Q1 presentation 2026 (1) (33509 en munters q1 presentation 2026 1)

‌Munters

Q1 report 2026

Klas Forsström, President and CEO Katharina Fischer, GVP and CFO

Line Dovärn, Head of Investor Relations

‌A well-executed start to the year

MSEK

12 000

9 000

6 000

3 000

Order intake Announced orders* Order backlog

18,991 20 000

15 000

10 000

4,700 5 000

MSEK 4 000

2 000

Net sales Net sales growth

3,580

-4%

30%

20%

10%

0%

MSEK 900

600

300

Adj. EBITA Adj. EBITA margin EBIT margin

20%

15%

10.9%

10%

7.6%

390 5%

0 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

-10%

0 0%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2024

2025 2026

2024

2025 2026

2024

2025 2026

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

2 *Large orders announced through press releases

‌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

3 interpreted as specific to Munters or its operations

welfare requirements

‌Robust demand despite cancellation

4 000

Order intake & backlog

Order Intake increased

(currency effects -11%)

(org.);

MSEK

2 000

0

3,007

1,

Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126

Order Intake Order Backlog

Customer segment

• Americas - growth excl. cancellation, primarily Industrial, Commercial & Components

• EMEA - flat, growth in Industrial, mainly defense & pharma

• APAC - solid growth, Components, Commercial, Service & battery sub-segment

• CT 1 - stable demand, driven by EMEA & Americas

Market outlook

2026* AirTech

order intake, LTM

Order Backlog slight increase

Book-to-bill: 1.1

→

4

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

Battery Other industrial

21%

9%

29%

19%

11%

10%

Clean Technologies Commercial

Service Components

1 Clean Technologies

‌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

5

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

‌Strengthened margin

Net sales & adj. EBITA-margin

2 500

2 000

MSEK

1 500

Service share of net sales, Q1

18%(19)

Components share of net sales, Q1

23%(17)

20%

Adj. EBITA-margin

16%

12%

8%

AirTech

Net Sales increased (org);

• Americas - growth, strong development in Components as well as Commercial

• EMEA - decline due to weaker battery, despite good growth in Industrial & Commercial

• APAC - declined, though good sales Commercial & Components

• CT - flat, growth in Americas offset by other regions

Adj. EBITA margin

improved;

+ announced cost-savings initiatives & absence of dual-site costs

+ price increases

• lower volumes & underutilization of factories

• unfavorable product mix

1 000

4%

500

6

0%

Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126

Net sales LTM Adj. EBITA-margin Adj. EBITA-margin

* Acquisitions & divestments

‌Demand remains strong

Order intake & backlog

16 000

14 000

12 000

MSEK

10 000

8 000

6 000

4 000

2 000

0

15 2

2

Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126

Order Intake Order Backlog

Market outlook

→

2026*

Order intake split, LTM

DCT

Customer segment

Solution

1% 3%

40%

56%

1%

12%

4% 4%

42%

36%

→

Hyperscaler Colocator

Enterprise Other

7

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

Chillers CRAH*

CDU** Sycool

Service Other

*Computer Room Air Handler

**Coolant Distribution Unit

Data Center Technologies

Order Intake increased (org.);

(currency effects, -31%)

• strong demand Americas from colocators & hyperscalers, high share of small- and mid-sized orders

• Chiller demand particularly strong, reflecting sustained AI related investments across all regions

  Order Backlog increased;

• deliveries mainly in 2026 & 2027

Book-to-bill: 1.6

‌Margin temporarily impacted

Service share of net sales, Q1

7%(5)

Net sales & adj. EBITA-margin

Data Center Technologies

Net Sales increased (org);

• cont. successful execution of backlog in both Americas & EMEA

• initial ramp-up effects due to ongoing transition to new products

Adj. EBITA margin remained resilient;

• tariff headwinds approx. -4 p.p.

• product transitions

• strategic growth initiatives

1 750

1 500

24%

20%

+ price increases & benefits from lean initiatives

1 250

MSEK

1 000

750

500

250

16%

Adj. EBITA-margin

12%

8%

4%

0 0%

Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126

Net sales LTM Adj. EBITA-margin Adj. EBITA-margin

8

* Acquisitions & divestments

Data Center Technologies

‌Order backlog - deliveries mainly in 2026 & 2027

2025

2026

2027

2028

Delivery execution & capacity expansion

• Proactive securing of critical components

  
  
  

• Increased staffing in operations & engineering

  
  
  
  
  
  
  

• Additional shifts to extend manufacturing throughput

  
  
  

• Expanded manufacturing & assembly footprint

  
  
  
  
  

• Product re-engineering to improve manufacturability & scalability

  
  
  

• Process automation & productivity improvements

Communicated through news item or press release

Stable inflow of customer orders with ongoing production & delivery

A selection of orders not communicated through news item or press releases

Order received

Expected delivery period

9 Limited and illustrative sample of orders intended to highlight variation in products, lead times, and delivery.

‌Continued strong demand

Order intake & backlog

813

484

800

MSEK

600

400

200

0

Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126

Order Intake Order Backlog

Market outlook*

2026

→

FoodTech

Customer segment order intake, LTM

9% 2%

6%

27%

55%

→

10

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

Broiler Layer Swine Plants Other

FoodTech

Order Intake increased (org.);

(currency effects, -8%)

• Software - growth, driven by broiler and layer customer segments across regions

• Controllers - strong growth in Americas within broiler and layer following recovery in US layer market

Order Backlog increased Book-to-bill: 1.2

‌Margin remains robust

Net sales & adj. EBITA-margin

600

MSEK

300

Service share of net sales, Q1

24%(26)

Development of ARR Q1** (MUSD)

+15%

31

36

Q1 2025 Q1 2026

30%

25%

Adj. EBITA margin

20%

15%

FoodTech

Net Sales increased (org.);

• Software - growth, driven by broiler & layer

  • SaaS ARR supported by subscription growth

• Controllers - growth in Americas from broiler & layer segments

  Adj. EBITA margin remained robust;

  - investments to support growth

  + price increases & efficiency initiatives

• despite Q1 being a seasonally lower-volume period for Controllers it delivered strong growth

  10%

  5%

  0 0%

  Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126

  Net sales LTM Adj. EBITA-margin Adj. EBITA-margin
  
  

  * Acquisitions & divestments

  11 ** ARR = Recurring revenue in the month multiplied by twelve

  
  
  

  Group

  ‌Proven M&A execution

  • Consistent execution of targeted, value-accretive acquisitions

  • Focus on core expansion, bolt-on growth, new technologies & adjacent growth areas

  • Strong track record of integrating & scaling acquired businesses

AirTech: Expansion into growing air-quality solutions

Closed Q2 2024

Airprotech: Strengthened position in VOC abatement, addressing tightening environmental regulations and growing markets

Recent acquisitions reinforce positioning across priority segments:

Commercial synergies

Operational efficiencies

Technology integration

Strengthened market positions

12

* Not all orders are included in structural growth.

‌Financial highlights

Group

‌Operational progress in line with plan

14

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

2 Net debt/Adj. EBITDA, Last twelve months

* Acquisitions & divestments

Adjusted EBITA-margin

‌Temporary factors impacting margin

Group adj. EBITA margin impact

Main factors affecting adj. EBITA margin in Q1:

• Volume had a slightly positive impact with organic growth in all business areas

• Positive price increase across all, mainly in DCT. Negative impacts from tariffs in DCT as well as product mix in AirTech & DCT

• Negative operational excellence effects due to under-absorption in AirTech and new factory ramp-up in DCT

• Strategic initiatives for scalability in digitization and automation continues along with footprint and growth investments. Positive support from cost saving measures in AirTech

  Negative currency effect for the quarter

  Improvement compared to Q4 2025 (10.0), primarily driven by increased volumes and positive impact of cost saving measures in AirTech.

  
  
  

  15

  ‌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

  2026

  • Expected annual net-cost savings of MSEK 250-300

  • Full effect reached by end of 2026

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

16

Cash flow

‌Emphasized cash management

500

400

300

MSEK

200

Group cash flow Q1*, MSEK

-152

43 -368

Q1: Stable cash flow from operating activities;

100

0

-100

-200

CF from operating activities before changes in WC

CF from changes in WC

CF in investing activities

CF from financing activities

CF for the period

17

* Continuing operations

‌Investing in future growth

Business Outlook 2026 - Capex*

Capex & OWC

Expected to remain in same range

(**investments in intangible assets & PPE)

Continued CAPEX investments

• capability strengthening via upgrades, digitalization, and automation

• continued capacity expansion & strengthened offering in DCT - investments to scale chiller production in the US. APAC identified as growth opportunity

  450

  MSEK

  300

  150

  0

  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

  15%

  5.5%

  5.5%

%-net sales

10%

5%

0%

OWC/net sales below target range

• enabled by structured, ongoing initiatives to enhance capital efficiency

  Capital allocation priorities to drive growth agenda - organic & inorganic:
  
  

• investing in growth driven by strong structural trends

• operational and commercial excellence

• innovation and CO₂-reduction initiatives

• disciplined M&A and shareholder returns

  2 000

  MSEK

  1 000

  0

  2024 2025

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

  Operating working capital

  2026

  6.5%

  Financial target range 13-10%

  15%

  % - net sales

  10%

  5%

  0%

  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

  2024 2025

  18

  Operating working capital OWC/net sales, R12M
  
  

  2026

  
  
  

  * 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.

  Leverage & net debt

  ‌Increased leverage ratio

  Development of leverage & net debt

  2 000

  0

  -2 000

  MSEK

  -4 000

  -6 000

  -8 000

  -10 000

  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

  3,5

  3.1

  3.1

  2.8

  2.8

  2.9

  2.6

  2.2

  2.0

  2.1

  3,0

  2,5

  2,0

  1,5

  1,0

  0,5

  0,0

  Q1

  Leverage ratio 3.1x
  
  

  • Increased compared to Q4 2025: MTech contingent consideration as well as decreased EBITDA

    Diversification of funding base
    
    

  • Sustainability linked loans

  • Commercial paper

  • MTN-program

    • Green bonds

      Long-term ambition: 1.5x-2.5x
      
      

  • Leverage is currently elevated

    2024 2025 2026

    Cash & equivalents Other Lease liabilites Interest bearing liabilities Net debt / adj. EBITDA, LTM
    
    

    following strategic growth investments

• H2: focus on deleveraging

19

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

‌Munters sustainability journey - CSRD

Published first Annual & Sustainability Report under CSRD:

• Raising level of transparency, data quality & governance.

• Progress across key indicators:

  • High share of renewable electricity at production sites, supporting resilience and lower operational emissions

  • Improved resource efficiency, with more waste reused or recycled and reduced landfill volumes

  • Strong safety performance at production sites,

  • Service & Components embedding sustainability in the core business

sustainability is embedded in our strategy, strengthening execution, risk management, and long-term financial performance

FY 2025 figures:

Q1 2026

20

* Total recordable incident rate

** Service & Components ambition: Revenues in the long-term of >1/3

Service includes: After-market service in all business areas (sales of spare parts, commissioning & installation, inspections & audits, repairs & other billable service) and SaaS revenues in FT Components include: units to control moisture & cooling, sales booked in AT

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)

Targets for 2030 -

FY 2025 performance

Reduce CO2e*

Gender Equity

Responsible business

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

‌Summary

‌Progression towards our financial targets

Financial targets & dividend

20%

20%

35%

2

25%

15%

Financial target >14%

10.2%

15%

SEK

1,5

15%

10%

12.7%

Financial target range 13-10%

Financial target >14%

15%

10%

1

+21%

+12%

+37%

+23% +0%

1.60*

7.3%

5%

5%

5%

0,5

0.70

0.85

0.95

0%

0%

-5%

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

Note: Dividend policy: aim to pay annual dividend of 30-50% of net income for the year

* Board of directors proposed dividend for 2025. Represents 53% of net income from continuing operations

22

Note: Figures for 2020-2024 includes discontinued operations.

Outlook

‌No changes in outlook for 2026

FoodTech

AirTech

DCT

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.

23

‌Financial calendar 2026

Annual General Meeting

April 30, 2026

Q2 report

July 17, 2026

Q3 report

October 23, 2026

Q4 report

January 28, 2027

Q&A

Q1 report 2026

IR Website

‌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 assurance can be given that such expectations prove to have been correct, as forward-looking statements are subject to both known and unknown risks and uncertainties and a variety of factors that could cause actual results or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changes in economic, market, competitive and/or regulatory conditions. Forward-looking statements speak only as of the date they were made and, other than as required by applicable law, Munters undertakes no obligation to update any of them in light of new information arising or future events.