EL7.AI
StocksMedium•23 October 2026•
4 min read

Munters Orders Jump 70% to SEK 7,070 Million in Third Quarter of 2026

Key Facts

1Order intake reached SEK 7,070 million in the third quarter of 2026, up 70% from SEK 4,159 million a year earlier.
2Orders in the data center climate technology segment rose to SEK 4,907 million from SEK 2,164 million, while FoodTech orders fell to SEK 402 million from SEK 435 million.
3The Adjusted EBITA margin fell to 12.2% from 13.5%, despite Adjusted EBITA rising to SEK 546 million from SEK 511 million.
4Operating cash flow was negative SEK 216 million, compared with positive SEK 389 million in the third quarter of 2025.

Munters Group's order intake jumped to SEK 7,070 million in the third quarter of 2026, up 70% from SEK 4,159 million in the same period last year, according to the company's interim report. Orders were above the consensus estimate of SEK 4,974 million, highlighting broadening demand for data center technologies. Munters said growth was driven by strong orders in its data center climate technology and AirTech segments, partly offset by weaker demand in FoodTech. Order growth did not fully translate into margins, as the Adjusted EBITA margin fell to 12.2% from 13.5% a year earlier. Adjusted EBITA, however, rose to SEK 546 million from SEK 511 million.

Data center climate technology was the main driver of the increase, with orders rising to SEK 4,907 million from SEK 2,164 million in the third quarter of 2025, while AirTech orders climbed to SEK 1,774 million from SEK 1,567 million. By contrast, FoodTech orders fell to SEK 402 million from SEK 435 million. Munters said the increase in data center segment orders reflected strong market demand and the breadth of its product portfolio, adding that growth spanned products, customers and regions. Most of the increase was therefore concentrated in one segment, while the food segment recorded a decline in orders. In its first-quarter report, the company had reported an order from a U.S. data center provider worth approximately SEK 2.0 billion for a modular cooling solution for AI, with deliveries expected to begin in early 2027 and continue through the first quarter of 2028.

Profitability varied across segments. AirTech's margin improved on higher volumes, a favorable mix and cost savings, while the data center segment's margin declined year over year despite higher sales. Munters attributed this to lower operational efficiency as production ramped up in Virginia, alongside product mix, component shortages, tariffs and higher material costs. The company said that “higher sales did not offset lower operational efficiency” in the segment. These factors show that strong demand coincided with pressure on production execution and costs, while FoodTech margins also declined from a year earlier. The group's margin fell to 12.2% from 13.5% despite Adjusted EBITA rising to SEK 546 million from SEK 511 million.

The divergence also extended to cash flow, with operating activities recording an outflow of SEK 216 million in the third quarter, compared with an inflow of SEK 389 million a year earlier. Munters attributed the negative cash flow mainly to an increase in inventory in the data center climate technology segment, partly offset by customer advance payments. At the same time, earnings per share rose to SEK 1.16 from SEK 1.05 in the corresponding period. The sharp growth in orders was therefore accompanied by a need to finance inventory tied to the expansion of data center operations. Market estimates were exceeded: orders topped the consensus estimate of SEK 4,974 million, sales came in above the estimate of SEK 4,276 million, and Adjusted EBITA exceeded the estimate of SEK 495 million, according to Modular Finance data via MFN.

In the first nine months of 2026, order intake reached SEK 20,469 million, compared with SEK 11,381 million in the same period of 2025. The order book rose to SEK 27,851 million at the end of September from SEK 10,034 million a year earlier, putting execution and the timing of order conversion into sales at the center of the company's performance outlook. EL7 reported in July that Munters orders had risen 137% in the second quarter, citing demand for data center cooling. The company left its 2026 outlook unchanged and said it expects the Adjusted EBITA margin to improve in the second half, supported by the data center segment's order book and improved AirTech margins. Munters set November 11 for its Capital Markets Day, where its chief executive said it would provide further details on its future strategic direction.