Kemira Oyj · OMXHEX:KEMIRA
Kemira Oyj — Q3 2025 Earnings Presentation
95 slides from Kemira Oyj's earnings presentation, Oct 24, 2025
Slide 1: Kemira Investor Presentation
OCTOBER 24, 2025 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 highlights 5. Businesses - Water Solutions - Fiber businesses 6. Recent progress 7. Appendix OCTOBER 24, 2025 INVESTOR PRESENTATION 2
Slide 3: Kemira in brief
INVESTOR PRESENTATION Kemira in brief OCTOBER 24, 2025 INVESTOR PRESENTATION 3
Slide 4: Kemira in brief
Kemira in brief Revenue Operative EBITDA Operative ROCE 2,903.5 20.0% 20.6% MEUR, 2024 margin, 2024 2024 Oil & Gas adjusted Oil & Gas adjusted Oil & Gas adjusted Headquartered in Nasdaq Helsinki Helsinki, Finland Approximately Sales in KEMIRA 4,766 since 1994 100+ employees, Q3/25 countries OCTOBER
Slide 5: Business overview
Business overview REVENUE BY BUSINESS UNITS, 2024 REVENUE BY GEOGRAPHIES, 2024 STRATEGIC CORNERSTONES 20% 45% 10% Fiber Essentials Water APAC MEUR 588 40% 1. China Expand in water Solutions 2. Indonesia MEUR 1,301 AMERICAS 3. South Korea 1. USA 2. Canada 3. Brazil Build a leading 50% renewable s
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 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 8: 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 9: 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 10: 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 11: Transformation into a water-focused company
Transformation into a water-focused company 2024 Divestment of the Oil & Gas business 1950 1961 1972 1985-1992 1994 2008 2015 Development of Name changed The “Kemira” Expansion Kemira is listed on Water chemistry Acquisition of Akzo 2025 first chemicals for to Rikkihappo Oy name adopted continues in
Slide 12: Revenue development
Revenue development 4,000 3,570 3,500 3,384 3,000 2,948 2,904 2,814 2,674 2,500 2,427 +33.5% 2,224 Y/Y 2,090 2,000 +10.2% Y/Y -5.2% +0.5%* 1,500 -8.7% Y/Y -3.1%* Y/Y Y/Y -12.9% Y/Y Y/Y 1,000 500 0 2020 2021 2022 2023 2024 2024 adj. Q3/25 LTM 1-9/2024 1-9/2025 adj. *Y/Y comparison versus Oil and Gas
Slide 13: Profitability development
Profitability development 700 667 600 572 585 582 Operative EBITDA 540 Operative EBITDA-% 500 435 447 426 405 400 20.5% 19.7% 19.9% 20.0% 19.4% 19.2% 16.0% 300 17.9% 15.9% 200 100 0 2020 2021 2022 2023 2024 2024 adj. Q3/25 LTM 1-9/2024 1-9/2025 adj. OCTOBER 24, 2025 INVESTOR PRESENTATION 13
Slide 14: Strategy and financial targets
INVESTOR PRESENTATION Strategy and financial targets OCTOBER 24, 2025 INVESTOR PRESENTATION 14
Slide 15: Our strategy focuses on profitable growth
Our 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 lever
Slide 16: 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 17: 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 18: 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 19: Kemira's 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 sales* ~45% ~35% ~20% Cyclicality Low Medium Medium Pricing structure Majority fixed pricing Majority fixed pricing Majority formula-based Capital intens
Slide 20: 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% Mandate in the Growth + Growth + Cash flow + Kemira portfolio cash flow transformation selective growth Growth profile
Slide 21: 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 22: 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 23: 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 24: 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 • Coagulant capacity expansion in the UK Team and operating model as • Expanded renewables partnership with IFF of January 1, 2025 2022 2024 2023 2025 • New Gro
Slide 25: Investment highlights
INVESTOR PRESENTATION Investment highlights OCTOBER 24, 2025 INVESTOR PRESENTATION 25
Slide 26: 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 OCTOBER 24, 2025 INVESTOR P
Slide 27: Strong balance sheet and increasing dividend
Strong balance sheet enabling long-term growth, and attractive and over-time increasing dividend EPS DPS EUR million EUR Payout ratio 1,000 1.7 1.61 Leverage ratio 1.6 900 Net debt 1.50 850 1.5 771 1.4 800 759 1.28 1.3 700 2.0 1.2 1.1 600 1.7 1.0 535 0.9 0.86 500 1.3 0.8 0.74 0.70 0.68 400 0.7 0.62
Slide 28: Share buyback program launched July 22, 2025
Share buyback program launched July 22, 2025 • 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 mo
Slide 29: Sustainability highlights
INVESTOR PRESENTATION Sustainability highlights OCTOBER 24, 2025 INVESTOR PRESENTATION 29
Slide 30: 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 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 31: 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 2023 to 2024 240M€ 58% 21Bm3 (+14M€) (-1%) (+1Bm³) OF PRODUCTS IMPROVE IN SALES FROM WATER TREATED WITH THE HELP OF KE
Slide 32: 58% of revenue from products improving 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 33: 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 OCTOBER 24, 2025 INVESTOR PRESENTATION 33
Slide 34: Significant number of renewable products in 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 35: 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 36: SBTi has validated Kemira's emission reduction 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 37: Progress towards Kemira's climate targets
Progress towards Kemira’s climate targets Scope 1 & 2 emissions Scope 3 emissions ktCO2e ktCO2e -20% 1,000 -34.5% 2,500 2,337 894 900 800 2,000 1,881 Target 700 Target -32.5% -51.23% by 2033 600 586 by 2030 1,500 500 400 1,000 300 200 500 100 0 0 2018 2024 2030 2021 2024 2033 Target Target OCTOBER 2
Slide 38: 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 39: Sustainability performance in Q3 2025
Sustainability performance in Q3 2025 SAFETY At the end of September, the year-to-date TRIF* was 2.6. Although this was better compared to last year’s level (3.4), this is behind the TRIF target, which is 2.2 by the end of 2025. To improve the safety performance, a global safety stand down was organ
Slide 40: Water Solutions
INVESTOR PRESENTATION Water Solutions Ambition to double the revenue in water OCTOBER 24, 2025 INVESTOR PRESENTATION 40
Slide 41: 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 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: 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 44: Trends in water treatment provide growth opportunities
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 45: Micropollutant removal is a 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 46: 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 47: Industrial water services 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 48: 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 49: Fiber businesses
INVESTOR PRESENTATION Fiber businesses Packaging & Hygiene Solutions and Fiber Essentials OCTOBER 24, 2025 INVESTOR PRESENTATION 49
Slide 50: 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 51: Packaging & Hygiene Solutions 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 52: Packaging & Hygiene Solutions is #2 in expanding 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 53: Our products 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 54: 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 55: 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 OCTOBER 24, 2025 INVES
Slide 56: 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 57: 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 58: We benefit from 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 59: 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 60: Latest news and financials
INVESTOR PRESENTATION Latest news and financials OCTOBER 24, 2025 INVESTOR PRESENTATION 60
Slide 61: 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 62: 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 63: 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 64: 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 65: 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 66: 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 67: 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 68: Outlook for 2025 (unchanged)
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 69: 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 70: 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 71: 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% 3% -2% -2% 0% -2% water business 300 Organic revenue growth1 -2% 200 291 271 296 321 329 311 304 309 314 • Increase in Urban E
Slide 72: 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 271 269 100 256 26
Slide 73: 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 74: 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 75: 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 76: 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 77: 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 78: Kemira has a diversified financing base
Kemira has a diversified financing base GROSS DEBT AT THE END OF SEPTEMBER 2025: EUR 692 MILLION, MATURITY PROFILE EXCLUDING LEASES OCTOBER 24, 2025 INVESTOR PRESENTATION 78
Slide 79: 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 80: 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 81: Appendix
INVESTOR PRESENTATION Appendix OCTOBER 24, 2025 INVESTOR PRESENTATION 81
Slide 82: 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 83: 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 84: 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 85: 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 86: 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 87: Water Solutions key financials
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 88: Packaging & Hygiene Solutions key financials
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 89: Fiber Essentials key financials
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 90: 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% OCTOBER 24, 2025 INVESTOR PRESENTATION 90
Slide 91: Largest shareholders and Board of Directors
Kemira – largest shareholders and Board of Directors SHAREHOLDERS ON SEPTEMBER 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
Slide 92: 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, Strate
Slide 93: 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 OCTOBER 24, 2025 INVESTOR PRESENTATION 93
Slide 94: 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 95: Chemistry with a purpose. Better every day.
4 e mM | cra Chemistry with a purpose. Better every day.