MTRSNasdaq StockholmIndustrialsIFRS · SEK

Munters Group

Munters Group AB is a Swedish industrial technology company that designs climate-control systems for demanding environments. Its business spans data center cooling, industrial dehumidification, and food-tech applications, with operations and sales across the Americas, EMEA, and APAC through a global organization of business areas and service networks.

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Revenue14.7bn SEK
−4.8 %y/y
Operating profit (EBIT)0.0m SEK
−100.0 %y/y
EBIT margin0.0%
−11.9 ppy/y
Net income0.0m SEK
−100.0 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

05101520bn SEK2020: 7.0 bn SEK2020: EBIT 0.71 bn SEK20202021: 7.3 bn SEK2021: EBIT 0.75 bn SEK20212022: 10.4 bn SEK2022: EBIT 0.88 bn SEK20222023: 13.9 bn SEK2023: EBIT 1.6 bn SEK20232024: 15.5 bn SEK2024: EBIT 1.8 bn SEK20242025: 14.7 bn SEK2025: EBIT 0.00 bn SEK202514.70.00
RevenueOperating profit (EBIT)
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Business

Share of revenue
Data Center Technologies26 %

Cooling and climate-control systems for digital infrastructure and data centers.

AirTech48 %

Industrial dehumidification and climate-control solutions for manufacturing and process environments.

FoodTech12 %

Climate-control and process solutions for food production, storage, and supply-chain applications.

Service and Components10 %

Aftermarket service, maintenance, spare parts, and related components for installed systems.

Clean Technologies4 %

Energy-efficient climate and resource-saving solutions sold into sustainability-focused applications.

Customers

Munters sells to industrial and infrastructure customers that need controlled temperature, humidity, and air quality for critical operations. Core buyers include data center operators, food producers, and industrial manufacturers that value application-specific systems, service support, and resource efficiency. The company also serves customers seeking to reduce electricity and water use in their operations.

Data center operators and hyperscale customers

They buy cooling systems for digital infrastructure where uptime, density, and energy efficiency are critical.

Food supply chain customers

They buy climate-control solutions for food production and storage to improve quality, consistency, and resource use.

Industrial manufacturers

They buy dehumidification and climate-control systems for process stability, product quality, and plant efficiency.

Aftermarket service customers

They buy maintenance, spare parts, and upgrades to extend system life and keep installed equipment performing.

Clean technology and sustainability buyers

They buy energy-efficient systems to reduce electricity and water consumption and support decarbonization goals.

Strategy

Munters focuses on being among the top three suppliers in its prioritized markets, with emphasis on data center cooling, the global food supply chain, industrial dehumidification, service and components, and clean technologies. The strategy combines application-specific product development, local market presence, and acquisitions or partnerships to broaden capabilities and customer reach. A growing share of data-driven products and digital solutions is part of the company’s long-term direction.

Strengthen positions in prioritized growth areasMedium term

Focus resources on markets with structural demand and higher relevance to Munters' core technologies.

Expand service and componentsMedium term

Aftermarket activity supports installed base monetization and customer retention over the equipment lifecycle.

Increase digital and data-driven offeringsMedium term

Connected solutions can improve performance, customer insight, and differentiation in complex applications.

Use acquisitions and strategic partnershipsLong term

External growth can add technology, market access, and scale in selected niches.

Geography

Munters operates globally across the Americas, EMEA, and APAC, with all business areas active in each region. The Americas is the largest region at 60% of group sales, followed by EMEA at 26% and APAC at 14%, reflecting a broad industrial and infrastructure customer base. The company’s largest markets include the US, Brazil, Canada, Germany, Italy, the Netherlands, China, India, and Japan.

Risks

Munters is exposed to demand swings in industrial and infrastructure markets, as well as geopolitical and macroeconomic disruptions across its global footprint. Its products are also exposed to execution risks tied to project timing, cyber/IT reliability, supply-chain complexity, and climate-related disruptions to operations or customers. Because the business depends on specialized applications and a broad supplier base, competitive pressure, regulatory compliance, and sourcing integrity are important ongoing risks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Geopolitical developments1Macroeconomic slowdown2Supply-chain and sourcing risk3Cyber and IT disruption4Climate-related physical disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Geopolitical developmentsImpact: HighLikelihood: Medium

    Munters operates across multiple continents, so trade, conflict, or sanctions can affect production and demand.

    Exposure: Global supply chain and regional sales footprint

  2. Macroeconomic slowdownImpact: HighLikelihood: Medium

    Industrial and infrastructure customers may delay or reduce capital spending in weaker markets.

    Exposure: Project-driven demand and order intake

  3. Supply-chain and sourcing riskImpact: HighLikelihood: Medium

    The company buys from a large supplier base across many countries, increasing exposure to quality, compliance, and continuity issues.

    ExposureOver 1900 suppliers in more than 35 countries
  4. Cyber and IT disruptionImpact: HighLikelihood: Low

    The business relies on secure systems for operations, planning, and customer support.

    Exposure: Enterprise systems and connected products

  5. Climate-related physical disruptionImpact: MediumLikelihood: Medium

    Extreme heat, floods, storms, and wildfires can interrupt manufacturing, logistics, and customer operations.

    ExposureProduction sitesSuppliersEnd markets
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Accounting

Judgemental items
Revenue recognition timing

Sales of goods are recognized on transfer, while some projects are recognized over time, affecting period-to-period comparability.

Impact: Can shift revenue and margin between quarters

Percentage-of-completion estimates

For significant projects, management estimates progress and allocates revenue to performance obligations.

Impact: Affects reported revenue and operating profit timing

Warranty provisions

Provisions are based on historical trends and current claim assessments.

Impact: Can change cost of sales and liabilities

Contingent purchase considerations

Acquisition-related earn-outs are remeasured at fair value each month.

Impact: Can create volatility in reported earnings

Fair value of financial instruments

Certain liabilities and options are measured using level 3 fair value inputs.

Impact: Valuation changes can affect the income statement

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Last updated: 24/09/2026

Munters Group (MTRS) Revenue, Earnings & Financials 2025 – Clarifo