Slide 1: Munters Q1 report 2026
Munters Q1 report 2026 Klas Forsström, President and CEO Katharina Fischer, GVP and CFO Line Dovärn, Head of Investor Relations
Slide 2: A well-executed start to the year
A well-executed start to the year Q1: Continued strong order growth Q1: Net sales affected by currency Q1: Margins impacted by temporary factors Order intake Announced orders* Order backlog Adj. EBITA Adj. EBITA margin EBIT margin Net sales Net sales growth MSEK 30% MSEK 18,991 MSEK 12 000 20 000 90
Slide 3: Favorable trend in several regions & end-markets
Favorable trend in several regions & end-markets Americas EMEA APAC Group order intake Q1 13% (16) 20% (29) 67% (55) Business area order intake Q1 AirTech 38% (41) 33% (32) 29% (27) DCT 96% (87) (86) 3% (12) 1% (1) 48% (37) 51% (57) 2% (6) FoodTech • AT: market stabilization, pockets • AT: mixed dem
Slide 4: AirTech: Robust demand despite cancellation
AirTech Robust demand despite cancellation Order intake & backlog 4 000 Order Intake increased (org.); (currency effects -11%) 3,007 MSEK 2 000 • Americas – growth excl. cancellation, 1,932 primarily Industrial, Commercial & Components 0 • EMEA – flat, growth in Industrial, mainly Q124 Q224 Q324 Q42
Slide 5: AirTech: Strong demand across several segments
AirTech Strong demand across several segments Development Q1 2024 – Q1 2026 • Battery – regional differences, MSEK, Q Order intake per customer segment MSEK, LTM delays in investments, lower project volumes, increased 2 500 10 000 competitive environment • Other Industrial – positive 2 000 8 000 dev
Slide 6: AirTech: Strengthened margin
AirTech Strengthened margin Net Sales increased (org); Service share of net sales, Q1 • Americas – growth, strong development in Change (%) Components as well as Commercial Q1 Q1 2026 2025 Org. Struct* FX • EMEA – decline due to weaker battery, Order intake MSEK 1,932 2,051 6 - -12 18% (19) despite
Slide 7: Data Center Technologies: Demand remains strong
Data Center Technologies Demand remains strong Order intake & backlog 16 000 14 000 12 000 15,172 Order Intake increased (org.); (currency effects, -31%) 10 000 • strong demand Americas from colocators & MSEK 8 000 hyperscalers, high share of small- and mid-sized orders 6 000 • Chiller demand partic
Slide 8: Data Center Technologies: Margin temporarily impacted
Data Center Technologies Margin temporarily impacted Change (%) Service share of net sales, Q1 Net Sales increased (org); Q1 Q1 2026 2025 Org. Struct* FX • cont. successful execution of backlog MSEK in both Americas & EMEA Order intake 2,293 1,108 138 - -31 7% (5) • initial ramp-up effects due to on
Slide 9: Order backlog - deliveries mainly in 2026 & 2027
Order backlog - deliveries mainly in 2026 & 2027 Data Center Technologies 2025 2026 2027 2028 BSEK ~2, US hyperscaler, CRAH Delivery execution & capacity expansion MSEK ~775 US colocator, Chillers • Proactive securing of critical MSEK 840, components US colocator, Chillers • Increased staffing in BS
Slide 10: FoodTech: Continued strong demand
FoodTech Continued strong demand Order intake & backlog 800 Order Intake increased (org.); 813 (currency effects, -8%) 600 • Software – growth, driven by MSEK broiler and layer customer 400 484 segments across regions 200 • Controllers – strong growth in Americas within broiler and layer 0 following
Slide 11: FoodTech: Margin remains robust
FoodTech Margin remains robust Service share of net sales, Q1 Net Sales increased (org.); Q1 Q1 Change (%) 24% (26) • Software – growth, driven by 2026 2025 Org. Struct* FX broiler & layer MSEK Development of ARR Q1** (MUSD) • SaaS ARR supported by subscription growth Order intake 484 439 18 - -8 +1
Slide 12: Proven M&A execution
Group Proven M&A execution • Consistent execution of targeted, value-accretive acquisitions • Focus on core expansion, bolt-on growth, new technologies & adjacent growth areas • Strong track record of integrating & scaling acquired businesses Recent acquisitions reinforce positioning across priority
Slide 13: Financial highlights
Financial highlights Kd
Slide 14: Operational progress in line with plan
Group Operational progress in line with plan Q1 Q1 Change (%) • Net Sales 2026 2025 Organic Structural Currency MSEK growth growth* effects • decreased -4%, org. growth in all business areas Order intake 4,700 3,556 49 - -17 • Adj. EBITA margin declined; Order backlog 18,991 10,090 • tariffs in DCT,
Slide 15: Temporary factors impacting margin
Adjusted EBITA-margin Temporary factors impacting margin Main factors affecting adj. EBITA margin in Q1: Group adj. EBITA margin impact • Volume had a slightly positive impact with organic growth in all Q1 2025 business areas adj. EBITA % 13.5 • Positive price increase across all, mainly in DCT. Neg
Slide 16: AirTech: 2025 & 2026 cost-savings progressing as planned
AirTech: 2025 & 2026 cost-savings progressing as planned 2026 • Expected annual net-cost MSEK savings of MSEK 250-300 • Full effect reached by end of 350 2026 2026 efficiency measures 300 2025 • Delivered more • Investment adjustments 250 than the planned MSEK 100 200 • Workforce optimization 150 •
Slide 17: Emphasized cash management
Cash flow Emphasized cash management Group cash flow Q1*, MSEK Q1: Stable cash flow from operating 500 activities; 43 -368 • Lower operating profit was mitigated by 400 positive changes in operating working capital 300 • primarily driven by advances in DCT 344 • Cash flow from investing activities i
Slide 18: Investing in future growth
Capex & OWC Investing in future growth Business Outlook 2026 - Capex* Expected to remain in same range (**investments in intangible assets & PPE) CAPEX 15% Continued CAPEX investments 450 • capability strengthening via upgrades, digitalization, 10% and automation %-net sales 300 MSEK 5.5% • continue
Slide 19: Increased leverage ratio
Leverage & net debt Increased leverage ratio Development of leverage & net debt 2 000 3,5 Leverage ratio 3.1x 0 3,0 • Increased compared to Q4 2025: 3.1 2.9 3.1 MTech contingent consideration as 2.8 2.8 2,5 well as decreased EBITDA 2.6 -2 000 2.2 2,0 2.1 Diversification of funding base MSEK 2.0 -4 0
Slide 20: Munters sustainability journey – CSRD
Targets for 2030 – Munters sustainability journey – CSRD FY 2025 performance Reduce CO2e* Scope 1 & 2: Scope 3: FY 2025 figures: 42.0% reduce by an Published first Annual & Sustainability Report under absolute average of CSRD: reduction 51.6% per unit • Raising level of transparency, data quality &
Slide 21: Summary
Summary i)
Slide 22: Progression towards our financial targets
Financial targets & dividend Progression towards our financial targets Currency adj. growth Adj. EBITA margin OWC/net sales Dividend Q1 : 9% Q1 : 10.9% Q1 : 6.5% per share 35% 20% 20% 2 +23% +0% Financial target >14% 25% 15% 15% 1,5 +37% 10.2% 1.60 1.60* SEK 15% Financial target range Financial targ
Slide 23: No changes in outlook for 2026
Outlook No changes in outlook for 2026 AirTech DCT FoodTech • Improved order intake across • Wide product portfolio • Fully digital offering several segments Status: • New regions • Positive book-to-bill • Order backlog >15 BSEK • Investments for future • Ongoing efficiency programs • US chiller ram
Slide 24: Financial calendar 2026 Q&A IR Website
Financial calendar 2026 Annual General Meeting Q&A April 30, 2026 Q1 report 2026 Q2 report July 17, 2026 Q3 report October 23, 2026 Q4 report January 28, 2027 IR Website
Slide 25: Forward-looking statements disclaimer
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