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

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‌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 Q1: Continued strong order growth Q1: Net sales affected by currency Q1: Margins impacted by temporary factors 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 Order intake, +32% (+49% org.,-17% currency) AT - robust demand across regions, despite larger project cancellation DCT - strong demand in Americas from both hyperscalers and colocators FT - strong demand for controllers & software Order backlog, +88% (currency adj.: +96%) Mainly DCT - orders to be delivered mainly in 2026 & 2027 Book-to-bill: 1.3 Net sales, -4% (+9% org., -12% currency) AT - strong performance in Americas DCT - cont. strong delivery execution on order backlog FT - driven by both controllers & software in Americas Adj. EBITA-margin: 10.9% (13.5) DCT: tariff headwinds of approx. -4.p.p & product transition FT: remained robust, impacted by continued investments in growth + AT: improved, mainly positive impact of cost-saving measures, price increases & absence of dual site costs EBIT margin: 7.6% (10.4) 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) 33% (32) 38% (41) 29% (27) 1% (1) AirTech DCT FoodTech 96% (87) 48% (37) 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 AirTech ‌Robust demand despite cancellation 4 000 Order intake & backlog Order Intake increased (currency effects -11%) (org.) ; MSEK 2 000 0 3,007 1, 932 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 > 5 % ~ 1-5 % → ± 0-1% neg → 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 Development Q1 2024 - Q1 2026 ‌Strengthened margin MSEK Q1 2026 Q1 2025 Change (%) Org. Struct* FX Order intake 1,932 2,051 6 - -12 Order backlog 3,007 2,917 Net sales 1,779 1,844 8 - -11 Adj. EBITA 142 88 -12 Adj. EBITA (%) 8.0 4.8 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 ,29 2 3 ,17 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Order Intake Order Backlog Market outlook → 2026* Order intake split, LTM DCT Customer segment Solution > 5 % ~ 1-5 % → ± 0-1% neg 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 MSEK Q1 2026 Q1 2025 Change (%) Org. Struct* FX Order intake 2,293 1,108 138 - -31 Order backlog 15,172 6,508 Net sales 1,403 1,505 8 - -15 Adj. EBITA 202 344 -10 Adj. EBITA (%) 14.4 22.8 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 BSEK ~2, US hyperscaler, CRAH MSEK ~775 US colocator, Chillers MSEK 840, US colocator, Chillers BSEK 2.1 US hyperscaler, Chillers, CRAHs & CDUs BSEK 2.0 US colocator, CRAHs & CDUs MUSD 37 US colocator, Chillers, CRAH MUSD 31 US colocator, CRAH MUSD 44 US colocator, CDU MUSD 51 US colocator, Chillers MUSD 60 US hyperscaler, Chillers 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% > 5 % ~ 1-5 % → ± 0-1% neg → 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 MSEK Q1 2026 Q1 2025 Change (%) Org. Struct* FX Order intake 484 439 18 - -8 Order backlog 813 665 Net sales 416 413 8 - -8 - of which SaaS 83 83 - SaaS ARR 336 314 Adj. EBITA 61 67 -7 Adj. EBITA (%) 14.7 16.1 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: DCT: Becoming a full-solution provider Closed Q4 2024 FY23 net sales.: 455 MSEK Geoclima: Entry into high-end chiller segment, enhancing offering for mission-critical cooling Chiller order intake , LTM : BSEK ~ 6* FoodTech: Strengthening core & digital capabilities Closed Q4 2024 Hotraco: Added advanced controllers in EMEA, enabling integrated customer solutions Commercial synergies Operational efficiencies Technology integration Strengthened market positions FY25 struct. growth Order intake: +13% Net sales: +9% Adj. EBITA +8% 12 * Not all orders are included in structural growth. ‌Financial highlights Group MSEK Q1 2026 Q1 2025 Change (%) Organic growth Structural growth* Currency effects Order intake 4,700 3,556 49 - -17 Order backlog 18,991 10,090 Net sales 3,580 3,714 9 - -12 Operating profit (EBIT) 274 385 Adj. EBITA 390 502 -12 - -11 Adj. EBITA- margin 10.9 13.5 Net income 124 198 Cash flow from operating activities 387 541 OWC/net sales (%) 1 6.5 10.2 Net debt 6,781 7,630 Leverage 2 3.1 3.0 ROCE (%) 9.3 15.1 ‌Operational progress in line with plan Net Sales decreased -4%, org. growth in all business areas Adj. EBITA margin declined; tariffs in DCT, product mix & underutilization in AT, cont. investments in FoodTech Net income declined due to lower operating profit; IAC: MSEK -38 (MSEK -42), mainly restructuring activities within AirTech (MSEK -30) Stable cash flow from operating activities Mainly due to advances from customers in DCT Decrease due to lower operating earnings and less favorable working capital development OWC/net sales continued to improve; below target range of 13-10% Leverage ratio increased Contingent consideration MTech and decreased EBITDA 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: Q1 2025 adj. EBITA % 13.5 Volume Product & regional mix and net pricing Operational excellence Strategic initiatives Q1 2026 adj. EBITA % 10.9 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 344 -152 -133 43 -368 Q1: Stable cash flow from operating activities; Lower operating profit was mitigated by positive changes in operating working capital primarily driven by advances in DCT Cash flow from investing activities impacted by business acquisitions i.e. contingent consideration MTech 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: 91% (81) % renewable electricity in our production sites 49% (43) % renewable energy 28% (50) % waste to landfill 58% (43) % waste reused or recycled 0.8 (1.2) 26% (22) Workplace accidents, measured as TRIR*, at production sites Ambition: Service & Components >1/3 of Group net sales** 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 CO 2 e* Gender Equity Responsible business * From 2023 to 2030. Compared to base year set at 2023. 30% women leaders & in workforce Workforce - Leaders 23% (22) 21% (22) ‌Summary ‌Progression towards our financial targets Financial targets & dividend Currency adj. growth Q1 : 9% Adj. EBITA margin Q1 : 10.9% OWC/net sales Q1 : 6.5% Dividend per share 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 1.30 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 Improved order intake across several segments Status: Positive book-to-bill Ongoing efficiency programs Wide product portfolio Order backlog >15 BSEK US chiller ramp-up Fully digital offering New regions Investments for future growth Market outlook for 2026 * Flat to positive Market demand in battery remains subdued but expected to be offset by continued activity in the Industrial market, including defense, food and pharma Positive Market demand is expected to remain strong, supported by continued investments Positive Market demand is expected to remain strong, driven by increased adoption of digital solutions Net sales growth: Expected to develop positively, supported by the strong backlog Adjusted EBITA margin : Expected to improve in H2 2026, driven by order backlog in DCT & margin improvements in AirTech Business outlook for 2026 ** 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 I R 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.

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