Munters recorded an 85% increase in order intake for 2025, reaching an all-time high, primarily due to strong demand in its Data Center Technologies (DCT) segment. FoodTech also contributed to the growth, while AirTech remained flat. The company’s order backlog grew by 53%, and the book-to-bill ratio rose to 1.6x, laying the groundwork for continued sales growth in 2026.
Despite the surge in orders, full-year net sales grew by 8%, with gains in DCT and FoodTech offsetting a decline in AirTech. Currency effects reduced sales by 7%. The adjusted EBITA margin decreased, impacted by temporary tariffs in DCT, underutilization and dual-site costs in AirTech, and ongoing investments in FoodTech's digital offering.
In the fourth quarter of 2025, order intake jumped by 191%, including a 416% rise in DCT, which secured multiple large orders for chillers and cooling solutions. However, net sales declined by 8% during the quarter, with AirTech posting lower volumes. Cash flow from operating activities was strong, mainly due to customer advances in DCT.
AirTech’s profitability was pressured by continued weak demand in the battery sector and cautious investment in the US. Cost-saving measures initiated in 2024 delivered over MSEK 100 in reductions during 2025, with additional savings of MSEK 250–300 expected by the end of 2026.
FoodTech completed the divestment of its Equipment offering in 2025, refocusing on digital solutions such as controllers and software. While profitability was affected by investment costs, recurring revenues continued to grow.
In mid-January 2026, Munters paid approximately USD 18.5 million in contingent consideration for the MTech acquisition, fully accrued by the end of 2025. The Board proposed a dividend of SEK 1.60 per share, representing 53% of net income from continuing operations in 2025.
“While profitability was below our ambitions, this was primarily related to temporary factors,” said Klas Forsström, President and CEO. “With a strong order backlog and clear actions taken to improve profitability and resilience, we enter 2026 from a position of strength.”
