Slide 1: Munters Q4 & full-year report 2025
Munters Q4 & full-year report 2025 Klas Forsström, President and CEO Katharina Fischer, GVP and CFO Line Dovärn, Head of Investor Relations
Slide 2: Exceptional demand, while earnings weakened
Exceptional demand, while earnings weakened Q4: Exceptional order intake Q4: Net sales affected by FX Q4: Profitability impacted by tariffs Order intake Announced orders* Order backlog Net sales Net sales growth MSEK 30% MSEK Adj. EBITA Adj. EBITA margin EBIT margin 12 000 20 000 MSEK 900 20% 4 000
Slide 3: Variations across regions & end-markets
Variations across regions & end-markets Americas EMEA APAC Group order intake Q4 11% 4% (11) (26) 86% (63) Business area order intake Q4 AirTech 49% (42) 32% (36) 19% (22) DCT 95% (86) 5% (13) 0% (1) 47% (61) 48% (36) 5% (4) FoodTech • AT: market remains soft, • AT: mixed demand environment – • AT:
Slide 4: Stable demand despite challenging market environments
Stable demand despite challenging AirTech market environments Order intake & backlog 4 000 Order Intake grew; (currency effects -10%) MSEK 2 000 2,782 • Industrial (excl. battery) – growth all regions, 1,987 supported by defense, pharma & utilities • Battery – growth (announced battery order 0 MUSD
Slide 5: Solid demand across several segments
AirTech Solid demand across several segments Development Q4 2023 – Q4 2025 Order intake per customer MSEK, MSEK, Q Q segment MSEK, LTM • Battery – regional differences, 2 500 10 000 delays in investments, lower project volumes, increased competitive environment 2 000 8 000 • CT- continued good devel
Slide 6: Declined volumes & profitability
AirTech Declined volumes & profitability Net Sales declined, lower sales primarily EMEA; Service share of net sales, Q4 • Industrial (excl. battery) – declined, primarily Change (%) Q4 Q4 EMEA & Americas, similar regional Org. Struct* FX FY 25 FY 24 2025 2024 development in the battery sub-segment O
Slide 7: Innovation reinforcing product leadership across growing markets
Innovation reinforcing product leadership AirTech across a broad range of growing markets demand drivers Seleection of Underlying demand for humidity & air quality solutions – beyond electrification Population growth & New technologies & Climate change & urbanization materials efficiency demand Mate
Slide 8: Record order intake
Record order intake Data Center Technologies Order intake & backlog 14 000 Order Intake increased; (currency effects, -37%) 13,787 12 000 10 000 • significant demand Americas from colocators & hyperscalers, 8 000 9,215 driven by AI-related investments MSEK 6 000 • announced orders MSEK ~5,715 • siza
Slide 9: Margin affected by tariffs
Data Center Technologies Margin affected by tariffs Net Sales stable; Service share of net sales, Q4 • cont. successful execution of backlog Change (%) Q4 Q4 Org. Struct* FX FY25 FY24 • factories temp. closed due to holiday 2025 2024 season Order intake MSEK 9,215 1,787 453 0 -37 13,889 4,088 7% (8)
Slide 10: Order backlog - deliveries mainly in 2026 & 2027
Order backlog - deliveries mainly in 2026 & 2027 Data Center Technologies 2024 2025 2026 2027 2028 MSEK ~655, Delivery execution & US colocator, CRAH capacity expansion MSSEK ~375 US colocator, CDU • Increased staffing in BSEK ~2, operations & engineering US hyperscaler, CRAH MSEK ~775 • Additional
Slide 11: Several orders highlighting our strategic offering
Several orders highlighting our Data Center Technologies strategic offering Published order: December 31 Record order of 2.1 BSEK • Customer: US colocator • Includes: • Geoclima chillers • Custom-designed CDUs (liquid) • CRAHs (air) * • Deliveries scheduled Q4 2026 - Q1 2028 • Order covers the entir
Slide 12: 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 13: Order intake remained stable
FoodTech Order intake remained stable Order intake & backlog 800 600 714 Order Intake stable; (currency effects, -7%) MSEK 400 • Software – good level, though 409 strong comparison period 200 • Controllers – strong growth in all regions and segments 0 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Ord
Slide 14: Margin remained strong
FoodTech Service share of net sales, Q4 Margin remained strong Net Sales increased, 25% (35) driven by controllers; Change (%) FY FY Q4 Q4 25 24 • Software – declined org., due to 2025 2024 Org. Struct* FX MSEK Development of ARR Q4** (MUSD) strong comparison period • SaaS ARR growth, driven by subs
Slide 15: Connected, global solutions with clear synergies
FoodTech Connected, global solutions with clear synergies Global scale & synergies: Investing for sustainable growth: Churn • Digital leadership • Strategic portfolio investments excl. Contraction* • Global leader with broad offering & reach • Accelerated digital innovation & R&D <2% • Industrial sy
Slide 16: Financial highlights
Financial highlights @
Slide 17: Exceptional demand, while earnings weakened
Group Exceptional demand, while earnings weakened Q4 Q4 Change (%) FY FY 2025 2024 Organic Structural Currency 25 24 • Net Sales MSEK growth growth* effects • Q4: declined -8% Order intake 11,604 3,994 210 2 -22 22,984 12,431 • FY: increased +8% Order backlog 17,282 11,287 17,282 11,287 • Adj. EBITA
Slide 18: Margin impacted by tariffs
Adjusted EBITA-margin Margin impacted by tariffs Main factors affecting adj. EBITA margin in Q4: Group adj. EBITA margin impact • Volume had a negative impact, mainly by AirTech in EMEA, Q4 2024 partly offset by DCT and FT adj. EBITA % 12.9 • Positive net price increase in DCT & FT. Negative impacts
Slide 19: Emphasized cash management
Cash flow Emphasized cash management Group cash flow Q4*, MSEK Q4: Strong cash flow from operating 800 activities; 287 • Low operating profit mitigated by positive impact 600 from changes in operating working capital mainly driven by advances in DCT 400 312 • Cash flow from investing activities impa
Slide 20: Investments supporting the next growth wave
Capex & OWC Investments supporting Business Outlook 2026 - Capex* the next growth wave Expected to remain in same range (**investments in intangible assets & PPE) CAPEX 15% CAPEX continued investments 450 • strengthening competences, upgrades, digitalize & 10% automize %-net sales 300 MSEK 7.0% • 20
Slide 21: Stable leverage ratio
Leverage & net debt Stable leverage ratio Development of leverage & net debt 2 000 3,5 Leverage ratio 2.9x 0 3,0 • Stable compared to Q3 2025: 3.1 2.9 reflecting lower operating earnings 2.8 2.8 2,5 • M&A payments managed through 2.6 -2 000 strong cash flow 2.3 2.2 2,0 • Compared to Q4 2024: increas
Slide 22: Munters sustainability journey – FY 2025 performance
Targets for 2030 – Munters sustainability journey – FY 2025 performance 2025 progress Reduce CO2e* Scope 1 & 2: Scope 3: 42.0% reduce by an Reduce CO2e : absolute average of • Flagship net-zero facility inaugurated in Amesbury, US. reduction 51.6% per unit sold • Advancing decarbonization via suppli
Slide 23: Summary
Summary
Slide 24: Progression towards our financial targets
Financial targets & dividend Progression towards our financial targets Currency adj. growth Adj. EBITA margin OWC/net sales Dividend Q4 : 0% Q4 : 10.0% Q4 : 7.3% 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 25: Outlook for 2026
Outlook for 2026 AirTech DCT FoodTech • Ongoing efficiency programs • Fully digital offering • Broadened our portfolio Status: • Improved capacity utilization • New regions • Increased global footprint • Focused growth in Industrial • Growing share of and other segments • Record order intake recurri
Slide 26: Q&A
Q&A Q4 & full-year report 2025 Financial calendar 2026 Release of Annual & Sustainability Report 2025 Week starting March 9, 2026 Q1 report April 28, 2026 Annual General Meeting April 30, 2026 Q2 report July 17, 2026 Q3 report October 23, 2026 IR Website
Slide 27: 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