Focus on profitable growth
Katharina Fischer, CFO & GVP
Capital Markets Day 2024

Impressive achievements in recent years
GrowthMSEK

MSEK

18 00027%
23%

14 000

30%

20%
15%

6% -2%
6 000

2 000

1 500

12.9%

2019

2020

2021

2022

2023

Organic net sales growth

13.7%

15%

12%

14% adj. EBITA-margin

10%

10.3%
1 000

10%

13.1% 12.7%

14.2%

13-10% average (LTM) OWC/net sales

8%
6%

500

4%

5%

2%
0-5%

17.2%

16%
14%

12.1%

0%

Net sales*Operating working capital

12.2%

13.2%

10% organic growth p.a. 10%5%

»20%

2 000

25%

14%

10 000-2 000

OWC*/net sales
development

Profitability

2019

2020

Adj. EBITA

2021

2022

2023

0%

0%
2019

2020

2021

2022

Adj. EBITA margin

Excellent execution results across many areas in recent years has led to current strong position

2023

Munters positioned for new growth wave
Mid-term financial targets
Total net sales growth>14%

Adj. EBITA-margin>14%

OWC/Net sales*

13-10%(updated)(unchanged)(unchanged)

Dividend policy**(unchanged)

30-50% of net income*Average OWC (Operating Working Capital) last twelve months as % of net sales for the same period**Munters aim to pay an annual dividend corresponding to 30-50% of its consolidated income after
tax for the period.

CFO focus: A robust financial framework
supporting the new growth wave

GrowthSolidfinancialplatform

Profit» Organic growth:
driven by innovative &sustainable solution withstrong customer value» Strong focus oncommercial andoperational excellence(cont. improvements)» Inorganic growth:delivery on M&A agenda» Management of different
business models» Working capitalmanagement» Funding strategyRobust performance management

Performance management framework
Enablers:» Analytics, reporting and follow-up» Digital ways-of-working» Capital allocation principles» People and competence development
Future proof finance function throughout Munters
to ensure agility and data driven decision making

Strong growth driven by innovative and sustainable
solutions with strong customer value
Net sales 2019-2023
MSEK

Looking ahead
CAGR 2019-2023

15 00049%

FoodTech16%
10 000

DCT

18%

4%
M&A

ARR* 2023:
69%

AirTech0*ARR = Annualized Recurring software Revenue

Total net sales growth»»5 0002019

Revised medium term target:

2023

>14%

Core business main driver of future organic growth…
… combined with delivering on M&A agenda

Delivery on M&A agenda to fuel growth
Structured process for M&A and integration with aligned workflows

M&A categories in focus

Core /
consolidation

Technology /DigitalServices –String ofpearls

New growth
areas

Examples:M&A pipelinebuild-up

Acquisition of ZECO,
India 2023
Net sales: MSEK 510
Employees: ~1,000

Business value driven due
diligence

Integration process» Strategic fit – logic in line withstrategic priorities» Integration process
focused on:» Business case – value creation fromfinancial and sustainability
perspective» Risks needs to be manageable» Integration team

Investment in InoBram,
Brazil, 2023
Net sales: MBRL 53
Employees: ~150
(Munters has acquired a 60% share inInoBram)» Value creation» People and culture» Operational processes» Synergy realization withdefined tollgates and astructured follow-up

Acquisition of SIFT,
France, 2023
Net sales: MEUR 3
Employees: 17

Minority investment inCAPSOL,
Norway, 2024

Improved profitability while continuing to invest
for the future2019-2023

Looking ahead

Adj. EBITA-margin
16%

Unchanged medium term target:

15%

Adj. EBITA-margin

14%
Net pricing
13%
12.2%
12%

VolumeOperationalexcellence

13.2%
Investment instrategic
initiatives

11%
10%

»»

2019

>14%

2023

Expansion driven by volume growth, scalability andoperational efficiency as well as net pricing increases
While continuing to invest in future growth opportunities»

Strong focus on commercial and operational excellence(cont. improvements)»

Mgt of different business models

Commercial
excellence

Value based selling and active pricing strategies

Operational
excellence

Key activities driving growth and profits

Digital ways-of-working, processes and tools (incl. MPS*)

Digitalized and connected offering
Targeted working capital initiatives to realize the strategy

Footprint optimization and working capital & CAPEX mgt
Analytics, AI, Robotics*Munters Production Systems» Capital allocation principles» Mgt. of different businessmodels» Continuous monitoring andfollow-up

Investments supporting next growth wave
2019-2021
Stability andprofitability

2022-2023
Growth» Capital allocation priorities to drive growth
agenda – organic and M&A:
» Innovation and CO2 reduction» Operational excellence and commercial
excellence» M&A and minority investments» Dividends

Dividend

Minority Investments

M&AR&DCapex

Solid financial platform important growth enabler
Business areas

Group funding
Net debt / adj. EBITDAx, LTM

OWC/Net sales
20%

3,2

17.2%

2,8

13.7%

15%

13.1%

14.2%
12.7%

Mid-term target: OWC/Net sales 13-10%

10%Long-term ambition 1.5x-2.5x

3.1

2.9

2,4
2,0

2.2

1,62.11.8

1,25%

0,80,40%
2019

2020

2021

2022

20230,0
2019

2020

2021

2022

2023

Continue executing on our strategy - Positioning
ourselves for the new growth wave

Securing profitable
growth by creating
more value for ourcustomers

Continuous
improvements andperformancemonitoring andfollow-up

Focus on improving
OWC andsecure funding for
growth initiatives

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 suchexpectations prove to have been correct, as forward-looking statements are subject toboth 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 suchforward-looking statements. Such factors include, but are not limited to, changes ineconomic, 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 arisingor future events.
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