Kemira Oyj · OMXHEX:KEMIRA
Kemira Oyj — Kemira Oyj Ord — Q3 2026 Earnings Presentation
33 slides from Kemira Oyj's earnings presentation, Oct 23, 2026
Slide 1: Revenue increased mainly driven by acquisitions, profitability burdened by high raw material costs
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 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 Q3/26 Key highlights Financial performance Antti Salminen Tuomas Mäkipeska Q&A President and CEO CFO OCTOBER 23, 2026 Q3 RESULT PRESENTATION 3
Slide 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: Kemira's strategic priorities remain unchanged despite the current 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 12: Agenda
Agenda Q3/26 Key highlights Financial performance Antti Salminen Tuomas Mäkipeska Q&A President and CEO CFO OCTOBER 23, 2026 Q3 RESULT PRESENTATION 12
Slide 13: 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 14: Increased 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 15: 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% 0% -2% -2% -5% -2% volatility continues among industrial customers 300 • Q3 seasonally strongest quarter of the year, due 200 329
Slide 16: 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 +4% 300 0% -6% -7% -3% -6% -4% 0% confidence 200 • Demand weakness particularly in
Slide 17: 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 18: 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 19: Decrease in operating cash flow driven by lower EBITDA and net working capital 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 12.8% 700 LTM operating cash flow Operating cash flow 11.6% 600 10.4% 10.7% 10.6%
Slide 20: 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 21: Q&A
Q&A OCTOBER 23, 2026 Q3 RESULT PRESENTATION 21
Slide 22: Kemira Circular Future
KeEMIra =: Circular Future.
Slide 23: Appendix
Appendix OCTOBER 23, 2026 Q3 RESULT PRESENTATION 23
Slide 24: 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 25: 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 26: 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 27: 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 28: Water Solutions
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 29: Packaging & Hygiene Solutions
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 30: Fiber Essentials
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 31: 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% OCTOBER 23, 2026 Q3 RESULT PRESENTATION 3 13 1
Slide 32: 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 33: Kemira
Kemifa WWW.KEMIRA.COM