Kemira Oyj · OMXHEX:KEMIRA
Kemira Oyj — Investor Presentation (April 2026)
92 slides from Kemira Oyj's investor presentation, April 2026
Slide 1: Kemira Investor Presentation
APRIL 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 APRIL 2026 INVESTOR PRESENTATION 2
Slide 3: Kemira in brief
INVESTOR PRESENTATION Kemira in brief APRIL 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 Nasdaq Helsinki Helsinki, Finland Approximately Sales in KEMIRA 4,900 since 1994 100+ employees, Q1/26 countries APRIL 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 STRENGTH BLEACHING 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 TYPE REVENUE BY EUR million (2025) AND MARKET GROWTH PRODUCT CATEGORY, 2025 1,800 22.2% 21.5% 20.5% 20.8% 1,600 51% 26% 23% 15% 62% 1,400 16.2% Industrial Urban Urban 1,200 14.5% Other Coagulants EMEA* Americas* 1,000 prod
Slide 10: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions REVENUE AND AND OP. EBITDA-% REVENUE BY CUSTOMER TYPE REVENUE BY EUR million (2025) AND MARKET GROWTH PRODUCT CATEGORY, 2025 1,800 21% 10% 6% 3% 7% Coagulants 1,600 60% 1,400 12.3% 12.9% 12.0% 11.5% Packaging & Printing Tissue Pulp Others 1,200 1,000 Board &
Slide 11: Fiber Essentials
Fiber Essentials REVENUE AND AND OP. EBITDA-% REVENUE BY CUSTOMER TYPE REVENUE BY PRODUCT EUR million (2025) AND MARKET GROWTH CATEGORY, 2025 29.4% 28.3% 17% 25.9% 26.0% 1,200 Others 1,000 100% 800 Pulp 600 15% 400 52% 676 588 562 554 Caustic 200 Sodium Chlorate Soda 0 Market 2023 2024 2025
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 2,722 2,500 +33.5% Y/Y 2,000 +10.2% Y/Y -1.2% -5.2% +0.5%* 1,500 Y/Y -5.2%* Y/Y Y/Y -12.9% Y/Y Y/Y 1,000 709 677 500 0 2021 2022 2023 2024 2024 adj. 2025 Q1/26 LTM Q1/25 Q1/26 *Y/Y comparison versus Oil and Gas adjusted revenu
Slide 14: Profitability development
Profitability development 700 667 600 572 585 582 Operative EBITDA 525 Operative EBITDA-% 506 500 426 400 19.7% 19.9% 20.0% 19.1% 18.6% 19.1% 17.3% 16.0% 300 15.9% 200 136 117 100 0 2021 2022 2023 2024 2024 adj. 2025 Q1/26 LTM Q1/25 Q1/26 APRIL 2026 INVESTOR PRESENTATION 14
Slide 15: Strategy and financial targets
INVESTOR PRESENTATION Strategy and financial targets APRIL 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 Kemira’s current main markets 2-3% 30.5 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: 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 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 APRIL 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 APRIL 2026 INVESTOR PRESENT
Slide 28: Strong balance sheet and over-time 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 1.61 800 771 1.50 1.5 700 2.0 1.28 1.18 600 535 506 505 500 1.3 1.0 400 0.74 0.76 1.0 1.0 0.70 0.68 292 0.58 0.62 300 0.8 0
Slide 29: Ongoing share buyback program
Kemira has an ongoing 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 APRIL 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: value chain transformation
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: business transformation
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: Sustainability targets and performance
Sustainability targets and performance APRIL 2026 INVESTOR PRESENTATION 34
Slide 35: SBTi validated greenhouse gas 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 36: 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 37: New water impact target launched
New, ambitious water impact target launched FACTS & FIGURES By 2030, enabling the Base year 2024 Target year 2030 treatment, reuse and recycling Total water treated, reused and recycled 21 billion m3 24.5 billion m3 of an additional cumulative …cumulative impact during target period +3.5 billion m3
Slide 38: Sustainability highlights in Q1/2026
Sustainability highlights in Q1/2026 • Ratings: – Leadership-level A- score in CDP 2025 rankings: Water Security and CDP Climate Change (Carbon Disclosure Project) – Leadership-level A score in CDP 2025 Supply Engagement Assessment – Ecovadis Sustainable Procurement score of 87/100 • Safety: TRIF 1.
Slide 39: 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 Leadership-level A score also in CDP's
Slide 40: Water Solutions
INVESTOR PRESENTATION Water Solutions Ambition to double the revenue in water APRIL 2026 INVESTOR PRESENTATION 40
Slide 41: Water Solutions
Water Solutions REVENUE AND AND OP. EBITDA-% REVENUE BY APPLICATION TYPE REVENUE BY EUR million (2025) AND MARKET GROWTH PRODUCT CATEGORY, 2025 1,800 22.2% 21.5% 20.5% 20.8% 1,600 51% 26% 23% 15% 62% 1,400 16.2% Industrial Urban Urban 1,200 14.5% Other Coagulants EMEA* Americas* 1,000 prod
Slide 42: 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 43: 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 44: 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 45: 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 due to increased focus on energy independence and green • Our products, particularly coag
Slide 46: 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 47: 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 • The revised UWWTD entered into force on 1st of January 2025. Revised water treatment standards, including (UWWT) the r
Slide 48: Fiber businesses
INVESTOR PRESENTATION Fiber businesses Packaging & Hygiene Solutions and Fiber Essentials APRIL 2026 INVESTOR PRESENTATION 48
Slide 49: 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 50: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions REVENUE AND AND OP. EBITDA-% REVENUE BY CUSTOMER TYPE REVENUE BY EUR million (2025) AND MARKET GROWTH PRODUCT CATEGORY, 2025 1,800 21% 10% 6% 3% 7% Coagulants 1,600 60% 1,400 12.3% 12.9% 12.0% 11.5% Packaging & Printing Tissue Pulp Others 1,200 1,000 Board &
Slide 51: Packaging & Hygiene Solutions is #2 in 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 52: Our products significantly improve customers' footprint
From Kemira’s Capital Markets Day 2024 presentation. RENEWABLE PRODUCTS Positive climate impact* while Our products maintaining product functionality Fossil-based raw materials cut by >50% vs. standard products significantly improve our customers’ STRENGTH DIGITAL SOLUTIONS Making packaging Optimizi
Slide 53: 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 Transition away from The chemical market is momentum as the sustain- sustainable solutions in
Slide 54: Fiber Essentials
Fiber Essentials REVENUE AND AND OP. EBITDA-% REVENUE BY CUSTOMER TYPE REVENUE BY PRODUCT EUR million (2025) AND MARKET GROWTH CATEGORY, 2025 29.4% 28.3% 17% 25.9% 26.0% 1,200 Others 1,000 100% 800 Pulp 600 15% 400 52% 676 588 562 554 Caustic 200 Sodium Chlorate Soda 0 Market 2023 2024 2025
Slide 55: 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 MARKET GROWING SLIGHTLY KEMIRA HAS A GOOD POSITION CAPACITIES* EUR billion +1% 20% of the global capacity* 10% 1.7 CAGR 1.5 #1 Market leader NA:
Slide 56: Regulation supports 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 57: Latest news and financials
INVESTOR PRESENTATION Latest news and financials APRIL 2026 INVESTOR PRESENTATION 57
Slide 58: Q1 2026 results: revenue and profitability declined
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 59: 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 60: 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 61: Group revenue decrease 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 62: 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 63: 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 64: Impact of 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 65: 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 66: 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 67: 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 68: 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 69: 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 70: 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 71: Balance sheet remains strong
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 72: 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 73: Enhanced focus on competitiveness in volatile 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 74: Chemistry with a purpose. Better every day.
4 e mM | cra Chemistry with a purpose. Better every day.
Slide 75: Additional slides
INVESTOR PRESENTATION Additional slides APRIL 2026 INVESTOR PRESENTATION 75
Slide 76: 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 77: Kemira has a diversified financing base
Kemira has a diversified financing base GROSS DEBT AT THE END OF MARCH 2026: EUR 768 MILLION, MATURITY PROFILE EXCLUDING LEASES APRIL 2026 INVESTOR PRESENTATION 77
Slide 78: 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 79: Largest shareholders and Board of Directors
Kemira – largest shareholders and Board of Directors SHAREHOLDERS ON MARCH 31, 2026 KEMIRA’S BOARD OF DIRECTORS ANNIKA SUSAN % OF SHARES PAASIKIVI DUINHOVEN Chair Vice Chair 1. Oras Invest 23.4% Member since Member since 2. Varma Mutual Pension Insurance Company 3.8% 2022 2025 3. Ilmarinen Mutual Pe
Slide 80: Kemira's leadership team
KEMIRA’S LEADERSHIP TEAM Antti Salminen Tuomas Mäkipeska Tuija Pohjolainen- Harri Eronen Antti Matula President & CEO CFO Hiltunen EVP, Packaging & EVP, Fiber Essentials EVP, Water Solutions Hygiene Solutions Simon Bloem Ulrika Dunker Peter Ersman Linus Hildebrandt Sampo Lahtinen Chief Operations EV
Slide 81: Appendix
INVESTOR PRESENTATION Appendix APRIL 2026 INVESTOR PRESENTATION 81
Slide 82: 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 83: 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 84: 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 85: 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 86: Water Solutions key financials
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 87: Packaging & Hygiene Solutions key financials
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 88: Fiber Essentials key financials
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 89: 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 2026 INVESTOR PRESENTATION 8 98 9
Slide 90: 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 APRIL 2026 INVESTOR PRESENTATION 90
Slide 91: 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 92: Chemistry with a purpose. Better every day.
4 e mM | cra Chemistry with a purpose. Better every day.