Kemira Oyj · OMXHEX:KEMIRA
Kemira Oyj — Kemira Oyj Ord — Q4 2025 Earnings Presentation
39 slides from Kemira Oyj's earnings presentation, Feb 12, 2026
Slide 1: Solid profitability in a continued weak market environment
ANTTI SALMINEN, PRESIDENT & CEO PETRI CASTRÉN, CFO FEBRUARY 12, 2026 Solid profitability in a continued weak market environment JANUARY – DECEMBER 2025
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. Highlights of 2025 p. 3 President and CEO 2. Q4 in brief p. 7 3. Group revenue and profitability p. 8 4. Financial targets p. 10 Petri Castrén 5. Group performance bridges p. 12 CFO 6. Net impact from sales prices and variable costs p. 13 7. Business units p. 14 8. Balance s
Slide 4: 2025 – first full year of strategy execution with the new operating model
2025 – first full year of strategy execution with the new operating model Market environment challenging throughout the year • Revenue -5% Y/Y, organic growth1 -4% Y/Y • Demand slow particularly in the Packaging & Hygiene Solutions, also weakness in Fiber Essentials and Industrial Water during the s
Slide 5: Customer satisfaction and employee engagement
Customer satisfaction and employee engagement NET PROMOTER SCORE EMPLOYEE ENGAGEMENT 63 78 (59 in 2024) (80 in 2024) All- Above the time industry high benchmark FEBRUARY 12, 2026 Q4 2025 RESULT PRESENTATION 5
Slide 6: Continuous work with sustainability
Continuous work with sustainability CDP score A- in New target: positive both Water Security water impact of and Climate Kemira’s water Change business The comprehensive Sustainability Statement to be published on February 20, 2026, as a part of the Reduction in Financial Statements. Ecovadis score
Slide 7: Q4 2025 in brief
Q4 2025 in brief Market environment continues challenging • Revenue -8% Y/Y, organic growth1 -6% Y/Y • Revenue declined in all business units Solid profitability • Operative EBITDA margin 18.1% • Water Solutions’ operative EBITDA declined to 18.5% and Fiber Essentials’ to 27.4%, Packaging & Hygiene
Slide 8: Group revenue
Group revenue REVENUE AND ORGANIC REVENUE GROWTH 1 (Y/Y) Revenue declined in Q4 EUR million • Y/Y organic growth1 -6%, the market 800 -13% -9% 1% 2% 1% -2% -3% -3% environment continued weak -6% 700 • Revenue declined in all three business 600 units, mainly driven by market softness 500 400 and FX i
Slide 9: Group profitability
Group profitability OPERATIVE EBITDA AND OPERATIVE EBITDA-% Q4 Operative EBITDA margin 18.1% EUR million • Operative EBITDA margin declined in 180 Water Solutions and Fiber Essentials 160 140 21.6% 22.2% • Profitability improved in Packaging & 120 19.2% 20.3% 18.7% 19.1% 19.0% 20.0% 18.1% Hygiene So
Slide 10: Kemira's financial targets
Kemira’s financial targets ORGANIC GROWTH 1 , % OPERATIVE EBITDA, % OP. RETURN ON CAPITAL EMPLOYED EUR million EUR million EUR million 4,000 700 2,500 3,500 600 2,000 1,972 525 3,000 21.5% +27% 2,754 500 Op. EBITDA 18-21% 16.2% 20.6% 16.5% 2,500 20.0% Op. ROCE > 16% 19.7% 1,500 400 19.1% 11.3% 2,000
Slide 11: Agenda
Agenda Antti Salminen 1. Highlights of 2025 p. 3 President and CEO 2. Q4 in brief p. 7 3. Group revenue and profitability p. 8 4. Financial targets p. 10 Petri Castrén 5. Group performance bridges p. 12 CFO 6. Net impact from sales prices and variable costs p. 13 7. Business units p. 14 8. Balance s
Slide 12: Revenue and operative EBITDA bridges
Revenue and operative EBITDA bridges Q4/2025 Q4/2025 REVENUE DEVELOPMENT (Y/Y) OPERATIVE EBITDA DEVELOPMENT EUR million EUR million 724 -35 664 -7 -27 8 135 -11 120 -7 -5 10 -5 2 Q4 2024 Sales Sales Currency Others Q4 2025 Q4 2024 Sales Sales Variable Fixed Currency Others Q4 2025 volumes prices imp
Slide 13: 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 24 28 16 28 15 62 70 16 9 5 -2 47 42 37 2 -3 -16 16 26 34 43 38 2 0 -23 -26 -10 1
Slide 14: Items affecting comparability in 2025
Items affecting comparability in 2025 Items affecting comparability, Q4/25 Q4/24 FY2025 FY2024 In Q4, Items affecting comparability within EUR million EBITDA totaled EUR 32.4 million (18.5): • Restructuring and streamlining costs Within EBITDA -32.4 -18.5 -38.7 -34.8 EUR 25 million Water Solutions -
Slide 15: Water Solutions
Water Solutions REVENUE AND ORGANIC REVENUE GROWTH 1 (Y/Y) Q4 seasonally weaker quarter vs. other EUR million quarters 3% 5% -2% 400 6% 0% -2% -2% -2% -5% • In general, market environment continued 300 stable in Urban Water, but was slower among 200 Industrial customers 296 321 329 311 304 309 314 2
Slide 16: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions REVENUE AND ORGANIC REVENUE GROWTH 1 (Y/Y) Market environment continued soft EUR million • Demand continued slow in the pulp and paper 400 -4% 0% 0% 0% -6% industry -7% -3% -6% 300 Q4 organic revenue growth1 -6% 200 265 271 269 255 264 254 • Sales volumes and prices dec
Slide 17: Fiber Essentials
Fiber Essentials REVENUE AND REVENUE GROWTH 1 (Y/Y) Weak market environment EUR million 400 • Demand softness continued, mainly driven by the Nordics 300 -6% -3% -3% 200 0% 3% -9% • The market prices of base chemicals remain 100 at a low level 154 152 144 144 149 151 145 134 132 0 Q4 2023 Q1 2024 Q2
Slide 18: Balance sheet and ROCE
Balance sheet and ROCE NET DEBT (EUR million) AND LEVERAGE RATIO* OPERATIVE RETURN ON CAPITAL EMPLOYED 771 21.5% 22.4% 20.8% 20.6% 535 506 16.2% 16.5% 1.3 0.8 292 1.0 0.5 31 Dec-2022 31 Dec-2023 31 Dec-2024 31 Dec-2025 2022 2023 2023 O&G 2024 2024 O&G 2025 divestment divestment * Leverage ratio = Ne
Slide 19: Cash flow generation
Cash flow generation All key figures in eur million CASH FLOW FROM OPERATIONS CAPITAL EXPENDITURE EXCL. ACQUISITIONS 546 6% 6% 6% 7% 485 6% 97 401 98 198 205 197 378 188 42 143 34 167 29 109 55 133 43 115 64 20 58 57 58 42 173 112 132 173 146 255 255 114 106 111 3% 133 165 127 97 -11 117 81 2022 61
Slide 20: Strong track record of increasing dividends – dividend proposal of EUR 0.76 per share
Strong track record of increasing dividends – dividend proposal of EUR 0.76 per share • Dividend is proposed to be increased to a new high of EUR 0.76 per share – strong Dividend per share Dividend yield track record in increasing dividends since 2018 0.74 0.76 * 0.68 • Board of Directors propos
Slide 21: Kemira launches a new share buyback program
Kemira launches a new share buyback program • The aim is to further optimize Kemira’s capital structure and serve the interests of the company’s diverse shareholder base. • The maximum number of shares to be repurchased is 5,000,000, which is approximately 3.3% of the total number of shares. The max
Slide 22: Agenda
Agenda Antti Salminen 1. Highlights of 2025 p. 3 President and CEO 2. Q4 in brief p. 7 3. Group revenue and profitability p. 8 4. Financial targets p. 10 Petri Castrén 5. Group performance bridges p. 12 CFO 6. Net impact from sales prices and variable costs p. 13 7. Business units p. 14 8. Balance s
Slide 23: We continue to focus on profitable growth
We continue to focus on profitable growth EXPAND IN WATER BUILD LEADING RENEWABLE UNLOCK NEW SOLUTIONS PORTFOLIO GROWTH PLATFORMS Significantly grow our water Enable sustainability transformation in our Increase penetration into selected business by expanding to additional existing markets and lever
Slide 24: Several actions taken to accelerate growth in recent years
Several actions taken to accelerate growth in recent years • Acquisition of SimAnalytics, a digital start-up • New organization, Leadership • The acquisition of AquaBlue, • Coagulant capacity expansion in the UK Team and operating model as Inc. in the US of January 1, 2025 • The planned acquisition
Slide 25: Our Business Units continue to have different strategic focus areas
Our Business Units continue to have different strategic focus areas BUSINESS UNIT WATER PACKAGING & FIBER SOLUTIONS HYGIENE SOLUTIONS ESSENTIALS % of total revenue* ~45% ~35% ~20% Role in the Growth + Transformation + Cash flow + Kemira portfolio cash flow profitability improvement selective growth
Slide 26: Outlook for 2026
Outlook for 2026 OUTLOOK ASSUMPTIONS BEHIND THE OUTLOOK REVENUE • The continued global economic uncertainty has resulted in softer volume demand in Kemira's end- Kemira's revenue is expected to be between EUR markets. 2,600 and EUR 3,000 million in 2026 • The uncertainty is impacting the packaging a
Slide 27: Chemistry with a purpose. Better every day.
4 e mM | cra Chemistry with a purpose. Better every day.
Slide 28: Appendix
Appendix FEBRUARY 12, 2026 Q4 2025 RESULT PRESENTATION 28
Slide 29: Financial highlights of FY 2025
Financial highlights of FY 2025 EUR million Q4 Q4 (except ratios) 2025 2024 Δ% 2025 2024 Δ% Revenue 663.7 723.7 -8% 2,753.5 2,948.1 -7% Revenue, O&G divestment adjusted 663.7 723.7 -8% 2,753.5 2,903.5 -5% Operative EBITDA 119.9 135.0 -11% 524.6 585.4 -10% of which margin 18.1% 18.7% 19.1% 19.9% Oper
Slide 30: Currency impact in 2025
Currency impact in 2025 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 risk
Slide 31: Key figures (reported)
Key figures (reported) EUR million Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 Revenue 663.7 687.7 693.4 708.8 723.7 2,753.5 2,948.1 Operative EBITDA 119.9 137.3 131.8 135.5 135.0 524.6 585.4 margin 18.1% 20.0% 19.0% 19.1% 18.7% 19.1% 19.9% Operative EBIT 67.5 87.8 83.4 85.6 86.2 324.4 398.7 m
Slide 32: Key figures, Oil & Gas divestment adjusted
Key figures, Oil & Gas divestment adjusted EUR million Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 Revenue 663.7 687.7 693.4 708.8 723.7 2,753.5 2,903.5 Operative EBITDA 119.9 137.3 131.8 135.5 135.0 524.6 582.1 margin 18.1% 20.0% 19.0% 19.1% 18.7% 19.1% 20.0% Operative EBIT 67.5 87.8 83.4 85.
Slide 33: Cash flow
Cash flow EUR million Q4 2025 Q4 2024 2025 2024 Net profit for the period 13.4 51.1 194.1 262.7 Total adjustments 91.6 81.6 305.4 312.9 Change in net working capital 15.1 51.3 -45.2 28.5 Finance expenses 1.6 -7.0 -14.8 -29.8 Income taxes paid 5.5 -11.6 -61.3 -89.6 Net cash generated from operating 1
Slide 34: Water Solutions
Water Solutions KEY FINANCIALS EUR million Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 Revenue 295.0 313.9 308.6 303.8 311.3 1,221.5 1,301.4 Revenue, O&G divestment adjusted 295.0 313.9 308.6 303.8 311.3 1,221.5 1,256.9 Operative EBITDA 54.6 72.5 70.7 65.1 58.8 262.9 282.3 Margin 18.5% 23.1% 2
Slide 35: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions KEY FINANCIALS EUR million Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 Revenue 236.8 239.4 240.3 253.7 263.9 970.2 1,058.5 Operative EBITDA 29.1 32.6 23.7 30.5 28.4 115.9 136.3 margin 12.3% 13.6% 9.9% 12.0% 10.8% 12.0% 12.9% Operative EBIT 14.6 18.0 9.4 13.9 12.5
Slide 36: Fiber Essentials
Fiber Essentials KEY FINANCIALS EUR million Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 Revenue 131.8 134.3 144.5 151.2 148.5 561.9 588.2 Operative EBITDA 36.2 32.3 37.4 39.8 47.8 145.7 166.7 margin 27.4% 24.1% 25.9% 26.3% 32.2% 25.9% 28.3% Operative EBIT 20.3 17.1 22.5 24.7 32.5 84.5 107.7 ma
Slide 37: 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% FEBRUARY 12, 2026 Q4 2025 RESULT PRESENTATION 3 73 7
Slide 38: 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 39: Kemira
Kemifa WWW.KEMIRA.COM