Q1 2026 Investor Presentation

Q1 - Investor Presentation

Munters - April 2026

Investor Relations

Agenda

A well-executed start to the year

MSEK

12 000

AirTech DCT FoodTech

Group

FoodTech

DCT

AirTech

MSEK 4 000

AirTech DCT FoodTech

14.7%

9 000

3 000

% 30

25

20

6 000

3 000

2 000

14.4%

10.9%

5

15

10

1 000

8.0%

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2024 2025 2026

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2024

2025 2026

2024

2025 2026

AT = AirTech, DCT = Data Center Technologies, FT = FoodTech, BA = business areas

1. *Large orders announced through press releases

   
   
   

   World leader in energy-efficient climate solutions

   Business area share Q1 2026, LTM

   Order Intake

   8%

   30%

   62%

   
   
   

   Americas

   Regional share Q1 2026, LTM

   EMEA

   Order

   Intake

   APAC

   Order Intake

   Order Intake

   8%

   Net Sales

   Net Sales

   Net Sales

   14%

   60%

Net Sales

11%

49%

40%

1. Note: Figures includes discontinued operations.

Q1 2026,

LTM

Countries with sales & production

>30

Sales MSEK

14,578

Production sites

>25

Adj. EBITA margin

12.0%

Number of employees

~5,000

We secure mission-critical industries

Net sales per business area - Q1 2026

FoodTech 12%

DCT 39%

AirTech 49%

State-of-the-art cooling solutions for data centers

Ultra dry air for battery production

Climate & hygiene control for food production industry

Dehumidification for

windmills & infrastructure

Controllers for optimizing livestock, cultivation, and crop storage

Leading supplier of rotors & other components

6

Clean Technology solutions for a healthier planet

Service offering to a broad range of customers

Constant humidity for the pharmaceutical industry

A leading software solution provider for food producers

We operate through three business areas

AirTech

Climate Control Technologies

Data Center Technologies

Cooling Technologies

FoodTech

Digital Technologies

Dehumidification Humidification

Clean Technologies

Refrigerant-based

Water-based

Controllers

Software (SaaS)

Pharmaceutical

Food Processing

Battery

Broiler

Layer

Swine

Plants

Customer segments

Liquid cooling

Hyperscaler

Colocator

Air-based

Customer Segments

Segments

Components

Dehumidification rotors sold to various industries for moisture control applications

Evaporative cooling pads for precise temperature control and humidification

Selection of products

Commercial

Preservation

Power

Enterprise

Solutions

Split solutions SyCool and outdoor units (Chillers) Indoor units within the white space, i.e. CDU & CRAH

Air handling units, i.e. Oasis, direct evaporative units and EPX Specialized cooling units

Solutions

Controllers to automate, monitor, optimize environments with digital connectivity capabilities Software for food supply chain optimization

Units

Systems

Digital connectivity

SyCool Split

Chiller

CRAH 1

CDU2

Controllers

Software

Service

Digital offering with controls & connectivity. Commissioning, installation and retrofitting

7

The above products are examples of products in the Munters offering

1 CRAH - Computer Room Air Handler

2CDU - Coolant Distribution Units

Service

Commissioning, installation and retrofitting -fans, controls, heat exchangers & refrigeration

Service

Broadening, investing & developing more software to grow portfolio as well as cont. focus on after-market service

Delivery on M&A agenda to fuel growth 2023-2025

2023

AirTech DCT FoodTech

2024

2025

8

Core/ Cosolidation

Structured process for M&A and integration with aligned workflows

M&A categories in focus

Technology

/Digital

Service -string of pearls

New growth areas

Progression towards our financial & sustainability targets

35%

20%

20%

25%

15%

Financial target >14%

15%

Financial target >14%

15%

15%

10%

12.7%

10%

Financial target range 13-10%

5%

5%

5%

Targets for 2030 -FY 2025 performance

Reduce CO2e*

Gender Equity

7.3%

SEK

Responsible business

-5%

0%

0%

2020 2021 2022 2023 2024 2025

Note: Change in net sales compared to the previous period, adjusted for currency translation effects

Note: Average OWC (Operating Working Capital) last twelve months as % of net sales for the same period

9

Note: Figures for 2020-2024 includes discontinued operations.

* From 2023 to 2030. Compared to base year set at 2023.

Scope 1 & 2:

42.0%

absolute reduction

+3% (+3)

Scope 3: reduce by an average of 51.6% per unit sold

+19% (-37)

100% of employees to complete CoC training every two years

90% (83)

100% of key suppliers must sign Supplier CoC

92% (99)

Outlook

No changes in outlook for 2026

FoodTech

AirTech

Positive

> 5 %

Flat to positive

~ 1-5 %

Flat

± 0-1%

Negative

<0%

This reflects the company's view as of the date of this report, based on information and assessment available at that time.

*This reflects the company's assessment of market demand for full year 2026, based on current market indications and the information available at the time of this report.

**Based on assumptions and measures within the company's control, not taking into account external factors or events outside the company's ability to influence, which may impact actual outcomes. Business outlook compared to previous year.

10

Agenda

Favorable trend in several regions & end-markets

Americas EMEA APAC

Group order intake Q1

67%

(55)

20%

(29)

13%

(16)

Business area order intake Q1

(86)

1% (1)

AirTech

DCT

FoodTech

• AT: market stabilization, pockets of growth persist

• DCT: expanding rapidly, cont. to lead globally by hyperscale investments & AI-driven demand

• FT: positive growth momentum

  3%(12)

  51% (57)

• AT: mixed demand environment -defense and utilities growing, pricing remains competitive

• DCT: competitive & slower market with signs of pick-up, growth driven by North Europe & Middle East

• FT: positive market outlook -driven by efficiency and animal

  2%(6)

• AT: signs of improvement in China though cont. high competition, SEA & India growing

• DCT: good market outlook, especially SEA & Oceanic / Pacific

• FT: growing market - mix of maturity levels and business practices

All figures as reported, not currency adjusted.

Note: the comments refers to overall market trends and developments and should not be

12 interpreted as specific to Munters or its operations

welfare requirements

Stable leverage ratio

Business Outlook 2026 - Capex*

Leverage

2 000

0

Development of leverage & net debt

3,5

3,0

450

MSEK

300

CAPEX

3.1

5.5%

15%

%-net sales

10%

-2 000

2.2

2.6

3.1

2.8 2.8

2.9

2,5

2,0

150

0

5%

0%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

MSEK

-4 000

2.0

1,5

2024 2025

Capex** % - net sales, Q % - net sales, LTM

2026

-6 000

-8 000

-10 000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

1,0

0,5

0,0

2 000

MSEK

1 000

Operating working capital

6.5%

15%

% - net sales

10%

5%

2024 2025 2026

Cash & equivalents Other Lease liabilites

Interest bearing liabilities Net debt / adj. EBITDA, LTM

0 0%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2024 2025

Operating working capital OWC/net sales, R12M

2026

Note: Leverage ratio corresponds to net debt in relation to adj. EBITDA, LTM

13

* Based on assumptions and measures within the company's control, not taking into account external factors or events outside the company's ability to influence, which may impact actual outcomes. Business outlook compared to previous year.

Agenda

Global leader in air treatment for industry

Order intake, MSEK*

7,181

MSEK

2 500

2 000

1,932

1 500

1 000

500

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2024 2025 2026

MSEK

2 000

1 500

1,779

1 000

500

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026

Net sales, MSEK*

7,126

%

20

15

10

8.0%

5

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2024 2025 2026

Adjusted EBITA margin*

7.1%

Financial figures Q1 2026

* LTM

15

AirTech

Customer segment order intake, LTM

21%

9%

29%

19%

11%

10%

Battery Other industrial Clean Technologies Commercial

Service Components

Order intake per region, Q

29%

38%

33%

Americas EMEA APAC

Strong demand across several segments

MSEK, Q

Q1 24

Q2 24

Q3 24

Q4 24

Q1 25

Q2 25

Q3 25

Q4 25*

Q1 26 *

2 500

Order intake per customer segment

MSEK, LTM

10 000

2 000

8 000

1 500

6 000

1 000

4 000

500 2 000

0 0

Battery Other industrial Clean Technologies Commercial Components Service Net sales, Q

Order intake, LTM

16

For comparability, figures have been adjusted for currency effects

* Adjusted for a one-off battery project order of MUSD 28 booked in Q4 and cancelled in Q1

• Battery - regional differences, delays in investments, lower project volumes, increased competitive environment

• Other Industrial - positive development in several markets

• CT- continued stable development

• Commercial - good growth driven by supermarkets

• Components - growth of evaporative pads to data center market. Rotor replacements impacted by weaker battery market

• Service - stable development

AirTech

AirTech

AirTech: 2025 & 2026 cost-savings progressing as planned

2025

Net-cost savings

2026

Unrealized net-cost savings Range

2025

• Delivered more than the planned MSEK 100

MSEK

350

300

250

200

2026 efficiency measures

• Investment adjustments

• Workforce optimization

• Increased efficiency

• Restructuring charge

MSEK ~120 recognized across Q4 2025 - Q1 2026

150

100

50

0

17

AirTech

Our offering to the market

Components Units Systems Services

Relationships Knowledge Other

• Trusted advisor

• Responsive service - Remote or on-site

• Timely selections & quotes

• Application and solution expertise

• Meet future climate needs

• Capacity and lead time

• Turnkey capability

• Competitive pricing and OPEX

18

• High product quality & performance

• Rotor and media innovation

• Product quality and Performance • Product quality and Performance • Product quality and Performance

• Energy efficiency • Energy efficiency • Energy efficiency

• Flexible sizing for every • Responsive service

application • Fully trained Munters team

Rotors & Evaporative Pads

ComDry, ML, MX, MCD

DSS Pro, Pure, MX & ML Plus

Agreements, Spares, Upgrades

Overview of Munters Clean Technologies

Mass Transfer Mist Elimination

VOC(1) Abatement

Notes: 1. Volatile Organic Compounds 19

AirTech

Fragmented market with numerous smaller, local players

Dehumidification & Humidification

Air Quality & 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

20