Slides
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Munters Q3 report 2026 Stefan Aspman, President and CEO Katharina Fischer, GVP and CFO Line Dovärn, GVP Investor & Corporate Relations
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Q3: Ramp-up weighs on profitability 2 Significant order growth - operational improvements progress Q3: Significant order intake… MSEK 18% -10% 0% 10% 20% 30% 0 1 000 2 000 3 000 4 000 5 000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net sales Net sales growth MSEK 0% 5% 10% 15% 20% 0 250 500 750 1 000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Adj. EBITA Adj. EBITA margin EBIT margin MSEK Q3: …translating into volume growth 2025 20262024 AT = AirTech, DCT = Data Center Technologies, FT = FoodTech, BA = business areas *Large orders announced through press releases 4,473 546 12.2% Order intake, +70% (+69% org.,+1% currency) • AT - growth, robust demand across all segments and regions • DCT - increased significantly, strong market & expanded product offering cross regions • FT – decline, mainly reflecting timing of software projects and lower activity in selected end-markets Order backlog, +178% (currency adj.: +163%) • Mainly DCT, deliveries 2027 into 2028 • Book-to-bill: 1.6 Net sales, 18% (+17% org., +1% currency) • AT – increased, strong performance in Americas and APAC, supported by the evaporative pads in the Components segment • DCT – increased, higher production volumes and improved capacity utilization in Virginia, component shortages cont. to limit throughput • FT – remained stable, growth in Software offset by lower sales of Controllers in EMEA Adj. EBITA -margin: 12.2% (13.5 ) - DCT: declined, reflecting changed product mix, component shortages and ramp-up inefficiencies - FT: remained strong, cont. investments + AT: improved, on higher volumes, favorable mix and cost savings EBIT margin: 8.7% (10.0) 8.7% 0 5 000 10 000 15 000 20 000 25 000 30 000 0 3 000 6 000 9 000 12 000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Order intake Announced orders* Order backlog 7,070 27,851 2025 20262024 2025 20262024
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FoodTech 31% 42% 41% Positive momentum across regions and several end-markets 3 All figures as reported, not currency adjusted. Note: the comments refers to overall market trends and developments and should not be interpreted as specific to Munters or its operations • AT: mixed demand, with cont. growth in defense and components • DCT: signs of activity pick-up across several parts of the region • FT: positive outlook, supported by efficiency and animal welfare requirements • AT: Continued strong market in China within several end-markets. SEA and India continue to grow • DCT: positive outlook, particularly in SEA and Oceania/Pacific • FT: market growth continues, with varying maturity levels and business practices 16% 14% Group order intake Q3 71% AirTech Americas EMEA APAC 54% 28% Business area order intake Q3 • AT: market stabilization, growth across several end-markets. Demand for evaporative cooling components • DCT : expanding rapidly, cont. to lead globally by hyperscale investments & AI-driven demand • FT : positive growth momentum (69) (19) (12) (44) (32) (24) (5) (48) (4) 4% DCT (86) (48) 84% (91) 7% (3) 9%
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Strong demand - continuing a positive trend AirTech 0 2 000 4 000 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Order Intake Order Backlog MSEK 4,135 1,774 Order intake & backlog * 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. 4 Order intake increased; (currency effects +3%) • reflecting robust demand across all segments & regions, APAC strongest contributor Order backlog increased Book-to-bill: 0.8 10% 25% 8% 12% 15% 31% Customer segment order intake, LTM Battery Other industrial Clean Technologies Commercial Service Components > 5 % ~ 1-5 % ± 0-1% neg → → AirTech Market outlook 2026*
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• Battery – fluctuating order intake, with higher levels in 2026 than at the start of the period • Other Industrial – positive overall trend, supported by several end-markets such as defense, pharma & utilities • CT – broadly stable through most of the period, project fluctuations • Commercial – variable order intake, improving trend • Components – overall growth with an extraordinary peak in Q2 2026. Data centers drive demand for evaporative pads • Service – stable order intake throughout the period 5 Robust demand across all segments Order intake per customer segment Development Q3 2024 – Q3 2026 MSEK, LTM 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 Other industrial Clean Technologies Commercial Components Service Net sales, Q AirTech MSEK, Q Order intake, LTM ** 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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6 0% 5% 10% 15% 20% 0 500 1 000 1 500 2 000 2 500 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Net sales LTM Adj. EBITA-margin Adj. EBITA-margin Adj. EBITA-margin AirTech Profit more than doubled MSEK Q3 2026 Q3 2025 Change (%) Org. Struct* FX Order intake 1,774 1,567 11 - 3 Order backlog 4,135 2,697 Net sales 2,191 1,770 23 - 1 Adj. EBITA 283 124 -1 Adj. EBITA (%) 12.9 7.0 * Acquisitions & divestments MSEK Net sales & adj. EBITA-margin Net sales increased; • driven primarily by strong performance in Americas but also APAC, whereas EMEA remained flat Adj. EBITA margin strengthened; + higher volumes + favorable product mix + announced cost-savings initiatives & absence of dual-site costs in Amesbury, US + positive impact from an order cancellation fee (2.5 p.p.) ‒ continued underutilization of factories Service share of net sales, Q3 19% 27%(19) Components share of net sales, Q3 (22)
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0 5 000 10 000 15 000 20 000 25 000 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Order Intake Order Backlog Order intake more than doubledMSEK 22,927 4,907 7 > 5 % ~ 1-5 % ± 0-1% neg → → Order intake & backlog Order intake increased; (currency effects, -2%) • high demand, broad-based across the expanded product portfolio, customer groups & regions • Americas remained the largest market, increased activity in EMEA & APAC Order backlog increased; • deliveries mainly in 2027 and into 2028 Data Center Technologies 40% 57% 2% 2% Hyperscaler Colocator Enterprise Other 49% 33% 10% 1% 3%4% Chillers CRAH* CDU** Sycool Service Other SolutionCustomer segment Order intake split, LTM Book-to-bill: 2.7 *Computer Room Air Handler **Coolant Distribution Unit DCT Market outlook 2026* → * 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.
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8 Data Center Technologies 0% 5% 10% 15% 20% 25% 0 250 500 750 1 000 1 250 1 500 1 750 2 000 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Net sales LTM Adj. EBITA-margin Adj. EBITA-margin Higher net sales - improved factory utilization Adj. EBITA-margin * Acquisitions & divestments MSEK Q3 2026 Q3 2025 Change (%) Org. Struct* FX Order intake 4,907 2,164 129 - -2 Order backlog 22,927 6,581 Net sales 1,789 1,556 14 - 1 Adj. EBITA 174 304 1 Adj. EBITA (%) 9.7 19.5 Net sales & adj. EBITA-margin MSEK Net sales increased; • volumes increased both sequentially & year-on-year, supported by strong backlog • improved capacity utilization in expanded Virginia facility • measures to improve & optimize component availability continued Adj. EBITA margin declined; ‒ adverse impact from product mix, reflecting a broader product portfolio ‒ US production ramp-up and component constraints affecting efficiency ‒ tariff headwinds (2 p.p.) = price increases implemented -> materialize gradually due to long lead times Service share of net sales, Q3 7%(5)
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Transformational growth potential, headwinds weigh on pace and profitability 2. Supply constraints and cost pressures1. Production ramp-up economics New US products bring initial labor inefficiencies and higher component costs. Component shortages slow the ramp-up. Profitability Component shortages slow the production ramp-up Illustrative ramp-up only. Excludes external cost pressures. AI infrastructure demand continues to outpace capacity expansion in parts of the cooling value chain. Tariffs and higher material costs add pressure on margins. Q2 9 Volume Q3 Virginia, chiller ramp-up Data Center Technologies Near-term affected by: Fundamentals shaped by: 3. Consciously transforming DCT Production expansion strengthens DCT’s long-term market position and unlocks new growth opportunities, while broadening its competitive landscape and evolving its margin profile. External Internal Internal & External
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Demand affected by cautious investment activity FoodTech 0 200 400 600 800 1 000 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Order Intake Order Backlog MSEK 789 402 FoodTech → Market outlook* 2026 58%27% 4% 9% 3% Customer segment order intake, LTM Broiler Layer Swine Plants Other10 > 5 % ~ 1-5 % ± 0-1% neg → → Order intake & backlog Order Intake decreased; (currency effects, 3%) • mainly due to timing of software projects & lower investment activity in selected end-markets • project pipeline remained healthy Order backlog stable Book-to-bill: 0.8 * 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.
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0% 5% 10% 15% 20% 25% 30% 0 300 600 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Net sales LTM Adj. EBITA-margin Adj. EBITA-margin Adj. EBITA margin FoodTech Margin remains strongMSEK MSEK Q3 2026 Q3 2025 Change (%) Org. Struct* FX Order intake 402 435 -11 - 3 Order backlog 789 756 Net sales 502 486 0 - 3 - of which SaaS 92 80 - SaaS ARR 378 321 Adj. EBITA 88 95 2 Adj. EBITA (%) 17.5 19.4 * Acquisitions & divestments 321 378 Q3 2025 Q3 2026 Net sales & adj. EBITA-margin Development of ARR Q3** ** ARR = Recurring revenue in the month multiplied by twelve +18% 11 Net sales flat organically; • growth in Software offset by lower sales in Controllers in APAC and EMEA • SaaS ARR growth increased +18% Adj. EBITA margin strong; – margin remained at a strong level but declined from last year – continued investments in future growth Service share of net sales, Q3 23%(21)
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Financial highlights
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Operational execution improving, more to do • Net Sales • increased +17%, org. growth driven by both AirTech & DCT, with FoodTech flat • Adj. EBITA margin declined; • with mixed development showing increased margin in AirTech whereas DCT & FoodTech declined. • Net income increased driven by improved operating profit as well as a reduction in net financial expenses; • IAC MSEK -64; restructuring costs -23, M&A activities -5 and other IACs -37 • Negative cash flow from operating activities • mainly due to inventory build up though somewhat mitigated by advances from customers • OWC/net sales decreased; • well below our target range of 13-10% • Leverage ratio increased • mainly due to negative cash flow & higher lease liabilities Group 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 MSEK Q3 2026 Q3 2025 Change (%) Organic growth Structural growth* Currency effects Order intake 7,070 4,159 69 - 1 Order backlog 27,851 10,034 Net sales 4,473 3,798 17 - 1 Operating profit (EBIT) 391 381 Adj. EBITA 546 511 5 - 1 Adj. EBITA- margin 12.2 13.5 Net income 211 194 Cash flow from operating activities -216 389 OWC/net sales (%)1 4.2 8.3 Net debt 7,412 6,707 Leverage2 3.4 2.8 ROCE (%) 9.6 11.9 13
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Mixed development as operational improvements progress Adjusted EBITA -margin Main factors affecting adj. EBITA margin in Q3 : • Positive volume impact with growth in all business areas, particularly AirTech • Negative product mix and tariff impact in DCT. Price increases are being implemented across the Group to offset higher material costs • Negative operational excellence due to component constraints affecting throughput and efficiency during the planned DCT ramp up, combined with underutilization in AirTech • Strategic initiatives for scalability in digitization and automation continue, as well as footprint & growth investments, positive support from cost saving measures in AirTech Improvement compared to Q2 2026 (11.0) primarily driven by increased volumes. Group adj. EBITA margin impact Q3 2025 adj. EBITA % 13.5 Volume Product & regional mix and net pricing Operational excellence Strategic initiatives Q3 2026 adj. EBITA % 12.2 14
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15 AirTech: 2025 & 2026 cost-savings continue to progress as planned • Workforce optimization • Increased efficiency • Investment adjustments 0 50 100 150 200 250 300 350 2025 2026 Net-cost savings 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 2026 efficiency measures
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Inventories impacted cash flow Group cash flow Q3*, MSEK 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 -500 -400 -300 -200 -100 0 100 200 300 400 500 -660 -148 -61 444 303 Cash flow MSEK * Continuing operations 16 Q3: • negative cash flow from operating activities • primarily inventory build-up within DCT, somewhat mitigated by customer advances • cash flow from investing activities positively impacted by divestment of AgriWebb • MSEK 32 from minority shareholding YTD: • cash flow from operating activities lower than last year • primarily inventory build-up within DCT, largely mitigated by customer advances • cash flow from investing activities impacted by business acquisitions • i.e. contingent consideration MTech
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Continued CAPEX investments • capability strengthening via upgrades, digitalization and automation • ongoing capacity expansion in DCT and AirTech Components OWC/net sales well 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 Investing in future growth 0% 5% 10% 15% 0 1 000 2 000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 MSEK % - net sales 2024 2025 Operating working capital OWC/net sales, R12M 2026 Operating working capital 4.2% Financial target range 13-10% 0% 5% 10% 15% 0 150 300 450 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Capex** % - net sales, Q % - net sales, LTM CAPEX MSEK %-net sales 20262024 2025 6.0% 4.6% Capex & OWC 17 Expected to remain in same range (**investments in intangible assets & PPE) Business Outlook 2026 - Capex* * 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.
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Leverage ratio above ambition 2.1 2.6 3.0 2.8 2.8 2.9 3.1 3.2 3.4 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 -10 000 -8 000 -6 000 -4 000 -2 000 0 2 000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Cash & equivalents Other Lease liabilites Interest bearing liabilities Net debt / adj. EBITDA, LTM Development of leverage & net debt Leverage & net debt MSEK Note: Leverage ratio corresponds to net debt in relation to adj. EBITDA, LTM 2024 2025 2026 Leverage ratio 3.4x • increased mainly due to negative cash flow and higher lease liabilities • increased compared to Q3 2025 (2.8x) • increased compared to Q2 2026 (3.2x) Diversified funding base • Sustainability linked loans • Commercial paper • MTN-program • Green bonds 18 Long-term ambition: 1.5x-2.5x • leverage is currently elevated following strategic growth investments • continued focus on deleveraging
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Solar electricity building resilience * From 2023 to 2030. Compared to base year set at 2023. 100% of employees to complete CoC training every two years Scope 1 & 2: 42.0% absolute reduction 30% women leaders & in workforce Targets for 2030 – FY 2025 performance Reduce CO2e* Gender Equity Responsible business +3% (+3) Workforce - Leaders 23% (22) 21% (22) 92% (99) Scope 3: reduce by an average of 51.6% per unit sold +19% (-37) 100% of key suppliers must sign Supplier CoC 90% (83) Solar panels, Amesbury, US Significant cost savings, reduced Co2e and increased resilience Provided 100% of electricity used* *June-July 2026 • Facility performance: The Amesbury AirTech facility is in strong condition, with the solar investment contributing to a lower operating cost base while supporting our sustainability goals. • Cost predictability: On-site electricity generation reduces exposure to energy price volatility, supporting cost predictability and financial resilience. Solar generation is estimated to correspond to roughly 50% of annual electricity needs
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Summary
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• Solid earnings & increased ARR • Potential divestment progressing as planned Unchanged outlook for 2026 Market demand in battery remains subdued but expected to be offset by improved activity across the Industrial and Components market Market demand is expected to remain strong, supported by continued investments Market demand is expected to remain strong, driven by increased adoption of digital solutions Market outlook for 2026* 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. • Positive order trend continues • Higher utilization and cost measures support profitability • Strong demand translating into sales growth • Ramp-up progressing, supply constraints and tariff pressures Positive PositiveFlat to positive 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 AirTech DCT FoodTech Status: Business outlook for 2026** > 5 % ~ 1-5 % ± 0-1% <0% Positive Flat to positive Flat Negative 21 Outlook
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22 Market potential Orders Orders Revenue Revenue Profits Profits Cash • Outstanding commercial performance • DCT scales 30% sequentially, to record sales • Negative impact by component constraints • AT developing well • DCT profitability lags, mitigation underway • Stronger finish to the quarter • AT significantly higher, affected by a one-off • DCT inventory build-up drives negative operating cash flow Quarterly summary
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Q3 report 2026 Q&A Financial calendar 2026 Capital Markets Day November 11, 2026 Q4 report January 28, 2027 Release of the Annual & Sustainability Report 2026 Week beginning March 8, 2027 Annual General Meeting 2027 April 29, 2027 IR Website
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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.