Kemira Oyj · OMXHEX:KEMIRA
Kemira Oyj — Kemira Oyj Ord — Q3 2025 Earnings Presentation
35 slides from Kemira Oyj's earnings presentation, Oct 24, 2025
Slide 1: Good profitability maintained in a weakened market environment
ANTTI SALMINEN, PRESIDENT & CEO PETRI CASTRÉN, CFO OCTOBER 24, 2025 Good profitability maintained in a weakened market environment JANUARY – SEPTEMBER 2025
Slide 2: Agenda
Agenda Antti Salminen 1. Q3 2025 Highlights p. 3 President and CEO 2. Group revenue p. 4 3. Group profitability p. 5 4. Strategy update p. 6 5. Outlook for 2025 p. 9 Petri Castrén 6. Group profitability bridge p. 11 CFO 7. Net impact from sales prices and variable costs p. 12 8. Business units p. 13
Slide 3: Highlights of Q3 2025
Highlights of Q3 2025 Market environment continues challenging • Revenue -5% Y/Y, organic growth1 -3% Y/Y • Revenue declined in all business units • Outlook unchanged Good profitability in Q3 • Operative EBITDA margin 20.0% • Water Solutions’ profitability remained strong • Packaging & Hygiene Solut
Slide 4: Group revenue
Group revenue REVENUE AND ORGANIC REVENUE GROWTH 1 (Y/Y) Revenue declined in Q3 EUR million • Y/Y organic growth1 -3%, mainly driven by 800 -9% -13% -9% 1% 2% 1% -2% -3% the challenging market environment -3% 700 • Revenue declined in all three business 600 units, FX continued a headwind 500 400 733
Slide 5: Group profitability
Group profitability OPERATIVE EBITDA AND OPERATIVE EBITDA-% Operative EBITDA margin 20.0% EUR million • Strong profitability: operative EBITDA-% 180 remained close the previous year’s level. 160 140 22.2% • Profitability remained strong in Water 21.6% 120 20.7% 19.2% 20.3% 18.7% 19.1% 19.0% 20.0% So
Slide 6: Strategy execution continues
Strategy execution continues Activated carbon reactivation site investment in Helsingborg, Sweden, approved • Designed to reactivate spent granular activated carbon, enabling reuse in drinking water treatment applications • First reactivation site in the Nordics • Low double-digit million-euro inves
Slide 7: Acquisition of Water Engineering, Inc.
Entering the industrial water services: Acquisition of Water Engineering, Inc. • Water service specialist with expertise in boiler and cooling tower water treatment, and industrial wastewater treatment solutions • Main customer sectors food & beverage, manufacturing and healthcare • Good cross-selli
Slide 8: 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 3,500 600 540 2,000 1,924 3,000 +27% 2,814 500 21.5% Op. EBITDA 18-21% 17.8% 16.2% 20.6% 2,500 19.9% Op. ROCE > 16% 19.7% 19.2% 1,500 400 11.3% 2,000
Slide 9: Outlook for 2025
Outlook for 2025 (unchanged) OUTLOOK ASSUMPTIONS BEHIND THE OUTLOOK REVENUE • The continued global economic uncertainty is Kemira's revenue is expected to be between EUR expected to result in softer volume demand in 2,700 and EUR 2,950 million in 2025 Kemira's end-markets. (reported 2024 revenue: EU
Slide 10: Agenda
Agenda Antti Salminen 1. Q3 2025 Highlights p. 3 President and CEO 2. Group revenue p. 4 3. Group profitability p. 5 4. Strategy update p. 6 5. Outlook for 2025 p. 9 Petri Castrén 6. Group profitability bridge p. 11 CFO 7. Net impact from sales prices and variable costs p. 12 8. Business units p. 13
Slide 11: Q3 operative EBITDA bridge
Q3 operative EBITDA bridge Q3/2025 REVENUE DEVELOPMENT (Y/Y) Organic revenue growth1 -3% EUR million • Revenue decline mainly driven by the lower volumes 728 -21 -1 -20 2 688 resulting from the market softness, FX continued a headwind • Y/Y decline in sales volumes, prices remained stable • Q/Q incr
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 24 28 16 28 15 62 70 16 9 5 -3 -2 47 42 37 2 -16 16 26 34 43 38 2 -23 -26 -10 13
Slide 13: Water Solutions
Water Solutions REVENUE AND ORGANIC REVENUE GROWTH 1 (Y/Y) Stable market environment in Urban water EUR million 3% 5% -2% • Volatility has increased in the Industrial 400 6% -2% 3% -2% -2% 0% water business 300 Organic revenue growth1 -2% 200 291 271 296 321 329 311 304 309 314 • Increase in Urban E
Slide 14: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions REVENUE AND ORGANIC REVENUE GROWTH 1 (Y/Y) Challenging market environment EUR million • Demand continued slow in the pulp and paper 400 -4% 0% 0% industry 0% -6% -3% -7% 300 Organic revenue growth1 -3% 200 • Sales prices declined Y/Y, volumes remained 265 271 269 264 10
Slide 15: Fiber Essentials
Fiber Essentials REVENUE AND REVENUE GROWTH 1 (Y/Y) Sluggish market environment EUR million 400 • Demand softness driven by the Nordics 300 -6% • Base chemicals’ market prices at a low level -3% -3% 0% 3% 200 -5% Organic revenue growth1 -5% 100 148 154 152 144 144 149 151 145 134 0 • Sales volumes d
Slide 16: 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% 17.8% 535 16.2% 1.3 0.8 292 292 0.5 0.5 31 Dec-2022 31 Dec-2023 31 Dec-2024 30 Sep-2025 2022 2023 2023 O&G 2024 2024 O&G Q3 2025 divestment divestment * Leverage ratio =
Slide 17: Cash flow generation
Cash flow generation ALL KEY FIGURES IN EUR MILLION CASH FLOW FROM OPERATIONS CAPITAL EXPENDITURE EXCL. ACQUISITIONS 546 6% 6% 6% 485 6% 97 401 98 198 205 42 34 188 167 6% 143 319 133 43 4% 115 109 20 98 251 58 119 55173 58 42 96 173 112 255 146 255109 64 3% 165 97 114 106 133 112 132 -11 117 81 202
Slide 18: Tuomas Mäkipeska appointed Kemira's new CFO
Tuomas Mäkipeska appointed Kemira’s new CFO • Kemira has appointed Tuomas Mäkipeska Chief Financial Officer. • He will start in his new position in May 2026 at the latest. • He joins Kemira from YIT, where he has served as CFO and Deputy to the CEO since 2021. • Tuomas Mäkipeska succeeds Kemira’s cu
Slide 19: Chemistry with a purpose. Better every day.
4 e mM | cra Chemistry with a purpose. Better every day.
Slide 20: Appendix
Appendix OCTOBER 24, 2025 Q3 2025 RESULT PRESENTATION 20
Slide 21: Financial highlights of Q3 2025
Financial highlights of Q3 2025 EUR million Q3 Q3 1-9 1-9 (except ratios) 2025 2024 Δ% 2025 2024 Δ% 2024 Revenue 687.7 727.6 -5% 2,089.9 2,224.3 -6% 2,948.1 Revenue, O&G divestment 687.7 727.6 -5% 2,089.9 2,179.8 -4% 2,903.5 adjusted Operative EBITDA 137.3 147.4 -7% 404.6 450.4 -10% 585.4 of which m
Slide 22: Kemira in brief
Kemira in brief LTM EXCL. OIL & GAS: REVENUE EUR 2,813.6 MILLION, OPERATIVE EBITDA EUR 539.6 MILLION, OPERATIVE EBITDA MARGIN 19.2%, OPERATIVE ROCE 17.8% BUSINESS UNITS GEOGRAPHIES PRODUCTS ◼ 20% ◼ 45% 10% ◼ 15% Other: e.g. Fiber Essentials Water APAC defoamers, dispersants, ◼ 25% Solutions 40% 1. C
Slide 23: 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% 21.6% 20.5% 1 600 ◼ 50% ◼ 25% ◼ 25% 18.0% ◼ 15% ◼ 60% 1 400 16.2% Industrial Urban Urban 1 200 14.5% Other Coagulants Americas** EMEA** 1 000 products 800 1,
Slide 24: 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 ◼ 55% ◼ 10% ◼ 5% ◼ 5% Coagulants ◼ 1% Other 1,600 ◼ 25% 1,400 12.3% 12.9% 11.6% Packaging & Printing & Tissue Pulp 1,200 1,000 Board Writing ◼ 15% 800 P
Slide 25: 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% ◼ 15% 27.2% 1 200 Others 1 000 ◼ 100% 800 Pulp 600 ◼ 15% 400 ◼ 55% 676 588 579 Caustic 200 Sodium Chlorate Soda 0 Market 2023 2024 Q3/25 1% LTM growth* The fig
Slide 26: Currency impact in Q3 2025
Currency impact in Q3 2025 KEMIRA REVENUE DISTRIBUTION IN 2024 • Main currency exposure comes via translation ◼ 6% Others impact ◼ 2% PLN ◼ 2% BRL • Transaction risk is limited as revenues and costs ◼ 45% EUR ◼ 2% SEK are typically in same currency due to local manufacturing. Transaction risk mostly
Slide 27: Key figures (reported)
Key figures (reported) EUR million Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 2024 2023 Revenue 687.7 693.4 708.8 723.7 727.6 2,948.1 3,383.7 Operative EBITDA 137.3 131.8 135.5 135.0 147.4 585.4 666.7 margin 20.0% 19.0% 19.1% 18.7% 20.3% 19.9% 19.7% Operative EBIT 87.8 83.4 85.6 86.2 100.8 398.7 463.0
Slide 28: Key figures, Oil & Gas divestment adjusted
Key figures, Oil & Gas divestment adjusted EUR million Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 2024 2023 Revenue 687.7 693.4 708.8 723.7 727.6 2,903.5 2,889.0 Operative EBITDA 137.3 131.8 135.5 135.0 147.4 582.1 595.9 margin 20.0% 19.0% 19.1% 18.7% 20.3% 20.0% 20.6% Operative EBIT 87.8 83.4 85.6 86.
Slide 29: Cash flow
Cash flow EUR million Q3 2025 Q3 2024 2024 Net profit for the period 61.6 67.2 262.7 Total adjustments 73.8 78.9 312.9 Change in net working capital 18.9 -17.6 28.5 Finance expenses -7.2 -3.7 -29.8 Income taxes paid -14.9 -12.7 -89.6 Net cash generated from operating activities 132.2 112.2 484.6 Pur
Slide 30: Water Solutions
Water Solutions KEY FINANCIALS EUR million Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 2024 2023 Revenue 313.9 308.6 303.8 311.3 328.6 1,301.4 1,635.5 Revenue, O&G divestment adjusted 313.9 308.6 303.8 311.3 328.6 1,256.9 1,140.9 Operative EBITDA 72.5 70.7 65.1 58.8 76.7 282.3 335.8 Margin 23.1% 22.9% 2
Slide 31: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions KEY FINANCIALS EUR million Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 2024 2023 Revenue 239.4 240.3 253.7 263.9 254.8 1,058.5 1,072.0 Operative EBITDA 32.6 23.7 30.5 28.4 30.1 136.3 132.1 margin 13.6% 9.9% 12.0% 10.8% 11.8% 12.9% 12.3% Operative EBIT 18.0 9.4 13.9 12.5 15.
Slide 32: Fiber Essentials
Fiber Essentials KEY FINANCIALS EUR million Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 2024 2023 Revenue 134.3 144.5 151.2 148.5 144.1 588.2 676.1 Operative EBITDA 32.3 37.4 39.8 47.8 40.7 166.7 198.8 margin 24.1% 25.9% 26.3% 32.2% 28.2% 28.3% 29.4% Operative EBIT 17.1 22.5 24.7 32.5 25.6 107.7 142.5 m
Slide 33: Revenue split by country
Revenue split by country FY 2024 Other APAC 6% China 4% Other EMEA 9% PAC USA 24% ◼A ◼ AM Belgium 2% ER Netherlands 3% ICAS France 3% Spain 3% Italy 3% Canada 7% Poland 3% ◼E M A UK 3% E Brazil 2% Other Americas 4% Germany 4% Sweden 7% Finland 13% OCTOBER 24, 2025 Q3 2025 RESULT PRESENTATION 33
Slide 34: 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 35: Kemira
Kemifa WWW.KEMIRA.COM