Interim report
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Interim report January-September 2026 * Definitions of key financial indicators can be found on page 21 Figures in the report refer to continuing operations unless otherwise stated. Financial summary LTM Full-year MSEK 2026 2025 ∆% 2026 2025 ∆% Oct-Sep 2025 Order intake 7,070 4,159 70 2 0,469 11,381 80 32,073 22,984 Net sales 4,473 3,798 18 11,858 11,118 7 15,453 14,712 Growth 18% 17% 7% 15% - 8% of which organic growth 17% 15% 11% 10% - 6% of which acquisitions and divestments 0% 11% 0% 11% - 9% of which currency effects 1% -9% -5% -6% - -7% O perating profit (EBIT) 391 381 2 1,045 1,127 -7 1,146 1,228 Operating margin, % 8.7 10.0 8.8 10.1 7.4 8.3 Adjusted EBITA 546 511 7 1,353 1,504 -10 1,711 1,862 Adjusted EBITA margin, % 12.2 13.5 11.4 13.5 11.1 12.7 Net income 211 194 9 536 570 -6 528 562 Earnings per share, SEK 1.16 1.05 2.95 3.07 2.89 3.01 Cash flow from operating activities -216 389 744 1,119 1,343 1,718 OWC/Net Sales 4.2% 8.3% 4.2% 8.3% 4.2% 7.3% Net debt 7,412 6,707 7,412 6,707 7,412 6,699 Leverage 3.4 2.8 3.4 2.8 3.4 2 .9 ROCE, % 9.6 11.9 9.6 11.9 9.6 10.0 Q3 Jan-Sep Q3 2026 Currency adjusted growth 17% Adj. EBITA margin 12.2% Operating working capital/net sales 4.2% Significant order growth as operational improvements progress July – September – Order intake increased +70%, driven by strong demand in Data Center Technologies (DCT) and AirTech. – Net sales increased +18%, driven by all business areas, particularly AirTech. In AirTech growth was driven primarily by Americas and APAC. DCT grew through continued backlog execution and higher production volumes, while FoodTech recorded slight growth. – The adjusted EBITA margin declined. AirTech's margin rose on higher volumes, favorable mix and cost savings. DCT's margin fell, reflecting changed product mix, component shortages and ramp-up inefficiencies. FoodTech's margin declined though remained strong. – Negative cash flow from operating activities, mainly explained by inventory build-up within DCT though somewhat mitigated by advances from customers. – OWC/net sales improved to 4.2%, well below the target range of 13–10%. – Leverage of 3.4x (3.2x in Q2 2026), mainly due to negative cash flow and higher lease liabilities. – Earnings per share amounted to SEK 1.16 (1.05).
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Interim report January - September 2026 CEO comments We continued to see significant order growth across the Group in the third quarter, with an increase of 70% demonstrating Munters strong market position. The order intake is beginning to translate into higher net sales as factory utilization improves. However, our financial performance r emains mixed, as the ramp-up of manufacturing and component shortages weigh on operational efficiency and profitability in DCT . Overall, I’m still encouraged by the operational progress made during the quarter as we enter the end of the year. Looking further ahead, my initial time as CEO has strengthened my conviction in the future opportunities for Munters. Strong demand and continued order growth DCT was a major contributor, with order intake more than doubling year-on-year, outpacing growth in an exceptionally strong underlying data center market. This reflects the strength of our broadened and highly competitive product portfolio, deep application expertise and continued commercial success. DCT continues to win orders across products and customers, with the US remaining our main stronghold. We are also encouraged by increasing traction in EMEA and early progress in Asia despite DCT´s still limited presence in the region. AirTech’s order intake also grew during the quarter, continuing a positive trend over the last 12 months. This was driven by a positive development in APAC and Europe, while activity in the Americas normalized on a good level after a temporary peak in demand for components during the second quarter. FoodTech saw softer demand, driven by project timing and more cautious investment activity in some end-markets. Translating order growth into sales and earnings To deliver on our commitments, we are scaling DCT’s manufacturing capacity to an entirely new level after expanding our campus in Daleville, Virginia. The overall development remains broadly in line with our original plan to reach significantly higher production volumes towards the end of the year. While external factors such as component availability have affected the pace of the ramp-up, we ended the quarter at a clearly higher level of efficiency and volume than where we started. This is beginning to show in the top line. DCT’s net sales increased 15% year-on-year and around 30% sequentially – an impressive achievement by the team given the ongoing challenges. However, as is normal in an industrial scale-up process such as this, improvements in profitability take somewhat longer to achieve, which is reflected in DCT’s EBITA margin being below our ambitions. We still have work to do to reach our desired level of operational efficiency, and constraints in parts of the supply chain and tariff effects continued to weigh on profitability in the quarter. The supply-chain situation has partly improved, although constraints remain industry-wide and need to be taken into account going forward. AirTech continued its broad-based positive development. Higher volumes, improved capacity utilization and the measures taken to reduce the cost base contributed to improved profitability. Compared with last year, the adjusted EBITA margin increased by close to 6 p.p., of which approx. 2.5 p.p. was a favorable impact related to a non-recurring order cancellation fee. In total, AirTech’s profit more than doubled in the third quarter. FoodTech performed well during the quarter, with continued solid earnings level. The process to explore a potential divestment of the business is progressing according to plan and we will provide further updates in due course. Stefan Aspman President and CEO Midterm financial targets Sustainability targets and full year 2025 results Net sales growth: Annual currency adjusted net sales growth above 14%. Performance Q3 2026: 17% (26) Environment Scope 1, 2 absolute reduction 42% , Performance: +3% (+3) Scope 3: reduce CO 2e by an average of 51.6% per unit sold , Performance: +19% (-37) (compared to base year 2023) Adjusted EBITA margin: An adjusted EBITA margin above 14%. Performance Q3 2026: 12.2% (13.5) Social 30% women leaders & in workforce Performance: Leaders: 21% (22), Workforce: 23% (22) OWC/net sales: Average (LTM) operating working capital in the range of 13-10% of net sales. Performance Q3 2026: 4.2% (8.3) Governance Code of Conduct compliance 100% Key supplier CoC, Performance: 92% (99) 100% employees to complete CoC every two years, Performance: 90% (83) Dividend policy: Aim to pay an annual dividend corresponding to 30-50% of net income for the year Dividend 2025: 53% of net income from continuing operations (SEK 1.60 per share, totaling MSEK 292) paid in two instalments. For full description of the dividend policy see the ASR 2025, page 9 or at www.munters.com Service & Components ambition: Revenues in the long term of > 1/3 of net sales, Performance Q3 2026: 28% (24) See Munters annual and sustainability report (ASR) 2025 pages 67-132, for further information on our targets or at www.munters.com
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Interim report January - September 2026 CEO comments continued Outlook and priorities going forward The outlook for 2026 remains unchanged. This is based on the progress made over the year, and the last weeks’ gradual and steady improvements in volumes and operational efficiency. We see no underlying change to the attractive long-term trends across our key markets and there is substantial untapped potential in developing our positions around selected climate control applications. On behalf of the management team, I look forward to welcoming you to our Capital Markets Day on November 11, where we will share more about our future strategic direction. Travelling and spending more time with our businesses across the group, meeting our people and customers, strengthens my conviction in the opportunities ahead for Munters. At the same time, we need to be disciplined about where we focus our resources and ensure we keep translating growth into earnings. We have made good progress, but there is more to do. That is where my attention is, and that is where our teams remain focused. Finally, I would like to thank my colleagues across Munters for their hard work and for the warm welcome I have received in my new role. I take on the responsibility of leading Munters with great respect for what has been built and confidence in what lies ahead. “I’m encouraged by our progress during the quarter. The strong order intake continued and is beginning to show in the top line, but there’s more to do to translate growth into earnings.” Market Outlook 2026* AirTech market – Flat to positive Market demand in battery remains subdued but expected to be offset by improved activity across the Industrial and Components market. DCT market – Positive Market demand is expected to remain strong, supported by continued investments FoodTech market – Positive Market demand is expected to remain strong, driven by increased adoption of digital solutions Business Outlook 2026** Net sales Expected to develop positively, supported by the strong backlog Adjusted EBITA margi n Expected to improve in H2 2026, driven by order backlog in DCT & margin improvements in AirTech Tax rate Expected to remain in the same range Capex Expected to remain in the same range (investments in intangible assets & PPE) Outlook for 2026 * 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. This reflects the company’s view as of the date of this report, based on information and assessments available at that time. Positive (>5%), Flat to positive (~1-5%), Neutral (±0-1%), Negative (<0%)
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Interim report January - September 2026 4 Financial performance Order intake July - September 2026 Order intake amounted to MSEK 7,070 (4,159), (organic +69%, currency effects +1%). Growth was driven by strong demand in DCT and AirTech, partly offset by softer demand in FoodTech. In AirTech, order intake grew, reflecting robust demand across all segments and regions, with APAC recording the strongest regional growth. The segments Commercial, Components and Industrial, including food, pharma and defense, showed particularly strong development. In DCT, order intake increased significantly, reflecting strong demand in the data center market and a solid contribution from DCT's expanded product offering. Growth was broad-based across products, customer groups and regions. In FoodTech, order intake declined, mainly reflecting the timing of software projects and lower investment activity in selected end-markets, while the project pipeline remained healthy. January - September 2026 Order intake during the first nine months of the year amounted to MSEK 20,469 (11,381), (organic +88%, currency effects -8%). The order backlog at the end of the period amounted to MSEK 27,851 (10,034), corresponding to a 178% increase. For more information on the order intake, see the business area comments on pages 7, 8 and 9. Net sales July - September 2026 Net sales amounted to MSEK 4,473 (3,798) (organic +17%, currency effects +1%). Growth was reported in all business areas, particularly AirTech. In AirTech, net sales increased, driven primarily by strong performance in Americas and APAC, while EMEA was stable. Growth was mainly supported by the Components segment, reflecting strong demand for evaporative pads, as well as the Industrial and Commercial segments. In DCT, net sales increased, supported by deliveries from the strong backlog, higher production volumes and improved capacity utilization at the expanded facility in Virginia, US. Shortages of selected components continued to limit throughput. In FoodTech, net sales remained stable with growth in Software offset by lower sales in Controllers in EMEA. Munters has an ambition to reach a Service and Components level of more than one third of net sales in the long- term. Service is defined as after-market service plus Software-as-a-Service (SaaS) revenues. Service accounted for 14% (15) of total net sales with an organic growth of +11%. Service and Components amounted to 28% (24) of net sales. January - September 2026 Net sales grew to MSEK 11,858 (11,118) (organic +11%, currency effects -5%). For more information on the net sales, see the business area comments on pages 7, 8 and 9. LTM Full-year MSEK 2026 2025 ∆% 2026 2025 ∆% Oct-Sep 2025 Order intake 7,070 4,159 70 20,469 11,381 80 32,073 22,984 AirTech 1,774 1,567 13 7,063 5,313 33 9,050 7,300 DCT 4,907 2,164 127 12,053 4,674 158 21,267 13,889 FoodTech 402 435 -8 1,389 1,458 -5 1,798 1,867 Corporate & elim. -12 -7 - -36 -65 - -43 -72 Net sales 4,473 3,798 18 11,858 11,118 7 15,453 14,712 AirTech 2,191 1,770 24 5,969 5,323 12 7,838 7,191 DCT 1,789 1,556 15 4,548 4,584 -1 5,870 5,906 FoodTech 502 486 3 1,380 1,304 6 1,830 1,753 Corporate & elim. -10 -14 - -39 -93 - -85 -138 Adjusted EBITA 546 511 7 1,353 1,504 -10 1,711 1,862 AirTech 283 124 129 645 338 91 759 453 DCT 174 304 -43 530 967 -45 712 1,149 FoodTech 88 95 -7 221 230 -4 288 297 Corporate & elim. -0 -11 - -43 -32 - -49 -37 Adjusted EBITA margin, % 12.2 13.5 11.4 13.5 11.1 12.7 AirTech 12.9 7.0 10.8 6.4 9.7 6.3 DCT 9.7 19.5 11.7 21.1 12.1 19.5 FoodTech 17.5 19.4 16.0 17.7 15.8 17.0 Q3 Jan-Sep Quarterly order intake , (MSEK) Order intake per business area Q3, 2026 Order intake per region Q3, 2026 Quarterly net sales, (MSEK) Net sales per business area Q3, 2026 Net sales per region Q3, 2026 0 9,000 18,000 27,000 36,000 Q3 24 Q1 Q3 25 Q1 Q3 26 0 3,000 6,000 9,000 12,000 Quarter LTM 0% 50% 100% AirTech 25% DCT 69% FoodTech 6% 0% 50% 100% Americas 71% EMEA 16% APAC 14% 0 4,000 8,000 12,000 16,000 20,000 Q3 24 Q1 Q3 25 Q1 Q3 26 0 1,000 2,000 3,000 4,000 5,000 Quarter LTM 0% 50% 100% AirTech 49% DCT 40% FoodTech 11% 0% 50% 100% Americas 62% EMEA 24% APAC 14%
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Interim report January - September 2026 5 Results Adjusted EBITDA and EBITA excludes Items Affecting Comparability, IAC, see page 18 for disclosure of the IACs. July - September 2026 The gross margin amounted to 27.6% (31.2). Adjusted EBITDA amounted to MSEK 663 (614), corresponding to an adjusted EBITDA margin of 14.8% (16.2). Depreciation of tangible assets amounted to MSEK -118 (-103), whereof depreciation of leased assets was MSEK -66 (-59). Adjusted EBITA amounted to MSEK 546 (511), corresponding to an adjusted EBITA margin of 12.2% (13.5). AirTech's margin improved, supported by higher volumes, favorable mix, savings from cost-reduction initiatives and the elimination of dual-site costs in Amesbury, US. Continued factory underutilization partly offset these benefits. DCT's margin declined year on year as higher sales did not offset lower operational efficiency during the ongoing production ramp-up in Virginia. The margin was also adversely affected by changed product mix, component shortages, tariffs and higher material costs. FoodTech's margin remained strong but was below the prior-year level, as investments to strengthen FoodTech's market position continued. Operating profit (EBIT) was MSEK 391 (381), corresponding to an operating margin of 8.7% (10.0). Amortization of intangible assets were MSEK -91 (-77), where MSEK -20 (-22) related to amortization of intangible assets from acquisitions. January - September 2026 The gross margin amounted to 28.7% (32.3). Adjusted EBITDA amounted to MSEK 1,691 (1,829), corresponding to an adjusted EBITDA margin of 14.3% (16.5). Depreciation of tangible assets amounted to MSEK -338 (-325), whereof depreciation of leased assets was MSEK -189 (-190). Adjusted EBITA amounted to MSEK 1,353 (1,504), corresponding to an adjusted EBITA margin of 11.4% (13.5). Operating profit (EBIT) was MSEK 1,045 (1,127), corresponding to an operating margin of 8.8% (10.1). Amortization of intangible assets were MSEK -256 (-227), where MSEK -56 (-63) related to amortization of intangible assets from acquisitions. For more information on the results, see the business area comments on pages 7, 8 and 9. Items affecting comparability (IAC) Items affecting comparability totaled MSEK -64 (-52) in the third quarter including restructuring costs of MSEK -23 (-), costs for M&A activities of MSEK -5 (-1) and other IACs of MSEK -37 (-). Other IACs refer to costs for exploring a potential divestment of the FoodTech business area. For the nine-month period, IACs totaled MSEK -52 (-150) including restructuring costs of MSEK -53 (-), costs for M&A activities of MSEK -16 (-41), contingent considerations of MSEK -1 (-109), capital gains of MSEK 79 (-) and other IACs of MSEK -61 (-1) in regards to costs for the potential divestment of FoodTech. The capital gain relates to the sale of a US production facility in AirTech. Financial items Financial income and expenses for the third quarter amounted to MSEK -85 (-101) compared to -88 in the second quarter 2026. Interest expense on lease liabilities amounts to MSEK -29 (-28) in the third quarter compared to -27 in the second quarter 2026. Financial income and expenses for the first nine m onths amounted to MSEK -267 (-300). Taxes Income taxes for the third quarter were MSEK -95 (-86) with an effective tax rate of 31% (31%). The tax rate in the quarter is unchanged from last quarter and in line with the effective tax rate for the full year 2025. Income taxes for the first nine months were MSEK -241 (-256) with an effective tax rate of 31% (31%). Earnings per share Net income attributable to Parent Company’s shareholders in the third quarter was MSEK 212 compared to MSEK 192 in the same period last year. The increase was driven by a slight improvement in operating profit alongside a reduction in net financial expenses. Earnings per share were SEK 1.16 (1.05) and SEK 2.95 (3.07) for the nine-month period. The average number of outstanding ordinary shares in the third quarter, for the purpose of calculating earnings per share, was 182,541,440 before dilution and after dilution. There are no dilution effects on earnings per share. Quarterly gross margin, % Quarterly adjusted EBITDA margin, % Quarterly adjusted EBITA margin, % Quarterly EBIT margin, % Tax rate per quarter , % Q3 24 Q1 Q3 25 Q1 Q3 26 0% 10% 20% 30% 40% Q3 24 Q1 Q3 25 Q1 Q3 26 0% 5% 10% 15% 20% Q3 24 Q1 Q3 25 Q1 Q3 26 0% 5% 10% 15% 20% Q3 24 Q1 Q3 25 Q1 Q3 26 0% 5% 10% 15% 20% Q3 24 Q1 Q3 25 Q1 Q3 26 20% 30% 40%
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Interim report January - September 2026 6 Financial position Net debt as of September 30 amounted to MSEK 7,412, (6,707) compared to 6,684 at end of June 2026. Net debt in relation to adjusted EBITDA was 3.4x (2.8x) and 3.2x as of June 30, 2026. The increase was mainly driven by negative cash flow and higher lease liabilities. Interest-bearing liabilities, including lease liabilities, amounted to MSEK 8,517 (8,846) compared to 7,820 at end of June 2026. The increase in the third quarter is partly driven by an increase in lease liabilities related to the expanded Virginia campus. The Group’s interest-bearing liabilities have an average maturity of 2.5 (2.6) years at end of September compared to 2.9 years at end of June 2026. Cash and cash equivalents amounted to MSEK 1,368 (2,421) as of September compared to 1,427 end of June 2026. Average capital employed for the last twelve months amounted to MSEK 11,981 (12,280). Return on capital employed (ROCE) for the last twelve months was 9.6% (11.9). The decrease is explained by lower operating profit for the last twelve months compared to last year. Cash flow Cash flow from operating activities in the third quarter was MSEK -216 (389). The negative cash flow is mainly explained by inventory build-up within DCT. The increase in inventory is somewhat mitigated by advances from customers. For the nine-months period cash flow from operating activities amounted to MSEK 744 (1,119). Cash flow from investing activities amounted to MSEK -148 (-183) in the quarter. Investments in intangible assets and property, plant and equipment increased by MSEK 57 to MSEK -207 (-149). Cash flow from investing activities was positively impacted by MSEK 32 from divestment of the minority shareholding in AgriWebb. For the period January-September, cash flow from investing activities was MSEK -741 (-1,443). Cash flow from financing activities was MSEK 303 (584) in the third quarter and MSEK -210 (420) for January- September. Parent company The parent company for the Group is Munters Group AB. The parent company does not engage in sales of goods and services to external customers. Net debt per quarter ROCE, % 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Q3 24 Q1 Q3 25 Q1 Q3 26 0 1,200 2,400 3,600 4,800 6,000 7,200 8,400 Quarter Leverage Q3 24 Q1 Q3 25 Q1 Q3 26 0% 5% 10% 15% 20%
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Interim report January - September 2026 7 AirTech Business area AirTech is a global leader in energy-efficient air treatment for a broad range of applications, providing advanced climate solutions requiring precise humidity and air quality. AirTech is structured across key customer segments: Industrial, including battery manufacturing and other industrial applications; Commercial, serving supermarkets and public infrastructure; and Clean Technologies, with purification and gas treatment systems that cut emissions and boost energy performance. Service helps extend equipment lifecycles and improve efficiency and Components supplies critical parts for sustainable, low-emission operations. Collectively, the customer segments enhance indoor air quality, production reliability and long-term customer value. July - September 2026 Order intake Order intake grew +11% organically (currency effects +3%), reflecting robust demand across all segments and regions, with APAC recording the strongest regional growth. • Americas reported growth, supported by higher demand in the Commercial segment and the Industrial segment, particularly food and pharma. • EMEA showed growth, driven by the Components segment and the Industrial segment, particularly defense. • APAC reported strong growth, with the Components segment benefiting from battery demand, alongside growth in the Industrial, Commercial and Service segments. • Clean Technologies declined, mainly due to project timing in Americas and EMEA, while APAC remained flat. Net sales Net sales increased +23% organically (currency effects +1%), driven primarily by strong performance in Americas but also APAC, whereas EMEA remained flat. • Americas reported strong growth, mainly related to the Commercial segment and evaporative pads within the Components segment. • EMEA was broadly stable, as growth in Industrial, particularly in defense and preservation, was offset by lower food deliveries due to project timing. • APAC reported growth, driven by the Industrial and Components segments to the battery sector as well as the Commercial segment. • Clean Technologies was flat overall. • Service accounted for 19% (22) and Components 27% (19) of AirTech’s net sales. Adjusted EBITA The adjusted EBITA margin strengthened, fueled by higher volumes, favorable mix, savings from cost-reduction initiatives and the elimination of dual-site costs in Amesbury, US, as well as positive impact from an order cancellation fee. Continued factory underutilization partly offset these benefits. • The cost-adjustment program launched in Q3 2025 continues to progress and deliver cost reductions according to plan. • Compared with last year, the adjusted EBITA margin increased by close to 6 p.p., of which approx. 2.5 p.p. was a favorable impact related to a non-recurring order cancellation fee. In total, AirTech’s profit more than doubled in the third quarter. January – September 2026 • Order intake increased +39% organically (currency effects -6%), with Americas as the main growth market, driven by strong demand in Components. APAC and EMEA also contributed, supported by the Components segment in APAC and the Industrial segment in EMEA. • Net sales increased +17% organically (currency effects -5%), primarily in Americas, where the segments Components and Commercial as well as the Industrial sub-segment battery all contributed to growth. APAC also saw growth, while EMEA showed a mixed development. • The adjusted EBITA margin improved, mainly reflecting higher volumes, positive impact of cost-saving measures and the absence of dual-site costs in Amesbury, US, partly offset by continued underutilization of factories. LTM Full-year MSEK 2026 2025 ∆% 2026 2025 ∆% Oct-Sep 2025 External order backlog 4,135 2,697 53 4,135 2,697 53 4,135 2,782 Order intake 1,774 1,567 13 7,063 5,313 33 9,050 7,300 Growth 13% 2% 33% -4% - -1% Net sales 2,191 1,770 24 5,969 5,323 12 7,838 7,191 Growth 24% -12% 12% -10% - -12% of which organic growth 23% -7% 17% -9% - -10% of which acquisitions and divestments - 2% - 4% - 3% of which currency effects 1% -7% -5% -5% - -5% Operating profit (EBIT) 262 106 148 628 287 119 642 301 Operating margin, % 11.9 6.0 10.5 5.4 8.2 4.2 Amortization of intang. assets -23 -16 -63 -42 -84 -63 Items affecting comparability 1 -3 47 -9 -33 -88 Adjusted EBITA 283 124 129 645 338 91 759 453 Adjusted EBITA margin, % 12.9 7.0 10.8 6.4 9.7 6.3 Q3 Jan-Sep Quarterly net sales - AirTech , (MSEK) Quarterly adjusted EBITA margin, % - AirTech Order intake per region Q 3, 2026 - AirTech Net sales per region Q 3, 2026 - AirTech 0 2,000 4,000 6,000 8,000 10,000 12,000 Q3 24 Q1 Q3 25 Q1 Q3 26 0 400 800 1,200 1,600 2,000 2,400 Quarter LTM 0% 5% 10% 15% Q3 24 Q1 Q3 25 Q1 Q3 26 0% 5% 10% 15% Quarter LTM 0% 50% 100% Americas 41% EMEA 31% APAC 28% 0% 50% 100% Americas 47% EMEA 26% APAC 27%
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Interim report January - September 2026 8 Data Center Technologies Business area Data Center Technologies is a leading provider of advanced, energy-efficient cooling solutions for data centers. With a comprehensive portfolio of air- and liquid-based cooling technologies, we address a wide range of needs across different types of environments and customers. Our solutions support both current and emerging computing demands, and with a diversified product portfolio and extensive application knowledge, we create sustainable climate solutions for data center operators worldwide. July - September 2026 Order intake Order intake increased +129% organically (currency effects -2%), reflecting high demand in the data center market and a strong contribution from DCT's expanded product offering. Order growth was broad-based across products, customer groups and regions. • Americas remained the largest market, complemented by increased order activity in EMEA and APAC, with APAC growing from a low base. Net sales Net sales increased 14% organically (currency effects +1%), supported by deliveries from the strong backlog. Higher production volumes and improved capacity utilization at the expanded facility in Virginia also contributed to the increase. Shortages of selected components continued to limit throughput. • Production volumes increased both sequentially and year-on-year, while operational efficiency continued to improve. Measures to improve component availability, optimize component sourcing and strengthen supply-chain resilience continued, supporting further production ramp-up. • Service accounted for 7% (5) of DCT's net sales. Adjusted EBITA The adjusted EBITA margin declined compared with the high level in the prior-year period. Higher sales did not fully offset lower operational efficiency during the ongoing production ramp-up in Virginia. The margin was also adversely affected by product mix, component shortages, tariffs, material costs and growth initiatives. • The capacity expansion in Virginia progressed broadly according to plan, with the objective of reaching higher production volumes towards year-end. • Product mix adversely impacted the margin, reflecting a broader product portfolio than in the prior-year period, supporting volume growth, increased resilience and reduced dependence on a single product. • Tariffs had an adverse impact of approx. 2 pp on the margin, primarily related to component imports into the US during the chiller production ramp-up. • Price increases have been implemented to compensate for higher material costs as well as tariffs. Due to long lead times, the positive earnings impact will materialize gradually. January – September 2026 • Order intake increased 172% organically (currency effects -14%), with growth across the DCT product portfolio. Americas accounted for the largest increase, while order activity also strengthened in EMEA and APAC. • Net sales increased 5% organically (currency effects -5%), supported by the expanded portfolio and higher capacity utilization. The ramp-up of chiller production in Virginia and shortages of key components across the entire product range continued to constrain throughput and operating efficiency across the wider business. • The adjusted EBITA margin declined, mainly due to changed product mix, lower efficiency during the scale- up of chiller production in Virginia and component shortages that constrained throughput. Tariffs, higher material costs and continued investments in growth also had an adverse impact. LTM Full-year MSEK 2026 2025 ∆% 2026 2025 ∆% Oct-Sep 2025 External order backlog 22,927 6,581 248 22,927 6,581 248 22,927 13,787 Order intake 4,907 2,164 127 12,053 4,674 158 21,267 13,889 Growth 127% 141% 158% 103% - 240% Net sales 1,789 1,556 15 4,548 4,584 -1 5,870 5,906 Growth 15% 54% -1% 49% - 34% of which organic growth 14% 60% 5% 48% - 37% of which acquisitions and divestments - 7% - 8% - 6% of which currency effects 1% -14% -5% -8% - -9% Operating profit (EBIT) 165 296 -44 503 944 -47 677 1,118 Operating margin, % 9.2 19.0 11.1 20.6 11.5 18.9 Amortization of intang. assets -9 -7 -27 -23 -35 -32 Items affecting comparability - - - - - - Adjusted EBITA 174 304 -43 530 967 -45 712 1,149 Adjusted EBITA margin, % 9.7 19.5 11.7 21.1 12.1 19.5 Q3 Jan-Sep Quarterly net sales - DCT, (MSEK) Quarterly adjusted EBITA margin , % - DCT Order intake per regi on Q3, 2026 – DCT Net sales per regio n Q3, 2026 – DCT 0 1,500 3,000 4,500 6,000 Q3 24 Q1 Q3 25 Q1 Q3 26 0 500 1,000 1,500 2,000 Quarter LTM 0% 5% 10% 15% 20% 25% Q3 24 Q1 Q3 25 Q1 Q3 26 0% 5% 10% 15% 20% 25% Quarter LTM 0% 50% 100% Americas 84% EMEA 7% APAC 9% 0% 50% 100% Americas 85% EMEA 14% APAC 1%
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Interim report January - September 2026 9 FoodTech Business area FoodTech’s portfolio consists of controllers, sensors, supply chain and animal health optimization software, and advanced analytics that strengthen efficiency, productivity, and predictability across the global food supply chain. Together with customers and partners, FoodTech is driving the transition toward more efficient and sustainable food production. July - September 2026 Order intake Order intake declined -11% organically (currency effects +3%), mainly reflecting the timing of software projects and lower investment activity in selected end-markets, while the project pipeline remained healthy. • Software declined, mainly due to the timing of project awards, reflecting normal quarter-to-quarter fluctuations in the project-based software business. • Controllers declined, mainly due to lower investment activity in the layer customer segment in Americas and the plant customer segment in EMEA, partly offset by good growth in the broiler customer segment in Americas. Net sales Net sales remained flat organically (currency effects +3%), with growth in Software offset by lower sales in Controllers in APAC and EMEA. • Software grew, mainly within the broiler customer segments, driven by higher recurring revenue. SaaS ARR growth increased +18% to MSEK 378 (321), driven by subscription growth. • Controllers declined, mainly in EMEA within the plant customer segment. • Service represented 23% (21) of FoodTech's net sales. Adjusted EBITA • The adjusted EBITA margin remained at a strong level but declined from last year. Investments in future growth continued, including strengthening the digital offering, expanding software capabilities, innovation and growth into new regions and customer segments. January – September 2026 • Order intake declined -4% organically (currency effects -0%), reflecting lower order intake in both Software and Controllers. Software declined mainly due to project timing, while Controllers was affected by lower investment activity in selected end-markets. • Net sales increased +7% organically (currency effects -1%), driven by growth in both Controllers and Software. • The adjusted EBITA margin remained at a strong level but declined from last year. Investments in future growth continued, including strengthening the digital offering, expanding software capabilities, innovation and growth into new regions and customer segments. LTM Full-year MSEK 2026 2025 ∆% 2026 2025 ∆% Oct-Sep 2025 External order backlog 789 756 4 789 756 4 789 714 Order intake 402 435 -8 1,389 1,458 -5 1,798 1,867 Growth -8% 97% -5% 138% - 86% Net sales 502 486 3 1,380 1,304 6 1,830 1,753 of which SaaS 92 80 15 260 241 8 344 326 SaaS ARR 378 321 18 378 321 18 378 351 Growth 3% 103% 6% 97% - 73% of which organic growth 0% 18% 7% 17% - 16% of which acquisitions and divestments 0% 95% 0% 90% - 66% of which currency effects 3% -10% -1% -11% - -10% Operating profit (EBIT) 14 14 -2 56 40 40 -13 -29 Operating margin, % 2.8 2.9 4.0 3.1 -0.7 -1.7 Amortization of intang. assets -37 -31 -102 -89 -144 -131 Items affecting comparability -37 -49 -63 -102 -157 -196 Adjusted EBITA 88 95 -7 221 230 -4 288 297 Adjusted EBITA margin, % 17.5 19.4 16.0 17.7 15.8 17.0 Q3 Jan-Sep Quarterly net sales - FoodTech , (MSEK) Quarterly adjusted EBITA margin % - FoodTech SaaS ARR – FoodTech (MSEK) Order intake per region Q3, 2026 – FoodTech Net sales per region Q3, 2026 - FoodTech 0 400 800 1,200 1,600 2,000 2,400 Q3 24 Q1 Q3 25 Q1 Q3 26 0 100 200 300 400 500 600 Quarter LTM 0% 5% 10% 15% 20% 25% 30% Q3 24 Q1 Q3 25 Q1 Q3 26 0% 5% 10% 15% 20% 25% 30% Quarter LTM Q3 24 Q1 Q3 25 Q1 Q3 26 0 100 200 300 400 0% 50% 100% Americas 42% EMEA 54% APAC 4% 0% 50% 100% Americas 42% EMEA 55% APAC 3%
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Interim report January - September 2026 10 Corporate The Corporate function reported an adjusted EBITA of MSEK -0 (-11) in the third quarter and MSEK -43 (-32) for the first nine months. The improvement in EBITA in the quarter was mainly driven by a positive share of earnings in associates of MSEK 6, compared with MSEK -2 in the corresponding quarter last year. Other information Employees The number of permanent FTEs (Full Time Equivalents), at September 30, 2026 was 5,511 (5,083 as of September 30, 2025). The number of FTEs in business area AirTech was 3,284 (3,384), in DCT 1,406 (955), in FoodTech 697 (613) and at Group functions 124 (131). Number of shares As of September 30, 2026, Munters held 1,916,377 treasury shares of the total shares of 184,457,817. The number of outstanding shares as of the balance sheet date was 182,541,440. The average number of outstanding shares before and after dilution in Q3 was 182,541,440 (182,541,440). Dividend The AGM in April resolved to pay a dividend of SEK 1.60 (1.60) per share totaling MSEK 292 (292) based on the total number of outstanding shares to be paid in two equal instalments. This represents 53% of net income from continuing operations. The first instalment of the dividend was paid out in May. The second instalment is to be paid in November. Other events during the quarter Munters inaugurates expanded data center cooling campus in Virginia – In September, Munters inaugurated its expanded manufacturing campus in Daleville, Virginia, USA, strengthening its capacity to deliver customized cooling solutions at scale. The 52,000 m² facility includes expanded manufacturing capabilities, advanced testing facilities and local chiller production, supporting growing demand for energy-efficient data center cooling solutions. Munters accelerates CEO transition and announces changes to Group Management – In September, Stefan Aspman assumed the position as President and CEO of Munters Group, ahead of the previously announced schedule. At the same time, immediate changes to Group Management were announced, including the appointments of Frank Pellegrino as President of DCT, Andrew Cook as President of AirTech, Line Dovärn as GVP Investor & Corporate Relations and Petra Gustafson as GVP Enterprise Transformation & Incubation. The changes aim to strengthen customer proximity, accelerate execution and drive Group-wide strategic priorities. Munters invites to Capital Markets Day 2026 – In September, Munters invited analysts, investors and other stakeholders to its Capital Markets Day on November 11, 2026, in Stockholm, with a live webcast available globally. The event will provide insights into Munters strategic direction and ambitions, with presentations from CEO Stefan Aspman and Group Management. Nomination Committee for the 2027 Annual General Meeting – In September, Munters announced the Nomination Committee for the 2027 Annual General Meeting, comprising Magnus Fernström (Wallenberg Investments, previously FAM AB), Chair, Celia Grip (Swedbank Robur Funds), Jan Särlvik (Fourth Swedish National Pension Fund) and Philip Mesch (Odin Fund Management). Stockholm, October 23, 2026 Stefan Aspman President & CEO Ten largest shareholders As of 30 Sep 2026 % Wallenberg Investments Holding* 28.3% Fourth Swedish National Pension Fund 6.1% Swedbank Robur Funds 5.3% ODIN Funds 3.1% Vanguard 3.0% Third Swedish National Pension Fund 2.9% Nordea Funds 2.8% Handelsbanken Funds 2.4% Carnegie Funds 2.2% BlackRock 1.9% * FAM AB has been integrated with Wallenberg Investments Holding Source: Modular Finance AB
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Interim report January - September 2026 11 About Munters Munters is a global leader in technologies that optimize climates, contributing to productivity, quality and resource efficiency in a wide range of industries. Our portfolio includes humidity control systems, air and liquid cooling solutions, controllers and software – offering precise control over mission-critical operating conditions such as temperature and humidity. Munters solutions are used in industries where reliable climate control is essential, helping customers reduce overall resource consumption. Alongside lower resource consumption, our technologies contribute to cleaner air, higher efficiency and reduced carbon emissions, making sustainability an important part of Munters business strategy and value creation. Short facts – ~ 5,500 employees (FTEs) – >30 countries with sales and manufacturing – >25 production sites – 21% women leaders – Three business areas: AirTech, Data Center Technologies and FoodTech In Q3, AirTech generated 49%, Data Center Technologies 40% and FoodTech 11% of the total net sales of Munters. Purpose For customer success and a healthier planet Curiosity and the drive to create pioneering technologies are part of our DNA. Our climate solutions are mission-critical to our customers’ success and contribute to a more sustainable planet. The strategy of Munters Munters has a strong position in the markets we operate in. We see great opportunities to improve and strengthen our market position and to achieve our mid-term financial targets and deliver on our strategy. The key to success is how we respond in working toward our goals. Our overarching strategic priorities show which areas we regard as important to our success. For each strategic priority we have clear action plans and ambitions for what we want to achieve. Sustainability is a priority issue reflected in every strategic priority. People: Our employees are central to our success. That is why their safety and well-being are top priorities, and we invest significant resources in leadership development. We constantly strive to be the most attractive employer. Customers: We work closely with our customers to ensure optimal climate and resource utilization in their mission-critical applications. Our expertise is built on unique insights into our customers’ operations and a deep understanding of their current and future needs. We aim to be an ambitious and proactive partner for climate control solutions. Innovation: Curiosity and an ambition to create pioneering technologies are part of our DNA. We will stay at the forefront of the industry’s development and contribute to sustainable development through our energy- and resource-efficient climate solutions. We continue to invest in our core technologies, solutions and digitization to optimize our product portfolio and our innovative production technology. Markets: Munters is active around the world and climate change, digitization & AI, globalization and population growth are the key markets drivers. Our resources are focused on strengthening our position in areas where we can be a market leader and growing the service business. With high-quality, resource-efficient solutions and a conscious effort to reduce our own climate impact, we contribute to sustainable development. Excellence in everything we do: Our aim is to increase efficiency and quality in everything we do and to reduce our climate impact. Munters operations all share responsible business practices and high ethical standards with respect for human rights, diversity, and health and safety in the workplace.
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Interim report January - September 2026 12 Quarterly overview Group Income Statement Key performance indicators Net Debt Operating Working Capital MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Order backlog 27,851 24,542 18,991 17,282 10,034 9,774 10,090 11,287 10,289 Order intake 7,070 8,699 4,700 11,604 4,159 3,666 3,556 3,994 2,646 Net sales 4,473 3,805 3,580 3,594 3,798 3,606 3,714 3,923 3,254 Adjusted EBITDA 663 530 498 474 614 600 615 607 616 Depreciation tangible assets -118 -112 -108 -116 -103 -109 -113 -102 -85 Adjusted EBITA 546 417 390 358 511 491 502 505 532 Amortization intangible assets from acq. -20 -18 -18 -20 -22 -20 -21 -15 -12 Amortization other intangible assets -71 -69 -60 -62 -55 -55 -53 -68 -49 Items affecting comparability (IAC) -64 50 -38 -174 -52 -56 -42 -88 -14 Operating profit (EBIT) 391 381 274 101 381 360 385 333 457 Financial income and expenses -85 -88 -94 -113 -101 -94 -105 -82 -98 Tax -95 -91 -56 3 -86 -88 -82 -81 -121 Net result, continuing operations 211 202 124 -8 194 178 198 170 238 Net result, discontinued operations - - - 3 -21 -84 -342 7 37 Net income, total 211 202 124 -5 173 94 -144 176 275 -attributable to Parent Comp. Shareholders 212 202 124 -8 171 92 -149 162 263 2025 20242026 MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Organic Growth, Net Sales 17% 8% 9% - 3% 15% 10% 5% 11% 3% Currency adjusted Growth, Net Sales 17% 8% 9% 0% 26% 21% 16% 21% 8% Adjusted EBITA margin, % 12.2 11.0 10.9 10.0 13.5 13.6 13.5 12.9 16.3 Operating margin, % 8.7 10.0 7.6 2.8 10.0 10.0 10.4 8.5 14.0 Earnings per share, SEK 1.16 1.11 0.68 -0.06 1.05 0.97 1.05 0.85 1.23 Service, % of net sales 14 16 15 17 15 16 14 17 17 Service & components, % of net sales 28 28 26 27 24 25 22 24 25 OWC/Net Sales, % 4.2 5.2 6.5 7.3 8.3 9.1 10.2 11.6 12.9 Leverage, LTM 3.4 3.2 3.1 2.9 2.8 2.8 3.0 2.6 2.1 ROCE, % 9.6 9.6 9.3 10.0 11.9 13.0 15.1 16.4 17.4 202420252026 MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Interest-bearing receivables -23 -11 -14 -15 -29 -35 -44 -55 -36 Cash and cash equivalents -1,368 -1,427 -1,407 -1,492 -2,421 -1,648 -1,439 -1,530 -1,393 Interest-bearing liabilities 6,487 6,048 6,147 6,177 7,070 6,486 7,019 6,514 5,013 Lease liabilities 2,029 1,772 1,759 1,742 1,776 1,717 1,797 1,083 1,015 Provisions for pensions 263 288 275 271 273 280 265 277 306 Accrued financial expenses 22 12 21 16 38 15 32 20 28 Net Debt 7,412 6,684 6,781 6,699 6,707 6,816 7,630 6,310 4,932 2026 2025 2024 MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Inventory 3,791 3,038 2 ,047 1,884 2,046 1,996 1,940 2,283 2,192 Accounts receivable 2,764 2,307 2 ,133 1,912 1,921 2,159 2,112 2,567 2,090 Accounts payable -2,380 -2,066 - 1,616 -1,461 -1,510 -1,605 -1,505 -1,789 -1,308 Advances from customers -4,094 -3,772 -2 ,712 -2,462 -2,109 -1,994 -1,947 -1,821 -1,879 Accrued/deferred income, net 819 717 6 70 595 714 524 408 256 516 Operating Working Capital 901 224 52 3 468 1,061 1,081 1,008 1,497 1,612 2026 2025 2024
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Interim report January - September 2026 13 Condensed statement of comprehensive income LTM Full-year MSEK 2026 2025 2026 2025 Oct-Sep 2025 Net sales 4,473 3,798 11,858 11,118 15,453 14,712 Cost of goods sold -3,236 -2,611 -8,459 -7,527 -11,023 -10,091 Gross profit 1,237 1,187 3,400 3,590 4,430 4,621 Selling expenses -372 -350 -1,049 -1,056 -1,381 -1,388 Administrative costs -307 -343 -911 -1,050 -1,317 -1,457 Research and development costs -132 -113 -384 -359 -513 -487 Other operating income and expenses -41 3 -15 2 -74 -57 Share of earnings in associates 6 -2 5 -1 2 -3 Operating profit 391 381 1,045 1,127 1,146 1,228 Financial income and expenses -85 -101 -267 -300 -380 -413 Profit/Loss after financial items 305 281 777 827 766 815 Tax -95 -86 -241 -256 -238 -253 Net income for the period, continuing operations 211 194 536 570 528 562 Net income for the period, discontinued operations - -21 - -447 3 -444 Net income for the period, total operations 211 173 536 123 531 118 Attributable to Parent Company shareholders, total 212 171 538 114 530 106 whereof continuing operations 212 192 538 561 527 550 whereof discontinued operations - -21 - -447 3 -444 Attributable to non-controlling interests -2 2 -2 9 1 12 Earnings per share, continuing operations, SEK 1.16 1.05 2.95 3.07 2.89 3.01 Earnings per share, discontinued operations, SEK - -0.12 - -2.45 0.02 -2.43 Earnings per share, total operations, SEK 1.16 0.94 2.95 0.62 2.91 0.58 Other comprehensive income Items that may be reclassified subsequently to profit or loss: Exchange-rate differences on translation of foreign operations 176 -80 553 -1,020 421 -1,152 Exchange-rate differences reclassified to profit or loss - - - -53 - -53 Items that will not be reclassified to profit or loss: Financial assets at fair value through OCI -10 - -10 - -52 -42 Actuarial gains/losses on defined-benefit pension obligations 29 10 19 7 22 11 Income tax effect not to be reclassified to profit or loss -6 -2 -4 -2 -5 -2 Other comprehensive income, net after tax 189 -72 558 -1,067 386 -1,239 Total comprehensive income for the period 400 101 1,095 -944 918 -1,120 Attributable to Parent Company shareholders 401 100 1,096 -949 916 -1,130 Attributable to non-controlling interests -1 1 -2 6 2 9 Q3 Jan-Sep
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Interim report January - September 2026 14 Condensed statement of financial position Condensed statement of changes in equity items MSEK 2026/09/30 2025/09/30 2025/12/31 ASSETS NON-CURRENT ASSETS Goodwill 5,858 5,735 5,458 Other intangible assets 3,466 3,222 3,362 Property, plant and equipment 2,278 1,760 1,846 Right-of-Use assets 1,881 1,669 1,624 Participations in associated companies 50 45 42 Other financial assets 114 214 158 Deferred tax assets 695 544 512 Total non-current assets 14,343 13,188 13,002 CURRENT ASSETS Inventory 3,791 2,046 1,884 Accounts receivable 2,764 1,921 1,912 Derivative instruments − 1 − Current tax assets 180 252 239 Other receivables 274 235 237 Prepaid expenses and accrued income 1,299 1,072 963 Cash and cash equivalents 1,368 2,421 1,492 Total current assets 9,677 7,949 6,727 TOTAL ASSETS 24,019 21,137 19,728 EQUITY AND LIABILITIES EQUITY Shareholders' equity 5,662 5,069 4,858 Non-controlling interests 7 9 8 Total equity 5,668 5,078 4,866 NON-CURRENT LIABILITIES Interest-bearing liabilities 5,559 5,115 5,348 Lease liabilities 1,823 1,502 1,462 Provisions for pensions 263 273 271 Other provisions 128 80 91 Other non-current liabilities 411 432 419 Deferred tax liabilities 640 569 591 Total non-current liabilities 8,824 7,971 8,182 CURRENT LIABILITIES Interest-bearing liabilities 928 1,955 829 Lease liabilities 207 274 280 Other provisions 220 163 203 Accounts payable 2,380 1,510 1,461 Derivative instruments 2 − 12 Current tax liabilities 81 115 77 Advances from customers 4,094 2,109 2,462 Other current liabilities 348 786 361 Accrued expenses and deferred income 1,267 1,176 995 Total current liabilities 9,526 8,088 6,680 TOTAL EQUITY AND LIABILITIES 24,019 21,137 19,728 MSEK 2026/09/30 2025/09/30 2025/12/31 Opening balance 4,866 5,908 5,908 Total comprehensive income for the period 1,095 -944 -1,120 Put/call option related to non controlling interests − 224 206 Deferred tax recognized in equity − 197 180 Dividends -292 -308 -308 Closing balance 5,668 5,078 4,866 Total shareholders´ equity attributable to : The parent company's shareholders 5,662 5,069 4,858 Non-controlling interests 7 9 8
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Interim report January - September 2026 15 Condensed cash flow statement LTM Full-year MSEK 2026 2025 2026 2025 Oct-Sep 2025 OPERATING ACTIVITIES Operating profit 391 381 1,045 1,127 1,146 1,228 Adjustment for: Depreciation, amortization and impairment losses 209 180 594 552 792 751 Other non-cash items -10 53 -80 113 26 219 Changes in provisions 39 3 45 -51 104 8 Cash flow before interest and tax 629 617 1,604 1,741 2,068 2,205 Net financial items paid -69 -62 -259 -251 -405 -397 Taxes paid -116 -104 -302 -330 -307 -335 Cash flow before changes in working capital 444 451 1,043 1,161 1,356 1,473 Change in accounts receivable -379 217 -658 261 -691 227 Change in inventory -654 -70 -1,668 -226 -1,550 - 108 Change in accrued income -68 -186 -165 -479 -66 -380 Change in accounts payable 255 -85 768 84 748 63 Change in advances from customers 216 136 1,348 533 1,789 974 Cashflow from changes in operating working capital -630 12 -374 173 230 777 Change in other working capital -30 -74 75 -214 -243 -532 Cash flow from changes in working capital -660 -62 -299 -42 -13 245 Cash flow from operating activities, continuing operations -216 389 744 1,119 1,343 1,718 Cash flow from operating activities, discontinued operations - -14 - -143 4 - 138 Cash flow from operating activities -216 375 744 977 1,347 1,580 INVESTING ACTIVITIES Business acquisitions - -11 -195 -814 -530 -1,150 Sale of participations and securities in other companies 32 - 32 - 32 - Investments in participations and securities in other companies - -22 - -22 - -22 Sale of intangible assets and property, plant and equipment 27 0 99 - 99 0 Investment in property, plant and equipment -138 -95 -476 -415 -653 -592 Investment in intangible assets -69 -54 -202 -191 -277 -266 Cash flow from investing activities, continuing operations -148 -183 -741 -1,443 -1,329 -2,031 Cash flow from investing activities, discontinued operations - -0 - 1,020 0 1,020 Cash flow from investing activities -148 -183 -741 -423 -1,329 - 1,011 FINANCING ACTIVITIES Net change in loans 366 624 100 706 -471 135 Repayment of lease liabilities -52 -46 -156 -147 -211 -202 Dividends paid - 0 -146 -159 -294 -308 Other changes to financing activities -11 6 -7 21 -115 -87 Cash flow from financing activities, continuing operations 303 584 -210 420 -1,091 -461 Cash flow from financing activities, discontinued operations - 0 - -10 0 -10 Cash flow from financing activities 303 584 -210 410 -1,091 -471 Cash flow for the period, total operations -61 775 -207 963 -1,073 98 Cash and cash equivalents at period start 1,427 1,648 1,492 1,530 2,421 1,530 Exchange-rate differences in cash and cash equivalents 2 -3 83 -72 19 -135 Cash and cash equivalents at period end 1,368 2,421 1,368 2,421 1,368 1,492 Q3 Jan-Sep
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Interim report January - September 2026 16 Parent company Condensed income statement Condensed statement of comprehensive income Condensed balance sheet LTM Full-year MSEK 2026 2025 2026 2025 Oct-Sep 2025 Net sales − − − − − − Gross profit/loss − − − − − − Administrative costs -4 0 -12 -7 -16 -11 Other operating income and expenses 0 0 0 0 0 0 Operating profit -3 0 -12 -7 -16 -11 Financial income and expenses -14 -15 954 -25 938 -41 Profit/Loss after financial items -17 -14 942 -32 922 -52 Group contributions − − − − − − Profit/Loss before tax -17 -14 942 -32 922 -52 Tax − − − 1 -1 − Net income for the period -17 -14 942 -31 921 -52 Q3 Jan-Sep Profit/Loss for the period -17 -14 942 -31 921 -52 Other comprehensive income, net after tax − − − − − − Comprehensive income for the period -17 -14 942 -31 921 -52 MSEK 2026/09/30 2025/09/30 2025/12/31 ASSETS NON-CURRENT ASSETS Participations in subsidiaries 4,098 4,098 4,098 Other financial assets 4 5 4 Total non-current assets 4,102 4,104 4,102 CURRENT ASSETS Other current receivables 0 0 0 Prepaid expenses and accrued income 1 2 1 Current tax assets - 1 2 Receivables from subsidiaries 11 22 6 Cash and cash equivalents 3,154 1,699 2,260 Total current assets 3,166 1,724 2,269 TOTAL ASSETS 7,268 5,827 6,371 EQUITY AND LIABILITIES EQUITY Share capital 6 6 6 Share premium reserve 4,136 4,136 4,136 Profit brought forward -1,305 -961 -961 Income for the period 942 -31 -52 Total equity 3,778 3,149 3,128 NON-CURRENT LIABILITIES Interest-bearing liabilities 2,396 1,995 2,395 Provisions for pensions and similar commitments 9 5 7 Total non-current liabilities 2,404 2,000 2,402 CURRENT LIABILITIES Interest-bearing liabilities 894 496 794 Accounts payable 0 1 1 Accrued expenses and deferred income 33 30 41 Current tax liabilities 0 − − Liabilities to subsidiaries 7 0 1 Other liabilities 151 151 5 Total current liabilities 1,086 678 841 TOTAL EQUITY AND LIABILITIES 7,268 5,827 6,371
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Interim report January - September 2026 17 Other disclosures Accounting policies This report has been prepared, with regards to the Group, in accordance with IAS 34 Interim Financial Reporting, recommendation RFR 1 of the Swedish Corporate Reporting Board and the Swedish Annual Accounts Act and, with regards to the Parent Company, in accordance with recommen- dation RFR 2 of the Swedish Corporate Reporting Board and the Swedish Annual Accounts Act. The accounting policies applied correspond to those presented in the Annual- and Sustainability report 2025 (Note 1). In the first quarter of 2025, Munters classified the financial reporting of the Equipment offering as held for sale and as discontinued operations, meaning that assets and liabilities related to FoodTech Equipment were presented on separate lines in the balance sheet. In the income statement, the profit/loss after tax for the period from discontinued operations, including IACs, was reported on a separate line. The income statement was adjusted for comparative periods as though the discontinued operation had already been classified as discontinued operations at the beginning of the comparative periods. Internal balances and transactions between continuing and discontinued operations were eliminated. On May 30 th 2025 the transaction was closed and all balances related to Equipment were derecognized. See Discontinued operations for further information. The cash flow from discontinued operations has been separated from cash flow from continuing operations and reported on separate lines within cash flow from operating activities, investing activities and financing activities. No new and revised standards and interpretations effective from January 1, 2026, have any material impact on the financial statements. IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1 Presentation of Financial Statements and shall be applied from 1 January 2027. The effects of the new standard on Munters financial statements have not yet been fully evaluated. As from 2026, the definition of Net Debt has been updated to include non- current and current interest-bearing receivable. See the breakdown of Net Debt on page 12 for details. The updated definition has no significant impact on any KPIs presented. The definitions of Capital Employed and Return on Capital Employed have also been updated. Capital Employed is defined as Total equity plus Net Debt. Return on Capital Employed (ROCE) is defined as Operating profit for the last 12 months, divided by the average Capital Employed for the same period. The KPIs have been updated in all historic periods presented. Sustainability policy Munters products and operations affect people and the external environment to a varying extent throughout the value chain. Munters environmental footprint from operations mainly derives from energy use, waste and resource use. Munters climate-related impacts include negative impacts from greenhouse gas emissions across operations, distribution, product use and end-of-life, as well as positive impacts through the provision of energy-efficient solutions. Munters is committed to reduce and track the environmental impact of its operations and reduce climate impact across the value chain in line with the Paris agreement 1.5°C pathway. Munters Code of Conduct outlines our commitment to conducting business ethically, responsibly, and in compliance with all relevant laws and regulations. It emphasizes respect for human rights, labour rights, and environmentally responsible practices, aligning with international standards such as the UN Global Compact, the UN Universal Declaration of Human Rights and the International Labour Organization’s conventions. We constantly seek opportunities to reduce risk and to create a safer, healthier and more diverse workplace for our employees, customers, communities, and the overall environment. Risks and uncertainties Effective management of risks is important for the Group in achieving its strategic business objectives and delivering sustainable outcomes for customers and society. The aim of Munters Group risk management is to identify and control the exposure to risks that may have an impact on the achievement of the organization’s business objectives. As a global company, Munters is affected by geopolitical, worldwide financial and sustainability factors, as well as industry and business-related events that can give rise to risks and uncertainties. Munters face a range of external and internal risks and opportunities that fluctuate over time. The Group’s risk categories and uncertainties are divided into five categories: strategic, operational, financial, sustainability and compliance/regulatory risks. Flexibility across both the value chain and production is key to mitigating the impact of unforeseen disruptions. Munters products are used in complex customer processes. Quality and contract obligations are critical and could result in claims for damages. The Group depends to some extent on key customers and key personnel. Considering that Munters is a company with geographically widespread operations and many small organizational units, there is a risk of failure to comply with relevant regulations in the business ethics area, e.g. anti- bribery rules. In addition, due to Munters presence in multiple geographical locations, the Group is also exposed to climate-related risks, such as extreme weather events, regulatory changes, and supply chain disruptions. Financial risks mainly consist of currency, interest and financing risks. Munters work actively with insurance solutions, and group-wide insurances are governed by central guidelines. A more detailed description of the Group’s risks and how they are managed can be found in the Annual- and Sustainability report 2025 on pages 58-61. Transactions with related parties There have been no significant changes in the relationship or transactions with related parties for the Group or Parent Company compared with the information given in the 2025 Annual Report. Fair value of financial instruments Financial investments and derivatives are measured at fair value and categorized in level 3 and level 2 of the fair value hierarchy respectively. Financial investments amount to MSEK 102 (145 as of 31 Dec 2025) and net derivatives to MSEK -2 (-12 as of 31 Dec 2025) as of the balance sheet date. The decrease in financial investments is explained by a divestment of the minority shareholding in AgriWebb, an Australian provider of beef cattle software. In addition, a fair value loss of MSEK 10 in relation to other minority shareholdings was recognized in the quarter. In January 2026, a contingent consideration of MSEK 167 was paid to the previous owners of MTech. In addition, holdback payments in relation to the acquisitions of Zeco and Airprotech, closed in 2023, have been paid in 2026. Munters deem that the interest rate on interest-bearing liabilities is in line with market terms on September 30, 2026, and the fair value at the end of the reporting period therefore in all material aspects correspond to the carrying amount. Business combinations In June, Optifarm, a UK-based provider of AI-driven livestock monitoring solutions was acquired. The acquisition strengthens the offering of operational intelligence solutions within FoodTech. Optifarm has 14 employees and the acquisition has limited impact on the consolidated financial statements. No other acquisitions have been signed or closed in 2026. MSEK 2026/09/30 2025/09/30 2025/12/31 Opening balance 188 1,498 1,498 Remeasurement options − -239 -270 Payments -183 -820 -1,169 Change recognized in op. profit -1 109 207 Discounting − 20 48 Exchange-rate differences -4 -124 -126 Closing balance − 445 188
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Interim report January - September 2026 18 Net Sales by business area and region Net Sales by business area and region in Q3 Net Sales by business area and region Jan-Sep Reconciliation of alternative performance measures and items affecting comparability The Group presents certain financial metrics in the Interim Report that are not defined in accordance with IFRS. The Group is of the opinion that these metrics provide valuable complementary information, in that they enable an evaluation of the Group’s performance. The financial metrics are calculated in accordance with the definitions presented in this interim report. A reconciliation of Adjusted EBITDA and Adjusted EBITA is found in the quarterly overview on page 12. Items affecting comparability are events or transactions with significant financial effects, which are relevant for the understanding of the financial performance when comparing the current period to previous periods. Items included are for example, restructuring activities, capital gains and losses from business divestments and M&A related costs. Below is a break-down of items affecting comparability. See page 5 for comments on the various items. MSEK 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Americas 1,053 763 1,521 1,376 212 189 -9 -14 2,777 2,313 EMEA 618 669 284 214 290 303 0 0 1,192 1,186 APAC 596 412 17 11 15 21 − − 629 443 Sales between regions -76 -74 -33 -44 -15 -26 0 0 -124 -145 TOTAL 2,191 1,770 1,789 1,556 502 486 -10 -14 4,473 3,798 AirTech DCT GroupFoodTech Eliminations MSEK 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Americas 2,784 2,160 3,935 4,218 628 534 -29 -85 7,318 6,828 EMEA 1,905 1,959 885 521 777 775 -10 -6 3,557 3,250 APAC 1,539 1,453 49 38 43 63 0 0 1,632 1,554 Sales between regions -259 -250 -321 -194 -68 -69 -1 -2 -650 -514 TOTAL 5,969 5,323 4,548 4,584 1,380 1,304 -39 -93 11,858 11,118 AirTech DCT FoodTech Eliminations Group LTM Full-year MSEK 2026 2025 2026 2025 Oct-Sep 2025 Restructuring activities -23 - -53 - -130 -77 M&A activities -5 -1 -16 -41 -15 -40 Contingent considerations from acquisitions - -52 -1 -109 -99 -207 Capital gains and losses 1 - 79 - 79 - Other items -37 − -61 -1 -61 -1 Total -64 -52 -52 -150 -226 -324 Q3 Jan-Sep
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Interim report January - September 2026 19 Discontinued operations Munters report the result from FoodTech Equipment, divested in 2025, as discontinued operations. See Accounting policies for further information. Condensed statement of comprehensive income LTM Full-year MSEK 2026 2025 2026 2025 Oct-Sep 2025 Net Sales, external − -9 − 729 -3 726 Operating costs − 3 − -694 6 -688 Result from business divestment − - − 13 1 13 Impairment loss goodwill - - − -346 - -346 Operating profit − -6 − -298 3 -295 Financial items − 0 − -1 0 -1 Profit before tax − -6 − -299 3 -296 Tax − -15 − -148 0 -148 Net income for the period, discontinued operations − -21 − -447 3 -444 Result from business divestment MSEK 2026 2025 2026 2025 Purchase price − - − 1,197 Divested net assets − - − -1,220 Sales costs − - − -17 Capital loss − - − -40 Reclassification of accumulated exchange rate differences − - − 53 Result from business divestment − - − 13 Q3 Jan-Sep Q3 Jan-Sep
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Interim report January - September 2026 20 THIS IS A TRANSLATION FROM THE SWEDISH ORIGINAL Review report Munters Group AB (publ.), corporate identity number 556819-2321 Introduction We have reviewed the condensed interim report for Munters Group AB (publ.) as per September 30, 2026 and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. Stockholm, October 23, 2026 Ernst & Young AB Andreas Troberg Authorized Public Accountant
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Interim report January - September 2026 21 Definition of key financial indicators In this financial report, there are references to several performance measures. Some of the measures are defined in IFRS, others are alternative performance measures and are not disclosed in accordance with applicable financial reporting frameworks or other legislations. The performance measures are used by the Group to assist both investors and management in analyzing Munters business. Below the performance measures found in this financial report are described and defined. The reason for the use of the performance measure is also disclosed. Organic growth Change in net sales compared to the previous period, excluding acquisitions and divestments and currency translation effects. The measure is used by Munters to monitor net sales growth driven by changes in volume and price between different periods. Currency-adjusted growth Change in net sales compared to the previous period, adjusted for currency translation effects. The measure is used by Munters to monitor changes in net sales from both organic and inorganic growth between different periods. Order backlog Received and confirmed sales orders not yet delivered and accounted for as net sales. Order Backlog is a useful measure to indicate the efficiency of the conversion of received and confirmed sales orders into net sales in future periods. The measure is used by Munters to monitor business performance and customer demand and adjust operations if needed. Order intake Received and confirmed sales orders minus cancelled orders during the reporting period. The order intake is an indicator of future revenues and, consequently, an important KPI for the management of Munters business. Operating profit (EBIT) Earnings before interest and tax. Munters believes that EBIT shows the profit generated by the operating activities. Adjusted EBITA Operating profit, adjusted for amortizations, write-downs of intangible assets and items affecting comparability. Munters believes that using adjusted EBITA is helpful in analyzing our performance as it removes the impact of items considered not to be of recurring character and therefore do not reflect our core operating performance. Adjusted EBITA margin Adjusted EBITA as a percentage of net sales. Munters believes that Adjusted EBITA margin is a useful measure for showing the Company’s profit generated by the operating activities. Adjusted EBITDA Operating profit adjusted for items affecting comparability and depreciations, amortizations and write-downs of tangible and intangible assets as well as Right-of-Use assets. Adjusted EBITDA margin Adjusted EBITDA as a percentage of net sales. Items affecting comparability (IAC) Items affecting comparability are events or transactions with significant financial effects, which are relevant for the understanding of the financial performance when comparing the current period to previous periods. Items included are for example, restructuring activities, capital gains and losses from business divestments and M&A related costs. Earnings per share Net income divided by the weighted average number of outstanding shares. The measure refers to earnings per share before and after dilution, unless otherwise stated. Capital employed Capital employed is calculated as the total equity plus net debt. Return on capital employed (ROCE) Operating profit (LTM), divided by the average capital employed. The average capital employed is calculated based on the last 12 months. Operating working capital Includes accounts receivable, inventory, accrued income, accounts payable and advances from customers. Operating working capital/net sales Average Operating working capital for the last twelve months as a percentage of net sales for the same period. Cash and cash equivalents Cash and bank balances plus investments in securities and the like with maturity periods not exceeding three months. This is a measure that highlights the short-term liquidity. LTM LTM (last twelve months) after any key indicator means that the KPI corresponds to an accumulation of previous twelve month reported numbers. The measure highlights trends in different KPIs, which is valuable in order to gain a deeper understanding of the development of the business. Net debt Net debt calculated as interest bearing liabilities, lease liabilities, provisions for pension and accrued financial expenses, reduced by cash and cash equivalents and interest-bearing receivables. Leverage Net debt / adjusted EBITDA, LTM SaaS recurring revenue Total recurring revenue from SaaS contracts (Software-as-a-Service) recognized in the period. The KPI is also presented annualized and named SaaS ARR, which is calculated by multiplying SaaS Recurring Revenue in the last month of the period by twelve. Service After-market service and software-as-a-service (SaaS) revenues. After-market service After-market service is defined as sales of spare parts, commissioning and installation, inspections and audits, repairs and other billable services. Components The Components portfolio within AirTech includes dehumidification rotors and humidification pads used in climate control. Full Time Equivalents (FTE) Number of employees is presented recalculated as full-time positions, defined as Full Time Equivalents (FTE), if not otherwise stated. Average number of employees for the year is calculated as the sum of permanent employees at the end of each of the last 13 months divided by 13.
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Interim report January- September 2026 22 Information and reporting dates Welcome to join a webcast or telephone conference on October 23, at 9:00 CEST, when President and CEO, Stefan Aspman, together with Group Vice President and CFO, Katharina Fischer, will present the report. Webcast https://munters.events.inderes.com/q3-report-2026 Conference call If you wish to participate via teleconference, please register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. https://events.inderes.com/munters/q3-report-2026/dial-in This interim report, presentation material and a link to the webcast will be available on https://www.munters.com/en-se/investors/ Every care has been taken in the translation of this interim report. In the event of discrepancies, the Swedish original will supersede the English translation. The addition of the totals presented may result in minor rounding differences. This information is information that Munters Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07.30 CEST on October 23, 2026. This report 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. Munters Group AB, Corp. Reg. No. 556819-2321 Contact information: Line Dovärn GVP Investor & Corporate Relations Phone: +46 (0)730 488 444 Email: line.dovarn@munters.com Daniel Carleson Investor Relations Manager Phone: +46 (0)703 065 452 Email: daniel.carleson@munters.com Presentation material and Annual & Sustainability Reports available for download https://www.munters.com/en-se/investors/ Financial calendar: Payment date for dividend November 10, 2026 Capital Markets Day November 11, 2026 Fourth quarter report 2026 January 28, 2027 Release of Annual & Sustainability Report 2026 Week starting March 8, 2027 Annual General Meeting 2027 April 29, 2027