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
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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.
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 & CEO
Information about the webcast and telephone conference
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
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=50052348
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: line.dovarn@munters.com, Phone: +46 (0)730 488 444
Media
Daniel Frykholm, VP External Relations & Internal Communications
E-mail: daniel.frykholm@munters.com, 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 CEST on October 24, 2025.
About Munters Group
Munters is a global leader in energy-efficient air treatment and climate solutions. Using innovative technologies, Munters creates the perfect climate for customers in a wide range of industries. Munters has been defining the future of air treatment since 1955. Today, around 5,000 employees carry out manufacturing and sales in more than 25 countries. Munters Group AB reported annual net sales of more than SEK 15 billion in 2024 and is listed on Nasdaq Stockholm. For more information, please visit www.munters.com.