Munters fall as Jefferies flags soft battery demand, underused US capacity ahead of Q3

Munters AB

25/09/2025 10:42

** Shares in Munters MTRS.ST dip 5.4% as Jefferies warns that soft battery demand, underutilized U.S. capacity and margin pressures could weigh on near-term results

** The broker is cutting its 2025–2027 EPS forecasts by 5–7% due to headwinds on the company's AirTech segment

** "Battery demand is soft, especially in EMEA and Americas, a trend likely to persist into '26. Battery orders have reset to 10-20% of intake from ~40% at peak, reflecting caution," Jefferies says

** The broker sees Q3 to reflect Q2, with AirTech continuing to weigh on results

** "Under‑utilization persists as new US plant operates well below design capacity, and seasonally light service activity adds pressure," it notes

** However, Jefferies adds that despite fears hyperscalers might handle their own cooling, Munters' systems remain essential, and long-term demand for its solutions should stay strong

** "US sentiment is subdued beyond battery, but expanding local manufacturing positions the company for advantage when the cycle turns," says the broker

** Of 7 analysts that cover Munters Group AB, six rate the stock "strong buy" or "buy" and ​one rates "hold"

 (Reporting by Jesus Calero)

 ((jesus.calero@thomsonreuters.com))