Slide 1: Munters – Investor Presentation
Munters – Investor Presentation April 2025 Agreement signed to divest the FoodTech Equipment offering, closing expected in Q2 2025. The comments and figures in this Investor Relations presentation refer to continuing operations unless otherwise stated.
Slide 2: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 3: World leader in energy-efficient climate solutions
Full-year 2024 World leader in energy-efficient Business area share FY Countries with sales climate solutions Order Intake & production >30 20% Sales MSEK 52% 15,453 29% Production plants Net Sales 27 19% Adj. EBITA margin Headquarters 15.1% 53% Regional share FY Americas 28% Number of EMEA APAC Ord
Slide 4: We assist our customers in securing critical operations, production quality and to become more sustainable
We assist our customers in securing critical operations, production quality and to become more sustainable Net sales per business area – Q1 2025 FoodTech AirTech 48% DCT 41% 11% State-of-the-art cooling Ultra dry air for battery Climate & hygiene control for Dehumidification for Controllers for opti
Slide 5: Regionalized manufacturing strategy mitigates macro uncertainty
Regionalized manufacturing strategy mitigates Group macro uncertainty Opportunities Munters Megatrends Market situation Consequences • Strategically See no current need to • Climate change • Tariff policy • Tariffs positioned further regionalize • Digitalization • Inflationary • Trade restrictions m
Slide 6: Strengthen, develop and expand our core – dehumidification & evaporative cooling
Strengthen, develop and expand our core – dehumidification & evaporative cooling Components Service & End Market Components Rotors with Digital connectivity desiccant drying Units Systems wheel DCT AirTech Service SyCool Chilled Water LCE & Air handling Glasdek Split Infrastructure CDU2 units (Chill
Slide 7: Progression towards our financial & sustainability targets
Sustainability targets Progression towards our financial & for 2030 – FY 2024 performance sustainability targets Reduce CO2e* Scope 1 & 2: Scope 3: 42.0% reduce by an Currency adj. growth Adj. EBITA margin OWC/net sales absolute average of reduction 51.6% per unit 13.5%* 10.2%* sold +16%* +3% -37% 3
Slide 8: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 9: Strong performance in a volatile environment
Strong performance in a volatile environment Q1: Strong order intake Q1: Robust net sales growth Q1: Healthy profitability AirTech DCT FoodTech AirTech DCT FoodTech AirTech DCT FoodTech Group MSEK MSEK % 4 000 30 5 000 25 22.8 3 000 20 16.1 2 000 15 2 500 10 13.5 1 000 5 0 0 0 4.8 Q1 Q2 Q3 Q4 Q1 Q2
Slide 10: Regional development
Regional development Americas EMEA APAC Group order intake Q1 16% (18) 55% (40) 29% (42) Business area order intake Q1 AT 41% (30) 32% (48) 27% (22) DCT 87% (91) 12% (9) 1% (0) 37% (65) 57% (28) 6% (7) FT • Positive market sentiment • Mixed market sentiment • Stable market • Supported by solid • Sol
Slide 11: Strong order intake and top line growth
Quarterly update Strong order intake and top line growth Q1 Q1 Change (%) • Net Sales increased; MSEK 2025 2024 Organic growth Structural growth* Currency effects • AT - declined, lower battery & Service sales in Americas • DCT – increased, successful backlog execution in Americas, growth in Order i
Slide 12: Increased leverage ratio
Leverage Increased leverage ratio Development of leverage & net debt 2 000 3,5 Leverage ratio increased to 3.1x (2.6x, adj. for Equipment proceeds) 3,1 0 3,0 Net debt increased mainly 2.9 2.9 due to: 2,5 -2 000 2.6 • lease liabilities Amesbury, US 2.3 2.3 2.2 2,0 -4 000 2.0 2.1 • acq. of remaining s
Slide 13: Service ambition in line with strategic direction
Service Service ambition in line with Service share of business area net sales*, Q1 strategic direction Munters ambition: AirTech DCT FoodTech • AirTech 19% (24) 5% (4) 26% (47) • grow our large globally installed base Components share of AirTech net sales • continuous innovation Components • dehumi
Slide 14: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 15: Global leader in air treatment for industry
AirTech Global leader in air treatment for industry Customer segments of order intake 19% 11% 26% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 18% 7,161 8,053 11.2% 10% 16% MSEK MSEK % Battery Other Industrial 20 Commercial Clean Technologies 2 500 2 000 Service Components 2 000 15 2,
Slide 16: Solid development in most customer segments
Solid development in most customer segments Order intake per customer MSEK segment 2 500 Customer % order Market segment* intake Q1 outlook* 2 000 Industrial 53% → Battery 11% Commercial 16% 1 500 Other industrial 26% Clean Technologies 10% → 1 000 37% → Service & Components Services 18% 500 Compone
Slide 17: Our offering to the market
AirTech Our offering to the market Components Products Systems Services • Product quality and Performance • Product quality and Performance • Product quality and Performance • Product quality and Performance • Rotor and media innovation • Energy efficiency • Energy efficiency • Energy efficiency • S
Slide 18: Selection of market players
AirTech Selection of market 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 AS 18
Slide 19: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 20: Sustainable cooling solutions that facilitate digitization
Data Center Airech Technologies Sustainable cooling solutions that facilitate LTM distribution of order intake digitization Customer segment 3% 26% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 71% 4,853 4,941 21.9% Hyperscalers Colo Enterprise MSEK MSEK % 11600 600 24 22.8% 3 000 3000
Slide 21: 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 22: Innovative solutions & our project model are key
Data Center Technologies Innovative solutions & our project model are key Based on a broad set of technology platforms, we tailor to optimize energy efficiency and reduce environmental impact for each unique project. Tailored, adaptable, sustainable. Components Products Complete Systems Services Sol
Slide 23: Total market growth & our addressable market
Data Center Technologies Total market growth & our addressable market Cooling ~10-15% of total DC CAPEX – 0% MARKET CAGR SPREAD >25% liquid cooling higher due to complexity Other Electrical Cooling Infrastructure Niche Niche Liquid Cooling Premium IT Equipment Construction Relative growth outlook Mu
Slide 24: The basic steps of cooling & heat rejection for the most commonly used split systems
The basic steps of cooling & heat rejection for the most commonly Data Center Technologies used split systems 1. DISSIPATION 2. CAPTURE 4. RELEASE (INSIDE THE SERVER – NOT DONE BY (INSIDE THE DC) 3. TRANSFER (OUTSIDE THE DC) MUNTERS) Illustrative CPUs and GPUs generate heat when That heat is capture
Slide 25: Selection of market players - Munters well positioned for growth
Data Center Technologies Selection of market players - Munters well positioned for growth An order in DCT generally consists of several equipment deliveries Small Medium Large Extra Large (<1 BSEK) (1-2 BSEK) (2-10 BSEK) (>10 BSEK) Technologies Data Center EU/AS/AM EU/AS/AM Several Several medium AM
Slide 26: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 27: 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% 8% 20% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA-margin* 1,246 1,224 21.2% 4% 65% MSEK % MSEK 30 Broiler Swine Layer 400 400 439 Plants Other % 413 20 16.1% Segment order intake, Q 200 200
Slide 28: FoodTech - a focused digital offering
FoodTech FoodTech - a focused digital offering Offering Brands Partnerships Customers Controllers (incl. IoT & sensors) Part of Munters Farmers, integrators +50,000 Controllers Automate, monitor, optimize & dealers Controllers connected/prepared environments with digital connectivity capabilities to
Slide 29: FoodTechs digital business - added value
FoodTech FoodTechs 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
Slide 30: Agenda
Agenda Update Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Customer cases & M&A Appendix
Slide 31: M300 – a new benchmark in dehumidification technology
AirTech M300 – a new benchmark in dehumidification technology Enhanced capacity: M300 ideal for applications requiring mobility & space efficiency Superior energy efficiency: Innovative design reduces energy use and cost Advanced control & connectivity: Plug-and-play functionality with pre-set value
Slide 32: Benefits of a full system offering for high density cooling
Data Center Technologies Benefits of a full system offering for high density cooling Secured medium-sized combined Chiller & CRAH order — significant step enabled by our comprehensive system portfolio designed for high-density cooling applications Munters selected based on: • Proven system performan
Slide 33: Milestones on FoodTechs journey of digitalizing food production
Milestones on FoodTechs journey FoodTech of digitalizing food production Software Quarterly Controllers developments Expanding efforts & Consolidating acq. companies presence in EMEA Cont. focus on synergies & Cont. strengthening of capability sharing footprint & sales capabilities Quarterly milesto
Slide 34: Appendix Group
Appendix Group 34
Slide 35: 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 36: Investments supporting the next growth wave
Investments supporting CAPEX (Q) 15% the next growth wave 450 10% %-net sales 300 7.2% MSEK 150 5% Continued investments aiming at 0 0% strengthening competences, upgrades, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 digitalize & automize 2023 CAPEX 2024 CAPEX % of net sales 2025 • AirTech: investments in the new fa
Slide 37: Delivery on M&A agenda to fuel growth
Delivery on M&A agenda to fuel growth Structured process for M&A and integration with aligned workflows 2023 2024 Acq., Tobo Component, Sweden Net sales: MSEK 76 Acq., Geoclima, Italy Focus on value creating from day 1 Core / Employees: 14 Net sales: MEUR 40 Employees: 165 of integration: consolidat
Slide 38: Appendix AirTech
Appendix AirTech 38
Slide 39: AirTech development
AirTech development AirTech Net sales & adj. EBITA-margin Order intake & backlog 2 500 20% 16% 4 000 2 000 Adj. EBITA-margin 12% MSEK 1 500 MSEK 8% 2 000 1 000 4% 0 500 0% Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Order Intake Order Backlog 39 Net sale
Slide 40: CleanTech carbon capture projects worldwide
CleanTech carbon capture projects worldwide Norcem Brevik in Norway Ammonia plants in Nigeria World's first large scale CCS Supplied full internal system system in a cement plant in including solvent based CO2 Norway. Uses an amine based capture and ammonia scrubber solvent. CleanTech supplied criti
Slide 41: Appendix DCT
Appendix DCT 41
Slide 42: Underlying demand remains strong
Underlying demand remains strong Data Center Technologies Order intake & backlog Order Intake increased; 8 000 • strong demand for chillers & CDUs • particularly in Americas, solid level of orders from 6 000 colocators & hyperscalers 6,508 • rise in small to mid-sized orders and shorter lead MSEK 4
Slide 43: Strong profitability supported by Data Center Technologies volume growth
Strong profitability supported by Data Center Technologies volume growth Change (%) Q1 2025 Q1 2024 Org. Struct* FX Net Sales increased; MSEK • successful execution of order backlog Order intake 1,108 343 147 68 9 in Americas Order backlog 6,508 7,003 • growth in EMEA & APAC primarily supported by r
Slide 44: SyCool Split - how to deal with increased power density
Data Center SyCool Split - how to deal with increased Technologies 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: Appendix FoodTech
Appendix FoodTech 45
Slide 46: Strong order intake growth in controllers
FoodTech Strong order intake growth in controllers Order intake & backlog 800 600 665 Order Intake increased; • MSEK 400 Software – slight decline, mainly 439 due to timing of orders. Existing & new customers contributed 200 • Controllers – growth across all 0 regions, supported by acq. Q123 Q223 Q3
Slide 47: Margin decline due to mix and investments
Margin decline due to mix and FoodTech investments Q1 Q1 Change (%) Development of ARR Q1** (MSEK) 2025 2024 Org. Struct* FX MSEK +23% Net Sales increased, driven by Order intake 439 200 17 102 1 both software & controllers; Order backlog 665 553 314 256 • Software – strong growth in Americas Net sa
Slide 48: 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 49: 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 &