Munters Group AB (1MS) Q3 2026 Earnings Report
DE:1MS Q3 2026 EPS Results
- Actual EPS
- EUR 0.13
- Consensus EPS
- EUR 0.11
- Beat/Miss
- Beat by +EUR 0.02
- One Year Ago EPS
- EUR 0.09
DE:1MS Q3 2026 Revenue Results
- Actual Revenue
- EUR 404.04M
- Expected Revenue
- EUR 393.47M
- Beat/Miss
- Beat by +EUR 10.57M
- YoY Revenue Growth
- +17.77%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/23/2026
- Time
- Before Open
- Conference Call
- Friday, October 23, 2026
Munters Group AB's next earnings date is estimated for January 28, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive, led by 70% order-intake growth, a 178% backlog increase to SEK 28 billion, 18% group sales growth, strong AirTech profitability, more than doubled DCT data-center orders, and continued FoodTech ARR growth. However, profitability and cash conversion remained pressured by DCT's delayed ramp-up, component shortages, inventory buildup, tariffs, lower product mix, and higher leverage. Management maintained its outlook and expressed confidence in improving operations, so the positive commercial momentum significantly outweighed the stated challenges.
The company is not changing the outlook for this year, the market outlook, or the business outlook; for DCT, the delay is still “roughly a quarter,” “30% overall” remains “highly reasonable” to hit, with “some caveats” because of external matters, and Q4 deliveries are expected to be “2.5 billion” versus “1.9 billion” in Q3; DCT’s high teens margins are described as “more of a midterm play,” with no exact timing, while the full potential is expected to be “in that range”; AirTech had previously targeted double digits toward the end of the year and reached 12.9%; CapEx is expected to remain “in the same range as 2025,” leverage is expected to “gradually improve,” with a long-term ambition of 1.5 to 2.5, and the FoodTech divestiture is progressing “according to plan,” with the company expecting to be where it should be “end of the year.”
- Exceptional Commercial PerformanceGroup order intake increased by 70%, book-to-bill was 1.6, and backlog increased by 178% to SEK 28 billion. Group net sales grew 18%.
- Strong AirTech DevelopmentAirTech order intake continued to grow in all regions, with an increased backlog and strong growth in APAC partly driven by component sales for battery production. AirTech profit more than doubled and margin reached 12.9%, or 10.4% excluding the 2.5 percentage point cancellation-fee impact.
- AirTech Cost Program Ahead of PlanCost-saving measures initiated in 2025 were completed and delivered well above plan. The 2026 program was progressing well, had reached around SEK 180 million, and was targeting a SEK 250 million year effect.
- DCT Sales Growth and Record Net SalesDCT net sales increased 30% sequentially despite component shortages, reaching its highest net sales ever. Management said the strong demand was beginning to translate into sales growth.
- DCT Data Center Order MomentumData center orders more than doubled, were broad-based across the expanded product portfolio, customer groups, and regions, and produced a book-to-bill of 2.7x.
- DCT Service GrowthDCT service sales grew 41% year over year in Q3 and represented 70% growth versus Q3 of the prior year as stated on the call.
- Progress on DCT Ramp-UpManagement said production efficiency and output improved materially during Q3, with production lines getting better each week. The company stated that the worst part of the supply-chain situation was behind it, while also noting that conditions remained fluid.
- Broad Regional DevelopmentAlthough Munters remains highly concentrated in the Americas, AirTech and DCT each increased their APAC share by 4 percentage points, and DCT increased its EMEA share by 4 percentage points within their respective business-area sales distributions.
- FoodTech Software and ARR GrowthFoodTech order intake was relatively stable and close to last year, while annual recurring revenue increased by more than 18% year over year. Management described the project pipeline as very healthy and FoodTech as having solid margins.
- Continued FoodTech Investment and Divestiture ProgressFoodTech remained strong despite continued investments in future growth, including accelerated development of the meters since Superior was established. The divestiture process for the asset was progressing according to plan.
- Improved Working-Capital RatioOperating working capital as a percentage of net sales improved to 4.2%, well below the company's stated range of 10% to 13%.
- Positive Sustainability InvestmentSolar panels at the company's U.S. facility generated 100% of the electricity needed to run the factory and site during a couple of summer months. On a full-year basis, the company estimated the installation could cover around 50% of its electricity needs and positively affect CO2 emissions and utility costs.
- Strategic Capacity ExpansionThe company continued investing under its disciplined capital-allocation principles. Q3 CapEx was 4.6% of net sales and 6% on a rolling 12-month basis, with most quarterly investment related to the Virginia expansion and additional AirTech component-production capacity in Mexico. The company maintained its CapEx outlook of being in the same range as 2025.
- Strong Market Demand OutlookManagement said it saw no significant change in market sentiment or a downturn in data-center demand, citing continued infrastructure needs for AI and broader digitalization. The company also said it was gaining market share and had positive customer traction.
- DCT Backlog and Pricing PositionManagement indicated that a large share of the DCT backlog was related to 2027, with additional orders moving toward 2028 as the year progressed. It also said some products had price increases of more than 20% and that a large part of the backlog now had healthy pricing.
- Customer Diversification and PrepaymentsDCT's new orders included both new customers and established relationships, supporting customer-base diversification. The vast majority of deals included prepayments, and management said it had not seen evidence of customers placing double orders to hedge supply.
- Flexible Virginia Manufacturing FootprintManagement said the Virginia facility's 365,000 square feet, including an additional 200,000 square feet, was aligned with short- and long-term demand. The site was designed to support production flexibility and could accommodate products beyond chillers.
- Unchanged Full-Year OutlookThe company did not change its outlook for the year, market outlook, business outlook, or CapEx outlook. Management said positive AirTech order trends, high utilization and cost measures supported profitability, while DCT demand was translating into sales growth and FoodTech had solid earnings with ARR growth above 18% year over year.
DE:1MS Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 28, 2027 | 2026 (Q4) | 0.15- | -0.01 | ― | ― |
| Oct 23, 2026 | 2026 (Q3) | 0.110.13 | 0.09 | 35.14% (+0.03) | |
| Jul 17, 2026 | 2026 (Q2) | 0.090.10 | 0.09 | 14.43% (+0.01) | |
| Apr 28, 2026 | 2026 (Q1) | 0.070.07 | 0.09 | -21.33% (-0.02) | |
| Jan 29, 2026 | 2025 (Q4) | 0.12-0.01 | 0.08 | -106.74% (-0.09) | |
| Oct 24, 2025 | 2025 (Q3) | 0.100.09 | 0.13 | -27.08% (-0.04) | |
| Jul 18, 2025 | 2025 (Q2) | 0.120.09 | 0.16 | -46.41% (-0.08) | |
| Apr 29, 2025 | 2025 (Q1) | 0.110.09 | 0.11 | -11.02% (-0.01) | |
| Feb 05, 2025 | 2024 (Q4) | 0.140.08 | 0.03 | 196.67% (+0.05) | |
| Oct 22, 2024 | 2024 (Q3) | 0.170.13 | 0.14 | -7.40% (-0.01) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
