Slide 1: Munters Q2 report 2025
Munters Q2 report 2025 Klas Forsström, President and CEO Katharina Fischer, GVP and CFO Line Dovärn, Head of Investor Relations
Slide 2: Solid growth and robust margin
Solid growth and robust margin Q2: Increased order intake Q2: Steady net sales growth Q2: Robust profitability Order intake Announced orders* Order backlog Net sales Net sales growth MSEK 50% MSEK Adj. EBITA Adj. EBITA margin EBIT margin 15 000 MSEK 900 20% 6 000 4 000 40% 13.6% 15% 30% 4 000 9,774
Slide 3: Regional & end-market divergence
Regional & end-market divergence Americas EMEA APAC Group order intake Q2 15% (15) 59% (61) 26% (24) Business area order intake Q2 AirTech 38% (42) 33% (33) 29% (24) DCT 91% (93) 8% (7) 1% (0) 44% (59) 52% (32) 4% (9) FoodTech • AT: uncertainty remains, • AT: mixed market sentiment • AT: signs of im
Slide 4: AirTech: Stable quarter with organic growth
AirTech Stable quarter with organic growth Order intake & backlog 4 000 Order Intake grew (org), 2,893 driven by APAC; (currency effects -9%) MSEK 2 000 • Industrial (excl. battery) – growth in EMEA & 1,695 APAC, Americas declined. Battery remained weak but grew in APAC 0 Q223 Q323 Q423 Q124 Q224 Q3
Slide 5: Continued battery complexities in a dynamic market
Continued battery complexities in a dynamic market AirTech Market overview Though the battery sector is facing headwinds, the Background: resulting pressure is reinforcing market discipline — a • Previous years: robust battery market growth & rising dry trend that favors resilient players with scale
Slide 6: Order intake holding up well
Order intake holding up well Development Q2 2023 – Q2 2025 Order intake per customer MSEK, LTM • Battery – regional differences, MSEK, Q segment 2 500 10 000 delays in investments, lower project volumes, increased competitive environment 2 000 8 000 • CT- stable development, acq. of Airprotech in Q2
Slide 7: Margin enhancing actions underway
AirTech Margin enhancing actions underway Change (%) Net Sales declined, lower Q2 2025 Q2 2024 Org. Struct* FX battery sales in Americas; MSEK • Industrial (excl. battery) – declined, offset Order intake 1,695 1,760 2 3 -9 by food & pharma in EMEA. Battery declined, offset by APAC Order backlog 2,89
Slide 8: Strategic expansion: Inauguration of new Amesbury site
AirTech Strategic expansion: Inauguration of new Amesbury site Over 40,000 m2 of advanced, state-of –the-art manufacturing space Largest Munters facility globally, streamlining operations to drive efficiency and strategic growth across Americas Will house production for AirTechs full offering, inclu
Slide 9: Advancing industrial decarbonization with carbon capture
AirTech – Clean Technologies Advancing industrial decarbonization with carbon capture First large-scale order in the growing DAC* technology, enabling removal of CO₂ directly from End customer profile: ambient air Sector: Oil & gas Munters advanced mist elimination technology Location: United States
Slide 10: Data Center Technologies: Growth driven by Americas
Data Center Technologies Growth driven by Americas Order intake & backlog Order Intake increased; (currency effects, -10%) 8 000 • orders received across the full product portfolio, strong demand for chillers & CRAHs as well as stable demand for CDUs 6 000 • continued trend towards small- and mid-si
Slide 11: Continued resilient execution, Data Center Technologies
Continued resilient execution, Data Center Technologies driving strong profitability Change (%) Q2 2025 Q2 2024 Org. Struct* FX Net Sales increased; MSEK • driven by strong execution of backlog Order intake 1,402 1,060 14 28 -10 in Americas Order backlog 6,076 6,903 • demand for chillers, supported
Slide 12: Strong order backlog to be delivered throughout 2025 & 2026
Strong order backlog to be delivered throughout Data Center Technologies 2025 & 2026 2023 2024 2025 2026 MUSD 88 US colocator CRAHs MUSD 137 US colocator SyCool MUSD 65 US colocator CRAHs MUSD 35 US colocator LCX system (CDU) MUSD 60 US hyperscaler CRAHs MUSD 55 US colocator CRAHs MUSD 37 US colocat
Slide 13: Unlocking regional growth through our chiller offering
Data Center Technologies Unlocking regional growth through our chiller offering Geoclima acquisition delivering a strong contribution to order intake growth • Energy-efficient chillers featuring unique cylindrical condensers and evaporators, combined with high- performance magnetic bearing compresso
Slide 14: FoodTech: Record order intake
FoodTech Record order intake Order intake & backlog 800 805 600 Order Intake increased; (currency effects, -26%) MSEK 584 400 • Software – growth, mainly in Americas from several different 200 customer segments • Controllers – growth in all 0 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 regions, esp
Slide 15: Healthy profitability supported by strong operational execution
Healthy profitability supported by FoodTech strong operational execution Q2 Q2 Change (%) Development of ARR Q2** (MSEK) 2025 2024 Org. Struct* FX MSEK +11% Net Sales increased, driven by Order intake 584 193 88 142 -26 Controllers; Order backlog 805 521 316 284 • Software – declined, mainly due to
Slide 16: Strategic milestones in the layer segment to strengthen global position
FoodTech Strategic milestones in the layer segment to strengthen global position Controllers: Secures large-scale order from Software: Signs SaaS-contract incl. major egg producer in China implementation with leading global egg producer Contract signed with Shendi Agricultural Contract signed with o
Slide 17: Financial highlights
Financial highlights @
Slide 18: Group: Solid growth and robust margin
Group Solid growth and robust margin • Net Sales increased; Change (%) Q2 Q2 • AT - declined, lower battery sales in Americas, offset by good 2025 2024 Organic Structural Currency development in APAC. MSEK growth growth* effects • DCT – increased, driven by successful execution of order backlog in O
Slide 19: Robust margin - despite tough comparison & currency headwinds
Adjusted EBITA-margin Robust margin - despite tough comparison & currency headwinds Group adj. EBITA margin impact Main factors affecting adj. EBITA margin in Q2: • Volume had a positive impact, driven by DCT & partly offset by Q2 2024 AT adj. EBITA % 18.2 • Positive net price increase in DCT. FT ne
Slide 20: Continued focus on cash management
Cash flow Continued focus on cash management Group cash flow YTD, MSEK Cash flow from changes in working capital 1 000 Q2 2025 Q2 2024 800 Change in accounts receivable -122 89 710 20 Change in inventory -122 -124 600 Change in accrued income -118 41 400 Change in accounts payable 171 -42 -1,260 200
Slide 21: Investments supporting the next growth wave
Investments supporting the next growth wave 450 CAPEX 15% 10% CAPEX continued investments %-net sales 300 7.9% MSEK • aiming at strengthening competences, upgrades, 5% 150 digitalize & automize 5.5% • 2026: investments in expanding the DCT facility to 0 0% support chiller production in Virgina, US Q
Slide 22: Decreased leverage ratio during the quarter
Leverage & net debt Decreased leverage ratio during the quarter Development of leverage & net debt 2 000 3,5 Leverage ratio 2.8x 0 3,0 • Decrease compared to Q1 2025 (3.1x): 2.9 3.1 closing of the FoodTech Equipment 2.8 2,5 divestment 2.6 -2 000 2.3 2.3 2.2 2,0 2.1 2.0 -4 000 MSEK 1,5 -6 000 Diversi
Slide 23: Service ambition in line with strategic direction
Service Service ambition in line with strategic direction Service share net sales, Q2 Munters ambition: AirTech DCT FoodTech • AirTech 23% (22) 7% (8) 24% (50) • grow our large globally installed base Components share of AirTech, Q2 • continuous innovation – digital offering with AI-controls & conne
Slide 24: Advancements towards our sustainability agenda
Targets for 2030 – Advancements towards our FY 2024 performance sustainability agenda Reduce CO2e* Scope 1 & 2: Scope 3: 42.0% reduce by an Established MTN-program and Green Bond Framework absolute average of reduction 51.6% per unit MTN-program framework with a size of BSEK 5 sold Green Bond Framew
Slide 25: Summary
Summary
Slide 26: Progression towards our financial targets
Financial targets & dividend Progression towards our financial targets Currency adj. growth Adj. EBITA margin OWC/net sales Dividend +21%* 13.6%* 9.1% per share 35% 20% 20% 2 +23% 13.6% Financial target >14% +37% 25% 15% 15% 19% 1,5 10.2% +12% 1.60** SEK Financial target range Financial target >14%
Slide 27: Quarterly highlights
Quarterly highlights Continued good Solid execution from Volume- and margin- Positioned for the momentum in the DCT and FoodTech enhancing actions next phase of quarter underway in AirTech sustainable profitable growth
Slide 28: Financial calendar 2025 Q&A
Financial calendar 2025 Interim report Q3 October 24, 2025 Interim report Q4 January 29, 2026 Q&A Q2 report 2025
Slide 29: Forward-looking statements
This presentation contains forward-looking statements that reflect Munters current expectations on future events and Munters financial and operational development. Although Munters believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, no ass