Munters Group Ab · OMXSTO:MTRS
Munters Group Ab — Q1 2026 Earnings Presentation
58 slides from Munters Group Ab's earnings presentation, Apr 28, 2026
Slide 1: Q1 Investor Presentation
Q1 – Investor Presentation Munters - April 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: 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 AirTech DCT FoodTech AirTech DCT FoodTech AirTech DCT FoodTech Group MSEK MSEK % 12 000 4 000 30 25 9 000 3 000 20 14.7% 6 000 2 000 15 14.4% 10 10.9% 3 00
Slide 5: World leader in energy-efficient climate solutions
Q1 2026, LTM World leader in energy-efficient Business area share Q1 2026, LTM Countries with sales climate solutions Order Intake & production >30 8% 30% Sales MSEK 14,578 62% Production sites Net Sales >25 11% Adj. EBITA margin 12.0% 49% Regional share Q1 2026, LTM 40% Americas EMEA APAC Number of
Slide 6: We secure mission-critical industries
We secure mission-critical industries Net sales per business area – Q1 2026 AirTech 49% DCT 39% 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
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 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 Q1 : 9% Q1 : 10.9% Q1 : 6.5% +3% (+3) +19% (-
Slide 10: 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 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 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 13: Stable leverage ratio
Leverage Stable leverage ratio 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% 300 %-net sales 3,0 MSEK 0 5.5% 3.1 2.9 3.1 2.8 2.8 5.5% 5% 2,5 150 2.6 -2 000 0 0% 2.2 2,0 2.0 2.1
Slide 14: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 15: Global leader in air treatment for industry
AirTech Global leader in air treatment for industry Customer segment order intake, LTM 9% 21% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 29% 19% 7,181 7,126 7.1% 11% 10% MSEK MSEK % Battery Other industrial 20 Clean Technologies Commercial 2 500 2 000 Service Components 2 000 15 1,9
Slide 16: 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 17: AirTech 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: 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 20: 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 20
Slide 21: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 22: Sustainable cooling solutions that facilitate digitization
Data Center Airech Technologies Sustainable cooling solutions that facilitate LTM distribution of order intake digitization Customer segment 1% 3% 40% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 15,073 5,804 17.4% 56% MSEK Large orders announced through press releases MSEK % 10000 16
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: Market players can be divided into four main categories
Data Center Technologies Market players can be divided into four main categories HIGH Vertical Houses Full Solution Providers • Broad range of end-to-end solutions • Benefits from scale and several “entry points” • Trusted with larger share of wallet to the DC projects Product Portfolio • Require br
Slide 30: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 31: 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% 1,912 1,755 16.6% MSEK MSEK % 600 30 400 Broiler Layer Swine 416 % Plants Other 400 484 20 Order intake per 14.7% region, Q 20
Slide 32: 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 33: Appendix Group
Appendix Group 33
Slide 34: 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 35: Service ambition in line with strategic direction
Service Service ambition in line with strategic direction Service share net sales, Q1 Munters ambition: AirTech DCT FoodTech • AirTech 18% (19) 7% (5) 24% (26) • grow our large globally installed base Components share of AirTech, Q1 • continuous innovation – digital offering with AI-controls & conne
Slide 36: Appendix AirTech
Appendix AirTech 37
Slide 37: 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 38: 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 39: 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 40: Selected CleanTech carbon capture projects worldwide
Selected CleanTech carbon capture projects worldwide Read more on the customer cases Ammonia plants in Nigeria Norcem Brevik in Norway Supplied full internal system including solvent World's first large scale based CO2 capture and CCS system in a cement ammonia scrubber at two plant in Norway. Uses
Slide 41: Appendix DCT
Appendix DCT 42
Slide 42: 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 43: 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 44: DCTs global footprint
Data Center Technologies DCTs global footprint Roanoke • DCT main hub - largest manufacturing Ireland facility of 340K ft2 for the North • All-new site of 120K ft2 for data center cooling in American market. Europe • Additional 200k ft2 to be open in mid 2026 for US chiller production Monfalcone, It
Slide 45: 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 46: Appendix FoodTech
Appendix FoodTech 47
Slide 47: 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 48: 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 49: 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 50: Our controller portfolio
FoodTech Our controller portfolio Acquired 2011 Acquired 2023 Acquired 2024 Acquired 2024 Segments Main current markets 51
Slide 51: 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 52: Agenda
Agenda Update Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix Cases
Slide 53: 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 54: Continuous adaptation of our organization to AirTech
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 55: Scaling a comprehensive data center cooling 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 56: Unlocking regional growth through our chiller offering
Data Center Technologies Unlocking regional growth through our chiller offering Geoclima acquisition delivering a strong contribution to order intake growth • Energy-efficient chillers featuring unique cylindrical condensers and evaporators, combined with high- performance magnetic bearing compresso
Slide 57: 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 58: Contact details
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