STOCKHOLM, Jan. 29, 2026 /PRNewswire/ — 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 17-18.

October – December

Order intake increased +191%, driven by significant demand in Data Center Technologies (DCT), supported by growth in AirTech and FoodTech.
Net sales declined -8%, with growth in and FoodTech, while AirTech declined. Currency effects impacted sales by -8%.
The adjusted EBITA margin declined, impacted by temporary tariff headwinds in DCT as well as lower volumes and underutilization in AirTech.
Strong cash flow from operating activities, largely explained by advances from customers in DCT.
OWC/net sales improved to 7.3%, below the target range of 13–10%.
Leverage remained stable last quarter to 2.9x, mainly due to decreased operating earnings.
Earnings per share amounted to SEK -0.06 (0.85).

January – December

Order intake increased +85%, driven by strong demand in DCT, supported by growth in FoodTech and flat development in AirTech.
Net sales increased +8%, through strong growth in DCT and FoodTech, whereas AirTech declined. Currency effects impacted sales by -7%.
The adjusted EBITA margin declined mainly due to lower volumes, continued dual-site costs and underutilization within AirTech as well as temporary tariffs effects in DCT.
Cash flow from operating activities decreased primarily driven by lower operating earnings and less favourable working capital development compared to previous year.
Leverage increased during the year, mainly due to increased lease liabilities and decreased operating earnings.
Earnings per share amounted to SEK 3.01 (4.96).

Events after the close of the period

In mid-January 2026 the MTech contingent consideration was paid to the sellers, in total about MUSD 18.5. The amount is fully accrued by the end of 2025.
The Board of Directors proposes a dividend of 1.60 SEK (1.60) per share totaling a dividend of MSEK 292 (292) to be paid in two equal installments. This represents 53% of net income from continuing operations in 2025.

CEO comments, “We achieved an exceptional order intake growth of 191% in the fourth quarter, driven by continued high customer activity and record demand in DCT, where order intake increased 416%. While profitability was below our ambitions, this was primarily related to temporary factors, including lower volumes and underutilization in AirTech as well as tariffs and transitioning to new product manufacturing in DCT. With a strong order backlog and clear actions taken to improve profitability and resilience, we enter 2026 from a position of strength. We expect historically high turnover for the full year 2026, with a stronger contribution in the second half driven by increased shipments and improved execution across the Group.”

A quarter with exceptional demand, while earnings weakened

DCT’s record order intake was underpinned by several large orders including chillers and other cooling solutions for both colocation and hyperscale customers. This success reflects the breadth of our leading offering and the importance of the Geoclima acquisition. As anticipated, the DCT EBITA margin in the quarter was impacted by temporary tariffs corresponding to approx. -4 p.p., as well as a changed product mix and the transition to producing new products. In line with normal industrial development, operational efficiency is expected to improve as our production volumes increase and our operational set-up matures.

In AirTech, order intake was stable with steady activity in several segments. Lower volumes and underutilization of factories due to the weaker battery market as well as cautious investment sentiment in the US continued to pressure margins, with an estimated impact on AirTech’s EBITA margin of approx. -2 p.p. in the quarter. FoodTech also reported stable order intake in the quarter, while profitability remained strong though affected by continued investments in its digital offering to support future growth.

2025 – record order intake and strong cash flow

Order intake increased by 85% in 2025 and reached a record level in value. The order backlog grew significantly by 53%, driven by DCT and FoodTech, and the book-to-bill ratio increased to 1.6x. This provides a solid foundation for continued net sales growth in 2026 and beyond. Operating cash flow was also strong, supported by effective capital management and continuous focus on working capital strengthening our financial position.

The year has also been characterized by extensive measures to maintain our operational excellence and profitability. While we have strong commercial momentum, we must manage volume and mix changes as well as external factors such as temporary tariff effects and currency headwinds. This underscores the importance of the actions taken to improve flexibility, cost efficiency and the overall resilience of the business.

Focused measures across the business

In AirTech, we maintained a clear focus on cost adjustments and increased flexibility throughout the year. The actions initiated at the end of 2024 have been implemented according to plan and delivered more than the planned MSEK 100 in reduced costs in 2025. The additional initiatives initiated in the third quarter 2025 are progressing as planned and are expected to generate further savings of MSEK 250-300, with full effect by the end of 2026. Despite these actions, underutilization in factories, caused by the weaker battery market as well as dual site costs, had a negative impact on margins during the year, which stable demand in other industrial sub-segments could not offset. In the long-term, we continue to expect a recovery in the battery market in all regions.

In DCT, we continued to enhance our market position by broadening our product portfolio. Efficient and reliable cooling remains fundamental for data centers, regardless of architecture or cooling configuration, our offering spans air and liquid cooling solutions across the value chain. We are expanding capacity with a focus on scaling production in line with order intake, while ensuring reliable execution. Capacity is well aligned with expected demand, including managing further growth over time. Chiller production in the US is progressing according to plan and expected to be up and running during the second quarter of 2026, with volumes ramping progressively. With a strong order backlog extending well into 2027, the foundation for growth is strong. While profitability towards the end of the year was temporarily impacted by tariffs and lower volumes produced, these effects are expected to ease as production volumes increase in the US.

In FoodTech, the divestment of the Equipment offering marked an important strategic milestone and sharpened our digital focus, including controllers and software. During the year, we continued to invest in expanding our digital platform, strengthening recurring revenues and broadening our customer base across regions. While profitability was held back by continued investments, FoodTech remains well positioned for scalable growth over time.

Innovation, sustainability and operational discipline

During the year, we focused on developing energy-efficient solutions, increased digitalization and reduced resource use across all business areas, while continuing to strengthen our industrial platform. FoodTech’s solutions support improved resource efficiency and productivity in the food value chain, while in AirTech and DCT, energy efficiency and critical system performance remain core customer value proposition. Our vitality index reached >50%, reflecting continued renewal of the portfolio. Service & Components continued to grow and represented 25% of Group revenues for the full year, supporting resilience and recurring business.

Outlook and priorities for 2026

Looking ahead, we expect overall market conditions to remain strong in 2026, while the battery sub-segment is expected to remain subdued. In DCT, customer demand is expected to remain strong, with net sales contributing more significantly in the second half of the year, supported by the high order intake in 2025 and increased production utilization. The margin in DCT is also expected to improve during the second half of 2026 as tariff effects ease and operational execution continues to improve. In FoodTech, we expect continued growth driven by increased adoption of digital solutions, expansion into new regions and a growing share of recurring revenues. Within AirTech, the subdued demand in the battery market is expected to be offset by improved activity in other segments, including Industrial applications such as defense, food, and pharma. Long-term we expect the battery market to recover, driven by global electrification trends and structural demand. In AirTech both revenue and profitability are anticipated to improve during the year, driven by completed and ongoing efficiency programs and improved capacity utilization. As a result, the Group is expected to deliver historically high turnover for full-year 2026, with a stronger contribution in the second half, supported by DCT’s order backlog and improved profitability across the Group.

Our priorities for 2026 are clear: continued growth and industrialization in DCT, further scaling of FoodTech’s digital platform, margin improvements in AirTech through operational measures, as well as continued discipline in capital allocation and cash generation. With a strong order backlog, clear strategic focus and a robust operational foundation, Munters is well positioned to create long-term value.

A prerequisite for our success is our motivated and professional employees. I would like to extend a big thank you to everyone for your commitment and perseverance in 2025.

Klas Forsström, President & CEO

Information about the webcast and telephone conference
Welcome to join a webcast or telephone conference on January 29, at 9:00 CET, 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/q4-report-2025

Telephone conference: 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=50052495

This interim report, presentation material and a link to the webcast will be available on https://www.munters.com/en-se/investors/

For more information:

Investors and analysts
Line Dovärn, Head of Investor Relations
E-mail: [email protected], Phone: +46 (0)730 488 444

Media
Daniel Frykholm, VP External Relations & Internal Communications
E-mail: [email protected], Phone: +46 (0)702 067 786

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 CET on January 29, 2026.

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The following files are available for download:

https://mb.cision.com/Main/15490/4299489/3904792.pdf	Munters full year report 2025
https://news.cision.com/munters-group-ab/i/munters-full-year-report-2025,c3505888	Munters full year report 2025