Munters Group Ab · OMXSTO:MTRS
Munters Group Ab — Q2 2025 Earnings Presentation
54 slides from Munters Group Ab's earnings presentation, July 2025
Slide 1: Munters Investor Presentation 2025
Munters — Investof Presentation 2025 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
Slide 4: World leader in energy-efficient climate solutions
World leader in energy-efficient Business area share 2025, YTD climate solutions Order Intake Net Sales © Headquarters @ AirTech e@ ocr (@ FoodTech Regional share 2025, YTD EMEA APAC ees: | Intake tT Ne ae Net BAT AirTech Sales ales Sales DCT - Data Center Technologies mFT- FoodTech Americas Order I
Slide 5: We secure mission-critical industries
We secure mission-critical industries Net sales per business area - Q2 2025 -9, : = Airtech 47% DCT 42% xe) = = 2 2 a & 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 producti
Slide 6: We operate through three business areas
We operate through three business areas AirTech Climate Control Technologies Dehumidification ) ( Humidification Clean Technologies Customer segments (Pharmaceutical) (Food Processing) (Battery ) ecm Components » Dehumidification rotors sold to various industries for moisture control applications Ev
Slide 7: Progression towards our financial & sustainability targets
Progression towards our financial & sustainability targets Currency adj. growth +21%" Note: Change in net sales compared to the previous period, adjusted for currency translation effects Adj. EBITA margin 13.6%* Note: Figures for 2020-2024 includes discontinued operations. Q2 2025 figures Represents
Slide 8: Agenda
Agenda => Introduction —> Quarterly highlights = AirTech — Data Center Technologies — FoodTech — Appendix
Slide 9: Solid growth and robust margin
Solid growth and robust margin Q2: Increased order intake Airtech mDCT mFoodTech Q3 Q Qi G2 2024 2025 Order intake, +22% (+12% org, +21% struct.-10% currency) AT - org. growth, positive development in APAC DCT - increased, cont. strong demand in Americas FT — increased, strong overall performance Or
Slide 10: Regional & end-market divergence
Regional & end-market divergence Americas EMEA Group order intake G2 APAC Business area order intake Q2 AirTech DCT 3 FoodTech && 44% 59) AT: uncertainty remains, pockets of growth persist DCT: strong underlying market — chillers gaining traction ET: growing market - avian bird flu controlled but pi
Slide 11: Solid growth and robust margin
Solid growth and robust margin Net Sales increased; + AT- declined, lower battery sales in Americas, offset by good c structural development in APAC. SEK Genus + DCT - increased, driven by successful execution of order backlog in Order intake 3,666 2,996 12 21 -10 Americas Order backlog S774) 274 +
Slide 12: Leverage
Leverage Decreased leverage ratio during the quarter Development of leverage & net debt 2.000 35 3 3 g 2 a ~~ 3,0 § 29 31 28 25 -2.000 ae 23 23 oD 4 > 21 B % -4.000 ® = 15 Operating working capital -6 000 1,0 Financial target rar -8 000 as 1000 -10 000 0,0 fer 3 fev} a a2 8 fev} a fer 2023 2024 2025
Slide 13: Service ambition in line with strategic direction
Service ambition in line with strategic direction grow our large globally installed base continuous innovation - digital offering with Al-controls & connectivity, energy upgrades & spare parts dehumidification rotors & evaporative cooling pads develop remote assistance & system monitoring commission
Slide 14: Agenda
Agenda > Introduction —> Quarterly highlights > AirTech — Data Center Technologies — FoodTech — Appendix
Slide 15: Global leader in air treatment for industry
Global leader in air treatment for industry Customer segments of order intake Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 7,069 7,823 8.8% 5 0 Of MSEK MSEK % mBattery Commercial 2500 20 wOther Industrial mClean Technologies. 2.000 Service Components 2.000 | 15 1500 1,708 P 1500 5 Ord
Slide 16: Continued battery competence
Continued battery comp [es]! Market overview > Background: + Previous years: robust battery market growth & rising dry room demand + China dominates battery market, - leading in technology & full supply chain integration; EMEA & Americas - trailing behind + Market shift 2024: Demand stowdown & emerg
Slide 17: Solid development in most customer segments
Solid development in most customer segments MSEK Order intake per customer segment 2500 10 000 Customer % order Market NN. segment” intake Q2 outlook" 2000 8000 —INdustrial -------------------eeseeeeo BIG esecceeeeeeeeeeeeee Battery. 12% 1500 6000 Commercial n% Other industrial 27% Clean Technologie
Slide 18: Our offering to the market
Our offering to the market nis 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 media innovation + Flexible sizing for ever
Slide 19: Fragmented market with numerous smaller, local players
Fragmented market with numerous smaller, local players tee - Humidity Control Technologies Clean Technologies otk 3hhht ™ Air Quality & — Dehumidification & Humidification © Y Pollution Cetersl SEIBUGIKEN” fisair PORTACOOL = ~*Ccondair — DsT® DURR SULZER AM AM/AS/EU EU/AM EU/AS EU/AS/AM EU/AS/AM 28
Slide 20: Agenda
Agenda => Introduction —> Quarterly highlights = AirTech — Data Center Technologies — FoodTech — Appendix
Slide 21: Sustainable cooling solutions that facilitate digitization
Sustainable cooling solutions that facilitate di MSEK 3000 i2.000 1000 ° ral gitization Order intake, MSEK* 9,195 Large orders announced through press lj alll | Q2 03 04 alge 03 a4 al 92 2023 2024 2025 Financial figures Q2 2025 “LIM MSEK 1600 1400 1200 1000 800 600 400 200 Net sales, MSEK* 0,300 1,5
Slide 22: Strong order backlog to be delivered throughout 2025 & 2026
Strong order backlog to be delivered throughout 2025 & 2026 MUSD 88 4 US colocator co 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 colocator Chillers, CRAHs MUSD 47 - US colocato
Slide 23: Data Center Technologies: Innovative solutions & our project model
Data Center Technologies Innovative solutions & our project model are key Selected Munters DCT Portfolio - systems or as individual units Water/Air Based Infrastructure Refridgerant Based Infrastructure 4. Release (Outside the DC) Nn 3. Transfer fo) ew s. Qa ee eet eae ety 7) 2. Capture @ ® | (Insid
Slide 24: Total market growth & our addressable market
Total market growth & our addressable market Growth rate (%) according to industry sources 18.4 16.8 a -----5;; 4--- ----~<@9136 10.0 109 #2 € § € = $$ @ £ $f g 6 ° § ¢ = E Fe z 2023-2030 CAGR s = Be - 0% MARKET CAGR SPREAD >25% —— Niche Niche 24 Source: Market estimates from various sources (as def
Slide 25: Selection of market players - Munters well positioned for growth
Selection of market players - Munters well positioned for growth — Munters fully specialized in data center cooling Flaktl p Several medium EU/AM/EU players fmopine EU /AS/AM Data Center Technologies Data Center Technologies motvair EU/AS/AM , EU/AS/AM ——_EU/AS/AM % vertiv EU/AS/AM —_EU/AS/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
A world leader in digitalizing the food supply-chain Order intake, MSEK* 1,638 MSEK 600 400 200 1 Ul G2 Q3 G4 QI G2 @3 a4 at 584 fer] 2023 2024 2025 27 Financial figures Q2 2025 *LTM Net sales, MSEK* 1,410 MSEK 400 a 404 ; mull | a2 G3 @4 a G2 G3 a4 al 2023 2024 2025 30 20 10 Adjusted EBITA-margin*
Slide 28: FoodTech: A focused digital offering
FoodTech A focused digital offering Offering Brands Partnerships Customers Controllers (incl. loT & sensors) ROTEM — A moBram . Farmers, + RECRS:— WBARNTOOLS se Crators 50,000 & dealers Controllers Controlle rs > Automate, monitor, optimize @ Hotraco Group @)FARMSEE connected/prepared environments w
Slide 29: Digitalization of the food supply chain
Digitalization of the food supply chain Food Supply Chain Digitalization 2034 ~SEK 30 bn TAM for our offering Wa ----------------- © ~SEK1.7 bn FoodTech NS 2024 29 Sources: Various market studies, Munters internal estimations TAM - Total Addressable Market
Slide 30: 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 1 i) 1 i) 1 St a POULTRY SWINE { ( , { v } Si lan TO Ste ui onme POULTRY SWINE fg om pn aN ws ig - PLANTS LAYER CS
Slide 31: Appendix Group
Appendix Group 31
Slide 32: Regionalized manufacturing strategy mitigates macro uncertainty
Regionalized manufacturing strategy mitigates macro uncertainty * — Climate change + Digitalization * Resource strain, etc. Market situation Consequences Tariffs Tariff policy Inflationary environment & cost volatility Trade restrictions Pressure on supply chain US + Vast majority of sales produced
Slide 33: Munters strategic journey — positioning us for the next growth wave
Munters strategic journey — positioning us for the next growth wave Profitability Stabi Seta | J [aN WY 2020 2021 2022 2023-2025 New CEO and part of the management team recruited * Launch of three-phase plan to capture full potential - Stability, Profitability & Growth * Reorganisation into two busi
Slide 34: Delivery on M&A agenda
Delivery on M&A agenda 34 2024 2023 2025 -2n9 aTy?] AirTech Empl Acq, Airprotech, Italy N investment, to fuel growt DCT §& Foo FoodTech Majority investment, n Br: |GEOCLIMA ZuUTACOR: Fullacq MTech, US M&A categories in focus hn 2028-2025 Core/ Cosolidation Technology /Digital Service — string of pea
Slide 35: Appendix AirTech
Appendix AirTech 35
Slide 36: Stable quarter with organic growth
Stable quarter with organic growth Order intake & backlog 4000 x“ 293 2 2000 1695 ° 223 323 423 area 224 a324 aa2a ars 225 ™ Order Intake mOrder Backlog Customer segment* % order intake Q2 Market outlook* Industrial 51% -©- Battery. 12% (>) Commercial 1% @ Other industrial 27% oO Clean Technologies
Slide 37: Margin enhancing actions underway
Margin enhancing actions underway Q2 2025 Q2 2024 Order intake 1,695 Order backlog 2,893 3,850 Net sales 1,708 1,938 6 2 8 Adj. EBITA 126 341 3 Adj. EBITA (%) 74 7.6 Net sales & adj. EBITA-margin 2500 20% ° 2 = | 16% 2.000 — gz | 12% “m x 8 @ 1500 3 8% z 1000 ° A% 500 0% Q223 Q323 423 qQl24 Q224 Q32
Slide 38: Overview of Munters Clean Technologies
Overview of Munters Clean Technologies Business Line Segment Offering Tech- nologies Example Products Example End- customers Oe . Zz ® = > oO ® & Carbon Capture — Waste to Baerdy Paint Notes: 1. Volatile Organic Compounds 38
Slide 39: Selected CleanTech carbon capture projects worldwide
Selected CleanTech carbon capture projects worldwide Ammonia plants in Nigeria Supplied full internal system including solvent based CO; capture and ammonia scrubber at two ammonia plan plants H2 plants in Texas Supplied solvent based CO, capture at 3new liquid (blue) hydrogen plants Norcem Brevik i
Slide 40: Appendix DCT
Appendix DCT 40
Slide 41: Growth driven by Americas
Growth driven by Americas Order intake & backlog 8000 6000 = 6,076 = 4000 2000 1,402] fo Q223 Q323 423 Ql24 Q224 Q324 424 qQi25 Q225, Order Intake ™ Order Backlog Market Customer segment outlook* 4 Hyperscaler © Colocator - (+) Enterprise 6 Hyperscaler A tech giant that builds and runs its own vast
Slide 42: Continued resilient execution, driving strong profitability
Continued resilient execution, driving strong profitability Q2 2025 Order intake 1,402 1,060 4 28 10 Order backlog 6,076 6,903 Net sales 1,522 1,109 42 8 “3 Adj. EBITA 320 243 13 Adj. EBITA (%) 21.0 21.9 Net sales & adj. EBITA-margin 1750 ry 1500 . ¢ : 223 323 423 a4 224 324 aaea ars 225 mmm Net sal
Slide 43: SyCool Split - how to deal with increased power density
Data Center SyCool Split - how to deal with increased power density Le 1. Dissipation — taking = aE heat from the chip to : the air or the liquid 2. Capture — heat is captured by the CRAH (air) or the CDU (liquid) 3. Transfer — heat energy is transported to the heat rejection equipment 4. Release —
Slide 44: Appendix FoodTech
Appendix FoodTech 44
Slide 45: Healthy profitability supported by strong operational execution
Healthy profitability supported by strong operational execution 2a Development of ARR G2" (MSEK) 2025 | 2024 | om. | sue | FX . i Jo fee | | > Net Sales increased, driven by 316 Order intake 584 | 193 88 12 -26 Controllers; Order backlog [§SO5%| 521 * Software - declined, mainly due to Net sales 404
Slide 46: Record order intake
Record order intake Order intake & backlog 800 = 805 600 if 2 584 = 400 200 0) 223 323 423 area 224 324 aaea ares 225 DOrder Intake m= Order Backlog . Customer segment % order intake — Market order intake LTM Segment Q2LTM outlook* Controllers -.. (incl. loT & sensors) Software ~~ 31% O 5% @- 15% O1
Slide 47: Our controller portfolio
Our controller portfolio Segments andl Main current markets 47 ROTEM @ Munters compony Acquired 2011 Ow a} inoBram a Munters company Acquired 2023 G&S ? (g) Hotraco Group Part of Munters Acquired 2024 FoodTech AA Acquired 2024 &
Slide 48: Digital business - added value
Digital business - added value } Amino : — i < > -__ 2 2% Traceability & Drive yield and Optimize planning/ transparency sustainability forecasting & supply chain Food producers Q A lg |Z a Value we add Ss tas Customer centricity Scalability Data & ae — Innovation Enabling data driven Improve animal
Slide 49: Agenda
Agenda > Introduction —> Quarterly highlights > AirTech — Data Center Technologies — FoodTech — Customer cases & M&A — Appendix
Slide 50: Strategic expansion: Inauguration of new Amesbury site
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, includ
Slide 51: AirTech: 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 COz directly from ambient air + Munters advanced mist elimination technology helps secure COz capture, ensuring stable and efficient unit
Slide 52: Unlocking regional growth through our chiller offering
‘a Center Technologies Unlocking regional growth through our chiller offering Energy-efficient chillers featuring unique cylindrical condensers and evaporators, combined with high- performance magnetic bearing compressors Strong demand for chillers in Americas, reflecting continued market momentum a
Slide 53: Strategic milestones in the layer segment
Strategic milestones in the layer segment to strengthen global position Controllers: Secures large-scale order from major egg producer in China > Contract signed with Shendi Agricultural > Delivery consists of multiple system components, including Rotem Trio-20 controllers > 100% of delivered contro
Slide 54: Investor Relations contacts
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