MUNTERS·Building Products / HVAC & Climate Control (data-center thermal management, air treatment, food-production climate)

Munters Group

ConvictionContext

Engineered-equipment maker plus recurring service and software. Three business areas: Data Center Technologies (DCT, AI/hyperscaler cooling), AirTech (industrial dehumidification/air treatment), FoodTech (poultry/swine climate + controllers/software, marketed under the Speria brand). Sells project equipment, aftermarket service, and subscription software; asset-light assembler with global manufacturing. Note: the FoodTech Equipment (grain/protein) offering was divested May 30 2025 and is reported as discontinued operations; the remaining FoodTech (climate + software) is what is now being explored for divestment.

Revenue

SEK 14,712M FY2025 continuing ops~$1.5B USD

Rev growth

+8% reported FY2025 continuing opsorder intake +85% to record; book-to-bill ~1.6x); Q1 2026 net sales -4% reported / +9% organic (-12% FX), order intake +32% / +49% organic

Gross margin

~31.4% FY2025down from ~35.3% FY2024

Op margin

~9.0% FY2025EBIT), down from ~13.5% FY2024; adjusted EBITA margin compressed by tariffs + dual-site costs

Capex intensity

not separately disclosedasset-light assembler, capex modest relative to sales

Market cap

~$3.4B USDSEK 33.2B, Nasdaq Stockholm, Jun 2026

The read

Where our coverage leans

Coverage leans bullish

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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence