Kemira Oyj · OMXHEX:KEMIRA
Kemira Oyj — Kemira Oyj Ord — Q1 2026 Earnings Presentation
31 slides from Kemira Oyj's earnings presentation, Apr 24, 2026
Slide 1: Revenue and profitability declined in a weak market
ANTTI SALMINEN, PRESIDENT & CEO TUOMAS MÄKIPESKA, CFO APRIL 24, 2026 Revenue and profitability declined in a weak market, performance improvement actions accelerated JANUARY – MARCH 2026
Slide 2: Important notice
Important notice The following applies to this presentation, the oral presentation of the information in this presentation by Kemira Oyj (“Kemira”) or any person on behalf of Kemira, and any question-and-answer session that follows the oral presentation (collectively, the “Information”). In accessin
Slide 3: Agenda
Agenda Antti Salminen 1. Q1 2026 Highlights p. 4 President and CEO 2. Group revenue p. 5 3. Group profitability p. 6 4. Financial targets p. 7 5. Outlook for 2026 p. 9 Tuomas Mäkipeska 6. Group profitability bridge p. 11 CFO 7. Net impact from sales prices and variable costs p. 12 8. Business units
Slide 4: Q1 2026 in brief
Q1 2026 in brief Market weakness continues • Revenue -4% Y/Y, organic growth1 -3% Y/Y • The war in Iran has increased market volatility and cost inflation Operative EBITDA-% declined to 17.3% • Proftitability decline driven by Water Solutions and Packaging & Hygiene Solutions, improvement in Fiber E
Slide 5: Group revenue decrease mainly driven by FX rates and pricing
Group revenue decrease mainly driven by FX rates and pricing REVENUE AND ORGANIC REVENUE GROWTH 1 (Y/Y) Revenue decreased Y/Y in Q1 2026 EUR million • Revenue decline mainly due to the FX 800 -9% 1% 2% 1% -2% -3% -3% -6% -3% rates and lower sales prices driven by 700 market weakness 600 • Y/Y organi
Slide 6: Operative EBITDA-% declined mainly driven by pricing
Operative EBITDA-% declined mainly driven by pricing OPERATIVE EBITDA AND OPERATIVE EBITDA-% Q1 Operative EBITDA-% declined to 17.3% EUR million • Profitability weakened mainly due to pricing 180 and volumes, as well as FX. 160 140 22.2% • Operative EBITDA-% declined to 18.4% in 120 19.2% 20.3% 18.7
Slide 7: Kemira's financial targets: performance improvement actions continue
Kemira’s financial targets: performance improvement actions continue ORGANIC GROWTH 1 , % OPERATIVE EBITDA, % OP. RETURN ON CAPITAL EMPLOYED EUR million EUR million EUR million 4,000 700 2,500 3,500 600 2,017 2,000 3,000 506 21.5% +27% 2,722 500 Op. EBITDA 18-21% Op. ROCE > 16% 16.2% 20.6% 16.5% 2,5
Slide 8: The impact of the cost inflation and mitigating actions
The impact of the cost inflation and mitigating actions DIRECT PURCHASES AND EXPOSURE TO OIL-RELATED • Oil and logistics cost inflation drives cost LOGISTICS COSTS 2025 RAW MATERIALS, 2025 pressure especially in Water Solutions and EUR 1.5 billion Packaging & Hygiene Solutions 20% Logistics 67%
Slide 9: Outlook for 2026
Outlook for 2026 ASSUMPTIONS BEHIND THE OUTLOOK (SPECIFIED) OUTLOOK • The demand in Kemira's end-markets has weakened REVENUE due to continued global economic uncertainty and increased geopolitical tensions. Kemira's revenue is expected to be between EUR • In particular, the packaging and pulp marke
Slide 10: Agenda
Agenda Antti Salminen 1. Q1 2026 Highlights p. 4 President and CEO 2. Group revenue p. 5 3. Group profitability p. 6 4. Financial targets p. 7 5. Outlook for 2026 p. 9 Tuomas Mäkipeska 6. Group profitability bridge p. 11 CFO 7. Net impact from sales prices and variable costs p. 12 8. Business units
Slide 11: Q1 operative EBITDA bridge
Q1 operative EBITDA bridge Q1/2026 REVENUE DEVELOPMENT (Y/Y) Revenue decreased 4% to EUR 677 million EUR million 709 • Revenue decline mainly driven by negative FX -4 -15 -26 14 -1 677 impact and pricing • Organic revenue growth1 -3% • Q/Q both sales volumes and prices increased Q1 2025 Sales Sales
Slide 12: Net impact from sales prices and variable costs
Net impact from sales prices and variable costs SALES PRICES AND VARIABLE COSTS (CHANGE Y/Y) EUR million 300 269 250 256 200 188 197 129 174 150 152 138 141 99 122 100 59 68 64 97 11 4 8 32 28 25 36 75 66 50 -20 -10 -2 -2 47 42 24 28 16 28 15 62 70 16 9 5 2 -3 -16 16 26 37 34 43 38 2 0 -23 -10 13 13
Slide 13: Water Solutions
Water Solutions REVENUE AND ORGANIC REVENUE GROWTH 1 (Y/Y) Market environment impacted by uncertainty EUR million • Demand stable withing municipal customers, 400 -2% 3% 5% 6% 0% -2% -2% -5% -2% volatility continues among industrial 300 customers 200 321 329 • Q1 historically a seasonally weaker qua
Slide 14: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions REVENUE AND ORGANIC REVENUE GROWTH 1 (Y/Y) Market environment continued challenging EUR million • Packaging and paper industry impacted by the 400 economic uncertainty and low consumer -4% 300 0% 0% 0% -6% -7% -3% -6% -4% confidence 200 Q1 revenue decreased mainly due t
Slide 15: Fiber Essentials
Fiber Essentials REVENUE AND REVENUE GROWTH 1 (Y/Y) Market environment continued soft EUR million • Demand healthier in Q1 versus the previous 400 quarters, driven by cold winter in the Nordics 300 -6% -3% -3% 0% 3% • The market prices of bleaching chemicals -9% -2% 200 have increased, while prices
Slide 16: Balance sheet remains strong, enabling investments in long-term growth
Balance sheet remains strong, enabling investments in long-term growth NET DEBT, GEARING AND LEVERAGE RATIO* OPERATIVE RETURN ON CAPITAL EMPLOYED EUR in million EUR in million 600 Gearing Net debt 3,000 Op. ROCE-% Capital employed 506 505 500 2,500 2,093 2,032 2,017 376 1,963 1,920 1,922 1,920 1,924
Slide 17: Operating cash flow at a good level in Q1
Operating cash flow at a good level in Q1 NET WORKING CAPITAL CASH FLOW FROM OPERATIONS EUR in million EUR in million 700 NWC % of LTM revenue Net working capital 700 LTM operating cash flow Operating cash flow 600 10.4% 10.7% 10.6% 600 547 10.2% 10.0% 10.1% 10.2% 514 9.7% 485 500 8.5% 500 453 442 3
Slide 18: Enhanced focus on ensuring Kemira's competitiveness in a volatile and soft market
Enhanced focus on ensuring Kemira’s competitiveness in a volatile and soft market Demand remained stable in Raw material, energy and Profitability improvement all business units logistics cost inflation actions continue: compared to the mitigated through price Further cost efficiency previous quarte
Slide 19: Q&A
Q&A APRIL 24, 2026 Q1 2026 RESULT PRESENTATION 19
Slide 20: Chemistry with a purpose
4 e mM | cra Chemistry with a purpose. Better every day.
Slide 21: Appendix
Appendix APRIL 24, 2026 Q1 2026 RESULT PRESENTATION 21
Slide 22: Financial highlights of Q1 2026
Financial highlights of Q1 2026 EUR million (except ratios) Q1 2026 Q1 2025 Δ% 2025 Revenue 677.3 708.8 -4% 2,753.5 Operative EBITDA 117.3 135.5 -13% 524.6 of which margin 17.3% 19.1% 19.1% Operative EBIT 65.4 85.6 -24% 324.4 of which margin 9.7% 12.1% 11.8% Net profit 45.5 61.7 -26% 194.1 EPS dilut
Slide 23: Currency impact in Q1 2026
Currency impact in Q1 2026 KEMIRA REVENUE DISTRIBUTION IN 2025 8% Others • Main currency exposure comes via translation 2% PLN impact 2% BRL • Transaction risk is limited as revenues and costs 2% SEK 45% EUR are typically in same currency due to local 3% GBP manufacturing. Transaction ri
Slide 24: Key figures (reported)
Key figures (reported) EUR million Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 2024 Revenue 677.3 663.7 687.7 693.4 708.8 2,753.5 2,948.1 Operative EBITDA 117.3 119.9 137.3 131.8 135.5 524.6 585.4 margin 17.3% 18.1% 20.0% 19.0% 19.1% 19.1% 19.9% Operative EBIT 65.4 67.5 87.8 83.4 85.6 324.4 398.7 m
Slide 25: Cash flow
Cash flow EUR million Q1 2026 Q1 2025 2025 Net profit for the period 45.5 61.7 194.1 Total adjustments 71.2 70.3 305.4 Change in net working capital -0.9 -40.7 -45.2 Finance expenses -11.5 -6.9 -14.8 Income taxes paid -12.7 -29.4 -61.3 Net cash generated from operating 91.7 55.0 378.2 activities Pur
Slide 26: Water Solutions
Water Solutions KEY FINANCIALS EUR million Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 2024 Revenue 300.8 295.0 313.9 308.6 303.8 1,221.5 1,256.9 Operative EBITDA 55.4 54.6 72.5 70.7 65.1 262.9 279.1 margin 18.4% 18.5% 23.1% 22.9% 21.4% 21.5% 22.2% Operative EBIT 32.3 32.6 52.8 51.5 47.0 183.9 211.
Slide 27: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions KEY FINANCIALS EUR million Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 2024 Revenue 232.9 236.8 239.4 240.3 253.7 970.2 1,058.5 Operative EBITDA 23.6 29.1 32.6 23.7 30.5 115.9 136.3 margin 10.1% 12.3% 13.6% 9.9% 12.0% 12.0% 12.9% Operative EBIT 10.1 14.6 18.0 9.4 13.9
Slide 28: Fiber Essentials
Fiber Essentials KEY FINANCIALS EUR million Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 2024 Revenue 143.7 131.8 134.3 144.5 151.2 561.9 588.2 Operative EBITDA 38.3 36.2 32.3 37.4 39.8 145.7 166.7 margin 26.7% 27.4% 24.1% 25.9% 26.3% 25.9% 28.3% Operative EBIT 23.0 20.3 17.1 22.5 24.7 84.5 107.7 ma
Slide 29: Revenue split by country
Revenue split by country FY 2025 Other APAC 6% China 3% Other EMEA 8% USA 24% Belgium 2% Netherlands 3% France 3% Spain 3% Italy 3% Canada 7% Poland 4% Brazil 3% UK 4% Other Americas 3% Germany 4% Sweden 7% Finland 13% APRIL 24, 2026 Q1 2026 RESULT PRESENTATION 29
Slide 30: Important information about financial figures
Important information about financial figures Kemira provides certain financial performance measures (alternative performance measures) that are not defined by IFRS. Kemira believes that alternative performance measures followed by capital markets and Kemira management, such as revenue growth in loc
Slide 31: Kemira
Kemifa WWW.KEMIRA.COM