Kvartalsrapport Q3 2024

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

Interim report January-September 2024 1 
 
Strong growth and profits, but 
continued weak battery outlook 
July-September  
– Order intake increased +21% (+18% organic) with strong growth in Data Center Technologies (DCT), offset by 
negative organic development in AirTech as well as FoodTech. In AirTech, the battery sub-segment was 
weaker in all regions. DCT had a good level of smaller and mid-sized orders in North and Latin America. 
FoodTech was at a lower level mainly driven by weaker demand in Climate s olutions. 
– Net sales grew +6% (+5% organic). AirTech declined organically, primarily due to the continued weaker 
battery sub-segment in APAC and Americas. In DCT successful deliveries on large orders announced last 
year continued to contribute to stable growth. FoodTech grew strongly, with strong contributions from both 
Climate and Digital solutions.  
– The adj. EBITA margin improved driven by strong net sales growth in DCT and FoodTech  whereas the margin 
in AirTech was negatively impacted by lower net sales and thereby lower production utilization in all regions.  
– Cash flow from operating activities was at a lower level primarily because of a negative impact on operating 
working capital in the quarter driven by consumption of advances, mainly related to project completions in 
AirTech. OWC/net sales improved to 11.3%, within our target range of 13-10%.  
– Net debt in relation to adj. EBITDA was 1.9x where the slight increase in the third quarter compared to end of 
June was mainly a result of the acquisition of AEI and the included lease liabilities related to a new facility in 
Ireland (DCT).  
– The second instalment of the dividend was paid out in September, amounting to MSEK 119.  
– Earnings per share, before and after dilution, was SEK 1.44 (1.42) in the third quarter.  
Events after the close of the period 
– In the beginning of October, the acquisition of Geoclima, an Italian manufacturer of air - and water-cooled 
chillers was closed. Geoclima’s product offering completes DCTs  cooling portfolio, enhancing the ability to 
offer full solutions to the total data center cooling market.  
– In October, Munters announced that an agreement has been signed for business area FoodTech to acquire 
Hotraco, a Dutch developer of control systems and sensors for the agricultural sector. The acquisition is in 
line with the strategy to create a digital ecosystem to support a more efficient and sustainable food 
production. 
 
Financial summary LTM Full-year
MSEK 2024 2023 ∆% 2024 2023 ∆% Oct-Sep 2023
Order intake 3,007 2,494 21 9,911 8,465 17 15,562 14,116
Net sales 3,761 3,560 6 11,089 10,271 8 14,748 13,930
Growth 6% 35% 8% 39% 11% 34%
  of which organic growth 5% 28% 5% 31% - 27%
  of which acquisitions and divestments 5% 3% 5% 2% - 3%
  of which currency effects -4% 4% -2% 7% - 5%
Operating profit (EBIT) 509 454 12 1,499 1,211 24 1,874 1,586
Operating margin, % 13.5 12.8 13.5 11.8 12.7 11.4
Adjusted EBITA 611 503 21 1,782 1,371 30 2,249 1,839
Adjusted EBITA margin, % 16.2 14.1 16.1 13.3 15.2 13.2
Net income 275 264 4 844 734 15 901 792
Earnings per share before dilution, SEK 1.44 1.42 4.44 4.00 4.74 4.30
Earnings per share after dilution, SEK 1.44 1.42 4.44 4.00 4.74 4.30
Cash flow from operating activities 329 554 1,544 396 2,214 1,066
OWC/Net Sales 11.3% 13.7% 11.3% 13.7% 11.3% 14.2%
Net debt 4,968 4,399 4,968 4,399 4,968 4,620
Net debt/Adjusted EBITDA, LTM 1.9 2.2 1.9 2.2 1.9 2.1
Q3 Jan-Sep
Q3 2024 
 
Currency adjusted  
growth 
+10% 
 
Adj. EBITA margin 
16.2% 
 
Operating working 
capital/net sales 
11.3%

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

Interim report January-September 2024 2 
CEO comments 
Strong demand in most of our end-user segments , but the battery market  continued to show weak 
outlook and our capacity expansion is on track  
To summarize our achievements for the quarter, I would first like to highlight that we continue to see 
strong demand for our data center cooling technologies, driven by the mega-trend of digitalization. This 
will remain for the foreseeable future. The strong market demand resulted in substantial growth in order 
intake for DCT, where we for the second consecutive quarter observed robust order intake in small- and 
mid-sized orders. In Cork, Ireland, the expansion of our manufacturing footprint in Europe through the 
build of our new DCT facility, is on track to be inaugurated during the fourth quarter.  
In AirTech organic order intake was negative, mainly driven by the weaker battery market. This market 
has seen delays in investments across all regions, resulting in significantly decreased demand over the 
past quarter and aggressive price pressure. We anticipate these challenging conditions to remain in 
2025; however, the long-term outlook remains strong. Our new build of the manufacturing site in 
Amesbury for AirTech, is on track. We will start to move in at the beginning of 2025, running two sites in 
parallel during the first months of 2025. The new facility will significantly increase capacity and be the 
largest in Munters. This site, as well as the DCT facility in Cork are designed to support Munters’ goal of 
reducing Scope 1 & 2.  
Order intake in FoodTech was weaker, mainly driven by Climate solutions where seasonal effects and 
timing of orders received had a negative effect. Despite slightly lower order intake in Digital solutions we 
continue to see strong demand for our software and controllers, driven by the megatrend of 
sustainability where the need to optimize the value chain for food production and reduce emissions and 
waste, is high.  
Solid growth & robust profits driven by strong net sales  
Secondly, net sales grew, with a significant increase in FoodTech, driven by strong growth of equipment 
sales across all segments in Climate solutions. Digital solutions in Americas saw growth in both software 
implementations and SaaS revenue (ARR*), with the latter increasing by more than 50 per cent in the 
quarter. DCT also saw strong growth driven by the good progression of deliveries to customers. AirTech 
had lower organic net sales mainly related to the weaker battery market, which was partly offset by 
growth in the rest of the Industrial segment in EMEA and APAC.  
Thirdly, I am very pleased that we continue to deliver a strong EBITA-margin, with both DCT and 
FoodTech delivering very strong margins driven by good net sales growth. In AirTech, lower production 
utilization due to lower net sales had a negative impact, partly offset by a positive product mix as 
deliveries on a major order were finalized. As the outlook for the battery market in 2025 remains weak, 
we have taken further mitigating actions in the quarter to counter future potential lower volumes and 
under-absorption. We will continue to monitor this situation closely. 
All business areas continued to work with operational efficiency initiatives, such as lean, resulting in an 
increased flexibility.  
Strengthened market position through M&A and partnerships  
In the quarter, we closed the acquisition of a majority share in Automated Environments (AEI), which 
accelerates our digital journey in FoodTech as we add control systems for the layer industry to our 
offering. In addition, after the quarter closed, we announced an agreement to acquire the Dutch 
company Hotraco within FoodTech, offering control technology for the livestock, crop storage and 
greenhouse sectors. This is in line with our strategy to build a digital ecosystem to support a more 
sustainable and efficient food industry. Also, after the quarter closed, we announced the acquisition of 
Geoclima, an Italian manufacturer of air- and water-cooled chillers, and the strategic alliance for data 
center cooling innovation with ZutaCore, aiming at tackling the challenges of managing AI-generated 
heat more efficiently and sustainably. Munters and ZutaCore, will integrate Munters SyCool systems with 
ZutaCore’s advanced 2-phase liquid cooling technology.  
I would like to extend my sincere appreciation to all our dedicated employees for their diligent efforts and 
commitment.  
 
*ARR = Annualized Recurring software Revenues
 
 
Klas Forsström 
President and CEO 
“A quarter with strong growth 
& profits. We continued to see 
strong demand in most of our 
end-user segments, with weak 
outlook in the battery market.”  
 
    
 Midterm financial targets Sustainability results Q3 2024  
 Net sales growth : Annual currency adjusted   
net sales growth above 14%.  
Performance Q3 2024: 10% (31) 
Environment  Target: Reduce CO 2 emissions  
Performance Q3 2024,  
Renewable electricity: 79 (80) 
 
 Adjusted EBITA  
margin:  
An adjusted EBITA margin above 14%.  
Performance Q3 2024: 16.2% (14.1) 
Social  Target: Gender equity  
Performance Q3 2024, Women leaders: 22% (21) 
 
 OWC/net sales:  Average (LTM) operating working capital in the 
range of 13-10 % of net sales.   
Performance Q3 2024: 11.3% (13.7) 
Governance  Target: Code of Conduct compliance   
Performance Q3 2024, Supplier CoC: 98% 
 
 Dividend policy:  Aim to pay an annual dividend corresponding to 
30-50% of net income for the year 
Dividend 2024: 30% (SEK 1.30 per share, totaling 
MSEK 237) paid in two instalments. 
Service & 
Components : 
 
Performance Q3 2024: 23% (24) 
 
 See Munters Annual and Sustainability report (ASR) 2023, pages 61-94, for further information on goals and outcome or at www.munters.com.  
For full description of the dividend policy, see the ASR 2023, page 10 or at www.munters.com.

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

Interim report January-September 2024 3 
Financial performance  
 
Order intake 
July-September 2024 
Order intake amounted to MSEK 3,007 (2,494), (organic development of +18%, structural +8%, currency effects -
5%), with strong growth in DCT offset by a negative organic development in AirTech as well as FoodTech.  
In AirTech order intake had a negative organic development, mainly due to the weaker battery sub -segment in 
all regions. APAC and Americas had a negative development and the EMEA region showed slight growth. Order 
intake in DCT was strong, with a good level of smaller and mid-sized orders in North and Latin America. Order 
intake in FoodTech decreased, primarily due to weaker demand in Climate s olutions. 
January-September 2024 
Order intake during the first nine months of the year amounted to MSEK 9,911 (8,465), (organic development of 
+13%, structural +6%, currency effects -2%) with good growth in all business areas, especially DCT.  
The order backlog at the end of the period amounted to MSEK 10, 685 compared to MSEK 10,025 in the third 
quarter 2023, corresponding to a 7% increase.  
For more information on the order intake, see the business area comments on pages 6, 7 and 8.  
Net sales 
July-September 2024 
Net sales grew to MSEK 3,761 (3,560) (organic growth +5%, structural +5%, currency effects -4%). In AirTech net 
sales declined organically, primarily due to the continued weaker battery sub-segment in APAC and Americas. 
In DCT successful deliveries on large orders announced last year continued to contribute to stable growth. 
FoodTech grew strongly, with contributions from both Climate and Digital solutions .  
Munters has an ambition to reach a service and components level of more than one third of net sales in the 
long-term. Service is defined as after-market service plus Software-as-a-Service (Saas) revenues. Service and 
components amounted to 23% of net sales, with an organic growth of 2%. Service accounted for 16% of total net 
sales with an organic growth of 9%.  
 
January-September 2024 
Net sales grew to MSEK 11,089 (10,271) (organic growth +5%, structural +5%, currency effects -2%).  
For more information on the net sales, see the business area comments on pages 6, 7 and 8.  
 
LTM Full-year
MSEK 2024 2023 ∆% 2024 2023 ∆% Oct-Sep 2023
Order intake 3,007 2,494 21 9,911 8,465 17 15,562 14,116
AirTech 1,529 1,463 4 5,544 4,875 14 7,466 6,796
DCT 898 404 122 2,301 1,764 30 5,485 4,948
FoodTech 590 651 -9 2,117 1,878 13 2,673 2,433
Corporate & elim. -10 -24 - -52 -50 - -63 -61
Net sales 3,761 3,560 6 11,089 10,271 8 14,748 13,930
AirTech 2,011 1,978 2 5,944 6,090 -2 8,080 8,226
DCT 1,012 953 6 3,077 2,483 24 4,002 3,408
FoodTech 758 650 16 2,117 1,745 21 2,734 2,363
Corporate & elim. -19 -21 - -48 -48 - -68 -67
Adjusted EBITA 611 503 21 1,782 1,371 30 2,249 1,839
AirTech 264 305 -13 901 974 -7 1,206 1,278
DCT 235 160 47 659 375 76 804 519
FoodTech 142 80 77 347 162 114 407 222
Corporate & elim. -32 -42 - -126 -140 - -167 -181
Adjusted EBITA margin, % 16.2 14.1 16.1 13.3 15.2 13.2
AirTech 13.1 15.4 15.2 16.0 14.9 15.5
DCT 23.3 16.8 21.4 15.1 20.1 15.2
FoodTech 18.8 12.4 16.4 9.3 14.9 9.4
Q3 Jan-Sep
Quarterly order intake  
(MSEK)  
  
Order intake per Business Area  
Q3, 2024 
 
Order intake per region  
Q3, 2024 
 
Quarterly net  sales, 
(MSEK)  
 
Net sales  per Business Area  
Q3, 2024 
 
Net sales per region Q 3, 202 4 
 
0
5,000
10,000
15,000
20,000
Q3
22
Q1 Q3
23
Q1 Q3
24
0
2,000
4,000
6,000
8,000
Quarter LTM
0% 50% 100%
AirTech 51% DCT 30% FoodTech 19%
0% 50% 100%
Americas 60% EMEA 26% APAC 14%
 0
4 000
8 000
12 000
16 000
Q3
22
Q4 Q1 Q2Q3
23
Q4 Q1 Q2Q3
24
 0
1 000
2 000
3 000
4 000
Quarter LTM
0% 50% 100%
AirTech 53% DCT 27% FoodTech 20%
0% 50% 100%
Americas 57% EMEA 29% APAC 13%

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

Interim report January-September 2024 4 
Results 
Adjusted EBITDA and EBITA excludes Items Affecting Comparability, IAC, see page  18 for disclosure of the IACs. 
July-September 2024 
The gross margin amounted to 35.1% (32.1).  
Adjusted EBITDA amounted to MSEK 709 (587), corresponding to an adjusted EBITDA margin of 18.9% (16.5). 
Depreciation of tangible assets amounted to MSEK -99 (-84), whereof depreciation of leased assets was MSEK   
-53 (-48). 
Adjusted EBITA amounted to MSEK 611 (503), corresponding to an adjusted EBITA margin of 16.2% (14.1). The 
margin improved due to strong net sales growth in DCT and FoodTech . In AirTech the product mix had a positive 
impact as deliveries on a major order were finalized, offset by lower production utilization due to lower net sales. 
All business areas continued to work with operational efficiency initiatives, such as lean and similar initiatives, 
resulting in an increased flexibility. 
Operating profit (EBIT) was MSEK 509 (454), corresponding to an operating margin of 13.5 % (12.8). Amortization 
of intangible assets were MSEK -65 (-41), where MSEK -15 (-13) related to amortization of intangible assets from 
acquisitions. 
For more information on the results, see the business area comments on pages 6, 7 and 8.  
January-September 2024 
The gross margin amounted to 35.4% (31.5). 
Adjusted EBITDA amounted to MSEK 2,062 (1,610), corresponding to an adjusted EBITDA-margin of 18.6% (15.7). 
Depreciation of tangible assets amounted to MSEK -281 (-239), whereof depreciation of leased assets was MSEK 
-146 (-136).  
Adjusted EBITA amounted to MSEK 1,782 (1,371), corresponding to an adjusted EBITA margin of 16.1% (13.3). The 
margin improved due to strong net sales growth in DCT and FoodTech  and a positive effect from product mix in 
AirTech as deliveries on major orders were finalized. Also, all business areas had positive effects from lean 
practices and other efficiency improvements initiatives . 
Operating profit (EBIT) was MSEK 1,499 (1,211), corresponding to an operating margin of 13 .5% (11.8). Amortization 
of intangible assets were MSEK -160 (-113), where MSEK -41 (-38) related to amortization of intangible assets 
from acquisitions. 
Items affecting comparability (IAC) 
Items affecting comparability totaled MSEK -37 (-7) in the third quarter, including costs for restructuring 
activities of MSEK -4 (0) and costs for M&A activities of MSEK -11 (-7). Other IACs totaled MSEK -22 (0) and 
relate to costs for the strategic review of the equipment offering in FoodTech.  
For the nine months period, IACs totaled MSEK -122 (-47) including restructuring activities of MSEK -28 (-12) and 
costs for M&A activities of MSEK -27 (-15). Other IACs, mainly related to the strategic review, amounted to MSEK 
-67 (-20). 
Financial items 
Financial income and expenses for the third quarter amounted to MSEK -98 (-93). Compared to the same period 
last year interest expenses increased mainly due to higher outstanding debt. Interest expense on lease liabilities 
amounts to MSEK -14 (-11) in the third quarter. 
Financial income and expenses for the first nine months amounted to MSEK -276 (-232).  
Taxes 
Income taxes for the third quarter were MSEK -135 (-98) with an effective tax rate of 33% (27). Income taxes for 
the first nine months were MSEK -379 (-245) with an effective tax rate of 31% (25).  
The tax rate for the third quarter and the first nine months are negatively impacted by tax losses not recognized 
in Sweden and Germany. 
Earnings per share 
Net income attributable to Parent Company’s shareholders amounted to MSEK 263  (260) in the third quarter. 
Earnings per share, before and after dilution, was SEK 1.44 (1.42) in the third quarter and SEK 4.44 (4.00) for the 
nine months period. 
The average number of outstanding ordinary shares in the third  quarter, for the purpose of calculating earnings 
per share, was 182,541,440 before dilution and after dilution.   
Quarterly gross margin, %  
 
  
Quarterly adjusted EBITDA 
margin, %  
 
Quarterly adjusted EBITA  
margin, %  
 
Quarterly EBIT margin, %  
 
 
Tax rate per quarter , % 
 
Quarterly EPS , SEK  
 
Q3
22
Q4 Q1 Q2 Q3
23
Q4 Q1 Q2 Q3
24
0%
10%
20%
30%
40%
Q3
22
Q4 Q1 Q2 Q3
23
Q4 Q1 Q2 Q3
24
0%
5%
10%
15%
20%
25%
Q3
22
Q4 Q1 Q2 Q3
23
Q4 Q1 Q2 Q3
24
0%
5%
10%
15%
20%
25%
Q3
22
Q4 Q1 Q2 Q3
23
Q4 Q1 Q2 Q3
24
0%
5%
10%
15%
20%
25%
Q3
22
Q4 Q1 Q2 Q3
23
Q4 Q1 Q2 Q3
24
0%
15%
30%
45%
60%
75%
90%
Q3
22
Q4 Q1 Q2 Q3
23
Q4 Q1 Q2 Q3
24
0.0
0.5
1.0
1.5
2.0

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

Interim report January-September 2024 5 
Financial position 
Net debt as of September 30 amounted to MSEK 4,968 compared to MSEK 4,447 at the end of June 2024 and 
MSEK 4,399 at the end of September 2023. The increase in net debt in the third quarter mainly relates to 
negative cash flow and included lease liabilities related to a new facility in Ireland (DCT). Net debt in relation to 
adjusted EBITDA was 1.9x compared to 1.8x at end of June 2024 and 2.2x at the end of September 2023.  
Interest-bearing liabilities, including lease liabilities, as of September 30 amounted to MSEK 6,028 compared to 
MSEK 5,937 at the end of June 2024 and MSEK 5,345 at the end of September 2023. The increase compared to 
September 30, 2023 is mainly driven by acquisitions financed through debt executed during the recent year.  
The Group’s interest-bearing liabilities have an average maturity of 2.2 years.  
During the last 12 months Munters has closed acquisitions of the Indian air handling equipment company ZECO , 
Airprotech, an Italian manufacturer of Volatile Organic Compounds (VOC) abatement systems  and Automated 
Environments a US-based company specializing in automated control systems for the layer industry . In addition, 
Munters participated in capital increases in two minority investments, made two new minority investments and 
one investment in associated companies. 
Cash and cash equivalents decreased MSEK -382 in the third quarter compared to 30 June, 2024, and amounted 
to MSEK 1,393 (1,165). 
Average capital employed for the last twelve months was MSEK  11,883 (10,737). Return on capital employed 
(ROCE) for the last twelve months increased to 16.1% (13.8) mainly because of an increase in operating profits.  
Cash flow 
Cash flow from operating activities amounted to MSEK 329 (554) in the third quarter and MSEK 1,544 (396) for 
the first nine months of 2024.  
Cash flow from changes in working capital had a negative  impact of MSEK -144 (110) in the third quarter, where 
the operating working capital increased mainly driven by consumption of advances, largely related to project 
completions in AirTech. For the first nine months cash flow from changes in working capital has a  positive impact 
of MSEK 244 (-724) driven mainly by an increase of customer advances in DCT as well as a decrease in inventory 
and accrued income.  
Cash flow from investing and financing activities for the third quarter amounted to MSEK -698 (-96) as a result 
mainly of acquisitions closed in the period, increased capital expenditures, mainly related to the new DCT facility 
in Ireland as well as the new AirTech facility in Amesbury , US, and payment of dividend. In the first nine months 
it amounted to MSEK -1,688 (-143) as a result mainly of acquisitions closed in the period, increased capital  
expenditures, and payment of two installments of dividend to external shareholders in March and September.  
 
Parent company  
The parent company for the Group is Munters Group AB. The parent company does not engage in sales of goods 
and services to external customers. Cash and cash equivalents at the end of the period amounted to MSEK 0 (3 ). 
  
Net debt per quarter  
 
ROCE, %  
 
 -
  1.0
  2.0
  3.0
  4.0
Q3
22
Q4 Q1 Q2Q3
23
Q4 Q1 Q2Q3
24
0
1,000
2,000
3,000
4,000
5,000
6,000
Quarter Leverage
Q3
22
Q4 Q1 Q2 Q3
23
Q4 Q1 Q2 Q3
24
0%
5%
10%
15%
20%

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

Interim report January-September 2024 6 
AirTech 
Business area AirTech is a global leader in energy -efficient air treatment for industrial and commercial 
applications. We offer solutions for mission-critical processes that require exact control of moisture and 
temperature, with a focus on energy-efficiency and sustainable climate systems. Our climate systems also 
provide better indoor air quality and comfort, as well as increased production capacity.  
 
July-September 2024 
Order intake 
Organic order intake declined (-4%), mainly due to weaker battery sub-segment in all regions. APAC and 
Americas had a negative development and the EMEA region showed slight growth.  
• The Industrial segment (excl. battery) showed good development in Americas and EMEA, while the 
APAC region developed flat. Within the battery sub-segment the APAC region continued to show weak 
demand, especially in China. In EMEA and Americas greenfield investments were delayed as well as 
customers placing orders closer to delivery. At the same time the competitive environment and price 
pressure has become more aggressive as several new players have entered the market in recent years.  
• The Commercial segment showed good growth driven by supermarket customers in Americas, offset by 
weaker development in APAC.  
• The Components segment declined in all regions, impacted by lower component replacements in the 
battery market.  
• Service showed stable growth, primarily driven by the EMEA  region. 
Net sales  
Net sales had a negative organic development (-3%), primarily due to the weaker battery sub-segment in APAC 
and Americas. Service accounted for 21% (21) of AirTech’s net sales. 
• The Industrial segment (excl. battery) increased , driven by good growth in EMEA as well as positive 
development in APAC, slightly offset by Americas. The battery sub -segment showed growth in 
EMEA, offset by weaker development in APAC and Americas .  
• The Commercial segment declined mainly in the APAC region, offset by growth in Americas.  
• Clean Technologies grew in EMEA driven mainly by the acquisition of Airprotech.   
• The Components segment declined due to weaker demand in APAC, whereas EMEA showed growth 
mainly driven by increased sales of evaporative pads to the data center market.  
• The Service segment grew, driven by the EMEA and Americas regions .  
Adjusted EBITA 
The adjusted EBITA margin was lower, mainly due to lower net sales and thereby lower production utilization in 
all regions. This was partly offset by a positive impact from product mix in Americas, where a major order was 
finalized in the quarter.    
• Operational and commercial excellence initiatives generated good results in the quarter, with a 
positive impact on the adjusted EBITA-margin from net price increases. 
January-September 2024 
• Order intake increased 7% organically, with growth primarily in the Industrial segment in EMEA during 
the beginning of the of the year. As well as good growth in the Commercial segment in Americas.   
• Net sales decreased -8% organically, mainly due to the weaker battery sub -segment in APAC. In 
Americas the battery sub-segment has shown growth as well as Service in EMEA. 
• The adjusted EBITA margin decreased slightly mainly due to the lower volumes related to the weaker 
battery sub-segment. Positively impacted by product mix through finalization of deliveries on major 
orders and good net price increases.   
LTM Full-year
MSEK 2024 2023 ∆% 2024 2023 ∆% Oct-Sep 2023
External order backlog 3,327 3,572 -7 3,327 3,572 -7 3,327 3,250
Order intake 1,529 1,463 4 5,544 4,875 14 7,466 6,796
Growth 4% -40% 14% -15% -1% -19%
Net sales 2,011 1,978 2 5,944 6,090 -2 8,080 8,226
Growth 2% 17% -2% 26% -0% 20%
of which organic growth -3% 12% -8% 19% - 13%
of which acq. and div. 8% 3% 7% 2% - 3%
of which currency effects -4% 3% -2% 5% - 4%
Operating profit (EBIT) 241 290 -17 828 926 -11 1,092 1,190
Operating margin, % 12.0 14.7 13.9 15.2 13.5 14.5
Amortization of intang. asset -15 -14 -37 -35 -41 -39
Items affecting comparability -9 -1 -37 -13 -73 -49
Adjusted EBITA 264 305 -13 901 974 -7 1,206 1,278
Adjusted EBITA margin, % 13.1 15.4 15.2 16.0 14.9 15.5
Q3 Jan-Sep
Quarterly net  sales - AirTech , 
(MSEK)  
 
Quarterly adjusted EBITA  
margin % - AirTech  
 
Order intake per region  
Q3, 2024 - AirTech  
 
Net sales per region  
Q3, 2024 - AirTech  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0
2,000
4,000
6,000
8,000
10,000
Q3
22
Q4 Q1 Q2 Q3
23
Q4 Q1 Q2 Q3
24
0
400
800
1,200
1,600
2,000
2,400
Quarter LTM
0%
5%
10%
15%
20%
Q3
22
Q4 Q1 Q2 Q3
23
Q4 Q1 Q2 Q3
24
0%
5%
10%
15%
20%
Quarter LTM
0% 50% 100%
Americas 42% EMEA 35% APAC 23%
0% 50% 100%
Americas 41% EMEA 38% APAC 22%

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

Interim report January-September 2024 7 
Data Center Technologies 
Business area Data Center Technologies (DCT) is a leading supplier of advanced climate cooling solutions using 
a wide range of heat rejection technologies. Our solutions produce significant energy savings for data centers 
compared with traditional cooling solutions. With a diversified product portfol io and extensive application 
knowledge, we create sustainable climate solutions for data center operators worldwide.  DCT has operations in 
Virginia and Texas in the US, as well as in Ireland.  
 
July-September 2024 
Order intake 
Order intake increased +134% organically primarily by a good level of smaller and mid-sized orders in North and 
Latin America. The growth is driven mainly by the colocation market growth fueled by hyperscalers increasing 
demand for server space.  
• Overall, the industry is seeing slower development of orders in EMEA than Americas and APAC due to 
changes in data center designs to accommodate higher densities and adapt to new market regulations.   
• Digitization and the rising demand for energy-efficient cooling solutions continue to drive strong 
underlying demand, both in the short and long term.  
Net sales 
Net sales increased +10% organically, driven by successful deliveries of large orders announced during last year. 
Executions on these orders are progressing according to plan. Service accounted for 4% (2) of DCTs net sales. 
Adjusted EBITA 
A combination of good contributions continued to improve the adjusted EBITA margin significantly  such as 
strong volume growth, benefits from lean initiatives, positive product mix, net price increases and a high 
production utilization.  
• Continued good progression of deliveries to customers  according to plan. 
• The build of the new site in Cork, Ireland is expected to be completed during the year with production 
starting in the first half of 2025. 
January-September 2024 
• Order intake increased +32% organically mainly driven by the colocator market in Americas. Which in turn 
is driven by increased market activity from hyperscalers, as they lease space from colocators.  
• Net sales increased +25% organically, driven by good deliveries on large orders announced during 
previous years and a ramp-up of production. 
• The adjusted EBITA margin improved strongly because of  net sales increase, high production utilization, 
positive product mix, net price increases and positive effects from lean practices.  
  
LTM Full-year
MSEK 2024 2023 ∆% 2024 2023 ∆% Oct-Sep 2023
External order backlog 6,464 5,453 19 6,464 5,453 19 6,464 7,206
Order intake 898 404 122 2,301 1,764 30 5,485 4,948
Growth 122% -88% 30% -72% 206% -21%
Net sales 1,012 953 6 3,077 2,483 24 4,002 3,408
Growth 6% 152% 24% 176% 34% 143%
of which organic growth 10% 140% 25% 157% - 131%
of which acq. and div. - - - - - -
of which currency effects -4% 13% -1% 18% - 12%
Operating profit (EBIT) 225 154 46 638 358 78 778 497
Operating margin, % 22.2 16.2 20.8 14.4 19.4 14.6
Amortization of intang. asset -5 -6 -16 -17 -21 -22
Items affecting comparability -5 - -5 - -5 -
Adjusted EBITA 235 160 47 659 375 76 804 519
Adjusted EBITA margin, % 23.3 16.8 21.4 15.1 20.1 15.2
Q3 Jan-Sep
Quarterly net  sales - DCT, 
(MSEK)  
 
Quarterly adjusted EBITA margin % - 
DCT 
 
Order intake per region Q 3,  
2024 – DCT 
 
Net sales per region Q 3,  
2024 - DCT 
 
0
1,000
2,000
3,000
4,000
5,000
Q3
22
Q1 Q3
23
Q1 Q3
24
0
200
400
600
800
1,000
1,200
Quarter LTM
0%
5%
10%
15%
20%
25%
Q3
22
Q4 Q1 Q2 Q3
23
Q4 Q1 Q2 Q3
24
0%
5%
10%
15%
20%
25%
Quarter LTM
0% 50% 100%
Americas 98% EMEA 2% APAC 0%
0% 50% 100%
Americas 91% EMEA 9% APAC 0%

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

Interim report January-September 2024 8 
FoodTech 
Business area FoodTech is one of the world’s leading suppliers of innovative, energy -efficient climate systems 
for livestock farming and greenhouses, as well as software for controlling and optimizing the entire food 
production value chain. Our solutions increase productivity while contributing to sustainable food production, 
where strict requirements are placed on quality, animal health an d food safety. In July 2023 Munters announced 
an initiation of a strategic review of FoodTech’s equipment business. The conclusion of this review is our 
intention to divest this business. 
 
July-September 2024 
Order intake 
Order intake decreased -8% organically, primarily due to weaker demand in Climate Solutions . 
• The decline in Climate Solutions is primarily related to timing and seasonal effects, with larger orders in 
mainly EMEA and Americas being placed earlier in the year as well as seasonal fluctuations impacting the 
latter part of the quarter. 
• Digital Solution in Americas declined mainly due to strong order intake with several large orders in the 
same quarter last year. 
• Controllers saw strong growth in Americas and EMEA. 
Net sales 
Net sales increased +19% organically, driven by both Climate and Digital solutions. Service accounted for 18% of 
FoodTech’s net sales. 
• In Americas, Climate solutions showed strong growth of equipment sales in broiler and layer sub-
segments. Digital solutions in Americas saw growth in both software implementations and SaaS revenue, 
with the latter increasing by +52% to MSEK 74 (48). Growth in Digital solutions mainly relates to the broiler 
and swine sub-segments. 
• Region EMEA showed good growth in Climate solutions including both equipment and controllers in the 
broiler, greenhouse, swine and layer sub-segments.   
• The APAC region saw a slight decline, with growth in the layer sub -segment in Climate solutions whereas 
the other sub-segments showed weaker development. 
Adjusted EBITA 
The adjusted EBITA margin increased significantly with contributions from all regions, especially EMEA and 
Americas.  
• Margins positively affected by strong sales growth in both Climate and Digital solutions. 
• Digital solutions continue to show good profitability, fueled by a growing number of software 
implementations and a steady increase in Annualized  Recurring software Revenues (ARR). 
• Net price increases continue to support margin improvements.  
• Positive effects from integration synergies of Brazilian Inobram, acquired last year, coupled with the 
ongoing supportive impact of our operational improvement initiatives.  
January-September 2024 
• Order intake increased +11% organically, mainly due to good growth in Americas and EMEA, partly offset 
by continued weak development in APAC. 
• Net sales increased +19% organically, driven by a continued strong development in Americas, as well as a 
recovery in EMEA whilst the APAC region showed softer development.  
• The adjusted EBITA margin improved significantly related to positive effects from increased volumes, net 
price increases and operational improvement initiatives.  
  
LTM Full-year
MSEK 2024 2023 ∆% 2024 2023 ∆% Oct-Sep 2023
External order backlog 894 999 -11 894 999 -11 894 877
Order intake 590 651 -9 2,117 1,878 13 2,673 2,433
Growth -9% 28% 13% 7% 13% 9%
Net sales 758 650 16 2,117 1,745 21 2,734 2,363
of which SaaS 74 48 52 206 126 63 262 183
SaaS ARR 295 194 52 295 194 52 295 226
Growth 16% 10% 21% 3% 21% 7%
of which organic growth 19% 1% 19% -4% - 1%
of which acq. and div. 2% 5% 5% 2% - 3%
of which currency effects -5% 3% -2% 5% - 4%
Operating profit (EBIT) 92 61 52 196 86 129 217 107
Operating margin, % 12.1 9.3 9.2 4.9 7.9 4.5
Amortization of intang. asset -28 -19 -69 -53 -95 -80
Items affecting comparability -23 -1 -82 -24 -94 -35
Adjusted EBITA 142 80 77 347 162 114 407 222
Adjusted EBITA margin, % 18.8 12.4 16.4 9.3 14.9 9.4
Q3 Jan-Sep
Quarterly net  sales - FoodTech , 
(MSEK)  
 
Quarterly adjusted EBITA margin %  
- FoodTech  
 
Order intake per region Q3, 202 4 – 
FoodTech  
 
Net sales per region Q3, 202 4 - 
FoodTech  
 
0
500
1,000
1,500
2,000
2,500
3,000
Q3
22
Q4 Q1 Q2Q3
23
Q4 Q1 Q2Q3
24
0
200
400
600
800
Quarter LTM
0%
5%
10%
15%
20%
Q3
22
Q4 Q1 Q2 Q3
23
Q4 Q1 Q2 Q3
24
0%
5%
10%
15%
20%
Quarter LTM
0% 50% 100%
Americas 51% EMEA 37% APAC 12%
0% 50% 100%
Americas 58% EMEA 34% APAC 9%

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

Interim report January-September 2024 9 
Corporate 
The Corporate function reported an adjusted EBITA of MSEK -32 (-42) in the third quarter and MSEK -126 (-140) 
in the first nine months. The reduction in costs is related to services that previously were sourced by Corporate 
functions that as of the second quarter is sourced by the business areas.   
 
 
  
 
Quarterly Corporate cost (MSEK)  
 
0.0%
0.5%
1.0%
1.5%
2.0%
Q3
22
Q4 Q1 Q2 Q3
23
Q4 Q1 Q2 Q3
24
0
20
40
60
Quarter
% of Net sales, LTM

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

Interim report January-September 2024 10 
Other information 
Employees 
The number of permanent FTEs (Full Time Equivalents) , at September 30, 2024 was 5,100 (4,370). The amount 
of FTEs at September 30, 2024 in business area AirTech was 3,333 (2,720), in DCT 747 (619), in FoodTech 873 
(892) and at Group functions 147 (139).  
Outstanding shares  
As of September 30, 2024, Munters held 1,916,377 treasury shares of the total shares of 184,457,817. Thus, the 
number of outstanding shares as of the balance sheet date was  182,541,440. 
Dividend  
The AGM in March resolved to pay a total dividend of 1.30 SEK (0.95), a total of MSEK 237 (173) to be paid in two 
equal instalments. This represented 30% of net income in 2023. A first instalment of the dividend was paid out in 
March and the second part was paid out September. This represents 30 (30) per cent of the net income 2023.  
Other events during the quarter 
Munters acquires majority share in Au tomated Environments  (AEI) – In July, the majority share in AEI was 
acquired within business area FoodTech. The US-based company offers automated control systems, specializing 
in the layer industry. The acquisition is part of the strategy to serve food producers with an extensive portfolio of 
digital solutions. AEI has its headquarters in Renville, Minnesota a nd reported net sales of about MSEK 102 
(MUSD 9.8) for FY 2023.  
Munters and Zuta Core form strategic alliance for data center cooling innovation – In September, a strategic 
alliance was announced with ZutaCore, a leader in direct-to-chip, waterless liquid cooling for data centers. The 
aim is to tackle the challenges of managing AI-generated heat more efficiently and sustainably by integrating 
Munters’ SyCool systems with ZutaCore’s advanced 2 -phase liquid cooling technology. The collaboration will 
focus on addressing the challenges of managing AI-generated heat while eliminating risks associated with water 
leakage.  
Nomination committee for the 2025 Annual General Meeting - In September Munters announced the 
Nomination committee for the 2025 Annual General Meeting. It comprises the following members: Magnus 
Fernström, FAM, Chairman of the Nomination Committee, Celia Grip, Swedbank Robur Funds, Mats Larsson, 
First Swedish National pension fund and Philip Mesch, ODIN Fund Management. 
Events after the close of the period 
Munters announces changes in the Group Executive Management Team  – In October it was announced that 
Stefan Måhl, Group Vice President Business Excellence and part of the Executive Management Team has 
decided to retire and leave the company on January 15th, 2025. Stefan has been in his current role since 2020 
and worked at Munters for almost 20 years in a range of senior positions. The Business Excellence function will 
be placed under Group Finance & Strategy, led by Katharina Fischer, CFO & Group Vice President.  
Closing of Geoclima acquisition – In the beginning of October, the acquisition of Geoclima, an Italian 
manufacturer of air- and water-cooled chillers was closed. Geoclima’s product offering completes DCT s cooling 
portfolio, enhancing the ability to offer full solutions to the total data center cooling market. Geoclima has its 
headquarters in northern Italy with several sales offices across the world and production sites in Italy and 
Thailand. Geoclima’s net sales for FY 2023 amounted to approx. MSEK 455 (MEUR 40.1).  
Munters sign agreement to acquire of Hotraco -In October, Munters announced an agreement has been 
signed in business area FoodTech to acquire Hotraco, a Dutch developer of control systems and sensors for the 
agricultural sector. The acquisition is in line with the strategy to create a digital ecosystem built around data 
capture platforms and software that supports a more efficient and sustainable food production. Hotraco’s net 
sales for FY 2023 amounted to approximately MSEK 465 (MEUR 41). The company was founded in 1974, 
employees 140 people and has its headquarter in the Netherlands.  
 
 
Stockholm, October 22, 2024 
 
Klas Forsström 
President and CEO 
Ten largest shareholders  
 
 
 
As of 30 Sep 2024 %
FAM AB 28.0
Swedbank Robur Fund 6.2
First Swedish National 
Pension Fund 5.1
Capital Group 5.0
ODIN Funds 4.1
Fourth Swedish National 
Pension Fund 3.7
Vanguard 2.7
Handelsbanken Funds 2.0
Norges Bank 1.7
Columbia Threadneedle 1.6
Source: Modular Finance AB

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

Interim report January-September 2024 11 
About Munters 
 
Munters is a global leader in energy-efficient and sustainable 
climate solutions. The solutions guarantee temperature and 
humidity control, which is mission-critical for customers. 
Munters offers solutions to many different industries where 
controlling temperature and humidity is mission critical. Our 
solutions reduce customers’ climate and environmental impact 
through lower resource consumption, and in the process 
contribute to cleaner air, higher efficiency and reduced carbon 
emissions. Sustainability is an important part of Munters’ 
business strategy and value creation. 
Short facts 
– ~ 5,100 employees (FTEs) 
– >45 countries with sales and 
manufacturing 
– 23 production units 
– 22% women leaders 
– Three business areas: AirTech, Data 
Center Technologies and FoodTech 
In Q3, AirTech generated 53%, Data Center 
Technologies 27% and FoodTech 20% 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 most of our markets. We see great opportunities to 
improve and strengthen our market position and to achieve our mid-term financial targets 
and deliver on our strategy. The key to success is how we respond in working toward our 
goals. Our overarching strategic priorities show which areas we regard as important to our 
success. For each strategic priority we have clear action plans and ambitions what we want 
to achieve. Sustainability is a priority issue reflected in every strategic priority. 
People:  Employees are the hub of our business and their safety and health is a priority. 
Diversity and inclusion are important to us, since we are convinced that diversity 
leads to stronger innovation. Through collaboration and a passion for creating 
energy-efficient solutions for our customers and partners, we contribute  to our 
customers’ success and a better world. 
Customers:  We help our customers succeed by supplying high-quality climate solutions that make them more sustainable. Our success is built on 
close, long-term relationships and a deep understanding of the customer’s business and future needs. Our strategy is to continue to 
build customer insight and utilize our broad-based expertise on applications, technology and components to supply attractive solutions 
and services. 
Innovation:  Curiosity and an ambition to create pioneering technologies are part of our DNA. We will stay  at the forefront of the industry’s 
development and contribute to sustainable development through our energy - and resource-efficient climate solutions. We continue to 
invest in our core technologies, solutions and digitization to optimize our product portfo lio and our innovative production technology.  
Markets:  Munters is active around the world and climate change, digitization and population growth are the key markets drivers. Our re sources 
are focused on strengthening our position in areas where we can be a market leader and growing the service business. With h igh-
quality, resource-efficient solutions and a conscious effort to re-duce our own climate impact, we contribute to sustainable 
development. 
Excellence in 
everything we do:  
Our aim is to increase efficiency and quality in everything we do  and to reduce our climate impact. Munters’ operations all share 
responsible business practices and high ethical standards with a respect for human rights, diversity, and health and safety i n the 
workplace

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

Interim report January-September 2024 12 
Quarterly overview Group 
Income Statement 
 
 
Key performance indicators 
 
 
Net Debt 
 
 
Operating Working Capital 
 
MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Order backlog 10,685 11,834 11,812 1 1,333 10,025 11,153 10,783 11,463 11,866
Order intake 3,007 3,536 3,368 5,651 2,494 3,427 2,544 3,143 6,354
Net sales 3,761 3,791 3,538 3,659 3,560 3,536 3,175 3,011 2,644
Adjusted EBITDA 709 771 582 556 587 561 462 381 359
Depreciation tangible assets -99 -98 -84 -88 -84 -82 -73 -78 -66
Adjusted EBITA 611 673 498 467 503 479 389 304 293
Amortization intangible assets from acq. -15 -14 -13 -7 -1 3 -13 -12 -8 -9
Amortization other intangible assets -50 -40 -28 - 36 -29 -25 -22 -30 -19
Items affecting comparability (IAC) -37 -41 -44 -4 9 -7 -34 -6 -9 6
Operating profit (EBIT) 509 578 412 375 454 408 349 255 271
Financial income and expenses -98 -91 -87 -99 -93 -66 -73 -64 -41
Tax -135 -146 -97 -218 -98 -85 -62 -61 -53
Net income 275 342 227 58 264 257 214 131 178
 -attributable to Parent Comp. Shareholders 263 330 218 5 4 260 256 214 128 176
2024 2023 2022
MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Organic Growth, Net Sales 5% 2% 7% 16% 28% 27% 38% 26% 22%
Currency adjusted Growth, Net Sales 10% 7% 13% 20% 31% 28% 40% 30% 25%
Adjusted EBITA margin, % 16.2 17.8 14.1 12.8 14.1 13.5 12.3 10.1 11.1
Operating margin, % 13.5 15.3 11.6 10.3 12.8 11.5 11.0 8.5 10.3
Earnings per share before dilution, SEK 1.44 1.81 1.19 0.30 1.42 1.40 1.18 0.70 0.97
Earnings per share after dilution, SEK 1.44 1.81 1.19 0.30 1.42 1.40 1.18 0.70 0.97
OWC/Net Sales, % 11.3 12.5 13.6 14.2 13.7 13.2 12.7 12.7 13.1
Net Debt/Adjusted EBITDA, LTM 1.9 1.8 2.0 2.1 2.2 2.7 2.7 2.9 3.0
2024 20222023
MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Cash and cash equivalents -1,393 -1,775 -1,581 -1,532 -1,165 -710 -618 -914 -698
Interest-bearing liabilities 5,013 5,045 5,089 5,131 4,575 4,518 3,772 3,721 3,424
Lease liabilities 1,015 892 757 719 770 801 781 774 731
Provisions for pensions 306 283 262 280 197 209 217 227 187
Accrued financial expenses 28 3 29 22 21 15 24 16 10
Net Debt 4,968 4,447 4,557 4,620 4,399 4,833 4,175 3,825 3,654
2024 2023 2022
MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Inventory 2,192 2,108 1,902 1,726 1,965 2,153 2,071 1,956 1,765
Accounts receivable 2,090 2,275 2,306 2,038 2,245 2,167 2,035 2,020 1,570
Accounts payable -1,308 -1,362 -1,349 -1,294 -1,156 -1,277 -1,159 -1,288 -932
Advances from customers -1,879 -2,160 -1,879 -1,355 -1,725 -1,592 -1,576 -1,715 -1,428
Accrued/deferred income, net 516 555 583 640 741 782 466 418 484
Operating Working Capital 1,612 1,417 1,563 1,755 2,071 2,233 1,837 1,390 1,460
2023 20222024

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

Interim report January-September 2024 13 
Condensed statement of comprehensive 
income 
 
 
 
 
LTM Full-year
MSEK 2024 2023 2024 2023 Oct-Sep 2023
Net sales 3,761 3,560 11,089 10,271 14,748 13,930
Cost of goods sold -2,442 -2,418 -7,168 -7,040 -9,636 -9,508
Gross profit 1,319 1,142 3,921 3,230 5,113 4,422
Selling expenses -373 -313 -1,053 -939 -1,395 -1,281
Administrative costs -319 -278 -1,035 -805 -1,335 -1,106
Research and development costs -111 -94 -320 -245 -435 -360
Other operating income and expenses -6 0 -7 -26 -63 -82
Share of earnings in associates -2 -3 -8 -5 -11 -8
Operating profit 509 454 1,499 1,211 1,874 1,586
Financial income and expenses -98 -93 -276 -232 -376 -331
Profit/Loss after financial items 410 362 1,223 979 1,499 1,255
Tax -135 -98 -379 -245 -597 -463
Net income for the period 275 264 844 734 901 792
Attributable to Parent Company shareholders 263 260 811 730 865 784
Attributable to non-controlling interests 12 4 33 5 36 8
Average number of outstanding shares before dilution 182,541,440 182,371,664 182,536,425 182,194,023 182,530,642 182,274,370
Average number of outstanding shares after dilution 182,541,440 182,405,896 182,536,425 182,225,460 182,530,642 182,284,750
Earnings per share before dilution, SEK 1.44 1.42 4.44 4.00 4.74 4.30
Earnings per share after dilution, SEK 1.44 1.42 4.44 4.00 4.74 4.30
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange-rate differences on translation of foreign operations -241 -87 19 151 -406 -274
Items that will not be reclassified to profit or loss:
Actuarial gains/losses on defined-benefit pension obligations -18 12 -13 35 -94 -46
Income tax effect not to be reclassified to profit or loss 4 -3 3 -7 19 9
Other comprehensive income, net after tax -255 -78 9 178 -480 -311
Total comprehensive income for the period 20 186 852 912 421 481
Attributable to Parent Company shareholders 9 182 820 908 389 478
Attributable to non-controlling interests 11 3 32 4 32 4
Q3 Jan-Sep

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

Interim report January-September 2024 14 
Condensed statement of financial position 
 
 
Condensed statement of changes in equity items 
 
 
  
MSEK 2024/09/30 2023/09/30 2023/12/31
ASSETS
NON-CURRENT ASSETS
Goodwill 6,244 5,694 5,822
Other intangible assets 2,766 2,207 2,259
Property, plant and equipment 1,387 972 1,097
Right-of-Use assets 944 729 672
Participations in associated companies 52 30 25
Other financial assets 170 86 95
Deferred tax assets 369 382 292
Total non-current assets 11,932 10,098 10,262
CURRENT ASSETS
Inventory 2,192 1,965 1,726
Accounts receivable 2,090 2,245 2,038
Derivative instruments − 2 0
Current tax assets 94 89 84
Other receivables 174 131 135
Prepaid expenses and accrued income 802 1,069 954
Cash and cash equivalents 1,393 1,165 1,532
Total current assets 6,745 6,666 6,469
TOTAL ASSETS 18,677 16,764 16,731
EQUITY AND LIABILITIES
EQUITY
Shareholders' equity 5,402 5,976 5,257
Non-controlling interests 5 1 1
Total equity 5,407 5,978 5,258
NON-CURRENT LIABILITIES
Interest-bearing liabilities 4,984 4,568 4,151
Lease liabilities 801 594 553
Provisions for pensions 306 197 280
Other provisions 61 66 62
Other non-current liabilities 714 378 636
Deferred tax liabilities 479 443 455
Total non-current liabilities 7,345 6,246 6,135
CURRENT LIABILITIES
Interest-bearing liabilities 29 7 980
Lease liabilities 213 176 167
Other provisions 192 165 145
Accounts payable 1,308 1,156 1,294
Derivative instruments 7 11 33
Current tax liabilities 84 108 78
Advances from customers 1,879 1,725 1,355
Other current liabilities 876 97 92
Accrued expenses and deferred income 1,336 1,095 1,193
Total current liabilities 5,924 4,540 5,337
TOTAL EQUITY AND LIABILITIES 18,677 16,764 16,731
MSEK 2024/09/30 2023/09/30 2023/12/31
Opening balance 5,258 5,307 5,307
Total comprehensive income for the period 852 912 481
Exercised share options 1 14 21
Put/call option related to non controlling interests -467 -81 -377
Dividends -237 -175 -175
Share option plan incl. deferred tax − 1 1
Closing balance 5,407 5,978 5,258
Total shareholders´ equity attributable to :
The parent company's shareholders 5,402 5,976 5,257
Non-controlling interests 5 1 1

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

Interim report January-September 2024 15 
Condensed cash flow statement 
 
  
LTM Full-year
MSEK 2024 2023 2024 2023 Oct-Sep 2023
OPERATING ACTIVITIES
Operating profit 509 454 1,499 1,211 1,874 1,586
Adjustment for:
Depreciation, amortization and impairment losses 164 125 441 352 573 484
Other non-cash items 30 15 20 15 48 43
Changes in provisions -4 3 28 11 6 -11
Cash flow before interest and tax 698 598 1,988 1,588 2,502 2,102
Net financial items paid -70 -73 -256 -214 -353 -312
Taxes paid -155 -81 -432 -254 -567 -390
Cash flow before changes in working capital 473 444 1,300 1,120 1,581 1,400
Change in accounts receivable 160 -119 44 -160 193 -11
Change in inventory -132 161 -331 83 -143 271
Change in accrued income 20 60 177 -278 188 -267
Change in accounts payable -34 -104 -40 -172 71 -60
Change in advances from customers -210 109 320 -173 194 -299
Cashflow from changes in operating working capital -196 106 170 -699 503 -366
Change in other working capital 52 4 74 -25 129 31
Cash flow from changes in working capital -144 110 244 -724 633 -335
Cash flow from operating activities 329 554 1,544 396 2,214 1,066
INVESTING ACTIVITIES
Business acquisitions -259 1 -411 -148 -1,007 -744
Investments in associated companies 0 - -37 -0 -37 -
Investments in participations and securities in other companies -0 -4 -59 -3 -59 -4
Sale of intangible assets and property, plant and equipment 0 0 0 -1 1 0
Investment in property, plant and equipment -224 -65 -426 -214 -535 -323
Investment in intangible assets -75 -66 -225 -242 -330 -347
Cash flow from investing activities -558 -134 -1,157 -608 -1,967 -1,418
FINANCING ACTIVITIES
Exercised share options 0 11 1 14 7 21
Loan raised 100 376 709 1,454 1,523 2,268
Amortization of loans -36 -308 -872 -712 -1,047 -887
Repayment of lease liabilities -45 -40 -126 -117 -165 -156
Dividends paid -119 0 -237 -175 -237 -175
Other changes to financing activities -40 -1 -6 -0 -66 -60
Cash flow from financing activities -140 38 -531 465 15 1,011
Cash flow for the period -368 458 -143 253 262 658
Cash and cash equivalents at period start 1,775 713 1,532 914 1,165 914
Exchange-rate differences in cash and cash equivalents -14 -6 4 -2 -34 -40
Cash and cash equivalents at period end 1,393 1,165 1,393 1,165 1,393 1,532
Q3 Jan-Sep

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

Interim report January-September 2024 16 
Parent company 
Condensed income statement 
 
Condensed statement of comprehensive income 
 
Condensed balance sheet 
 
 
  
LTM Full-year
MSEK 2024 2023 2024 2023 Oct-Sep 2023
Net sales − − − − − −
Gross profit/loss − 0 − 0 − −
Administrative costs -3 -4 -10 -11 -10 -11
Other operating income and expenses 0 26 2 29 5 32
Operating profit -3 22 -8 18 -5 21
Financial income and expenses -8 -6 -21 -12 -26 -18
Profit/Loss after financial items -11 16 -28 6 -31 3
Group contributions − − − − − −
Profit/Loss before tax -11 16 -28 6 -31 3
Tax − − − − -0 -0 
Net income for the period -11 16 -28 6 -31 3
Q3 Jan-Sep
Profit/Loss for the period -11 16 -28 6 -31 3
Other comprehensive income, net after tax − − − − − −
Comprehensive income for the period -11 16 -28 6 -31 3
MSEK 2024/09/30 2023/09/30 2023/12/31
ASSETS
NON-CURRENT ASSETS
Participations in subsidiaries 4,098 4,098 4,098
Other financial assets 4 4 4
Total non-current assets 4,102 4,103 4,102
CURRENT ASSETS
Other current receivables 0 0 1
Prepaid expenses and accrued income 1 − 1
Current tax assets 1 1 1
Receivables from subsidiaries 24 27 10
Cash and cash equivalents 0 3 3
Total current assets 26 31 15
TOTAL ASSETS 4,128 4,134 4,118
EQUITY AND LIABILITIES
EQUITY
Share capital 6 6 6
Share premium reserve 4,136 4,136 4,136
Profit brought forward -627 -401 -394
Income for the period -28 6 3
Total equity 3,486 3,747 3,750
NON-CURRENT LIABILITIES
Provisions for pensions and similar commitments 5 4 1
Total non-current liabilities 5 4 1
CURRENT LIABILITIES
Accounts payable 0 1 3
Accrued expenses and deferred income 36 29 32
Liabilities to subsidiaries 594 348 327
Other liabilities 7 4 4
Total current liabilities 638 383 366
TOTAL EQUITY AND LIABILITIES 4,128 4,134 4,118

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

Interim report January-September 2024 17 
Other disclosures 
Accounting policies 
This report has been prepared, with regards to the Group, in accordance 
with IAS 34 Interim Financial Reporting, recommendation RFR 1 of the 
Swedish Financial Reporting Board and the Swedish Annual Accounts Act 
and, with regards to the Parent Company, in accordance with 
recommendation RFR 2 of the Swedish Financial Reporting Board and the 
Swedish Annual Accounts Act. The accounting principles applied 
correspond to those presented in the Annual- and Sustainability report 
2023 (Note 1). 
No new and revised standards and interpretations effective from January 1, 
2024, are considered to have any material impact on the financial 
statements. 
Environmental impact and 
environmental policy  
Munters’ operations affect the external environment through air and water 
emissions, the handling of chemicals and waste, transport of input goods 
and finished products to and from Munters factories. Munters is committed 
to constant vigilance regarding the environmental impact of its operations. 
Munters is committed to complying with all laws and to continuously 
promoting improvements in all Environment, Health & Safety (EHS) 
aspects, wherever Munters conducts business. Munters constantly seeks 
opportunities to reduce risk and to create a safer, healthier, more diverse 
and more environmentally friendly workplace for our employees, 
customers, communities, and the overall environment. Munters’ 
manufacturing facilities all over the world are committed to working 
according to an EHS Management Program. The purpose of the EHS 
Program is to ensure regulatory compliance, actively prevent injuries, and 
reduce the impact that our business has on the environment.  
Risks and uncertainties 
The Group’s significant risks and uncertainties can be divided into four 
categories; strategic, operational, financial and regulatory risks. In these 
categories, there are both risks due to political and macroeconomic trends 
and specific risks directly linked to the business carried out by the Group. A 
risk assessment is carried out on an annual basis and the purpose is to 
identify and address the most important risks.  
Munters’ products are used in complex customer processes. Quality and 
contract obligations are critical and could result in claims for damages. The 
Group depends to some extent on key customers and key personnel. 
Considering that Munters is a company with geographically widespread 
operations and many small organizational units, there is a risk of failure to 
comply with relevant regulations in the business ethics area, e.g. anti-
bribery rules.  
Financial risks mainly consist of currency, interest and financing risks. 
Munters works actively with insurance solutions, and group -wide 
insurances are governed by central guidelines. This includes for example 
coverage for general liability and product liability, property, business 
interruption, transportation, the liability of Board members and the CEO 
and employment practices liabilities.  
In the beginning of October, 2023 Israel declared it was at war with Hamas.  
Within the business area FoodTech, Munters has manufacturing of 
controllers in Israel located south of Tel Aviv with about 140 employees. 
Munters operations has so far not been impacted by the situation and we 
continue to monitor the situation closely in order to be able to quickly 
respond to any disturbances. 
A more detailed description of the Group’s risks and how they are managed 
can be found in the Annual- and Sustainability report 2023 on pages 108-
112
. 
Transactions with related parties 
There have been no significant transactions with related parties during the 
period.   
Fair value of financial instruments 
Financial assets measured at fair value through profit/loss relate to 
financial investments and derivatives. Financial investments amounted t o 
MSEK 125 (65) and net derivatives to MSEK -7 (-9) as of the balance sheet 
date. 
The Group’s put/call option, from the acquisition of MTech Systems, is 
recognized at fair value in the statement of financial position. The exercise 
period begins on January 1, 2025, and ends on December 31, 2025. The fair 
value of the option amounts to MSEK 977 (MSEK 562 as of 31 Dec, 2023)  as 
of the balance sheet date. 
The put/call option from the acquisition of a majority share in InoBram  is 
recognized at fair value. Munters acquired 60 per cent of the company but 
the agreement includes a put/call option for Munters to acquire the 
remaining 40 per cent of the company in 2027. The exercise period for the 
sellers put option begins in 2026. The fair value of the option amounts to 
MSEK 69 (MSEK 37 as of 31 Dec, 2023) as of the balance sheet date. 
 
Both put/call options are measured according to IFRS 9 and are 
categorized in level 3 in the fair value hierarchy. 
Munters deems that the interest rate on interest-bearing liabilities is in line 
with market terms on September 30, 2024, and the fair value at the end of 
the reporting period therefore in all material aspects corresponds to the 
carrying amount. 
 
  
MSEK 2024/09/30 2023/09/30 2023/12/31
Opening balance 632 217 217
Valuation put/call options − 73 37
Holdbacks 53 − 37
Remeasurements 441 62 352
Payments -29 − −
Discounting 26 18 25
Exchange-rate differences -22 8 -35
Closing balance 1,102 377 632

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

Interim report January-September 2024 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, restructuring 
activities, capital gains and losses from business divestments and M&A 
related costs. 
Below is a break-down of items affecting comparability by period.
 
 
Business combinations 
Consolidated acquisitions in 2024  
 
 
The table shows approximate number of permanent full time employees at 
the acquisition date. Net sales refer to estimated sales in the year prior to 
the acquisition. 
In May, Munters closed the acquisition of Airprotech, an Italian 
company within VOC abatement systems. The acquisition enhances 
Munters Clean Technology portfolio and supports cleaner production 
for European industries. 
In July, Munters acquired a majority share in Automated 
Environments (AEI), a US-based company specializing in automated 
control systems for the layer industry. The acquisition is part of the 
FoodTech strategy to serve food producers with an extensive 
portfolio of digital solutions. Munters will initially have an 80% share 
in AEI, the agreement stipulates the remaining 20% to be acquired by 
the end of 2026. Accordingly, 100% of AEI is consolidated as from 
the acquisition date.  
The table below presents an overview of paid purchase 
considerations and the fair value of acquired net assets for the 
business combinations in Jan-Sep 2024 and 2023. As per the balance 
sheet date, the fair value of acquired net assets is based on 
preliminary purchase price allocations.  
The acquisition of Geoclima, the Italian manufacturer of air- and 
water-cooled chillers, was closed in the beginning of October. For 
more information related to the acquisition, see page 11.  
 
  
THIS IS A TRANSLATION FROM THE SWEDISH ORIGINAL  
 
MSEK 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Americas 846 979 916 913 428 353 0 0 2,190 2,245
EMEA 809 619 94 88 294 239 -11 -13 1,185 932
APAC 439 472 1 1 78 95 -7 -6 511 562
Sales between regions -82 -92 0 -49 -43 -36 -2 -2 -127 -180
TOTAL 2,011 1,978 1,012 953 758 650 -19 -21 3,761 3,560
AirTech DCT GroupFoodTech Eliminations
MSEK 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Americas 2,933 2,700 2,783 2,288 1,188 897 0 -1 6,903 5,884
EMEA 2,049 1,970 295 246 829 705 -26 -26 3,147 2,895
APAC 1,274 1,835 3 3 240 249 -16 -13 1,501 2,074
Sales between regions -313 -416 -3 -54 -140 -105 -6 -7 -462 -582
TOTAL 5,944 6,090 3,077 2,483 2,117 1,745 -48 -48 11,089 10,271
AirTech DCT FoodTech Eliminations Group
LTM Full-year
MSEK 2024 2023 2024 2023 Apr-Mar 2023
Restructuring activities -4 0 -28 -12 -50 -34
M&A activities -11 -7 -27 -15 -42 -29
Other items -22 0 -67 -20 -79 -32
Total -37 -7 -122 -47 -171 -96
Q3 Jan-Sep
Company 
(Country)
Business 
area
Month 
acquired
Number of 
employees Net sales
Share 
(%)
Airprotech (IT) AirTech May 52 MSEK 330 100
AEI (US) FoodTech July 13 MSEK 102 80
MSEK
Jan-Sep
2024
Jan-Sep 
2023
Purchase price
Cash purchase consideration paid 514 171
Holdback & deferred considerations 53 8
Put/call option - 63
Total purchase consideration 567 242
Fair value of acquired net assets -160 -87
Goodwill 407 157
Cash flow
Cash purchase consideration paid -514 -171
Cash and cash equivalents in acquired companies 132 23
-29 −
Change in the Group's cash and cash equivalents -411 -148
Payments related to acquisitions in prior years

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

Interim report January-September 2024 19 
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, 2024 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 interim report in a ccordance 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 Review 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 for 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, October 22, 2024       
    
Ernst & Young AB 
 
 
Andreas Troberg 
Authorized Public Accountant

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

Interim report January-September 2024 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. 
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.  
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. 
Operating profit (EBIT) 
Earnings before interest and tax. Munters believes that EBIT shows the 
profit generated by the operating activities. 
Adjusted EBITA 
Operating profit, adjusted for amortizations, write -downs of intangible 
assets and items affecting comparability. Munters believes that using 
adjusted EBITA is helpful in analyzing our performance as it removes the 
impact of items considered not to be of recurring character and therefore 
do not reflect our core operating performance.  
Adjusted EBITA margin 
Adjusted EBITA as a percentage of net sales. Munters believes that 
Adjusted EBITA margin is a useful measure for showing the Company’s 
profit generated by the operating activities. 
Adjusted EBITDA 
Operating profit adjusted for items affecting comparability and 
depreciations, amortizations and write-downs of tangible and intangible 
assets as well as Right-of-Use assets. 
Adjusted EBITDA margin 
Adjusted EBITDA as a percentage of net sales.  
Items affecting comparability (IAC) 
Items affecting comparability are events or transactions with significant 
financial effects, which are relevant for the understanding of the financial 
performance when comparing the current period to previous periods. Items 
included are for example, restructuring activities, capital gains and losses 
from business divestments and M&A related costs.  
Earnings per share 
Net income divided by the weighted average number of outstanding 
shares. 
Capital employed 
Capital employed is calculated as the total equity plus interest bearing 
liabilities. 
Return on capital employed (ROCE) 
Average operating profit (EBIT) plus financial income, divided by the 
average capital employed, where capital employed is total equity plus 
interest-bearing liabilities. The average capital employed is calculated 
based on the last 12 months. 
Operating working capital 
Includes accounts receivable, inventory, accrued income, accounts payable 
and advances from customers. 
Operating working capital/net sales 
Average Operating Working Capital for the last twelve months as a 
percentage of Net sales for the same period.  
Cash and cash equivalents 
Cash and bank balances plus investments in securities and the like with 
maturity periods not exceeding three months. This is a measure that 
highlights the short-term liquidity. 
Net debt 
Net debt calculated as interest bearing liabilities, lease liabilities, provisions 
for pension and accrued financial expenses, reduced by cash and cash 
equivalents. 
Equity/assets ratio 
Equity (including non-controlling interests) divided by total assets.  
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. 
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.  
Americas 
Refers to North-, Central and South America. 
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 .

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

Interim report January-September 2024 21 
Information and 
reporting dates 
Welcome to join a webcast or telephone conference on October  22, 
at 9:00 CEST, when President and CEO Klas Forsström together 
with the Group Vice President and CFO, Katharina Fischer, will 
present the report.  
Webcast 
https://ir.financialhearings.com/munters-q3-report-2024 
 
Conference call 
If you wish to participate via teleconference, please register on the 
link below. After registration you will be provided phone numbers 
and a conference ID to access the conference. You can ask questions 
verbally via the teleconference. 
https://conference.financialhearings.com/teleconference/?id=5004
9852 
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 CEST on October 22, 
2024. 
This report contains forward-looking statements that reflect Munters’ current expectations on 
future events and Munters’ financial and operational development. Although Munters believes 
that the expectations reflected in such forward-looking statements are based on reasonable 
assumptions, no assurance can be given that such expectations prove to have been correct, as 
forward-looking statements are subject to both known and unknown risks and uncertainties and 
a variety of factors that could cause actual results or outcomes to differ materially from those 
expressed or implied by such forward-looking statements. Such factors include, but are not 
limited to, changes in economic, market, competitive and/or regulatory conditions. Forward-
looking statements speak only as of the date they were made and, other than as required by 
applicable law, Munters undertakes no obligation to update any of them in light of new 
information arising or future events. 
Munters Group AB, Corp. Reg. No. 556819-2321 
Contact information: 
Ann-Sofi Jönsson  
Vice President, Investor Relations & Group Risk Management 
Phone: +46 (0)730 251 005 
Email: ann-sofi.jonsson@munters.com 
 
Line Dovärn  
Director, Investor Relations 
Phone: +46 (0)730 488 444 
Email: line.dovarn@munters.com 
 
 
Financial calendar: 
Fourth quarter & Full year report 2024 February 5, 2025 
Release of Annual &  
Sustainability report 2024  
Week starting 
March 3, 2025 
Annual General Meeting 2025 May 14, 2025