CEO Comments
Klas Forsström, President and CEO, highlighted strong momentum driven by a clear strategic focus on long-term growth opportunities. The business areas, including Data Center Technologies (DCT) and FoodTech, contributed significantly to order intake and net sales growth. AirTech saw stable demand with efforts underway to enhance volume and margins. The company achieved a robust Adjusted EBITA margin of 13.6% despite currency headwinds. Operating working capital was below target, and the company strengthened its financial platform with a new Medium Term Note program and green bond issuance.
Key Quote: "Momentum was good, supported by our clear strategic focus on long-term growth opportunities. Strong execution across the business delivered solid growth, a robust margin and operating working capital below target."
Financial Summary
| MSEK | Q2 2025 | Q2 2024 | Δ% | Jan-Jun 2025 | Jan-Jun 2024 | Δ% | LTM Jul-Jun 2024 | Full-year 2024 |
|---|---|---|---|---|---|---|---|---|
| Order intake | 3,666 | 2,996 | 22 | 7,222 | 5,792 | 25 | 13,862 | 12,431 |
| Net sales | 3,606 | 3,256 | 11 | 7,320 | 6,410 | 14 | 14,497 | 13,587 |
| Adjusted EBITA | 491 | 593 | -17 | 993 | 1,067 | -7 | 2,030 | 2,104 |
| Adjusted EBITA margin, % | 13.6 | 18.2 | 13.6 | 16.6 | 14.0 | 15.5 | ||
| Earnings per share, SEK | 0.97 | 1.65 | 2.02 | 2.88 | 4.11 | 4.96 | ||
| OWC/Net Sales, % | 9.1 | 14.3 | 9.1 | 14.3 | 9.1 | 11.6 | ||
| Leverage, LTM | 2.8 | 2.0 | 2.8 | 2.0 | 2.8 | 2.6 |
Key Metrics: Currency adjusted growth: +21%; Adjusted EBITA margin: 13.6%; Operating working capital/net sales: 9.1%.
Midterm Financial Targets and Sustainability Targets
Munters has set midterm financial targets including net sales growth above 14% (currency adjusted) and an Adjusted EBITA margin above 14%. Sustainability targets focus on Scope 1, 2, and 3 CO2e reductions, women in leadership and workforce, and Code of Conduct compliance.
Financial Performance Overview
Order Intake: Increased by 22% to MSEK 3,666 in Q2 2025, driven by strong performance in DCT (+32%) and FoodTech (+204%), alongside organic growth in AirTech (-4%). Jan-Jun 2025 order intake grew 25% to MSEK 7,222.
Net Sales: Increased by 11% to MSEK 3,606 in Q2 2025, with DCT (+37%) and FoodTech (+86%) showing solid growth, while AirTech declined (-12%). Jan-Jun 2025 net sales grew 14% to MSEK 7,320.
Adjusted EBITA: Declared at MSEK 491 for Q2 2025, with a margin of 13.6%. The decline from the previous year was attributed to lower volumes and mix in AirTech, partially offset by strong contributions from DCT. FoodTech maintained a healthy level despite expansion investments.
Charts Description: The report includes several charts illustrating quarterly trends for order intake and net sales across the Group and by business area, as well as regional breakdowns. These charts show the financial performance and growth drivers for each segment.
Results Breakdown
The gross margin for Q2 2025 was 32.7% (38.2%). Adjusted EBITDA was MSEK 600 (676), with an adjusted EBITDA margin of 16.6% (20.8%). Adjusted EBITA was MSEK 491 (593), resulting in an adjusted EBITA margin of 13.6% (18.2%). Operating profit (EBIT) was MSEK 360 (538), a 33% decrease year-on-year.
Items Affecting Comparability (IAC) totaled MSEK -56 (-6) in Q2, primarily related to contingent considerations from acquisitions.
Net income from continuing operations for Q2 2025 was MSEK 178 (313), leading to earnings per share of SEK 0.97 (1.65).
Charts Description: Various charts depict quarterly trends for gross margin, adjusted EBITDA margin, adjusted EBITA margin, EBIT margin, and tax rate, providing visual context for the financial results.
Financial Position and Cash Flow
Net debt stood at MSEK 6,850 as of June 30, 2025, a decrease from the previous quarter, attributed to the FoodTech Equipment divestment. Leverage was 2.8x.
Cash flow from operating activities was MSEK 190 in Q2 2025, lower than the prior year due to reduced operating earnings and negative working capital changes. Cash flow from investing activities was MSEK -192, including investments in the new AirTech facility.
Charts Description: Charts illustrate the trend of net debt per quarter and Return on Capital Employed (ROCE) over recent quarters.
Business Area Performance
AirTech: Order intake declined 4% organically, with net sales down 12% organically, primarily due to lower sales in the battery sub-segment in Americas. The adjusted EBITA margin decreased to 7.4% (17.6%).
Data Center Technologies (DCT): Experienced strong growth with order intake up 32% and net sales up 37%. The adjusted EBITA margin remained strong at 21.0% (21.9%), supported by volume growth and efficiency improvements.
FoodTech: Showed significant growth with order intake up 204% and net sales up 86%. The adjusted EBITA margin was 17.2% (25.4%), impacted by product mix and expansion investments.
Charts Description: Each business area section includes charts detailing net sales and adjusted EBITA margins by quarter and region, alongside order intake breakdowns.
Corporate and Other Information
The Corporate function reported an adjusted EBITA of MSEK -24. The company noted the rollout of a new global software system and the inauguration of a new AirTech facility in Amesbury, Massachusetts.
The divestment of the FoodTech Equipment offering was completed in May 2025. Munters also established a Medium Term Note (MTN) program and issued green bonds.
As of June 30, 2025, Munters had 5,017 permanent employees.
Shareholders: FAM AB is the largest shareholder with 28.3%.
About Munters
Munters is a global leader in energy-efficient and sustainable climate solutions, guaranteeing temperature and humidity control critical for various industries. Their solutions aim to reduce environmental impact and improve efficiency.
Strategy: Munters focuses on strengthening market position, achieving financial targets, and delivering on its strategy through priorities in People, Customers, Innovation, Markets, and Excellence.
Financial Statements Overview
The report includes detailed condensed statements for the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, and Cash Flow Statement for the Group and Parent Company. These statements provide a comprehensive view of Munters' financial health and performance.
Key Performance Indicators: Definitions for organic growth, currency-adjusted growth, order backlog, order intake, EBIT, Adjusted EBITA, Adjusted EBITA margin, Adjusted EBITDA, Items Affecting Comparability (IAC), Earnings per share, Capital employed, ROCE, Operating working capital, LTM, Net debt, Leverage, SaaS recurring revenue, Service, After-market service, Components, and Full Time Equivalents (FTE) are provided.
Information and Reporting Dates
Details for upcoming webcasts, conference calls, and financial calendar events are provided, including contact information for Investor Relations.
Contact: Line Dovärn, Head of Investor Relations; Daniel Carleson, Investor Relations Specialist.
Financial Calendar: Third quarter report 2025 on October 24, 2025; Fourth quarter & full-year report 2025 on January 29, 2026.
