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A quarter with significant growth and strengthened margin

huhti 21, 2023


  • Order intake decreased by -44% organically, as no larger orders were received in the quarter. Excluding the large order of MUSD 115 Data Center Technologies (DCT) received in the first quarter 2022 and the large order FoodTech received for its SaaS solution of MUSD 19, order intake decreased -18% (FX-adj).

  • Net sales increased +38% organically, driven by a very strong growth in DCT and in the sub-segment battery in AirTech. FoodTech had a flat development with growth in the US, offset by weak development in EMEA and China.

  • The strong improvement in the adj. EBITA margin was mainly related to increased net sales in AirTech and DCT, as well as efficiency improvements in AirTech and a significant margin improvement in DCT driven mainly by the production ramp-up of SyCool Split solutions in the US. Strategic investments for scalability in digitization and automation increased in the quarter.
  • OWC / Net sales improved as a consequence of a very strong net sales development. OWC increased due to preparation for deliveries in larger projects in the coming quarters.

  • Leverage decreased from 2.9x at the end of December to 2.7x mainly because of increased operating earnings.

CEO comments:

A quarter with significant growth and strengthened margin

We achieved major strategic progress in the first quarter with strong net sales growth and a significant improvement in the adjusted EBITA-margin. Our growth journey continues along the path we anticipate with the ongoing digitization and electrification trends being major drivers. Munters solutions are mission critical for our customers’ operations and contribute to improved energy efficiency and less waste. In recent years we have increased investments in research and development, which have resulted in innovations that today increasingly contribute to our strong growth. An example of this is the SyCool Split system developed for cooling data centers without the use of water and another is the launch of the software Amino in FoodTech’s Digital Solutions. Investments in innovation have been critical for our ability to create the strong position we have today in our prioritized markets.  

In the first quarter underlying demand continued to be good in AirTech and DCT. In AirTech, we saw a stable order intake development in all regions. In DCT, despite a positive long-term underlying demand, current order intake was somewhat dampened as many customers have ramped up capacity and ordered solutions in advance in previous quarters. In FoodTech order intake was stable with good growth in the US, partly offset by a continued weak swine market in China. Also, the market in Europe was softer marked by lower customer investments.

As a result of continued good underlying demand and our high order backlog, organic net sales increased by 38 per cent. This was driven mainly by very strong growth in DCT and the battery sub-segment in AirTech. The annualized recurring software revenues from our SaaS business in FoodTech continued its growth journey and increased by 40 per cent in the quarter.

Strong improvement in profitability  

In the quarter activities to digitize our operations and offer continued as well as our efficiency improvement initiatives. Price increases performed throughout the last quarters now more than compensated for the material and freight costs increases in all business areas. Supply chain constraints eased during the quarter with shorter lead times for critical components. We continue to have a strong focus on the supply chain to ensure we can deliver on customer expectations. As a result of our combined efforts, the adjusted EBITA-margin improved in all business areas. In AirTech the volume increase combined with efficiency improvements had a positive impact on the margin. DCT contributed with a significant margin improvement driven mainly by the production ramp-up of SyCool Split solutions in the US. Profitability level in Digital solutions in FoodTech improved and mitigating actions to compensate for the lower volumes in Europe for FoodTech’s Climate solutions positively affected the margin. 

Cash flow from operating activities was negative in the quarter mainly due to  an increase in operating working capital as a result of preparations for deliveries in larger projects in the coming quarters.  

Continued high strategic investments for growth

Our focused strategic investments for scalability in digitization and automation will continue throughout the year, with the aim of creating the strong platform needed to capture future market opportunities and ensure profitable growth. These strategic investments, together with our focus on innovation, efficiency improvements and prioritized markets have resulted in a solid start to the year.

I would like to thank all employees for your dedicated and focused efforts during the quarter, which were decisive for our strong development.

Klas Forsström, President and CEO

Information about the webcast:

Today the report will be presented in a webcast and telephone conference at 9:00 AM CEST, by President and CEO Klas Forsström, and Group Vice President and CFO Annette Kumlien.


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.


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

Contact person:

Ann-Sofi Jönsson, Vice President, Investor Relations & Enterprise Risk Management
Phone: +46 (0)730 251 005
Email: ann-sofi.jonsson@munters.com

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 person set out above, at 07.30 AM CEST on April 21, 2023.

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 4,000 employees carry out manufacturing and sales in more than 30 countries. Munters Group AB reported annual net sales of more than SEK 10 billion in 2022 and is listed on Nasdaq Stockholm. For more information, please visit www.munters.com.

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