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April-June:
Events after the close of the period:
CEO comments
A strong second quarter with an all-time high profitability
Munters reports a strong second quarter performance with robust order intake and net sales. The adjusted EBITA-margin was at an all-time high in the second quarter, reflecting all the work done in recent years to improve efficiency. We are well positioned for future growth..
Strong underlying market trends, continued good growth
In AirTech, climate change as well as the industry's need for precise humidity control and advancements in energy-efficient desiccant models continue to fuel growth in the market long-term. Some market segments have seen a slower development in the short-term, which in this quarter was particularly noted by delayed investments in battery production across all regions. Order intake in AirTech developed flat in the quarter. As digitalization continues and AI becomes more widely used across various sectors, demand for effective and adaptable cooling solutions remains high. This presents strong mid-to-long-term growth opportunities for DCT as we offer a range of cooling technologies that enable customers to address heat generation challenges. In the quarter order intake for DCT was flat, and as previously communicated, this market is uneven, meaning that order intake can fluctuate significantly between quarters. In FoodTech, order intake increased as demand for both indoor climate solutions and digital solutions was strong. We continue to see an increasing demand for controllers, automation tools and optimization software platforms as food producers increasingly use real-time data to make accurate changes for improved animal welfare, maximize production and reduce waste and CO2 emissions.
Net sales increased, driven by a very strong growth in DCT and FoodTech. AirTech had a weaker development. Munters has an ambition to increase service* and components revenues in the long term to reach more than one third of net sales, and in the quarter this amounted to 25% of net sales.
A quarter with an all-time high profitability, improved cash-flow and strengthened financial position
All business areas improved their profitability in the second quarter. In AirTech this was driven by a favorable product mix, good level of deliveries on earlier announced orders combined with a high capacity utilization. DCT continued to improve its margin mainly driven by effects from diligent lean practices and good level of deliveries on orders previously announced. Both Digital and Climate solutions in FoodTech increased profitability levels because of higher volumes and significant efficiency gains. At the same time, Munters continued to invest in digitalizing, ways-of-working, our manufacturing footprint and innovation across all business areas.
Operating cash flow increased in the quarter because of increased earnings and a very good improvement in operating working capital (OWC), resulting in OWC/net sales of 12.5% within our target range of 13-10%. This led to a lower leverage for the fourth consecutive quarter.
Progress on strategic ambitions and conclusion reached in strategic review of FoodTech equipment
In May, we updated our mid-term growth target to include growth generated by M&A. In the second quarter, AirTech closed the acquisition of Airprotech. It broadens our offering in Clean Technologies and emission abatement to better help customers reduce their carbon footprint. After the close of the quarter, we announced the acquisition of a majority share in Automated Environments (AEI), which accelerates our digital journey in FoodTech as we now add a control system for the layer industry to our offering. We also announced the acquisition of Geoclima, an Italian manufacturer of air- and water-cooled chillers. It completes DCTs cooling portfolio by enhancing our ability to offer full solutions to the total data center cooling market.
Last year, we initiated a strategic review of the Equipment business within FoodTech, which has now been completed. The conclusion of this review is our intention to divest this business.
I am very pleased that we took a step to align Munters with the Paris agreement in the second quarter by committing to the Science Based Targets initiative (SBTi). By setting ambitious climate goals, we not only strengthen our own commitment but also hope to inspire the rest of the industry to move towards a more sustainable future.
I want to express my sincere gratitude to all our dedicated employees for their hard work.
*Service is defined as after-market service and SaaS revenues.
Information about the webcast
Welcome to join a webcast or telephone conference today, at 9:00 CEST, when President and CEO Klas Forsström together with the Group Vice President and CFO, Katharina Fischer, will present the report.
Conference call:
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.
https://conference.financialhearings.com/teleconference/?id=50049060
This interim report, presentation material and a link to the webcast will be available on https://www.munters.com/en/investor-relations/
For more information, please contact:
Investors and analysts
Ann-Sofi Jönsson, Vice President, Investor Relations & Group Risk Management
E-mail: ann-sofi.jonsson@munters.com, Phone: +46 (0)730 251 005
Line Dovärn, Director, Investor Relations
E-mail: line.dovarn@munters.com, Phone: +46 (0)730 488 444
Media
Eva Carlsson, Director External Communications
E-mail: eva.carlsson@munters.com, Phone: +46 (0)70 88 33 500
This information is information that Munters Group AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 07.30 CEST on July 17, 2024.
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 5,000 employees carry out manufacturing and sales in more than 30 countries. Munters Group AB reported annual net sales of more than SEK 14 billion in 2023 and is listed on Nasdaq Stockholm. For more information, please visit www.munters.com.
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