#1APRIL 25, 2023 Kemira Investor Presentation Chemistry with a purpose. Better every day. 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 25, 2023 INVESTOR PRESENTATION#3INVESTOR PRESENTATION Kemira in brief Kemira APRIL 25, 2023 INVESTOR PRESENTATION Kemir 3#4Kemira in brief LAST 12 MONTHS: REVENUE EUR 3,708 MILLION, OPERATIVE EBITDA EUR 644 MILLION, OPERATIVE EBITDA MARGIN 17.4%, OPERATIVE ROCE 19.4% SEGMENT SPLIT GEOGRAPHIES ■ 45% Industry & Water ■ 55% Pulp & Paper 40% #2 globally AMERICAS 2. South #1 in water treatment in Europe O #2 in friction reduction in North American shale oil & gas CUSTOMERS 1. USA 2. Canada 3. Brazil 10% APAC 1. China Korea 3. Indonesia 50% EMEA 1. Finland 2. Sweden 3. Germany PRODUCTS 15% Other: e.g. defoamers, dispersants, and biocides 15% Sizing and strength 25% Polymers 25% Bleaching and pulping O 20% Coagulants Revenue by geographies and product category represent FY 2022. EXAMPLES OF LARGEST CUSTOMERS Several thousand customers TOP 10 customers are -25% of revenue TOP 50 customers are ~50% of revenue Municipalities, e.g. Berlin, New York, Paris, Shanghai Kemira APRIL 25, 2023 INVESTOR PRESENTATION APP BRENNTAG Carlsberg HALLIBURTON Schlumberger INTERNATIONAL PAPER Metsä Klabin UPM storaenso Note: Revenue by industry, product and geography rounded to the nearest 5% 4#5Global reach - local excellence 62 MANUFACTURING SITES Regional HQ Atlanta, USA R&D Atlanta, USA UNITS IN AROUND 40 COUNTRIES SALES IN OVER 100+ COUNTRIES AMERICAS 40% EUR 1,414 MILLION L 1,525 Polymers and other process chemicals (24) Bleaching and pulping (10) Coagulants (28) Kemira APRIL 25, 2023 INVESTOR PRESENTATION KEMIRA HQ Helsinki, Finland R&D Espoo, Finland EMEA 51% EUR 1,832 MILLION 2,446 Employees R&D and technology centers ## Regional HQ Shanghai, China R&D Shanghai, China ASIA PACIFIC 9% EUR 323 MILLION 931 5#6We 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 25, 2023 INVESTOR PRESENTATION PUBLICLY TRADED COMPANY 2015 Acquisition of Akzo Nobel's paper chemicals business 2023 Strategic review of the Oil & Gas business initiated 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 6#72,200 2,000 260 Pulp & Paper - strong business with solid track record REVENUE AND OPERATIVE EBITDA EUR million 348 REVENUE BY CUSTOMER TYPE AND MARKET GROWTH 40% Pulp ■ 40% 245 1,800 218 Board & tissue 20% Printing & writing papers 10% Polymers 195 198 1,600 192 1,400 2,028 1,200 1,000 1,457 1,477 1,520 1,523 1,458 1,560 800 Market growth* 1% 2% -1-2% 600 2016 2017 2018 2019 2020 2021 2022 MARKET ENVIRONMENT Solenis (paper) REVENUE BY GEOGRAPHIES AND MARKET GROWTH BY REGION REVENUE BY PRODUCT CATEGORY 5% Other 20% Defoamers, dispersants, biocides, coagulants and other process chemicals O CUSTOMER EXAMPLES 40% Bleaching & pulping 25% Sizing & strength #1 55% Kemira (pulp and paper) m.s.~16% #2 EMEA 15% 30% Americas APAC UPM APP Klabin Nouryon (pulp) #3 BILLERUDKORSNÄS INTERNATIONAL PAPER mondi Ecolab (paper) #4 Kurita (paper) #5 Market growth* 1% 1% 2% Metsä Kimberly-Clark storgenso *chemical market growth in 2022-2027 Note: Revenue by industry, product and geography rounded to the nearest 5% Kemira APRIL 25, 2023 INVESTOR PRESENTATION 7#8Industry & Water - strong positions in chosen categories REVENUE AND OPERATIVE EBITDA REVENUE BY APPLICATION TYPE AND MARKET GROWTH EUR million 1,600 224 1,400 192 175 181 70% 1,200 Water treatment 1,000 131 107 114 800 600 1,542 400 1,009 1,073 1,136 906 970 1,115 Municipal 200 0 2016 2017 2018 2019 2020 2021 2022 Market growth* 4-5% 2015-2016 figures are pro forma; combination of Municipal & Industrial and Oil & Mining segments Industrial 20% 10% Oil & Gas Other 7-8% 3-4% REVENUE BY GEOGRAPHIES AND MARKET GROWTH BY REGION WATER TREATMENT MARKET ENVIRONMENT OIL & GAS Market share -20% in polymers used in shale oil & gas 50% EMEA Market share in EMEA & NA: -25% in coagulants and ~20% in polymers Main competitors in coagulants: . • Feralco (Europe) • Kronos (Europe) Chemtrade (NA) Main peers in polymers (also in water treatment): SNF • Solenis • Solvay (only O&G) Market growth* 3-4% *chemical market growth in 2022-2027 • USAICO (NA) Kemira APRIL 25, 2023 INVESTOR PRESENTATION ■ 50% Americas <5% APAC REVENUE BY PRODUCT CATEGORY 15% Other products such as 40% Coagulants о defoamers and biocides 45% Polymers CUSTOMER EXAMPLES MUNICIPAL customer examples Amsterdam Los Angeles Barcelona Montreal New York City INDUSTRIAL customer examples BAKER HUGHES a GE company Carlsberg BRENNTAG Berlin Oslo Toronto Paris Shanghai 4-5% 5-6% Stockholm Orkla FRAC-CHEM UNIVAR HALLIBURTON Note: Revenue by industry, product and geography rounded to the nearest 5% 8#9INVESTOR PRESENTATION Investment highlights Kemira 9 APRIL 25, 2023 INVESTOR PRESENTATION#10Why invest in Kemira 1. FOCUS ON PROFITABLE SUSTAINABLE GROWTH Organic growth Q1 2023 17% Operative EBITDA margin Q1 2023 21.3% 2. RESILIENT BUSINESS MODEL ENABLING AN ATTRACTIVE DIVIDEND Dividend policy: competitive and over- time increasing dividend Dividend for the fiscal year 2022 EUR 0.62 per share 3. SUSTAINABILITY AT THE CORE OF STRATEGY Kemira will become the leading provider of sustainable chemical solutions for water-intensive industries#11- 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 25, 2023 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 11#12Healthy market growth for Kemira's relevant markets KEMIRA RELEVANT MARKET EUR billion PULP & PAPER RELEVANT MARKET EUR billion APAC EMEA Americas 26 26 CAGR: 2-4% 22 22 2021 Source: Management estimation based on various sources Kemira APRIL 25, 2023 2026 INVESTOR PRESENTATION 1-2% 9.6 9.0 2021 2026 Packaging & Tissue Printing & Writing Pulp INDUSTRY & WATER RELEVANT MARKET EUR billion 4-6% 13.2 17.7 2021 2026 Other industrial applications Oil & Gas Water treatment 12#13Good profitability improvement track record REVENUE EUR million EUR +1,433 million Revenue declined due to COVID-19 pandemic 3,570 OPERATIVE EBITDA OPERATIVE EBITDA MARGIN EUR million +6.6% 2,373 2,363 2,486 2,593 2,659 2,674 2,427 2,137 EUR +319 million 21.3% 572 +62.4% 435 426 410 16.0% 17.9% 303 311 323 15.4% 15.9% 287 253 11.8% 12.1% 12.8% 12.5% 12.5% 193 906 2014 2015 2016 2017 2018 2019 2020 2021 2022 1-3 2014 2015 2016 2017 2018 2019 2020 2021 2022 1-3 2023 2023 PRE IFRS 16 Kemira APRIL 25, 2023 INVESTOR PRESENTATION 13#14Strengthening the foundation and improving profitability Organic growth / expansion of site Acquisition 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). Ramp-up of of new AKD wax site (CN) Ramp-up of of Botlek polymer facility (NL) Eastover Bleaching extension start-up (US) Joint Venture - Dry polymers (SK) 2020 2019 Chlorate and Completion of coagulant expansion (UK( Completion of dry- polymer capacity in Q2 (South Korea) Completion of emulsion polymer and BIO-AMD expansion in Q2 (US) 20 21 Closure of Pierre Bénite coagulant site (FR) 2022 SimAnalytics advanced process optimization start-up (FI) Strategic review of Oil & Gas business initiated 2023 Start-up of Ortigueira sodium chlorate site (BR) Bradford polymer expansion (UK) San Giorgio polymer expansion (IT) Chevron CEOR deal & Botlek expansion (NL) Operative Start-up of Joutseno chlorate expansion (FI) Major oil sands tailings water treatment deal EBITDA (CA) 2018 2015: 12.1% 2017 2016 'Value over volume' initiated Two segment Transportation structure agreement with Odyssey operational Odyssey go- live in Europe Botlek modernization (NL) BOOST operational excellence program launch Closures of Ottawa (CA) and Zaramillo (ES), coagulants Odyssey go- live in North America Closing of ECOX detergent production (SWE) 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) peroxide expansion on-going in Fray Bentos (UY) Goole coagulant expansion (UK) Raw material flexibility: - Coagulants to Magnetite - Bradford AN purification Agreement to divest the majority of the colorants business Operative EBITDA Q1 2023: 21.3% Kemira APRIL 25, 2023 INVESTOR PRESENTATION 14#15We 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 (start 2023) Polymer capacity additions Italy UK Aberdeen, USA Netherlands South Korea (started 2021) PRODUCTS 15% Other: e.g., defoamers, dispersants, and biocides 15% Sizing* and strength Revenue EUR 3,570 million (2022) Mobile, USA (started 2021) Sizing chemicals - capacity additions due to integration of acquisitions (Akzo Nobel and China AKD wax) Nanjing, ASA sizing agents (start 2023) Coagulants Goole, UK (started 2021) Kemira APRIL 25, 2023 INVESTOR PRESENTATION 25% Polymers *Sizing = Resistance against water absorption 25% Bleaching and pulping 20% Coagulants Note: Revenue by product rounded to the nearest 5%. 15#16We will increasingly focus on profitable growth going forward Portfolio restructuring & Fit for Growth Organic growth investments and focus on improving fundamentals: Focus on improving relative profitability & cash flow Continuous operational improvements with increased focus on growth 2014 2020 2025 UNDERLYING FACTORS: Profitability below target Profitability reaching target Sustaining 15-18% profitability with increased focus on growth GROWTH DRIVERS: Pulp & Paper Industry & Water, particularly Oil & Gas • Kemira APRIL 25, 2023 INVESTOR PRESENTATION • 2035 Water treatment applications Sustainability: capitalizing on biobased and recyclable materials growth trend 16#17Our two businesses provide a healthy balance of growth opportunities SEGMENT PULP & PAPER INDUSTRY & WATER Board Customer segment Pulp & Tissue Printing & Writing Water treatment Oil & Gas % of total sales* -25% -25% -10% -30% -10% Sustainability relevance Capex relevance M&A relevance Role in the Kemira portfolio Growth profile Kemira APRIL 25, 2023 +++ ++ + ++ + + ++ + +++ Growth Growth Cash flow Growth Cash flow ++ ++ Negative ++ ++ INVESTOR PRESENTATION *) Rounded to nearest 5% 17#18Our path towards 500 MEUR biobased revenue target advances via 4 tracks 1. CURRENT PORTFOLIO Boost the sales of commercially available biobased products 2. PRODUCT CONVERSION Convert current products to biobased through a change of raw material and feedstock 3. NEW BIOBASED CHEMISTRIES 4. EXPLORATION Kemira APRIL 25, 2023 INVESTOR PRESENTATION New products based on available chemistries Future biobased opportunities through collaborations and exploration 18#19INVESTOR PRESENTATION Kemira as a sustainable investment Kemira APRIL 25, 2023 INVESTOR PRESENTATION 19#2053% 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 25, 2023 INVESTOR PRESENTATION 20#21We use significant amounts of recycled raw materials 38% of current raw materials from recycled sources Already up to 70-80% of raw materials from recycled sources in coagulants Kemira APRIL 25, 2023 INVESTOR PRESENTATION 21#22SUSTAINABILITY 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 25, 2023 INVESTOR PRESENTATION 22#23We want to ensure profitable growth BY BECOMING THE LEADING PROVIDER OF SUSTAINABLE CHEMICAL SOLUTIONS FOR WATER-INTENSIVE INDUSTRIES FROM BASELINE REVENUE IN 2019 100 MEUR FROM BIOBASED PRODUCTS FROM BASELINE SHARE IN 2019 13%* OF RENEWABLE CARBON OF ALL CARBON CONTAINING RAW MATERIALS TARGET REVENUE IN 2030 >500 MEUR FROM BIOBASED PRODUCTS TARGET SHARE IN 2030 40% OF RENEWABLE CARBON OF ALL CARBON CONTAINING RAW MATERIALS *) baseline year figure has been revised slightly upwards due to change in methodology. Kemira APRIL 25, 2023 INVESTOR PRESENTATION 23#24CURRENT PORTFOLIO We already have a significant number of biobased products in our portfolio REVENUE SPLIT BY TYPE IN 2022 Biobased (>50%) Partly Biobased BIOBASED REVENUE DEVELOPMENT Revenue growth since 2020 coming from existing products, sizing in particular. 2022 revenue growth price-driven. Does not contain fossil-fuel based carbon O Predominantly Inorganic Fossil-based Kemira APRIL 25, 2023 INVESTOR PRESENTATION ~250 ~200 500 ~100 2019 2020 2021 2022 2030 target 24 24#25Strong commitment to sustainability PLATINUM Top 1% 2022 ecovadis Sustainability Rating Kemira Chemical sector average CDP DRIVING SUSTAINABLE ECONOMIES WATER Kemira Chemical sector average CDP DRIVING SUSTAINABLE ECONOMIES CLIMATE Kemira Chemical sector average ISS ESG‣ SUSTAINALYTICS MSCI Kemira Kemira Kemira Chemical sector average Chemical sector average Chemical sector average Five sustainability KPIS SAFETY TRIF* 1.5 by the end of 2025 and 1.1 by the end of 2030 PEOPLE Reach top 10% cross industry norm for Diversity & Inclusion by the end of 2025 WATER Reach Leadership level (A-/A) in water management by the end of 2025 measured by CDP Water Security scoring methodology. CIRCULARITY Reduce waste intensity** by 15% by the end of 2030 from a 2019 baseline of 4.6. Biobased products > EUR 500 million revenue by the end of 2030. Biobased revenue in 2022:~ EUR 250 million. CLIMATE Recuce Scope 1 and Scope 2 emissions by 50% by the end of 2030, compared to a 2018 baseline of 930 ktCO2. ** *** TRIF = total recordable injury frequency per million hours, Kemira + contractors metric tonnes of routine disposed production waste per thousand metric tonnes of production Scope 1: Direct greenhouse gas emissions from Kemira's manufacturing sites, e.g. generation of energy and emissions from manufacturing processes Scope 2: Indirect greenhouse gas emissions from external generation and purchase of electricity, heating, cooling and steam. Kemira APRIL 25, 2023 INVESTOR PRESENTATION 25#26We have committed to the Science Based Targets Initiative (SBTi) Kemira committed to the Science Based Target initiative (SBTi)* in June 2022 ⚫ Commitment to cut 50% of emissions from our own operations and energy use (scope 1 and 2 emissions**) by the end of 2030, compared to a 2018 baseline. This target is in line with limiting global warming to 1.5 C and will be validated by the SBTi. Commitment to develop a quantified near-term scope 3 target within the timeframe set by the Science Based Target initiative framework. Kemira will submit these updated targets to be validated by the SBTI. Ambition to be carbon neutral by 2045 remains intact Science Based Targets initiative (SBTI), a partnership between CDP, the United Nations Global Compact (UNGC), the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF), drives ambitious climate action by enabling companies to set science-based emissions reduction targets **) Scope 1, 2 and 3 emissions as defined by the Greenhouse Gas Protocol. Scope 1 and 2 cover the emissions related to our own production. Scope 3 includes all other relevant emissions throughout the value chain. Kemira APRIL 25, 2023 INVESTOR PRESENTATION 26#27How we are reducing our emissions SCOPE 1 & 2 EMISSIONS 1,000 TONNES CO₂eq -12% 930 816 152 -50% by 2030 139 461 778 677 2018 2022 2030 target SCOPE 3 EMISSIONS 1,000 TONNES CO₂eq +6% 3,391 3,609 Quantitative target in preparation SCOPE 1 & 2 EMISSIONS Scope 1: replacing fossil-based fuels at manufacturing facilities Scope 2: energy efficiency improvements sourcing carbon-free energy: nuclear energy from Olkiluoto 3, renewal energy power purchase agreements SCOPE 3 EMISSIONS Purchased goods and services (~90% of scope 3): sourcing of renewable and recycled (e.g. biobased) raw materials Logistics & distribution (>10% of scope 3): fuel efficiency & fuel switching 2018 2022 2030 Kemira APRIL 25, 2023 INVESTOR PRESENTATION SBTI not yet published sector guidance for the chemical sector 27 27#28Sustainability performance in Q1 2023 1/2 SDG KEY FIGURE UNIT 2022 Kemira's sustainability work covers economical, environmental and social topics and is guided by the UN Sustainable Development Goals (SDGs). Our focus is on: • Clean Water and Sanitation (SDG6) Decent Work and Economic Growth (SDG8) Responsible consumption and production (SDG12) Climate action (SDG13) More information on sustainability at Kemira can be found in the Sustainability report. Kemira's Scope 1 and Scope 2 emissions will be available on Kemira's website (kemira.com/investors). 8 DECENT WORK AND ECONOMIC GROWTH M DECENT WORK AND ECONOMIC GROWTH RESPONSIBLE 12 CONSUMPTION SAFETY TRIF* 1.5 by the end of 2025 and 1.1 by the end of 2030 *TRIF = total recordable injury frequency per million hours, Kemira contractors PEOPLE Reach top 10% cross industry norm for Diversity & Inclusion by the end of 2025 CIRCULARITY 2.6 Slightly below top 25% AND PRODUCTION Reduce waste intensity** by 15% by the end of 2030 from a 2019 baseline of 4.6 kg/tonnes Biobased products > EUR 500 million revenue by the end of 2030 of production 4.4 6 CLEAN WATER WATER AND SANITATION Reach Leadership level (A-/A) in water Rate scale 13 ACTION CLIMATE management by the end of 2025 measured by CDP Water Security scoring methodology CLIMATE B A-D Scope 1&2*** emissions -50% by the end of 2030 compared to 2018 baseline of 930 ktCO2e ktCO2e 816 Kemira APRIL 25, 2023 INVESTOR PRESENTATION **kilograms of disposed production waste per metric tonnes of production) ***Scope 1: Direct greenhouse gas emissions from Kemira's manufacturing sites, e.g. generation of energy and emissions from manufacturing processes Scope 2: Indirect greenhouse gas emissions from external generation and purchase of electricity, heating, cooling and steam 28#29Sustainability performance in Q1 2023 8 12 DECENT WORK AND ECONOMIC GROWTH DECENT WORK AND ECONOMIC GROWTH RESPONSIBLE CONSUMPTION AND PRODUCTION CLEAN WATER 6 AND SANITATION CLIMATE 13 ACTION SAFETY 2/2 In Q1 2023, Kemira's safety performance improved compared to Q1 2022 and TRIF was 2.3 (4.1 in Q1 2022). Kemira continues to work to further improve the safety performance to reach its mid-term TRIF target of 1.5 by the end of 2025 PEOPLE Kemira's target is to reach the top 10% cross industry benchmark for Diversity & Inclusion by the end of 2025. In order to promote a diverse and inclusive work environment, during Q1 2023 we continued the D&l program and related activities, e.g. planning D&I awareness training and communications, and actively developing the Women's Network and KemPride employee networks. CIRCULARITY Kemira continued to make progress in its biobased strategy and Kemira's new Growth Accelerator was fully operational during Q1 2023. Regarding waste, in Q1 2023, a waste management questionnaire was developed and assigned to all manufacturing sites in order to collect information centrally on waste reduction targets, opportunities and projects. The collected data will be analyzed in Q2 2023. WATER In Q1 2023, a water stewardship questionnaire was developed and assigned to all manufacturing sites in order to collect centrally information e.g. on water-related risks, water recycling projects and opportunities. Analysis of the collected data and update of Kemira's water risk assessment based on the data will take place in Q2 2023. Kemira also participated in the UN Water Conference in New York in March and organized an official side event discussing long-term scenarios for water management CLIMATE In Q1 2023, Kemira launched a Climate Action Program dedicated to identifying opportunities for emissions reduction throughout our value chain. These projects will be aligned with our Science Based Targets Initiative (SBTi) climate target that will be submitted for approval in Q1 2024. A supplier engagement program was implemented to collect product carbon footprint (PCF) data for raw materials to refine our Scope 3 emission inventory and to support the development of our Scope 3 SBTi target. Kemira also expanded its climate risk assessment work that began in 2022 to include 10 additional manufacturing sites and additional functions to further deepen our understanding of physical and transition risks and opportunities. Kemira APRIL 25, 2023 INVESTOR PRESENTATION 29#30INVESTOR PRESENTATION Pulp & Paper Driving growth as market leader Kemira APRIL 25, 2023 INVESTOR PRESENTATION 30#31Pulp & Paper chemicals market estimated to grow 1-2% REVENUE AND OPERATIVE EBITDA EUR million • 2,200 2,000 1,800 260 245 218 1,600 195 198 192 1,400 1,200 1,000 1,457 1,477 1,520 1,523 1,560 1,458 800 600 2016 2017 2018 2019 2020 2021 REVENUE BY CUSTOMER TYPE 40% Pulp 348 2,028 2022 20% Printing & 40% writing papers Board & tissue Market growth 1% 2% -1-2% • Pulp & Paper chemicals market drivers - - 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 25, 2023 INVESTOR PRESENTATION 31 31#32Pulp & Paper TECHNOLOGY AND MARKET LEADER RAW MATERIALS INTERMEDIATES Electricity Tall oil rosin Sodium chloride (salt) AKD Wax Isomerized olefins Polymers Crude tall oil Cationic monomer Acrylonitrile Acrylic acid Acrylamide 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 25, 2023 INVESTOR PRESENTATION MAIN COMPETITORS: Solenis, Nouryon, Ecolab, Kurita, SNF 32#33We have a strong position particularly in EMEA PULP PACKAGING & TISSUE PRINTING & WRITING EMEA Market position #1/2 #1/2 #1/2 North America Market position #3/4 #3 #2/3 APAC Market position n.a. #1/2 #1/2 South America Market position Kemira APRIL 25, 2023 INVESTOR PRESENTATION #2 #2/3 #2/3 Source: Kemira estimates 33 33#34Kemira NVESTOR RESENTATION WOOD FIBER IS THE RAW MATERIAL OF THE FUTURE • Excellent sustainable raw material: renewable, reusable and recyclable Fiber use is growing due to existing applications as well as new applications Industry is innovating to find new uses for wood-based fiber, e.g. in textile fibers Kemira to benefit from growth in fiber use across the value chain#35Pulp and packaging markets are growing driven by sustainability trends PULP & BLEACHING MARKET BOARD AND TISSUE MARKET Demand for virgin fiber increasing due to decline in availability of recycled fiber and growing uses of fiber New pulp capacity expected in Asia-Pacific, South America and Northern Europe Packaging market growth drivers: APAC, online retail and move away from plastic packaging Tissue market growth drivers: population growth and rising income levels ~1-2% expected market growth #2 Kemira market position KEMIRA FOCUS Focus on selective pulp investments that support sustainable pulp production for packaging, tissue and future fiber applications ~2-3% #2 expected Kemira market market growth position Kemira APRIL 25, 2023 INVESTOR PRESENTATION KEMIRA FOCUS Maintain a synergistic portfolio with focus on operational excellence and cost competitiveness 35#36Our completed and upcoming capacity expansions will support growth POLYMERS IN SOUTH KOREA Joint venture with Yongsan Chemicals, Kemira a minority shareholder Polymer investment in a growing market; efficiency improvement from backward-integration Premium dry polymer products, will strengthen competitive position in APAC and reduce Kemira's risk profile Completed 2021, ramp-up ongoing EQUITY INVESTMENT EUR 5 MILLION BLEACHING EXPANSION IN URUGUAY Expansion of both sodium chlorate and hydrogen peroxide at Kemira's existing Fray Bentos chemical island site Multi-year agreement with UPM- Kymmene includes bleaching capacity to existing Fray Bentos mill as well as new mill in Paso de los Toros Financial contribution expected as of 2023 INVESTMENT AROUND EUR 30 MILLION NEW PRODUCTION LINE OF ASA IN CHINA Production of ASA sizing agent in Nanjing Investment will expand Kemira's ASA production capacity substantially Kemira is already the leading producer and supplier of ASA globally To be completed in 2023 INVESTMENT AROUND EUR 10 MILLION Kemira APRIL 25, 2023 INVESTOR PRESENTATION 36#37We 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 13% 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 25, 2023 INVESTOR PRESENTATION 37#38NEW GROWTH OPPORTUNITIES Barrier market projected to grow by 8% to 2026 MARKET DRIVERS Consumer preference for sustainable solutions Transition towards phasing out plastic for food and consumption packages BARRIER MARKET EXPECTED GROW IN COMING YEARS KEMIRA HAS A STRONG POSITION Kemira's first generation, partly biobased, barrier, commercialized; second generation biobased product being rolled out Work ongoing with Danimer Scientific to introduce new fully biobased barrier coatings that are based on PHA* CO 6 +8% 9 0.6 BN Kemira relevant barrier market 2020 2026 in 2020 Relevant market Barrier coating applications Kemira APRIL 25, 2023 INVESTOR PRESENTATION *) Polyhydroxyalkanoate#39NEW GROWTH OPPORTUNITIES The wood-fiber textile market projected to reach EUR 10 billion by 2030 EUR 6 BILLION Currently EUR 10 BILLION 2030 Estimated textile fiber market size TEXTILE MARKET IN TRANSFORMATION Demand for novel sustainable fiber solutions in textiles is high in order to replace cotton and synthetic fibers More than 96% of global EUR 200 billion textile fiber market is considered non-sustainable KEMIRA IS A FIRST MOVER A competitive chemical and service portfolio to help fiber producers to scale up their technologies and to transform the textile fiber market Chemicals key to improve the durability of wood-based fibers Initiatives ongoing with several fiber-based textile companies Kemira APRIL 25, 2023 INVESTOR PRESENTATION 39#40NEW GROWTH OPPORTUNITIES Services offering is a valuable differentiator . Aim to reach EUR 50 million in revenue by 2025, 2022 revenue expected to be around EUR 5 million New dedicated service organization established to accelerate growth in services Commitment to invest in expanding and commercializing service offering further KEMIRA'S SERVICE OFFERING Complementary services Process optimization Kemira APRIL 25, 2023 INVESTOR PRESENTATION Predictive services COLLABORATION WITH SIMANALYTICS Kemira acquired a stake in SimAnalytics, a Finnish start-up, in summer 2021. Kemira's predictive services utilize SimAnalytics' Harmonizer tool. METSÄ BOARD KEMI Customer benefits with Kemira's services: Improved quality Energy Efficiency Improved chemical Efficiency 10 40#41Maintaining profitability while increasing focus on new growth opportunities ON-GOING • Continue to mitigate impact from inflationary pressures with disciplined price and cost management Continued complexity reduction Capitalize on new facility in South Korea FURTHER PROFITABILITY IMPROVEMENT Continuous performance and cost-structure enhancement, particularly in Process & Functional chemicals Capitalize on new investment Uruguay once completed PROFITABILITY & CASH FLOW Kemira APRIL 25, 2023 INVESTOR PRESENTATION PRIORITIZED GROWTH ACTIONS . • Capitalize on growth opportunities in pulp and packaging Increasingly looking at new growth areas, such as barriers and textiles GROWTH 41#42DOMETIC We are competitively positioned in the growing fiber- based applications Kemira APRIL 25, 2023 INVESTOR PRESENTATION 100 YEARS OF EXPERTISE IN FIBER WATER CHEMISTRY BROADEST PULP & PAPER CHEMICAL PRODUCT PORTFOLIO IN THE WORLD LONG ESTABLISHED CUSTOMER RELATIONSHIPS BROAD CAPABILITIES TO SERVE CUSTOMERS ACROSS THE GLOBE 42#43INVESTOR PRESENTATION Industry & Water Stronger platform for profitable growth Kemira APRIL 25, 2023 INVESTOR PRESENTATION 43 333#44Industry & Water relevant chemicals market estimated to grow 4-5% REVENUE AND OPERATIVE EBITDA EUR million 1,600 224 1,400 192 175 181 1,200 1,000 131 107 114 800 1,542 600 906 1,009 1,073 1,136 1,115 970 400 200 0 2016 2017 2018 2019 2020 2021 2015-2016 figures are pro forma; combination of Municipal & Industrial and Oil & Mining segments REVENUE BY APPLICATION 70% Water treatment Market growth 4-5% 2022 • 20% Oil & Gas 10% Other • 7-8% 3-4% 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 - 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 25, 2023 INVESTOR PRESENTATION 44#45Industry & 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 25, 2023 INVESTOR PRESENTATION 45#46We have strong positions particularly in EMEA water treatment EMEA MARKET POSITION MARKET OUTLOOK Water treatment1,2) #1 7 NORTH AMERICA Water treatment¹) #2 7 APAC Water treatment²) Top 10 7 OIL & GAS CEOR²) Shale²) Oil Sands Tailings²) Top 5 7 #2 71 #1 7 Kemira APRIL 25, 2023 INVESTOR PRESENTATION ZZZZZ I&W main product lines 1) Coagulants 2) Polymers 46#47We are a key enabler for reliable and efficient water treatment & hydrocarbon production . WATER TREATMENT Compliance with increasing regulations in wastewater and drinking water treatment quality • Energy intensity reduction in water treatment processes Energy yield increase in biogas production · • OIL & GAS ⚫ CO₂ footprint reduction in hydrocarbon production 2 • Energy security and independence • Fresh water consumption reduction in hydrocarbon production Kemira APRIL 25, 2023 INVESTOR PRESENTATION#48Trends in water treatment provide solid opportunities for sustainable growth Relevant water treatment products & solutions market EUR billion Relevant market trend and expected growth CAGR 4-5% 8-9% 14.6 Energy efficiency in water treatment processes 6-7% Phosphorous recovery and reuse regulations and geopolitical independence 10.2 9.3 Accelerated 5-6% 5-6% Micropollutants removal Growth 5.9 Focus 5-6% APAC water treatment standards Kemira's current 2-3% 5.3 main 4.3 markets 2-3% Continuously tightening water treatment regulations and standards 2022 2030 CAGR Kemira APRIL 25, 2023 INVESTOR PRESENTATION 48#49We are accelerating our investments in water Relevant market trend and expected growth 8-9% 6-7% Energy efficiency in water treatment processes Phosphorous recovery and reuse regulations and geopolitical independence 5-6% Micropollutants removal 5-6% APAC water treatment standards I&W strategic growth road map in execution Building a digital platform through selective expansions and acquisitions "Deploying our strong customer base to scale up digital and advanced technologies" Innovations and cooperations "Leveraging our expertise in nutrients removal for co- innovations, ViviMag' "" acquisitions access through partnerships and "Expanding product offerings to our strong customer base" Local production for local applications "Building on our brand leading position in APAC" Accelerated growth investments Acquisitions & Innovation Organic expansions 2-3% Continuously tightening water treatment regulations and standards Selective expansions and acquisitions "Expanding our market leading position" Kemira APRIL 25, 2023 INVESTOR PRESENTATION 49#50Water 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 25, 2023 INVESTOR PRESENTATION 50#51Kemira'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 25, 2023 INVESTOR PRESENTATION 51#52Regulation 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 25, 2023 INVESTOR PRESENTATION * most relevant for Kemira 52#53Oil & Gas market expected to grow REVENUE IN OIL & GAS EUR million 400 350 300 250 200 150 100 50 וה 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 REVENUE SPLIT 2022 15% Other 40% Oil sands and Chemical Enhanced Oil Recovery Kemira APRIL 25, 2023 INVESTOR PRESENTATION 45% 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 up to 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 53#54Our products are essential in mitigating environmental impact and reducing cost in Oil & Gas energy production Tailings Water Treatment in Oil Sands CO2 Enabling the restoration of natural landscape after oil sands operations CEOR (Chemically Enhanced Oil Recovery) Shale Oil & Gas CO2 footprint in mature fields 50-60% lower vs. alternative unconventional methods CO2 footprint reduction by 40-70% per barrel compared to non-polymer products Reduced water needs by 70-80% per barrel compared to steam or water floods Fresh water reduction of up to 100%, and less produced water to dispose of APRIL 26, 2023 INVESTOR PRESENTATION#55Accelerating sustainable growth in water BUSINESS FUNDAMENTALS FURTHER PROFITABILITY IMPROVEMENT PRIORITIZED GROWTH AREAS • Mitigating inflationary pressures with disciplined price and cost management • Continued optimization of business Oil & Gas profitability . Actions ongoing to improve profitability Capitalize on new asset in Mobile, USA PROFITABILITY & CASH FLOW Kemira APRIL 25, 2023 INVESTOR PRESENTATION . Implement growth investment strategy in water through M&A: • Micropollutants . Digital Solutions • Local production in APAC GROWTH 55#56INVESTOR PRESENTATION Latest news and financials Kemira APRIL 25, 2023 INVESTOR PRESENTATION 56#57Summary of Q1 2023 . . • . • Excellent financial performance: strong organic revenue growth, record-high operative EBITDA and operative EBITDA margin Strategic review of the Oil & Gas business initiated Annual General Meeting was held on March 22, 2023. The AGM approved the Board of Directors' dividend proposal of EUR 0.62 per share. First installment of EUR 0.31 per share paid on April 5, 2023. Tuija Pohjolainen-Hiltunen appointed as President, Industry & Water segment as of May 2023. Linus Hildebrandt to start as EVP, Strategy in June 2023. 2023 outlook for operative EBITDA upgraded on April 13, 2023 Kemira APRIL 25, 2023 INVESTOR PRESENTATION Kemir 49 57#58Financial highlights of Q1 2023 Strong organic revenue growth in Q1 2023 • Revenue growth driven by higher sales prices in both segments. Sales volumes declined due to decline in Pulp & Paper. Organic revenue growth +17% in Q1 2023 Record-high operative EBITDA in Q1 2023 Broad-based improvement in both Pulp & Paper and Industry & Water, including the Oil & Gas business Operative EBITDA margin improved to a new high of 21.3% following higher sales prices Strong cash flow from operations in a seasonally lower quarter Earnings per share EUR 0.60 in Q1 2023 EUR million (except ratios) Revenue Operative EBITDA Q1 Q1 2023 2022 A% 2022 906.0 768.1 +18% 3,569.6 192.6 120.0 +60% 571.6 of which margin 21.3% 15.6% 16.0% Operative EBIT 141.9 68.9 +106% 361.6 of which margin 15.7% 9.0% 10.1% Net profit 95.4 42.2 +126% 239.7 EPS diluted, EUR 0.60 0.26 +128% 1.50 Cash flow from 96.7 -10.9 400.3 operating activities Kemira APRIL 25, 2023 INVESTOR PRESENTATION 58#59Pulp & Paper: Continued margin improvement Market environment in Q1 2023 . Market volumes soft due to slowdown in the economy and inventory destocking in customer value chain. China recovering, but slower than expected. Organic growth Q1 2023: +12% REVENUE AND ORGANIC REVENUE GROWTH (Y-ON-Y) EUR million 537 556 488 505 447 420 370 378 391 2% 9% 11% 11% 17% 22% 29% 28% 12% • Organic growth driven by higher sales prices Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 • Sales volumes declined due to soft market demand and exit from Russia • Bleaching capacity expansion in Uruguay being completed, ramp-up to start in Q2 2023 OPERATIVE EBITDA AND OPERATIVE EBITDA-% EUR million Strong operative EBITDA • Operative EBITDA margin improved to 21.7%. Improvement across product groups. Still high market prices of caustic soda had a positive impact on operative EBITDA year-on- year; impact smaller than in Q4 2022 Kemira APRIL 25, 2023 INVESTOR PRESENTATION 110.9 109.4 92.3 21.7% 73.6 62.9 63.5 71.3 19.9% 57.8 60.5 17.0% 17.2% 16.2% 16.0% 15.3% 15.1% 14.4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 59#60Industry & Water: Strong margin improvement Market environment in Q1 2023 REVENUE AND ORGANIC REVENUE GROWTH (Y-ON-Y) EUR million 435 412 402 374 Water treatment: solid demand in municipal water treatment, softness in industrial demand 322 301 298 279 237 • Oil & Gas: market continued to grow Organic growth Q1 2023: +24% • Organic growth driven by higher sales prices. Sales volumes increased in Oil & Gas, water treatment sales volumes declined. • Revenue in water treatment increased by +19%, in Oil & Gas by +45% Record-high operative EBITDA • • Operative EBITDA margin improved to 20.7% following higher sales prices Considerable margin improvement in Oil & Gas -7% 28% 23% 23% 31% 26% 33% 32% 24% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 OPERATIVE EBITDA AND OPERATIVE EBITDA -% EUR million 83.3 66.1 60.3 41.7 49.5 17.6% 17.7% 17.4% 52.3 48.8 48.5 37.3 20.7% 15.2% 16.1% 13.0% 13.9% 12.5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 *CEOR= chemical enhanced oil recocery 2021 2022 Q1 2023 Kemira APRIL 25, 2023 INVESTOR PRESENTATION 60#61Strategic review of the Oil & Gas business initiated An evaluation of the strategic options for the Oil & Gas business initiated, including a potential sale of the business Rationale behind strategic review: Kemira has expressed a desire to grow in water-related applications. The Oil & Gas business has seen strong organic growth as well as profitability improvement in recent years. Kemira will update on the progress in due course. No timetable to communicate at this point. REVENUE DEVELOPMENT EUR million 56 46 121 98 100 87 90 73 66 62 77 75 66 66 65 69 52 41 38 39 27 27 99 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2018 2019 2020 2021 2022 2023 Kemira APRIL 25, 2023 INVESTOR PRESENTATION 19 61#62We want to grow in water-related applications Growth focus Under strategic review SEGMENT PULP & PAPER Board Customer segment Pulp & Tissue Printing & Writing INDUSTRY & WATER Water treatment Oil & Gas % of total sales* ~25% ~25% -10% -30% -10% Sustainability relevance Capex relevance M&A relevance Role in the Kemira portfolio Growth profile Kemira APRIL 25, 2023 +++ ++ + ++ + + ++ + +++ + Growth Growth Cash flow Growth Cash flow ++ ++ Negative ++ ++ INVESTOR PRESENTATION *) Rounded to nearest 5% 62#63Biobased strategy progressing GROWTH ACCELERATOR FULLY OPERATIONAL SINCE JANUARY 2023 • . . Growth Accelerator unit aims to accelerate commercialization of biobased and renewable materials PHA partnership: Technical work and customer trials have continued with improving performance Alfa Glucan partnership: Customer trials continued with Paper & Board as well as Water Treatment customers with positive customer feedback. 2023 targets: Programs in growth areas such as textile fibers to expand significantly. Selected investment decisions expected to enable future growth. BIOBASED REVENUE DEVELOPMENT EUR million Revenue growth since 2020 coming from existing products, sizing in particular. 2022 revenue growth price- driven. ~250 ~200 Kemira APRIL 25, 2023 INVESTOR PRESENTATION 500 ~100 2019 2020 2021 2022 2030 target 63#64Focus areas during 2023 OPERATIVE PRIORITIES Retain organizational and operational agility as well as high customer satisfaction in a rapidly changing operating environment Mitigate impacts from inflationary pressures and energy crisis; focus on cost consciousness Ongoing investment in China, ramp-up of expansion in Uruguay STRATEGIC PRIORITIES Increased focus on growth: growth from existing businesses; increased focus on M&A Oil & Gas strategic review Progress biobased strategy and explore new growth areas, such as textiles and services Kemira APRIL 25, 2023 INVESTOR PRESENTATION 64#65PETRI CASTRÉN, CFO APRIL 25, 2023 Financials Q1 2023 Kemira APRIL 25, 2023 INVESTOR PRESENTATION 65#66Strong start to the year Q1/2023 REVENUE AND ORGANIC GROWTH (Y-ON-Y) EUR million 906 -1% 1% 768 23% -7% Q1 2022 Sales volumes Sales prices Currency impact Others Q1 2023 OPERATIVE EBITDA BRIDGE EUR million -75 174 Organic revenue growth +17% in Q1 2023 Growth driven by higher sales prices in both segments. Market prices for caustic soda remained elevated during Q1 2023, but below exceptional levels seen during Q4 2022. Sales volumes declined following decline in Pulp & Paper. Industry & Water sales volumes stable as a whole. Organic revenue growth excluding the Oil & Gas business +14% in Q1 2023 Operative EBITDA reached a record-high of EUR 193 million Improvement in both segments and across product groups as higher sales prices more than compensated for higher variable costs. Caustic soda had a positive impact, but less than in Q4 2022. Operative EBITDA margin improved to a new high of 21.3% -23 6 -0 193 120 Q1 2022 Kemira Sales volumes APRIL 25, 2023 Sales prices Variable costs Fixed costs Currency impact Others Q1 2023 INVESTOR PRESENTATION 66#67Variable cost trend starting to reverse 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 960 900 840 780 720 660 600 540 480 420 360 300 240 180 120 60 0 -60 -120 -180 2008200920102011201220132014201520162017201820192020202120222023 Brent oil, USD Sales prices -Variable costs Kemira APRIL 25, 2023 INVESTOR PRESENTATION 269 256 197 188 174 129 152 188 141 99 122 97 59 47 42 37 13 26 === 34 70 36 75 28 32 28 25 28 62 95 -18 16 13 16 15 16 11 34 4338 2336 24 29 -23-10 23 19 14 94 12 - -2326 13-16-20 30 12 -2 2018 14 -25-20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 32 Q1-31-24-27 2016 2017 -5 -4 -13 -13-14 2019 2020 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 Net impact on EBITDA (sales prices-variable costs) Sales prices -Variable costs 40 67#68Balance sheet further strengthened NET WORKING CAPITAL DEVELOPMENT 468 467 407 362 410 254 292 288 287 491 474 Net working capital increased compared to year- 408 434 422 269 281 324 352 368 393 402 440 500 542 596 533 494 end as payables decreased faster than inventories and receivables -383 -382 -438 -505 -501 -565 -603 -604 -506 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Inventories Receivables Payables NET DEBT (EUR million) AND LEVERAGE RATIO* 900 850 759 771 708 1.7 2.0 1.3 2.0 1.1 • Dec 31 2020 Dec 31 2021 Dec 31 2022 March 31 2022 March 31 2023 • * Leverage ratio = Net debt / last 12 months operative EBITDA Kemira APRIL 25, 2023 INVESTOR PRESENTATION Balance sheet strengthened during the quarter: gearing 45% (68% in Q1 2022) - within financial target range of below 75% Average interest rate of net debt excluding leases 2.5% (1.7%) and duration 21 (25) months Operative ROCE improved to a strong level of 19.4% (Q1 2022 11.7%) 68#69Strong cash flow in seasonally low quarter ALL KEY FIGURES IN EUR MILLION CASH FLOW FROM OPERATIONS 386 400 375 Q4 143 146 255 220 Q3 121 117 81 97 Q2 57 61 87 115 -11 97 Q1 65 50 38/14 42 -11 -11 2019 2020 2021 2022 Q1 2022 Q1 2023 CAPITAL EXPENDITURE EXCL. ACQUISITIONS • • Strong cash flow from operations following strong operative EBITDA Cash flow typically H2 weighted, Q1 typically seasonally weaker cash flow quarter • 3% 3% 8% 8% 6% 6% 201 196 198 169 43 98 78 26 58 50 44 39 26 93 97 65 73 2019 2020 2021 2022 Maintenance Expansion Improvement Kemira 50 9 12 29 Q1 2022 Q1 2023 Percentage of revenue APRIL 25, 2023 INVESTOR PRESENTATION 565 9 15 . - - Capex excluding acquisitions EUR 29 million in Q1 2023 Capex excl. acquisitions estimated to increase slightly in 2023 (2022: EUR 198 million): Largest expansion capex projects: bleaching capacity expansion in Uruguay and ASA capacity expansion in China Uruguay investment to ramp up Q2 2023 onwards. 69#70Competitive electricity positioning in Finland ELECTRICITY BACKWARD-INTEGRATION IN FINLAND FURTHER IMPROVED OLKILUOTO 3 . • • Regular electricity production at OL3 started on April 16, 2023 OL3 electricity generating capacity 1,600 MW. Kemira entitled to around 4% of OL3's electricity. From Q2 2023 onwards we expect Kemira's share in OL3 to be valued based on discounted cash flow method (currently valued at acquisition cost) NEW LONG-TERM WIND POWER DEAL SIGNED • • New wind power deal of around 10 MW signed in Finland. The deal will double Kemira's windpower purchase agreement capacity in Finland. Delivery to commence in 2025 Important step supporting Kemira's climate ambitions: Kemira's electricity supply in Finland fully decarbonized in 2025 with new windpower deal and by utilizing adjacent Guarantees of Origin (GoO) option and start-up of OL3 -85% Share of emission- free energy globally after OL3 and new windpower deal Kemira APRIL 25, 2023 INVESTOR PRESENTATION 70#71Outlook for 2023 (upgraded on April 13, 2023) OUTLOOK REVENUE Kemira's revenue is expected to be between EUR 3,200 and EUR 3,700 million (2022: EUR 3,569.6 million). OPERATIVE EBITDA Kemira's operative EBITDA is expected to be between EUR 550 and EUR 650 million in 2023 (2022: EUR 571.6 million). • . ASSUMPTIONS FOR 2023 We expect demand in Kemira's end-markets to be resilient despite the significant uncertainty related to the global macroeconomic environment, energy prices, and the development of the war in Ukraine. Overall, Kemira's end-market demand (in volumes) is expected to decline somewhat. Demand in the oil & gas market is expected to grow. Variable costs overall are expected to decline, while electricity prices are expected to remain above long-term average in Europe. Market prices for caustic soda are expected to moderate during 2023. The outlook assumes no major disruptions to Kemira's manufacturing operations, supply chain, or Kemira's energy-generating assets in Finland • Foreign exchange rates are expected to remain at approximately current levels. • The outlook is based on Kemira's current portfolio, including the Oil & Gas business Kemira APRIL 25, 2023 INVESTOR PRESENTATION 71#72Kemira's cost structure and top raw materials DIRECT PURCHASES AND LOGISTICS COSTS 2022 EUR 2.4 billion 15% Logistics 10% Electricity & energy EXPOSURE TO OIL RELATED RAW MATERIALS 70% Not oil related 70% Raw materials Figures rounded to nearest 5% Kemira 30% Oil & gas related 2. TOP 12 RAW MATERIALS BY SPEND (around 50% of total raw material spend) 1. Sodium hydroxide (caustic soda)* Acrylonitrile (OD) 3. Petroleum solvents (OD) 4. Amines (OD) 5. Acrylic Acid (OD) 6. Fatty acid 7. Aluminium Hydrate 8. Alpha olefin (OD) 9. Colloidal silica dispersion* 10. Liquid Chlorine 11. Sulphur 12. Acrylic ester (OD) OD = Oil & gas derivative * Mainly trading materials APRIL 25, 2023 INVESTOR PRESENTATION 72 22#73Kemira has a diversified financing base 14% Leases EUR 143 million 40% GROSS DEBT END OF MARCH, 2023 EUR 981 MILLION, MATURITY PROFILE EXCLUDING LEASES 400 14% Other EUR 135 million 120 450 Bond 400 EUR 400 million 350 300 250 201 192 200 150 118 100 50 16 0 2023 2024 2025 2026 ■Bilaterals Bonds ■Others Undrawn RCF 32% Loans from banks and financial institutions EUR 312 million Kemira APRIL 25, 2023 INVESTOR PRESENTATION 200 2027 2028 73 13#74Majority of contracts with fixed annual pricing Pulp & Paper - Contract types and pricing terms* Length - Around 95% of contracts are 1-year or longer / only 5% are spot deals • Pricing Around 65% fixed / 35% 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 (particularly in municipal) / 30% formula or spot pricing, incl. Oil & Gas where contracts are either formula or spot based *contract length does not necessarily correlate with fixed pricing. Kemira has a number of multi-year contracts that are based on formula pricing. Kemira APRIL 25, 2023 INVESTOR PRESENTATION 74 4#75Revenue has a seasonal pattern GROUP REVENUE DEVELOPMENT 1,000 COVID-19 impact 900 800 700 610 617 622 637 648 670 662 648 690 664 658 642 972 968 906 861 768 718 693 658 614 600 0 583 597 606 606 Q1/17Q2/17Q3/17Q4/17Q1/18Q2/18Q3/18Q4/18Q1/19Q2/19Q3/19Q4/19Q1/2002/2003/2004/20Q1/21Q2/21Q3/21Q4/21Q1/22Q2/22Q3/22Q4/22Q1/23 PULP & PAPER REVENUE DEVELOPMENT 600 556 537 . 505 488 500 447 420 400 372 369 363 373 369 376 385 390 381 373 383 386 379 357 352 370 370 378 391 0 Q1/17Q2/17Q3/17Q4/17Q1/18Q2/18Q3/18Q4/18Q1/19Q2/19Q3/19Q4/19Q1/20Q2/20Q3/20Q4/20Q1/21Q2/21Q3/21Q4/21Q1/22Q2/22Q3/22Q4/22Q1/23 INDUSTRY & WATER REVENUE DEVELOPMENT Revenue typically Q2 and Q3 weighted 2020 exception due to COVID-19 pandemic Revenue typically Q4 weighted Q2 and Q3 typically strongest revenue quarters Oil & Gas activity highest during summer Water treatment some Q3 seasonality 500 400 300 238 248 259 264 245 272 284 271 267 290 307 0 272 264 226 435 412 402 374 • 322 301 298 279 244 236 237 Q1/17Q2/17Q3/17Q4/17Q1/18Q2/18Q3/18Q4/18Q1/19Q2/19Q3/19Q4/19Q1/20Q2/20Q3/20Q4/20Q1/21Q2/21Q3/21Q4/21Q1/22Q2/22Q3/22Q4/22Q1/23 Kemira APRIL 25, 2023 INVESTOR PRESENTATION 75#76Kemira aims to pay an attractive dividend KEMIRA'S DIVIDEND POLICY Competitive and over-time increasing dividend No fixed payout ratio We have a solid dividend track record Dividend per share O Dividend yield * 0.62 0.56 0.58 0.58 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% 4.1% (4.2% 4.5% 4.4% 4.3% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Kemira's dividend yield calculated using the share price at year-end Dividend to be paid in two installments, first paid in April and the second installment in November. Kemira APRIL 25, 2023 INVESTOR PRESENTATION 76#77INVESTOR PRESENTATION Appendix Kemira APRIL 25, 2023 INVESTOR PRESENTATION 77#78Currencies had a positive impact on revenue and operative EBITDA . Main currency exposure comes via translation impact Transaction risk is limited as revenues and costs are typically in same currency due to local manufacturing. Transaction risk mostly hedged. 10% change in Kemira's main foreign currencies would have approximately EUR 15 million impact on operative EBITDA on an annualized basis. Currency exchange rates had EUR +9 million impact on revenue and EUR +6 million impact on the operative EBITDA in Q1 2023 compared to Q1 2022. KEMIRA REVENUE DISTRIBUTION IN 2022 6% Others 2% BRL 2% SEK 2% GBP 3% CNY 4% CAD 37% USD KEMIRA COST DISTRIBUTION IN 2022 6% Others 2% BRL 1% GBP 3% CAD 4% CNY 2% SEK 44% EUR 46% EUR Kemira APRIL 25, 2023 INVESTOR PRESENTATION 36% USD 78#79Key figures EUR million Revenue Operative EBITDA Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 906.0 968.2 971.9 861.4 192.6 177.0 152.5 122.1 120.0 margin 21.3% 18.3% 15.7% 14.2% 15.6% 2022 2021 768.1 3,569.6 2,674.4 571.6 425.5 16.0% 15.9% Operative EBIT 141.9 123.4 99.5 69.7 68.9 361.6 225.4 margin 15.7% 12.7% 10.2% 8.1% 9.0% 10.1% 8.4% Net profit 95.4 90.3 60.3 46.9 42.2 239.7 115.2 Earnings per share, diluted, EUR 0.60 0.57 0.38 0.29 0.26 1.50 0.70 Cash flow from operations 96.7 254.9 114.8 41.6 -10.9 400.3 220.2 Capex excl. acquisitions 29.1 89.8 43.5 38.5 26.1 197.9 168.8 Net debt 708 771 906 959 900 771 850 NWC ratio (rolling 12 m) 11.8% 12.1% 12.0% 11.4% 10.6% 12.1% 9.9% Operative ROCE (rolling 12 m) 19.4% 16.2% 13.0% 11.8% 11.7% 16.2% 11.3% Personnel at period-end 4,944 4,902 4,914 4,976 4,939 4,902 4,926 Kemira APRIL 25, 2023 INVESTOR PRESENTATION 79#80Cash flow EUR million Net profit for the period Total adjustments Change in net working capital Finance expenses Q1 2023 Q1 2022 2022 2021 95 42 240 115 98 81 348 273 -51 -114 -102 -80 2 -11 -52 -44 Income taxes paid -49 -9 -33 -44 Net cash generated from operating activities 97 -11 400 220 Capital expenditure in subsidiaries and in other shares 0 -2 0 -1 Capital expenditure -29 -26 -198 -169 Proceeds from sale of assets -1 0 19 7 Change in long-term loan receivables 0 0 1 0 Cash flow after investing activities 67 -37 222 57 Kemira APRIL 25, 2023 INVESTOR PRESENTATION 80 00#81Pulp & Paper KEY FINANCIALS EUR million Revenue Operative EBITDA Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 504.6 556.2 537.3 487.6 2022 446.5 2,027.7 1,559.6 2021 109.4 110.9 92.3 margin 21.7% Operative EBIT 80.4 80.3 19.9 17.2% 61.8 73.6 71.3 348.0 15.1% 16.0% 17.2% 244.7 15.7% 42.8 40.7 225.7 124.3 margin 15.9% 14.4% 11.5% 8.8% 9.1% 11.1% 8.0% Operative ROCE*, % 19.9% 16.9% 13.3% 11.4% 10.5% 16.9% 10.1% Capital expenditure (excl. M&A) 19.3 51.4 28.4 24.7 17.9 122.5 88.5 Cash flow after investing activities 53.8 115.0 66.6 49.3 -23.7 207.2 94.6 *12-month rolling average Kemira APRIL 25, 2023 INVESTOR PRESENTATION 81#82Industry & Water KEY FINANCIALS EUR million Revenue Operative EBITDA Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 2022 2021 401.5 83.3 412.0 434.6 373.8 321.5 1,541.9 1,114.8 66.1 60.3 48.5 48.8 223.7 180.8 margin 20.7% 16.1% 13.9% 13.0% 15.2% 14.5% 16.2% Operative EBIT 61.5 43.1 37.7 26.9 28.2 135.9 101.2 margin 15.3% 10.5% 8.7% 7.2% 8.8% 8.8% 9.1% Operative ROCE*, % 18.6% 15.1% 12.6% 12.5% 13.4% 15.1% 13.2% Capital expenditure (excl. M&A) 9.8 38.3 15.1 13.8 8.2 75.4 80.3 Cash flow after investing activities 59.2 75.6 31.6 -13.4 7.1 100.9 50.9 Kemira APRIL 25, 2023 INVESTOR PRESENTATION *12-month rolling average 82#83Revenue split by country FY 2022 Other APAC 5% China 4% Other EMEA 9% Belgium 2% Netherlands 2% France 2% Spain 2% Italy 2% Poland 3% UK 4% Germany 4% EMEA APAC AMERICAS Sweden 6% Finland 15% Kemira APRIL 25, 2023 INVESTOR PRESENTATION USA 27% Canada 8% Brazil 2% Other Americas 3% 83#84Kemira - largest shareholders and Board of Directors SHAREHOLDERS ON MARCH 31, 2023 % OF SHARES 1. Oras Invest 2. Solidium (owned by State of Finland) 21.6% 5.0% 3. Varma Mutual Pension Insurance Company 3.4% 4. Ilmarinen Mutual Pension Insurance Company 2.4% 5. Nordea Funds 2.3% 6. Kemira Oyj 1.1% Total number of shares 155,342,557 Foreign ownership of shares 34.6% Total number of shareholders 48,889 Kemira APRIL 25, 2023 INVESTOR PRESENTATION KEMIRA BOARD OF DIRECTORS MATTI KÄHKÖNEN Chair Member since 2021 ANNIKA PAASIKIVI Vice Chair Member since 2022 TINA SEJERSGÅRD FANØ Member since 2022 WERNER FUHRMANN Member since 2020 TIMO LAPPALAINEN Member since 2014 FERNANDA LOPEZ LARSEN Vice Chair Member since 2023 MIKAEL STAFFAS Vice Chair Member since 2023 KRISTIAN PULLOLA Member since 2021 80 84#85Kemira's Management Board JARI ROSENDAL President and CEO With Kemira since 2014 PETRI CASTRÉN CFO With Kemira since 2013 ANTTI SALMINEN President Pulp & Paper With Kemira since 2011 MATTHEW PIXTON CTO With Kemira since 2016 EEVA SALONEN EVP, Human Resources With Kemira since 2008 TUIJA POHJOLAINEN- HILTUNEN* President Industry & Water With Kemira since 2008 ESA-MATTI PUPUTTI EVP, Operational Excellence & Sustainability With Kemira since 2015 JUKKA HAKKILA Group General Counsel With Kemira since 2005 (Secretary of the Board of Directors and the Management Board) On February 1, 2023 Kemira announced that Linus Hildebrandt will join Kemira and the Management Board in June 2023 as EVP, Strategy *as of May 1, 2023. Kemira APRIL 25, 2023 INVESTOR PRESENTATION 85#86Important information about financial figures Kemira provides certain financial performance measures (alternative performance measures) that are not defined by IFRS. Kemira believes that alternative performance measures followed by capital markets and Kemira management, such as revenue growth in local currencies, excluding acquisitions and divestments (=organic growth), EBITDA, operative EBITDA, operative EBIT, cash flow after investing activities, and gearing, provide useful information about Kemira's comparable business performance and financial position. Selected alternative performance measures are also used as performance criteria in remuneration. Kemira's alternative performance measures should not be viewed in isolation from the equivalent IFRS measures, and alternative performance measures should be read in conjunction with the most directly comparable IFRS measures. Definitions of the alternative performance measures can be found in the definitions of the key figures in this report, as well as at www.kemira.com > Investors > Financial information. All the figures in this presentation have been individually rounded, and consequently the sum of the individual figures may deviate slightly from the total figure presented. Kemira APRIL 25, 2023 INVESTOR PRESENTATION 86#87Kemira Chemistry with a purpose. Better every day.