Driving Sustainable Economies

Factors to watch in 2024 FACTORS EXPECTED TO IMPACT OPERATIVE EBITDA DEVELOPMENT IN 2024 + SUPPORTING • Relatively good visibility in • water treatment Customer retention typically high in Pulp & Paper Contribution from bleaching. investment in Uruguay Kemira OCTOBER 24, 2023 INVESTOR PRESENTATION UNCERTAINTIES Timing of market recovery in Pulp & Paper unclear . Global economic uncertainty, . and geopolitical risks Variable cost development Magnitude of competitive advantage from energy independence dependent on energy prices FX NEGATIVE FACTORS Fixed cost pressure following inflation 70

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