Exceptional demand - external headwinds currently affecting profitability

April – June

• Order intake increased +137%, driven by strong demand in Data Center Technologies (DCT) and AirTech, slightly offset by softer demand in FoodTech.

• Net sales increased +6%, driven by growth in AirTech and FoodTech, while DCT reported lower sales as the production ramp-up and supply chain constraints impacted throughput.

• The adjusted EBITA margin declined, primarily reflecting the planned ramp-up in DCT, together with changed product mix, supply chain constraints affecting throughput and tariff headwinds, as well as continued growth investments. AirTech margins, on the other hand, improved following higher volumes and cost-saving measures.

• Robust cash flow from operating activities, largely explained by advances from customers in DCT.

• OWC/net sales improved to 5.2%, below the target range of 13–10%

• Leverage of 3.2x (3.1x in Q1 2026), mainly due to decreased adjusted EBITDA.

• Earnings per share amounted to SEK 1.11 (0.97).

• The AGM in April resolved to pay a dividend of SEK 1.60 (1.60) per share totaling MSEK 292 (292) 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.

CEO comments

We delivered exceptionally strong order intake in the quarter, demonstrating the strength of our offering and the continued high level of activity in our key markets. However, profitability is currently affected by the planned ramp-up of chiller production in the US as well as external factors, including delays in component deliveries and continued tariff-related effects. These factors do not change our view of the underlying strength of the business or our long-term strategic direction. We maintain our business outlook, expecting improved profitability in the coming six months, supported by continued progress across the Group.

Strong demand while executing according to plan

Demand remained strong across the Group. DCT once again delivered strong order intake, supported by several project awards during the quarter. As is typical in this business, the timing of such projects may vary between quarters, while the underlying level of customer activity remains strong. AirTech reported strong demand across several markets, supported by an exceptional increase in the Components segment as customers secured supply following temporary disruptions in industry capacity. FoodTech reported lower order intake in both controllers and software, mainly reflecting the timing of software projects and softer investment activity in selected end-markets this quarter, while the underlying growth drivers remain strong.

In AirTech, the initiatives launched over the past year to strengthen the business are progressing according to plan. As part of the plan, we are increasing flexibility and improving operational efficiency while maintaining investments that enhance our competitiveness and support long-term profitable growth. While demand in the battery sub-segment remains subdued, this has increasingly been offset by growth in Components and other industrial end-markets, resulting in a more balanced business mix. In DCT, we continue to scale capacity to support future growth. Bringing the expanded Virginia facility into operation is an important milestone in strengthening DCT's manufacturing capacity and supporting our regional production strategy. The ramp-up is progressing according to plan and we now have the people, production capacity and industrial set-up in place to support future growth in Americas. As expected, production volumes are initially low, a normal part of establishing a new manufacturing footprint. In FoodTech, we continue to invest in our digital offering, strengthening the platform and expanding our software capabilities to further strengthen our market position.

Alongside the Virginia ramp-up, profitability in DCT has been negatively affected by changed product mix and current supply-chain constraints caused by the rapid expansion of data center capacity as well as the broader geopolitical environment. This has reduced production efficiency and slowed the transition to localized sourcing, postponing some of the operational improvements and tariff benefits we expected to achieve during the year. We are actively mitigating this by qualifying additional suppliers, increasing inventory of critical components where appropriate and working closely with suppliers to reduce delivery times. These actions support both production stability today and a more resilient supply chain over time.

Outlook for the year

Our outlook for 2026 is maintained. With the external environment remaining uncertain, we continue to focus on executing our strategy, supporting our customers and strengthening our operations. Attractive long-term trends across our key market continue to drive demand. In AirTech, we expect gradual improvement in net sales and continued progress from the actions taken to improve efficiency and profitability. In DCT, higher volumes and continued operational efficiency improvements are expected to support improved operational performance over time. In FoodTech we also expect continued growth driven by the ongoing digitalization of the food supply chain.

Shaping the future direction of Munters

During the quarter, we took an important step towards shaping the future of Munters by announcing a potential divestment of FoodTech. Our rationale is clear: a divestment would sharpen the Group's strategic focus and enable us to concentrate capital allocation and resources on DCT and AirTech, creating a strong foundation for long-term value creation. At the same time, a separate ownership structure would provide FoodTech with the best conditions to further develop its market position and long-term potential.

The planned CEO transition will – as previously communicated - take place in connection with the third-quarter interim report. We have announced an upcoming Capital Markets Day in November, where my successor Stefan Aspman and members of the Group Management team look forward to sharing their perspective on the market, strategic priorities and future direction.

As always, I would like to thank all our employees for their continued commitment and dedication. Their efforts remain fundamental to supporting our customers, executing our strategy and delivering results in a changing environment.

Klas Forsström 
President & CEO

Information about the webcast and telephone conference

Welcome to join a webcast or telephone conference on July 17 at 09.00 CEST. President and CEO, Klas Forsström, together with CFO, Katharina Fischer will present the report in a webcast with telephone conference.

Webcast: https://munters.events.inderes.com/q2-report-2026/register

Telephone conference: 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/q2-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/

For more information:
Investors and analysts
Line Dovärn, Head of Investor Relations
E-mail: line.dovarn@munters.com, Phone: +46 (0)730 488 444

Media
Daniel Frykholm, VP External Relations & Internal Communications
E-mail: daniel.frykholm@munters.com, Phone: +46 (0)702 067 786

This information is information that Munters Group AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 07.30 AM CEST on July 17, 2026.

About Munters Group
Munters is a global leader in energy-efficient air treatment and climate solutions. Using innovative technologies, Munters creates the perfect climate for customers in a wide range of industries. Munters has been defining the future of air treatment since 1955. Today, around 5,000 employees carry out manufacturing and sales in more than 25 countries. Munters Group AB reported annual net sales of approx. SEK 15 billion in 2025 and is listed on Nasdaq Stockholm. For more information, please visit www.munters.com.