Well diversified and a leading
position in our core markets
Henrik Teiwik, GVP & President AirTech
Jing Jin, VP Clean Technologies, AirTech
Capital Markets Day 2024

Well diversified and a leading position in our core markets
Key figures Q1 2024

Customer distribution order intake Q1 2024

Our strategic direction~3,25056%~1422

Employees (FTEs)of Group Net
Sales

production
locationscountries withsales offices

Industrial - Battery

19%

5%
8%

20
15

13.4%

14.1%

14.6%

14.8%

15.5%

10,000
15.3%

6,000

10508,000

2019
Order intake*Last twelve months​

2020

2021

Net Sales (MSEK)

2022

2023

Adj. EBITA margin (%)

2024 Q1*

Clean Technologies

7%Components

18%

Service

Regional distribution Q1 2024
Americas

4,000

Order Intake

2,000

30%

0

Industrial - Other
Commercial

16%

Growth & Profitability

Industrial - Food processing

27%

EMEA

Net Sales

54%

Order Intake

48%

APAC

Net Sales

23%

Order Intake

22%

Net Sales22%Retrospect from CMD 2022 - preparing for the next
growth wave
Our strategic direction
Maximize potential in existing
growth segments

BusinessImperatives

Expand our footprint inHumidification and CleanTechnologies
Increase services growth

Accelerate innovation anddigitalization

Futureproofing
Imperatives

We have…significantly expanded our sales footprint in ourprioritized market segment (battery, food) andinvested in capacity for the future…continued to grow our service business with theinstalled base and piloted new digital services…expanded our team with multiple new, strategicacquisitions (e.g. Zeco, HygroMedia, AirProtech)
We have… expanded our product portfolio with new, energyefficient products and systems

Drive efficiencies into processesand systems… continued to drive operational efficiency throughMunters Production System and further automation

Integrate sustainability ineverything we do… reached 80% renewable electricity usage in ourfactories, two years ahead of plan, and have started
to map LCAs across our product portfolio

Our mission*Last twelve months​

Selected achievements

Results Q1 2024*-13%
Order intake growthcompared to Q1 2023*+10%
Net sales growthcompared to Q1 2023*

14.9%
Adjusted EBITA(15.3%Q1 2023*)

1.0
TRIR (FY 2023)

Our mission

Be the undisputed leader in humidity, climate and air quality control for
mission-critical applications. We provide best-in-class sustainable
solutions across our customers’ value chain.

We offer a broad range of high-performing humidity,
climate and air quality control solutions
Humidity Control Technologies

Dehumidification

Clean Technologies

Humidification

Air Quality & Pollution Control

Systems
Indirectly supported via Business Area Data
Center Technologies

Units
Applicable to our non-core segments andserviced by other players

Components &Service

Core segment

Future core segment

Non-core segment

Our solutions are found in a variety of end customersegments
Humidity Control Technologies

SystemsUnits

Dehumidification

Humidification

Air Quality & Pollution Control

Battery

Data Centers

VOC*

Food Processing

Automotive

Process

Pharmaceuticals

General Industry

PowerInfrastructure

Commercial

Carbon Capture

Storage & Preservation
Renewable Power
Components &Service

10+ other segments
Commercial* Volatile Organic Compounds

Clean Technologies

We operate in an attractive market with strong growth
in multiple customer segments
AirTech Segment size and share, MSEK

Segment outlook*+52%

Short-term (<6 m)

Mid-to-long-term

7,007

→

Industrial
Battery
Food processing

4,598

Commercial

Clean Technologies→→

Other industrialServices20192023

Industrial - Battery

Commercial

Clean Technologies

Industrial - Food processing

Industrial - OtherComponents

Components
Services>5% growth~1-5% growth* Market segment outlook is indicative~0% growth→Service & Components

External megatrends will have impact on our businessenvironment over the coming decade1

Healthy underlying demandfor humidity and air quality
solutions

2

Business and operating
models will continue to evolve

3

Market dynamics will change
and become increasingly
volatile

Global electrification

Demand for efficiency
improvements

Resilient operations andregional supply chains

Growing urban population

New technologies andmaterials

Geopolitical pressure andnationalization

Climate change and volatility

Digitalization and AI

Increased regulation

To achieve our ambition, we need to further develop ourway of creating value along three key disciplines
Full Product Life Cycle
Customer
Intimacy

Digital Solutions & CX
Modular products

Process harmonization

Innovation

Footprint optimization

Material ScienceConnectivity

ProductLeadership

Operational
Excellence

Our identified hygiene level

Our perception of exceptional performance

Munters Prod. Systems

Sustainability and Artificial Intelligence is integrated into
everything we do - examplesCustomer
Intimacy

Scope 3

Predictive
maintenanceFullproductlifecycle

Customer
care

AIControlled
Products
SafetyFactorModelNet Zeroroadmap

Energyefficiency

Services

Rotor wasteelimination

Blockquality

ProductLeadership

Operational
Excellence

Sustainability

Contains AI

We are preparing for the next growth wave by investingin our global footprint
Amesbury

Tobo & Hodonin•

New greenfield factory to consolidate
multiple sites into one and to support
battery demand in North America•

New factory completed in Hodonin, Czech
Republic to manufacture large systems•Our first net zero manufacturing plant•Opportunity to further expand both sites

Completed by 2025

Jiangyin•New greenfield factory to expand current
manufacturing capability in China

Completed by 2025

India
•

Recent acquisition of Zeco complements our regional
footprint in APAC with 3 new manufacturing sites

Deliver Clean Air tothe World
Clean Technologies

VOC abatement is a key growth lever in the near term
Expected strong growth in the VOC market*

Airprotech acquisition will strengthen our position

Bn SEK
+10%
92

2023

10220241142025

1222026

Growth segments•Gain European market platform for growth

Semiconductor•Added inhouse technology of both oxidizers and solvent recoverysystems

Battery−Process industry•* Source: Business Sweden

Strengthen offering by allowing us to combine Airprotech
technology with Munters VOC rotor concentrator technology

Increased ability to address focus markets such as semiconductor
battery and process industry

Carbon Capture is a high-potential growth area where
Munters is equipped to secure a good market position
High need of carbon
capture solutions toachieve 1,5-degree goal
Capacity of announced CCUS*
projects,1 million tons CO2 per year
Gap to 1.5-degree target

Munters delivers corecomponents today into
carbon capture systems•>5,000•Mist elimination and Masstransfer equipment in pretreatment, absorption anddesorption as well asliquefaction steps
Munters has delivered into 26
carbon capture projects
worldwide

Munters is wellpositioned to serve thismarket

1.
2.

Current offering that already fits

3.

Exposure to relevant customers
and ecosystems

4.

Relevant technical know-how
and capabilities

Engineering and industrialization
capabilities

Three complementary
paths to mine this spacefor Munters

1.
2.

In-house R&D efforts3.

Minority investments inpromising carbon capture
technologies

Partnerships with carbon capture
technology providers>500

Example:Reaching the 1.5-degree target
would require at least an additional
300 MTPA capacity by 20302

12x39
2022

>60
2025

2030

2050

500 million tonnes per annum
expected to be final investment
decision before 2025

Note: As of July 2023, excludes abandoned or cancelled projects.
1. Globally, including biopower, direct air carbon capture and storage (DACCS), and various other projects.
2. IEA’s Sustainable Development Scenario.
Source: Rystad CCUS Database, McKinsey Energy Solutions’ Global Energy Perspective 2023: CCUS Outlook, IEA’s Sustainable Development Scenario.

* CCUS - carbon capture utilization and storage

Our strategic journey focuses on maximizing, developing
or exploring business development in different phases
Short-term

Mid-term

Long-term

AirTech Core BusinessMaximize
Current revenue
streams

Developing
Future revenue
streams

ExplorePotential revenue
streams↗
↗
↗

Current growth segments
Grow service business
Advance operational excellence↗

Expanding into new growthsegments
Digital services
New markets↗
↗
↗

Carbon capture technologies
Predictive maintenanceNew technologies and materialscience↗
↗
↗

Humidification and VOC
Digital services
New markets↗
↗
↗

Carbon capture technologies
Predictive maintenanceNew technologies and materialscience↗

New business models↗
↗
↗

Carbon capture technologies
Predictive maintenanceNew technologies and materialscience↗

New business models↗
↗

Diversified andglobal

16

Well positioned forprofitable growth

Growth journey
supported bysustainability and AI

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 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 arisingor future events.