Kemira OyjOMXHEX: KEMIRA

Q1 2026 Result presentation

Apr 24, 2026 at 5:40 AM UTC · Issued by Kemira Oyj

Watch Kemira Oyj explain itKemira Oyj Ord (KOYJF) Q2 2026 Earnings Call · Replay · Jul 17

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

Agenda

Antti Salminen

President and CEO

Q1 2026 Highlights
Group revenue
Group profitability
Financial targets
Outlook for 2026
p. 4
p. 5
p. 6
p. 7
p. 9

Tuomas Mäkipeska
CFO
Group profitability bridge
Net impact from sales prices and variable costs
Business units
Balance sheet and cash flow Q&A

p. 11

p. 12

p. 13

p. 16

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 Essentials
Performance improvement actions accelerated
Price increases implemented to mitigate the impact of cost inflation Progress with strategy execution
Two acquisitions announced in Q1: AquaBlue, Inc. and SIDRA Wasserchemie2
Plans to build a carbon reactivation site in Tarragona

Balance sheet continues strong, enabling investments in long-term growth

1Revenue growth in local currencies, excluding acquisitions and divestments.

Group revenue decrease mainly driven by FX rates and pricing

REVENUE AND ORGANIC REVENUE GROWTH1 (Y/Y)

-9%

-2%

-3%

-6%

-3%

719

733

728

724

709

693

688

664

677

EUR million

800

700

600

500

400

300

200

100

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

Revenue decreased Y/Y in Q1 2026

Revenue decline mainly due to the FX rates and lower sales prices driven by market weakness
Y/Y organic growth1 -3%,
Revenue declined in Packaging & Hygiene Solutions and in Fiber Essentials, and remained close to the previous year's level in Water Solutions.
Q/Q sales volumes and prices increased
The graph presents the Oil & Gas divestment adjusted figures.
1Revenue growth in local currencies, excluding acquisitions and divestments.
Operative EBITDA-% declined mainly driven by pricing
OPERATIVE EBITDA AND OPERATIVE EBITDA-%
EUR million
22.2%
19.2% 20.3%
18.7%
19.1%
19.0%
20.0%
18.1%
17.3%
159.2
140.5
147.4
135.0
135.5
131.8
137.3
119.9
117.3

180
160
140
120
100
80
60
40
20
Q1 Operative EBITDA-% declined to 17.3%
Profitability weakened mainly due to pricing and volumes, as well as FX.
Operative EBITDA-% declined to 18.4% in Water Solutions and to 10.1% in Packaging & Hygiene Solutions but improved to 26.7% in Fiber Essentials.

Q1 earnings per share EUR 0.29 (0.38)

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

The graph presents the Oil & Gas divestment adjusted figures.

Kemira's financial targets: performance improvement actions continue

ORGANIC GROWTH1,	%	OPERATIVE EBITDA,	%	OP. RETURN ON	CAPITAL	EMPLOYED
EUR million		EUR million		EUR million

4,000

700

2,500

3,500

3,000

2,500

2,000

1,500

1,000

500

600

500

400

300

200

100

2,000

1,500

1,000

500

+27%

2,722

+11%

4% organic growth target

-2%

-1%

-4%

2021

2022

2023

2024

2025

Q1/26

506

Op. EBITDA 18-21%

19.7%

20.0%

19.1%

18.6%

15.9%

16.0%

2021

2022

2023

2024

2025

Q1/26

2021

11.3%

15.1%

16.5%

20.6%

Op. ROCE > 16%

16.2%

21.5%

2,017

2022

2023

2024

2025

Q1/26

Revenue

Organic growth-%

adj.*

LTM

Operative EBITDA

Operative EBITDA margin

adj.*

LTM

Capital employed 12-month rolling adj.*

Operative ROCE-%

LTM

The impact of the cost inflation and mitigating actions

Oil and logistics cost inflation drives cost pressure especially in Water Solutions and Packaging & Hygiene Solutions
DIRECT PURCHASES AND LOGISTICS COSTS 2025
EUR 1.5 billion
- 20%
EXPOSURE TO OIL-RELATED RAW MATERIALS, 2025
Higher logistics costs visible in the financials towards the end of Q1, the impact of raw material cost inflation comes with some delay
Price increases implemented to mitigate the impact of the increased costs
It takes up to two quarters before the price increases are fully visible in the financials

Logistics

11%
Electricity & energy
69%
Raw materials
67%
Not oil related
33%

Oil & gas related

ASSUMPTIONS BEHIND THE OUTLOOK (SPECIFIED)

The demand in Kemira's end-markets has weakened due to continued global economic uncertainty and increased geopolitical tensions.
In particular, the packaging and pulp market continues to be impacted by this uncertainty.
The urban water treatment market is expected to grow modestly, but there is demand volatility within Kemira's industrial customer segment.
The outlook assumes that Kemira can largely mitigate raw material and logistics cost increases caused by the war in Iran.
The outlook assumes no major disruptions to Kemira's manufacturing operations or the supply chain and for the US dollar to weaken slightly from the end of 2025.
The acquisitions which Kemira announced before the Financial Statements Bulletin 2025 was published are included in the outlook.

Outlook for 2026

OUTLOOK REVENUE

Kemira's revenue is expected to be between EUR 2,600 and EUR 3,000 million in 2026

(2025 revenue: EUR 2,753.5 million).

OPERATIVE EBITDA

Kemira's operative EBITDA is expected to be between EUR 470 and EUR 570 million in 2026

(2025 operative EBITDA: EUR 524.6 million)

A P RIL 24, 2026 Q 1 2 0 2 6 RESU LT PRESEN T AT IO N 9

Agenda

Antti Salminen

President and CEO

Q1 2026 Highlights
Group revenue
Group profitability
Financial targets
Outlook for 2026
p. 4
p. 5
p. 6
p. 7
p. 9

Tuomas Mäkipeska
CFO
Group profitability bridge
Net impact from sales prices and variable costs
Business units
Balance sheet and cash flow Q&A

p. 11

p. 12

p. 13

p. 16

Q1 operative EBITDA bridge

Q1/2026

REVENUE DEVELOPMENT (Y/Y)

709

-4

-15

-26 14

-1

677

EUR million

Revenue decreased 4% to EUR 677 million

Revenue decline mainly driven by negative FX impact and pricing
Organic revenue growth1 -3%
Q/Q both sales volumes and prices increased
Q1 2025
Sales volumes
Sales prices
Currency Acquisitions impact
Others Q1 2026
OPERATIVE EBITDA BRIDGE
EUR million
-4
-15
7
-3
-3
2
-2
117
136
Operative EBITDA declined to EUR 117.3 million
Weaker profitability mainly driven by revenue decline
Operative EBITDA margin was 17.3%.

Q1 2025	Sales	Sales	Variable	Fixed	Currency Acquisitions	Others	Q1 2026
	volumes	prices	costs	costs	impact

Net impact from sales prices and variable costs

SALES PRICES AND VARIABLE COSTS

(CHANGE Y/Y)

EUR million

256 269

188 197

129 174

152

138

141 99

122

9 5

-23

-9 -18

-18

-3 -10

-26 -13

-23

-20

-16

-16 -4

-10 -2

13 13

3 11

-2

-5

-13

-14

-25

-4

-20

-4

-32

-4

-14-13

-29

-31

-24

-27

-2

-24

-10

-4 -12

-48

-52 -42

-12

-6

-17 -8

-1

-2

-5

-7

-8

-15

-23

-9

-88 -92

-73

-83

-31

-15

-101

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025 2026

Net impact on EBITDA (sales prices-variable costs) Sales prices Variable costs

Water Solutions

REVENUE AND ORGANIC REVENUE GROWTH1 (Y/Y)

329

321

311

309

314

304

296

301

295

-2%

-5%

-2%

EUR million

400

300

200

100

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

OPERATIVE EBITDA AND OPERATIVE EBITDA-%

EUR million

24.0%

22.6%

23.3%

21.4%

22.9%

23.1%

18.9%

18.5%

18.4%

Market environment impacted by uncertainty

Demand stable withing municipal customers, volatility continues among industrial customers
Q1 historically a seasonally weaker quarter compared to Q2 and Q3
Q1 revenue declined slightly driven by FX and pricing
Y/Y volumes stable due to acquisitions
Y/Y organic revenue growth1 -2%
Operative EBITDA-% decreased to 18.4%
The decrease driven by pricing and higher costs, which included a couple of one-off like items
0
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
The graphs present the Oil & Gas divestment adjusted figures.
Packaging & Hygiene Solutions
REVENUE AND ORGANIC REVENUE GROWTH1 (Y/Y)
EUR million
271

269

264

255

254

240

239

237

233

-4%

-6%

-7%

-3%

-6%

-4%

400

300

200

100

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

OPERATIVE EBITDA AND OPERATIVE EBITDA-%

EUR million

15.5%

13.3%

11.8%

13.6%

10.8%

12.0%

12.3%

9.9% 10.1%

Market environment continued challenging

Packaging and paper industry impacted by the economic uncertainty and low consumer confidence
Q1 revenue decreased mainly due to pricing, partly offset by volumes
Q1 organic revenue growth1 -4%
Q/Q sales prices declined slightly, volumes remained stable
Operative EBITDA-% decreased to 10.1%
Profitability decline mainly driven by pricing
Profitability improvement initiative continues: implementation of the new operating model progressing as planned
0
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025 Q1 2026
The figures for 2024 were published as a stock exchange release on March 12, 2025. 1Revenue growth in local currencies, excluding acquisitions and divestments.Organic growth figures were not
Fiber Essentials
REVENUE AND REVENUE GROWTH1 (Y/Y)
EUR million
152

144

149

151

145

144

134

132

-6%

-3%

-9%

-2%

400

300

200

100

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

OPERATIVE EBITDA AND OPERATIVE EBITDA-%

EUR million

Market environment continued soft

Demand healthier in Q1 versus the previous quarters, driven by cold winter in the Nordics
The market prices of bleaching chemicals have increased, while prices of other base chemicals remain low
Q1 revenue decreased Y/Y mainly due to volumes, partly offset by pricing
Organic revenue growth1 -2%
80 30.4%
60
40
20
0
Q1 2024
Q2 2024
Q3 2024
32.2%
48

28.2%

26.3%

25.9%

27.4%

26.7%

22.4%

24.1%

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q/Q sales volumes and prices increased
Operative EBITDA margin increased to 26.7%
Profitability increase mainly driven by higher prices

Q1 2026 The figures for 2024 were published as a stock exchange release on March 12, 2025.

1Revenue growth in local currencies, excluding acquisitions and divestments.Organic growth

Balance sheet remains strong, enabling investments in long-term growth

NET DEBT, GEARING AND LEVERAGE RATIO*

OPERATIVE RETURN ON CAPITAL EMPLOYED

Gearing

Net debt

506

505

376

368

30%

31%

23%

310

292

21%

18%

16%

216

13%

286

17%

292

17%

0.6

0.4

1.0

Op. ROCE-%

Capital employed

2,093

2,032

1,963

1,920

1,922 1,920

1,924

1,972

2,017

21.6% 21.6% 21.6%

20.6%

19.1% 18.5%

17.8%

16.5%

15.1%

EUR in million EUR in million

600

500

400

300

200

100

Q1/24

Q2/24

Q3/24

Q4/24

Q1/25

Q2/25

Q3/25

Q4/25

Q1/26

3,000

2,500

2,000

1,500

1,000

500

Q1/24

Q2/24

Q3/24

Q4/24

Q1/25

Q2/25

Q3/25

Q4/25

Q1/26

* Leverage ratio = Net debt / last 12 months operative EBITDA

*Oil&Gas adjusted

Net debt and gearing increased Y/Y, driven by acquisitions and share buybacks
Average interest rate of net debt excl. leases 2.5% (2.8%) and duration 9 (14) months
By the end of March 2026, Kemira had repurchased altogether 1,929,488 shares under the ongoing share buyback program.
Operative ROCE decreased Y/Y due to EBIT decline and acquisitions
Operative ROCE highest in Water Solutions at 21.5%

Operating cash flow at a good level in Q1

NET WORKING CAPITAL

NWC % of LTM revenue

Net working capital

10.2%

10.0%

10.4%

10.7%

9.7%

10.1%

10.2%

10.6%

8.5%

286

284

300

304

248

281

285

282

289

EUR in million

700

600

500

400

300

200

100

CASH FLOW FROM OPERATIONS

EUR in million

LTM operating cash flow

Operating cash flow

547

514

453

485

442

396

416

378

415

165

109

112

132

127

700

600

500

400

300

200

100

Q1/24

Q2/24

Q3/24

Q4/24

Q1/25

Q2/25

Q3/25

Q4/25

Q1/26

Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26

The graph present the Oil & Gas divestment adjusted revenue.

Net working capital increased Y/Y to 289.3 million.
The increase was mainly driven by the Water Engineering Inc. acquisition and the decrease in accrued expenses.
Inventories declined both Y/Y and Q/Q
Cash flow from operations increased Y/Y to EUR 91.7 million in Q1/26
Capex excl. acquisitions was EUR 35.6 million in Q1 2026 (27.5)
Capex excl. acquisitions in 2026 is expected to be slightly higher than in 2025.

Enhanced focus on ensuring Kemira's competitiveness in a volatile and soft market

Demand remained stable in all business units compared to the previous quarters

Raw material, energy and logistics cost inflation mitigated through price increases

Profitability improvement actions continue: Further cost efficiency measures planned

A P RIL 24, 2026 Q 1 2 0 2 6 RESU LT PRESEN T AT IO N 18

Q&A

A P RIL 24, 2026 Q 1 2 0 2 6 RESU LT PRESEN T AT IO N 19

Chemistry with a purpose. Better every day.

Appendix

A P RIL 24, 2026 Q 1 2 0 2 6 RESU LT PRESEN T AT IO N 21

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 diluted, EUR	0.29	0.38	-24%	1.18
Cash flow from operating activities	91.7	55.0	67%	378.2

Currency impact in Q1 2026

KEMIRA REVENUE DISTRIBUTION IN 2025

Main currency exposure comes via translation impact
Transaction risk is limited as revenues and costs are typically in same currency due to local manufacturing. Transaction risk mostly hedged.
10% change in Kemira's main foreign currencies would have approximately EUR 15 million impact on operative EBITDA on an annualized basis.

8% Others
2% PLN
2% BRL
2% SEK
3% GBP
3% CNY
5% CAD
30% USD
45% EUR

KEMIRA COST DISTRIBUTION IN 2025
- 4% Others
  Currency exchange rates had EUR -26.0 million impact on revenue and EUR -3.1 million impact on the operative EBITDA in Q1 2026 compared to Q1 2025.

2% KRW
2% PLN
2% BRL
1% GBP
4% CAD
5% CNY
3% SEK
26% USD
51% EUR

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 19.1%	585.4 19.9%
margin	17.3%	18.1%	20.0%	19.0%	19.1%	524.6 19.1%	585.4 19.9%
Operative EBIT	65.4	67.5	87.8	83.4	85.6	324.4	398.7
margin	9.7%	10.2%	12.8%	12.0%	12.1%	11.8%	13.5%
Net profit	45.5	13.4	61.6	57.5	61.7	194.1	262.7
Earnings per share, diluted, EUR	0.29	0.07	0.38	0.35	0.38	1.18	1.61
Cash flow from operations	91.7	127.2	132.2	63.8	55.0	378.2	484.6
Capex excl. acquisitions	35.6	77.6	47.8	43.8	27.5	196.7	167.3
Net debt	505	506	292	286	216	506	291
NWC ratio (rolling 12 m)	11.9%	11.6%	11.2%	11.2%	11.0%	11.6%	11.4%*
Operative ROCE (rolling 12 m)	15.1%	16.5%	17.8%	18.5%	19.1%	16.5%	20.8%
Personnel at period-end	4,867	4,911	4,766	4,851	4,731	4,911	4,698

Key figures (reported) 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 activities	91.7	55.0	378.2
Purchases of subsidiaries and business acquisitions, net of cash acquired	-5.5	-	-144.6
Capital expenditure	-	-27.5	-196.7
Proceeds from sale of subsidiaries, businesses and assets	2.0	0.1	0.9
Change in long-term loan receivables	0.0	48.1	48.1
Net cash used in investing activities	-39.2	20.6	-295.8

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	211.7
margin	10.7%	11.0%	16.8%	16.7%	15.5%	15.1%	16.8%
Operative ROCE*, %	21.5%	25.0%	28.3%	30.1%	31.8%	25.0%	33.4%
Capital expenditure (excl. M&A)	16.7	37.6	23.0	21.7	14.8	97.1	68.2
Cash flow after investing activities	41.5	-123.4	85.9	-7.4	74.9	30.0	328.8

*12-month rolling average

The graph presents the Oil & Gas divestment adjusted figures.

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	56.0	76.1
margin	4.3%	6.2%	7.5%	3.9%	5.5%	5.8%	7.2%
Operative ROCE*, %	10.2%	10.8%	10.3%	9.6%	11.3%	10.8%	13.7%
Capital expenditure (excl. M&A)	7.1	13.0	9.0	9.0	6.2	37.2	40.1
Cash flow after investing activities	15.9	13.4	3.8	6.6	-17.0	6.8	99.0

*12-month rolling average

The figures for 2024 were published as a stock exchange release on March 12, 2025.

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
margin	16.0%	15.4%	12.7%	15.6%	16.3%	15.0%	18.3%
Operative ROCE*, %	11.5%	11.8%	13.4%	14.5%	13.8%	11.8%	14.8%
Capital expenditure (excl. M&A)	11.8	26.9	15.8	13.1	6.6	62.4	59.1
Cash flow after investing activities	19.5	15.2	14.8	23.8	54.1	107.8	103.3

*12-month rolling average

The figures for 2024 were published as a stock exchange release on

Revenue split by country

FY 2025

Other APAC 6%

China 3%

Other EMEA 8%

Belgium 2%

Netherlands 3%

France 3%

Spain 3%

Italy 3%

Poland 4%

UK 4%

Germany 4%

USA 24%

Canada 7%

Brazil 3%

Other Americas 3%

Sweden 7%

Finland 13%

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 local currencies, excluding acquisitions and divestments (=organic growth), EBITDA, operative EBITDA, operative EBIT, cash flow after investing activities, and gearing, provide useful information about Kemira's comparable business performance and financial position.

Selected alternative performance measures are also used as performance criteria in remuneration.

Kemira's alternative performance measures should not be viewed in isolation from the equivalent IFRS measures, and alternative performance measures should be read in conjunction with the most directly comparable IFRS measures. Definitions of the alternative performance measures can be found in the definitions of the key figures in this report, as well as at https://www.kemira.com > Investors > Financial information.

All the figures in this presentation have been individually rounded, and consequently the sum of the individual figures may deviate slightly from the total figure presented.

A P RIL 24, 2026 Q 1 2 0 2 6 RESU LT PRESEN T AT IO N 30

Attention: This is an excerpt of the original content. To continue reading it, access the original document here.