Kemira Oyj · OMXHEX:KEMIRA
Kemira Oyj — Investor Presentation (October 2026)
93 slides from Kemira Oyj's investor presentation, October 2026
Slide 1: Kemira Investor Presentation
OCTOBER 2026 Kemira Investor Presentation Clean Water. Circular Future. INVESTOR PRESENTATION
Slide 2: Content
INVESTOR PRESENTATION Content 1. Kemira in brief 2. Strategy and financial targets 3. Investment highlights 4. Sustainability at Kemira 5. Businesses - Water Solutions - Fiber businesses 6. Recent progress 7. Appendix OCTOBER 2026 INVESTOR PRESENTATION 2
Slide 3: Kemira in brief
INVESTOR PRESENTATION Kemira in brief OCTOBER 2026 INVESTOR PRESENTATION 3
Slide 4: Kemira in brief
Kemira in brief Revenue Operative EBITDA Operative ROCE 2,753.5 19.1% 16.5% MEUR, 2025 margin, 2025 2025 Headquartered in Nasdaq Helsinki Helsinki, Finland Approximately Sales in KEMIRA 4,800 since 1994 100+ employees, Q3/26 countries OCTOBER 2026 INVESTOR PRESENTATION 4
Slide 5: Business overview
Business overview REVENUE BY BUSINESS UNITS, 2025 REVENUE BY GEOGRAPHIES, 2025 STRATEGIC CORNERSTONES ◼ 20% ◼ 45% 9% Fiber Essentials Water APAC MEUR 562 37% 1. China Expand in water Solutions 2. Indonesia MEUR 1,222 AMERICAS 3. South Korea 1. USA 2. Canada 3. Brazil Build a leading renewable soluti
Slide 6: Kemira in your everyday
Kemira in your everyday COAGULANTS POLYMERS SIZING AND STRENGTH BLEACHING 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, Espoo, Finland Regional HQ Atlanta, USA FI B B B B B C Americas EMEA R&D, Atlanta, USA C Regional HQ UK Y Y C C CB C APAC PL S S C C Shanghai, China Fiber Essentials S NL Y B C C SC C P CZ C C C R&D, Shanghai, Ch
Slide 8: Kemira has a solid foundation, with Water Solutions as the resilient backbone
Kemira has a solid foundation to build on, with Water Solutions as the resilient backbone Market size and Business Unit Share of revenue (2025) market position Offering • Chemicals (coagulants, polymers) Revenue ~14 bn EUR used in water treatment of both Water Solutions 1,222 Market size waste and d
Slide 9: Water Solutions
Water Solutions REVENUE AND AND OP. EBITDA-% REVENUE BY APPLICATION TYPE REVENUE BY EUR million (2025) AND MARKET GROWTH PRODUCT CATEGORY, 2025 1,800 22.2% 21.5% 20.5% 1,600 18.5% ◼ 51% ◼ 26% ◼ 23% ◼ 15% ◼ 62% 1,400 16.2% Industrial Urban Urban 1,200 14.5% Other Coagulants EMEA* Americas* 1,000 prod
Slide 10: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions REVENUE AND AND OP. EBITDA-% REVENUE BY CUSTOMER TYPE REVENUE BY EUR million (2025) AND MARKET GROWTH PRODUCT CATEGORY, 2025 1,800 ◼ 21% ◼ 10% ◼ 6% ◼ 3% ◼ 7% Coagulants 1,600 ◼ 60% 1,400 12.3% 12.9% 12.0% Packaging & Printing Tissue Pulp Others 1,200 10.8% 1,000 Board &
Slide 11: Fiber Essentials
Fiber Essentials REVENUE AND AND OP. EBITDA-% REVENUE BY CUSTOMER TYPE REVENUE BY PRODUCT EUR million (2025) AND MARKET GROWTH CATEGORY, 2025 29.4% 28.3% ◼ 17% 25.9% 1,200 23.9% Others 1,000 ◼ 100% 800 Pulp 600 ◼ 15% 400 ◼ 52% 676 588 562 529 Caustic 200 Sodium Chlorate Soda 0 Market 2023 2024 2025
Slide 12: Transformation into a water-focused company
Transformation into a water-focused company 2024 2026 1950 1961 1972 1985-1992 1994 2008 Divestment of the Oil Industrial Water Development of Name changed The “Kemira” Expansion Kemira is listed on Water chemistry 2015 & Gas business & Treatment Services first chemicals for to Rikkihappo Oy name ad
Slide 13: Revenue development
Revenue development 4,000 3,570 3,500 3,384 3,000 2,948 2,904 2,674 2,754 2,743 2,500 +33% Y/Y 2,090 2,079 2,000 +10% Y/Y 0% -5% +1%* 1,500 Y/Y Y/Y -5%* Y/Y -13% Y/Y Y/Y 1,000 500 0 2021 2022 2023 2024 2024 adj. 2025 Q3/26 LTM YTD25 YTD26 *Y/Y comparison versus Oil and Gas adjusted revenue, LTM 2026
Slide 14: Profitability development
Profitability development 700 667 600 572 585 582 Operative EBITDA 525 Operative EBITDA-% 500 462 426 405 400 19.7% 19.9% 20.0% 342 19.1% 16.8% 20.0% 16.0% 15.9% 300 15.9% 200 100 0 2021 2022 2023 2024 2024 adj. 2025 Q3/26 LTM YTD25 YTD26 OCTOBER 2026 INVESTOR PRESENTATION 14
Slide 15: Strategy and financial targets
INVESTOR PRESENTATION Strategy and financial targets OCTOBER 2026 INVESTOR PRESENTATION 15
Slide 16: We continue to focus on profitable growth
We continue to focus 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 17: 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 18: Healthy market growth for Kemira's relevant markets
From Kemira’s Capital Markets Day 2024 presentation 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 Kemira’s current main markets 2-3% 30.5 2024 2030 25.4 PACKAGING AND HYGIENE
Slide 19: Driving shareholder value through accelerated profitable growth
From Kemira’s Capital Markets Day 2024 presentation 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-
Slide 20: 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 revenue ~45% ~35% ~20% Cyclicality Low (Urban) / Medium (Industrial) Medium Medium Pricing structure Majority fixed pricing Majority fixed pricing ~50% f
Slide 21: … and different mandates according to their 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% Strategic role in the Growth + Transformation + Cash flow + Kemira portfolio cash flow profitability improvement selective grow
Slide 22: We will grow through organic and inorganic opportunities
From Kemira’s Capital Markets Day 2024 presentation 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 FO
Slide 23: 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 24: 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 2,140 600 2,000 3,000 21.5% +27% 2,743 500 Op. EBITDA 18-21% 462 Op. ROCE > 16% 16.2% 20.6% 16.5% 2,
Slide 25: 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 • New organization, Leadership • Bolt-on acquisitions in Industrial • Coagulant capacity expansion in the UK Team and operating model as Water Treatment services of January 1, 2025 • The acqu
Slide 26: Investment highlights
INVESTOR PRESENTATION Investment highlights OCTOBER 2026 INVESTOR PRESENTATION 26
Slide 27: 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 2026 INVESTOR PRESE
Slide 28: Strong balance sheet enabling long-term growth and increasing dividend
Strong balance sheet enabling long-term growth, and competitive and over-time increasing dividend EUR million Leverage ratio EUR EPS Net debt DPS 1,000 2.0 Payout ratio 900 850 1.61 800 771 1.50 1.5 700 2.0 649 1.28 1.18 600 535 506 500 1.3 1.4 1.0 400 0.74 0.76 1.0 0.70 0.68 292 0.58 0.62 300 0.8 0
Slide 29: Sustainability at Kemira
INVESTOR PRESENTATION Sustainability at Kemira OCTOBER 2026 INVESTOR PRESENTATION 29
Slide 30: Embedding sustainability every day
Embedding sustainability every day Increasing handprint: Reducing footprint: Highlighting safety and Positive impacts on our Climate actions and responsible business customers’ business nature stewardship practices • Treatment, reuse and recycling of • Low-emission energy, • Responsible business pra
Slide 31: 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 2024 to 2025 78% 55% -43% -26% (+6 pp) (+3 pp) (-8.5 pp) (-6.5 pp) OF GLOBAL ENERGY OF USED RAW MATERIALS OF SCOPE 1&2 EMISSIONS OF SCOPE 3 EMISSIONS PU
Slide 32: 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 2024 to 2025 240M€ 64% 21Bm3 (±0M€) (+6pp) (+0.2 Bm³) IN SALES FROM OF PRODUCTS IMPROVE RENEWABLE SOLUTIONS WATER TREA
Slide 33: Sustainability targets and performance
Sustainability targets and performance OCTOBER 2026 INVESTOR PRESENTATION 33
Slide 34: SBTi has validated Kemira's greenhouse gas reduction targets
INCREASING HANDPRINT, REDUCING FOOTPRINT The SBTi has validated SCOPE 1&2 TARGET SCOPE 3 TARGET Kemira’s ambitious science- ~52% reduction ~33% reduction based greenhouse gas by the end of 2030, by the end of 2033, emission reduction targets base year 2018 base year 2021 Kemira is a true frontrunner
Slide 35: Progress towards Kemira's climate targets
Progress towards Kemira’s climate targets Scope 3 emissions ktCO2e 2,500 -25.9% 2,337 Scope 1 & 2 emissions 2,177 Target ktCO2e -32.5% 2,000 by 2033 1,863 1,881 1,731 1,578 Target 1,500 1,000 -43.1% 894 883 -51.23% 856 822 by 2030 800 780 667 1,000 596 600 509 436 400 500 200 0 0 2018 2019 2020 2021
Slide 36: New, ambitious water impact target launched
New, ambitious water impact target launched FACTS & FIGURES By 2030, enabling the Base year 2024 Target year 2030 treatment, reuse and recycling Total water treated, reused and recycled 21 billion m3 24.5 billion m3 of an additional cumulative …cumulative impact during target period +3.5 billion m3
Slide 37: Sustainability work recognized via ratings
Sustainability work recognized via ratings 83/100 A- A- 22.7 AAA C top 3% top 2% top 2% top 16% top 5% CLIMATE WATER Chemical Chemical Chemical Chemical Chemical Chemical sector average sector average sector average sector average sector average sector average Leadership-level A score also in CDP's
Slide 38: Water Solutions
INVESTOR PRESENTATION Water Solutions Ambition to double the revenue in water OCTOBER 2026 INVESTOR PRESENTATION 38
Slide 39: Water Solutions
Water Solutions REVENUE AND AND OP. EBITDA-% REVENUE BY APPLICATION TYPE REVENUE BY EUR million (2025) AND MARKET GROWTH PRODUCT CATEGORY, 2025 1,800 22.2% 21.5% 20.5% 1,600 18.5% ◼ 51% ◼ 26% ◼ 23% ◼ 15% ◼ 62% 1,400 16.2% Industrial Urban Urban 1,200 14.5% Other Coagulants EMEA* Americas* 1,000 prod
Slide 40: Water Solutions
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 Distri
Slide 41: Trends in water treatment provide solid opportunities for sustainable growth
From Kemira’s Capital Markets Day 2024 presentation. 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
Slide 42: Micropollutant removal is an attractive growth opportunity
From Kemira’s Capital Markets Day 2024 presentation. 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 micropoll
Slide 43: Biogas applications are of increasing interest
From Kemira’s Capital Markets Day 2024 presentation. Biogas applications are of increasing interest MARKET DESCRIPTION KEMIRA AND BIOGAS APPLICATIONS Biogas market expected to grow significantly in coming years due to increased focus on energy independence and green • Our products, particularly coag
Slide 44: Industrial water services present growth potential
From Kemira’s Capital Markets Day 2024 presentation. 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 boile
Slide 45: 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 • The revised UWWTD entered into force on 1st of January 2025. Revised water treatment standards, including (UWWTD) the
Slide 46: Fiber businesses
INVESTOR PRESENTATION Fiber businesses Packaging & Hygiene Solutions and Fiber Essentials OCTOBER 2026 INVESTOR PRESENTATION 46
Slide 47: Fiber businesses
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 48: Packaging & Hygiene Solutions
Packaging & Hygiene Solutions REVENUE AND AND OP. EBITDA-% REVENUE BY CUSTOMER TYPE REVENUE BY EUR million (2025) AND MARKET GROWTH PRODUCT CATEGORY, 2025 1,800 ◼ 21% ◼ 10% ◼ 6% ◼ 3% ◼ 7% Coagulants 1,600 ◼ 60% 1,400 12.3% 12.9% 12.0% Packaging & Printing Tissue Pulp Others 1,200 10.8% 1,000 Board &
Slide 49: Packaging & Hygiene Solutions is #2 in an expanding global market
From Kemira’s Capital Markets Day 2024 presentation 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 1
Slide 50: Our products significantly improve our customers' footprint and process
From Kemira’s Capital Markets Day 2024 presentation. RENEWABLE PRODUCTS Positive climate impact* while Our products maintaining product functionality Fossil-based raw materials cut by >50% vs. standard products significantly improve our customers’ STRENGTH DIGITAL SOLUTIONS Making packaging Optimizi
Slide 51: Attractive growth in new end-markets
From Kemira’s Capital Markets Day 2024 presentation. Attractive growth in new end-markets MOLDED TEXTILE RENEWABLE DIGITAL FIBERS FIBERS CHEMISTRY SOLUTIONS SERVICES Molded fiber continues Demand for novel Transition away from The chemical market is momentum as the sustain- sustainable solutions in
Slide 52: Fiber Essentials
Fiber Essentials REVENUE AND AND OP. EBITDA-% REVENUE BY CUSTOMER TYPE REVENUE BY PRODUCT EUR million (2025) AND MARKET GROWTH CATEGORY, 2025 29.4% 28.3% ◼ 17% 25.9% 1,200 23.9% Others 1,000 ◼ 100% 800 Pulp 600 ◼ 15% 400 ◼ 52% 676 588 562 529 Caustic 200 Sodium Chlorate Soda 0 Market 2023 2024 2025
Slide 53: Sodium Chlorate is the largest business
From Kemira’s Capital Markets Day 2024 presentation. Sodium Chlorate is the largest business; market growing particularly in South America REGIONAL MARKET MARKET GROWING SLIGHTLY KEMIRA HAS A GOOD POSITION CAPACITIES* EUR billion +1% 20% of the global capacity* 10% 1.7 CAGR 1.5 #1 Market leader NA:
Slide 54: 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 • Packaging and Packaging Waste Regulation (PPWR): PPWR came applicable in 08/2026, and secondary legislation is introduced
Slide 55: Latest news and financials
INVESTOR PRESENTATION Latest news and financials OCTOBER 2026 INVESTOR PRESENTATION 55
Slide 56: Q3 2026 Interim Report Result Presentation
ANTTI SALMINEN, PRESIDENT AND CEO TUOMAS MÄKIPESKA, CFO OCTOBER 23, 2026 Revenue increased mainly driven by acquisitions, profitability burdened by high raw material costs JANUARY – SEPTEMBER INTERIM REPORT 2026 RESULT PRESENTATION
Slide 57: 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 58: Agenda
Agenda Q3/26 Key highlights Financial performance Antti Salminen Tuomas Mäkipeska Q&A President and CEO CFO OCTOBER 2026 INVESTOR PRESENTATION 58
Slide 59: Market environment remains challenging
Market environment remains challenging Elevated raw material risks due Consumer confidence low, many to the Middle East traditional European industries conflict facing demand challenges Weak end-market in the pulp and paper industry Capacity optimization and US – Canada tariffs production curtailmen
Slide 60: Q3 in brief
Q3 in brief Revenue grew Y/Y, mainly driven by acquisitions • Organic growth1 0% Operative EBITDA-% declined to 15.9% • Profitability declined in all BUs • The impact of cost inflation only partially offset by customer price increases • Fixed costs effectively managed Strategy execution continued •
Slide 61: Group revenue
Group revenue REVENUE AND ORGANIC REVENUE GROWTH 1 (Y/Y) Revenue grew Y/Y in Q3 2026 EUR million • Revenue growth mainly driven by M&A 2% 1% 800 -2% -3% -3% -6% -3% -2% 0% • Y/Y organic growth1 0% 700 600 • Sales prices increased Y/Y, volumes 500 declined 400 728 724 709 693 688 664 677 693 709 • Re
Slide 62: Group profitability
Group profitability Q3 Operative EBITDA-% declined Y/Y to 15.9% OPERATIVE EBITDA AND OPERATIVE EBITDA-% • Profitability weakened mainly due to cost EUR million inflation caused by the effects of the Middle 180 East conflict, and lower volumes. 160 20.3% 20.0% 140 18.7% 19.1% 19.0% 18.1% 17.3% • Oper
Slide 63: 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 2,140 600 2,000 3,000 21.5% +27% 2,743 500 Op. EBITDA 18-21% 462 Op. ROCE > 16% 16.2% 20.6% 16.5% 2,
Slide 64: Significantly higher input costs partially mitigated by pricing actions
Significantly higher input costs partially mitigated by pricing actions • Price increases have been implemented throughout Kemira’s product portfolio. • The effectiveness of pricing actions varies between regions and products. • The expected negative FY2026 impact from higher input costs remains unc
Slide 65: Outlook for 2026 reiterated
Outlook for 2026 reiterated REVENUE Kemira's revenue is expected to be between EUR ASSUMPTIONS BEHIND THE OUTLOOK 2,600 and EUR 3,000 million in 2026 (2025 revenue: EUR 2,753.5 million). • The demand in Kemira's end-markets remains weak due to continued global economic uncertainty and geopolitical t
Slide 66: Kemira's strategic priorities remain unchanged despite headwinds
Kemira’s strategic priorities remain unchanged despite the current headwinds 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 ad
Slide 67: Agenda
Agenda Q3/26 Key highlights Financial performance Antti Salminen Tuomas Mäkipeska Q&A President and CEO CFO OCTOBER 2026 INVESTOR PRESENTATION 67
Slide 68: Q3 revenue and operative EBITDA bridge
Q3 revenue and operative EBITDA bridge Q3/2026 REVENUE DEVELOPMENT (Y/Y) Revenue increased Y/Y EUR million 709 • Revenue growth driven by acquisitions and pricing 688 0 -14 11 6 18 • Organic revenue growth1 0% • Y/Y sales volumes decreased, prices increased • Q/Q sales volumes and prices increased Q
Slide 69: Raw material costs reflected in sales price and variable cost development
Increased raw material costs and challenging demand environment are reflected in the sales price and variable cost development SALES PRICES AND VARIABLE COSTS (CHANGE Y/Y) Sales prices Variable costs Net impact on EBITDA (sales prices-variable costs) EUR million 300 250 200 150 128 99 100 59 68 64 5
Slide 70: Water Solutions
Water Solutions REVENUE AND ORGANIC REVENUE GROWTH 1 (Y/Y) Market environment remained unchanged EUR million 400 5% 1% -1% • Demand stable within municipal customers, 6% -2% 0% -2% -5% -2% volatility continues among industrial customers 300 • Q3 seasonally strongest quarter of the year, due 200 329
Slide 71: 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 0% economic uncertainty and low consumer -6% +4% 300 0% -7% -3% -6% -4% 0% confidence 200 • Demand weakness particularly in
Slide 72: Fiber Essentials
Fiber Essentials Market environment continued weak REVENUE AND REVENUE GROWTH 1 (Y/Y) • Q3 usually seasonally softer vs. the winter EUR million quarters 400 300 • Demand in the Nordics impacted by downtimes 200 -3% -3% 0% 3% -5% -9% -2% -12% -6% at customer sites 100 144 149 151 145 134 132 144 127
Slide 73: 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 649 3,000 Op. ROCE-% Capital employed 622 600 2,500 39% 40% 506 505 2,070 2,140 500 1,963 1,920 1,922 1,
Slide 74: Decrease in operating cash flow driven by lower EBITDA and NWC change
The decrease in operating cash flow driven by lower EBITDA and the change in net working capital NET WORKING CAPITAL CASH FLOW FROM OPERATIONS EUR in million EUR in million 700 NWC % of LTM revenue Net working capital LTM operating cash flow Operating cash flow 12.8% 700 11.6% 600 10.4% 10.7% 10.6%
Slide 75: Focus on safeguarding Kemira's competitiveness in a volatile and soft market
Focus on safeguarding Kemira’s competitiveness in a volatile and soft market Higher input costs Demand remained weak weighed on profitability; Solid balance sheet but stable; focus on pricing and performance supports continued generating organic growth improvement actions strategy execution continue
Slide 76: Additional slides
INVESTOR PRESENTATION Additional slides OCTOBER 2026 INVESTOR PRESENTATION 76
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 2025 RAW MATERIALS BY SPEND (around 49% of total EUR 1.5 billion raw material spend) ◼ 67% ◼ 33% 1. Sodium hydroxide (caustic soda)* ◼ 20% Not oil Oil & gas related related
Slide 78: Kemira has a diversified financing base
Kemira has a diversified financing base GROSS DEBT AT THE END OF SEPTEMBER 2026: EUR 876 MILLION, MATURITY PROFILE EXCLUDING 20% LEASES Leases EUR 179 million 32% Loans from banks and 450 400 400 financial institutions 350 EUR 281 million 300 250 213 208 200 25% 150 170 Others 100 EUR 218 million 50
Slide 79: Kemira aims to pay a competitive dividend
Kemira aims to pay a competitive 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 0.76 0.68 0.62 0.56 0.58 0.58 0.53 0.53 0.53 5.4% 4.4% 4.6% 4.5% 4.4% 4.3% 4.2% 4.1%
Slide 80: Largest shareholders and Board of Directors
Kemira – largest shareholders and Board of Directors SHAREHOLDERS ON SEPTEMBER 30, 2026 KEMIRA’S BOARD OF DIRECTORS ANNIKA SUSAN % OF SHARES PAASIKIVI DUINHOVEN Chair Vice Chair 1. Oras Invest 24.2% Member since Member since 2. Varma Mutual Pension Insurance Company 3.9% 2022 2025 3. Ilmarinen Mutua
Slide 81: Kemira's Leadership Team
KEMIRA’S LEADERSHIP TEAM Antti Salminen Tuomas Mäkipeska Tuija Pohjolainen- Harri Eronen Antti Matula President & CEO CFO Hiltunen EVP, Packaging & EVP, Fiber Essentials EVP, Water Solutions Hygiene Solutions Simon Bloem Ulrika Dunker Peter Ersman Linus Hildebrandt Sampo Lahtinen Chief Operations EV
Slide 82: Appendix
Appendix OCTOBER 2026 INVESTOR PRESENTATION 82
Slide 83: Financial highlights of Q3 2026
Financial highlights of Q3 2026 EUR million (except ratios) Q3 2026 Q3 2025 Δ% 1-9 2026 1-9 2025 Δ% 2025 Revenue 708.9 687.7 3% 2,079.3 2089.9 -1 % 2,753.5 Operative EBITDA 112.8 137.3 -18 % 341.8 404.6 -16 % 524.6 of which margin 15.9 % 20.0 % 16.4 % 19.4 % 19.1 % Operative EBIT 59.3 87.8 -32 % 182
Slide 84: Currency impact in Q3 2026
Currency impact in Q3 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 85: Key figures (reported)
Key figures (reported) EUR million Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 2025 2024 Revenue 708.9 693.0 677.3 663.7 687.7 2,753.5 2,948.1 Operative EBITDA 112.8 111.7 117.3 119.9 137.3 524.6 585.4 margin 15.9 % 16.1% 17.3% 18.1% 20.0% 19.1% 19.9% Operative EBIT 59.3 57.9 65.4 67.5 87.8 324.4 398.7
Slide 86: Cash flow
Cash flow EUR million Q3 2026 Q3 2025 1-9 2026 1-9 2025 2025 Net profit for the period 34,5 61,6 117,0 180,8 194.1 Total adjustments 73,5 73,8 218,8 213,8 305.4 Change in net working capital -31,7 18,9 -54,6 -60,3 -45.2 Finance expenses -7,0 -7,2 -33,7 -16,4 -14.8 Income taxes paid -12,3 -14,9 -39,7
Slide 87: Water Solutions key financials
Water Solutions KEY FINANCIALS EUR million Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 2025 2024 Revenue 330.7 326.3 300.8 295.0 313.9 1,221.5 1,256.9 Operative EBITDA 65.0 56.7 55.4 54.6 72.5 262.9 279.1 margin 19.7 % 17.4% 18.4% 18.5% 23.1% 21.5% 22.2% Operative EBIT 40.7 32.3 32.3 32.6 52.8 183.9 211
Slide 88: Packaging & Hygiene Solutions key financials
Packaging & Hygiene Solutions KEY FINANCIALS EUR million Q2 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 2025 2024 Revenue 251.2 240.1 232.9 236.8 239.4 970.2 1.058.5 Operative EBITDA 23.3 27.8 23.6 29.1 32.6 115.9 136.3 margin 9.3 % 11.6% 10.1% 12.3% 13.6% 12.0% 12.9% Operative EBIT 9.8 14.1 10.1 14.6 18.0
Slide 89: Fiber Essentials key financials
Fiber Essentials KEY FINANCIALS EUR million Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 2025 2024 Revenue 127.0 126.7 143.7 131.8 134.3 561.9 588.2 Operative EBITDA 24.6 27.2 38.3 36.2 32.3 145.7 166.7 margin 19.3 % 21.4% 26.7% 27.4% 24.1% 25.9% 28.3% Operative EBIT 8.8 11.6 23.0 20.3 17.1 84.5 107.7 ma
Slide 90: Revenue split by country
Revenue split by country FY 2025 Other APAC 6% China 3% Other EMEA 8% PAC USA 24% ◼A ◼ AM Belgium 2% ER Netherlands 3% ICAS France 3% Spain 3% Italy 3% Canada 7% Poland 4% ◼E M A UK 4% E Brazil 3% Other Americas 3% Germany 4% Sweden 7% Finland 13% OCTOBER 2026 INVESTOR PRESENTATION 9 09 0
Slide 91: 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 92: Kemira's IR contacts
Kemira’s IR contacts KIIRA FRÖBERG Vice President, Investor Relations [email protected] +358 40 760 4258 OCTOBER 2026 INVESTOR PRESENTATION 92
Slide 93: Circular Future.
KemMIra sz Circular Future.