Kemira Investor Presentation

Pulp & 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

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