Munters Group Ab · OMXSTO:MTRS
Munters Group Ab — Q3 2025 Earnings Presentation
58 slides from Munters Group Ab's earnings presentation, October 2025
Slide 1: Q3 Investor Presentation
Q3 Investor Presentation October 2025 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
Slide 4: World leader in energy-efficient climate solutions
Q3 LTM 2025 World leader in energy-efficient Business area share 2025, YTD Countries with sales climate solutions Order Intake & production >25 12% Sales MSEK 47% 15,041 41% Production sites Net Sales >25 11% Adj. EBITA margin Headquarters 13.4% 48% Regional share 2025, YTD 41% Americas EMEA APAC Nu
Slide 5: We secure mission-critical industries
We secure mission-critical industries Net sales per business area – Q3 2025 AirTech 46% DCT 41% FoodTech 13% 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 6: 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 7: 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 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 8: Progression towards our financial & sustainability targets
Sustainability targets Progression towards our financial & for 2030 – FY 2024 performance sustainability targets Reduce CO2e* Scope 1 & 2: Scope 3: 42.0% reduce by an Currency adj. growth Adj. EBITA margin OWC/net sales absolute average of reduction 51.6% per unit sold Q3 : +26% Q3 : 13.5% Q3 : 8.3%
Slide 9: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 10: Strong growth and solid profitability
Strong growth and solid profitability Q3: Strong order intake Q3: Increased net sales growth Q3: Solid profitability AirTech DCT FoodTech AirTech DCT FoodTech AirTech DCT FoodTech Group MSEK MSEK % 4 000 30 5 000 25 19.5% 3 000 20 19.4% 2 000 15 2 500 10 13.5% 1 000 5 7% 0 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 11: Sustained leverage ratio during the quarter
Leverage Sustained leverage ratio during the quarter 450 CAPEX 15% Development of leverage & net debt 10% %-net sales 300 MSEK 6.7% 3.9% 5% 2 000 3,5 150 3,0 0 0% 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3.1 2023 2024 2.8 2.8 2025 2,5 CAPEX % - net sales, Q % - net sales, LTM 2.6 -2 000 2.3 2.3 2.2 2,0 2.1 2.0
Slide 12: Service ambition in line with strategic direction
Service Service ambition in line with strategic direction Service share of business area net sales, Q3 Munters ambition: AirTech DCT FoodTech • AirTech 22% (21) 5% (4) 21% (45) • grow our large globally installed base Components share of AirTech, Q3 • continuous innovation – digital offering with AI
Slide 13: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 14: AirTech: Global leader in air treatment for industry
AirTech Global leader in air treatment for industry Customer segments of order intake 19% 12% 11% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 21% 7,134 7,583 7.3% 9% 27% MSEK MSEK % Battery Commercial 20 Other Industrial Clean Technologies 2 500 2 000 Service Components 2 000 15 1 50
Slide 15: Continuous adaptation of our organization to ensure resilience, scalability & profitable growth
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 16: Solid demand across segments
Solid demand across segments AirTech Order intake per customer MSEK, Q segment* MSEK, LTM 2 500 10 000 Customer % order Market segment** intake Q3 outlook* 2 000 8 000 Industrial 50% → Battery 10% → 1 500 Commercial 12% 6 000 Other industrial 28% → Clean Technologies 10% 1 000 4 000 Service & Compon
Slide 17: 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 18: 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 19: 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 19
Slide 20: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 21: Sustainable cooling solutions that facilitate digitization
Data Center Airech Technologies Sustainable cooling solutions that facilitate LTM distribution of order intake digitization Customer segment 2% 36% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA margin* 6,461 5,899 20.8% 62% MSEK Large orders announced through press releases MSEK % 11600 600 24
Slide 22: 2026 and into 2027
Strong order backlog to be delivered mainly in Data Center Technologies 2026 and into 2027 2023 2024 2025 2026 MUSD 137 US colocator, SyCool MUSD 65 US colocator, CRAH MUSD 35 US colocator, CDU MUSD 60 US hyperscaler, CRAH MUSD 55 US colocator, CRAH MUSD 37 US colocator, Chillers, CRAH MUSD 47 US co
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: Becoming a full cooling solution provider
Data Center Becoming a full cooling solution provider Technologies Coolant Distribution LCE - L2R SyCool CDU Units Dry air coolers Fan wall arrays and CRAH´s Evaporator for air Cooling Through a broad technology DX Air cooling platform, and tailored solutions, we units are turning our vision into re
Slide 26: 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 27: 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 28: Market players can be divided into four main categories
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 broad portfolio, world clas
Slide 29: 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 30: Agenda
Agenda Introduction Quarterly highlights AirTech Data Center Technologies FoodTech Appendix
Slide 31: A world leader in digitalizing the food supply-chain
FoodTech A world leader in digitalizing the food supply-chain Customer segments, order intake, LTM 2% 10% Order intake, MSEK* Net sales, MSEK* Adjusted EBITA-margin* 25% 56% 1,852 1,657 18.4% 7% MSEK MSEK % 600 30 486 Broiler Swine Layer 400 % Plants Other 19.4% 400 20 435 Segment order intake, 200
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: 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 34: Appendix Group
Appendix Group 34
Slide 35: Variations across regions & end-markets
Variations across regions & end-markets Americas EMEA APAC Group order intake Q3 12% (14) 19% (23) 69% (62) Business area order intake Q3 AirTech 44% (42) 32% (35) 24%(23) DCT 91% (98) 3% (5) (2) 5% (0) 48% (60) 48% (31) 4% (9) FoodTech • AT: market remains soft, • AT: mixed market sentiment • AT: s
Slide 36: Strong growth and solid margin
Group Strong growth and solid margin • Net Sales increased; Change (%) Q3 Q3 • AT – declined; lower sales in all regions 2025 2024 Organic Structural Currency MSEK growth growth* effects • DCT - increased; driven by cont. successful execution of backlog Order intake 4,159 2,646 56 14 -13 • FT – incr
Slide 37: Regionalized manufacturing strategy mitigates macro uncertainty
Regionalized manufacturing strategy mitigates Group macro uncertainty Opportunities Munters Megatrends Market situation Consequences • Strategically See no current need to • Climate change • Tariff policy • Tariffs positioned further regionalize • Digitalization • Inflationary • Trade restrictions m
Slide 38: 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 2023-2025 • New CEO and part of • New strategic priorities • Efficiency improvement • AT & FT delivering on • Delivering on strategy, the management team launched initiatives contin
Slide 39: Appendix AirTech
Appendix AirTech 39
Slide 40: Stable growth in a challenging environment
Stable growth in a challenging AirTech environment Order intake & backlog 4 000 Order Intake grew; (currency effects -8%) 2,697 MSEK 2 000 • Industrial (excl. battery) – slight growth in 1,567 EMEA & APAC, battery remained flat in all regions 0 • CT 1 – good growth in VOC, supported by Q323 Q423 Q12
Slide 41: Lower volumes and profitability
AirTech Lower volumes and profitability Net Sales declined, lower Change (%) sales in all regions; Q3 2025 Q3 2024 Org. Struct* FX • Industrial (excl. battery) – declined, MSEK primarily Americas, battery decline Order intake 1,567 1,529 7 3 -8 Americas & EMEA Order backlog 2,697 3,327 • CT – growth
Slide 42: 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 43: Appendix DCT
Appendix DCT 43
Slide 44: High demand for our broad portfolio
Data Center Technologies High demand for our broad portfolio Order intake & backlog Order Intake increased; (currency effects, -25%) 8 000 • orders received across full product portfolio, strong demand for CDUs & CRAHs from colocators & hyperscalers 6,581 6 000 • EMEA growth, especially CRAHs & serv
Slide 45: Continued strong execution, although impacted by tariffs
Continued strong execution, Data Center Technologies although impacted by tariffs Change (%) Q3 2025 Q3 2024 Org. Struct* FX Net Sales increased; MSEK • successful execution of backlog Order intake 2,164 898 149 17 -25 • deliveries of SyCool, CDUs, CRAHs in Order backlog 6,581 6,464 Americas & chill
Slide 46: 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 47: Appendix FoodTech
Appendix FoodTech 47
Slide 48: Strong overall demand driven by Americas
Strong overall demand driven by FoodTech Americas Order intake & backlog 800 756 600 Order Intake increased; (currency effects, -10%) MSEK 435 400 • Software – growth, mainly Americas, new & existing 200 customers • Controllers – strong growth in 0 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Americ
Slide 49: Maintaining excellent momentum
FoodTech Maintaining excellent momentum Q3 Q3 Change (%) Development of ARR Q3** (MUSD) 2025 2024 Org. Struct* FX MSEK +21% Net Sales increased, mainly Order intake 435 221 29 77 -10 driven by controllers; Order backlog 756 497 34 28 • Software – grew, despite negative Net sales 486 239 18 95 -10 cu
Slide 50: Our controller portfolio
FoodTech Our controller portfolio Acquired 2011 Acquired 2023 Acquired 2024 Acquired 2024 Segments Main current markets 50
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 Customer cases & M&A Appendix
Slide 53: Co-innovation through strategic investments
Co-innovation through strategic AirTech investments • Munters drives co-development and innovation through venture investments in adjacent technologies • Minority investments include ZutaCore (DCT), AgriWebb & Farmsee (FoodTech) and Capsol (AirTech) • Partnerships focus on direct-to-chip liquid cool
Slide 54: Technology leadership validated by order from new US battery customer
AirTech Technology leadership validated by order from new US battery customer LDP system: • Q4 2025 - Secured order from leading US battery cell manufacturer for heavy-duty vehicles • Includes LDP systems, advanced dehumidification systems & supporting field service • LDP with HPX*-rotor enables ult
Slide 55: 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 56: Strategic milestones in the layer segment to strengthen global position
FoodTech Strategic milestones in the layer segment to strengthen global position Controllers: Secures large-scale order from Software: Signs SaaS-contract incl. major egg producer in China implementation with leading global egg producer Contract signed with Shendi Agricultural Contract signed with o
Slide 57: AI at the core of operations in FoodTech
FoodTech AI at the core of operations in FoodTech Transformation from an equipment-based business to fully digital, leveraging AI for efficiency, strengthened customer relationships and enhanced offering Software: → Calvin: suite of AI-powered agents to enable efficiencies in software development →
Slide 58: Contact details Investor Relations
Contact details Investor Relations Line Dovärn Daniel Carleson Head of Investor Relations Investor Relations Specialist 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 &