Munters Group Ab · OMXSTO:MTRS
Munters Group Ab — Q4 2025 Earnings Presentation
58 slides from Munters Group Ab's earnings presentation, January 2026
Slide 1: Q4 & full-year Investor Presentation
Q4 & full-year Investor Presentation January 2026 Investor Relations
Slide 2: 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
Slide 3: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 4: World leader in energy-efficient climate solutions
FY 2025 World leader in energy-efficient Business area share 2025, FY Countries with sales climate solutions Order Intake & production >25 8% 32% Sales MSEK 14,712 60% Production sites Net Sales >25 11% Adj. EBITA margin 12.7% 49% Regional share 2025, FY 40% Americas EMEA APAC Number of Order Order
Slide 5: We secure mission-critical industries
We secure mission-critical industries Net sales per business area – Q4 2025 AirTech 51% DCT 37% FoodTech 12% State-of-the-art cooling Ultra dry air for battery Climate & hygiene control for Dehumidification for Controllers for optimizing solutions for data centers production food production industry
Slide 6: We operate through three business areas
We operate through three business areas AirTech Data Center Technologies FoodTech Climate Control Technologies Cooling Technologies Digital Technologies Dehumidification Humidification Refrigerant-based Water-based Controllers Software (SaaS) Clean Technologies Air-based Liquid cooling Customer segm
Slide 7: Delivery on M&A agenda to fuel growth 2023-2025
Delivery on M&A agenda to fuel growth 2023-2025 AirTech DCT FoodTech Acq., Tobo Component, Sweden Net sales: MSEK 76 Employees: 14 Core/ Structured process for M&A and integration Acq., ZECO, India Cosolidation 2023 Net sales: MSEK 510 Employees: ~600 M&A categories in focus Acq., SIFT, France Major
Slide 8: Progression towards our financial & sustainability targets
Targets for 2030 – Progression towards our financial & FY 2025 performance sustainability targets Reduce CO2e* Scope 1 & 2: Scope 3: 42.0% reduce by an absolute average of Currency adj. growth Adj. EBITA margin OWC/net sales reduction 51.6% per unit sold Q4 : 0% Q4 : 10.0% Q4 : 7.3% +3% (+3) +19% (-
Slide 9: Outlook for 2026
Outlook for 2026 AirTech DCT FoodTech • Ongoing efficiency programs • Fully digital offering • Broadened our portfolio Status: • Improved capacity utilization • New regions • Increased global footprint • Focused growth in Industrial • Growing share of and other segments • Record order intake recurri
Slide 10: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 11: Exceptional demand, while earnings weakened
Exceptional demand, while earnings weakened Q4: Exceptional order intake Q4: Net sales affected by FX Q4: Profitability impacted by tariffs AirTech DCT FoodTech AirTech DCT FoodTech AirTech DCT FoodTech Group MSEK MSEK % 12 000 4 000 30 25 9 000 3 000 20 14.9% 6 000 2 000 15 13.7% 10 3 000 1 000 10.
Slide 12: Stable leverage ratio
Leverage Stable leverage ratio Business Outlook 2026 - Capex* Expected to remain in same range (**investments in intangible assets & PPE) CAPEX Development of leverage & net debt 15% 450 2 000 3,5 10% %-net sales 300 MSEK 7.0% 3,0 0 5.8% 150 5% 3.1 2.9 2.8 2.8 2,5 2.6 -2 000 0 0% 2.3 2023 Q4 Q1 Q2 Q
Slide 13: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 14: Global leader in air treatment for industry
AirTech Global leader in air treatment for industry Customer segments of order intake, LTM 19% 12% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 28% 20% 7,300 7,191 6.3% 11% 10% MSEK MSEK % Battery Other industrial 20 Clean Technologies Commercial 2 500 2 000 Service Components 2 000 1
Slide 15: Solid demand across several segments
AirTech Solid demand across several segments Development Q4 2023 – Q4 2025 Order intake per customer MSEK, MSEK, Q Q segment MSEK, LTM • Battery – regional differences, 2 500 10 000 delays in investments, lower project volumes, increased competitive environment 2 000 8 000 • CT- continued good devel
Slide 16: Innovation reinforcing product leadership across growing markets
Innovation reinforcing product leadership AirTech across a broad range of growing markets demand drivers Seleection of Underlying demand for humidity & air quality solutions – beyond electrification Population growth & New technologies & Climate change & urbanization materials efficiency demand Mate
Slide 17: Our offering to the market
AirTech Our offering to the market Components Units Systems Services Dehumidification • High product quality & • Product quality and Performance • Product quality and Performance • Product quality and Performance performance • Energy efficiency • Energy efficiency • Energy efficiency • Rotor and med
Slide 18: Overview of Munters Clean Technologies
Overview of Munters Clean Technologies Business Line Clean Technologies (CT) Power Process (Hard to abate) Electronics Segment New Areas Sustainable Transportation Offering Components Units Systems Service Tech- Mass Transfer Mist Elimination VOC(1) Abatement Carbon Capture nologies Example 3z Produ
Slide 19: Fragmented market with numerous smaller, local players
AirTech Fragmented market with numerous smaller, local players Humidity Control Technologies Clean Technologies Air Quality & Dehumidification & Humidification Pollution Control AM/AS/EU EU/AM AM EU/AS EU/AS/AM EU/AS/AM AS EU AM AM AM/AS EU/AS/AM AM 19
Slide 20: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 21: Sustainable cooling solutions that facilitate digitization
Data Center Airech Technologies Sustainable cooling solutions that facilitate LTM distribution of order intake digitization Customer segment 1% 39% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 13,889 5,906 19.5% 60% MSEK 10000 Large orders announced through press releases MSEK % 1600
Slide 22: Order backlog - deliveries mainly in 2026 & 2027
Order backlog - deliveries mainly in 2026 & 2027 Data Center Technologies 2024 2025 2026 2027 2028 MSEK ~655, Delivery execution & US colocator, CRAH capacity expansion MSSEK ~375 US colocator, CDU • Increased staffing in BSEK ~2, operations & engineering US hyperscaler, CRAH MSEK ~775 • Additional
Slide 23: Scaling a comprehensive data center cooling solutions platform
Scaling a comprehensive data center Data Center Technologies cooling solutions platform Past Present Niche Full cooling player solution provider Portfolio Innovation Hybrid Strengthened Capacity breadth engine readiness service readiness • Evolved from a niche specialist to a • Strategic • Addressin
Slide 24: Liquid cooling and heat rejection steps
Data Center Technologies Liquid cooling and heat rejection steps Liquid cooling Technology loop Facility/Rejection loop 1. DISSIPATION 2. CAPTURE 3. TRANSFER 4. RELEASE (INSIDE THE SERVER) (INSIDE THE DC) THROUGH INFRASTRUCTURE (OUTSIDE THE DC) Removing the heat from the chip Capture heat inside the
Slide 25: Becoming a full cooling solution provider
Data Center Technologies Becoming a full cooling solution provider Coolant Distribution LCE - L2R SyCool CDU Units Dry air coolers Fan wall arrays and CRAH´s Evaporator for air Cooling Through a broad technology DX Air cooling platform, and tailored solutions, we units are turning our vision into re
Slide 26: Technology portfolio built to serve every customer need
Data Center Technologies Technology portfolio built to serve every customer need Fully compatible with both liquid and air cooling for high-performance computing and AI Refridgerant based infrastructure Chilled water infrastructure Air handling cooling systems 4. Release (Outside the DC) SyCool Stan
Slide 27: Total market growth & our addressable market
Data Center Technologies Total market growth & our addressable market Growth rate (%) according to industry sources Cooling ~10-15% of total DC CAPEX – 18.4 liquid cooling higher due to complexity 16.8 15.2 14.6 Other Electrical 12.8 12.3 Ø 13.6 11.6 10.9 Cooling Infrastructure 10.0 Liquid Cooling P
Slide 28: Market players can be divided into four main categories
Data Center Technologies Market players can be divided into four main categories HIGH Vertical Houses Full Solution Providers • Broad range of end-to-end solutions • Benefits from scale and several “entry points” • Trusted with larger share of wallet to the DC projects Product Portfolio • Require br
Slide 29: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 30: A world leader in digitalizing the food supply-chain
FoodTech A world leader in digitalizing the food supply-chain Customer segments, order intake, LTM 3% 10% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA-margin* 28% 53% 1,867 1,753 17.0% 7% MSEK MSEK % 600 30 Broiler Swine Layer 400 449 % Plants Other 14.9% 400 20 409 Segment order intake, 200
Slide 31: A focused digital offering
FoodTech A focused digital offering Offering Customers ~SEK 650 Food supply chain bn digitalization 2034 Controllers Farmers, ~SEK integrators +50,000 30 bn & dealers connected/prepared to TAM for our Automate, monitor, optimize be connected offering environments with digital connectivity capabiliti
Slide 32: Connected, global solutions with clear synergies
FoodTech Connected, global solutions with clear synergies Global scale & synergies: Investing for sustainable growth: Churn • Digital leadership • Strategic portfolio investments excl. Contraction* • Global leader with broad offering & reach • Accelerated digital innovation & R&D <2% • Industrial sy
Slide 33: Appendix Group
Appendix Group 33
Slide 34: Variations across regions & end-markets
Variations across regions & end-markets Americas EMEA APAC Group order intake Q4 11% 4% (11) (26) 86% (63) Business area order intake Q4 AirTech 49% (42) 32% (36) 19% (22) DCT 95% (86) 5% (13) 0% (1) 47% (61) 48% (36) 5% (4) FoodTech • AT: market remains soft, • AT: mixed demand environment – • AT:
Slide 35: Exceptional demand, while earnings weakened
Group Exceptional demand, while earnings weakened Q4 Q4 Change (%) FY FY 2025 2024 Organic Structural Currency 25 24 • Net Sales MSEK growth growth* effects • Q4: declined -8% Order intake 11,604 3,994 210 2 -22 22,984 12,431 • FY: increased +8% Order backlog 17,282 11,287 17,282 11,287 • Adj. EBITA
Slide 36: Munters strategic journey – positioning us for the next growth wave
Munters strategic journey – positioning us for the next growth wave Growth Profitability Stability 2019 2020 2021 2022 2023-2025 • New CEO and part of • New strategic priorities • Efficiency improvement • AT & FT delivering on • Delivering on strategy, the management team launched initiatives contin
Slide 37: Appendix AirTech
Appendix AirTech 37
Slide 38: Stable demand despite challenging market environments
Stable demand despite challenging AirTech market environments Order intake & backlog 4 000 Order Intake grew; (currency effects -10%) MSEK 2 000 2,782 • Industrial (excl. battery) – growth all regions, 1,987 supported by defense, pharma & utilities • Battery – growth (announced battery order 0 MUSD
Slide 39: Declined volumes & profitability
AirTech Declined volumes & profitability Net Sales declined, lower sales primarily EMEA; Service share of net sales, Q4 • Industrial (excl. battery) – declined, primarily Change (%) Q4 Q4 EMEA & Americas, similar regional Org. Struct* FX FY 25 FY 24 2025 2024 development in the battery sub-segment O
Slide 40: Selected CleanTech carbon capture projects worldwide
Selected CleanTech carbon capture projects worldwide Read more on the customer cases Ammonia plants in Nigeria Norcem Brevik in Norway Supplied full internal system including solvent World's first large scale based CO2 capture and CCS system in a cement ammonia scrubber at two plant in Norway. Uses
Slide 41: Appendix DCT
Appendix DCT 41
Slide 42: Record order intake
Record order intake Data Center Technologies Order intake & backlog 14 000 Order Intake increased; (currency effects, -37%) 13,787 12 000 10 000 • significant demand Americas from colocators & hyperscalers, 8 000 9,215 driven by AI-related investments MSEK 6 000 • announced orders MSEK ~5,715 • siza
Slide 43: Margin affected by tariffs
Data Center Technologies Margin affected by tariffs Net Sales stable; Service share of net sales, Q4 • cont. successful execution of backlog Change (%) Q4 Q4 Org. Struct* FX FY25 FY24 • factories temp. closed due to holiday 2025 2024 season Order intake MSEK 9,215 1,787 453 0 -37 13,889 4,088 7% (8)
Slide 44: SyCool Split - how to deal with increased power density
Data Center Technologies SyCool Split - how to deal with increased power density 4 1. Dissipation – taking heat from the chip to the air or the liquid 2. Capture – heat is captured by the 3 CRAH (air) or the CDU (liquid) 3. Transfer – heat energy is transported to the heat rejection 1 equipment 4. R
Slide 45: Selection of market players - Munters well positioned for growth
Data Center Technologies Selection of market players - Munters well positioned for growth Munters fully specialized in data center cooling Small Medium Large Extra Large (<1 BSEK) (1-2 BSEK) (2-10 BSEK) (>10 BSEK) Data Center Technologies EU/AS/AM EU/AM/EU EU/AS/AM EU/AS/AM Several Several smaller m
Slide 46: Appendix FoodTech
Appendix FoodTech 46
Slide 47: Order intake remained stable
FoodTech Order intake remained stable Order intake & backlog 800 600 714 Order Intake stable; (currency effects, -7%) MSEK 400 • Software – good level, though 409 strong comparison period 200 • Controllers – strong growth in all regions and segments 0 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Ord
Slide 48: Margin remained strong
FoodTech Service share of net sales, Q4 Margin remained strong Net Sales increased, 25% (35) driven by controllers; Change (%) FY FY Q4 Q4 25 24 • Software – declined org., due to 2025 2024 Org. Struct* FX MSEK Development of ARR Q4** (MUSD) strong comparison period • SaaS ARR growth, driven by subs
Slide 49: FoodTech on a journey of accelerated growth
FoodTech FoodTech on a journey of accelerated growth 2. Replicating into new segments, 1. Developing existing segments geographies and customers 3. Partnerships with technology leaders BEEF AQUA … Tech POULTRY SWINE Tech Company Company S UPPLY C HAIN O PTIMIZATION S OFTWARE POULTRY SWINE NUTRITION
Slide 50: Our controller portfolio
FoodTech Our controller portfolio Acquired 2011 Acquired 2023 Acquired 2024 Acquired 2024 Segments Main current markets 50
Slide 51: Digital business - added value
FoodTech Digital business - added value IoT & Sensors Controllers Software Sold direct to food producers and Sold direct to C-suite food via partners to farmers producers Traceability & Drive yield and Optimize planning/ transparency sustainability forecasting & supply chain Food producers Value we
Slide 52: Agenda
Agenda Update Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 53: Technology leadership validated by order from new US battery customer
AirTech Technology leadership validated by order from new US battery customer LDP system: • Q4 2025 - Secured order from leading US battery cell manufacturer for heavy-duty vehicles • Includes LDP systems, advanced dehumidification systems & supporting field service • LDP with HPX*-rotor enables ult
Slide 54: Continuous adaptation of our organization to ensure resilience
Continuous adaptation of our organization to AirTech ensure resilience, scalability & profitable growth Previous cost-saving measures from 2024 progressing according to plan Strategic rationale Initiatives Efficiency measures 1. Market demand • weak battery market • Investment adjustments • • footpr
Slide 55: Several orders highlighting our strategic offering
Several orders highlighting our Data Center Technologies strategic offering Published order: December 31 Record order of 2.1 BSEK • Customer: US colocator • Includes: • Geoclima chillers • Custom-designed CDUs (liquid) • CRAHs (air) * • Deliveries scheduled Q4 2026 - Q1 2028 • Order covers the entir
Slide 56: 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 57: 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 58: Contact details Investor Relations
Contact details Investor Relations Line Dovärn Daniel Carleson Head of Investor Relations Investor Relations Specialist E-Mail: line.dovarn@munters.com E-Mail: daniel.carleson@munters.com Phone: +46 73 048 84 44 Phone: +46 70 305 54 52 Please visit Investor Relations website for more presentations &