Kemira Oyj · OMXHEX:KEMIRA
Kemira Oyj — Q2 2025 Earnings Presentation
87 slides from Kemira Oyj's earnings presentation, Jul 18, 2025
Slide 1: Kemira Investor Presentation
JULY 18, 2025 Kemira Investor Presentation Chemistry with a purpose. Better every day. INVESTOR PRESENTATION
Slide 2: Content
INVESTOR PRESENTATION Content 1. Kemira in brief 2. Investment highlights 3. Kemira as a sustainable investment 4. Water Solutions 5. Fiber businesses 6. Recent progress 7. Appendix JULY 18, 2025 INVESTOR PRESENTATION 2
Slide 3: Kemira in brief
INVESTOR PRESENTATION Kemira in brief JULY 18, 2025 INVESTOR PRESENTATION 3
Slide 4: Kemira in brief
Kemira in brief LTM EXCL. OIL & GAS: REVENUE EUR 2,854 MILLION, OPERATIVE EBITDA EUR 550 MILLION, OPERATIVE EBITDA MARGIN 19.3%, OPERATIVE ROCE 18.5% BUSINESS UNITS GEOGRAPHIES PRODUCTS 20% 45% 10% 15% Other: e.g. Fiber Essentials Water APAC defoamers, dispersants, 25% Solutions 35% 1. China
Slide 5: 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 6: Global reach – local excellence
Global reach – local excellence 58 MANUFACTURING SITES KEMIRA HQ Helsinki, Finland R&D Regional HQ Espoo, Finland Atlanta, USA Regional HQ Shanghai, China R&D Atlanta, USA R&D Shanghai, China EMEA 43% ASIA PACIFIC 20% 2,517 AMERICAS 37% 939 UNITS IN AROUND 40 COUNTRIES 1,242 SALES IN OVER 100+ COUNT
Slide 7: Water Solutions
Water Solutions REVENUE AND OPERATIVE EBITDA REVENUE BY APPLICATION REVENUE BY EUR million TYPE AND MARKET GROWTH PRODUCT CATEGORY 1,800 336 1,600 282 50% 25% 25% 279 15% 60% 1,400 Industrial Urban Urban 1,200 224 Other Coagulants 181 Americas** EMEA** 1,000 175 products 800 1,542 1,636 su
Slide 8: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions REVENUE AND OPERATIVE EBITDA REVENUE BY CUSTOMER REVENUE BY EUR million, TYPE AND MARKET GROWTH PRODUCT CATEGORY historical figures for the new business unit 55% 10% 5% 5% Coagulants 1% Other 30 36 28 31 25% 300 31 24 31 30 Packaging & Printing & Tissue Pulp
Slide 9: Fiber Essentials
Fiber Essentials REVENUE AND OPERATIVE EBITDA REVENUE BY CUSTOMER REVENUE BY EUR million, TYPE AND MARKET GROWTH PRODUCT CATEGORY historical figures for the new business unit 15% 80 Others 250 100% Pulp 200 35 47 46 48 38 32 41 40 37 15% 150 55% 222 Caustic 100 Sodium Chlorate 153 148 154 15
Slide 10: Superior transformation into a water-focused company
Superior transformation into a water- focused company 2023 Strategic review of the Oil & Gas 1950 1961 1972 1985-1992 1994 2008 2015 business initiated Development of Name changed The “Kemira” Expansion Kemira is listed on Water chemistry Acquisition of 2025 first chemicals for to Rikkihappo Oy name
Slide 11: We are well-positioned for profitable growth
WE ARE WELL-POSITIONED FOR PROFITABLE GROWTH We are We have We will execute accelerating structurally faster through growth – driven stronger the new Kemira by water and margins organization sustainability JULY 18, 2025 INVESTOR PRESENTATION 11
Slide 12: 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 • Initial plans to build a re-activation • Coagulant capacity expansion in the UK plant for activated carbon in Sweden announced • Expanded renewables partnership with IFF 2022 2024 2023 • Ne
Slide 13: 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 14: New business units have different financial profiles
New business units have different financial profiles BUSINESS WATER PACKAGING & FIBER UNIT SOLUTIONS HYGIENE SOLUTIONS ESSENTIALS % of total sales* ~45% ~35% ~20% Cyclicality Low Medium Medium Pricing structure Majority fixed pricing Majority fixed pricing Majority formula-based Capital intensity Lo
Slide 15: New business units have different mandates
New business units have different mandates BUSINESS UNIT WATER PACKAGING & FIBER SOLUTIONS HYGIENE SOLUTIONS ESSENTIALS % of total sales* ~45% ~35% ~20% Mandate in the Growth + Growth + Cash flow + Kemira portfolio cash flow transformation selective growth Growth profile Sustainability rele
Slide 16: Investment highlights
INVESTOR PRESENTATION Investment highlights JULY 18, 2025 INVESTOR PRESENTATION 16
Slide 17: Why invest in Kemira
Why invest in Kemira ATTRACTIVE BUSINESS SUSTAINABILITY AS A STRONG FINANCIAL PROFILE MODEL GROWTH DRIVER Record-strong balance sheet Resilient business model Increasing environmental and social supports the growth strategy combined with strong market awareness is a significant growth • Net debt / o
Slide 18: Global megatrends largely favor Kemira
Global megatrends largely favor Kemira – sustainability becoming 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 miti
Slide 19: Healthy market growth for Kemira's relevant markets
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 SOLUTIONS RELEVANT MARKET EUR billion APAC 1-2% 6.7
Slide 20: We have delivered on multiple fronts
We have delivered on multiple fronts IMPROVED FINANCIALS REDUCED EMISSIONS* EUR MILLION % KT CO 2 E 19.7 19.9 700 667 20 6 000 17.9 572 5 321 600 16.0 585 15.9 5 000 15 4 267 4 108 500 435 426 4 000 3 502 400 3 134 10 3 000 300 2 000 200 5 1.7 2.0 1.3 0.8 0.5 1 000 100 0 0 0 2020 2021 2022 2023 2024
Slide 21: Strategy focuses on profitable growth
Strategy focuses 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 leverage
Slide 22: We will grow through organic and inorganic opportunities
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 FOR AVERAGE ~4 B€ Water ANNUAL ORGANIC ~2.9 B€ GROWTH
Slide 23: Four paths to reach 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 as a sustainable investment
INVESTOR PRESENTATION Kemira as a sustainable investment JULY 18, 2025 INVESTOR PRESENTATION 24
Slide 25: Sustainability – key figures (footprint)
SUSTAINABILITY – KEY FIGURES Value chain transformation is driven through a lower footprint, reducing negative impacts. In brackets the change from 2023 to 2024 72% 52% -34,5% -19,5% (+1%) (+5%) (-1,5%) (new target) OF GLOBAL ENERGY OF USED RAW MATERIALS OF SCOPE 1&2 EMISSIONS OF SCOPE 3 EMISSIONS P
Slide 26: 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 2023 to 2024 240M€ 58% 21Bm3 (+14M€) (-1%) (+1Bm³) OF PRODUCTS IMPROVE IN SALES FROM WATER TREATED WITH THE HELP OF KE
Slide 27: 58% of revenue from products that improve customer resource efficiency
58% of revenue generated from products that improve customer 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 the most compact For exa
Slide 28: We use 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 JULY 18, 2025 INVESTOR PRESENTATION 28
Slide 29: Significant number of renewable products in our portfolio
We already have a significant number of renewable products in our portfolio REVENUE SPLIT IN 2024* CURRENT RENEWABLE PORTFOLIO Renewable (> 50%) Sizing Partly Renewable (20-50%) • The majority of our current renewable offering Renewable polymers Does not • Biomass-balanced polymers both for water co
Slide 30: Strong commitment to sustainability
Strong commitment to sustainability Five sustainability KPIS SAFETY TRIF* 2.2 by the end of 2025 and 1.5 by the end of 2030 CLIMATE WATER PEOPLE Reach top 10% cross industry norm for Glint Inclusion index by the end of 2025 CIRCULARITY Reduce waste intensity** by 15% by the end Chemical of 2030 from
Slide 31: SBTi has validated Kemira's science-based emission targets
SETTING THE STANDARD WITH A FRONTRUNNER CLIMATE TARGET The SBTi has validated SCOPE 1&2 TARGET Kemira’s science-based SCOPE 3 TARGET ~52% reduction ~33% reduction greenhouse gas emission by the end of 2030, by the end of 2033, reduction targets base year 2018 base year 2021 Kemira is a true frontrun
Slide 32: Sustainability performance in 2024
Sustainability performance in 2024 SDG KEY FIGURE UNIT 2024 SAFETY TRIF* 2.2 by the end of 2025 and 1.5 by the end of 2030 3.2 *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 2
Slide 33: Sustainability performance in Q2 2025
Sustainability performance in Q2 2025 SAFETY TRIF* improved to 1.4 (Q2/2024: 3.4) and is well on target (2.2 by the end for 2025). LTI frequency (year-to-date) was 0.8, which is also better than last year (Q2/2024: 1.3). The performance is a result of increased safety awareness and continuous improv
Slide 34: Water Solutions
INVESTOR PRESENTATION Water Solutions Ambition to double the revenue in water JULY 18, 2025 INVESTOR PRESENTATION 34
Slide 35: Our water business is in excellent shape
Our water business is in excellent shape STRONG FINANCIAL PERFORMANCE WE HAVE AN EFFICIENT OPERATING PLATFORM IN RECENT YEARS EUR million % • Strong value proposition to customers: application +5.3% know-how, product quality and supply security 350 336 24 23.2% 282 • Strong and typically long custom
Slide 36: 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 37: Our solutions improve our customers' footprint
MORE PHOSPHORUS REMOVAL WITH LOWER CARBON CHEMICAL FOOTPRINT WITH PHOSPHORUS CHEMICAL TREATMENT REMOVAL Up to Min Our solutions 90% 30% play a significant Coagulation enables better removal of phosphorus from With pre-precipitation at wastewater treatment plants role in improving wastewater discharg
Slide 38: Trends in water treatment provide opportunities for sustainable growth
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 4-5% 18.4 5-6% Micropollutants removal 14.3 Accelerate
Slide 39: Micropollutant removal is an attractive growth opportunity
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 micropollutant removal; market moving increasingly operations
Slide 40: Biogas applications are of increasing interest
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 independence and green transition significantly enhance biogas y
Slide 41: Industrial water services present growth potential
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 boiler & cooling, raw water intake and wastewater around E
Slide 42: 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 43: Fiber businesses
INVESTOR PRESENTATION Fiber businesses Packaging & Hygiene Solutions and Fiber Essentials JULY 18, 2025 INVESTOR PRESENTATION 43
Slide 44: Fiber businesses value chain
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 45: Packaging & Hygiene Solutions is well positioned
Packaging & Hygiene Solutions is well positioned in several applications KEY STRENGTHS OF THE NEW BUSINESS UNIT • Long-term customer relationships 5% demonstrated through consistent reliability 10% 25% and extensive collaboration; high customer satisfaction KEMIRA KEMIRA 40% REVENUE REVENUE • High e
Slide 46: Packaging & Hygiene Solutions is #2 in an expanding global market
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 15% 4.3 65% 1.1 1.3 Packaging & Board Other 1.0 0.8 T
Slide 47: Our products significantly improve our customers' footprint
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 packaging Optimizing overall lighter and stronger, process im
Slide 48: Attractive growth in new end-markets
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- solutions in the textile value based materials provides tr
Slide 49: We are competitively positioned in growing fiber-based applications
We are 100 YEARS OF BROADEST PULP & EXPERTISE IN FIBER PAPER CHEMICAL WATER CHEMISTRY PRODUCT PORTFOLIO competitively IN THE WORLD positioned in the growing fiber- based applications LONG ESTABLISHED BROAD CAPABILITIES CUSTOMER TO SERVE CUSTOMERS RELATIONSHIPS ACROSS THE GLOBE JULY 18, 2025 INVESTOR
Slide 50: Fiber Essentials focuses on critical pulp chemicals
Fiber Essentials focuses on critical pulp chemicals, particularly in mature markets KEY STRENGTHS OF NEW BUSINESS UNIT 5% • Strong customer loyalty and high retention 15% 15% • Long customer contracts with pricing largely based on formulas 15% REVENUE GEOGRAPHIC • Strong commitment to quality and re
Slide 51: Sodium Chlorate is the largest business
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: -1% in EMEA 20% 45% In the growing South #2 American
Slide 52: We benefit from our customers' sustainability transition
We benefit from our customers’ sustainability transition CHEMICALS ARE A SIGNIFICANT CONTRIBUTOR WE ARE WORKING TO EXPAND OUR TO OUR CUSTOMERS’ SCOPE 3 EMISSIONS RENEWABLE PRODUCT PORTFOLIO Introducing sustainable and carbon free electrochemical as one of the pioneering suppliers Increasing customer
Slide 53: Regulation continues to support growth of our 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 54: Latest news and financials
INVESTOR PRESENTATION Latest news and financials JULY 18, 2025 INVESTOR PRESENTATION 54
Slide 55: Continued solid profitability in a challenging market environment
ANTTI SALMINEN, PRESIDENT & CEO PETRI CASTRÉN, CFO JULY 18, 2025 Continued solid profitability in a challenging market environment JANUARY – JUNE 2025
Slide 56: Highlights of Q2 2025
Highlights of Q2 2025 Market environment continues challenging • Organic growth -3% • Demand environment particularly challenging in Packaging & Hygiene Solutions • Outlook updated recently Good profitability level maintained • Operative EBITDA margin 19.0%, demonstrating the resiliency of Kemira’s
Slide 57: Excellent customer satisfaction and employee engagement
Excellent customer satisfaction and employee engagement NET PROMOTER SCORE EMPLOYEE ENGAGEMENT 65 80 59 in 2024 80 in 2024 All-time high Industry average 73 JULY 18, 2025 INVESTOR PRESENTATION 57
Slide 58: Group revenue
Group revenue REVENUE AND ORGANIC REVENUE GROWTH (Y-ON-Y) Revenue declined in Q2 EUR million • Organic growth -3% mainly due to the 800 0% -9% -13% -9% 1% 2% 1% -2% -3% continued market softness 700 • Revenue declined in Packaging & Hygiene 600 Solutions and Water Solutions, remained 500 stable in F
Slide 59: Group profitability
Group profitability OPERATIVE EBITDA AND OPERATIVE EBITDA-% Operative EBITDA margin 19.0% EUR million • Operative EBITDA margin declined Y/Y, 160 21.6% 22.2% close to the Q1 level. 140 20.7% 20.3% 18.8% 19.2% 18.7% 19.1% 19.0% • The decline driven by lower revenue and 120 currency impact 100 80 149.
Slide 60: Growth strategy continues
Growth strategy continues Expanding sodium borohydride powder capacity in Finland • Investment less than EUR 10 million, supporting the globally growing pharma industry. Acquisition of Thatcher Group’s iron sulfate coagulant business in the US • Completed in the beginning of the quarter, annual reve
Slide 61: Outlook for 2025
Outlook for 2025 (updated on July 10) 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 re
Slide 62: Q2 operative EBITDA bridge
Q2 operative EBITDA bridge Q2/2025 REVENUE AND ORGANIC GROWTH (Y-ON-Y) Organic revenue growth -3% EUR million 733 • Revenue declined in Packaging & Hygiene Solutions -16 -8 -20 4 693 and Water Solutions, and remained stable in Fiber Essentials. • Y/Y sales volumes and prices declined. Q/Q sales volu
Slide 63: Net impact from sales prices and variable costs
Net impact from sales prices and variable costs SALES PRICES AND VARIABLE COSTS (CHANGE Y-ON-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 36 75 50 -20 -10 -2 24 28 25 16 28 15 62 70 16 66 9 5 -3 -2 47 42 37 2 -16 16 26 34 43 38 2 -23 -26 -10
Slide 64: Water Solutions
Water Solutions REVENUE AND ORGANIC REVENUE GROWTH (Y-ON-Y) Stable market environment EUR million 3% 5% Organic growth -2% 6% 0% -2% 350 14% 3% -2% 300 -2% • Y/Y increase in Urban EMEA, decrease in 250 Urban Americas and Industrial 200 150 288 291 271 296 321 329 311 304 309 • The decline mainly dri
Slide 65: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions REVENUE AND REVENUE GROWTH* (Y-ON-Y) Challenging market environment EUR million • Further softening in market environment in APAC, -4% 0% 0% 300 0% -6% -7% some softening in EMEA and early signs of 250 recovery in Americas 200 150 Organic revenue growth -7% 269 256 265
Slide 66: Fiber Essentials
Fiber Essentials REVENUE AND REVENUE GROWTH* (Y-ON-Y) Market environment stable EUR million • Signs of increasing softness in the pulp 200 -6% -3% -3% 0% 3% industry 150 Organic revenue growth 3% 100 50 153 148 154 152 144 144 149 151 145 • Y/Y increase in sales prices, volumes flat 0 • Q/Q decrease
Slide 67: 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 18.5% 16.2% 1.3 0.8 292 286 0.5 0.5 Dec 31 Dec 31 Dec 31 2024 Jun 30 2025 2022 2023 2023 O&G 2024 2024 O&G Q2 2025 2022 2023 divestment divestment adjusted adjusted
Slide 68: Cash flow generation
Cash flow generation ALL KEY FIGURES IN EUR MILLION CASH FLOW FROM OPERATIONS CAPITAL EXPENDITURE EXCL. ACQUISITIONS 546 6% 6% 6% 6% 485 97 401 98 198 205 188 42 143 34 167 133 43 115 109 20 3% 4% 58 207 58 42 173 112 173 146 119 61 71 255 25598 3% 165 55 97 114 106 133 109 81 64 -11 117 2022 61 202
Slide 69: Share buyback program to be launched
Share buyback program to be launched • The aim is to 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 3.2% of the total number of shares. The maximum monetary a
Slide 70: 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 2024 RAW MATERIALS BY SPEND (around 50% of total EUR 1.6 billion raw material spend) 65% 35% 1. Sodium hydroxide (caustic soda)* 20% Not oil Oil & gas 2. Acrylonitril
Slide 71: Kemira has a diversified financing base
Kemira has a diversified financing base 19% GROSS DEBT AT THE END OF JUNE 2025: EUR 663 MILLION, Leases MATURITY PROFILE EXCLUDING LEASES EUR 128 million 35% Loans from banks and financial institutions 16% EUR 230 million Others EUR 109 million 30% Bond EUR 200 million JULY 18, 2025 INVESTOR PRESENT
Slide 72: Majority of contracts with fixed annual pricing
Majority of contracts with fixed annual pricing Water Solutions– Contract types and pricing terms* • Length – Around 75% of contracts are 1-yr or longer / 25% spot deals • Pricing – Around 55% fixed (particularly in Urban Americas & EMEA) / 45% formula or spot pricing Packaging and Hygiene Solutions
Slide 73: Kemira aims to pay an attractive dividend
Kemira aims to pay an attractive 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 0.68 0.62 0.53 0.53 0.53 0.53 0.53 0.53 0.53 0.53 0.56 0.58 0.58 5.8% 5.4% 5.4% 4.5%
Slide 74: Appendix
INVESTOR PRESENTATION Appendix JULY 18, 2025 INVESTOR PRESENTATION 74
Slide 75: Financial highlights of Q2 2025
Financial highlights of Q2 2025 EUR million Q2 Q2 H1 H1 (except ratios) 2025 2024 Δ% 2025 2024 Δ% 2024 Revenue 693.4 733.4 -5% 1,402.2 1,496.7 -6% 2,948.1 Revenue, O&G divestment 693.4 733.4 -5% 1,402.2 1,452.2 -3% 2,903.5 adjusted Operative EBITDA 131.8 140.5 -6% 267.3 303.0 -12% 585.4 of which mar
Slide 76: Currency impact in Q2 2025
Currency impact in Q2 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 77: Key figures (reported)
Key figures (reported) Q2 Q1 Q4 Q3 Q2 2024 2023 EUR million 2025 2025 2024 2024 2024 Revenue 693.4 708.8 723.7 727.6 733.4 2,948.1 3,383.7 Operative EBITDA 131.8 135.5 135.0 147.4 140.5 585.4 666.7 margin 19.0% 19.1% 18.7% 20.3% 19.2% 19.9% 19.7% Operative EBIT 83.4 85.6 86.2 100.8 94.0 398.7 463.0
Slide 78: Key figures, Oil & Gas divestment adjusted
Key figures, Oil & Gas divestment adjusted Q2 Q1 Q4 Q3 Q2 EUR million 2025 2025 2024 2024 2024 2024 2023 Revenue 693.4 708.8 723.7 727.6 733.4 2,903.5 2,889.0 Operative EBITDA 131.8 135.5 135.0 147.4 140.5 582.1 595.9 margin 19.0% 19.1% 18.7% 20.3% 19.2% 20.0% 20.6% Operative EBIT 83.4 85.6 86.2 100
Slide 79: Cash flow
Cash flow EUR million Q2 2025 Q2 2024 2024 Net profit for the period 57.5 65.4 262.7 Total adjustments 69.7 71.0 312.9 Change in net working capital -38.5 4.0 28.5 Finance expenses -2.3 -3.9 -29.8 Income taxes paid -22.5 -27.2 -89.6 Net cash generated from operating activities 63.8 109.4 484.6 Purch
Slide 80: Water Solutions
Water Solutions KEY FINANCIALS EUR million Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 2024 2023 Revenue 308.6 303.8 311.3 328.6 321.0 1,301.4 1,635.5 Revenue, O&G divestment adjusted 308.6 303.8 311.3 328.6 321.0 1,256.9 1,140.9 Operative EBITDA 70.7 65.1 58.8 76.7 72.6 282.3 335.8 Margin 22.9% 21.4% 1
Slide 81: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions KEY FINANCIALS EUR million Q2 Q1 Q4 Q3 Q2 2024 2023 2025 2025 2024 2024 2024 Revenue 240.3 253.7 263.9 254.8 268.5 1,058.5 1,072.0 Operative EBITDA 23.7 30.5 28.4 30.1 35.7 136.3 132.1 margin 9.9% 12.0% 10.8% 11.8% 13.3% 12.9% 12.3% Operative EBIT 9.4 13.9 12.5 15.4 20.
Slide 82: Fiber Essentials
Fiber Essentials KEY FINANCIALS EUR million Q2 Q1 Q4 Q3 Q2 2024 2023 2025 2025 2024 2024 2024 Revenue 144.5 151.2 148.5 144.1 143.9 588.2 676.1 Operative EBITDA 37.4 39.8 47.8 40.7 32.2 166.7 198.8 margin 25.9% 26.3% 32.2% 28.2% 22.4% 28.3% 29.4% Operative EBIT 22.5 24.7 32.5 25.6 17.8 107.7 142.5 m
Slide 83: Revenue split by country
Revenue split by country FY 2024 Other APAC 6% China 4% Other EMEA 9% USA 24% Belgium 2% Netherlands 3% France 3% Spain 3% Italy 3% Canada 7% Poland 3% Brazil 2% UK 3% Other Americas 4% Germany 4% Sweden 7% Finland 13% JULY 18, 2025 INVESTOR PRESENTATION 83
Slide 84: Largest shareholders and Board of Directors
Kemira – largest shareholders and Board of Directors SHAREHOLDERS ON JUNE 30, 2025 KEMIRA’S BOARD OF DIRECTORS ANNIKA TIMO % OF SHARES PAASIKIVI LAPPALAINEN 1. Oras Invest 22.6% Chair Member since Member since 2014 2. Varma Mutual Pension Insurance Company 3.7% 2022 3. Ilmarinen Mutual Pension Insur
Slide 85: Kemira's leadership team
KEMIRA’S LEADERSHIP TEAM AS OF 2025 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 Eeva Salonen Simon Bloem EVP, Strateg
Slide 86: 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 87: Chemistry with a purpose. Better every day.
4 e mM | cra Chemistry with a purpose. Better every day.