Kemira Oyj · OMXHEX:KEMIRA
Kemira Oyj — Q4 2025 Earnings Presentation
105 slides from Kemira Oyj's earnings presentation, Feb 12, 2026
Slide 1: Kemira Investor Presentation
FEBRUARY 12, 2026 Kemira Investor Presentation Chemistry with a purpose. Better every day. INVESTOR PRESENTATION
Slide 2: Content
INVESTOR PRESENTATION Content 1. Kemira in brief 2. Strategy and financial targets 3. Investment highlights 4 Sustainability at Kemira 5. Businesses - Water Solutions - Fiber businesses 6. Recent progress 7. Appendix FEBRUARY 12, 2026 INVESTOR PRESENTATION 2
Slide 3: Kemira in brief
INVESTOR PRESENTATION Kemira in brief FEBRUARY 12, 2026 INVESTOR PRESENTATION 3
Slide 4: Kemira in brief
Kemira in brief Revenue Operative EBITDA Operative ROCE 2,753.5 19.1% 16.5% MEUR, 2025 margin, 2025 2025 Headquartered in Helsinki, Finland Approximately Nasdaq Helsinki KEMIRA Sales in 4,900 since 1994 100+ employees, 2025 countries FEBRUARY 12, 2026 INVESTOR PRESENTATION 4
Slide 5: Business overview
Business overview REVENUE BY BUSINESS UNITS, 2025 REVENUE BY GEOGRAPHIES, 2025 STRATEGIC CORNERSTONES 20% 45% 9% Fiber Essentials Water APAC MEUR 562 37% 1. China Expand in water Solutions 2. Indonesia MEUR 1,222 AMERICAS 3. South Korea 1. USA 2. Canada 3. Brazil Build a leading 54% renewable so
Slide 6: Kemira in your everyday
Kemira in your everyday COAGULANTS POLYMERS SIZING AND BLEACHING STRENGTH 30% 15% 15% 25% Important specialty chemical in Main water treatment chemical, Important water treatment pulp & paper, used to improve Critical product in pulp & paper, used to coagulate impurities in chemical, used to separat
Slide 7: Global reach – local excellence
Global reach – local excellence 58 MANUFACTURING SITES KEMIRA HQ Helsinki, Finland R&D, Espoo, Finland Regional HQ Atlanta, USA FI B B B B B C Americas EMEA R&D, Atlanta, USA C Regional HQ UK Y Y C C CB C APAC PL S S C C Shanghai, China Fiber Essentials S NL Y B C C SC C P CZ C C C R&D, Shanghai, Ch
Slide 8: Water Solutions as the resilient backbone
Kemira has a solid foundation to build on, with Water Solutions as the resilient backbone Market size and Business Unit Share of revenue (2025) market position Offering • Chemicals (coagulants, polymers) Revenue ~14 bn EUR used in water treatment of both Water Solutions 1,222 Market size waste and d
Slide 9: Water Solutions
Water Solutions REVENUE AND AND OP. EBITDA-% REVENUE BY APPLICATION REVENUE BY EUR million TYPE AND MARKET GROWTH PRODUCT CATEGORY 1,800 22.2% 21.5% 20.5% 1,600 51% 26% 23% 18.0% 15% 62% 1,400 16.2% Industrial Urban Urban 1,200 14.5% Other Coagulants EMEA* Americas* 1,000 products 800 1,54
Slide 10: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions REVENUE AND AND OP. EBITDA-% REVENUE BY CUSTOMER REVENUE BY EUR million TYPE AND MARKET GROWTH PRODUCT CATEGORY 1,800 21% 10% 6% 3% 7% Coagulants 1,600 60% 1,400 12.3% 12.9% 12.0% Packaging & Printing Tissue Pulp Others 1,200 1,000 Board & Writing 18% 800
Slide 11: Fiber Essentials
Fiber Essentials REVENUE AND AND OP. EBITDA-% REVENUE BY CUSTOMER REVENUE BY EUR million TYPE AND MARKET GROWTH PRODUCT CATEGORY 29.4% 28.3% 17% 25.9% 1,200 Others 1,000 100% 800 Pulp 600 15% 400 52% 676 588 562 Caustic 200 Sodium Chlorate Soda 0 Market 2023 2024 2025 1% growth* The figures
Slide 12: Transformation into a water-focused company
Transformation into a water-focused company 2024 1950 1961 1972 1985-1992 1994 2008 Divestment of the Oil & Gas Development of Name changed The “Kemira” Expansion Kemira is listed on Water chemistry 2015 business & new growth first chemicals for to Rikkihappo Oy name adopted continues in Europe the
Slide 13: Revenue development
Revenue development 4,000 3,570 3,500 3,384 3,000 2,948 2,904 2,674 2,754 2,500 2,427 +33.5% Y/Y 2,000 +10.2% Y/Y -5.2% +0.5%* 1,500 -8.7% Y/Y -5.2%* Y/Y Y/Y -12.9% Y/Y Y/Y 1,000 500 0 2020 2021 2022 2023 2024 2024 adj. 2025 *Y/Y comparison versus Oil and Gas adjusted revenue, FY25 comparison versus
Slide 14: Profitability development
Profitability development 700 667 600 572 585 582 525 Operative EBITDA Operative EBITDA-% 500 435 426 400 19.7% 19.9% 20.0% 19.1% 16.0% 300 17.9% 15.9% 200 100 0 2020 2021 2022 2023 2024 2024 adj. 2025 FEBRUARY 12, 2026 INVESTOR PRESENTATION 14
Slide 15: Strategy and financial targets
INVESTOR PRESENTATION Strategy and financial targets FEBRUARY 12, 2026 INVESTOR PRESENTATION 15
Slide 16: 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 17: Global megatrends largely favor Kemira
Global megatrends largely favor Kemira, sustainability a key driver for the long term CHANGING GROWING DEMOGRAPHICS ENVIRONMENTAL AWARENESS Growing Changing More efficient use Focus on Tightening Climate change middle-class lifestyles with of scarce natural renewable and environmental mitigation and
Slide 18: Healthy market growth for Kemira's relevant markets
From Kemira’s Capital Markets Day 2024 presentation. Healthy market growth for Kemira’s relevant markets WATER SOLUTIONS RELEVANT MARKET EUR billion KEMIRA RELEVANT MARKET 3-5% 18.4 EUR billion 14.3 Accelerated growth focus 2-3% 30.5 Kemira’s current main markets 2024 2030 25.4 PACKAGING AND HYGIENE
Slide 19: Driving shareholder value through accelerated profitable growth
Driving shareholder value through accelerated profitable growth LONG-TERM FINANCIAL TARGETS WE ARE ACCELERATING GROWTH AVERAGE – DRIVEN BY WATER AND SUSTAINABILITY ANNUAL ORGANIC GROWTH >4% WE HAVE STRUCTURALLY STRONGER MARGINS OPERATIVE EBITDA 18-21% WE WILL EXECUTE FASTER THROUGH THE NEW KEMIRA OR
Slide 20: Business units have different financial profiles
Kemira’s business units have different financial profiles… BUSINESS WATER PACKAGING & FIBER UNIT SOLUTIONS HYGIENE SOLUTIONS ESSENTIALS % of total revenue ~45% ~35% ~20% Cyclicality Low Medium Medium Pricing structure Majority fixed pricing Majority fixed pricing ~50% fixed / ~50% formula Capital in
Slide 21: Different mandates according to financial profiles
… and different mandates according to their financial profiles BUSINESS UNIT WATER PACKAGING & FIBER SOLUTIONS HYGIENE SOLUTIONS ESSENTIALS % of total sales* ~45% ~35% ~20% Role in the Growth + Transformation + Cash flow + Kemira portfolio cash flow profitability improvement selective growth Growth
Slide 22: Growth through organic and inorganic opportunities
From Kemira’s Capital Markets Day 2024 presentation. We will grow through organic and inorganic opportunities – particularly in water ILLUSTRATIVE EXAMPLE INORGANIC GROWTH OPPORTUNITIES STRONG APPETITE FOR M&A; ORGANIC GROWTH OPPORTUNITIES DISCIPLINED IN VALUATIONS FINANCIAL TARGET Key focus areas F
Slide 23: Four paths to the EUR 500 million renewable revenue target
We have four paths to reach the EUR 500 million renewable revenue target CURRENT Boost the sales of commercially PORTFOLIO available renewable products Convert current fossil-based products to renewable PRODUCT products by replacing raw materials CONVERSION and feedstocks New products based on NEW R
Slide 24: 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 25: Several actions taken to accelerate growth
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 26: Investment highlights
INVESTOR PRESENTATION Investment highlights FEBRUARY 12, 2026 INVESTOR PRESENTATION 26
Slide 27: Why invest in Kemira
Why invest in Kemira Strong market position Resilient business model Good opportunities in all business units with water as the backbone for profitable growth Strong financial profile with Long-term commitment to attractive and over-time sustainability increasing dividend FEBRUARY 12, 2026 INVESTOR
Slide 28: Strong balance sheet enabling growth and increasing dividend
Strong balance sheet enabling long-term growth, and competitive and over-time increasing dividend EUR million Leverage ratio EUR EPS Net debt DPS 1,000 2.0 Payout ratio 900 850 1.61 800 759 771 1.50 1.5 700 2.0 1.28 1.7 1.18 600 535 506 500 1.3 1.0 0.86 400 0.74 0.76* 1.0 0.70 0.68 292 0.58 0.58 0.6
Slide 29: Kemira launched a new share buyback program
Kemira launched 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 30: Sustainability at Kemira
INVESTOR PRESENTATION Sustainability at Kemira FEBRUARY 12, 2026 INVESTOR PRESENTATION 30
Slide 31: Embedding sustainability every day
Embedding sustainability every day Increasing handprint: Reducing footprint: Highlighting safety and Positive impacts on our Climate actions and responsible business customers’ business nature stewardship practices • Treatment, reuse and recycling of • Low-emission energy, • Responsible business pra
Slide 32: Sustainability key figures: footprint
SUSTAINABILITY – KEY FIGURES Value chain transformation is driven through a lower footprint, reducing negative impacts. In brackets the change from 2024 to 2025 78% 55% -43% -26% (+6 pp) (+3 pp) (-8.5 pp) (-6.5 pp) OF GLOBAL ENERGY OF USED RAW MATERIALS OF SCOPE 1&2 EMISSIONS OF SCOPE 3 EMISSIONS PU
Slide 33: Sustainability key figures: handprint
SUSTAINABILITY – KEY FIGURES Business transformation is driven through growing the handprint and helping customers solve their sustainability challenges. In brackets the change from 2024 to 2025 240M€ 64% 21Bm3 (±0M€) (+6pp) (+0.2 Bm³) IN SALES FROM OF PRODUCTS IMPROVE RENEWABLE SOLUTIONS WATER TREA
Slide 34: SBTi validated greenhouse gas emission reduction targets
INCREASING HANDPRINT, REDUCING FOOTPRINT The SBTi has validated SCOPE 1&2 TARGET Kemira’s ambitious science- SCOPE 3 TARGET ~52% reduction ~33% reduction based greenhouse gas by the end of 2030, by the end of 2033, emission reduction targets base year 2018 base year 2021 Kemira is a true frontrunner
Slide 35: Progress towards Kemira's climate targets
Progress towards Kemira’s climate targets Scope 3 emissions ktCO2e 2,500 -25.9% 2,337 Scope 1 & 2 emissions 2,177 Target ktCO2e -32.5% 2,000 by 2033 1,863 1,881 1,731 1,578 Target 1,500 1,000 -43.1% 894 883 -51.23% 856 822 by 2030 800 780 667 1,000 596 600 509 436 400 500 200 0 0 2018 2019 2020 2021
Slide 36: 64% of revenue from products improving customers' resource efficiency
INCREASING HANDPRINT 64% of revenue generated from products that improve customers’ resource efficiency WATER BUSINESS FIBER BUSINESSES Urban and industrial Kemira’s products improve the manufacturing process water treatment: and enable better resource-efficiency. Chemical water treatment provides t
Slide 37: Significant number of renewable products in portfolio
INCREASING HANDPRINT We already have a significant number of renewable products in our portfolio REVENUE SPLIT IN 2025* CURRENT RENEWABLE PORTFOLIO Renewable (> 50%) Sizing Partly Renewable (20-50%) • The majority of our current renewable offering Renewable polymers Does not • Biomass-balanced polym
Slide 38: Sustainability performance in 2025
Sustainability performance in 2025 SDG KPI UNIT 2025 SAFETY TRIF* 2.2 by the end of 2025 and 1.5 by the end of 2030 2.7 *TRIF = total recordable injury frequency per million hours, Kemira + contractors PEOPLE Reach top 10% cross industry norm for Diversity & Slightly Inclusion by the end of 2025 out
Slide 39: Sustainability performance in 2025
Sustainability performance in 2025 SAFETY Safety performance improved in 2025 compared with the previous year. The number of Total Recordable Injuries (TRI) in 2025 was 33 (43 in 2024) and TRIF* was 2.7 (3.2). Despite the improvement, the TRIF target (2.2) was not achieved. Kemira continuously works
Slide 40: Sustainability work recognized via ratings
Sustainability work recognized via ratings 83/100 A- A- 22.7 AAA C top 2% top 2% top 2% top 16% top 5% CLIMATE WATER Chemical Chemical Chemical Chemical Chemical Chemical sector average sector average sector average sector average sector average sector average FEBRUARY 12, 2026 INVESTOR PRESENTATION
Slide 41: Significant amounts of recycled raw materials
We use significant amounts of recycled raw materials Already 52% up to of current raw materials 70-80% from recycled & renewable of raw materials from sources recycled sources in coagulants FEBRUARY 12, 2026 INVESTOR PRESENTATION 41
Slide 42: New ambitious water impact target launched
New, ambitious water impact target launched FACTS & FIGURES By 2030, we will increase our Base year 2024 Target year 2030 positive water impact by Total water treated, reused and recycled 21 billion m3 24.5 billion m3 helping our customers to treat, …cumulative impact during target period +3.5 billi
Slide 43: Water Solutions
INVESTOR PRESENTATION Water Solutions Ambition to double the revenue in water FEBRUARY 12, 2026 INVESTOR PRESENTATION 43
Slide 44: Water Solutions
Water Solutions REVENUE AND AND OP. EBITDA-% REVENUE BY APPLICATION REVENUE BY EUR million TYPE AND MARKET GROWTH PRODUCT CATEGORY 1,800 22.2% 21.5% 20.5% 1,600 51% 26% 23% 18.0% 15% 62% 1,400 16.2% Industrial Urban Urban 1,200 14.5% Other Coagulants EMEA* Americas* 1,000 products 800 1,54
Slide 45: Water Solutions value chain
Water Solutions TECHNOLOGY AND MARKET LEADER IN WATER TREATMENT AS WELL AS IN NICHE APPLICATIONS IN OIL & GAS RAW INTERMEDIATES PRODUCTS APPLICATIONS SALES CHANNELS CUSTOMERS MATERIALS Acrylonitrile Acrylamide Polymers Raw water & waste Direct sales Municipalities (EPAM, DPAM) water treatment Acryli
Slide 46: Trends in water treatment provide growth opportunities
From Kemira’s Capital Markets Day 2024 presentation. Trends in water treatment provide solid opportunities for sustainable growth RELEVANT WATER TREATMENT RELEVANT MARKET TREND PRODUCTS & SOLUTIONS AND EXPECTED GROWTH MARKET CAGR EUR billion Energy efficiency in water 8-9% treatment processes CAGR 4
Slide 47: Micropollutant removal growth opportunity
From Kemira’s Capital Markets Day 2024 presentation. Micropollutant removal is an increasingly attractive and synergistic growth opportunity MARKET DESCRIPTION KEMIRA AND MICROPOLLUTANT REMOVAL Activated Carbon (AC) the most commonly used technology • Acquisition of Norit’s reactivation in micropoll
Slide 48: Biogas applications are of increasing interest
From Kemira’s Capital Markets Day 2024 presentation. Biogas applications are of increasing interest MARKET DESCRIPTION KEMIRA AND BIOGAS APPLICATIONS Biogas market expected to grow significantly in coming years • Our products, particularly coagulants, can due to increased focus on energy independenc
Slide 49: Industrial water services growth potential
From Kemira’s Capital Markets Day 2024 presentation. Industrial water services also present interesting growth potential MARKET DESCRIPTION KEMIRA AND INDUSTRIAL WATER SERVICES Industrial water services include several applications, such • Kemira’s current industrial water treatment revenue as boile
Slide 50: Regulation continues to support growth in water treatment
Regulation continues to support the growth in water treatment REG IO N W AT ER REL AT ED REG UL AT IO N CO M M ENT S & IM PLICAT IO NS EURO PE Urban Wastewater Treatment Directive • Driver for the enforcement of the existing legislation in EU – especially for phosphorus removal (UWWT) Transposition
Slide 51: Fiber businesses
INVESTOR PRESENTATION Fiber businesses Packaging & Hygiene Solutions and Fiber Essentials FEBRUARY 12, 2026 INVESTOR PRESENTATION 51
Slide 52: Fiber businesses
Fiber businesses TECHNOLOGY AND MARKET LEADER RAW CUSTOMER INTERMEDIATES PRODUCTS APPLICATIONS CUSTOMERS MATERIALS INDUSTRIES Electricity Tall oil rosin Sodium chlorate Pulping Pulp All the major global Sodium chloride AKD Wax Hydrogen peroxide Bleaching Packaging paper (salt) and board and pulp pro
Slide 53: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions REVENUE AND AND OP. EBITDA-% REVENUE BY CUSTOMER REVENUE BY EUR million TYPE AND MARKET GROWTH PRODUCT CATEGORY 1,800 21% 10% 6% 3% 7% Coagulants 1,600 60% 1,400 12.3% 12.9% 12.0% Packaging & Printing Tissue Pulp Others 1,200 1,000 Board & Writing 18% 800
Slide 54: Packaging & Hygiene Solutions is #2 in an expanding market
From Kemira’s Capital Markets Day 2024 presentation. Packaging & Hygiene Solutions is #2 in an expanding global market LARGE ADDRESSABLE MARKET SOME MARKET GROWTH KEMIRA HAS A GOOD MARKET EXPECTED POSITION 5% EUR billion ~2% 7.6 15% 6.7 #2 ~15% GLOBAL MARKET EUR MARKET POSITION ~7 BILLION 5.0 SHARE
Slide 55: Our products significantly improve customers' footprint
From Kemira’s Capital Markets Day 2024 presentation. RENEWABLE PRODUCTS Our products Positive climate impact* while maintaining product functionality Fossil-based raw materials cut by significantly >50% vs. standard products improve our customers’ STRENGTH DIGITAL SOLUTIONS footprint Making packagin
Slide 56: Attractive growth in new end-markets
From Kemira’s Capital Markets Day 2024 presentation. Attractive growth in new end-markets MOLDED TEXTILE RENEWABLE DIGITAL FIBERS FIBERS CHEMISTRY SOLUTIONS SERVICES Molded fiber continues Demand for novel sustainable Transition away from fossil- The chemical market is momentum as the sustain- solut
Slide 57: Fiber Essentials
Fiber Essentials REVENUE AND AND OP. EBITDA-% REVENUE BY CUSTOMER REVENUE BY EUR million TYPE AND MARKET GROWTH PRODUCT CATEGORY 29.4% 28.3% 17% 25.9% 1,200 Others 1,000 100% 800 Pulp 600 15% 400 52% 676 588 562 Caustic 200 Sodium Chlorate Soda 0 Market 2023 2024 2025 1% growth* The figures
Slide 58: Sodium Chlorate is the largest business
From Kemira’s Capital Markets Day 2024 presentation. Sodium Chlorate is the largest business; market growing particularly in South America REGIONAL MARKET CAPACITIES* MARKET GROWING SLIGHTLY KEMIRA HAS A GOOD POSITION EUR billion +1% 20% of the global capacity* 10% 1.7 CAGR 1.5 #1 Market leader NA:
Slide 59: Regulation continues to support growth of fiber businesses
Regulation continues to support the growth of our fiber businesses REG IO N FIBER- REL AT ED REG UL AT IO N CO M M ENT S & IM PLICAT IO NS EURO PE Packaging in EU legislation • PPWR secondary legislation (2026–2034): Potential to shape rules on recycled and bio-based content, aligning with Kemira’s
Slide 60: Latest news and financials
INVESTOR PRESENTATION Latest news and financials FEBRUARY 12, 2026 INVESTOR PRESENTATION 60
Slide 61: 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 62: 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 63: 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 64: 2025 – first full year of strategy execution
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 65: 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 I N4V E Q 2 0S2T5O R EPSRUELS T EPNRTEASTEI O NNTATION 65
Slide 66: 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 67: 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 68: 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 69: 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 70: 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 71: 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 72: 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 73: 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 74: 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 75: 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 76: 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 77: 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 78: 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 79: 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 80: 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 81: 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 82: 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 83: 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 84: Several actions taken to accelerate growth
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 85: Business Units 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 86: 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 87: Chemistry with a purpose. Better every day.
4 e mM | cra Chemistry with a purpose. Better every day.
Slide 88: Kemira's cost structure and top raw materials
Kemira’s cost structure and top raw materials DIRECT PURCHASES AND EXPOSURE TO OIL RELATED TOP 12 RAW MATERIALS LOGISTICS COSTS 2025 RAW MATERIALS BY SPEND (around 49% of total EUR 1.5 billion raw material spend) 67% 33% 1. Sodium hydroxide (caustic soda)* 20% Not oil Oil & gas 2. Acrylonitril
Slide 89: Kemira has a diversified financing base
Kemira has a diversified financing base GROSS DEBT AT THE END DECEMBER 2025: EUR 748 MILLION, MATURITY PROFILE EXCLUDING LEASES FEBRUARY 12, 2026 INVESTOR PRESENTATION 89
Slide 90: Kemira aims to pay a competitive dividend
Kemira aims to pay a competitive dividend KEMIRA’S DIVIDEND POLICY Competitive and over-time increasing dividend No fixed payout ratio We have a solid dividend track record Dividend per share Dividend yield 0.74 0.76* 0.68 0.62 0.56 0.58 0.58 0.53 0.53 0.53 5.4% 4.4% 4.6% 4.5% 4.4% 4.3% 4.2% 4.1
Slide 91: Largest shareholders and Board of Directors
Kemira – largest shareholders and Board of Directors SHAREHOLDERS ON DECEMBER 31, 2025 KEMIRA’S BOARD OF DIRECTORS ANNIKA TIMO % OF SHARES PAASIKIVI LAPPALAINEN 1. Oras Invest 23.4% Chair Member since Member since 2014 2. Varma Mutual Pension Insurance Company 3.8% 2022 3. Ilmarinen Mutual Pension I
Slide 92: Kemira's leadership team
KEMIRA’S LEADERSHIP TEAM Antti Salminen Petri Castrén Tuija Pohjolainen- Harri Eronen Antti Matula President & CEO CFO* Hiltunen EVP, Packaging & EVP, Fiber Essentials EVP, Water Solutions Hygiene Solutions Linus Hildebrandt Sampo Lahtinen Peter Ersman Ulrika Dunker Simon Bloem EVP, Strategy EVP, Re
Slide 93: Appendix
INVESTOR PRESENTATION Appendix FEBRUARY 12, 2026 INVESTOR PRESENTATION 93
Slide 94: 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 95: 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 96: 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 97: 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 98: 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 99: Water Solutions key financials
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 100: Packaging & Hygiene Solutions key financials
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 101: Fiber Essentials key financials
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 102: 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 INVESTOR PRESENTATION 1 0120 2
Slide 103: Kemira's IR contacts
Kemira’s IR contacts KIIRA FRÖBERG Vice President, Investor Relations kiira.froberg@kemira.com +358 40 760 4258 HEIDI LEHMUSKUMPU Investor Relations Manager heidi.Lehmuskumpu@kemira.com +358 40 593 4611 FEBRUARY 12, 2026 INVESTOR PRESENTATION 103
Slide 104: 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 105: Chemistry with a purpose. Better every day.
4 e mM | cra Chemistry with a purpose. Better every day.