Slide 1: Munters Investor Presentation
Munters — Inv Presentation ~. August 2024 Investor Relations
Slide 2: Agenda
Agenda > Introduction —> Quarterly highlights > AirTech — Data Center Technologies — FoodTech — Appendix
Slide 3: World leader in energy-efficient climate & production solutions
Countries with sales World leader in energy-efficient climate & production sol utions Order Intake per business area* »45 Sales MSEK* 14,548 Production plants leg? # 5 2 5 . Lt BAT- AirTech MDCT - Data Center Technologies mFT- FoodTech o8 ° Net Sales per Adj. EBITA margin business area* 14.7% Region
Slide 4: We assist our customers in securing critical operations
We assist our customers in securing critical operations, production quality and to become more sustainable Net sales per business area- LTM Q2 2024 -5 U => airtech 55% =| DCT 27% J&A] Foodtech 18% B 2 2 » wr State-of-the-art cooling Ultra dry air for battery Climate & hygiene control for Dehumidific
Slide 5: Well-positioned to capitalize on strong megatrends
Well-positioned to capitalize on strong megatrends & be part off the solution for a more sustainable world Electrification Climate change & resource scarcity Demand for energy & water efficient products Full battery value chain Wind power expansion & transmission Service to prolong life Urbanization
Slide 6: We aim to be a market leader in prioritized markets
We aim to be a market leader in prioritized markets and in prioritized segments Unique Proven energy Large installed Leading position Global presence application efficient base & service knowledge products & offering solutions
Slide 7: Strengthen, develop and expand our core
Strengthen, develop and expand our core - dehumidification & evaporative cooling Components ° | Rotors with desiccant drying wheel AirTech Celdek > Glasdek Units Systems Air handling SyCool units Split Climate solutions (Equipment) Digital connectivity Chilled Water LCE &CDU? Infrastructure (Chiller
Slide 8: Components - the foundation we build our business on
Components - the foundation we build our business on > Desiccant wheel (rotor) removes + Evaporative pads add moisture moisture, as much as 99.9% + Historically used in many industrial & > ~40% of Component order intake exgyiteulisurel preeesses 4 head: * Increasingly popular in server halls & data
Slide 9: Financial and Sustainability targets
Financial and Sustainability targets — aligning and setting a strategic goal agenda |~* Mid-term financial targets te Sustainability targets 2030
Slide 10: Impressive achievements in recent years
Impressive achievements in recent years Growth MSEK 16 000 ave 45% 12000 8000 4000 ° 2020 2021 2022 2023 2024 Q2LTM MEEENet sales ==@=Net sales growth Profitability MSEK 2500 147% 218% ad) E8ITA-margin 2000 12% 1500 8% 1000 6% 4% ° 2024. O* Q2LTM mmm Adj. EBITA —=e=Adj. EBITA mara! OWC/net sales dev
Slide 11: Service ambition in line with strategic direction
Service ambition in line with strategic direction > Service includes: - After-market service" in all business areas * SaaS revenues in FoodTech +> Components sales in AirTech Munters ambition: Service & Components >1/3 of Group net sales 1 *After-market service is defined as sales of spare parts, co
Slide 12: Agenda
Agenda => Introduction —> Quarterly highlights = AirTech — Data Center Technologies — FoodTech — Appendix
Slide 13: Strong second quarter — well positioned for future growth
Strong second quarter — well positioned for future growth Q2-G Robust order intake Increased net sales All-time high profitability mmm Order intake mam Announced orders" —e= Order backlog MSEK 15.000 6000 11,834 10 000 4000 Gee 2.000 | ] 5000 ° 0 Q2 @3 G4 Qi G2 QB 4 a G2 2022 2023 2024 Q2 Order inta
Slide 14: Q2 - Group: Solid order backlog
Q2 - Group Solid order backlog - large orders supportive into 2025 2022 2023 2024 2025 = MUSD 65 \*] US car manufacturer x e 2 = Climate control systems _, | MUSD 63 =] | US colocator x e re) —!| Standard chilled water (CRAHs) — | MUSD 176 =] | US colocator x —" | SyCool Split solutions oo MUSD 54 o
Slide 15: Increased profitability, strong cash flow & lower leverage
Increased profitability, strong cash flow & lower leverage is Net Sales increased; = very strong growth in DCT & FT Adj. EBITA margin improved; = increased strong net sales growth in DCT & FT, positive effects from product mix and deliveries on major orders finalized in AT = operational excellence i
Slide 16: Progression towards our financial targets
Q2 - Group Progression towards our financial targets 16 Currency adj. growth’ Adj. EBITA margin OWC/net sales” 40% 30% 20% 10% Financial target >14% % 0% a @ a4 a @ @ a a @ 2022 2023 2024 * Change in net sales compared to the previous period, adjusted for currency translation effects 20% 15% 10% 5%
Slide 17: Agenda
Agenda > Introduction —> Quarterly highlights > AirTech — Data Center Technologies — FoodTech — Appendix
Slide 18: AirTech: Global leader in air treatment for industry
Global leader in air treatment for industry wee ae Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 7,400 8,048 15.5% 5 5 Oh MSEK MSEK % mBattery Food processing 20 wOther Industrial mCommercial 2500 76 Clean Technologies mService 2000 1938 Components 2000 1760 15 aw 1500 moo Order intake
Slide 19: Solid development in several segments
Solid development in several segments MSEK 3000 2500 2000 1500 1000 500 19 Order intake per segment = Q2 2022 Q3 2022 Q4 2022 Qi 2023 mmm Service mmm Components mmm CT mmm Battery ‘Large orders announced through press releases Q2 2023 Q3 2023 Q4 2023 mm Commercial mmm Other Industrial ‘== Announced
Slide 20: Strong underlying long-term demand
Strong underlying es long-term demand P58 15% mM t0-7% BW neg > Order Intake flat mainly due to weak % order intake Market battery market in APAC; istomer segme Q2 2024 Outlook* Industrial (excl. battery) good development in EMEA & Americas, d a 53% wv slightly offset by APAC + Battery in Americas &
Slide 21: Strengthened margin development
Strengthened margin development Order intake & backlog development Change (%) Q2 Q2 2024 2023 4000 MSEK Order intake 1760 | 1,726 5 7 0 2000 Order backlog 3850 | 4,124 | | | ] ie) Net sales 1,938 2,088 “18 6 ° 222 G322 422 NB. 22B_82B ZB NAAR Adj. EBITA 341 346 5 3 1 ™ Order Intake ml Order Backlog
Slide 22: Broad range of humidity, climate and air quality control solutions
We offer a broad range of high-performing humidity, climate and air quality control solutions < Humidity Control Technologies > < Clean Technologies > co Dehumidification 6) Humidification Air Quality & Pollution Control Systems a iy nf | j ih ail Indirectly ported via Business Area Data ia ( Sa — C
Slide 23: Selection of market players - mainly small local players
Selection of market players - mainly small local players Small (<1 BSEK) Medium Large Extra Large (1-2 BSEK) (2-10 SSEK) (10 BSER) 5 G) couse Minas OST LTTE! 8 AS AM/AS/EU 2 o ro fisair x, £0 3 = oo 5m € EU/AM Og 2 AM 22 : F NICHIAS | S5 as AS oO Tae. Tt ze fermaster PORTACOOL Hulek =condair C CAREL
Slide 24: Investing in our global footprint
We are preparing for the next growth wave by investing in our global footprint ‘obo, Sweden Hodonin, Czech Rep, Amesbury + New greenfield factory to consolidate multiple sites into one and to support battery demand in North America Tobo & Hodonin + New factory completed in Hodonin, Czech Republic to
Slide 25: Clean Technologies — solutions for a healthier planet
Clean Technologies — solutions for a healthier planet Business . Line Clean Technologies Emission Cleaning (Abatement path) Segment Power Process Electronics Tech- nologies End customer Waste to Wind Steel, cement, Paint E-fuel Battery Semi-conductor energy pulp & paper, chemical 25 “VOC - Volatile
Slide 26: Agenda
Agenda => Introduction —> Quarterly highlights = AirTech — Data Center Technologies — FoodTech — Appendix
Slide 27: Data Center Technologies: Sustainable cooling solutions
Sustainable cooling solutions that facilitate digitization Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 4,991 3,943 18.5% , . . (o) MSEK MSEK % 1200 20 21.9 1,109 3000 1000 16 800 2000 12 600 8 1000 1060 400 | P | 200 | | 4 ot ada ; a2 03 Q4 al a2 a3 a4 aI G2 a2 03 04 Gl a2 a8 04 al a
Slide 28: Underlying good demand & strong order backlog
Underlying good demand & strong order backlog Gun wun wie Sas Customer Order Intake Market segment Q2 2024 Outlook * oe , 2% | * good level of smaller and mid-sized order, driven by the colocation market in Americas * Underlying demand remains strong (eel os 8 > Order Intake flat; > Order Backlog in
Slide 29: Significant profitability improvement
Significant profitability improvement hi % ee Change (%) Order intake & backlog development _ 2023 8000 Order intake 1,060 1,067 6000 Order backlog 6903 | 6,037 % 4000 Ea Net sales 1,109 878 24 ° 2 2089 Adj. EBITA 243 133 80 ° 3 O Adj. EBITA (%) ao 15.2 222 0322422, 123. 223, 323. 23 24S 224 Order I
Slide 30: Innovative solutions and our project model are key
Innovative solutions and our project model are key Based on a broad set of technology platforms, we tailor to optimize energy efficiency and reduce environmental impact for each unique project. Tailored, adaptable, sustainable. ann a aa < Sold toOEMs ——> Typically sold to end customers <- Nv Pp sis
Slide 31: Selection of market players - Munters well positioned
Data Center Technologies Selection of market players - Munters well positioned for growth — An order in DCT generally consists of several equipment deliveries reG EU/AS/AM —EU/AS/AM AM/EU CSavertv EU/AS/AM —_EU/AS/AM Several medium players fmopine EU /AS/AM Several smaller players EU/AS/AM Data Cent
Slide 32: Our global footprint - investing for growth
Our global footprint - investing for growth Roanoke Cork + Our largest manufacturing facility of 34,000 rv for the North American market + All-new site of 11,148m? to meet the growing demand for data center cooling in Europe Completed first half of 2025 Carrigaline & Newmarket, ireland Selma, Texas
Slide 33: Total market growth and our addressable market
Total market growth and our addressable market Cooling ~10-15% of total DC CAPEX - liquid cooling higher due to complexity Other Electrical ‘ ; Cooling Infrastructure 0% MARKET CAGR SPREAD >25% Niche Niche Liquid Cooling Premium IT Equipment Construction Relative growth outlook Growth rate (%) accor
Slide 34: The basic steps of cooling and heat rejection
The basic steps of cooling and heat rejection 4. RELEASE (OUTSIDE THE DC) 1. DISSIPATION 2. CAPTURE (INSIDE THE SERVER) (INSIDE THE DC) 3. TRANSFER Heat sinks, on-board fans or Heat is captured by air flow, Air, water or other refrigerant Outdoor condensers, liquid cooling solutions containment, air
Slide 35: SyCool Split - dealing with increased power density
SyCool Split - How to deal with increased power density Dissipation — taking heat from the chip to the air or the liquid . Capture — heat is captured by the CRAH (air) or the CDU (liquid) . Transfer - heat energy is transported to the heat rejection equipment . Release — heat is rejected to atmosphe
Slide 36: Agenda
Agenda > Introduction —> Quarterly highlights > AirTech — Data Center Technologies — FoodTech — Appendix
Slide 37: FoodTech: climate control systems for food production
A world leader in climate control systems for food production 37 Order intake, MSEK* 2,734 Q2 Q3 G4 QI G2 G3 a4 at G2 22 22 22 23 23 23 23 24 24 741 Financial figures Q1 2024 “LIM Net sales, MSEK* 2,627 MSEK 800 763 600 400 200 | ie) QI Q2 Q3 G4 QI G2 G3 G4 al 22 22 22 22 23 23 23 23 24 15 10 fo) Ad
Slide 38: FoodTech - a leading dual offering
FoodTech - a leading dual offering ( cv») -— / oo XE SOFTWARE CILUITION Products (examples) Typical customers AMINO software Integrators Adual | a TRIO Farmers / offering aconnoanne conrellar Dealers & SENSORS a CLIMATE as SOLUTIONS Ly SATURN Farmers / fan Dealers EQUIPMENT * In 2023, a strategic re
Slide 39: FoodTech: Increasing demand & order backlog
FoodTech Increasing demand & order backlog P5% OM -15% MD 207% BW neg % ler intake Market > Order Intake increased: ustomer segmen Q2 2024 Outlook * * CS- primarily driven by Americas & EMEA, offset 9 by weaker APAC 90% sal * DS -continued strong growth in Americas, mainly AT% =» broiler . 12% =» +
Slide 40: Strong margin increase & continued sales momentum
Strong margin increase & continued sales momentum 9, Order intake & backlog development = = Change (%) 2024 2023 Org MSEK nocd Order intake 7A) 646 9 6 i} 750 Order backlog 1,081 992 % 500 | | Net sales 763 583 26 6 A 2 pan - of which SaaS n 42 5 - SaaS ARR 284 166 Q222 Q322 422 Qi23 Q223 Q323. 423
Slide 41: Footprint & global investments for the future
Footprint & global investments for the future Digital Solutions - investments for accelerated growth New product development Scale for growth Continued expansion with both new and existing customers M&A and partnerships @ Software development center @ Production site @ Assembly site © Controller Cli
Slide 42: FoodTech's digital business - added value
FoodTech’'s digital business - added value Sold direct to food producers and Supply chain management software F ) @ Amino Sold direct to C-suite food <—— i — < —- via partners to farmers Sold to farmers via partners producers 299 los Traceability & Drive yieldand Optimize planning/ — Optimize food s
Slide 43: Digital solutions - Significant SaaS growth
FoodTech — Dig Solutions Digital solutions - Significant SaaS growth —> ARR continued growth - new customers & Estimated conversions to our new software solution addressable market Amino for FoodTech SaaS solutions > Also, high level of software implementations . TOTAL ARR* (mSEK) ADDRESSABLE MARKET
Slide 44: FoodTech Digital Solutions growth journey
FoodTech — Digital Solutions 3. Establishing the data eco-system FoodTech on a journey of accelerated growth 1, Developing existing segments 2. Replicating into new segments & attracting technology leaders Continuous enhancements and penetration of Expansion to new segments, leveraging Establishment
Slide 45: Agenda
Agenda > Introduction —> Quarterly highlights > AirTech — Data Center Technologies — FoodTech — Customer cases & M&A — Appendix
Slide 46: Vestas overview
Vestasoverview2018 –Vestas is not just Vestas • • • •
Slide 47: Enhancing our Clean Technology portfolio
Enhancing our Clean Technology portfolio > Acquisition of Airprotech 47 Italian manufacturer of Volatile Organic Compounds (VOC) abatement systems Enhances air purification offering and addresses growing demand for abatement services in Europe Positions us to offer complete systems and service to ou
Slide 48: Acquisition of ZECO - strengthens market position in India
Acquisition of ZECO - strengthens our market position in India Indian manufacturer of air treatment solutions - adds complementary products to our core offer =, Z2EC Pre Fobricoled Ducts Combined offering positions us for growth Provides a strong platform for growth - 3 manufacturing facilities acro
Slide 49: Broadening our offering for data center cooling solutions
BGEOCLIMA Broadening our offering for data center cooling solutions ‘smart HVAC Solutions > Acquisition of Italian Geoclima * Manufacturer of air- and water-cooled chillers - which plays a critical role in the data center cooling market today * Broadening cooling portfolio - enhancing our ability to
Slide 50: Launch of Munters Coolant Distribution Unit (CDU)
Launch of Munters Coolant aa Distribution Unit (CDU) ae 1st order for “single phase direct to chip cooling” * developed through close collaboration with a customer and partners equipment sold to facilitate heat rejection with either single or two . phase direct to chip liquid cooling* CDU units tran
Slide 51: Expanding DCT facilities in Ireland
Data Center Technologies Expanding DCT facilities in Ireland to meet the demand — DCT Europe - Expansion Expansion in Cork, Ireland with the establishment of new facilities with ~11,000mé? production and office space * Initially, around 100 employees will be able to produce the full DCT product rang
Slide 52: Continued expansion of our digital portfolio
Continued expansion of our digital portfolio > Acquisition of majority share in Automated Environments 52 US-based company specializing in automated control systems for the layer industry Expands FoodTech’'s digital solutions portfolio, enhancing offerings for food producers Positions us to provide
Slide 53: Launch of our most energy efficient E-line fans
Launch of our most energy efficient E-line fans > E-line fans, engineered to deliver transformative cost reductions & environmental benefits, where the motor is running on EC* technology * — Energy saving - up to 50% compared to similar fan with an AC motor* * — Precision ventilation - optimal effic
Slide 54: FoodTech Digital solutions - Significant SaaS growth
FoodTech Digital solutions - Significant SaaS growth Matthew Sampson - 01 Feed Feed Consumption Decline * Large US turkey company, subsidiary of a major food corporation + Customer experienced challenges with data security, local installation and user friendliness of previous system * Upgraded to Am
Slide 55: Appendix
Appendix 5S
Slide 56: Investments supporting next growth wave
Investments supporting next growth wave > PPE and intangibles investments in 2024: * investments aiming at strengthening competences, upgrades, digitalize & automize * AirTech: Amesbury, new major plant in Americas * DCT: Cork, new plant in Europe > Capital allocation priorities to drive growth agen
Slide 57: OWC & leverage
OWC & leverage Solid financial platform important growth enabler Business areas Group funding OWC/Net sales Net debt / adj. EBITDAx, LTM Long-term ambition 1. 2020
Slide 58: Delivery on M&A agenda to fuel growth
Delivery on M&A agenda to fuel growth 58 a 3 3 8 2 = o o re} D Q 2 7% S <4 & = Structured process for M&A Core / consolidation Technology / Digital Services — String of pearls New growth areas d integrati 2023 Acquisition, Tobo Component, Sweden Netsales: MSEK 76 Employees. 14 zeca= Vibrio Acquisiti
Slide 59: AirTech Service Offering
AirTech Service Offering START-UP & WARRANTY REVIEW & RENEW * Installation | Support/Assembly * Smooth transition to new Supervision product oe * Startup services & * Decommissioning RETIRE & START-UP & Guaranteed performe A WARRANTY © Primacaire’ ° * Training SUSTAIN & MAINTAIN ServiceCaire ™ Rotor
Slide 60: DCT Service Offering
DCT Service Offering Upgrades & Rebuilds * Enhance energy efficiency and capacity * Offer retrofit solutions for operational equipment * Example: Fan upgrades 60 Upgrades Installation and Commissioning and Retrofits Maintenance and Optimization rvice - Di Installation & Commissioning Ensure proper f
Slide 61: CleanTech has delivered into carbon capture projects worldwide
CleanTech has delivered into 26 carbon capture type of projects worldwide Ammonia plants in Nigeria Supplied full internal system including solvent based CO, capture and ammonia scrubber at two ammonia plan plants —™ Supplied solvent based CO, capture at 3 new liquid (blue) hydrogen plants H2 plants
Slide 62: Investor Relations contacts
Ann-Sofi Jönsson Line Dovärn Vice President, Head of Investor Director Investor Relations Relations & Group Risk Management E-Mail: line.dovarn@munters.com E-mail: ann-sofi.jonsson@munters.com Phone: +46 73 048 84 44 Phone: +46 73 025 10 05