Peter Gisel-Ekdahl,Group Vice President andPresident business area AirTech

Klas Forsström, President and CEO

Global leader

in dehumidification and cooling solutions for demanding
industrial applications#1 positionin markets representing majority of AirTech net sales

70% of Group net sales
in 2020

Our customers face challenges in mission-critical applications...

3

Pharma and MedTech
companies need clean and dry
manufacturing conditions

Wind farms need to maintain theirequipment in perfect condition tokeep them running

Battery manufacturers needextremely dry air to produce
batteriesData Center operators need tocool massive amounts of hot air

…We facilitate the transition to a sustainable and healthy world

We facilitate test kit
production for the world’s
COVID relief efforts

We help to keep the wind mills
running to support the world’s
transition to renewable energy

We facilitate the move fromcombustion-driven cars toelectric cars powered bybatteries

We support the digitalization in
the world by providing sustainablecooling of Data Centers

We help our customers to succeed!
4A global business on a positive trajectory
Global sales with stronghold in Americas

A wide organizational reach:•••(Sales split, 2020)

Approx. 2,600 employees
14 plants and 2 assembly hub worldwide
Sales offices in 22 countries

Making progress on sustainability KPIs:
41% of renewable energy share in 2020*
36% of waste recycle*-59% in incident rate vs. 2019 (TRIR**)
20% of women leaders

Exposed to a range of attractive industries(Sales per customer segment, 2020)

9%

6% 6%

8%

Industrial - Food
Industrial - Others

11%

23%

Services
Data Centers
Components

17%
20%
5Industrial - Lithium*Measured for production locations**Total recordable incident rate

Commercial
Mist Elimination

MSEK
5500
5000
4500
4000
3500
3000
2500
2000

APAC
19%

EMEA
29%

Americas51%

Solid growth and profitability

MSEK
800
600
400200201620172018

Net Sales

2019
Adj EBITA

2020

0AirTech - Core competences in high performance dehumidification
AirTechTECHNOLOGIES

Cooling andother HVAC

DCMECore DH:High performance
dehumidification1Humidification

Selectedcommercial
customers

Pollution control
and air quality
VOC

Non highperformance dehumidificationCore

6Systemssales

1 I.e. approx. DP < ~5°C and high precision

Rotor-based high-performance
dehumidification (DH)Industrial manufacturing, preservation
areas and various other applications

Selectedcommercialcustomers

Rotor-based dehumidification anddedicated outdoor air systems (DOAS)
solutions for human climate

Supermarkets and other commercial andpublic spaces

Humidification

Components based on evaporative
cooling and humidification technology

Industrial processes, indoor climate control
and data center cooling

VOC

Air filtration using rotors to remove volatileorganic compounds (VOC) from the air

Typically used in chemical processesDC

Dry and wet cooling technologies(including humidification components)

Data Centers (DC)ME

Mechanical droplet separation and MistElimination for filtering of polluted air andmass transfer substance separation

Energy production, marine engines andprocess industry applications

CoreDH

Humidification

Deprioritizedarea

Adjacent to core –stand alone

APPLICATIONSWe provide a broad offering of sustainable solutions

Components*
US
P

QualityPerformance
Time to delivery
Sold to OEMs
~20% of NS7Products
Quality
Energy efficiency
Time to delivery

SystemsServices

Total Cost of Ownership
Application knowledge
Peace of mind
Resource efficiency
Specialist competence
Flexibility
Typically sold to end customers – or via engineering firms~20% of NS~60% of NS* Including both humidification/dehumidification components and mist eliminators

Strong underlying market trends for AirTech
Customer segment
Industrial

9% of Net Sales Underlying Comments(2020)
trend
37%

Battery industry taking off while other segments also have solid development…whereof Battery

6%

Rapid expansion of battery production lead by APAC – but coming globally
Growth will come in waves as battery producers step up to meet demand…whereof Food processing

8%

Growth of underlying market combined with recognition of benefits of dehumidification…whereof Other

23%

Solid underlying industrial markets with recent boost in Pharma

Data Centers

17%

Continued expansion driven by digitalization

Components*

11%

End markets are typically Data Center and Battery – and they are strong

Mist Elimination

7%

Neutral with shifting end markets, as Coal will decline but eg Process growCommercial

9%

Stable replenishment market for Supermarkets

Services

20%

Growth of installed base and increasing interest in connectivity, energy upgrades etc* Dehumidification rotors and humidification pads sold through OEM channelFuture AirTech Ambition to 2025
Undisputed leader in humidity, climate and pollution
control equipment and services for mission criticalapplications

Move towards Zero environmental impact

STRENGTHENING OUR CORE

Set a continuous improvement culture with people
collaboration at heart
10

EXPAND OUR
COREMIST ELIMINATIONHUMIDIFICATIONDATA CENTERSYSTEM SALESDIGITALIZATIONSERVICESBATTERY

FOOD

100% of our new equipment connected

BASE CORE BUSINESS

Easy to work with and deliver beyond customers’
expectations

Undisputed leader in humidity, climate,and pollution control equipment andservices for mission critical applications

BUILD OUR NEW
CORE

MUNTERS VALUES WITH CONTINUOUS IMPROVEMENT CULTURE

Strong progress in Future AirTech Strategy execution
Future AirTech strategy roll-out plan

Recent implementations: Exit commercial non-Core business Expand Data Center production from Virginia to Texas Dedicated Data Center service team launched in North Americas
 Marketing organisation repositioning with new team setup connected toregional sales teams
 Commercial Excellence program launched in EMEA and APAC
 R&D investment resulting in that FTE is up 70% the last 15 months inorder to boost innovation (for non-exited business)
 Strategy implementation program and team in place to lead thetransformation

11More to come in the future…

100% of our equipment connected

Manufacturing optimization

Continuing innovation investment•

By 2023, we aim to have all new eligible
equipment connected•

New facility in Botetourt County, Virginia
for Data Center in 2022••

New predictive and prescriptive
maintenance solutions development•

Investments in facilities in US, China,
Sweden and Czech Republic

Setting-up new innovation hubs in USand China••

Remote assistance development•

Centre of Excellence in Battery by endof 2021 in EMEA.

12Expansion of core component
manufacturing13