Good momentum across all business areas

January – March

• Order intake increased +32%, strong demand in Data Center Technologies (DCT), supported by good growth in FoodTech and organic growth in AirTech.
• Net sales declined -4%, impacted by currency effects of -12%, while all business areas grew organically.
• The adjusted EBITA margin declined, primarily related to temporary factors from tariff headwinds and product transitions in DCT, as well as planned investments in FoodTech, while AirTech margins improved.
• Stable cash flow from operating activities, largely explained by advances from customers in DCT.
• OWC/net sales improved to 6.5%, below the target range of 13–10%.
• Leverage of 3.1x (2.9x in Q4 2025), partly due to a contingent consideration paid to the previous owners of MTech as well as decreased EBITDA.
• Earnings per share from continuing operations amounted to SEK 0.68 (1.05).

Events after the close of the period

• Munters wins order of BSEK 2.0 for a modular AI cooling solution – In April, business area DCT received an order from a US colocation data center provider valued at appr. BSEK 2.0. The order includes custom-designed high-capacity CDUs (Coolant Distribution Units) and over-the-rack CRAHs (Computer Room Air Handlers) for an AI factory build-out. The order will be booked in the second quarter, with deliveries expected from early 2027 through the first quarter of 2028.

CEO comments

We delivered a well-executed first quarter with good demand across all business areas, driving continued strong order growth of 32%, confirming our positive direction. Organic net sales increased in line with our expectations, while profitability declined due to planned and temporary factors, including tariff headwinds and product transitions in DCT as well as investments in FoodTech. At the same time, actions to strengthen execution supported profitability improvements in AirTech. Overall, the quarter was characterized by continued progress in scaling and delivering production capacity in DCT, building commercial momentum while executing on cost measures in AirTech, and ongoing investments to support growth and expansion in FoodTech.

We remain positive about the long-term structural trends driving growth for Munters, including increased data traffic, the electrification of society, and digitalization of the food supply-chain. At the same time, the external market environment is becoming more uncertain, with geopolitical developments and emerging supply chain challenges across many industries. Our regional production strategy provides resilience and positions us well to manage potential disruptions effectively.

Strong order intake supports outlook
Order intake developed well across all business areas, providing a solid foundation for the coming quarters. AirTech achieved strong order intake in the quarter, reflecting robust demand and demonstrating resilience despite a project cancellation. The cancellation of MUSD 28 was related to a battery customer project being cancelled and not to Munters position as a supplier. In DCT, demand remained strong, driven primarily by continued investments in the US, supported by a broader customer base and product portfolio. It is also encouraging to see continued momentum in Europe and Asia. Demand in FoodTech remains healthy, with growth in both software and controllers, reflecting good activity across several regions.

Operational progress in line with plan
AirTech developed in line with our expectations, with stable net sales and gradual margin improvements as the cost measures initiated in 2025 continue to progress according to plan. The transition to our new facility in Amesbury, US, was completed at the beginning of the year, eliminating dual-site costs. While the ramp-up phase is temporarily impacting efficiency, we expect margins to improve as operations are optimized.

In DCT, we continue to scale capacity in a controlled manner. Chiller production in the US will start during the second quarter and will be ramped up in line with our regionalization strategy. The initial ramp-up phase is expected to temporarily impact volumes and margins, reflecting the gradual and typical build-up of production capacity. Tariff effects remain, with an impact of approx. -4 p.p. on DCT margins but are expected to ease from the second quarter as local production increases. FoodTech maintained good momentum both in net sales and margins, while we continued to invest in scalability and the expansion of our digital offering.

Outlook unchanged, stronger second half expected
There are no changes to our overall view of the year. We expect the second half to be stronger than the first, driven by our order backlog, continued growth in DCT and FoodTech, and gradual improvements in AirTech, supporting both net sales and profitability.

As we enter the second quarter, visibility has become somewhat more limited due to geopolitical factors and the continued high pace of data center capacity expansion. We assess that any impact will primarily relate to the timing of deliveries, while underlying demand remains unchanged. Our regional production footprint and diversified supply chain provide resilience and we continue to monitor developments closely.

Looking ahead, our priorities remain clear. In AirTech, we remain focused on improving profitability through operational measures, cost discipline and a more balanced product mix. In DCT, we will continue to scale in line with strong underlying demand and deliver on our backlog, including further capacity expansion and the ramp-up of US chiller production. The strong momentum in the data center market highlights a compelling structural growth opportunity, and we are investing to expand capacity and broaden our offering to support long-term profitable growth. In FoodTech, we are advancing our digital offering while continuing to scale the business.

During the quarter, we announced a planned CEO succession. Stefan Aspman, currently GVP and President of DCT, will succeed me as President and CEO. The transition will take place in connection with the publication of the interim report for the third quarter 2026. This reflects our focus on long-term continuity and leadership development, and I will remain in my role until the transition is completed.

I would like to thank all Munters employees for their continued commitment and contribution during the quarter. We have started the year well, reflecting strong execution, resilience and focus across the organization.

Klas Forsström, CEO & President

Information about the webcast and telephone conference
Welcome to join a webcast or telephone conference on April 28, at 9:00 CEST, when President and CEO, Klas Forsström together with Group Vice President and CFO, Katharina Fischer, will present the report.

Webcast: https://munters.events.inderes.com/q1-report-2026

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://conference.inderes.com/teleconference/?id=50054958

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. The information was submitted for publication, through the agency of the contact persons set out above, at 07.30 CEST on April 28, 2026.

About Munters
Munters Group is a global leader in technologies that optimize climates, contributing to productivity, quality and resource efficiency in a wide range of industries. Our portfolio includes solutions for humidity control, air and liquid cooling, air purification, controllers and software – products and services that are key to safeguarding mission-critical processes. Headquartered in Sweden, Munters has around 5,000 employees and operations in more than 30 countries. Munters Group AB reported annual net sales of approximately SEK 15 billion in 2025 and is listed on Nasdaq Stockholm. For more information, visit www.munters.com.