49 -1 -36 -43 -2 -2 -180 -163
TOTAL 1,978 1,684 953 378 650 594 -21 -12 3,560 2,644
AirTech DCT GroupFoodTech Eliminations
MSEK 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Americas 2,700 1,985 2,288 669 897 724 -1 -3 5,884 3,374
EMEA 1,970 1,562 246 227 705 798 -26 -13 2,895 2,574
APAC 1,835 1,656 3 6 249 303 -13 -18 2,074 1,948
Sales between regions -416 -387 -54 -2 -105 -127 -7 -6 -582 -521
TOTAL 6,090 4,817 2,483 901 1,745 1,697 -48 -40 10,271 7,375
AirTech DCT FoodTech Eliminations Group
LTM Full-year
MSEK 2023 2022 2023 2022 Oct-Sep 2022
Restructuring activities 0 8 -12 -36 -11 -35
Other items affecting comparability -7 -2 -35 -29 -45 -40
Total -7 6 -47 -65 -57 -75
Q3 Jan-Sep
Company (Country)
Business 
area
Month 
acquired
Number of 
employees Net sales
Share 
(%)
Tobo Component (SE) AirTech M ay 14 MSEK 76 100
SIFT (FR) AirTech J une 17 MEUR  3 100
InoBram (BR) FoodTech J une ~150 MBRL 53 60
MSEK
Jan-Sep 
2023
Purchase price
Cash purchase consideration paid 171
Holdback & deferred considerations 8
Put/call option 63
Total purchase consideration 242
Fair value of acquired net assets -87
Goodwill 157
Cash flow
Cash purchase consideration paid 171
Cash and cash equivalents in acquired companies 23
Change in the Group's cash and cash equivalents 148

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

Interim report January-September 2023 19 
THIS IS A TRANSLATION FROM THE SWEDISH ORIGINAL  
Review report 
Munters Group AB (publ.), corporate identity number 556819 -2321 
Introduction 
We have reviewed the condensed interim report for Munters Group AB (publ.) as per September 30, 2023 and for the nine months period then ended. The 
Board of Directors and the Managing Director are responsible for the preparation and presentation of this in terim report in accordance with IAS 34 and the 
Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.  
Scope of review 
We conducted our review in accordance with the International Standard on R eview Engagements, ISRE 2410 Review of Interim Financial Statements 
Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible f or financial and accounting 
matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International 
Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain 
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.  
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in 
accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the 
Parent Company. 
Stockholm 
Ernst & Young AB 
 
Andreas Troberg 
Authorized Public Accountant

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

Interim report January-September 2023 20 
Definition of key financial indicators 
In this financial report, there are references to several performance 
measures. Some of the measures are defined in IFRS, others are alternative 
performance measures and are not disclosed in accordance with applicable 
financial reporting frameworks or other legislations. The performance 
measures are used by the Group to assist both investors and management 
in analyzing Munters’ business. Below the performance measures found in 
this financial report are described and defined. The reason for the use of 
the performance measure is also disclosed. 
Organic growth 
Change in net sales compared to the previous period, excluding 
acquisitions and divestments and currency translation effects. The measure 
is used by Munters to monitor net sales growth driven by changes in 
volume and price between different periods. 
Order backlog 
Received and confirmed sales orders not yet delivered and accounted for 
as net sales. Order Backlog is a useful measure to indicate the efficiency of 
the conversion of received and confirmed sales orders into net sales in 
future periods. The measure is used by Munters to monitor business 
performance and customer demand and adjust operations if needed. 
Order intake 
Received and confirmed sales orders minus cancelled orders during the 
reporting period. The order intake is an indicator of future revenues and, 
consequently, an important KPI for the management of Munters’ business.  
Operating profit (EBIT) 
Earnings before interest and tax. Munters believes that EBIT shows the 
profit generated by the operating activities. 
Adjusted EBITA 
Operating profit, adjusted for amortizations, write-downs of intangible 
assets and items affecting comparability. Munters believes that using 
adjusted EBITA is helpful in analyzing our performance as it removes the 
impact of items considered not to be of recurring character and therefore 
do not reflect our core operating performance.  
Adjusted EBITA margin 
Adjusted EBITA as a percentage of net sales. Munters believes that 
Adjusted EBITA margin is a useful measure for showing the Company’s 
profit generated by the operating activities. 
Adjusted EBITDA 
Operating profit adjusted for items affecting comparability and 
depreciations, amortizations and write-downs of tangible and intangible 
assets as well as Right-of-Use assets. 
Adjusted EBITDA margin 
Adjusted EBITDA as a percentage of net sales. 
Items affecting comparability (IAC) 
Items affecting comparability are events or transactions with significant 
financial effects, which are relevant for the understanding of the financial 
performance when comparing the current period to previou s periods. Items 
included are for example, restructuring activities, capital gains and losses 
from business divestments and M&A related costs.  
Capital employed 
Capital employed is calculated as the total equity plus interest bearing 
liabilities. 
Return on capital employed (ROCE) 
Average operating profit (EBIT) plus financial income, divided by the 
average capital employed, where capital employed is total equity plus 
interest-bearing liabilities. The average capital employed is calculated 
based on the last 12 months. 
Cash and cash equivalents 
Cash and bank balances plus investments in securities and the like with 
maturity periods not exceeding three months. This is a measure that 
highlights the short-term liquidity. 
LTM 
LTM (last twelve months) after any key indicator means that the KPI 
corresponds to an accumulation of previous twelve month reported 
numbers. The measure highlight trends in different KPIs, which is valuable 
in order to gain a deeper understanding of the development of the 
business. 
Net debt 
Net debt calculated as interest bearing liabilities, lease liabilities, provisions 
for pension and accrued financial expenses, reduced by cash and cash 
equivalents. 
Number of employees 
Number of employees is presented recalculated as full-time positions, if 
not otherwise stated. Average number of employees for the year is 
calculated as the sum of permanent employees at the end of each of the 
last 13 months divided by 13.  
Operating working capital 
Includes accounts receivable, inventory, accrued income, accounts payable 
and advances from customers. 
Operating working capital/net sales 
Average Operating Working Capital for the last twelve months as a 
percentage of Net sales for the same period.  
Earnings per share 
Net income divided by the weighted average number of outstanding  
shares. 
SaaS recurring revenue 
Total recurring revenue from SaaS contracts (Software -as-a-Service) 
recognized in the period. The KPI is also presented annualized and named 
SaaS ARR, which is calculated by multiplying SaaS Recurring Revenue in 
the last quarter by four. 
Equity/assets ratio 
Equity (including non-controlling interests) divided by total assets.  
Americas 
Refers to North-, Central and South America.

===== SIDA 21 =====

Interim report January-September 2023 21 
Information and 
reporting dates 
You are welcome to join a webcast or telephone conference on  
October 24 at 9:00 AM CEST, when President and CEO Klas 
Forsström together with the Group Vice President and CFO, 
Katharina Fischer, will present the report.  
Webcast 
https://ir.financialhearings.com/munters-q3-report-2023 
Conference call 
If you wish to participate via teleconference, please register on the 
link below. After registration you will be provided phone numbers 
and a conference ID to access the conference. You can ask questions 
verbally via the teleconference. 
https://conference.financialhearings.com/teleconference/?id=5009
867 
This interim report, presentation material and a link to the webcast 
will be available on 
https://www.munters.com/en/investor-
relations/ 
Every care has been taken in the translation of this interim report. In 
the event of discrepancies, the Swedish original will supersede the 
English translation. The addition of the totals presented may result 
in minor rounding differences. 
This information is information that Munters Group AB is obliged to 
make public pursuant to the EU Market Abuse Regulation. The 
information was submitted for publication, through the agency of 
the contact person set out above, at 07.30 AM CEST on October  24, 
2023. 
Munters Group AB, Corp. Reg. No. 556819 -2321 
Contact information: 
Ann-Sofi Jönsson  
Vice President, Investor Relations & Enterprise Risk Management  
Phone: +46 (0)730 251 005 
Email: ann-sofi.jonsson@munters.com 
 
Line Dovärn  
Director, Investor Relations 
Phone: +46 (0)730 488 444 
Email: line.dovarn@munters.com 
 
 
Financial calendar: 
Full year report January-December 2023 February 1, 2024 
Release of Annual & Sustainability report 
2023 
Week starting 
February 19, 2024 
Annual General Meeting March 21, 2024