Slide 1: Munters – Investor Presentation
Munters – Investor Presentation December 2024 Investor Relations
Slide 2: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 3: World leader in energy-efficient climate solutions
Countries with sales World leader in energy-efficient climate & production solutions Order Intake per >45 business area* 17% Sales MSEK* 48% 14,748 35% Production plants 25 Net Sales per business area* Adj. EBITA margin* 18% 15.2% Regional share Q3 55% 27% Order Number of Order Order Intake 60% Inta
Slide 4: We assist our customers in securing critical operations and production quality
We assist our customers in securing critical operations, production quality and to become more sustainable Net sales per business area - LTM Q3 2024 AirTech 55% DCT 27% FoodTech 18% State-of-the-art cooling Ultra dry air for battery Climate & hygiene control for Dehumidification for Indoor climate s
Slide 5: Strengthen, develop and expand our core – dehumidification & evaporative cooling
Strengthen, develop and expand our core – dehumidification & evaporative cooling Components Service & End Market Components Rotors with Digital connectivity desiccant drying Units Systems wheel DCT AirTech Service SyCool Chilled Water LCE & CDU2 Air handling Split Infrastructure units Celdek (Chille
Slide 6: Financial and Sustainability targets
Financial and Sustainability targets Mid-term financial targets Growth Profitability OWC/net sales development* Average annual currency adj. growth Adjusted EBITA margin > 14% Average OWC of net sales in the >14% over a business cycle range of 13–10% MSEK MSEK 20% 2 500 15.2% 16% 16 000 41% 45% 34%
Slide 7: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 8: Q3 Group: Strong growth & profits, continued weak battery outlook
Q3 - Group Strong growth & profits, continued weak battery outlook Mega-trends driving order intake Stably increasing net sales Continued strong adj. EBITA margin MSEK AirTech DCT FoodTech AirTech DCT FoodTech % AirTech DCT FoodTech Group MSEK 7500 5000 25 23.3 18.8 4000 20 5000 3000 15 16.2 2000 10
Slide 9: Strong growth and profits, but continued weak battery outlook
Q3 - Group Strong growth and profits, but continued weak battery outlook • Net Sales increased; Change (%) Q3 Q3 • AT - declined org. due to continued weak battery sub- 2024 2023 Organic Structural Currency MSEK growth growth* effects segment in APAC & Americas • DCT – stable growth, successful deli
Slide 10: Service ambition in line with strategic direction
Service ambition in line with Service & Components Q3 2024* strategic direction % of net sales 7% 4% 1% 23% Munters ambition: 11% • AirTech • grow our large globally installed base AirTech DCT FoodTech Components Total • continous innovation service service service • DCT • develop remote service opt
Slide 11: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 12: AirTech: Global leader in air treatment for industry
AirTech Global leader in air treatment for industry Customer segments of order intake 15% 5% 9% 19% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 22% 7,466 8,080 14.9% 12% 17% MSEK MSEK % Battery Food processing 20 Other Industrial Commercial 2500 Clean Technologies Service 2000 2,011
Slide 13: Solid development in several segments
AirTech Solid development in several segments MSEK Order intake per segment 3 000 % order intake Market Customer segment Q3 2024 Outlook * 2 500 Industrial 49% …whereof battery 5% 2 000 …whereof food 9% processing 1 500 …whereof commercial 17% 1 000 …whereof other 19% Clean Technologies 12% 500 Serv
Slide 14: Battery market continued weak outlook
Battery market continued weak outlook Market development • Battery market & need for dry rooms - significant growth and profitability driver in the past years, driven by China but increasingly EMEA & Americas We anticipate • Overall fewer projects globally - particularly in China and US challenging
Slide 15: AirTech: Selection of market players
AirTech Selection of market players - mainly small local players Small Medium Large Extra Large (<1 BSEK) (1-2 BSEK) (2-10 BSEK) (>10 BSEK) Dehumidification AM AS AS AM AM/AS/EU AS Humidity Control Technologies AM/AS EU/AM AM AS AM AS EU AS AS AS Humidi- fication AS AM AS EU/AS EU/AS/AM Technologies
Slide 16: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 17: Sustainable cooling solutions that facilitate digitization
Data Center Airech Technologies Sustainable cooling solutions that facilitate Customer distribution of order intake digitization 2% 0% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 5,485 4,002 20.1% 98% Hyperscalers Colo MSEK MSEK % 24 Telco & enterprises 1200 23.3 3000 1,012 1000 20 O
Slide 18: Large & medium-sized orders supportive throughout 2025
Data Center Technologies Large & medium-sized orders supportive throughout 2025 2022 2023 2024 2025 MUSD 63 US colocator Standard chilled water (CRAHs) MUSD 176 US colocator SyCool Split solutions MUSD 88 US colocator Standard chilled water (CRAHs) MUSD 137 US colocator SyCool Split solutions MUSD 6
Slide 19: Underlying demand strong & increased order backlog
Data Center Technologies Underlying demand strong & increased order backlog >5% ~ 1-5 % ± 0 -1% neg Customer Order Intake Market segment Q3 2024 Outlook * Order Intake strong increase; Hyperscaler 2% • good level of small & mid-sized order, driven by colocation market Americas • underlying demand re
Slide 20: Innovative solutions & our project model are key
Data Center Technologies Innovative solutions & 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. Components Products Complete Systems Services Sol
Slide 21: Selection of market players - Munters well positioned for growth
Data Center Technologies Selection of market players - Munters well positioned for growth An order in DCT generally consists of several equipment deliveries Small Medium Large Extra Large (<1 BSEK) (1-2 BSEK) (2-10 BSEK) (>10 BSEK) Technologies Data Center EU/AS/AM EU/AS/AM Several Several medium AM
Slide 22: Total market growth & our addressable market
Data Center Technologies Total market growth & our addressable market Cooling ~10-15% of total DC CAPEX – liquid cooling higher due to complexity 0% MARKET CAGR SPREAD >25% Other Electrical Cooling Infrastructure Liquid Cooling Premium Niche Niche Construction IT Equipment Relative growth outlook Gr
Slide 23: The basic steps of cooling & heat rejection for split systems
The basic steps of cooling & heat rejection for the most commonly Data Center Technologies used split systems 1. DISSIPATION 2. CAPTURE 4. RELEASE (INSIDE THE SERVER – NOT DONE BY (INSIDE THE DC) 3. TRANSFER (OUTSIDE THE DC) MUNTERS) Illustrative CPUs and GPUs generate heat when That heat is capture
Slide 24: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 25: FoodTech: A world leader in climate control systems for food production
FoodTech A world leader in climate control systems for food production Customer segments, net sales 1% 3% 3% 14% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA-margin* 50% 2,673 21% 2,734 14.9% 7% 800 MSEK % 800 20 Broiler Swine 700 758 18.8 Layer Digital Solutions Greenhouse Dairy 600 590 % Ot
Slide 26: FoodTech - a leading dual offering
FoodTech FoodTech - a leading dual offering Products (examples) Typical customers AMINO Integrators software A dual Farmers / TRIO offering Dealers controller SATURN Farmers / fan Dealers • In 2023, a strategic review of the Equipment business within FoodTech was initiated • Equipment sales within F
Slide 27: Order intake affected by seasonal & timing effects
FoodTech Order intake affected by seasonal & timing effects >5% ~ 1-5 % ± 0 -1% neg % order intake Market Customer segment Q3 2024 Outlook * Order Intake decreased; Climate Solutions (incl. • CS – weaker due to seasonal & timing effects Controllers) 86% • DS – declined, due to several large orders i
Slide 28: Digital solutions - Significant SaaS growth
FoodTech 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? Development of ARR* (
Slide 29: FoodTech's digital business - added value
FoodTech FoodTech’s digital business - added value Supply chain management software Farm monitoring solutions for feed management IoT & Sensors Controllers, IoT & Sensors Software Sold direct to food producers and Sold direct to C-suite food via partners to farmers Sold to farmers via partners produ
Slide 30: Agenda
Agenda Update Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Customer cases & M&A Appendix
Slide 31: Optimizing supermarket refrigeration
AirTech Optimizing supermarket refrigeration AB Vassilopoulos, one of Greece's largest supermarket chains wanted to improve refrigeration efficiency Munters offering - EC Cool system: • evaporative cooling pads cool the air before reaching the condenser, improving heat dissipation • water evaporatio
Slide 32: Dehumidification crucial to maximize operational lifespan of a wind park
AirTech Dehumidification crucial to maximize operational lifespan of a wind park Vestasoverview2018 Dehumidification in–Vestas is not wind farms just Vestas important as high humidity can significantly impact efficiency: • combats condensation and mold growth • prevents corrosion • reduces electrica
Slide 33: Supporting data center customers
Supporting data center Data Center Technologies customers Retrofit projects for colocation customers in North America • evaporative pre-cooling for air cooled chillers Benefits include: • reduced water carryover and water usage – improving product lifecycle and reducing product maintenance • pre-coo
Slide 34: Broadening our offering for data center cooling solutions
Data Center Technologies Broadening our offering for data center cooling 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 offer fu
Slide 35: Order on cooling distribution units (CDUs)
Data Center Technologies Order on cooling distribution units (CDUs) Order of MSEK 375 for Munters LCX system • Water-to water cooling distribution unit (CDU) utilized for liquid cooled servers • Order from a new customer, a leading colocation provider in the U.S. • Deliveries anticipated to start du
Slide 36: Expanding DCT facilities in Ireland to meet the demand
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 ~11,000m2 production and office space • Initially, around 100 employees will be able to produce the full DCT product range
Slide 37: Acquisition of Hotraco – fully in line with our strategy
FoodTech Acquisition of Hotraco – fully in line with our strategy Dutch Hotraco • developer of control systems & sensors for the agricultural sector • +45 000 controllers installed globally within livestock (primarily poultry), crop storage & greenhouse • strong footprint in crop storage & strengthe
Slide 38: Appendix Group
Appendix Group 38
Slide 39: Investments supporting next growth wave
Investments supporting CAPEX (quarterly) 400 10% next growth wave 7.9% MSEK %-net sales 200 5% Continued investments aiming at strengthening competences, upgrades, 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0% digitalize & automize 2022 CAPEX 2023 CAPEX % of net sales 2024 • DCT (Q4 2024): new plant in Cork, Euro
Slide 40: Solid financial platform important growth enabler
OWC & leverage Solid financial platform important growth enabler Business areas Group funding OWC/Net sales Net debt / adj. EBITDAx, LTM 20% 3,2 17.2% Long-term ambition 1.5x-2.5x 2,8 3.1 14.2% 2.9 15% 13.7% 13.1% 12.7% 2,4 2,0 2.2 Mid-term target: OWC/Net sales 13-10% 2.1 10% 1,6 1.8 1,2 5% 0,8 0,4
Slide 41: 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 2023/2024 • New CEO and part of • New strategic priorities • Efficiency improvement • AT & FT delivering on • Delivering on strategy, the management team launched initiatives contin
Slide 42: M&A categories in focus
Delivery on M&A agenda to fuel growth Structured process for M&A and integration with aligned workflows 2023 2024 Acquisition, Tobo Component, Sweden Acquisition, Geoclima, Italy Focus on value creating from day 1 Core / Net sales: MSEK 76 Net sales: MEUR 40.1 Employees: 165 of integration: Employee
Slide 43: Appendix AirTech
Appendix AirTech 43
Slide 44: Clean Technologies – solutions for a healthier planet
AirTech Clean Technologies – solutions for a healthier planet Business Line Clean Technologies Decarbonization Emission Cleaning (Mitigation path) (Abatement path) Segment Power Process Electronics Tech- Mist elimination nologies VOC* abatement Mass transfer End customer Waste to Wind Steel, cement,
Slide 45: Preparing for the next growth wave – investing in our global footprint
AirTech Preparing for the next growth wave – investing in our global footprint Amesbury Tobo & Hodonin • New greenfield factory to consolidate • New factory completed in Hodonin, Czech multiple sites into one and to support Republic to manufacture large systems battery demand in North America • Oppo
Slide 46: AirTech Service Offering
AirTech AirTech Service Offering START-UP & WARRANTY REVIEW & RENEW • Installation Support/Assembly • Smooth transition to new Supervision product • Startup services & • Decommissioning Guaranteed performance • Primacaire • Training SUSTAIN & MAINTAIN • ServiceCaire RETROFIT & UPGRADE • Rotor Perfor
Slide 47: CleanTech has delivered into carbon capture projects worldwide
AirTech CleanTech has delivered into 26 carbon capture type of projects worldwide Norcem Brevik in Norway Ammonia plants in Nigeria World's first large scale CCS Supplied full internal system system in a cement plant in including solvent based CO2 Norway. Uses an amine based capture and ammonia scru
Slide 48: Appendix DCT
Appendix DCT 48
Slide 49: DCT: Further significant profitability improvements
Data Center Technologies Further significant Order intake & backlog development profitability improvements 8 000 6 000 MSEK Change (%) Q3 Q3 4 000 2024 2023 Org. Struct* FX MSEK 2 000 Order intake 898 404 134 0 -12 0 Order backlog 6,464 5,453 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Net sales 1,
Slide 50: SyCool Split - how to deal with increased power density
Data Center SyCool Split - how to deal with increased Technologies power density 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. R
Slide 51: Our global footprint – investing for growth
Data Center Technologies Our global footprint – investing for growth Roanoke Cork • Our largest manufacturing facility of • All-new site of 11,148m2 to meet the growing 34,000 m2 for the North American demand for data center cooling in Europe market Completed first half of 2025 Selma • Shared site b
Slide 52: Appendix FoodTech
Appendix FoodTech 52
Slide 53: Continued strong margin increase from all regions
FoodTech Continued strong margin increase from all regions Change (%) Order intake & backlog development Q3 Q3 2024 2023 Org. Struct* FX 1000 MSEK 750 Order intake 590 651 -8 2 -4 MSEK 500 Order backlog 894 999 250 Net sales 758 650 19 2 -5 - of which SaaS 74 48 0 Q322 Q422 Q123 Q223 Q323 Q423 Q124
Slide 54: FoodTech on a journey of accelerated growth
FoodTech – Digital Solutions FoodTech on a journey of accelerated growth 3. Establishing the data eco-system 1. Developing existing segments 2. Replicating into new segments & attracting technology leaders Continuous enhancements and penetration of Expansion to new segments, leveraging Establishment
Slide 55: Footprint & global investments for the future
FoodTech Footprint & global investments for the future Digital Solutions – investments for accelerated growth Climate Solutions – innovation and further efficiency improvements • New product development • Scale for growth • R&D and innovation • Continued expansion with both new and existing customer
Slide 56: Contact details Investor Relations
Contact details Investor Relations 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 Please visit Investor Re