FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== SIDA 1 =====
Interim report January-September 2025
Strong performance driven by growth in key industries
* Definitions of key financial indicators can be found on page 19
Financial summary LTM Full-year
MSEK 2025 2024 ∆% 2025 2024 ∆% Oct-Sep 2024
Order intake 4,159 2,646 57 11,381 8,438 35 15,375 12,431
Net sales 3,798 3,254 17 11,118 9,664 15 15,041 13,587
Growth 17% 4% 15% 7% 17% 11%
of which organic growth 15% 3% 10% 4% - 8%
of which acquisitions and divestments 11% 6% 11% 5% - 4%
of which currency effects -9% -4% -6% -2% - -1%
Operating profit (EBIT) 381 457 -16 1,127 1,413 -20 1,460 1,746
Operating margin, % 10.0 14.0 10.1 14.6 9.7 12.9
Adjusted EBITA 511 532 -4 1,504 1,598 -6 2,010 2,104
Adjusted EBITA margin, % 13.5 16.3 13.5 16.5 13.4 15.5
Net income 194 238 -18 570 784 -27 740 954
Earnings per share, SEK 1.05 1.23 3.07 4.11 3.93 4.96
Cash flow from operating activities 389 268 1,119 1,379 1,829 2,089
OWC/Net Sales 8.3% 12.9% 8.3% 12.9% 8.3% 11.6%
Net debt 6,736 4,968 6,736 4,968 6,736 6,364
Leverage 2.8 2.1 2.8 2.1 2.8 2.6
Q3 Jan-Sep
Q32025
Currency adjusted
growth
+26%
Adj. EBITA margin
13.5%
Operating working
capital/net sales
8.3%
Divestment of the FoodTech Equipment offering has been completed. The comments and figures in this report
refer to continuing operations unless otherwise stated. For more information see pages 16-17.
July-September
– Order intake increased +57%, driven by strong demand in both Data Center Technologies (DCT) and
FoodTech as well as growth in AirTech.
– Net sales grew +17%, with significant growth in DCT and FoodTech, while AirTech declined. Currency effects
impacted sales by -9%.
– The adjusted EBITA margin declined, impacted by lower volumes in AirTech, mainly within the battery sub-
segment, as well as an unfavorable product and regional mix and the extended transition to the new
Amesbury facility. This was partly offset by strong margin contributions from FoodTech and DCT, although
the latter was negatively affected by tariffs.
– Cash flow from operating activities increased, driven by strong cash flow in DCT.
– OWC/net sales improved to 8.3%, below the target range of 13–10%.
– Leverage was unchanged from the second quarter, at 2.8x.
– Earnings per share amounted to SEK 1.05 (1.23).
Events after the quarter
– In AirTech increased cost adjustments and operational efficiency initiatives will be implemented, expected to
generate annual net cost savings of MSEK 250-300, with full effect reached by the end of 2026. Initiatives
include workforce adjustments expected to impact approximately 200 positions globally. A restructuring
charge of approximately MSEK 150 will be recognized across the fourth quarter of 2025 and the first quarter
of 2026.
===== SIDA 2 =====
Interim report January-September 2025 2
CEO comments
Our strategic focus, operational efficiency, and resilient business model continued to support our ability to
deliver — even in times of political and economic uncertainty as well as currency headwinds. Order intake
increased 57% and net sales grew by 17%, with profitability remaining solid - despite challenges in AirTech.
DCT and FoodTech maintain their strong momentum
DCT delivered another strong quarter, with increased orders and sales across all customer segments. This resulted in a
book-to-bill ratio of 1.4, reflecting significant demand and balanced execution. The performance confirms we are focusing
on the right strategic areas – broadening our product portfolio, expanding our customer base and effectively integrating
recent acquisitions. Demand for our solutions continues – as expected – to be driven by the fundamental need for efficient
heat removal in data centers. Other technologies that cool closer to the heat source do not compete with our competitive
offering but rather complement it. The EBITA margin remained strong, supported by high utilization and a favorable
product mix, despite tariff headwinds of about 2 p.p. The tariff impact is anticipated to continue until chiller production
becomes fully operational in the US.
FoodTech delivered another robust quarter, reflecting its transformation from an equipment-based business to fully digital,
based on controllers and software. The transition marks a fundamental shift in how the business operates and creates value,
with order intake and net sales developing positively across all regions. Profitability remained strong despite continued
investments in innovation and expansion, underscoring the strength of the new model.
DCT is well-positioned to capture continued growth from accelerating data traffic and AI-related investments, supported
by its strong market position as well as ongoing capacity and innovation initiatives. FoodTech’s expanding digital platform
and growing customer adoption position them well to capture growth from the ongoing digitalization trend of the food
supply chain - a market still in the early stages of development with significant long-term potential.
AirTech - navigating short -term challenges, building long -term strength
AirTech continued to operate in a challenging market environment, though order intake remained stable. Margins were
pressured by lower utilization, regional mix, and continued dual-site costs during the transition to the new Amesbury
facility, which has been extended but is expected to be fully completed by year-end.
The short-term outlook remains affected by a weak battery market, expected to persist through 2026. As seen across the
industrial sector, demand in Americas has remained softer than anticipated at the beginning of the year. We are
addressing this with increased cost adjustments and operational efficiency initiatives. These actions are not only intended
to mitigate current conditions but also to strengthen our efficiency and cost base, positioning AirTech to emerge stronger
as demand recovers. The measures are expected to generate annual net cost savings of MSEK 250-300, with full effect
reached by the end of 2026. A restructuring charge of approximately MSEK 150 will be recognized across the fourth
quarter of 2025 and the first quarter of 2026. The cost-saving measures initiated in 2024 continue to progress as
planned.
In addition, investments in modernizing our facilities across all regions, together with ongoing innovation and new
product introductions, are expected to strengthen AirTech’s competitiveness over time. Thanks to our operational
flexibility, we can reallocate capacity from the battery sub-segment to other segments within AirTech. The long-term
outlook remains positive, supported by growing demand for energy-efficient solutions and our strong market position.
Acquisitions and partnerships driving growth and innovation
I am pleased to see our recent acquisitions contributing positively to our development. Our selective approach to
acquisitions, with a clear focus on fit and value creation, has strengthened our capabilities and the integration processes
are progressing as planned.
During the quarter, we increased our ownership in Capsol Technologies ASA to about 7%. Combining Capsol’s carbon
capture technology with Munters climate solutions strengthens our position in the growing Clean Technologies market.
Acquisitions and partnerships remain key to broadening our customer base, enhancing our technology offering and
driving innovation together with customers.
Continued operational focus
As we enter the final quarter of 2025, we expect continued strong momentum in DCT and FoodTech, while the efficiency
measures in AirTech are progressing according to plan. Our focus remains on effective execution, capital efficiency, and
sustainable value creation over time.
I extend my sincere gratitude to all employees for your commitment and perseverance in executing our strategy and
delivering results even in an unpredictable world. Your commitment is critical to our long-term success.
Klas Forsström
President and CEO
“Our strategic focus,
operational efficiency, and
resilient business model
continued to support our
ability to deliver. Order intake
and net sales increased with
profitability remaining solid,
fueled by growth in data
centers and the food industry.”
Midterm financial targets
Sustainability targets and full year 2024 results
Net sales growth: Annual currency adjusted net sales growth above 14%.
Performance Q3 2025: 26% (8)
Environment Scope 1, 2 absolute reduction 42%, Performance: +3%
Scope 3: reduce CO 2e by an average of 51.6% per unit sold ,
Performance: -37%
(compared to base year 2023)
Adjusted EBITA margin: An adjusted EBITA margin above 14%.
Performance Q3 2025: 13.5% (16.3)
Social 30% women leaders & in workforce
Performance: Leaders: 22% (21), Workforce: 22% (21) (incl.
discontinued operations)
OWC/net sales:
Average (LTM) operating working capital in the range of
13-10% of net sales.
Performance Q3 2025: 8.3% (12.9)
Governance
Code of Conduct compliance
100% Key supplier CoC, Performance: 99%
100% employees to complete CoC every two years,
Performance: 83%
(incl. discontinued operations)
Dividend policy:
Aim to pay an annual dividend corresponding to 30-50% of net
income for the year
Dividend 2024: 30% (SEK 1.60 per share, totaling MSEK 292) paid
in two instalments.
For full description of the dividend policy see the ASR 2024, page 9 or at
www.munters.com
Service & Components
ambition :
Revenues in the long term of > 1/3 of net sales Performance
Q3 2025: 24% (25)
See Munters annual and sustainability report (ASR) 2024 pages 61-109, for
further information on goals and outcome or at www.munters.com
===== SIDA 3 =====
Interim report January-September 2025 3
Financial performance
Order intake
July-September 2025
Order intake was MSEK 4,159 (2,646), (organic +56%, structural +14%, currency effects -13%), driven by strong
demand in both DCT and FoodTech as well as growth in AirTech.
In AirTech, demand was mainly driven by positive development in APAC and Americas, while EMEA remained flat.
Overall order intake was stable despite a continued challenging market environment, with a weak battery market
expected to persist through 2026 and cautious investment sentiment in Americas. In DCT, demand remained
strong, supported by underlying activity in Americas from both colocators and hyperscalers. Growth was primarily
driven by orders for CRAHs (Computer Room Air Handlers) and CDUs (Coolant Distribution Units). In FoodTech,
order intake increased, driven by solid demand in Americas for both controllers and software.
January-September 2025
Order intake for the first nine months of the year increased to MSEK 11,381 (8,438), (organic +28%, structural +14%,
currency effects -7%). The order backlog at the end of the period amounted to MSEK 10,034 (10,289),
corresponding to a -2% decrease.
For more information on the order intake, see the business area comments on pages 6, 7 and 8.
Net sales
July-September 2025
Net sales amounted to MSEK 3,798 (3,254) (organic +15%, structural +11%, currency effects -9%), with significant
growth in DCT and FoodTech, while AirTech declined.
The decline in net sales in AirTech was due to lower sales in all regions. Net sales in DCT increased, driven by
continued successful execution of the order backlog, progressing according to plan. In FoodTech net sales
increased, driven mainly by good growth in controllers.
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 24% (25) of net sales, with an organic development of +11%. Service accounted for 15%
(17) of total net sales with an organic growth of +6%.
January-September 2025
Net sales grew to MSEK 11,118 (9,664) (organic +10%, structural +11%, currency effects -6%).
For more information on the net sales, see the business area comments on pages 6, 7 and 8.
LTM Full-year
MSEK 2025 2024 ∆% 2025 2024 ∆% Oct-Sep 2024
Order intake 4,159 2,646 57 11,381 8,438 35 15,375 12,431
AirTech 1,567 1,529 2 5,313 5,544 -4 7,134 7,365
DCT 2,164 898 141 4,674 2,301 103 6,461 4,088
FoodTech 435 221 97 1,458 613 138 1,852 1,007
Corporate & elim. -7 -2 - -65 -21 - -72 -28
Net sales 3,798 3,254 17 11,118 9,664 15 15,041 13,587
AirTech 1,770 2,011 -12 5,323 5,944 -10 7,583 8,204
DCT 1,556 1,012 54 4,584 3,077 49 5,899 4,392
FoodTech 486 239 103 1,304 661 97 1,657 1,015
Corporate & elim. -14 -7 - -93 -18 - -98 -24
Adjusted EBITA 511 532 -4 1,504 1,598 -6 2,010 2,104
AirTech 124 264 -53 338 901 -62 550 1,113
DCT 304 235 29 967 659 47 1,228 920
FoodTech 95 64 49 230 164 40 305 238
Corporate & elim. -11 -32 - -32 -126 - -73 -167
Adjusted EBITA margin, % 13.5 16.3 13.5 16.5 13.4 15.5
AirTech 7.0 13.1 6.4 15.2 7.3 13.6
DCT 19.5 23.3 21.1 21.4 20.8 20.9
FoodTech 19.4 26.6 17.7 24.8 18.4 23.5
Q3 Jan-Sep
Quarterly order intake , (MSEK)
Order intake per business area
Q3, 2025
Order intake per region Q3, 2025
Quarterly net sales, (MSEK)
Net sales per business area Q3, 2025
Net sales per region Q3, 2025
0
8,000
16,000
24,000
Q3
23
Q1 Q3
24
Q1 Q3
25
0
2,000
4,000
6,000
Quarter LTM
0% 50% 100%
AirTech 38% DCT 52% FoodTech 10%
0% 50% 100%
Americas 69% EMEA 19% APAC 12%
0
4,000
8,000
12,000
16,000
Q3
23
Q1 Q3
24
Q1 Q3
25
0
1,000
2,000
3,000
4,000
Quarter LTM
0% 50% 100%
AirTech 46% DCT 41% FoodTech 13%
0% 50% 100%
Americas 60% EMEA 28% APAC 11%
===== SIDA 4 =====
Interim report January-September 2025 4
Results
Adjusted EBITDA and EBITA excludes Items Affecting Comparability, IAC, see page 17 for disclosure of the IACs.
July-September 2025
The gross margin amounted to 31.2% (36.0).
Adjusted EBITDA amounted to MSEK 614 (616), corresponding to an adjusted EBITDA margin of 16.2% (18.9).
Depreciation of tangible assets amounted to MSEK -103 (-85), whereof depreciation of leased assets was MSEK
-59 (-46).
Adjusted EBITA amounted to MSEK 511 (532), corresponding to an adjusted EBITA margin of 13.5% (16.3). AirTech’s
margin declined due to lower net sales, mainly in the battery sub-segment. As well as an unfavorable product and
regional mix, uneven capacity utilization and continued dual-site costs during the transition to the new Amesbury
facility, which has been extended but is expected to be fully completed by year-end. Cost and efficiency initiatives
are being implemented to offset current headwinds and strengthen the cost base. The margin in DCT remained
strong, although impacted by tariffs. The strong margin was supported by solid volume growth in Americas, high
production utilization, favorable product mix, and continued benefits from lean initiatives. FoodTech delivered a
strong margin, though lower than last year’s all-time high. The decline was mainly due to continued high
investment levels to support future growth, including innovation and expansion into new regions and customer
segments and product mix from controller acquisitions.
Operating profit (EBIT) was MSEK 381 (457), corresponding to an operating margin of 10% (14). Amortization of
intangible assets were MSEK -77 (-61), where MSEK -22 (-12) related to amortization of intangible assets from
acquisitions.
January- September 2025
The gross margin amounted to 32.3% (36.3).
Adjusted EBITDA amounted to MSEK 1,829 (1,836), corresponding to an adjusted EBITDA margin of 16.5% (19.0).
Depreciation of tangible assets amounted to MSEK -325 (-237), whereof depreciation of leased assets was MSEK
-190 (-124).
Adjusted EBITA amounted to MSEK 1,504 (1,598), corresponding to an adjusted EBITA margin of 13.5% (16.5).
Operating profit (EBIT) was MSEK 1,127 (1,413), corresponding to an operating margin of 10.1% (14.6). Amortization
of intangible assets were MSEK -227 (-146), where MSEK -63 (-31) related to amortization of intangible assets
from acquisitions.
For more information on the results, see the business area comments on pages 6, 7 and 8.
Items affecting comparability (IAC)
In the third quarter items affecting comparability totaled MSEK -52 (-14), mainly related to contingent
considerations. The contingent considerations pertain to a 20% holdback of the transaction price from the
acquisition of MTech Systems closed in March 2025. The total holdback amounts to around MUSD 20 and is
expensed over 12 months from the closing date.
For the nine-month period, IACs totaled MSEK -150 (-40) including cost for M&A activities of MSEK -41 (-26),
contingent considerations of MSEK -109 (-) and other IACs of MSEK -1 (14).
Financial items
Financial income and expenses for the third quarter amounted to MSEK -101 (-98) compared to MSEK -94 in the
second quarter 2025. Interest expense on lease liabilities amounted to MSEK -26 (-14) in the third quarter
compared to MSEK -27 in the second quarter 2025.
Financial income and expenses for the first nine months amounted to MSEK -300 (-276).
Taxes
Income taxes for the third quarter were MSEK -86 (-121) with an effective tax rate of 31% (34%).
Income taxes for the first nine months were MSEK -256 (-353) with an effective tax rate of 31% (31%), in line with
the effective tax rate for the full year 2024.
Earnings per share
Net income from continuing operations attributable to Parent Company’s shareholders amounted to MSEK 192
(225) in the third quarter. Net income from continuing operations in the third quarter decreased to MSEK 194 (238).
Earnings per share from continuing operations was SEK 1.05 (1.23) and SEK 3.07 (4.11) for the nine-month 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. There are no dilution effects on earnings per share.
Quarterly gross margin, %
Quarterly adjusted EBITDA
margin, %
Quarterly adjusted EBITA
margin, %
Quarterly EBIT margin, %
Tax rate per quarter , %
Q3
23
Q1 Q3
24
Q1 Q3
25
0%
10%
20%
30%
40%
Q3
23
Q1 Q3
24
Q1 Q3
25
0%
5%
10%
15%
20%
Q3
23
Q1 Q3
24
Q1 Q3
25
0%
5%
10%
15%
20%
Q3
23
Q1 Q3
24
Q1 Q3
25
0%
5%
10%
15%
20%
Q3
23
Q1 Q3
24
Q1 Q3
25
0%
15%
30%
45%
60%
75%
90%
===== SIDA 5 =====
Interim report January-September 2025 5
Financial position
Net debt as of September 30 amounted to MSEK 6,736 (4,968) compared to MSEK 6,850 at end of June 2025. Net
debt in relation to adjusted EBITDA was 2.8x (2.1x) and 2.8x as of June 30, 2025.
Interest-bearing liabilities, including lease liabilities, amounted to MSEK 8,846 (6,028) up from MSEK 8,203 at
end of June 2025. The increase compared to the second quarter mainly reflects timing effects from the issuance
of a MSEK 1,000 green bond and loan repayments. Outstanding commercial papers in the third quarter amounted
to nominal MSEK 500. The Group’s interest-bearing liabilities have an average maturity of 2.6 (2.2) years at end of
September compared to 2.6 years at end of June 2025.
Cash and cash equivalents totaled MSEK 2,421 (1,393) as of September 30 compared to MSEK 1,648 end of June
2025.
Average capital employed for the last twelve months amounted to MSEK 14,085 (12,095). Return on capital
employed (ROCE) for the last twelve months was 10.7% (15.1). The decrease is explained by an increase in capital
employed combined with lower operating profit.
Cash flow
Cash flow from operating activities amounted to MSEK 389 (268) in the third quarter, driven by strong cash flow in
DCT, while it remained weak in AirTech. Cash flow from operating activities for the period January to September
was MSEK 1,119 (1,379). The decrease is primarily driven by lower operating earnings and negative working capital
development compared to previous year.
Cash flow from investing activities was MSEK -183 (-551) in the third quarter and includes investments in
intangible asset and property, plant and equipment of MSEK -149 (-291). Cash flow from investing activities for the
nine-month period amounted to -1,443 (-1,144). In addition, cash flow from investing activities related to
discontinued operations amounted to 1,020 (-12) and pertains mainly to the purchase price received from the
divestment of the FoodTech Equipment business (for more information see page 17).
Parent company
The parent company for the Group is Munters Group AB. The parent company does not engage in sales of goods
and services to external customers.
Net debt per quarter
ROCE, %
-
1.0
2.0
3.0
4.0
Q3
23
Q1 Q3
24
Q1 Q3
25
0
2,000
4,000
6,000
8,000
Quarter Leverage
Q3
23
Q1 Q3
24
Q1 Q3
25
0%
5%
10%
15%
20%
===== SIDA 6 =====
Interim report January-September 2025 6
AirTech
Business area AirTech is a global leader in energy-efficient air treatment for a broad range of applications,
providing advanced climate solutions requiring precise humidity and temperature control. AirTech is structured
across key customer segments: Industrial, including battery manufacturing and other industrial applications;
Commercial, serving supermarkets and public infrastructure; and Clean Technologies, with purification and gas
treatment systems that cut emissions and boost energy performance. Service helps extend equipment lifecycles
and improve efficiency and Components supplies critical parts for sustainable, low-emission operations.
Collectively, the customer segments enhance indoor air quality, production reliability and long-term customer
value.
July-September 2025
Order intake
Order intake grew +7% organically (structural +3%, currency effects -8%), mainly driven by APAC and Americas,
while EMEA remained flat. Overall demand was stable despite a continued challenging market environment, with
a weak battery market and cautious investment sentiment in the Industrial segment in Americas.
• Demand in the Industrial segment (excl. battery) showed slight growth in EMEA and APAC. The battery
sub-segment remained flat in all regions. The market continued to be affected by delayed investment
decisions, extended project start-ups and lower project volumes. While short-term demand in the battery
market is expected to remain subdued through 2026, the long-term outlook remains positive.
• Clean Technologies (CT) showed good growth in VOC, supported by last year’s acquisition.
• Growth in the Components segment was driven by continued demand for evaporative pads to the data
center market in Americas, while rotor demand remained weak, impacted by the battery market.
• The Service segment showed slight growth, mainly in APAC, whereas the other regions were flat.
Net sales
Net sales declined -7% organically (structural +2%, currency effects -7%), due to lower sales in all regions. Service
accounted for 22% (21) and Components 19% (13) of AirTech’s net sales.
• The Industrial segment (excl. battery) declined, primarily in Americas, slightly offset by EMEA and APAC.
The battery sub-segment declined in Americas and EMEA.
• CT showed growth, driven by increased sales within VOC abatement and carbon-capture solutions.
• The Components segment grew, supported by higher demand for evaporative pads in Americas.
• The Service segment remained flat.
Adjusted EBITA
The adjusted EBITA margin declined mainly due to lower net sales in Americas and EMEA, particularly within the
battery sub-segment. The margin was further affected by an unfavorable product and regional mix, uneven
capacity utilization, intensified price pressure in a more competitive environment as well as continued dual-site
costs in the US.
• Ongoing investments in the global manufacturing footprint continued during the quarter. The new facility
in Amesbury was inaugurated in late May, and while the transition period has been extended, it is
expected to be completed during the year.
• The cost-saving measures initiated in 2024 are progressing according to plan. In light of the current
market conditions, additional initiatives will be implemented, including workforce adjustments. These are
expected to impact approximately 200 positions globally. Process improvements and footprint
optimization are also underway; for example, the planned expansion in Tobo has been modified due to
changed customer demand. These actions are not only intended to mitigate current conditions but also to
strengthen our efficiency and cost base, positioning AirTech to emerge stronger as demand recovers. The
measures are expected to generate annual net cost savings of MSEK 250-300, with full effect reached by
the end of 2026. A restructuring charge of approximately MSEK 150 will be recognized across the fourth
quarter of 2025 and the first quarter of 2026.
January-September 2025
• Order intake declined -3% organically (structural +4%, currency effects -5%), primarily due to continued
weakness in the battery sub-segment in EMEA and Americas. CT and Components showed good growth.
• Net sales decreased -9% organically (structural +4%, currency effects -5%), mainly driven by lower
volumes in the battery sub-segment.
• The adjusted EBITA margin declined, impacted by lower volumes and reduced production utilization.
Additional pressure came from dual-site costs in the US and an unfavorable product and regional mix.
LTM Full-year
MSEK 2025 2024 ∆% 2025 2024 ∆% Oct-Sep 2024
External order backlog 2,697 3,327 -19 2,697 3,327 -19 2,697 2,986
Order intake 1,567 1,529 2 5,313 5,544 -4 7,134 7,365
Growth 2% 4% -4% 14% -4% 8%
Net sales 1,770 2,011 -12 5,323 5,944 -10 7,583 8,204
Growth -12% 2% -10% -2% -6% -0%
of which organic growth -7% -3% -9% -8% - -7%
of which acq. and div. 2% 8% 4% 7% - 8%
of which currency effects -7% -4% -5% -2% - -1%
Operating profit (EBIT) 106 241 -56 287 828 -65 409 949
Operating margin, % 6.0 12.0 5.4 13.9 5.4 11.6
Amortization of intang. asset -16 -15 -42 -37 -55 -49
Items affecting comparability -3 -9 -9 -37 -86 -114
Adjusted EBITA 124 264 -53 338 901 -62 550 1,113
Adjusted EBITA margin, % 7.0 13.1 6.4 15.2 7.3 13.6
Q3 Jan-Sep
Quarterly net sales - AirTech ,
(MSEK)
Quarterly adjusted EBITA
margin, % - AirTech
Order intake per region Q 3, 2025 -
AirTech
Net sales per region Q 3, 2025 -
AirTech
0
2,000
4,000
6,000
8,000
10,000
12,000
Q3
23
Q1 Q3
24
Q1 Q3
25
0
400
800
1,200
1,600
2,000
2,400
Quarter LTM
0%
5%
10%
15%
20%
Q3
23
Q1 Q3
24
Q1 Q3
25
0%
5%
10%
15%
20%
Quarter LTM
0% 50% 100%
Americas 44% EMEA 32% APAC 24%
0% 50% 100%
Americas 41% EMEA 36% APAC 23%
===== SIDA 7 =====
Interim report January-September 2025 7
Data Center Technologies
Business area Data Center Technologies is a leading provider of advanced, energy-efficient cooling solutions for
data centers. With a comprehensive portfolio of air- and liquid-based cooling technologies, we address a wide
range of needs across different types of environments and customers. Our solutions support both current and
emerging computing demands, and with a diversified product portfolio and extensive application knowledge, we
create sustainable climate solutions for data center operators worldwide.
July-September 2025
Order intake
Order intake increased +149 organically (structural +17%, currency effects -25%), supported by sustained strong
demand in Americas. Growth was mainly driven by orders for CDUs and CRAHs from both colocators and
hyperscalers, reflecting continued strong demand for AI-driven solutions.
• Orders were received across the full product portfolio, highlighting the strategic advantage of the broader
offering following last year’s acquisition of Geoclima.
• EMEA showed growth particularly for CRAHs and service offerings, though overall development remained
somewhat restrained by data center design changes and evolving regulatory requirements. APAC also
contributed positively to growth, securing new orders with colocators.
Net sales
Net sales increased +60% organically (structural +7%, currency effects -14%), driven by continued successful
execution of the order backlog. Deliveries of SyCool, CDUs and CRAHs in Americas and chillers in EMEA
progressed according to plan. Service accounted for 5% (4) of DCTs net sales.
Adjusted EBITA
The adjusted EBITA margin remained strong, although impacted by tariffs headwinds of about 2 p.p. The strong
margin was supported by solid volume growth in Americas, high production utilization, favorable product mix, and
continued benefits from lean initiatives.
• Strategic growth initiatives remain in focus, including the expansion of the Virginia factory to increase
production capacity and enable domestic chiller manufacturing for the Americas market.
• Positive support from net price increases.
• Tariffs are expected to continue to have an impact in the coming quarters but will gradually ease as chiller
production in the US becomes operational during next year. In the meantime, chiller production in Italy
continues to support the US market, and we remain focused on taking orders as planned while maintaining
strong customer relationships and driving long-term growth.
January-September 2025
• Order intake increased +102% organically (structural +14%, currency effects -13%), primarily driven by strong
demand for CDUs, CRAHs and chillers. Growth was particularly robust in Americas, with a solid level of
orders from both colocators and hyperscalers. indicating a continued strong underlying demand.
• Net sales increased +48% organically (structural +8%, currency effects -8%), driven by good execution levels
and continued lean improvements.
• The adjusted EBITA margin remained strong despite tariff impact, supported by higher volumes, strong
capacity utilization, net price increases and continued efficiency gains from lean initiatives.
LTM Full-year
MSEK 2025 2024 ∆% 2025 2024 ∆% Oct-Sep 2024
External order backlog 6,581 6,464 2 6,581 6,464 2 6,581 7,604
Order intake 2,164 898 141 4,674 2,301 103 6,461 4,088
Growth 141% 122% 103% 30% 18% -17%
Net sales 1,556 1,012 54 4,584 3,077 49 5,899 4,392
Growth 54% 6% 49% 24% 47% 29%
of which organic growth 60% 10% 48% 25% - 27%
of which acq. and div. 7% - 8% - - 2%
of which currency effects -14% -4% -8% -1% - -1%
Operating profit (EBIT) 296 225 32 944 638 48 1,190 884
Operating margin, % 19.0 22.2 20.6 20.8 20.2 20.1
Amortization of intang. asset -7 -5 -23 -16 -31 -24
Items affecting comparability -0 -5 - -5 -7 -12
Adjusted EBITA 304 235 29 967 659 47 1,228 920
Adjusted EBITA margin, % 19.5 23.3 21.1 21.4 20.8 20.9
Q3 Jan-Sep
Quarterly net sales - DCT,
(MSEK)
Quarterly adjusted EBITA margin , %
- DCT
Order intake per region Q 3, 2025 –
DCT
Net sales per region Q 3, 2025 - DCT
0
1,500
3,000
4,500
6,000
Q3
23
Q1 Q3
24
Q1 Q3
25
0
500
1,000
1,500
2,000
Quarter LTM
0%
5%
10%
15%
20%
25%
Q3
23
Q1 Q3
24
Q1 Q3
25
0%
5%
10%
15%
20%
25%
Quarter LTM
0% 50% 100%
Americas 91% EMEA 3% APAC 5%
0% 50% 100%
Americas 88% EMEA 11% APAC 1%
===== SIDA 8 =====
Interim report January-September 2025 8
FoodTech
Business area FoodTech is a global leader of innovative digital solutions enabling data driven optimization of
the global food supply chain. Through advanced software, controllers and sensors, actors across the food
supply chain get insights on how to reduce waste, improve productivity and increase resource efficiency.
FoodTech’s solutions help to build resilience into food supply chains by enabling greater transparency and
helping customers meet high standards for animal welfare, crop quality and environmental performance.
July-September 2025
Order intake
Order intake increased +29% organically (structural +77%, currency effects -10%), driven by strong demand in
Americas for both controllers and software.
• Software grew mainly in Americas, supported by orders from both existing and new customers. The
customer segment broiler showed particularly strong demand.
• Controllers showed strong growth both in Americas and EMEA. Order postponements in the US layer
market due to avian flu continued. Growth was further supported by last year’s acquisition of Hotraco.
Net sales
Net sales increased +18% organically (structural +95%, currency effects -10%), driven mainly by good growth in
controllers. Service represented 21% (45) of FoodTech's net sales.
• Software grew despite negative currency effects. SaaS ARR grew organically and increased +10% to MSEK
321 (290), driven by subscription growth.
• Controllers achieved solid organic growth across all customer segments in Americas and APAC. Growth in
EMEA was supported by earlier acquisitions.
Adjusted EBITA
The adjusted EBITA margin remained strong, though lower than last year’s all-time high. The decline was mainly
due to continued high investment levels to support future growth, including innovation and expansion into new
regions and customer segments and a shift in product mix by controller acquisitions.
• Price increases offset higher raw material costs, while higher volumes supported margins.
• Integration synergies from recent acquisitions and ongoing efficiency initiatives also contributed positively.
January-September 2025
• Order intake increased +43% organically (structural +107%, currency effects -13%), supported by strong
demand for both controllers and software across all regions.
• Net sales increased +17% organically (structural +90%, currency effects -11%), driven mainly by growth in
controllers.
• The adjusted EBITA margin remained at a strong level, despite a decline from last year’s all-time high. The
decline was mainly due to continued high investment levels to support future growth and product mix
effects from controller acquisitions.
LTM Full-year
MSEK 2025 2024 ∆% 2025 2024 ∆% Oct-Sep 2024
External order backlog 756 497 52 756 497 52 756 697
Order intake 435 221 97 1,458 613 138 1,852 1,007
Growth 97% 15% 138% 32% 128% 51%
Net sales 486 239 103 1,304 661 97 1,657 1,015
of which SaaS 80 74 9 241 206 17 324 288
SaaS ARR 321 290 10 321 290 10 321 337
Growth 103% 25% 97% 36% 93% 49%
of which organic growth 18% 23% 17% 36% - 33%
of which acq. and div. 95% 8% 90% 3% - 19%
of which currency effects -10% -6% -11% -3% - -2%
Operating profit (EBIT) 14 40 -65 40 110 -64 51 121
Operating margin, % 2.9 16.8 3.1 16.6 3.1 11.9
Amortization of intang. asset -31 -23 -89 -54 -136 -102
Items affecting comparability -49 - -102 0 -118 -16
Adjusted EBITA 95 64 49 230 164 40 305 238
Adjusted EBITA margin, % 19.4 26.6 17.7 24.8 18.4 23.5
Q3 Jan-Sep
Quarterly net sales - FoodTech ,
(MSEK)
Quarterly adjusted EBITA margin %
- FoodTech
SaaS ARR – FoodTech (MSEK)
Order intake per region Q3, 2025 –
FoodTech
Net sales per region Q3, 2025 -
FoodTech
0
400
800
1,200
1,600
2,000
Q3
23
Q1 Q3
24
Q1 Q3
25
0
100
200
300
400
500
Quarter LTM
0%
5%
10%
15%
20%
25%
30%
Q3
23
Q1 Q3
24
Q1 Q3
25
0%
5%
10%
15%
20%
25%
30%
Quarter LTM
Q3
23
Q1 Q3
24
Q1 Q3
25
0
100
200
300
400
0% 50% 100%
Americas 48% EMEA 48% APAC 4%
0% 50% 100%
Americas 39% EMEA 57% APAC 4%
===== SIDA 9 =====
Interim report January-September 2025 9
Corporate
The Corporate function reported an adjusted EBITA of MSEK -11 (-32) in the third quarter and MSEK -32 (-126)
during the first nine months.
The rollout of a new global software system, initiated end of 2024, has progressed in 2025. The system is
managed by Corporate functions, with costs including amortization allocated to the business areas in accordance
with the rollout plan. As more subsidiaries implemented the system in 2025, the corporate charge increased,
improving adjusted EBITA in Corporate functions. Adjusted EBITA during the first nine months is positively
impacted by exchange rate differences from translation of a non-current contract for software licenses,
denominated in Euro.
Other information
Employees
The number of permanent FTEs (Full Time Equivalents), at September 30, 2025 was 5,083 (4,640). The amount of
FTEs at September 30, 2025 in business area AirTech was 3,384 (3,333), in DCT 955 (747), in FoodTech 613 (413)
and at Group functions 131 (147).
Number of shares
As of September 30, 2025, Munters held 1,916,377 treasury shares of the total shares of 184,457,817. The number
of outstanding shares as of the balance sheet date was 182,541,440 The average number of outstanding shares
before and after dilution in Q3 was 182,541,440 (182,541,440).
Dividend
The AGM in May resolved to pay a dividend of SEK 1.60 (1.30) per share totaling MSEK 292 (237) based on the total
number of outstanding shares to be paid in two equal instalments. This represents 30% (30) of the net income for
2024. The first instalment of the dividend was paid out in May. The second instalment is to be paid in November.
Other events during the quarter
Munters issues green bond – In September, Munters announced the issuance of a four-year senior green bond of
SEK 1 billion under its MTN-program. The bond was significantly oversubscribed, and the net proceeds will be
allocated to green projects in line with Munters Green Bond Framework. More information can be found on:
Credit market | Munters
Munters increases ownership in Capsol Technologies – In September it was announced that Munters increased
its ownership stake in Capsol Technologies ASA to approximately 7% through a MEUR 2 private placement. The
companies are also expanding their strategic partnership to include commercial collaboration in the growing
market for carbon capture solutions.
Events after the quarter
Nomination Committee for the 2026 Annual General Meeting – In October, Munters announced the
Nomination Committee for the 2026 Annual General Meeting. It comprises the following members:
Magnus Fernström, FAM AB, Chairman of the Nomination Committee, Celia Grip, Swedbank Robur Funds,
Jan Särlvik, Fourth Swedish National Pension Fund and Philip Mesch, Odin Fund Management.
Circular collaboration for plasterboard production – In October it was announced that Munters, NOAH and
Stockholm Exergi are collaborating to transform industrial waste streams into new input materials. By using fly
ash from combined heat and power plants and salt residues from Munters rotor manufacturing, Norgips
is now producing new plasterboards.
Cost adjustments and operational efficiency initatives in AirTech - In conjunction with the third-quarter report,
Munters announces increased cost adjustments and operational efficiency initiatives will be implemented in
AirTech, expected to generate annual net cost savings of MSEK 250-300, with full effect reached by the end of
2026. Initiatives include workforce adjustments expected to impact approximately 200 positions globally. These
actions are not only intended to mitigate current conditions but also to strengthen efficiency and cost base. A
restructuring charge of approximately MSEK 150 will be recognized across the fourth quarter of 2025 and the first
quarter of 2026. The cost-saving measures initiated in 2024 continue to progress as planned.
Stockholm, October 24, 2025
Klas Forsström
CEO & President
Ten largest shareholders
As of 30 Sep 2025 %
FAM AB 28.3
Swedbank Robur Fund 6.3
First Swedish National
Pension Fund 5.8
Fourth Swedish National
Pension Fund 4.2
ODIN Funds 3.9
Handelsbanken Funds 3.1
Vanguard 2.8
Nordea Funds 2.4
Third Swedish National
Pension Fund 1.8
SEB Funds 1.7
Source: Modular Finance AB
===== SIDA 10 =====
Interim report January-September 2025 10
About Munters
Munters is a global leader in energy-efficient and sustainable
climate solutions. The solutions guarantee temperature and
humidity control, which is mission-critical for customers.
Munters offers solutions to many different industries where
controlling temperature and humidity is mission critical. Our
solutions reduce customers’ climate and environmental impact
through lower resource consumption, and in the process
contribute to cleaner air, higher efficiency and reduced carbon
emissions. Sustainability is an important part of Munters
business strategy and value creation.
Short facts
– ~ 5,000 employees (FTEs)
– >25 countries with sales and
manufacturing
– >25 production sites
– 22% women leaders (incl. discontinued operations)
– Three business areas: AirTech, Data
Center Technologies and FoodTech
In Q3, AirTech generated 46%, Data Center
Technologies 41% and FoodTech 13% of the
total net sales of Munters
Purpose
For customer success and a
healthier planet
Curiosity and the drive to
create pioneering
technologies are part of our
DNA. Our climate solutions
are mission-critical to our
customers’ success and
contribute to a more
sustainable planet.
The strategy of Munters
Munters has a strong position in the markets we operate in. We see great opportunities to
improve and strengthen our market position and to achieve our mid-term financial targets
and deliver on our strategy. The key to success is how we respond in working toward our
goals. Our overarching strategic priorities show which areas we regard as important to our
success. For each strategic priority we have clear action plans and ambitions what we want
to achieve. Sustainability is a priority issue reflected in every strategic priority.
People: Our employees are central to our success. That is why their safety and well-being
are top priorities, and we invest significant resources in leadership development.
We constantly strive to be the most attractive employer.
Customers: We work closely with our customers to ensure optimal climate and resource utilization in
their mission-critical applications. Our expertise is built on unique insights into our customers’ operations and
a deep understanding of their current and future needs. We aim to be an ambitious and proactive partner for climate control solutions.
Innovation: Curiosity and an ambition to create pioneering technologies are part of our DNA. We will stay at the forefront of the industry’s
development and contribute to sustainable development through our energy- and resource-efficient climate solutions. We continue to
invest in our core technologies, solutions and digitization to optimize our product portfolio and our innovative production technology.
Markets: Munters is active around the world and climate change, digitization & AI, globalization and population growth are the key markets
drivers. Our resources are focused on strengthening our position in areas where we can be a market leader and growing the service
business. With high-quality, resource-efficient solutions and a conscious effort to reduce our own climate impact, we contribute to
sustainable development.
Excellence in
everything we do:
Our aim is to increase efficiency and quality in everything we do and to reduce our climate impact. Munters operations all share
responsible business practices and high ethical standards with respect for human rights, diversity, and health and safety in the
workplace.
===== SIDA 11 =====
Interim report January-September 2025 11
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 10,034 9,774 10,090 11,287 10,289 11,274 11,244 10,977 9,566
Order intake 4,159 3,666 3,556 3,994 2,646 2,996 2,796 5,302 2,049
Net sales 3,798 3,606 3,714 3,923 3,254 3,256 3,154 3,245 3,114
Adjusted EBITDA 614 600 615 607 616 676 543 514 527
Depreciation tangible assets -103 -109 -113 -102 -85 -83 -70 -72 -67
Adjusted EBITA 511 491 502 505 532 593 473 441 460
Amortization intangible assets from acq. -22 -20 -21 -15 -12 -10 -9 -5 -9
Amortization other intangible assets -55 -55 -53 -68 -49 -39 -27 -35 -27
Items affecting comparability (IAC) -52 -56 -42 -88 -14 -6 -20 -33 -7
Operating profit (EBIT) 381 360 385 333 457 538 418 369 417
Financial income and expenses -101 -94 -105 -82 -98 -91 -87 -99 -89
Tax -86 -88 -82 -81 -121 -134 -97 -217 -86
Net result, continuing operations 194 178 198 170 238 313 233 53 242
Net result, discontinued operations -21 -84 -342 7 37 28 -6 5 22
Net income, total 173 94 -144 176 275 342 227 58 264
-attributable to Parent Comp. Shareholders 171 92 -149 162 263 330 218 55 260
2024 20232025
MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Organic Growth, Net Sales 15% 10% 5% 11% 3% -1% 7% 15% 34%
Currency adjusted Growth, Net Sales 26% 21% 16% 21% 8% 4% 14% 21% 37%
Adjusted EBITA margin, % 13.5 13.6 13.5 12.9 16.3 18.2 15.0 13.6 14.8
Operating margin, % 10.0 10.0 10.4 8.5 14.0 16.5 13.2 11.4 13.4
Earnings per share, SEK 1.05 0.97 1.05 0.85 1.23 1.65 1.22 0.27 1.31
Service, % of net sales 15 16 14 17 17 19 19 19 16
Service & components, % of net sales 24 25 22 24 25 28 30 29 26
OWC/Net Sales, % 8.3 9.1 10.2 11.6 12.9 14.3 15.4 16.1 15.6
Leverage, LTM 2.8 2.8 3.1 2.6 2.1 2.0 2.2 2.3 2.3
202320242025
MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Cash and cash equivalents -2,421 -1,648 -1,439 -1,530 -1,393 -1,775 -1,581 -1,532 -1,165
Interest-bearing liabilities 7,070 6,486 7,019 6,514 5,013 5,045 5,089 5,131 4,575
Lease liabilities 1,776 1,717 1,797 1,083 1,015 892 757 719 770
Provisions for pensions 273 280 265 277 306 283 262 280 197
Accrued financial expenses 38 15 32 20 28 3 29 22 21
Net Debt 6,736 6,850 7,674 6,364 4,968 4,447 4,557 4,620 4,399
202320242025
MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Inventory 2,046 1,996 1,940 2,283 2,192 2,108 1,902 1,726 1,965
Accounts receivable 1,921 2,159 2,112 2,567 2,090 2,275 2,306 2,038 2,245
Accounts payable -1,510 -1,605 -1,505 -1,789 -1,308 -1,362 -1,349 -1,294 -1,156
Advances from customers -2,109 -1,994 -1,947 -1,821 -1,879 -2,160 -1,879 -1,355 -1,725
Accrued/deferred income, net 714 524 408 256 516 555 583 640 741
Operating Working Capital 1,061 1,081 1,008 1,497 1,612 1,417 1,563 1,755 2,071
20242025 2023
===== SIDA 12 =====
Interim report January-September 2025 12
Condensed statement of comprehensive
income
LTM Full-year
MSEK 2025 2024 2025 2024 Oct-Sep 2024
Net sales 3,798 3,254 11,118 9,664 15,041 13,587
Cost of goods sold -2,611 -2,083 -7,527 -6,159 -10,164 -8,795
Gross profit 1,187 1,171 3,590 3,505 4,877 4,792
Selling expenses -350 -335 -1,056 -938 -1,485 -1,367
Administrative costs -343 -272 -1,050 -856 -1,391 -1,197
Research and development costs -113 -100 -359 -287 -480 -408
Other operating income and expenses 3 -6 2 -2 -57 -62
Share of earnings in associates -2 -2 -1 -8 -4 -12
Operating profit 381 457 1,127 1,413 1,460 1,746
Financial income and expenses -101 -98 -300 -276 -382 -359
Profit/Loss after financial items 281 359 827 1,136 1,078 1,388
Tax -86 -121 -256 -353 -338 -434
Net income for the period, continuing operations 194 238 570 784 740 954
Net income for the period, discontinued operations -21 37 -447 60 -440 66
Net income for the period, total operations 173 275 123 844 300 1,020
Attributable to Parent Company shareholders, total 171 263 114 810 276 973
whereof continuing operations 192 225 561 751 717 906
whereof discontinued operations -21 37 -447 60 -440 66
Attributable to non-controlling interests 2 12 9 33 23 47
Earnings per share, continuing operations, SEK 1.05 1.23 3.07 4.11 3.93 4.96
Earnings per share, discontinued operations, SEK -0.12 0.20 -2.45 0.33 -2.41 0.36
Earnings per share, total operations, SEK 0.94 1.44 0.62 4.44 1.51 5.33
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange-rate differences on translation of foreign operations -80 -241 -1,020 19 -590 449
Exchange-rate differences reclassified to profit or loss - - -53 - -53 -
Items that will not be reclassified to profit or loss:
Actuarial gains/losses on defined-benefit pension obligations 10 -18 7 -13 36 16
Income tax effect not to be reclassified to profit or loss -2 4 -2 3 -7 -3
Other comprehensive income, net after tax -72 -255 -1,067 9 -614 462
Total comprehensive income for the period 101 20 -944 852 -314 1,482
Attributable to Parent Company shareholders 100 9 -949 820 -334 1,436
Attributable to non-controlling interests 1 11 6 32 20 46
Q3 Jan-Sep
===== SIDA 13 =====
Interim report January-September 2025 13
Condensed statement of financial position
Condensed statement of changes in equity items
MSEK 2025/09/30 2024/09/30 2024/12/31
ASSETS
NON-CURRENT ASSETS
Goodwill 5,735 6,244 7,769
Other intangible assets 3,222 2,766 3,380
Property, plant and equipment 1,760 1,387 1,789
Right-of-Use assets 1,669 944 1,000
Participations in associated companies 45 52 54
Other financial assets 214 170 189
Deferred tax assets 544 369 403
Total non-current assets 13,188 11,932 14,584
CURRENT ASSETS
Inventory 2,046 2,192 2,283
Accounts receivable 1,921 2,090 2,567
Derivative instruments 1 − 4
Current tax assets 252 94 178
Other receivables 235 174 240
Prepaid expenses and accrued income 1,072 802 593
Cash and cash equivalents 2,421 1,393 1,530
Total current assets 7,949 6,745 7,395
TOTAL ASSETS 21,137 18,677 21,979
EQUITY AND LIABILITIES
EQUITY
Shareholders' equity 5,069 5,402 5,894
Non-controlling interests 9 5 14
Total equity 5,078 5,407 5,908
NON-CURRENT LIABILITIES
Interest-bearing liabilities 5,115 4,984 3,780
Lease liabilities 1,502 801 847
Provisions for pensions 273 306 277
Other provisions 80 61 90
Other non-current liabilities 432 714 803
Deferred tax liabilities 569 479 598
Total non-current liabilities 7,971 7,345 6,394
CURRENT LIABILITIES
Interest-bearing liabilities 1,955 29 2,734
Lease liabilities 274 213 237
Other provisions 163 192 249
Accounts payable 1,510 1,308 1,789
Derivative instruments − 7 3
Current tax liabilities 115 84 108
Advances from customers 2,109 1,879 1,821
Other current liabilities 786 876 1,242
Accrued expenses and deferred income 1,176 1,336 1,496
Total current liabilities 8,088 5,924 9,677
TOTAL EQUITY AND LIABILITIES 21,137 18,677 21,979
MSEK 2025/09/30 2024/09/30 2024/12/31
Opening balance 5,908 5,258 5,258
Total comprehensive income for the period -944 852 1,482
Exercised share options − 1 1
Acquisition of non-controlling interests − -467 9
Put/call option related to non controlling interests 224 − -604
Deferred tax recognized in equity 197 − −
Dividends -308 -237 -237
Closing balance 5,078 5,407 5,908
Total shareholders´ equity attributable to :
The parent company's shareholders 5,069 5,402 5,894
Non-controlling interests 9 5 14
===== SIDA 14 =====
Interim report January-September 2025 14
Condensed cash flow statement
LTM Full-year
MSEK 2025 2024 2025 2024 Oct-Sep 2024
OPERATING ACTIVITIES
Operating profit 381 457 1,127 1,413 1,460 1,746
Adjustment for:
Depreciation, amortization and impairment losses 180 145 552 383 738 568
Other non-cash items 53 30 113 21 123 31
Changes in provisions 3 -3 -51 32 -2 81
Cash flow before interest and tax 617 629 1,741 1,848 2,319 2,426
Net financial items paid -62 -71 -251 -257 -332 -339
Taxes paid -104 -145 -330 -417 -518 -606
Cash flow before changes in working capital 451 413 1,161 1,174 1,468 1,482
Change in accounts receivable 217 151 261 73 -12 -200
Change in inventory -70 -125 -226 -323 -53 -149
Change in accrued income -186 20 -479 177 -216 440
Change in accounts payable -85 -13 84 -60 411 267
Change in advances from customers 136 -208 533 313 413 193
Cashflow from changes in operating working capital 12 -175 173 179 545 551
Change in other working capital -74 29 -214 26 -185 55
Cash flow from changes in working capital -62 -146 -42 205 360 607
Cash flow from operating activities, continuing operations 389 268 1,119 1,379 1,829 2,089
Cash flow from operating activities, discontinued operations -14 62 -143 165 -29 279
Cash flow from operating activities 375 329 977 1,544 1,800 2,367
INVESTING ACTIVITIES
Business acquisitions -11 -259 -814 -411 -2,084 -1,680
Investments in associated companies - - - -37 -0 -37
Investments in participations and securities in other companies -22 - -22 -59 -53 -89
Sale of intangible assets and property, plant and equipment 0 - 0 - 1 0
Investment in property, plant and equipment -95 -218 -415 -417 -743 -745
Investment in intangible assets -54 -73 -191 -221 -261 -291
Cash flow from investing activities, continuing operations -183 -551 -1,443 -1,144 -3,141 -2,842
Cash flow from investing activities, discontinued operations -0 -7 1,020 -12 1,009 -23
Cash flow from investing activities -183 -558 -423 -1,157 -2,131 -2,865
FINANCING ACTIVITIES
Exercised share options - - - 1 - 1
Net change in loans 624 64 706 -163 1,736 868
Repayment of lease liabilities -46 -38 -147 -104 -198 -155
Dividends paid - -119 -159 -237 -159 -237
Other changes to financing activities 6 -40 21 -6 44 18
Cash flow from financing activities, continuing operations 584 -133 420 -510 1,423 494
Cash flow from financing activities, discontinued operations 0 -7 -10 -21 -15 -27
Cash flow from financing activities 584 -140 410 -531 1,408 467
Cash flow for the period, total operations 775 -368 963 -143 1,076 -30
Cash and cash equivalents at period start 1,648 1,775 1,530 1,532 1,393 1,532
Exchange-rate differences in cash and cash equivalents -3 -14 -72 4 -48 28
Cash and cash equivalents at period end 2,421 1,393 2,421 1,393 2,421 1,530
Q3 Jan-Sep
===== SIDA 15 =====
Interim report January-September 2025 15
Parent company
Condensed income statement
Condensed statement of comprehensive income
Condensed balance sheet
LTM Full-year
MSEK 2025 2024 2025 2024 Oct-Sep 2024
Net sales − − − − − −
Gross profit/loss − − − − − −
Administrative costs 0 -3 -7 -10 -12 -15
Other operating income and expenses -0 0 0 2 0 2
Operating profit 0 -3 -7 -8 -12 -13
Financial income and expenses -15 -8 -25 -21 -34 -29
Profit/Loss after financial items -14 -11 -32 -28 -46 -41
Group contributions − − − − − −
Profit/Loss before tax -14 -11 -32 -28 -46 -41
Tax − − 1 − 1 −
Net income for the period -14 -11 -31 -28 -44 -41
Q3 Jan-Sep
Profit/Loss for the period -14 -11 -31 -28 -44 -41
Other comprehensive income, net after tax − − − − − −
Comprehensive income for the period -14 -11 -31 -28 -44 -41
MSEK 2025/09/30 2024/09/30 2024/12/31
ASSETS
NON-CURRENT ASSETS
Participations in subsidiaries 4,098 4,098 4,098
Other financial assets 5 4 4
Total non-current assets 4,104 4,102 4,102
CURRENT ASSETS
Other current receivables 0 0 0
Prepaid expenses and accrued income 2 1 2
Current tax assets 1 1 1
Receivables from subsidiaries 22 24 17
Cash and cash equivalents 1,699 0 0
Total current assets 1,724 26 19
TOTAL ASSETS 5,827 4,128 4,122
EQUITY AND LIABILITIES
EQUITY
Share capital 6 6 6
Share premium reserve 4,136 4,136 4,136
Profit brought forward -961 -627 -627
Income for the period -31 -28 -41
Total equity 3,149 3,486 3,472
NON-CURRENT LIABILITIES
Interest-bearing liabilities 1,995 - -
Provisions for pensions and similar commitments 5 5 5
Total non-current liabilities 2,000 5 5
CURRENT LIABILITIES
Interest-bearing liabilities 496 − −
Accounts payable 1 0 2
Accrued expenses and deferred income 30 36 54
Liabilities to subsidiaries 0 594 581
Other liabilities 151 7 7
Total current liabilities 678 638 644
TOTAL EQUITY AND LIABILITIES 5,827 4,128 4,122
===== SIDA 16 =====
Interim report January-September 2025 16
Other disclosures
Accounting policies
This report has been prepared, with regards to the Group, in accordance
with IAS 34 Interim Financial Reporting, recommendation RFR 1 of the
Swedish Corporate Reporting Board and the Swedish Annual Accounts Act
and, with regards to the Parent Company, in accordance with recommen-
dation RFR 2 of the Swedish Corporate Reporting Board and the Swedish
Annual Accounts Act. The accounting principles applied correspond to
those presented in the Annual- and Sustainability report 2024 (Note 1).
In the first quarter of 2025, Munters classified the financial reporting of the
Equipment offering as held for sale and as discontinued operations,
meaning that assets and liabilities related to Equipment were presented on
separate lines in the balance sheet. In the income statement, the profit/loss
after tax for the period from discontinued operations, including IACs, was
reported on a separate line. The income statement was adjusted for
comparative periods as though the discontinued operation had already
been classified as discontinued operations at the beginning of the
comparative periods. Internal balances and transactions between
continuing and discontinued operations were eliminated. On May 30th 2025
the transaction was closed and all balances related to Equipment were
derecognized. See Discontinued operations for further information.
The cash flow from discontinued operations has been separated from cash
flow from continuing operations and reported on separate lines within cash
flow from operating activities, investing activities and financing activities in
the current period and comparative periods.
No new and revised standards and interpretations effective from January 1,
2025, are considered to have any material impact on the financial
statements.
As from 2025, the definition of SaaS ARR has been updated from being
calculated as SaaS Recurring Revenue in the last quarter multiplied by 4, to
being calculated as SaaS Recurring Revenue in the last month of the period
multiplied by 12. The updated definition has no significant impact on the
ARR presented.
Sustainability policy
Munters products and operations affect people and the external
environment to a varying extent throughout the value chain. Munters
environmental footprint from operations mainly derives from energy use,
waste, and certain handling of chemicals along with transport of input
goods and finished products to and from Munters factories. The use of sold
products is identified as the major source of climate impact and Munters is
committed to constant vigilance regarding the environmental impact of its
operations and reduce climate impact throughout the lifetime of the
products. Munters is committed to complying with all laws and to
continuously promoting improvements in all Environment, Health & Safety
(EHS) aspects, wherever Munters conducts business. We constantly seek
opportunities to reduce risk and to create a safer, healthier and more
diverse workplace for our employees, customers, communities, and the
overall environment. Munters manufacturing facilities all over the world are
committed to working according to an EHS Management Program. The
purpose of the EHS Management Program is to ensure regulatory
compliance, actively prevent injuries, and reduce the impact that our
business has on the environment.
Risks and uncertainties
Munters is a global company. Our global presence enhances Munters
resilience against local disruptions while simultaneously exposing the
company to various risks associated with cultural, legal, political, and
climate-related differences worldwide. The Group’s significant risks and
uncertainties can be divided into five categories; strategic, market,
operational, financial and regulatory risks. In these categories, there are
both risks due to political and macroeconomic trends and specific risks
directly linked to the Group. A strategic risk assessment is carried out on an
annual basis and the purpose is to identify and manage the most important
risks that threaten our strategic goal.
Given the heightening uncertainty driven by a shifting evolving political risk
landscape, particularly the threat of new tariffs and changes in trade
policies that elevate market risk, it is essential for Munters to remain agile
and review its strategy. Flexibility across both the value chain and
production is key to mitigating the impact of unforeseen disruptions.
Munters products are used in complex customer processes. Quality and
contract obligations are critical and could result in claims for damages. The
Group depends to some extent on key customers and key personnel.
Considering that Munters is a company with geographically widespread
operations and many small organizational units, there is a risk of failure to
comply with relevant regulations in the business ethics area, e.g. anti-
bribery rules. In addition, due to Munters presence in multiple geographical
locations, the Group is also exposed to climate-related risks, such as
extreme weather events, regulatory changes, and supply chain disruptions.
Financial risks mainly consist of currency, interest and financing risks.
Munters works actively with insurance solutions, and group-wide
insurances are governed by central guidelines. This includes for example
coverage for general liability and product liability, property, business
interruption, transportation, the liability of Board members and the CEO
and employment practices liabilities.
A more detailed description of the Group’s risks and how they are managed
can be found in the Annual- and Sustainability report 2024 on pages 56-
59
.
Transactions with related parties
There have been no significant transactions with related parties during the
period.
Fair value of financial instruments
Financial investments and derivatives are measured at fair value through
profit/loss in accordance with IFRS 9 and are categorized in level 3 and
level 2 of the fair value hierarchy respectively. Financial investments
amounted to MSEK 186 (125) and net derivatives to MSEK 1 (-7) as of the
balance sheet date.
In January 2025, the minority shareholders of MTech Systems exercised
their options to sell their 33.6% shareholding in the company to Munters.
80% of the transaction price, USD 80.7 million was paid on 31 March 2025.
The remaining 20% of the transaction price is considered contingent
consideration and is expensed over 12 months from the closing date.
The put/call option from the acquisition of a majority share in InoBram is
recognized at fair value. Munters 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 exercise period for the sellers put option
begins in March 2026. The fair value of the option amounts to MSEK 133
(MSEK 121 per 31 Dec, 2024) as of the balance sheet date.
The put/call options are measured according to IFRS 9 and are categorized
in level 3 in the fair value hierarchy.
Munters deems that the interest rate on interest-bearing liabilities is in line
with market terms on September 30, 2025, and the fair value at the end of
the reporting period therefore in all material aspects corresponds to the
carrying amount.
Business combinations
Other than the acquisition of the non-controlling interest in MTech
Systems (see Fair value of financial instruments), no new acquisitions have
been signed or closed in 2025.
MSEK 2025/09/30 2024/09/30 2024/12/31
Opening balance 1,498 632 632
Holdbacks − 53 212
Remeasurement options -239 441 567
Reclassifications − − 17
Payments -820 -29 -29
Changes recognized in other
operating income 109 − -3
Discounting 20 26 38
Exchange-rate differences -124 -22 64
Closing balance 445 1,102 1,498
===== SIDA 17 =====
Interim report January-September 2025 17
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 11. Items affecting comparability are events
or transactions with significant financial effects, which are relevant for the
understanding of the financial performance when comparing the current
period to previous periods. Items included are for example, restructuring
activities, capital gains and losses from business divestments and M&A
related costs. Below is a break-down of items affecting comparability.
Discontinued operations
In February 2025, Munters signed an agreement to divest the FoodTech
Equipment offering (“FT Equipment”) to Grain & Protein Technologies for
MEUR 97.5 on a cash and debt free basis. May 30th the transaction closed.
The divestment includes five production facilities across Italy, Germany,
China and US, one assembly hub in South Africa and three sales offices.
Approximately 400 employees operating across Europe, North America,
Middle East and Southeast Asia are part of this business, which
manufactures and sells ventilation equipment for customers within
livestock farming and greenhouses. The FT Equipment offering includes
fans, ventilation and cooling systems as well as production of CELdek
(evaporative cooling pads). Production and sales of the CELdek product
line in Americas is excluded from the divestment and has been integrated
into the business area AirTech.
Munters report the result from FT Equipment as discontinued operations.
See Accounting policies for further information about the impacts to the
financial reports from the reclassification.
MSEK 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Americas 763 846 1,376 916 189 158 -14 0 2,313 1,920
EMEA 669 809 214 94 303 77 0 -6 1,186 974
APAC 412 439 11 1 21 16 − 0 443 456
Sales between regions -74 -82 -44 0 -26 -12 0 -1 -145 -95
TOTAL 1,770 2,011 1,556 1,012 486 239 -14 -7 3,798 3,254
AirTech DCT GroupFoodTech Eliminations
MSEK 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Americas 2,160 2,933 4,218 2,783 534 437 -85 0 6,828 6,153
EMEA 1,959 2,049 521 295 775 213 -6 -14 3,250 2,544
APAC 1,453 1,274 38 3 63 47 0 0 1,554 1,323
Sales between regions -250 -313 -194 -3 -69 -36 -2 -4 -514 -356
TOTAL 5,323 5,944 4,584 3,077 1,304 661 -93 -18 11,118 9,664
AirTech DCT FoodTech Eliminations Group
LTM Full-year
MSEK 2025 2024 2025 2024 Oct-Sep 2024
Restructuring activities - -4 - -28 -66 -94
M&A activities -1 -10 -41 -26 -63 -48
Contingent considerations from acquisitions -52 - -109 - -109 -
Other items - − -1 14 -1 14
Total -52 -14 -150 -40 -238 -128
Q3 Jan-Sep
Condensed statement of comprehensive income
LTM Full-year
MSEK 2025 2024 2025 2024 Oct-Sep 2024
Net Sales, external -9 506 729 1,426 1,169 1,866
Operating costs 3 -455 -694 -1,339 -1,126 -1,772
Result from business divestment - - 13 - 13 -
Impairment loss goodwill - - -346 - -346 -
Operating profit -6 52 -298 86 -290 94
Financial items 0 -1 -1 0 2 3
Profit before tax -6 51 -299 86 -288 98
Tax -15 -14 -148 -26 -153 -31
Net income for the period, discontinued operations -21 37 -447 60 -440 66
Result from business divestment
MSEK 2025 2024 2025 2024
Preliminary purchase price - - 1,197 -
Divested net assets - - -1,220 -
Sales costs - - -17 -
Capital loss - - -40 -
Reclassification of accumulated exchange rate differences - - 53 -
Result from business divestment - - 13 -
Q3 Jan-Sep
Q3 Jan-Sep
===== SIDA 18 =====
Interim report January-September 2025 18
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, 2025 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 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 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 24, 2025
Ernst & Young AB
Andreas Troberg
Authorized Public Accountant
===== SIDA 19 =====
Interim report January-September 2025 19
Definition of key financial indicators
In this financial report, there are references to several performance
measures. Some of the measures are defined in IFRS, others are alternative
performance measures and are not disclosed in accordance with applicable
financial reporting frameworks or other legislations. The performance
measures are used by the Group to assist both investors and management
in analyzing Munters business. Below the performance measures found in
this financial report are described and defined. The reason for the use of
the performance measure is also disclosed.
Organic growth
Change in net sales compared to the previous period, excluding
acquisitions and divestments and currency translation effects. The measure
is used by Munters to monitor net sales growth driven by changes in
volume and price between different periods.
Currency-adjusted growth
Change in net sales compared to the previous period, adjusted for currency
translation effects. The measure is used by Munters to monitor changes in
net sales from both organic and inorganic growth between different
periods.
Order backlog
Received and confirmed sales orders not yet delivered and accounted for
as net sales. Order Backlog is a useful measure to indicate the efficiency of
the conversion of received and confirmed sales orders into net sales in
future periods. The measure is used by Munters to monitor business
performance and customer demand and adjust operations if needed.
Order intake
Received and confirmed sales orders minus cancelled orders during the
reporting period. The order intake is an indicator of future revenues and,
consequently, an important KPI for the management of Munters business.
Operating profit (EBIT)
Earnings before interest and tax. Munters believes that EBIT shows the
profit generated by the operating activities.
Adjusted EBITA
Operating profit, adjusted for amortizations, write-downs of intangible
assets and items affecting comparability. Munters believes that using
adjusted EBITA is helpful in analyzing our performance as it removes the
impact of items considered not to be of recurring character and therefore
do not reflect our core operating performance.
Adjusted EBITA margin
Adjusted EBITA as a percentage of net sales. Munters believes that
Adjusted EBITA margin is a useful measure for showing the Company’s
profit generated by the operating activities.
Adjusted EBITDA
Operating profit adjusted for items affecting comparability and
depreciations, amortizations and write-downs of tangible and intangible
assets as well as Right-of-Use assets.
Adjusted EBITDA margin
Adjusted EBITDA as a percentage of net sales.
Items affecting comparability (IAC)
Items affecting comparability are events or transactions with significant
financial effects, which are relevant for the understanding of the financial
performance when comparing the current period to previous periods. Items
included are for example, restructuring activities, capital gains and losses
from business divestments and M&A related costs.
Earnings per share
Net income divided by the weighted average number of outstanding
shares. The measure refers to earnings per share before and after dilution,
unless otherwise stated.
Capital employed
Capital employed is calculated as the total equity plus interest bearing
liabilities.
Return on capital employed (ROCE)
Average operating profit (EBIT) plus financial income, divided by the
average capital employed, where capital employed is total equity plus
interest-bearing liabilities. The average capital employed is calculated
based on the last 12 months.
Operating working capital
Includes accounts receivable, inventory, accrued income, accounts payable
and advances from customers.
Operating working capital/net sales
Average Operating working capital for the last twelve months as a
percentage of net sales for the same period.
Cash and cash equivalents
Cash and bank balances plus investments in securities and the like with
maturity periods not exceeding three months. This is a measure that
highlights the short-term liquidity.
LTM
LTM (last twelve months) after any key indicator means that the KPI
corresponds to an accumulation of previous twelve month reported
numbers. The measure highlight trends in different KPIs, which is valuable
in order to gain a deeper understanding of the development of the
business.
Net debt
Net debt calculated as interest bearing liabilities, lease liabilities, provisions
for pension and accrued financial expenses, reduced by cash and cash
equivalents.
Leverage
Net debt / adjusted EBITDA, LTM
SaaS recurring revenue
Total recurring revenue from SaaS contracts (Software-as-a-Service)
recognized in the period. The KPI is also presented annualized and named
SaaS ARR, which is calculated by multiplying SaaS Recurring Revenue in
the last month of the period by twelve.
Service
After-market service and software-as-a-service (SaaS) revenues.
After-market service
After-market service is defined as sales of spare parts, commissioning and
installation, inspections and audits, repairs and other billable services.
Components
The Components portfolio within AirTech includes dehumidification rotors
and humidification pads used in climate control.
Full Time Equivalents (FTE)
Number of employees is presented recalculated as full-time positions,
defined as Full Time Equivalents (FTE), if not otherwise stated. Average
number of employees for the year is calculated as the sum of permanent
employees at the end of each of the last 13 months divided by 13.
===== SIDA 20 =====
Interim report January-September 2025 20
Information and
reporting dates
Welcome to join a webcast or telephone conference on October 24,
at 9:00 CEST, when President and CEO, Klas Forsström together
with the Group Vice President and CFO, Katharina Fischer, will
present the report.
Webcast
https://munters.events.inderes.com/q3-report-2025
Conference call
If you wish to participate via teleconference, please register on the
link below. After registration you will be provided phone numbers
and a conference ID to access the conference. You can ask questions
verbally via the teleconference.
https://conference.inderes.com/teleconference/?id=50052348
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 24,
2025.
This report contains forward-looking statements that reflect Munters’ current expectations on
future events and Munters’ financial and operational development. Although Munters believes
that the expectations reflected in such forward-looking statements are based on reasonable
assumptions, no assurance can be given that such expectations prove to ha ve been correct, as
forward-looking statements are subject to both known and unknown risks and uncertainties and
a variety of factors that could cause actual results or outcomes to differ materially from those
expressed or implied by such forward-looking statements. Such factors include, but are not
limited to, changes in economic, market, competitive and/or regulatory conditions. Forward -
looking statements speak only as of the date they were made and, other than as required by
applicable law, Munters undertakes no obligation to update any of them in light of new
information arising or future events.
Munters Group AB, Corp. Reg. No. 556819-2321
Contact information:
Line Dovärn
Head of Investor Relations
Phone: +46 (0)730 488 444
Email: line.dovarn@munters.com
Daniel Carleson
Investor Relations Specialist
Phone: +46 (0)703 065 452
Email: daniel.carleson@munters.com
Presentation material and Annual & Sustainability Reports available for
download https://www.munters.com/en-se/investors/
Financial calendar:
Payment date for dividend November 20, 2025
Fourth quarter & full-year report 2025 January 29, 2026
Release of Annual &
Sustainability Report 2025
Week starting
March 9, 2026
Annual General Meeting 2026 April 30, 2026