In This Article:
-
Order Intake Growth: 27% growth, with 8% organic.
-
Net Sales Growth: 18% growth, with 5% organic.
-
Adjusted EBITA Margin: 13.5%, close to the target of 14%.
-
Operating Working Capital: 10.2%, within the target range of 10% to 13%.
-
Net Debt: Increased due to lease liabilities and acquisition of MTech shares.
-
Leverage Ratio: Increased to 3.1, expected to improve in the next quarter.
-
Investment in Net Sales: 7.2% of net sales, driven by Amesbury investment.
-
Service and Components Share: 22% of net sales, with a rolling 12-month figure of 25%.
-
Dividend: 1.6% per share, divided into two payout periods.
Release Date: April 29, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Munters Group AB (STU:1MS) reported a strong start to the year with a 27% growth in order intake and an 18% increase in net sales.
-
The company maintained healthy profitability levels with an adjusted EBITA margin of 13.5%, close to their target of 14%.
-
Data Center Technology (DCT) showed robust volume growth and strong order intake, particularly in the Americas.
-
The company has a well-established regional production strategy, with 90% of US sales produced domestically, mitigating tariff impacts.
-
Munters Group AB (STU:1MS) is making strategic investments in innovation, particularly in energy-efficient products, which align with their sustainability goals.
Negative Points
-
AirTech segment experienced a decline, with lower volumes in the Americas affecting production utilization and profitability.
-
The company is facing excess costs due to running two facilities in Amesbury, which is expected to ease by the end of the second quarter.
-
There is continued weakness in the battery market, particularly in China, although some positive signals are emerging.
-
Net debt increased due to lease liabilities for the new plant in Amesbury and the acquisition of the remaining MTech shares.
-
The leverage ratio increased to 3.1, above the company's target range of 2.5 to 1.5, due to strategic investments and acquisitions.
Q & A Highlights
Q: Can you discuss the current demand situation for AirTech outside of the battery market and any impact from geopolitical uncertainties? A: We have seen a pleasing increase in non-battery related order intake over the past few quarters. While decision times are longer in America and Europe, this is not directly related to trade tariffs. Overall, there has been good development in non-battery sectors within AirTech. - Klas Forsstrom, CEO