Slide 1: Q2 – Investor Presentation
Q2 – Investor Presentation Munters – July 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: Exceptional demand - external headwinds currently affecting profitability
Exceptional demand - external headwinds currently affecting profitability Q2: Exceptional order intake Q2: Increased net sales Q2: Margins impacted by external factors AirTech DCT FoodTech AirTech DCT FoodTech AirTech DCT FoodTech Group MSEK MSEK % 12 000 4 000 30 25 9 000 3 000 20 6 000 2 000 15 10
Slide 5: World leader in energy-efficient climate solutions
Q2 2026, LTM World leader in energy-efficient Business area share Q2 2026, LTM Countries with sales climate solutions Order Intake & production >30 6% 30% Sales MSEK 14,777 64% Production sites Net Sales >25 12% Adj. EBITA margin 11.3% 50% Regional share Q2 2026, LTM 38% Americas EMEA APAC Number of
Slide 6: We secure mission-critical industries
We secure mission-critical industries Net sales per business area – Q2 2026 AirTech 52% DCT 36% 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 7: 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 8: 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 Acq., ZECO, India 2023 Net sales: MSEK 510 Employees: ~600 Acq., SIFT, France Majority investment, Core/ Structured process for M&A and integration Net sales: MEUR 3 Ino
Slide 9: 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 Q2 : 8% Q2 : 11.0% Q2 : 5.2% +3% (+3) +19% (-
Slide 10: Outlook unchanged for 2026
Outlook Outlook unchanged for 2026 AirTech DCT FoodTech • Scaling to capture larger share • Exploring divestment to • Continued strong growth of market growth with a broader sharpen strategic focus trends across several segments portfolio Status: • Attractive underlying • Ongoing efficiency programs
Slide 11: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 12: Favorable trend in several regions & end-markets
Favorable trend in several regions & end-markets Americas EMEA APAC Group order intake Q2 7% (15) 17% (26) 76% (59) Business area order intake Q2 AirTech 62% (38) 20% (33) 18% (29) DCT 89% (91) (86) 11% (8) 0% (1) 41% (44) 57% (52) 2% (4) FoodTech • AT: market stabilization, pockets • AT: mixed dema
Slide 13: Leverage ratio above ambition
Leverage ratio above ambition Leverage Business Outlook 2026 - Capex* Expected to remain in same range (**investments in intangible assets & PPE) CAPEX Development of leverage & net debt 15% 2 000 3,5 450 10% %-net sales 300 MSEK 3,0 7.2% 0 3.1 3.2 2.9 5.9% 3.0 2.8 2.8 150 5% 2,5 2.6 -2 000 0 0% 2,0
Slide 14: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 15: AirTech: Global leader in air treatment for industry
AirTech Global leader in air treatment for industry Customer segment order intake, LTM 9% 31% Adjusted EBITA margin* 29% Order intake, MSEK* Net sales, MSEK* 8,843 7,416 8.1% 16% 8% 11% MSEK MSEK % Battery Other industrial 3 500 20 Clean Technologies Commercial 2 000 3 000 3,358 Service Components 1
Slide 16: Components driving growth in the quarter
AirTech Components driving growth in the Development Q2 2024 – Q2 2026 quarter • Battery – regional differences. MSEK, Q Order intake per customer segment MSEK, LTM Partial order reinstatement in 3 500 9 000 the quarter • Other Industrial – positive 3 000 7 500 development in several markets (defens
Slide 17: AirTech: 2025 & 2026 cost-savings progressing as planned
AirTech 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 optimizatio
Slide 18: 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 19: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 20: Sustainable cooling solutions that facilitate digitization
Data Center Airech Sustainable cooling solutions that facilitate Technologies digitization LTM distribution of order intake Customer segment 1% 2% 38% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 18,525 5,637 14.9% 60% MSEK Large orders announced through press releases MSEK % 10000 16
Slide 21: Order backlog - deliveries mainly in 2026 & 2027
Order backlog - deliveries mainly in 2026 & 2027 Data Center Technologies 2025 2026 2027 2028 Delivery execution & capacity expansion BSEK ~2, US hyperscaler, CRAH • Proactive securing of critical MSEK ~775 US colocator, components Chillers MSEK 840, US colocator, • Increased staffing in Chillers op
Slide 22: Becoming a full cooling solution provider
Data Center Technologies Becoming a full cooling solution provider CDU - LCE CDU - LCX Dry cooler CRAH Through a broad technology CRAH platform, and tailored solutions, we are turning our vision into reality – one data center at a time Condenser unit with Chiller thermosyphon Air and water cooled Oa
Slide 23: 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 24: Data center heat rejection
Data Center Technologies Data center heat rejection 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. Release – heat is 2 rejected t
Slide 25: 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 26: Total market growth & our addressable market
Total market growth & our addressable market Growth rate (%) according to industry sources Cooling ~10-15% of total DC –liquid cooling higher due to complexity 22.3 Other Electrical Cooling Infrastructure 16.1 14.9 12.4 13.2 12.8 12.6 Ø 14.9 Liquid Cooling Premium Construction IT Equipment Business
Slide 27: Market players divided into four main categories
Market players can be divided into four main categories Vertical houses Data center cooling provider High • Broad range of end-to-end solutions • Benefits from scale and several “entry points” • Trusted with larger share of wallet to the DC projects • Require broad portfolio, world class service, •
Slide 28: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 29: A world leader in digitalizing the food supply-chain
FoodTech A world leader in digitalizing the food supply-chain Customer segment order intake, LTM 9% 2% 6% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA-margin* 55% 27% 1,831 1,814 16.3% MSEK MSEK % 600 30 400 Broiler Layer Swine 462 % Plants Other 400 504 20 Order intake per 15.6% region, Q 20
Slide 30: 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 31: Appendix Group
Appendix Group 32
Slide 32: Operational execution progressing as planned
Group Operational execution progressing as planned Q2 Q2 Change (%) • Net Sales 2026 2025 Organic Structural Currency MSEK growth growth* effects • increased +8%, org. growth in AirTech & FoodTech Order intake 8,699 3,666 144 - -7 • Adj. EBITA margin declined; Order backlog 24,542 9,774 • DCT ramp-u
Slide 33: Appendix AirTech
Appendix AirTech 35
Slide 34: Exceptional demand
AirTech Exceptional demand Order intake & backlog 4 000 4,485 Order Intake increased; (currency effects -5%) 3,358 MSEK 2 000 • Americas – significant growth, exceptional demand for evaporative pads (Components) as well as partial order reinstatement in battery. Commercial good demand. 0 Q224 Q324 Q
Slide 35: AirTech: Strengthened profitability
AirTech Strengthened profitability Service share of net sales, Q2 Change (%) Q2 2026 Q2 2025 Org. Struct* FX Net Sales increased; 20%(23) MSEK • Americas – strong growth, mainly Order intake 3,358 1,695 103 - -5 Components & Commercial Components share of net sales, Q2 Order backlog 4,485 2,893 • EM
Slide 36: 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 37: 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 39
Slide 38: Investing in our global footprint
AirTech Investing in our global footprint to prepare for the next growth wave and improve our sustainability footprint Amesbury Tobo Baton Rouge Hamburg Gurgaon 1 Tokyo Lahe1 Jiangyin Pune Fort Myers Hodonin Monterrey Malur1 Mumbai Milan 2 Curitiba 40 HCT Manufacturing Assembly 1. Zeco sites 2. Airp
Slide 39: Appendix DCT
Appendix DCT 42
Slide 40: Continued strong demand
Data Center Technologies Continued strong demand Order intake & backlog 20 000 16 000 19,185 Order Intake increased; (currency effects, -18%) 12 000 • strong demand across the product portfolio, MSEK reflecting ongoing investments in data center 8 000 capacity • announced order of BSEK 2.0 from US c
Slide 41: Current external headwinds on Data Center Technologies
Current external headwinds on Data Center Technologies margin Change (%) Service share of net sales, Q2 Net Sales declined; Q2 Q2 2026 2025 Org. Struct* FX • planned ramp-up of US chiller MSEK production, burdened by current Order intake 4,853 1,402 264 - -18 7% (7) supply chain constraints, affecti
Slide 42: A scalable and flexible global footprint
A scalable and flexible global footprint Roanoke, Virginia Cork, Ireland (Edpac) • DCT main hub, our largest • Site of 15k m2 to meet the growing demand for manufacturing facility of 32k m2 for the data center cooling in Europe. North American market. • Production: full portfolio. • Additional 19k m
Slide 43: Circlemiser: A new standard in AI cooling optimization
Circlemiser: A new standard in AI cooling optimization Exceptional cooling capacity within a compact footprint: Designed for AI and mission-critical environments: optimized for high-density applications where efficiency, uptime and scalability are critical In house evaporator designs: using cascaded
Slide 44: Commercial models across customer type
Commercial models across customer type Project to Project Large Customer Key Accounts Contract Manufacturing Customer Designs Customers buying equipment Focusing on program level Large scale customers project to project. Focused on purchases securing typically a designing their own systems optimizin
Slide 45: DC cooling today: short-term factors
DC cooling today: short-term factors Supply-chain & geopolitics Tariffs • Continued tariff exposure on metal • Bottlenecks in selected components components • Long lead times for certain components • Higher input costs • Freight, raw material and logistical volatility • Administrative and compliance
Slide 46: 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 47: Appendix FoodTech
Appendix FoodTech 50
Slide 48: Strong backlog - delayed project awards
FoodTech Strong backlog - delayed project awards Order intake & backlog 1 000 800 Order Intake decreased (org.); 871 (currency effects, 1%) 600 • Software – declined in Americas, MSEK mainly timing of project awards 400 504 • Controllers – declined, mainly lower investment activity in 200 EMEA & APA
Slide 49: Healthy margin
FoodTech Healthy margin Service share of net sales, Q2 Net Sales increased; Q2 Q2 Change (%) 24% (24) • Software – growth, mainly the 2026 2025 Org. Struct* FX broiler & layer customer segments MSEK Development of ARR Q2** (MUSD) • SaaS ARR increased, supported by Order intake 504 584 -15 - 1 subscr
Slide 50: 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 51: Our controller portfolio
FoodTech Our controller portfolio Acquired 2011 Acquired 2023 Acquired 2024 Acquired 2024 Segments Main current markets 54
Slide 52: 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 53: Agenda
Agenda Update Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 54: Exploring a potential divestment of FoodTech
Group Exploring a potential divestment of FoodTech Sharper focus for Munters, new ownership to accelerate FoodTech Munters (DCT & AirTech) FoodTech (Speria) – potential divestment Data Center FoodTech – AirTech Technologies 1. Focus 1. Growth Concentrate fully on the significant opportunities in DCT
Slide 55: 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 56: Continuous adaptation of our organization
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 57: Ready for the next phase of growth – temporary material constraints
Data Center Technologies Ready 4 for the next phase of growth – temporary material constraints We are doubling down on DCT – a much larger manufacturing footprint, with Virginia leading a major expansion in output What success requires: Factories People Materials Production platform in place Key mat
Slide 58: 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 59: Connected, global solutions with clear synergies
FoodTech Connected, global solutions with clear synergies Global scale & synergies: Investing for sustainable growth: • Digital leadership • Strategic portfolio investments • Global leader with broad offering & reach • Accelerated digital innovation & R&D • Industrial synergies: through optimized su
Slide 60: Contact details Investor Relations
Contact details Investor Relations Line Dovärn Daniel Carleson Head of Investor Relations Investor Relations Manager 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 & we