Munters Group Ab · OMXSTO:MTRS
Munters Group Ab — Corporate Update (November 2025)
42 slides from Munters Group Ab's corporate update, Nov 17, 2025
Slide 1: Investor site visit – Amesbury
Investor site visit– Amesbury 17 Nov 2025 Investor Relations 1
Slide 2: Q3 Highlights
Q3 Highlights Klas Forsström, CEO & President November 2025
Slide 3: Strong growth and solid profitability
Strong growth and solid profitability Q3: Strong order intake Q3: Increased net sales growth Q3: Solid profitability AirTech DCT FoodTech AirTech DCT FoodTech AirTech DCT FoodTech Group MSEK MSEK % 4 000 30 5 000 25 19.5% 3 000 20 19.4% 2 000 15 2 500 10 13.5% 1 000 5 7% 0 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 4: AirTech is the global leader in air treatment for industrial applications
Munters AirTech – Region Americas November 2025 AirTech is the global leader in air treatment for industrial applications Order Intake* Net Sales* Adjusted EBITA margin* Order intake, by customer segment 7 134 7 583 7.3% 19% 10% 12% 20 2255 2260 21% 2136 28% 2051 2011 1978 1996 1922 1938 10% 1821 18
Slide 5: Sustainable cooling solutions that facilitate digitization
Data Center Airech Technologies Sustainable cooling solutions that facilitate LTM distribution of order intake digitization Customer segment 2% 36% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 6,461 5,899 20.8% 62% MSEK Large orders announced through press releases MSEK % 11600 600 24
Slide 6: 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 7: A world leader in digitalizing the food supply-chain
FoodTech A world leader in digitalizing the food supply-chain Customer segments, order intake, LTM 2% 10% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA-margin* 25% 56% 1,852 1,657 18.4% 7% MSEK MSEK % 600 30 486 Broiler Swine Layer 400 % Plants Other 19.4% 400 20 435 Segment order intake, 200
Slide 8: A focused digital offering
FoodTech A focused digital offering Offering Customers Controllers ~SEK 650 Food Supply Chain bn Digitalization 2034 Farmers, ~SEK integrators +50,000 30 bn Controllers Automate, monitor, optimize & dealers connected/prepared to be connected TAM for our offering environments with digital connectivit
Slide 9: 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 sold Q3 : +26% Q3 : 13.5% Q3 : 8.3%
Slide 10: Business Area AirTech
Business Area AirTech Henrik Teiwik, President AirTech November 2025
Slide 11: AirTech is the global leader in air treatment for industrial applications
Munters AirTech – Region Americas November 2025 AirTech is the global leader in air treatment for industrial applications Order Intake* Net Sales* Adjusted EBITA margin* Order intake, by customer segment 7 134 7 583 7.3% 19% 10% 12% 20 2255 2260 21% 2136 28% 2051 2011 1978 1996 1922 1938 10% 1821 18
Slide 12: Our mission
Our mission Be the undisputed leader in humidity, climate and air quality control for mission-critical applications. We provide best-in-class sustainable solutions across our customers’ value chain.
Slide 13: We offer a broad range of high-performing humidity, climate and air quality control solutions
Munters AirTech – Region Americas November 2025 We offer a broad range of high-performing humidity, climate and air quality control solutions Humidity Control Technologies Clean Technologies Dehumidification Humidification Air Quality & Pollution Control Systems Indirectly supported via Business Are
Slide 14: We make our customers more efficient and sustainable, across a multitude of applications
Munters AirTech – Region Americas November 2025 We make our customers more efficient and sustainable, across a multitude of different applications Examples Food Pharma Wind power Battery Automotive Process industry We provide healthier We provide solutions We help keep We supply a large Our humidifi
Slide 15: AirTech navigate a fragmented market, competing with a large number of smaller, local players
Munters AirTech – Region Americas November 2025 AirTech navigate a fragmented market, competing with a large number of smaller, local players Humidity Control Technologies Clean Technologies Dehumidification & Humidification Air Quality & Pollution Control AM/AS/EU EU/AM AM EU/AS EU/AS/AM EU/AS/AM A
Slide 16: Investing in our global footprint to prepare for the next growth wave
Munters AirTech – Region Americas November 2025 Investing in our global footprint to prepare for the next growth wave and improve our sustainability footprint We are here Amesbury Tobo Baton Rouge Hamburg Gurgaon 1 Tokyo Lahe1 Jiangyin Pune Fort Myers Hrusky Hodonin Monterrey Malur1 Ambernath Milan
Slide 17: External megatrends expected to impact AirTech's business environment
Munters AirTech – Region Americas November 2025 External megatrends expected to impact AirTech’s business environment over the coming decade Strong underlying demand for Business and operating models Market dynamics will change 1 humidity and air quality 2 will continue to evolve 3 and become increa
Slide 18: Our competitive strategy relies on strong application know-how and innovation
Munters AirTech – Region Americas November 2025 Our competitive strategy relies on strong application know-how and relentless focus on innovation Customer Artificial Intelligence Sustainability Intimacy AI Controlled Products Net zero roadmap Predictive maintenance Energy efficiency upgrades Rotor w
Slide 19: Solid demand across majority of our customer segments
Munters AirTech – Region Americas November 2025 Solid demand across majority of our customer segments Order Intake per customer segment* Customer segment % OI Q3 Market outlook** Industrial 50% 2.200 2.000 Battery 10% → 1.800 Commercial 12% 1.600 Other Industrial 28% → 1.400 1.200 Clean Technologies
Slide 20: Continuous adaptation of our organization to ensure resilience, scalability & profitable growth
Munters AirTech – Region Americas November 2025 Continuous adaptation of our organization to 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 mar
Slide 21: Region Americas
Region Americas Andrew Cook, Senior Vice President Region Americas November 2025
Slide 22: Introduction of region Americas
Munters AirTech – Region Americas November 2025 Introduction of region Americas Region Americas a large part of the overall AirTech revenue Net sales in MSEK1 Regional HQ 3,759 3,747 2,859 ~1 100 Employees 2,735 2,160 4 Active markets Sales footprint 2021 2022 2023 2024 2025 Q3 YTD 5 Production loca
Slide 23: We have a competitive offering, that we combine with extensive application know-how
Munters AirTech – Region Americas November 2025 We have a competitive offering, that we combine with extensive application know-how Systems Units Components Services Direct evaporative cooling Low Dew Point system Commissioning, maintenance, upgrades and replacements Mist Eliminator VOC Abatement Sy
Slide 24: We work with the leading companies in the end customer segments we focus on
Munters AirTech – Region Americas November 2025 We work with the leading companies in the end customer segments we proactively focus on Services Battery Food processing Pharmaceuticals Commercial Humidification % of total revenue: Examples of customers:
Slide 25: Technology leadership validated by order from new US battery customer
Munters AirTech – Region Americas November 2025 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 s
Slide 26: Our new Amesbury site
Munters AirTech – Region Americas November 2025 Our new Amesbury site • Consolidation of 4 sites into 1 • Multiple production sites, warehouses and offices are consolidated into one single site • Built for the future • Adding significant manufacturing capacity, R&D capabilities and training center 3
Slide 27: We are navigating a few short-term challenges…
Munters AirTech – Region Americas November 2025 We are navigating a few short-term challenges… Customers remain hesitant to making large investment decisions The factory transition into new Amesbury is delayed into Q4 2025 Lower than anticipated factory utilization due to weaker industrial market
Slide 28: … while focusing key long-term opportunities
Munters AirTech – Region Americas November 2025 … while focusing key long-term opportunities Upgraded manufacturing capacity sets us up for further industrial growth and next generation of continuous improvement Vibrant opportunities in specific niches in the Commercial customer segment Ample opport
Slide 29: Concluding Remarks
Concluding Remarks Henrik Teiwik, President AirTech November 2025
Slide 30: Leading position but favorable trends
Munters AirTech – Region Americas November 2025 Current challenges Leading position Ample opportunities but favorable trends Leading position and Challenging short term Exciting pipeline of well diversified market outlook, but opportunities within AI, business across mega-trends Sustainability and a
Slide 31: Appendix
Appendix
Slide 32: M&A categories in focus and structured process for M&A and integration
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 33: 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 34: Sustained leverage ratio during the quarter
Leverage Sustained leverage ratio during the quarter 450 CAPEX 15% Development of leverage & net debt 10% %-net sales 300 MSEK 6.7% 3.9% 5% 2 000 3,5 150 3,0 0 0% 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3.1 2023 2024 2.8 2.8 2025 2,5 CAPEX % - net sales, Q % - net sales, LTM 2.6 -2 000 2.3 2.3 2.2 2,0 2.1 2.0
Slide 35: Strong growth and solid margin
Group Strong growth and solid margin • Net Sales increased; Change (%) Q3 Q3 • AT – declined; lower sales in all regions 2025 2024 Organic Structural Currency MSEK growth growth* effects • DCT - increased; driven by cont. successful execution of backlog Order intake 4,159 2,646 56 14 -13 • FT – incr
Slide 36: Service ambition in line with strategic direction
Service Service ambition in line with strategic direction Service share of business area net sales, Q3 Munters ambition: AirTech DCT FoodTech • AirTech 22% (21) 5% (4) 21% (45) • grow our large globally installed base Components share of AirTech, Q3 • continuous innovation – digital offering with AI
Slide 37: Variations across regions & end-markets
Variations across regions & end-markets Americas EMEA APAC Group order intake Q3 12% (14) 19% (23) 69% (62) Business area order intake Q3 AirTech 44% (42) 32% (35) 24%(23) DCT 91% (98) 3% (5) (2) 5% (0) 48% (60) 48% (31) 4% (9) FoodTech • AT: market remains soft, • AT: mixed market sentiment • AT: s
Slide 38: Strong order backlog to be delivered mainly in 2026 and into 2027
Strong order backlog to be delivered mainly in Data Center Technologies 2026 and into 2027 2023 2024 2025 2026 MUSD 137 US colocator, SyCool MUSD 65 US colocator, CRAH MUSD 35 US colocator, CDU MUSD 60 US hyperscaler, CRAH MUSD 55 US colocator, CRAH MUSD 37 US colocator, Chillers, CRAH MUSD 47 US co
Slide 39: A technology portfolio built to serve every customer need
Data Center Technologies A 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 St
Slide 40: 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 41: 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 Several Several EU/AS/AM smaller medium pla
Slide 42: 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