Kemira Oyj · OMXHEX:KEMIRA
Kemira Oyj — Kemira Oyj Ord — Q2 2026 Earnings Presentation
31 slides from Kemira Oyj's earnings presentation, Jul 17, 2026
Slide 1: Profitability weakened by cost inflation, performance improvement measures continue
ANTTI SALMINEN, PRESIDENT AND CEO TUOMAS MÄKIPESKA, CFO JULY 17, 2026 Profitability weakened by cost inflation, performance improvement measures continue HALF-YEAR FINANCIAL REPORT JANUARY – JUNE 2026 RESULT PRESENTATION
Slide 2: Important notice
Important notice The following applies to this presentation, the oral presentation of the information in this presentation by Kemira Oyj (“Kemira”) or any person on behalf of Kemira, and any question-and-answer session that follows the oral presentation (collectively, the “Information”). In accessin
Slide 3: Agenda
Agenda Antti Salminen 1. Q2 2026 Highlights p. 4 President and CEO 2. Group revenue p. 5 3. Group profitability p. 6 4. Financial targets p. 7 5. Outlook for 2026 p. 9 Tuomas Mäkipeska 6. Group profitability bridge p. 11 CFO 7. Net impact from sales prices and variable costs p. 12 8. Business units
Slide 4: Q2 2026 in brief
Q2 2026 in brief Market environment remains weak • Revenue stable Y/Y due to acquisitions, organic growth1 -2% Y/Y Operative EBITDA-% declined to 16.1% • Profitability decline driven by Water Solutions and Fiber Essentials, improvement in Packaging & Hygiene Solutions • Focus on operational and cost
Slide 5: Group revenue
Group revenue REVENUE AND ORGANIC REVENUE GROWTH 1 (Y/Y) Revenue stable Y/Y in Q2 2026 EUR million • Revenue stable mainly thanks to M&A 800 1% 2% 1% -2% -3% -3% driven volume growth -6% -3% -2% 700 • Y/Y organic growth1 -2% 600 500 • Revenue increased Y/Y in Water 400 733 Solutions, remained stable
Slide 6: Group profitability
Group profitability OPERATIVE EBITDA AND OPERATIVE EBITDA-% Q2 Operative EBITDA-% declined to 16.1% EUR million • Profitability weakened mainly due to cost 180 inflation caused by the effects of the Iran 160 20.3% 140 19.2% 18.7% 19.1% 19.0% 20.0% 18.1% war, and lower prices. 17.3% 16.1% 120 • Opera
Slide 7: Kemira's financial targets: performance improvement measures continue
Kemira’s financial targets: performance improvement measures 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 2,070 2,000 3,000 21.5% +27% 2,722 500 486 Op. EBITDA 18-21% Op. ROCE > 16% 16.2% 20.6% 16.5% 2,
Slide 8: The impact of the cost inflation and mitigating actions
The impact of the cost inflation and mitigating actions • The cost inflation caused by the effects of the Iran DIRECT PURCHASES AND EXPOSURE TO OIL-RELATED war has led to higher raw material costs especially LOGISTICS COSTS 2025 RAW MATERIALS, 2025 in Water Solutions and Packaging & Hygiene EUR 1.5
Slide 9: Outlook for 2026 reiterated
Outlook for 2026 reiterated OUTLOOK REVENUE ASSUMPTIONS BEHIND THE OUTLOOK Kemira's revenue is expected to be between EUR 2,600 and EUR 3,000 million in 2026 • The demand in Kemira's end-markets remains weak due to continued global economic uncertainty and (2025 revenue: EUR 2,753.5 million). geopol
Slide 10: Agenda
Agenda Antti Salminen 1. Q2 2026 Highlights p. 4 President and CEO 2. Group revenue p. 5 3. Group profitability p. 6 4. Financial targets p. 7 5. Outlook for 2026 p. 9 Tuomas Mäkipeska 6. Group profitability bridge p. 11 CFO 7. Net impact from sales prices and variable costs p. 12 8. Business units
Slide 11: Q2 revenue and operative EBITDA bridge
Q2 revenue and operative EBITDA bridge Q2/2026 REVENUE DEVELOPMENT (Y/Y) Revenue remained stable EUR million 693 • Negative price and volume development offset by 693 -2 -11 -3 17 -1 the positive M&A impact • Organic revenue growth1 -2% • Y/Y sales volumes stable, prices decreased • Q/Q sales volume
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 Sales prices Variable costs Net impact on EBITDA (sales prices-variable costs) 300 250 200 150 128 99 100 59 68 64 50 36 23 28 32 28 25 16 28 15 16 11 4 8 0 -3 -10 -16 -20 -10 -2 -3 -9 -9 -10 -4
Slide 13: Water Solutions
Water Solutions REVENUE AND ORGANIC REVENUE GROWTH 1 (Y/Y) Market environment impacted by uncertainty EUR million • Demand stable within municipal customers, 400 1% 3% 5% 6% 0% -2% -2% -5% -2% volatility continues among industrial 300 customers 200 321 329 326 • Q2 seasonally stronger quarter vs. Q1
Slide 14: 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 300 0% 0% 0% -6% -7% -3% -6% -4% 0% confidence 200 Q2 revenue stable Y/Y 100 269 255
Slide 15: Fiber Essentials
Fiber Essentials Market environment continued weak REVENUE AND REVENUE GROWTH 1 (Y/Y) EUR million • Seasonally softer bleaching chemical demand in the Nordics in Q2, following good Q1 400 300 • Supply disruptions in sulphur, caused by the 200 -6% -3% -3% 0% 3% -5% -9% -2% -12% effects of the Iran wa
Slide 16: Balance sheet remains solid, enabling investments in long-term growth
Balance sheet remains solid, enabling investments in long-term growth NET DEBT, GEARING AND LEVERAGE RATIO* OPERATIVE RETURN ON CAPITAL EMPLOYED EUR in million EUR in million 700 Gearing Net debt 3,000 Op. ROCE-% Capital employed 622 600 2,500 506 505 39% 2,032 1,963 1,972 2,017 2,070 500 1,920 1,92
Slide 17: Operating cash flow stable in Q2
Operating cash flow stable in Q2 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 11.6% 600 10.4% 10.7% 10.6% 600 10.0% 10.1% 10.2% 514 9.7% 485 500 8.5% 500 453 442 396 416 415 41
Slide 18: Continued focus on ensuring Kemira's competitiveness in a volatile and soft market
Continued focus on ensuring Kemira’s competitiveness in a volatile and soft market Profitability burdened by Demand remained stable raw material, energy and Strategy execution compared to the logistics cost inflation; continues; solid balance previous quarters profitability improvement sheet enables
Slide 19: Q&A
Q&A JULY 17, 2026 Q2 2026 RESULT PRESENTATION 19
Slide 20: Chemistry with a purpose. Better every day.
4 e mM | cra Chemistry with a purpose. Better every day.
Slide 21: Appendix
Appendix JULY 17, 2026 Q2 2026 RESULT PRESENTATION 21
Slide 22: Financial highlights of Q2 2026
Financial highlights of Q2 2026 EUR million (except ratios) Q2 2026 Q2 2025 Δ% H1 2026 H1 2025 Δ% 2025 Revenue 693.0 693.4 0% 1,370.3 1,402.2 -2% 2,753.5 Operative EBITDA 111.7 131.8 -15% 229.0 267.3 -14% 524.6 of which margin 16.1% 19.0% 16.7% 19.1% 19.1% Operative EBIT 57.9 83.4 -31% 123.3 169.1 -
Slide 23: Currency impact in Q2 2026
Currency impact in Q2 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 24: Key figures (reported)
Key figures (reported) EUR million Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 2025 2024 Revenue 693.0 677.3 663.7 687.7 693.4 2,753.5 2,948.1 Operative EBITDA 111.7 117.3 119.9 137.3 131.8 524.6 585.4 margin 16.1% 17.3% 18.1% 20.0% 19.0% 19.1% 19.9% Operative EBIT 57.9 65.4 67.5 87.8 83.4 324.4 398.7 m
Slide 25: Cash flow
Cash flow EUR million Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Net profit for the period 37.0 57.5 82.5 119.2 194.1 Total adjustments 74.1 69.7 145.3 140.0 305.4 Change in net working capital -22.0 -38.5 -22.9 -79.2 -45.2 Finance expenses -15.2 -2.3 -26.7 -9.2 -14.8 Income taxes paid -14.7 -22.5 -27.4 -
Slide 26: Water Solutions
Water Solutions KEY FINANCIALS EUR million Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 2025 2024 Revenue 326.3 300.8 295.0 313.9 308.6 1,221.5 1,256.9 Operative EBITDA 56.7 55.4 54.6 72.5 70.7 262.9 279.1 margin 17.4% 18.4% 18.5% 23.1% 22.9% 21.5% 22.2% Operative EBIT 32.3 32.3 32.6 52.8 51.5 183.9 211.
Slide 27: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions KEY FINANCIALS EUR million Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 2025 2024 Revenue 240.1 232.9 236.8 239.4 240.3 970.2 1,058.5 Operative EBITDA 27.8 23.6 29.1 32.6 23.7 115.9 136.3 margin 11.6% 10.1% 12.3% 13.6% 9.9% 12.0% 12.9% Operative EBIT 14.1 10.1 14.6 18.0 9.4
Slide 28: Fiber Essentials
Fiber Essentials KEY FINANCIALS EUR million Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 2025 2024 Revenue 126.7 143.7 131.8 134.3 144.5 561.9 588.2 Operative EBITDA 27.2 38.3 36.2 32.3 37.4 145.7 166.7 margin 21.4% 26.7% 27.4% 24.1% 25.9% 25.9% 28.3% Operative EBIT 11.6 23.0 20.3 17.1 22.5 84.5 107.7 ma
Slide 29: 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% JULY 17, 2026 Q2 2026 RESULT PRESENTATION 2 92 9
Slide 30: 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 31: Kemira
Kemifa WWW.KEMIRA.COM