Slide 1: Munters Q2 report 2026
Munters Q2 report 2026 Klas Forsström, President and CEO Katharina Fischer, GVP and CFO Line Dovärn, Head of Investor Relations
Slide 2: Exploring a potential divestment of FoodTech
Exploring a potential divestment of FoodTech Sharper focus for Munters, new ownership to accelerate FoodTech Munters (DCT & AirTech) FoodTech (Speria) – potential divestment Data Center FoodTech – AirTech Technologies 1. Focus 1. Growth Concentrate fully on the significant opportunities in DCT & Air
Slide 3: Exceptional demand - external headwinds currently affecting profitability
Exceptional demand - external headwinds currently affecting profitability Q2: Exceptional order intake Q2: Increased net sales Q2: Margins impacted by external factors Order intake Announced orders* Order backlog Adj. EBITA Adj. EBITA margin EBIT margin Net sales Net sales growth MSEK 30% MSEK MSEK
Slide 4: Favorable trend in several regions & end-markets
Favorable trend in several regions & end-markets Americas EMEA APAC Group order intake Q2 7% (15) 17% (26) 76% (59) Business area order intake Q2 AirTech 62% (38) 20% (33) 18% (29) DCT 89% (91) (86) 11% (8) 0% (1) 41% (44) 57% (52) 2% (4) FoodTech • AT: market stabilization, pockets • AT: mixed dema
Slide 5: AirTech: Exceptional demand
AirTech Exceptional demand Order intake & backlog 4 000 4,485 Order Intake increased; (currency effects -5%) 3,358 MSEK 2 000 • Americas – significant growth, exceptional demand for evaporative pads (Components) as well as partial order reinstatement in battery. Commercial good demand. 0 Q224 Q324 Q
Slide 6: AirTech: Components driving growth in the quarter
AirTech Components driving growth in the Development Q2 2024 – Q2 2026 quarter • Battery – regional differences. MSEK, Q Order intake per customer segment MSEK, LTM Partial order reinstatement in 3 500 9 000 the quarter • Other Industrial – positive 3 000 7 500 development in several markets (defens
Slide 7: AirTech: Strengthened profitability
AirTech Strengthened profitability Service share of net sales, Q2 Change (%) Q2 2026 Q2 2025 Org. Struct* FX Net Sales increased; 20%(23) MSEK • Americas – strong growth, mainly Order intake 3,358 1,695 103 - -5 Components & Commercial Components share of net sales, Q2 Order backlog 4,485 2,893 • EM
Slide 8: Data Center Technologies: Continued strong demand
Data Center Technologies Continued strong demand Order intake & backlog 20 000 16 000 19,185 Order Intake increased; (currency effects, -18%) 12 000 • strong demand across the product portfolio, MSEK reflecting ongoing investments in data center 8 000 capacity • announced order of BSEK 2.0 from US c
Slide 9: Current external headwinds on Data Center Technologies margin
Current external headwinds on Data Center Technologies margin Change (%) Service share of net sales, Q2 Net Sales declined; Q2 Q2 2026 2025 Org. Struct* FX • planned ramp-up of US chiller MSEK production, burdened by current Order intake 4,853 1,402 264 - -18 7% (7) supply chain constraints, affecti
Slide 10: Order backlog - deliveries mainly in 2026 & 2027
Order backlog - deliveries mainly in 2026 & 2027 Data Center Technologies 2025 2026 2027 2028 Delivery execution & capacity expansion BSEK ~2, US hyperscaler, CRAH • Proactive securing of critical MSEK ~775 US colocator, components Chillers MSEK 840, US colocator, • Increased staffing in Chillers op
Slide 11: Ready for the next phase of growth – temporary material constraints
Data Center Technologies Ready 4 for the next phase of growth – temporary material constraints We are doubling down on DCT – a much larger manufacturing footprint, with Virginia leading a major expansion in output What success requires: Factories People Materials Production platform in place Key mat
Slide 12: FoodTech: Strong backlog - delayed project awards
FoodTech Strong backlog - delayed project awards Order intake & backlog 1 000 800 Order Intake decreased (org.); 871 (currency effects, 1%) 600 • Software – declined in Americas, MSEK mainly timing of project awards 400 504 • Controllers – declined, mainly lower investment activity in 200 EMEA & APA
Slide 13: FoodTech: Healthy margin
FoodTech Healthy margin Service share of net sales, Q2 Net Sales increased; Q2 Q2 Change (%) 24% (24) • Software – growth, mainly the 2026 2025 Org. Struct* FX broiler & layer customer segments MSEK Development of ARR Q2** (MUSD) • SaaS ARR increased, supported by Order intake 504 584 -15 - 1 subscr
Slide 14: Financial highlights
Financial highlights Kd
Slide 15: Operational execution progressing as planned
Group Operational execution progressing as planned Q2 Q2 Change (%) • Net Sales 2026 2025 Organic Structural Currency MSEK growth growth* effects • increased +8%, org. growth in AirTech & FoodTech Order intake 8,699 3,666 144 - -7 • Adj. EBITA margin declined; Order backlog 24,542 9,774 • DCT ramp-u
Slide 16: Current external headwinds affecting profitability
Adjusted EBITA-margin Current external headwinds affecting profitability Main factors affecting adj. EBITA margin in Q2: Group adj. EBITA margin impact • Positive volume impact with growth in AirTech, while DCT Q2 2025 decreased adj. EBITA % 13.6 • Negative product mix and tariff impact in DCT. Pric
Slide 17: AirTech: 2025 & 2026 cost-savings progressing as planned
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 optimization 150 •
Slide 18: Disciplined cash management
Cash flow Disciplined cash management Group cash flow Q2*, MSEK Q2: 700 • robust operating cash flow 318 • primarily driven by customer advances in DCT 600 • investing activities increased 500 • partly offset by proceeds from the sale of a US production facility (MSEK 71) 400 • dividend pay out in t
Slide 19: Investing in future growth
Capex & OWC Investing in future growth Business Outlook 2026 - Capex* Expected to remain in same range (**investments in intangible assets & PPE) CAPEX 15% Continued CAPEX investments 450 • capability strengthening via upgrades, digitalization, 10% and automation %-net sales 300 MSEK 7.2% • cont. ca
Slide 20: Leverage ratio above ambition
Leverage & net debt Leverage ratio above ambition Development of leverage & net debt 2 000 3,5 Leverage ratio 3.2x 0 3,0 • Increased compared to Q1 2026 (3.1x): 2.9 3.1 3.2 mainly due to decreased adj. EBITDA 3.0 2.8 2.8 2,5 • increased compared to Q2 2025 (2.8x) 2.6 -2 000 2,0 2.1 Diversified fundi
Slide 21: Green bond allocation and environmental impact
Targets for 2030 – Green bond allocation and environmental FY 2025 performance impact Reduce CO2e* Scope 1 & 2: Scope 3: Green financing report on the allocation of Green Bond proceeds and their environmental impact 42.0% reduce by an Allocation: absolute average of reduction 51.6% per unit Green Bo
Slide 22: Summary
Summary i)
Slide 23: Progression towards our financial targets
Financial targets & dividend Progression towards our financial targets Currency adj. growth Adj. EBITA margin OWC/net sales Dividend Q2 : 8% Q2 : 11.0% Q2 : 5.2% per share 35% 20% 20% 2 +23% +0% Financial target >14% 25% 15% 15% 1,5 +37% 10.2% 1.60 1.60* SEK Financial target range Financial target >
Slide 24: Outlook unchanged for 2026
Outlook Outlook unchanged for 2026 AirTech DCT FoodTech • Scaling to capture larger share • Exploring divestment to • Continued strong growth of market growth with a broader sharpen strategic focus trends across several segments portfolio Status: • Attractive underlying • Ongoing efficiency programs
Slide 25: Financial calendar 2026
Financial calendar 2026 Q3 report October 23, 2026 Capital Markets Day November 11, 2026 Q4 report January 28, 2027 Q&A Q2 report 2026 IR Website
Slide 26: 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