Munters Group AB
OTC:MMNNF
Munters Group AB
Founded in 1955 by Swedish inventor Carl Munters, Munters Group AB has built its legacy on innovative air treatment solutions. The company carved a niche by addressing the crucial need for humidity and climate control across various industries. Their core competency lies in offering energy-efficient air treatment and dehumidification systems, which are indispensable in sectors like pharmaceuticals, electronics, food, and agriculture. By integrating cutting-edge technology with sustainable practices, Munters ensures optimized climate conditions that not only enhance product quality and safety but also help businesses meet regulatory standards, thereby solidifying their market position.
Munters Group operates primarily through its two business-oriented segments: AirTech and FoodTech. AirTech delivers solutions for controlling temperature and humidity, particularly critical in preventing spoilage and damage in sensitive environments. This segment targets industries where precise atmospheric conditions can significantly impact operational success. On the other hand, FoodTech focuses on climate control systems specifically designed for the agriculture sector, including livestock and greenhouse applications. This dual-segment strategy not only diversifies revenue streams but also ensures Munters is deeply embedded in essential processes across its clients’ value chains. By consistently maintaining a focus on innovation, Munters Group AB has effectively positioned itself as a leader in the HVAC industry, adept at long-term profitability through problem-solving and efficiency improvements.
Founded in 1955 by Swedish inventor Carl Munters, Munters Group AB has built its legacy on innovative air treatment solutions. The company carved a niche by addressing the crucial need for humidity and climate control across various industries. Their core competency lies in offering energy-efficient air treatment and dehumidification systems, which are indispensable in sectors like pharmaceuticals, electronics, food, and agriculture. By integrating cutting-edge technology with sustainable practices, Munters ensures optimized climate conditions that not only enhance product quality and safety but also help businesses meet regulatory standards, thereby solidifying their market position.
Munters Group operates primarily through its two business-oriented segments: AirTech and FoodTech. AirTech delivers solutions for controlling temperature and humidity, particularly critical in preventing spoilage and damage in sensitive environments. This segment targets industries where precise atmospheric conditions can significantly impact operational success. On the other hand, FoodTech focuses on climate control systems specifically designed for the agriculture sector, including livestock and greenhouse applications. This dual-segment strategy not only diversifies revenue streams but also ensures Munters is deeply embedded in essential processes across its clients’ value chains. By consistently maintaining a focus on innovation, Munters Group AB has effectively positioned itself as a leader in the HVAC industry, adept at long-term profitability through problem-solving and efficiency improvements.
Exceptional Order Intake: Munters reported more than 200% organic order intake growth in Q4, with a book-to-bill ratio of 1.6, driven mainly by Data Center Technology (DCT).
Margins Weakened: Adjusted EBITA margin dropped to 10% in Q4 (from 13.5% in Q3), mainly due to temporary tariffs in DCT and underutilization in AirTech.
Strong Cash Flow: Cash flow from operating activities was strong, helped by advances in DCT and disciplined working capital management.
Positive 2026 Outlook: Management expects record invoicing and margin improvements in the second half of 2026 as tariff impacts and transition costs subside.
Operational Improvements: Cost-saving programs in AirTech are on track to deliver SEK 250–300 million in annual savings by year-end.
Data Center Expansion: DCT production capacity has been increased to support 50% more orders, with U.S. chiller production ramping up from Q2 2026.
Dividend Proposal: The Board proposes a dividend of SEK 1.6 per share.
