#1APRIL 27, 2021 Kemira Investor Presentation Chemistry for a resource-efficient future INVESTOR PRESENTATION Kemira#2INVESTOR PRESENTATION Content 1. Kemira in brief 2. Investment highlights 3. Kemira as a sustainable investment 4. Pulp & Paper 5. Industry & Water 6. Recent progress 7.Appendix 2 Kemira APRIL 27, 2021 INVESTOR PRESENTATION#3INVESTOR PRESENTATION Kemira in brief Kemira APRIL 27, 2021 3 INVESTOR PRESENTATION#4OUR PURPOSE We enable our customers to improve their water, energy and raw material efficiency GLOBAL TRENDS CHANGING DEMOGRAPHICS Higher use of water, energy, tissue & board GROWING ENVIRONMENTAL AWARENESS New materials to enable circular economy Material and resource efficiency OUR CUSTOMERS Pulp & Paper Water Treatment Oil & Gas O A H OUR OFFERING We provide expertise, application know- how and chemicals that improve our customers' product quality, process and resource efficiency. OUR VISION Our vision is to be the first choice in chemistry for water intensive industries OUR STRATEGY Kemira is a great product company with chemistry and selling of chemicals at the core of our business. We win with best suited products and tailored services that improve our customers product quality, process and resource efficiency. Our target is to grow above-the-market with an operative EBITDA margin of 15-18%. OUR VALUES We drive performance and innovation. We are dedicated to customer success. We care for people and the environment. We succeed together. Kemira APRIL 27, 2021 INVESTOR PRESENTATION 4#5Kemira in brief LAST 12 MONTHS: REVENUE EUR 2,391 MILLION, OPERATIVE EBITDA EUR 431 MILLION, OPERATIVE EBITDA MARGIN 18.0%, OPERATIVE ROCE 11.9% SEGMENT SPLIT GEOGRAPHIES ■ 40% ■ 60% 10% APAC Industry & Water Pulp & Paper 35% #2 globally AMERICAS 2. South 1. USA #1 in water treatment in NA and Europe #2 in friction reduction in North American shale oil & gas CUSTOMERS Several thousand customers TOP 10 customers are -25% of revenue TOP 50 customers are ~50% of revenue 2. Canada 3. Brazil 55% EMEA 1. China Korea 3. Indonesia 1. Finland 2. Sweden 3. UK Revenue by geographies and product category represent FY 2020. EXAMPLES OF LARGEST CUSTOMERS Municipalities, e.g. Frankfurt, Berlin, New York, Paris, Shanghai, Singapore PRODUCTS 20% Other: e.g. defoamers, dispersants, and biocides 15% Sizing and strength 20% Polymers 25% Bleaching and pulping O INTERNATIONAL PAPER Schlumberger BRENNTAG UPM Klabin storaenso Metsä HALLIBURTON Chevron 20% Coagulants Carlsberg Kemira APRIL 27, 2021 INVESTOR PRESENTATION Note: Revenue by industry, product and geography rounded to the nearest 5% 5#6Global reach - local excellence 63 MANUFACTURING SITES Regional HQ Atlanta, USA R&D Atlanta, USA KEMIRA HQ Helsinki, Finland R&D Espoo, Finland EMEA 54% EUR 1,305 MILLION да 2,530 AMERICAS 36% EUR 862 MILLION 20 1,467 UNITS IN AROUND 40 COUNTRIES SALES IN OVER 100+ COUNTRIES Polymers and other process chemicals (24) Bleaching and pulping (10) Coagulants (29) Kemira APRIL 27, 2021 INVESTOR PRESENTATION Employees R&D and technology centers ## good Regional HQ Shanghai, China R&D Shanghai, China ASIA PACIFIC 11% EUR 260 MILLION 924 6#7We have transformed the company several times over the past 100 years 1972 1985-1992 STATE- OWNED 1950 Development of first chemicals for paper applications 1961 Name changed to Rikkihappo Oy (Sulfuric acid Ltd.) FERTILIZERS AS CORE STRATEGY 1920 Establishment of the state-owned sulphuric acid and phosphorous fertilizer plants The "Kemira❞ name adopted Expansion continues in Europe e.g., 1994 Kemira is listed on the Helsinki stock exchange 2008 Water chemistry established as the focus of strategy Belgium and Spain CONGLOMERATE Kemira APRIL 27, 2021 INVESTOR PRESENTATION PUBLICLY TRADED COMPANY 2015 Acquisition of Akzo Nobel's paper chemicals business WATER AS CORE STRATEGY 1982 First expansion abroad to the UK 1989 Kemira expands to Asia through joint venture in Japan 2004 GrowHow listed on the Helsinki Stock Exchange 2009 Tikkurila listed on the Helsinki Stock Exchange 2020 Kemira centennial anniversary 7#81,520 1,523 1,457 1,477 1,458 1,417 40% Pulp 260 218 195 198 192 171 Pulp & Paper - strong business with solid track record REVENUE AND OPERATIVE EBITDA EUR million REVENUE BY CUSTOMER TYPE AND MARKET GROWTH ■ 40% Market growth* 1% 2% -1-2% 2015 2016 2017 2018 2019 2020 MARKET ENVIRONMENT Solenis (paper)* REVENUE BY GEOGRAPHIES AND MARKET GROWTH BY REGION REVENUE BY PRODUCT CATEGORY Board & tissue 20% Printing & writing papers 5% Other 10% Polymers 20% Defoamers, dispersants, O CUSTOMER EXAMPLES 40% Bleaching & pulping biocides and other process chemicals 25% Sizing & strength #1 50% Kemira (pulp and paper) m.s. ~16% #2 EMEA 15% 35% Americas APAC UPM APP < Klabin Nouryon (pulp) #3 BILLERUDKORSNÄS INTERNATIONAL PAPER mondi Ecolab (paper) #4 Kurita (paper) *Solenis-BASF combined entity #5 Market growth* 1% 1% 2-3% Metsä Kimberly-Clark storgenso *chemical market growth in 2021-2026 Note: Revenue by industry, product and geography rounded to the nearest 5% Kemira APRIL 27, 2021 INVESTOR PRESENTATION 8#9Industry & Water - strong positions in chosen categories REVENUE AND OPERATIVE EBITDA EUR million 1,136 1,073 956 1,009 970 906 REVENUE BY APPLICATION TYPE AND MARKET GROWTH 75% Water treatment 15% 10% 175 192 131 116 114 107 2015 2016 2017 2018 2019 2020 2015-2016 figures are pro forma; combination of Municipal & Industrial and Oil & Mining segments Municipal Market growth* 3-4% Industrial Oil & Gas Other 6-8% 2-3% REVENUE BY GEOGRAPHIES AND MARKET GROWTH BY REGION 40% Americas 5% APAC REVENUE BY PRODUCT CATEGORY 15% Other products such as defoamers 50% Coagulants О and biocides 35% Polymers CUSTOMER EXAMPLES MUNICIPAL customer examples Amsterdam Los Angeles Barcelona Montreal New York City Toronto Frankfurt Berlin Oslo 3-4% 5-6% Paris Melbourne Shanghai INDUSTRIAL customer examples Carlsberg Orkla Chevron BRENNTAG BAKER HUGHES a GE company UNIVAR WATER TREATMENT MARKET ENVIRONMENT OIL & GAS Market share Market share ~25% in polymers used in shale oil & gas 55% EMEA ~30% in coagulants and ~20% in polymers Main competitors in coagulants: . . Feralco (Europe) Kronos (Europe) Chemtrade (NA) USAICO (NA) Kemira Main peers in polymers (also in water treatment): • • SNF Solenis* Market growth* 3-4% • Solvay (only O&G) * Solenis-BASF combined entity APRIL 27, 2021 *chemical market growth in 2021-2026 INVESTOR PRESENTATION Stockholm Singapore HALLIBURTON FRAC-CHEM Note: Revenue by industry, product and geography rounded to the nearest 5% 9#10Kemira's financial targets FINANCIAL TARGETS AND HISTORICAL FIGURES Targets 2019 IFRS 16 impact in 2019 2020 Q1 2021 Financial target Revenue MEUR 2,659 Change +3% MEUR 2,427 Change -9% MEUR 606 Above-market Change -6% growth Operative EBITDA* 15.4% Around +1.3 %-point 17.9% 17.3% 15-18% Gearing* 66% Around +11 %-points 63% 67% Below 75% KEY FACTORS TO WATCH FOR Factors Sales price vs raw material price development Organic growth through volume and sales price increases Growth investments: Polymer capacity expansion in the US (2021), bleaching expansion in Uruguay (2022-2023), Dry polymer JV in South Korea (2021), Coagulant capacity in the UK (early 2022) Q1 2021 comments Net impact from variable costs and sales prices negative. Several price increases announced. Group's organic growth -2%, excl. negative currencies and Oil & Gas, revenue was stable. Investments proceeding as planned Kemira APRIL 27, 2021 INVESTOR PRESENTATION 10#11INVESTOR PRESENTATION Investment highlights Kemira APRIL 27, 2021 INVESTOR PRESENTATION 11#12Why invest in Kemira 1 2 3 Strong profitability improvement track record Focus on profitable sustainable growth Operative EBITDA 17.3% and Operative EBIT to 9.2% in Q1 2021 Attractive dividend Updated dividend policy: competitive and over-time increasing dividend Dividend increased to EUR 0.58 (0.56) Sustainability at the core of strategy Kemira will become the leading provider of sustainable chemical solutions for water-intensive industries Kemira APRIL 27, 2021 INVESTOR PRESENTATION 12#13Strategy and Equity Story in summary HOW KEMIRA CREATES VALUE о OUR MARKET FOCUS Chemicals for Pulp & Paper, Oil & Gas and Water Treatment #1 or #2 in our core markets Market growth estimated to be 3-4% p.a. supported by higher use of fiber-based products, resource efficiency and regulation BUILDING A GREAT CHEMICALS COMPANY Great products: 4 core areas are polymers, coagulants, sizing and bleaching chemicals which meet our customers' needs incl. resource efficiency. Aim to significantly increase biobased product portfolio. Great operations: Deliver reliably with consistent quality Great people: Deep application expertise and innovation capability FINANCIAL TARGETS Above-market revenue growth . Operative EBITDA 15-18% ⚫ EXECUTION - ACTIVE PRICE MANAGEMENT Improving product and market mix Focusing on capital efficiency Investing selectively in core product areas with higher return on capital employed Gearing below 75% Kemira APRIL 27, 2021 INVESTOR PRESENTATION 13#14- Global megatrends largely favor Kemira – sustainability becoming a key driver for the long term CHANGING DEMOGRAPHICS Growing middle-class and urbanization Changing lifestyles with growth in e- commerce Higher use of water and tissue Higher use of packaging and board Kemira APRIL 27, 2021 INVESTOR PRESENTATION GROWING ENVIRONMENTAL AWARENESS More efficient use of scarce natural resources Chemicals to support circular economy needs Focus on biobased and recyclable materials for our customers Tightening environmental regulation Climate change mitigation Alternatives to fossil fuel- based solutions Increased need for water treatment Increased need for water treatment 14#15Healthy market growth for Kemira's relevant markets KEMIRA RELEVANT MARKET EUR billion PULP & PAPER RELEVANT MARKET EUR billion 9 CAGR: 1-2% 27 22 CAGR: 3-4% 2019 2025 Americas EMEA ■ APAC Source: Management estimation based on various sources Kemira APRIL 27, 2021 INVESTOR PRESENTATION 10 2019 2025 Pulp ■ Printing & writing ■Board & tissue INDUSTRY & WATER RELEVANT MARKET EUR billion 18 13 CAGR: 4-5% 2019 2025 Water treatment Oil & Gas ■Other 15#16Good profitability improvement track record REVENUE EUR million EUR +290 million Revenue declined due to COVID-19 pandemic OPERATIVE EBITDA OPERATIVE EBITDA MARGIN EUR million +4.5% 2,659 2,593 2,486 2,373 2,363 2,427 2,137 EUR +182 million 435 +7.2% 410 17.9% 323 303 311 287 15.4% 253 12.8% 12.5% 12.5% 12.1% 11.8% 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 PRE IFRS 16 2017 2018 2019 2020 Kemira APRIL 27, 2021 INVESTOR PRESENTATION 16#17Strengthening the foundation and improving profitability Organic growth / expansion of site Start-up of Ortigueira sodium chlorate site (BR) Bradford polymer expansion (UK) San Giorgio polymer expansion (IT) Acquisition Chevron CEOR deal & Botlek expansion Start-up of Joutseno chlorate expansion (FI) Major oil sands tailings water treatment deal (CA) Operational efficiencies Closure of site / divestment AKD wax manufacturing JV deal closed (CN) Start-up of new AKD wax site (CN) Polymer investment decision, Mobile (US) Joint Venture - Dry polymers (SK) Ramp-up of of new AKD wax site (CN) Ramp-up of of Botlek polymer facility (NL) Eastover Bleaching extension start-up (US) 2020 Operative EBITDA 2015: 12.1% 2016 Transportation agreement with Odyssey Botlek modernization (NL) BOOST operational excellence program launch Closures of Ottawa (CA) and Zaramillo (ES), coagulants 2017 Two segment structure operational Odyssey go-live in North America 2018 'Value over volume' initiated Odyssey go-live in Europe Closing of ECOX detergent production (SWE) 2019 Move from 'Value over volume' to 'Active price management' Cost savings in Pulp & Paper Divestment of coagulant asset (IT) Divestment of Kemira Operon (water treatment facility operations, FI) Operative EBITDA Q1 2021: 17.3% Chlorate and peroxide expansion on-going in Fray Bentos (UY) - Goole coagulant expansion (UK) on-going Raw material flexibility: Coagulants to Magnetite - Bradford AN purification Kemira APRIL 27, 2021 INVESTOR PRESENTATION 17#18Kemira aims to pay an attractive dividend Fresh safe Takeaway Kemira APRIL 27, 2021 INVESTOR PRESENTATION KEMIRA'S NEW DIVIDEND POLICY (UPDATED IN NOVEMBER 2020) Competitive and over-time increasing dividend No fixed payout ratio We have a solid dividend track record Dividend per share O Dividend yield 0.58* 0.56 0.53 0.53 0.53 0.53 0.53 0.53 0.53 0.53 0.48 5.8% 5.4% 5.4% 4.9% 4.5% (4.4% 4.4% 4.6% 4.5% 4.1% (4.2% 2010 2011 2012 2013 2014 2015 2016 2017 *Dividend to be paid in two installments, first paid in April and the second installment in November. 2018 2019 2020 18#19We invest in core products globally KEY INVESTMENT FOCUS ON CORE PRODUCT GROUPS SINCE 2016 Bleaching chemicals New chlorate plant in Brazil New chlorate line in the U.S. New chlorate line and peroxide capacity in Finland Freed peroxide capacity from ECOX closure in Sweden Chlorate and peroxide expansion in Uruguay (2022-2023) Polymer capacity additions • Italy UK Aberdeen, USA Netherlands South Korea (start 2021) Mobile, USA (start 2021) Sizing chemicals - capacity additions due to integration of acquisitions (Akzo Nobel and China AKD wax) • Coagulants Goole, UK (start early 2022) PRODUCTS 20% Other: e.g., defoamers, dispersants, and biocides 15% Sizing* and strength 20% Polymers Revenue EUR 2,427 million (2020) Kemira APRIL 27, 2021 INVESTOR PRESENTATION *Sizing = Resistance against water absorption 25% Bleaching and pulping 20% Coagulants Note: Revenue by product rounded to the nearest 5%. 19#20We continued to invest in product development in 2020 Innovation We innovate together with our customers to improve water, energy and raw material efficiency. Research and development expenses totaled EUR 29 million euros in 2020, representing around 1.2% of the revenue. Achievements in 2020 New product launches: 7 New patent filings: 37 . Patent families: 367 • Patents: 1,726 Kemira APRIL 27, 2021 INVESTOR PRESENTATION 20 20#21INVESTOR PRESENTATION Kemira as a sustainable investment Kemira APRIL 27, 2021 INVESTOR PRESENTATION 21 21#22We have a strong commitment to sustainability FIVE THEMES AS SUSTAINABILITY FOCUS AREAS SAFETY Safe production and use of our products throughout their lifecycle, strong safety culture PEOPLE Strong company culture, diversity and commitment to people WATER We help ensure safe clean water for people and nature Solutions to provide safe clean water with water-related risks managed effectively CIRCULARITY We are making the circular bioeconomy a reality Improve customer resource efficiency; increase biobased and recycled raw material use CLIMATE Kemira will help build a carbon neutral society Ambition to be carbon neutral by 2045, and -30% CO2 emissions by 2030 (Scope 1 and Scope 2 emissions) CDP DISCLOSURE INSIGHT ACTION PLATINUM Top 1% 2021 ecovadis Sustainability Rating: Kemira Chemical sector average Kemira Chemical sector average ISS ESG‣ SUSTAINALYTICS MSCI Kemira Kemira Kemira Chemical sector Chemical sector Chemical sector average average average INVESTOR PRESENTATION Tincludes people operations (environment) and chemical safety Kemira APRIL 27, 2021 222#2352% of revenue generated from products that improve customer resource-efficiency PULP & PAPER Kemira's products improve the manufacturing process and enable better resource-efficiency. For example Our chemistry is helping to improve recycled fiber quality and content, energy and water efficiency in paper mills Case: Lightweight packaging: with our strength chemicals, our customers can make their packaging lighter yet stronger. Lighter weight results in lower logistics cost and thus environmental footprint. INDUSTRY & WATER WATER TREATMENT Municipal and industrial water treatment: Chemical water treatment provides the most compact plant and smallest possible environmental footprint Case: Sludge de-watering: with our chemicals, our customers are able to reduce the water content in sludge. As a result, demand for logistics is lower resulting in better environmental footprint OIL & GAS Shale: Our products reduce friction and improve energy efficiency of shale producers Oil sands tailings: Wastewater treatment of oil sands tailings ponds CEOR: Our products reduce friction and enable a better yield from existing wells Kemira APRIL 27, 2021 INVESTOR PRESENTATION 23#24SUSTAINABILITY WILL BE A KEY DRIVER FOR FUTURE GROWTH Customer behavior is changing with an increased focus on sustainability Pulp & Paper Customers desire for biodegradable and recyclable products growing need for biobased chemicals - Customer product portfolio will evolve when going further into the bioeconomy totally new uses for fiber Industry & Water Overall sustainability focus driven by consumers Growing market for circular products with high share of recycled content TO SUPPORT OUR CUSTOMERS IN THE SHIFT TOWARDS HIGHER SUSTAINABILITY, WE WILL: Address growing recyclability and biodegradability demand for products Gradually transform our product portfolio to more biobased ed Reduce the use of fossil-fuel based carbon as raw material TO INCREASE THE SUSTAINABILITY OF OUR OPERATIONS, WE WILL: Increase the share of recycled material in our products Kemira APRIL 27, 2021 INVESTOR PRESENTATION 24#25WE WANT TO ENSURE PROFITABLE GROWTH BY BECOMING THE LEADING PROVIDER OF SUSTAINABLE CHEMICAL SOLUTIONS FOR WATER-INTENSIVE INDUSTRIES CURRENT REVENUE TARGET REVENUE IN 2030 ~100 MEUR 500 MEUR FROM BIOBASED PRODUCTS FROM BIOBASED PRODUCTS CURRENT SHARE 12% OF RENEWABLE CARBON OF ALL CARBON CONTAINING RAW MATERIALS TARGET SHARE IN 2030 40% OF RENEWABLE CARBON OF ALL CARBON CONTAINING RAW MATERIALS Kemira APRIL 27, 2021 INVESTOR PRESENTATION 25#26What will the sustainability focus mean for our businesses? Pulp & Paper Increase focus on circularity as customers are demanding recyclability and biodegradability Focus investments in sustainable pulp, packaging and tissue applications. Limit investments in declining printing & writing applications. Explore new competencies, e.g. barrier solutions to capture market growth opportunities Kemira APRIL 27, 2021 INVESTOR PRESENTATION · Industry & Water Increase focus and investments on water treatment In Oil & Gas, direct focus to growing and less volatile CEOR and oil sands tailings businesses Explore new markets for water treatment, particularly in APAC Explore new competencies and product lines. within water treatment 26#27We will increase focus on water treatment to further improve sustainability of I&W portfolio 24% of current raw materials from recycled sources Already up to 80% of raw materials from recycled sources in coagulants Kemira APRIL 27, 2021 INVESTOR PRESENTATION WE WILL CREATE AN ACTION PLAN TO FURTHER IMPROVE THE SUSTAINABILITY PROFILE OF THE I&W PORTFOLIO Further improve the circularity of our business by increasing share of recycled materials Start building a biobased polymer portfolio Increase segment focus on water treatment applications and capabilities Increase Oil & Gas focus on growing and less volatile businesses, i.e. CEOR and Oil Sands tailings. Expected recovery in shale provides near-term growth opportunities. 27#28Corporate sustainability performance Q1 2020 1/2 PURPOSE PEOPLE WATER PROFIT CIRCULARITY SAFETY SUSTAINABILITY AT KEMIRA CLIMATE SAFETY High safety performance fundamental to business PEOPLE Foster strong company culture and commitment to people WATER A BER Mitigate water related risks, grasp water related opportunities CIRCULARITY Reduce waste and increase renewable raw material use 12 PESSIBLE CONSUMPTES CLIMATE Q Reduce climate impact throughout the value chain Kemira APRIL 27, 2021 INVESTOR PRESENTATION KPI's TRIF 1.5 by 2025 and 1.1 by 2030 Reach top 10% cross industry norm for Diversity & Inclusion by 2025 Continuously improve freshwater use intensity Reduce waste intensity by 15% by 2030 Biobased products >500 million EUR revenue by 2030 Scope 1&2 emissions -30% by 2030 (from 2018 baseline) 28 13 ALBATE#29Sustaina- bility at Kemira KPI's SAFETY High safety performance fundamental to business TRIF* 1.5 by 2025 and 1.1 by 2030 TRIF* Target 3.9 3.5 2.1 2.2 2.4 1.9 1.5 1.1 PEOPLE Foster strong company culture and commitment to people Reach top 10% cross industry norm for Diversity & Inclusion by 2025 TOP 10% by 2025 WATER Corporate sustainability performance Q1 2020 2/2 Mitigate water related risks and develop clean water solutions Continuously improve freshwater use intensity FRESHWATER USE INTENSITY Target 1.9 1.9 Target tbc CIRCULARITY Reduce waste and increase circular and digital customer solutions Reduce waste intensity by 15% by 2030, Biobased products >500 million EUR revenue by 2030 CLIMATE Reduce climate impact throughout the value chain Scope 1&2 emissions -30% by 2030 GHG EMISSIONS REFERENCE YEAR 2018 WASTE INTENSITY REFERENCE YEAR 2019 Target 930 918 886 4.6 4.2 Target -15% -30% Update in Q1 2019 2020 2030 17 18 19 20Q121 21 25 30 In Q1 2021 incident rate was over our target (TRIF* 2.4 vs. 1.9) and slightly over the 2020 result (2.2). We have a roadmap in place for this year and several improvement items are already under implementation. We are continuing our Behavior Based Safety (BBS) program in all our manufacturing sites to help us to identify risks in our operations. *TRIF = total recordable injury frequency per million hours, Kemira + contractors, year-to-date Measured as employees' perception of Diversity and Inclusion (D&I) from selected employee survey items compared to top 10% cross industry norm. Dynamic target. Diversity & Inclusion related analytics and roadmap work for 2021-2023 under construction. Recruitment process being reviewed with new KPI. Freshwater Use Intensity KPI was 1.9 m3/ton of production in 2020. Level in baseline year 2019 was 1.9 m3/ton of production. Target is to continuously improve freshwater intensity. Discussions to be started in Q2 2021 to develop long term quantitative freshwater use intensity target. We will begin preparations for CDP Water Security reporting in Q2 2021. 2019 2020 2030 Collection of quarterly waste data will be developed during 2021. Further development of site- specific programs to reduce routine disposed waste at top 10 sites to be started during Q2 2021. Implementation of new GRI standard on waste to the new sustainability reporting tool prepared during Q1 2021. 2018 2019 2020 2030 2020 Scope 1&2 emissions were 886 kton CO2eq. Our target to reduce emissions by 30% by 2030 from 2018 level is progressing as planned. New reporting tool introduced during Q1 and Q2 2021. The first quarterly results available in June 2021. Preparations for CDP reporting. EcoVadis score published 26th of March. 73/100 = Platinum level. Kemira has signed a ten-year wind power purchase agreement of 5MW in Q1 2021. Kemira APRIL 27, 2021 INVESTOR PRESENTATION 29#30INVESTOR PRESENTATION Pulp & Paper Driving growth as market leader Kemira APRIL 27, 2021 INVESTOR PRESENTATION 30 30#31Pulp & Paper chemicals market estimated to grow 1-2% REVENUE AND OPERATIVE EBITDA • EUR million 1,520 1,523 1,457 1,477 1,458 1,417 260 218 195 198 192 171 2015 2016 2017 2018 2019 REVENUE BY CUSTOMER TYPE 40% Pulp 2020 20% Printing & Pulp & Paper chemicals market drivers - 40% writing papers - Board & tissue Market growth 1% 2% -1-2% • Hardwood and softwood pulp demand increasing driven by growth of packaging needs (e-commerce, non-plastic solutions), growing tissue demand and lack of recycled fiber Demand increase continues for packaging, driven by online shopping, last-mile delivery, product safety and non-plastic solutions Growth in tissue demand driven by increasing wealth in emerging countries Ongoing digitalization of media drives decline of graphic paper demand Growth areas, pulp and board & tissue, represent over 80% of our Pulp & Paper revenue - Ongoing capacity additions suit well for the need of growing demand Kemira APRIL 27, 2021 INVESTOR PRESENTATION 31 31#32Markets impacted by COVID-19 in the short term, long-term drivers remain solid SHORT TERM IMPACT OF COVID-19 Graphic Paper Demand declined, particularly advertising-driven paper consumption and office paper demand ☐ Tissue Packaging Pulp Printing & Writing demand expected to decline by up to 20% in 2020 High demand in H1/2020 Increased demand for more high-quality virgin fiber based (at-home) tissue and hygiene products Strong demand for online and packaged daily consumer goods. Higher consumer demand will only partly offset the falling demand for industrial and B2B-transport packaging Pulp demand solid Wastepaper collection and sorting interrupted LONG TERM IMPACT OF COVID-19 Structural decline and digitalization likely to accelerate Some recovery on print advertisement and office paper possible after situation normalizes Resilient demand Megatrends (growing middle-class, growing GDP of emerging countries) remain intact E-commerce growth to accelerate Other megatrends (plastics replacement, growing urban middle class) remain unchanged Demand supported by packaging and tissue demand Efficient pulp mills coming online forcing high cost and old pulp mills out of market EXPECTED CAGR 2020-2026* -2-3% +2-3% +2-3% +1-2% Sources: RISI, Hawkins Wright, Pöyry, management estimation *End market Kemira APRIL 27, 2021 INVESTOR PRESENTATION 32#33From our existing markets, we see growth opportunities in Asia-Pacific and in Pulp ASIA-PACIFIC Customer demand to shift increasingly to Asia-Pacific with most of new board and paper production capacity expected in the region Big customers expected to capture larger share of the region's market; emerging sustainability focus of consumers to benefit larger suppliers Fragmented chemical market with many small and local producers provides opportunities for further consolidation KEMIRA POSITION Focused on larger and financially healthy producers Customer market consolidation could create opportunities for Kemira to differentiate with full product portfolio offering PULP • Growth in pulp expected to be driven by increasing need for packaging and tissue Demand to shift more towards market pulp and recycled pulp New investments expected to concentrate in Northern Europe and South America KEMIRA POSITION Well-positioned to capture selected growth opportunities in Northern Europe and South America through existing strong customer relationships Kemira APRIL 27, 2021 INVESTOR PRESENTATION 33 33#34New AKD wax investment in China fully operational Construction started in 2017, manufacturing facility fully operational with positive EBITDA contribution in 2020 Produces mainly AKD wax and its key raw material fatty acid chloride (FACL) AKD is sizing chemical used in board and paper to create resistance against liquid absorption Plans to produce coagulants for water treatment • Kemira strengthens its position and secures supply of key raw material for AKD wax ACQUIRED ASSET FULFILLS OUR KEY CRITERIA FOR ACQUISITIONS: GROWTH - End-products in growing markets SUPPLY - Backward integr. & self-sufficiency (FACL) LOCATION - Close to our existing production APAC - Enables profitable growth in APAC SUSTAINABILITY - FACL from renewable material PROFITABILITY - Accretive after ramp-up JOINT-VENTURE Tiancheng with Kemira holding 80% investment of around EUR 70 million Kemira APRIL 27, 2021 INVESTOR PRESENTATION 34 =4#35Upcoming investments will further strengthen our long-term performance BLEACHING EXPANSION IN URUGUAY . Multi-year agreement with UPM-Kymmene includes bleaching capacity to existing Fray Bentos mill as well as new 2.1 million ton pulp mill in Paso de los Toros. Expansion of both sodium chlorate and hydrogen peroxide at the existing Fray Bentos chemical island site The extension will support long-term growth in bleaching, one of Kemira's strategic focus areas Financial contribution expected as of 2023, investments to take place in 2021-2022 SOUTH KOREA . • Joint Venture with Yongsan Chemicals, Kemira minority shareholder Polymer investment in a growing market; efficiency improvement from backward- integration Premium dry polymer products: paper and packaging mills in APAC and water treatment facilities as end customers Will support strengthening competitive position in APAC Scheduled opening in H1 2021, ramp-up by the end of 2021. INVESTMENT AROUND USD 30 MILLION Kemira APRIL 27, 2021 INVESTOR PRESENTATION EQUITY INVESTMENT AROUND EUR 5 MILLION 35#36We are looking to transform our portfolio more towards biobased products CUSTOMERS SEEKING ADDED VALUE FROM SUSTAINABILITY AND BIOMATERIALS Maximizing biocontent in end-products to differentiate from plastic applications -> recyclability of products key Pulp & Paper companies making increasing investments to renew and broaden wood- based end-product portfolio Many Pulp & Paper customers announcing ambitious sustainability targets related to CO₂ emission reduction and more efficient water usage WE WILL BECOME THE LEADING PROVIDER OF SUSTAINABLE CHEMICAL SOLUTIONS FOR WATER- INTENSIVE INDUSTRIES . . Kemira's aim is to improve customer resource efficiency, particularly in pulp and packaging 12% of all carbon containing raw materials used in Kemira is already renewable Ambition to create a green portfolio in the long term Key product lines strength, sizing and barriers as well as retention chemicals Kemira's current biobased solutions: e.g. sizing agents, such as Sunflower ASA and AKD wax, and rosin Kemira APRIL 27, 2021 INVESTOR PRESENTATION 36#37Our focus is to maintain profitability while increasing focus on growth ON-GOING • • Disciplined price and cost management Increase share of customer wallet . Continued complexity reduction Capitalize on new facilities in China and the U.S. and upcoming investment in South Korea FURTHER PROFITABILITY IMPROVEMENT Continuous performance and cost-structure enhancement, particularly in Process & Functional chemicals Restructuring of Pulp & Paper Americas organization PROFITABILITY & CASH FLOW Kemira APRIL 27, 2021 INVESTOR PRESENTATION PRIORITIZED GROWTH ACTIONS • . . Shift current portfolio more towards packaging and tissue Capture growth in Asia-Pacific In Pulp applications, seize growth opportunities in Europe and South America. Focus on growing biobased. market organically or through M&A, particularly in barriers GROWTH 37#38INVESTOR PRESENTATION Industry & Water Stronger platform for profitable growth Kemira APRIL 27, 2021 38 INVESTOR PRESENTATION 88#39Industry & Water relevant chemicals market estimated to grow 3-4% REVENUE AND OPERATIVE EBITDA EUR million 1,136 1,073 956 1,009 970 906 175 192 131 116 107 114 2015 2016 2017 2018 2019 2015-2016 figures are pro forma; combination of Municipal & Industrial and Oil & Mining segments REVENUE BY APPLICATION 75% Water treatment Market growth 2-3% 2020 • 15% 10% Other • Oil & Gas 5-6% 2-3% Demand for water treatment chemicals expected to increase due to - - Higher demand for water driven by industrial growth and population growth More stringent discharge limits for waste water Better dewatering of sludge Phosphorus recovery Water reuse Higher demand for Oil & Gas solutions expected - Shale friction reducer market expected to grow due to higher energy demand and increasing number of wells fracked Oil sands operators face regulatory requirements for their tailings treatment Chemical Enhanced Oil Recovery lucrative in certain fields due to better yield from existing reservoirs Kemira APRIL 27, 2021 INVESTOR PRESENTATION 39#40COVID-19 impact clear on shale, but remaining I&W business areas continue to be resilient short and long-term Municipal Water Treatment Industrial Water Treatment SHORT TERM IMPACT OF COVID-19 Marginal drop in volumes due to lower activity mainly in the hospitality industry Temporarily lower industrial activity has decreased chemical demand by 5-10% LONG TERM IMPACT OF COVID-19 Oil Sands Tailings Treatment Volumes lower than expected for Kemira's end market, expected to recover in 2021 EXPECTED CAGR 2020-2026* Expected to grow with around GDP No changes to previous views 3-4% Expected to recover with economy and continue to grow with around GDP 3-4% No changes to previous views No impact on the long-term tailings treatment demand 8-9% Chemically Enhanced Oil Recovery (CEOR) Shale Oil & Gas No impact on active projects and projects in planning phase Projects long-term in nature, project breaks are expensive Sharp drop in fracking activity leading to -70% of Friction Reducer demand for 2020 compared to 2019 Market bottom in Q2 followed by modest sequential pick-up during Q3 No impact expected Industry expected to recover gradually by 2025 Shale role in future global oil supply to be confirmed Kemira APRIL 27, 2021 INVESTOR PRESENTATION -15% 15-20% *Kemira estimates 40#41APAC, CEOR and oil sands tailings provide strong growth opportunities GROWING NEED FOR POLYMERS WATER TREATMENT IN APAC • • • Largest and fastest growing water treatment market Expected market CAGR -5%. until 2030 Fragmented market; many local players with local manufacturing OIL SANDS TAILINGS Market growth driven by regulatory liability to treat tailings from oil sands in Canada Market expected to grow significantly into 2030s with tailings remediation demand expected to continue for at least the next 50 years CEOR Exploration and drilling of new oil wells increasingly expensive; ensuring most efficient use of current wells Market expected to grow clearly until 2030, more moderate growth until 2050 KEMIRA POSITION Mainly export business, focus on premium segment Kemira APRIL 27, 2021 INVESTOR PRESENTATION KEMIRA POSITION Strong relationship with all oil sands operators KEMIRA POSITION Serving customer in the North Sea, several other customer pilots ongoing IL 41#42Kemira's six actions for cleaner waters IN EMEA 1. The requirements of the Urban Wastewater Treatment Directive (UWWTD) must be implemented fully and equally in all member states. 2. Emission limit values (especially phosphorus) in water discharges should be tightened. 3. Digitalization can improve both the quality of monitoring and the cost efficiency of water treatment. 4. Emerging pollutants need to be included in the legislation. 5. Pollution from storm-water overflows must be limited and discharges safely disinfected. 6. Clearer guidance is needed on applying innovation and sustainability criteria in public procurement for water treatment. Kemira APRIL 27, 2021 INVESTOR PRESENTATION 42#43Regulation continues to support growth in European water treatment market Regulation under update 600 400 Urban Wastewater Treatment Directive (UWWT)* Water Framework Directive (WFD) Comments & Implications Basis for wastewater treatment business in Europe Target to better enforce existing legislation in all countries Other potential improvement areas: energy efficiency and micropollutants control Revised directive will increase use of coagulants and polymers in non-compliant countries New regulation expected to be fully operational in late 2025 Regulation evaluated to be fit for purpose and won't be opened for changes Drinking Water Directive (DWD) Water Reuse regulation . Only minor changes with small impact: New tighter limits for Lead and Chromium in drinking water New regulation is expected to be fully operational in 2025 New EU wide regulation (no additional national implementation required) defining minimum quality standards for water reuse in agriculture The regulation does not incentivize increased water reuse, however clear quality standards are hoped to boost water reuse Estimated to increase water treatment chemical demand by ~40 MEUR / p.a. in the long term Kemira APRIL 27, 2021 INVESTOR PRESENTATION * most relevant for Kemira 43 33#44Oil & Gas expected to grow in the long-term REVENUE IN OIL & GAS EUR million 350 300 250 200 150 100 50 0 2013 2014 2015 2016 2017 2018 2019 2020 REVENUE SPLIT 2020 15% Other 45% Oil sands and Chemical Enhanced Oil Recovery | || 40% Shale fracking Figures rounded to closest 5% Long-term market growth opportunities with Kemira's selective market diversification Kemira's offering • . . Process efficiencies: polymers that reduce energy consumption by 60% in shale oil fields Cost reduction: higher concentrated liquids that make offshore oil recovery more cost effective (CEOR) Addressing environmental regulations: tailings treatment in oil sands New innovative technologies driving expansion Kemira APRIL 27, 2021 INVESTOR PRESENTATION 44#45We have diversified our Oil & Gas business since the last oil downturn Revenue split 2020 Revenue split 2015 45% Oil sands and Chemical 15% Other O Enhanced Oil Recovery 2020 UPDATE • 40% Shale fracking 35% Other 5% Oil sands and Chemical Enhanced Oil Recovery 60% Shale fracking Action taken to optimize current Oil & Gas organization to the prevailing market situation. Orgnization ready when demand picks up. Sequential recovery in shale market continued towards year-end Kemira APRIL 27, 2021 INVESTOR PRESENTATION 45#46Our polymer investment in the Netherlands serves the growing CEOR market mita • • · Capacity addition announced in October 2017, facility fully operational with positive EBITDA contribution as of Q1 2020 Manufacturing facility serves offshore CEOR Investment includes capacity addition as well as improves backward integration Multi-year extension to current contract with Ithaca Energy announced in September 2020. The extension will ensure good utilization of the facility going forward. 4009 Investment around EUR 30 million, EBITDA contribution high single-digit millions (annualized) Kemira APRIL 27, 2021 INVESTOR PRESENTATION 46#47Water treatment customers focus increasingly on sustainability • Consumers increasingly aware of sustainability issues Water treatment customers increasingly focused on reducing CO2 footprint Kemira survey shows customers are willing to pay a premium for biobased products Micropollutant removal and disinfection leading themes currently in sustainable water management Growing market for sustainable and circular products. Also biobased products growing in importance. Kemira APRIL 27, 2021 INVESTOR PRESENTATION 47#48Our focus is to maintain profitability while increasing focus on growth ON-GOING . Disciplined price and cost management Continued complexity reduction Capitalize on new polymer asset in the Netherlands and upcoming polymer investment in Mobile, USA, including backward- integration efficiencies FURTHER PROFITABILITY IMPROVEMENT Oil & Gas profitability Cost structure already streamlined; ready for growth when shale demand picks up APAC profitability Organization reorganized, focus on growth to improve scale PRIORITIZED GROWTH ACTIONS • . . Increase focus on sustainable water treatment business and look for growth, particularly in APAC In Oil & Gas, focus on growing CEOR and oil sands tailings applications Consider M&A opportunities in new water treatment capabilities and strengthening regional footprint PROFITABILITY & CASH FLOW Kemira APRIL 27, 2021 INVESTOR PRESENTATION GROWTH 48#49INVESTOR PRESENTATION Latest news and financials Kemira APRIL 27, 2021 INVESTOR PRESENTATION 49#50Summary of Q1 2021 . • • . Demand continued to recover sequentially despite COVID-19 related lockdown restrictions, global supply chain disruptions and logistics issues in North America Revenue excluding Oil & Gas and currencies stable. Strong profitability: operative EBITDA margin 17.3%. Annual General Meeting held in March approved the Board of Director's dividend proposal of EUR 0.58. First installment paid on April 8, 2021. Kemira's sustainability work acknowledged with EcoVadis Platinum level rating, Kemira among top 1% of companies • Outlook for 2021 unchanged Kemira APRIL 27, 2021 INVESTOR PRESENTATION Kenira 40 NGUILS D 50#51Financial highlights of Q1 2021 Organic revenue growth -1.8% First post-COVID-19 quarter of increasing sales volumes . Organic revenue growth excluding Oil & Gas stable. Pulp & Paper organic revenue growth +2%. Strong margin in Q1 2021 Operative EBITDA supported by good cost management. Higher sales volumes also contributed positively. Earnings per share was EUR 0.25 Kemira APRIL 27, 2021 INVESTOR PRESENTATION EUR million Q1 Q1 A% FY 2020 (except ratios) 2021 2020 Revenue 606.1 642.0 -6% 2,427.2 Operative EBITDA 104.6 108.5 -4% 435.1 of which margin 17.3% 16.9% 17.9% Operative EBIT 55.7 60.8 -8% 237.7 of which margin 9.2% 9.5% 9.8% Net profit 40.8 39.6 +3% 138.0 EPS diluted, EUR 0.25 0.25 +3% 0.86 Cash flow from 13.8 50.2 -72% 374.7 operating activities 51 57#52Pulp & Paper: Volumes exceeding pre- pandemic Q1 2020 level Market environment in Q1 2021 • Pulp, board and tissue demand improved; some stabilization in printing and writing demand. Organic growth +2.0% REVENUE AND ORGANIC REVENUE GROWTH (Y-ON-Y) EUR million 381 383 386 373 378 370 370 357 352 . Sales volumes continued to improve Good demand in pulp, packaging and tissue. Revenue in Printing & Writing customer segment improved sequentially. +0% -3% -3% -3% -1% 0% -4% -5% 2% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 APAC leading the recovery Market in APAC has seen fastest recovery from the COVID-19 pandemic OPERATIVE EBITDA AND OPERATIVE EBITDA-% EUR million 18.6% 18.6% 18.4% 17.0% 16.0% 15.9% 14.4% 13.3% 13.6% • Kemira APAC revenue growth +11% y-o-y, leading to improved profitability 65.6 65.5 68.9 61.3 60.2 62.9 50.7 53.7 52.6 Strong operative EBITDA margin Margin improvement result of good cost management and higher sales volumes Kemira APRIL 27, 2021 INVESTOR PRESENTATION Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 52#53Industry & Water: Profitability remained strong Market environment in Q1 2021 • • Municipal water treatment market solid; industrial water treatment market showing some signs of recovery Sequential recovery in shale demand continued in Q1 2021 Organic growth -7.1% Organic revenue growth excluding Oil & Gas -4% due to lower caustic soda volumes and customer business model change. Water treatment rather solid. REVENUE AND ORGANIC REVENUE GROWTH (Y-ON-Y) EUR million 307 290 267 272 264 244 226 236 237 +5% +6% +4% -1% -1% -22% (-18% -10% -7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 OPERATIVE EBITDA AND OPERATIVE EBITDA-% EUR million • Clear improvement in shale revenue sequentially Strong operative EBITDA margin 19.5% 18.1% 18.5% 18.3% 17.7% 16.8% 16.6% 17.6% 13.8% 52.4 56.8 45.0 48.2 47.6 37.5 40.0 39.0 41.7 • Profitability supported by good cost management Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 53 Kemira APRIL 27, 2021 INVESTOR PRESENTATION#54Oil & Gas: Sequential recovery in shale continued Market environment in Q1 2021 • Shale: sequential market recovery continued • In oil sands tailings, customer treatment season to begin during Q2 2021. CEOR* end market expected to be solid in 2021. Kemira performance in Q1 2021 • . Oil & Gas revenue -24% y-o-y; sequential recovery in overall Oil & Gas revenue Clear improvement in shale revenue sequentially. Not able to fully capture market recovery due to raw material shortages following exceptionally cold weather. REVENUE DEVELOPMENT EUR million 87 73 77 66 62 66 56 52 46 41 38 40 27 Q1 Q2 Q3 Q4 Q1 2018 Q2 Q3 2019 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 Kemira APRIL 27, 2021 INVESTOR PRESENTATION *CEOR, chemical enhanced oil recovery 54#55On-going investment projects are progressing as planned SOUTH KOREA: DRY POLYMERS JV with Yongsan Chemicals, Kemira's ownership 35% Scheduled to start production in Q2 2021 Improving Kemira's market position in Pulp & Paper APAC Equity investment around EUR 5 million MOBILE: BIO-AMD AND EMULSION POLYMERS Bio-AMD facility production started in Q4 2020 and ramp-up is on-going Emulsion polymer facility ramp-up starting in Q2 2021, full production H2 2021 Investment around EUR 70 million GOOLE: COAGULANTS Production facility to be finalized in Q4 2021 Full production as of 2022 Strengthens Kemira's market position in UK water treatment Market demand expected to increase following regulatory change Investment around EUR 7 million • URUGUAY: BLEACHING CHEMICALS Investment preparations on-going as planned Scheduled completion Q4 2022, financial " impact as of 2023 Caters for growing pulp demand following UPM Kymmene's new pulp mill in Uruguay Investment around USD 30 million Kemira APRIL 27, 2021 INVESTOR PRESENTATION 55#56We have a long-standing commitment to sustainability ECOVADIS PLATINUM LEVEL RATING PLATINUM Top 1% 2021 • Kemira among the top 1% of companies in the world, total score 73 out of 100 ecovadis Sustainability Rating Highest score on topics related to ethics and labor & human rights First time Kemira awarded a Platinum-level-rating after receiving a Gold-level-rating for the last 5 years* COMMITMENT TO REDUCE SCOPE 1 AND SCOPE 2 EMISSIONS As one step to reduce scope 1 and scope 2 emissions by 30% by 2030 (from baseline 2018), Kemira signed its second 10-year power purchase agreement with Statkraft for 5 MW during Q1 2021 Kemira aims to sign significant wind power deals on an annual basis until 2030 Kemira APRIL 27, 2021 INVESTOR PRESENTATION 56 *EcoVadis changed reporting scale in 2021. Platinum level rating awarded for the first time in 2021.#57Key operative focus areas in 2021 • . • Continue to mitigate impact of COVID-19 to ensure our own and our customers' business continuity. Retain people and operational safety as top priority. Mitigate impacts from higher input costs Increased focus on profitable growth; maintain focus on strict cost management Biobased strategy: continue partnership development and R&D focus to commercialize new biobased products enabling recyclability Operational agility: ensure good capacity utilization and capacity can be ramped up quickly when market demand recovers Construction of polymer capacity in the U.S. and South Korea as well as expansion of bleaching capacity in Uruguay Kemira APRIL 27, 2021 INVESTOR PRESENTATION 44 57#58PETRI CASTRÉN, CFO APRIL 27, 2021 Financials Q1 2021 Kemira APRIL 27, 2021 INVESTOR PRESENTATION 58#59Strong profitability; improved sales volumes Q1/2021 REVENUE AND ORGANIC GROWTH (Y-ON-Y) EUR million 642 -13 3 -25 606 -1 Organic revenue growth -1.8% in Q1 2021 Q1 2021 revenue declined mainly due to lower sales prices. Sales volumes improved. Organic revenue growth excluding Oil & Gas stable Operative EBITDA margin improved to 17.3% in Q1 2021 Good fixed cost management and favorable variable cost development. Higher sales volumes contributed positively. Q1 2020 Sales volumes Sales prices Currency Others Q1 2021 impact OPERATIVE EBITDA BRIDGE EUR million 109 3 -13 -2 105 Q1 2020 Sales volumes Sales prices Variable costs Fixed costs Currency impact Others Q1 2021 59 Kemira APRIL 27, 2021 INVESTOR PRESENTATION#60Net impact from sales prices and variable costs negative SALES PRICE VS VARIABLE COST TREND (ROLLING 12-MONTH CHANGE Y-O-Y) EUR million SALES PRICES AND VARIABLE COSTS (CHANGE Y-O-Y) EUR million 180 120 60 60 0 -60 -120 -180 2008 2009 201020112012201320142015201620172018 2019 2020 2021 Brent oil, USD Sales prices* -Variable costs* * 12-month rolling change vs previous year in EUR million Kemira APRIL 27, 2021 INVESTOR PRESENTATION 47 42 37 34 === 32 26 28 28 28 26 38 25 36 16 13 13 23 11 9 28 29 24 23 19 S 5 4 14 11 Hiili 16 15 -9 3 3 -18 -3-10 -2 -2 -10 -23 13 -16 -18 -20 -23 -26 -23-16 -5 -13-14 -20 -25 -4 0 -4 -4 -9 -13 -14 20 -29 -32 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 Net impact on EBITDA (sales prices-variable costs) 2021 Sales prices -Variable costs 60 00#61Cash flow ALL KEY FIGURES IN EUR MILLION CASH FLOW FROM OPERATIONS 386 375 143 146 Q4 205 210 Q3 71 88 121 117 Q2 93 64 57 61 50 -23 Q1 29 12 35 65 14 50 2017* 2018* 2019 2020 Q1 2020 *Pre-IFRS16 figures CAPITAL EXPENDITURE EXCL. ACQUISITIONS Q1 2021 • • Q1 cash flow from operations decreased mainly due to changes in net working capital Net working capital increased compared to year-end mainly due to higher inventories and receivables. NWC was EUR 254 million end of March 2021 (EUR 197 million at end of 2020). 201 196 • 190 150 66 78 98 44 44 65 - 53 39 36 · Q1 2021 capex lower due to timing of projects Capex estimated to be around EUR 200 million in 2021: Expansion of manufacturing facility in Uruguay to cater for UPM's upcoming pulp mill 59 53 65 73 27 7 21 6 - 9 Mobile polymer plant to start production in H2 2021 2017 2018 2019 2020 Q1 2020 Q1 2021 Expansion Improvement Maintenance Kemira APRIL 27, 2021 INVESTOR PRESENTATION 19 61#62Gearing below financial target range DEVELOPMENT OF OPERATIVE ROCE, % 12.1% 11.2% 9.7% 9.8% 2017* *Pre-IFRS16 figures 11.9% 2018* 2019 2020 Q1 2021 NET DEBT (EUR million) AND LEVERAGE RATIO* 811 • 741** 759 777 694** 677** 638** 655** 2.3 2.0 2.2 1.7 1.8 Dec 31 2017 Dec 31 2018 Dec 31 2019 Dec 31 2020 March 31 2021 Leverage ratio = Net debt / last 12 months operative EBITDA ** *pre-IFRS 16 figures Kemira APRIL 27, 2021 INVESTOR PRESENTATION Operative ROCE good at 11.9% driven by improvement in Pulp & Paper Pulp & Paper operative ROCE 11.4% (Q1 2020: 8.5 %) Industry & Water operative ROCE 12.6% (Q1 2020: 17.6%) . • Gearing 67% - below financial target range of below 75% Average interest rate of net debt excluding leases is 1.7% and duration is 34 months With pre-IFRS 16 net debt figures: gearing 56% leverage ratio 1.7 62#63Re-financing supports our healthy financial position DISTRIBUTION OF DEBT BY SOURCE NEW BOND ISSUANCE Succesfull issuance of EUR 200M bond in March 2021. 7-year bond maturing in 2028; fixed annual interest of 1.0 percent. Offering allocated to approximately 50 investors TENDER FOR OUTSTANDING NOTES MATURING IN 2022 Kemira tendered its 2022 outstanding notes that carry a fixed annual interest of 2.25% Total amount tendered EUR 97.25 million, transaction completed end of March 2021 REVOLVING CREDIT FACILITY EXTENDED RCF extended to 2026 in April, using the second 1-year extension option 46% 12% Bonds 14% 28% Loans from financial institutions Other Leases MATURITY PROFILE EXCLUDING LEASES 133 54 200 156 129 400 200 2021 2022 2023 2024 2025 2026 2027 2028 Others Bonds Bilaterals Undrawn RCF Kemira APRIL 27, 2021 INVESTOR PRESENTATION 83 63#64Kemira's supplementary pension fund Neliapila is well-funded • • Kemira has a supplementary pension fund, Neliapila, closed as of 1991 As of March 31, 2021, pension fund's investments had a market value of around EUR -267 million while pension liabilities totaled EUR ~185 million* Neliapila returned excess funds of EUR 3 million in February 2021 and EUR 15 million in 2019 to Kemira Pension liability expected to decrease to around EUR 110 million* in 2030 enabling the return of excess capital to Kemira in the coming years (subject to regulatory approval) . REAL ESTATE PROJECT IN ESPOO, FINLAND Kemira's main R&D center has been located in Espoo for 48 years; 5.5 hectare plot owned by pension fund Neliapila Area to be developed together into a residential area and a state-of-art Green Chemistry Park. Consortium investments into Green Chemistry Park EUR 70-80 million. *preliminary/estimate based on FAS figures Kemira APRIL 27, 2021 INVESTOR PRESENTATION 49 64#65Outlook for 2021 unchanged OUTLOOK REVENUE Kemira's revenue in local currencies, excluding acquisitions and divestments, is expected to increase from 2020 (EUR 2,427 million) OPERATIVE EBITDA Kemira's operative EBITDA is expected to be at the same or at a slightly (less than 5%) lower level than in 2020 (EUR 435 million) ASSUMPTIONS FOR 2021 • • COVID-19 pandemic continues to cause uncertainty, but overall demand in Kemira's end markets is expected to recover gradually from 2020 in line with forecasted economic growth: • • Pulp & Paper: demand to remain solid in pulp and packaging and board. Stabilization in printing and writing demand possible when COVID-19 situation normalizes. Industry & Water: municipal water treatment to remain solid, industrial water treatment to recover from 2020. Shale market expected to recover gradually during 2021, demand in oil sands tailings to grow from 2020. Outlook assumes no major disruption to Kemira's manufacturing operations or supply chain Currencies expected to have a negative impact on operative EBITDA Kemira APRIL 27, 2021 INVESTOR PRESENTATION 65#66Kemira's cost structure and top raw materials DIRECT PURCHASES AND LOGISTICS COSTS 2020 EUR 1.4 billion 20% Logistics 10% Electricity & energy EXPOSURE TO OIL RELATED RAW MATERIALS 70% Not oil related TOP 12 RAW MATERIALS BY SPEND (around 50% of total raw material spend) Sodium hydroxide (caustic soda)* Acrylonitrile (OD) 3. Aluminium Hydrate 30% 1. Oil & gas related 2. 4. Colloidal silica dispersion* 5. Fatty acid 6. Amines (OD) 7. Alpha olefin (OD) 8. Sodium chloride (salt) 70% Raw materials Figures rounded to the nearest 5% Kemira APRIL 27, 2021 INVESTOR PRESENTATION 9. Petroleum solvents (OD) 10. Sulphuric acid 11. Acrylic ester (OD) 12. Acrylic Acid (OD) OD = Oil & gas derivative * Mainly trading materials 66#67Kemira has a diversified financing base 14% Other EUR 141 million 28% 12% Leases 122 million O Loans from banks and financial institutions EUR 278 million 46% Kemira APRIL 27, 2021 INVESTOR PRESENTATION GROSS DEBT END OF MARCH 31, 2021 EUR 980 MILLION, MATURITY PROFILE EXCLUDING LEASES 450 400 400 350 Bond 300 EUR 453 million 250 200 200 156 200 150 133 129 100 ..... 54 50 0 2021 2022 2023 2024 2025 2026 2027 2028 Bilaterals Bonds Others Undrawn RCF 40 67#68Majority of contracts with fixed annual pricing Pulp & Paper - Contract types and pricing terms on high level . Length - Around 95% of contracts are 1-year or longer / only 5% are spot deals • - Pricing Around 70% fixed / 30% formula or spot pricing Industry & Water - Contract types and pricing terms Length - Around 70% of contracts are 1-yr or longer / 30% spot deals • Pricing Around 70% fixed / 30% formula or spot - pricing, incl. Oil & Gas where contracts are either formula or spot based Kemira APRIL 27, 2021 INVESTOR PRESENTATION 68#69INVESTOR PRESENTATION Appendix Kemira APRIL 27, 2021 INVESTOR PRESENTATION 69#70Key figures EUR million Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 2020 2019 Revenue Operative EBITDA 606.1 605.6 596.7 582.9 642.0 2,427.2 2,658.8 104.6 107.9 113.0 105.7 108.5 435.1 410.0 margin 17.3% 17.8% 18.9% 18.1% 16.9% 17.9% 15.4% Operative EBIT 55.7 57.0 62.3 57.6 60.8 237.7 224.0 margin 9.2% 9.4% 10.4% 9.9% 9.5% 9.8% 8.4% Net profit 40.8 23.8 35.5 39.6 8.6 138.0 116.5 Earnings per share, diluted, EUR 0.25 0.14 0.24 0.22 0.25 0.86 0.72 Cash flow from operations 13.8 146.4 117.3 60.8 50.2 374.7 386.2 Capex excl. acquisitions 26.6 66.0 49.4 44.1 36.1 195.6 201.1 Net debt 777 759 786 844 816 759 811 NWC ratio (rolling 12 m) 10.1% 9.9% 10.1% 10.2% 10.7% 9.9% 10.7% Operative ROCE (rolling 12 m) 11.9% 12.1% 11.3% 11.6% 11.8% 12.1% 11.2% Personnel at period-end 4,926 4,921 4,999 5,106 5,075 4,921 5,062 Kemira APRIL 27, 2021 INVESTOR PRESENTATION 70 70#71Cash flow EUR million Net profit for the period Total adjustments Q1 2021 Q1 2020 2020 41 40 138 65 69 298 Change in net working capital -52 -31 -3 Finance expenses -14 -9 -22 Income taxes paid -26 -18 -37 Net cash generated from operating activities 14 50 375 Purchases of subsidiaries and business acquisitions, net of 0 -3 -3 cash acquired and capital expenditure in associated company Capital expenditure Proceeds from sale of assets Change in long-term loan receivables Cash flow after investing activities Kemira APRIL 27, 2021 INVESTOR PRESENTATION -27 -36 -196 0 0 2 0 0 -6 -13 12 173 71#72Pulp & Paper KEY FINANCIALS EUR million Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 2020 Revenue 369.5 370.0 352.2 357.0 378.5 1,457.6 Operative EBITDA 62.9 68.9 65.5 65.6 60.2 260.2 margin 17.0% 18.6% 18.6% 18.4% 15.9% 17.9% Operative EBIT 33.2 37.5 34.8 35.7 30.1 138.0 margin 9.0% 10.1% 9.9% 10.0% 8.0% 9.5% Operative ROCE*, % 11.4% 11.1% 9.8% 9.5% 8.5% 11.1% Capital expenditure (excl. M&A) 11.1 33.6 23.0 21.0 14.3 91.9 Cash flow after investing activities 26.1 59.1 49.7 27.3 26.1 162.2 Kemira APRIL 27, 2021 INVESTOR PRESENTATION *12-month rolling average 72#73Industry & Water KEY FINANCIALS EUR million Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 2020 Revenue 236.6 235.6 244.4 225.9 263.6 969.5 Operative EBITDA 41.7 39.0 47.6 40.0 48.2 174.8 margin 17.6% 16.6% 19.5% 17.7% 18.3% 18.0% Operative EBIT 22.5 19.5 27.5 21.9 30.7 99.7 margin 9.5% 8.3% 11.3% 9.7% 11.7% 10.3% Operative ROCE*, % 12.6% 13.9% 14.0% 15.5% 17.6% 13.9% Capital expenditure (excl. M&A) 15.5 32.4 26.4 23.1 21.8 103.6 Cash flow after investing activities 0.8 29.2 25.7 2.3 12.6 69.8 Kemira APRIL 27, 2021 INVESTOR PRESENTATION *12-month rolling average 73#74Key figures and ratios - 5-year summary EUR million (except ratios) 2016 2017 Revenue 2,373.1 2,363.3 2018 2,486.0 2019 2,658.8 2020 2,427.2 Operative EBITDA 287.3 302.5 311.3 410.0 435.1 of which margin 12.1% 12.8% 12.5% 15.4% 17.9% Operative EBIT 163.1 170.1 170.3 224.0 237.7 of which margin 6.9% 7.2% 6.9% 8.4% 9.8% Cash flow from operations 247.6 270.6 205.1 386.2 374.7 Capital expenditure, excluding acq. 181.7 212.6 190.1 201.1 195.6 Gearing at period-end 54 54 59 66 63 Inventories 207 217 224 261 242 Personnel at period-end 4,685.0 4,818.0 4,732.0 5,062.0 4,921.0 Kemira FEBRUARY 11, 2021 Q4 2020 RESULTS 74#75Per share figures - 5-year summary 2016 2017 2018 2019 2020 Earnings per share, EUR 0.6 0.52 0.58 0.72 0.86 Cash flow from operating activities per 1.78 1.35 1.38 2.53 2.45 share, EUR Equity per share, EUR 7.68 7.61 7.80 7.98 7.80 Dividend per share, EUR 0.53 0.53 0.53 0.56 0.58 Share price, EUR, end of period 12.13 11.5 9.85 13.26 12.94 Market capitalization, EUR million (excl. 1,848 1,752 1,502 2,024 1,979 treasury shares) Number of shares, million (excl. treasury 152.1 152.4 152.4 152.5 152.9 shares) P/E ratio 20.1 22.3 16.8 18.4 15.1 P/CF ratio 6.8 8.5 7.1 5.2 5.3 P/B ratio 1.6 1.5 1.3 1.7 1.71 Dividend yield, % 4.4 4.6 5.4 4.2 4.5 Kemira FEBRUARY 11, 2021 Q4 2020 RESULTS 75#76Revenue split by country FY 2020 Other APAC 5% China 5% Other EMEA 9% Norway 2% Netherlands 2% France 2% Italy 2% Russia 3% Spain 3% Poland 3% EMEA APAC AMERICAS USA 24% Canada 6% Brazil 2% Uruguay 2% Other Americas 1% UK 4% Germany 4% Sweden 6% Finland 15% Kemira APRIL 27, 2021 INVESTOR PRESENTATION 76#77Kemira - largest shareholders and Board of Directors SHAREHOLDERS ON MARCH 31, 2021 % OF SHARES KEMIRA BOARD OF DIRECTORS JARI PAASIKIVI Chairman Member since 2012 Oras Invest Oy, CEO MATTI KÄHKÖNEN Vice Chairman Member WERNER FUHRMANN Member since 2020 1. Oras Invest 20.1% 2. Solidium (owned by State of Finland) 10.2% 3. Varma Mutual Pension Insurance Company 3.0% 4. Ilmarinen Mutual Pension Insurance Comp. 2.7% 5. Kemira Oyj 1.4% since 2021 Total number of shares 155,342,557 Foreign ownership of shares Total number of shareholders 28.6% 46,778 Kemira APRIL 27, 2021 INVESTOR PRESENTATION SHIRLEY CUNNINGHAM Member since 2017 TIMO LAPPALAINEN Member since 2014 WOLFGANG BÜCHELE Member in 2009-2012 and since 2014 KRISTIAN PULLOLA Member since 2021 77#78Kemira's Management Board JARI ROSENDAL President and CEO With Kemira since 2014 KIM POULSEN President Pulp & Paper With Kemira since 2015 PETRI CASTRÉN CFO With Kemira since 2013 ESA-MATTI PUPUTTI EVP, Operational Excellence With Kemira since 2015 ANTTI SALMINEN President Industry & Water MATTHEW PIXTON CTO With Kemira since 2016 With Kemira since 2011 Jukka Hakkila, Chief Legal Officer, (with Kemira since 2005) acts as secretary of Management Board and Board of Directors. Kemira APRIL 27, 2021 INVESTOR PRESENTATION EEVA SALONEN EVP, Human Resources With Kemira since 2008 78#79Pulp & Paper TECHNOLOGY AND MARKET LEADER RAW MATERIALS INTERMEDIATES Electricity Tall oil rosin Sodium chloride (salt) AKD Wax Crude tall oil Cationic monomer Acrylonitrile Acrylic acid Isomerized olefins Acrylamide Polymers Defoamers control Coagulants PRODUCTS Sodium chlorate Hydrogen peroxide APPLICATIONS Pulping Bleaching Retention Wet-end process CUSTOMER INDUSTRIES Pulp Packaging and board Printing and writing Tissue CUSTOMERS All the major global paper and pulp producers WQQM Biocides Sizing Sizing Olefins Fatty acids Strength Additives Strength Maleic anhydride Sulfur Surface additives Colorants Surface treatment Coloring Sulfuric acid Value chain part covered by Kemira Kemira APRIL 27, 2021 INVESTOR PRESENTATION MAIN COMPETITORS: Solenis, Nouryon, Ecolab, Kurita, SNF 79#80Industry & Water TECHNOLOGY AND MARKET LEADER IN WATER TREATMENT AS WELL AS IN NICHE APPLICATIONS IN OIL & GAS RAW MATERIALS Acrylonitrile Acrylic acid Sulfuric acid Hydrochloric acid INTERMEDIATES Acrylamide Cationic monomer PRODUCTS Polymers (EPAM, DPAM) Al Coagulants Fe Coagulants Dispersants & antiscalants Biocides Aluminium hydrate Iron ore Pickling liquor Emulsifiers Copperas Defoamers Various monomers Formulations APPLICATIONS Raw water & waste water treatment Sludge treatment Friction reduction Enhanced oil recovery Tailings treatment Mining processes SALES CHANNELS CUSTOMERS Direct sales Distributor/reseller Service companies Municipalities Private operators Industrial customers Pumpers Oil & Gas operators Service companies Mine operators MAIN COMPETITORS Coagulants: mainly local small companies, Feralco, USALCO, Kronos, PVS, Polymers: SNF, Solvay, Ecolab, Solenis Value chain part covered by Kemira Kemira APRIL 27, 2021 INVESTOR PRESENTATION 80 00#81Important 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 management, such as organic growth (=revenue growth in local currencies, excluding acquisitions and divestments), EBITDA, operative EBITDA, cash flow after investing activities, and gearing provide useful information of its 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 to 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 www.kemira.com > Investors > Financial information. All the figures in this Interim Report have been individually rounded and consequently the sum of individual figures may deviate slightly from the sum figure presented. Kemira APRIL 27, 2021 INVESTOR PRESENTATION 81#82Kemira 100 Chemistry years of