CAPITAL MARKETS DAY 2019
Towards Full Potential

1Agenda – platform for today and the future
CEO – Munters Towards Full Potential•A strong company – but disappointing performance since IPO•

Global player in niche markets•Full Potential Program to seize opportunities

Global Operations – Building a customer-oriented and scalable platform
AirTech – Sustainable solutions for demanding industrial applications
FoodTech – Sustainable solutions for demanding agricultural applications
CFO – Delivering the numbers
CEO wrap-up – Confident in our targets
2Disappointing development since the IPO in 2017
Net Sales – solid growth over period

EBITA – weak performance since 2017bSEKmSEK

8.000

+9%

7.000

6.604

+20%

6.000
5.000

6.040

5.399

+59%

675

676

2017

2018

585

600

4.216

500
400

3.000

300

2.000

200

1.000

100
2014

801

800
700

4.000

0-8%

900
7.122

Share price development below peers

2015

2016

2017

2018

0316

2014

2015

2016

Jul 2017

Jan 2018
Munters

3Jul 2018
OMX Sthlm 30

Jan 2019 Apr 2019
Industrial Goods

In Munters, I saw a company with a great proposition, and potential…
AirTechFoodTechSize of core markets (CAGR):Size of core markets (CAGR):

+5%

+6-7%

2018

42021

20182021#1Lithium#1

Processing (food etc.)#1Broiler#1Layer#1Supermarkets#2Pharma#1

Food chain SW#2Swine...however a number of internal constraints hindered our performance5

Suboptimal prioritization ofresources and capital

Suboptimal organizational structure

Dispersed product portfolio

Insufficient customer focus

Unclear performance culture

Overly centralized structures

Executing the Full Potential Program our top-most priority

6PHASE 1: STABILITY

PHASE 2: PROFITABILITY

PHASE 3: GROWTH

Secure stable and profitableplatform

Improve performance

Accelerate growth inattractive segments andgeographies

Agenda – platform for today and the future
CEO – Munters Towards Full Potential•

A strong company – but disappointing performance since IPO•

Global player in niche markets•

Full Potential Program to seize opportunities

Global Operations – Building a customer-oriented and scalable platform
AirTech – Sustainable solutions for demanding industrial applications
FoodTech – Sustainable solutions for demanding agricultural applications
CFO – Delivering the numbers
CEO wrap-up – Confident in our targets
7Sustainable climate solutions
for demanding industrial andagricultural applications

89

Sustainable climatesolutions

Criticalto customers’
Sustainable
Climatesuccess
Solutions

Our goal is to provide energy-efficient, safe andreliable climate solutions where control of moisture
content and temperature in production are mission
critical.

Munters’ customers operate in complex,
demanding environments. We provide the rightconnected products and the solutions that are
critical to our customers’ success.

Munters helps leading companies around the world
maximize their opportunities while minimizing theirglobal carbon emission footprint.

We make sure that our customers’ industrial oragricultural applications are in line withproduction requirements while creating value
and contributing to society at large.

We make a difference for the world“2 of every 3 stents used torelieve heart conditions are
manufactured in stableenvironments enabled by
Munters technology

10“Munters climate solutions
contribute to more than 1 of 7
meals around the world“Munters’ climate solutions
are behind half of the world’s
batteries for electric vehicles

Munters' growth opportunity is fuelled by strong megatrends forsustainability
Energy andresource efficiency

Munters
solutionspromote• Electricity consumption
reduction• Energy recovery

Sustainable food

• Food traceability• Hygienic processing• Waste reduction

Clean Air• Sulphur oxides pollution
elimination• Volatile Organic Compound
pollution elimination• Animal health 5% market growth expected in core AirTech markets
 6-7% market growth expected in core FoodTech markets
11