FEBRUARY 11, 2021

Kemira Investor Presentation Chemistry for a resource-efficient future

INVESTOR PRESENTATION INVESTOR 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

FEBRUARY 11, 2021 INVESTOR PRESENTATION 2 INVESTOR PRESENTATION

Kemira in brief

FEBRUARY 11, 2021 INVESTOR PRESENTATION 3 OUR PURPOSE We enable our customers to improve their water, energy and raw material efficiency

GLOBAL TRENDS OUR CUSTOMERS OUR VISION

CHANGING DEMOGRAPHICS Pulp & Paper Our vision is to be the first Higher use of water, energy, tissue & board Water Treatment choice in chemistry for Oil & Gas water intensive industries

GROWING ENVIRONMENTAL OUR STRATEGY AWARENESS New materials to enable circular economy Kemira is a great product company with chemistry Material and resource efficiency and selling of chemicals at the core of our business. OUR OFFERING We win with best suited products and tailored We provide expertise, application know- services that improve our customers product quality, how and chemicals that improve our process and resource efficiency. customers‘ product quality, process and Our target is to grow above-the-market with an resource efficiency. 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.

FEBRUARY 11, 2021 INVESTOR PRESENTATION 4 Kemira in brief 2020: REVENUE EUR 2,427 MILLION, OPERATIVE EBITDA EUR 435 MILLION, OPERATIVE EBITDA MARGIN 17.9%, OPERATIVE ROCE 12.1%

SEGMENT SPLIT GEOGRAPHIES PRODUCTS ◼ 40% ◼ 60% 10% ◼ 20% Other: APAC Industry & Water Pulp & Paper e.g. defoamers, ◼ 25% Bleaching 35% 1.China dispersants, and pulping #2 globally AMERICAS 2.South and biocides 1.USA Korea 3.Indonesia 2.Canada ◼ 15% 3.Brazil Sizing #1 in 55% and water EMEA strength treatment 1.Finland in NA and 2.Sweden ◼ 20% ◼ 20% Europe 3.UK Polymers Coagulants #2 in friction reduction in North American shale oil & gas Revenue by geographies and product category represent FY 2020.

CUSTOMERS EXAMPLES OF Several thousand customers LARGEST CUSTOMERS TOP 10 customers are ~25% of revenue Municipalities, e.g. TOP 50 customers are ~50% of revenue Frankfurt, Berlin, New York, Paris, Shanghai, Singapore Note: Revenue by industry, product and geography rounded to the nearest 5%

FEBRUARY 11, 2021 INVESTOR PRESENTATION 5 Global reach – local excellence 63 MANUFACTURING SITES

KEMIRA HQ Helsinki, Finland R&D Espoo, Finland Regional HQ Atlanta, USA

R&D Regional HQ Atlanta, USA Shanghai, China

R&D EMEA 54% Shanghai, China EUR 1,305 MILLION ASIA PACIFIC 11% 2,530 EUR 259 MILLION AMERICAS 36% EUR 862 MILLION 924 UNITS IN 40 COUNTRIES 1,467 SALES IN OVER 100+ COUNTRIES

Polymers and other process chemicals (24) Bleaching and pulping (10) Coagulants (29) Employees R&D and technology centers

FEBRUARY 11, 2021 INVESTOR PRESENTATION 6 We have transformed the company several times over the past 100 years

1950 1961 1972 1985-1992 1994 2008 2015 Development of Name changed The “Kemira” Expansion Kemira is listed on Water chemistry Acquisition of first chemicals for to Rikkihappo Oy name adopted continues in the Helsinki stock established as the Akzo Nobel’s paper applications (Sulfuric acid Ltd.) Europe e.g. exchange focus of strategy paper chemicals Belgium and business Spain

STATE- PUBLICLY TRADED OWNED COMPANY

FERTILIZERS AS CONGLOMERATE WATER AS CORE STRATEGY CORE STRATEGY

1920 1982 1989 2004 2009 2020 Establishment of First expansion Kemira expands GrowHow listed Tikkurila listed on Kemira centennial the state-owned abroad to the UK to Asia through on the Helsinki the Helsinki Stock anniversary sulphuric acid and joint venture in Stock Exchange Exchange phosphorous Japan fertilizer plants

FEBRUARY 11, 2021 INVESTOR PRESENTATION 7 Pulp & Paper – strong business with solid track record

REVENUE AND OPERATIVE EBITDA REVENUE BY CUSTOMER REVENUE BY EUR million TYPE AND MARKET GROWTH PRODUCT CATEGORY 1,520 1,523 1,457 1,477 1,458 ◼ 40% ◼ 40% ◼ 20% ◼ 5% Other ◼ 40% 1,417 Pulp Board & Printing & Bleaching tissue writing papers ◼ 10% & pulping 260 Polymers 218 195 198 192 ◼ 20% 171 Defoamers, dispersants, Market biocides and 1% 2% -1-2% ◼ 25% growth* other process chemicals Sizing & 2015 2016 2017 2018 2019 2020 strength

MARKET ENVIRONMENT REVENUE BY GEOGRAPHIES AND CUSTOMER EXAMPLES Solenis (paper)* #1 MARKET GROWTH BY REGION ◼ 15% ◼ 50% ◼ 35% APAC Kemira (pulp and paper) m.s. ~16% #2 EMEA Americas Nouryon (pulp) #3 Ecolab (paper) #4 Market 1% 1% 2-3% Kurita (paper) #5 growth*

* Solenis-BASF combined entity *chemical market growth in 2021-2026 Note: Revenue by industry, product and geography rounded to the nearest 5%

FEBRUARY 11, 2021 INVESTOR PRESENTATION 8 Industry & Water – strong positions in chosen categories

REVENUE AND OPERATIVE EBITDA REVENUE BY APPLICATION REVENUE BY EUR million 1,136 TYPE AND MARKET GROWTH PRODUCT CATEGORY 1,009 1,073 956 906 970 ◼ 75% ◼ 15% ◼ 10% ◼ 15% ◼ 50% Water treatment Oil & Gas Other Other Coagulants 175 products 192 such as 131 116 107 114 Municipal Industrial defoamers and biocides Market 2-3% 5-6% 2-3% ◼ 35% 2015 2016 2017 2018 2019 2020 growth* 2015-2016 figures are pro forma; combination of Municipal & Industrial Polymers and Oil & Mining segments MARKET ENVIRONMENT REVENUE BY GEOGRAPHIES AND CUSTOMER EXAMPLES WATER TREATMENT OIL & GAS MARKET GROWTH BY REGION Market share Market share ~25% in ◼ 55% ◼ 40% ◼ 5% MUNICIPAL INDUSTRIAL ~30% in coagulants and polymers used in shale EMEA Americas APAC customer examples customer examples ~20% in polymers oil & gas Amsterdam Los Angeles Barcelona Montreal Main competitors in Main peers in polymers Frankfurt New York City coagulants: (also in water treatment): Berlin Toronto • Feralco (Europe) • SNF Oslo Melbourne Market • Kronos (Europe) • Solenis* Paris Shanghai growth* 3-4% 3-4% 5-6% • Chemtrade (NA) • Solvay (only O&G) Stockholm Singapore • USAlco (NA) * Solenis-BASF combined entity *chemical market growth in 2021-2026 Note: Revenue by industry, product and geography rounded to the nearest 5%

FEBRUARY 11, 2021 INVESTOR PRESENTATION 9 Kemira’s financial targets

FINANCIAL TARGETS AND HISTORICAL FIGURES Targets 2018 2019 IFRS 16 impact in 2020 Financial target 2019 Revenue MEUR 2,593 MEUR 2,659 - MEUR 2,427 Above-market Change +4% Change +3% Change -9% growth Operative 12.5% 15.4% Around +1.3 %-point 17.9% 15-18% EBITDA* Gearing* 62% 66% Around +11 %-points 63% Below 75% * Targets updated in February 2019 due to IFRS 16 accounting change. 2018 figures are PRE IFRS 16.

KEY FACTORS TO WATCH FOR

Factors 2020 comments Sales price vs raw material price development Good management of fixed and variable costs, including lower raw materials and electricity costs. Organic growth through volume and sales price increases Group’s organic growth -4%, excl. Currencies and Oil & Gas -2%. Growth investments – Polymer capacity expansion in Netherlands (2019- Investments in China and the Netherlands contributed 2020), AKD sizing Joint Venture in China (2019-2020), Polymer capacity positively to EBITDA in 2020 (impact double-digit millions). expansion in the US (2021), bleaching expansion in Uruguay (2022-2023)

FEBRUARY 11, 2021 INVESTOR PRESENTATION 10 INVESTOR PRESENTATION

Investment highlights

FEBRUARY 11, 2021 INVESTOR PRESENTATION 11 Why invest in Kemira

Strong profitability improvement track record 1 Focus on profitable sustainable growth Operative EBITDA margin improved to 17.9% and Operative EBIT to 9.8% in 2020 Attractive dividend 2 Updated dividend policy: competitive and over-time increasing dividend Dividend proposed to be increased to EUR 0.58 (0.56)

Sustainability at the core of strategy 3 Kemira will become the leading provider of sustainable chemical solutions for water-intensive industries

FEBRUARY 11, 2021 INVESTOR PRESENTATION 12 Strategy and Equity Story in summary HOW KEMIRA CREATES VALUE

OUR MARKET BUILDING A GREAT EXECUTION – VALUE FOCUS CHEMICALS COMPANY OVER VOLUME

Chemicals for Pulp & Paper, Great products: Improving product and market mix Oil & Gas and Water Treatment 4 core areas are polymers, coagulants, Focusing on capital efficiency sizing and bleaching chemicals which meet #1 or #2 in our core markets our customers’ needs incl. resource efficiency Investing selectively in core Market growth estimated to be 3-4% p.a. product areas with higher return Great operations: supported by higher use of fiber-based on capital employed Deliver reliably with consistent quality products, resource efficiency and regulation Great people: Deep application expertise and innovation capability

FINANCIAL TARGETS Above-market revenue growth • Operative EBITDA 15-18% • Gearing below 75%

FEBRUARY 11, 2021 INVESTOR PRESENTATION 13 Global megatrends largely favor Kemira – sustainability becoming a key driver for the long term

CHANGING GROWING DEMOGRAPHICS ENVIRONMENTAL AWARENESS

Growing Changing More efficient use Focus on biobased Tightening Climate change middle-class lifestyles with of scarce natural and recyclable environmental mitigation and urbanization growth in e- resources materials for our regulation commerce customers

Higher use of Higher use of Chemicals to support Alternatives to fossil fuel Increased need for water Increased need for water water and tissue packaging and board circular economy needs based solutions treatment treatment

FEBRUARY 11, 2021 INVESTOR PRESENTATION 14 Healthy market growth for Kemira’s relevant markets

KEMIRA RELEVANT MARKET PULP & PAPER RELEVANT MARKET EUR billion EUR billion

9 CAGR: 10 27 1-2% CAGR: 22 3-4% 2019 2025 Pulp Printing & writing Board & tissue

INDUSTRY & WATER RELEVANT MARKET EUR billion

18 13 CAGR: 5-6%

2019 2025 2019 2025 Americas EMEA APAC Water treatment Oil & Gas Other

Source: Management estimation based on various sources

FEBRUARY 11, 2021 INVESTOR PRESENTATION 15 Good profitability improvement track record

REVENUE OPERATIVE EBITDA EUR million Revenue OPERATIVE EBITDA MARGIN declined due EUR million to COVID-19 pandemic

+4.5% 500 20 2,659 2,593 435 2,486 2,373 2,363 2,427 410 400 +7.2% 2,137 17.9% 323 15 303 311 15.4% 300 287 253

12.8% 12.5% 12.5% 200 11.8% 12.1% 10

100

0 5 2014 2015 2016 2017 2018 2019 2020 2014 2015 2016 2017 2018 2019 2020 PRE IFRS 16 FEBRUARY 11, 2021 INVESTOR PRESENTATION 16 Strengthening the foundation and improving profitability

Organic growth / expansion of site Acquisition Operational efficiencies Closure of site / divestment

Start-up of Ortigueira Chevron CEOR deal & Ramp-up of of new AKD Start-up of new AKD wax site sodium chlorate site (BR) Botlek expansion wax site (CN) (CN)

Bradford polymer Start-up of Joutseno chlorate Polymer investment decision, Ramp-up of of Botlek expansion (UK) expansion (FI) Mobile (US) polymer facility (NL) Eastover Bleaching San Giorgio polymer Major oil sands tailings water AKD wax manufacturing Joint Venture – Dry polymers extension start-up (US) expansion (IT) treatment deal (CA) JV deal closed (CN) (SK) 2020 Operative 2019 Operative EBITDA 2018 EBITDA 2015: 12.1% 2017 Move from ‘Value over volume’ 2020: 17.9% to ‘Active price management’ 2016 ‘Value over volume’ initiated Chlorate and peroxide Two segment expansion on-going in Fray Transportation agreement with structure operational Odyssey go-live in Europe Cost savings in Pulp & Paper Bentos (UY) Odyssey Goole coagulant expansion (UK) Closing of ECOX detergent Odyssey go-live on-going production (SWE) Botlek modernization (NL) Divestment of coagulant in North America Raw material flexibility: asset (IT) BOOST operational - Coagulants to Magnetite excellence program launch - Bradford AN purification Divestment of Kemira Operon Closures of Ottawa (CA) and (water treatment facility Zaramillo (ES), coagulants operations, FI)

FEBRUARY 11, 2021 INVESTOR PRESENTATION 17 The dividend policy has been updated

KEMIRA’S NEW DIVIDEND POLICY

Competitive and over-time increasing dividend No fixed payout ratio

We have a solid dividend track record ◼ Dividend per share  Dividend yield 0.56 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% 4.5% 4.9% 4.6% 4.1% 4.4% 4.4% 4.2% 4.5%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

*BoD prosposal to the AGM 2021 to be paid in two installments in May and November.

FEBRUARY 11, 2021 INVESTOR PRESENTATION 18 We invest in core products globally

KEY INVESTMENT FOCUS ON CORE PRODUCT GROUPS SINCE 2016 PRODUCTS • Bleaching chemicals • New chlorate plant in Brazil ◼ 20% Other: ◼ 25% Bleaching e.g. defoamers, and pulping • New chlorate line in the U.S. dispersants, • New chlorate line and peroxide capacity in Finland and biocides • Freed peroxide capacity from ECOX closure in Sweden • Chlorate and peroxide expansion in Uruguay (2022-2023) • Polymer capacity additions Revenue • Italy EUR 2,427 • UK ◼ 15% • Aberdeen, USA Sizing* million • Netherlands and (2020) • South Korea (start 2021) strength • Mobile, USA (start 2021) • Sizing chemicals – capacity additions due to integration of acquisitions (Akzo Nobel and China AKD wax) ◼ 20% ◼ 20% • Coagulants Polymers Coagulants • Goole, UK (start 2022)

*Sizing = Resistance against water absorption

Note: Revenue by product rounded to the nearest 5%.

FEBRUARY 11, 2021 INVESTOR PRESENTATION 19 We 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

FEBRUARY 11, 2021 INVESTOR PRESENTATION 20 INVESTOR PRESENTATION

Kemira as a sustainable investment

FEBRUARY 11, 2021 INVESTOR PRESENTATION 21 We 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 Chemical PEOPLE sector Strong company culture, diversity and commitment average Chemical to people sector average 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 Chemical Improve customer resource efficiency; increase biobased sector and recycled raw material use average CLIMATE Kemira will help build a carbon neutral society Chemical Ambition to be carbon neutral by 2045, and -30% CO2 Chemical sector emissions by 2030 (Scope 1 and Scope 2 emissions) sector average average

*) includes people, operations (environment) and chemical safety

FEBRUARY 11, 2021 INVESTOR PRESENTATION 22 Sustainability targets renewed in February 2021

SAFETY PEOPLE WATER CIRCULARITY CLIMATE High safety Foster strong Ensure water- Improve customer Reduce costs with performance company culture related risks are resource efficiency renewables and fundamental to and commitment to managed effectively Increase biobased energy efficiency business people and recycled raw Low carbon product material use offering

NEW KPIS TRIF 1.5 by 2025 Reach top 10% Continuously Reduce waste Scope and 1.1 by 2030 cross industry norm improve freshwater intensity by 15% 1&2 emissions -30% for Diversity & use intensity by 2030 by 2030 Inclusion by 2025 Biobased products >500 million EUR revenue by 2030

FEBRUARY 11, 2021 INVESTOR PRESENTATION 23 52% of revenue generated from products that improve customer resource-efficiency

PULP & PAPER INDUSTRY & WATER Kemira’s chemicals improve the manufacturing process and enable better resource-efficiency. WATER TREATMENT OIL & GAS For example Municipal and industrial Shale: water treatment: Our chemistry is helping to improve Our chemicals reduce friction and recycled fiber quality and content, chemical water treatment provides improve energy efficiency of shale energy and water efficiency in the most compact plant and producers paper mills smallest possible environmental Oil sands tailings: Case: footprint Wastewater treatment of oil sands Case: Lightweight packaging: with our tailings ponds strength chemicals, our customers Sludge de-watering: with our CEOR: can make their packaging lighter chemicals, our customers are able yet stronger. Lighter weight results to reduce the water content in Our chemicals reduce friction and in lower logistics cost and thus sludge. As a result, demand for enable a better yield from existing environmental footprint. logistics is lower resulting in better wells environmental footprint

FEBRUARY 11, 2021 INVESTOR PRESENTATION 24 SUSTAINABILITY WILL BE A KEY DRIVER FOR FUTURE GROWTH

TO SUPPORT OUR CUSTOMERS IN Customer behavior THE SHIFT TOWARDS HIGHER SUSTAINABILITY, is changing with an WE WILL: Address growing recyclability and increased focus on biodegradability demand for products sustainability Gradually transform our product portfolio to more biobased Pulp & Paper Reduce the use of fossil-fuel based carbon Customers desire for biodegradable and recyclable products - growing need for biobased chemicals as raw material Customer product portfolio will evolve when going TO INCREASE THE SUSTAINABILITY further into the bioeconomy – totally new uses for fiber OF OUR OPERATIONS, WE WILL: Industry & Water Increase the share of recycled Overall sustainability focus driven by consumers material in our products Growing market for circular products with high share of recycled content

FEBRUARY 11, 2021 INVESTOR PRESENTATION 25 WE WANT TO ENSURE PROFITABLE GROWTH BY BECOMING THE LEADING PROVIDER OF SUSTAINABLE CHEMICAL SOLUTIONS FOR WATER - I N T E N S I V E INDUSTRIES

CURRENT REVENUE TARGET REVENUE IN 2030 ~100 MEUR >500 MEUR FROM BIOBASED FROM BIOBASED PRODUCTS PRODUCTS

CURRENT SHARE TARGET SHARE IN 2030 12% 40% OF RENEWABLE CARBON OF OF RENEWABLE CARBON OF ALL CARBON CONTAINING ALL CARBON CONTAINING RAW MATERIALS RAW MATERIALS

FEBRUARY 11, 2021 INVESTOR PRESENTATION 26 What will the sustainability focus mean for our businesses?

Pulp & Paper Industry & Water

• Increase focus on circularity as customers • Increase focus and investments on water are demanding recyclability and treatment biodegradability • In Oil & Gas, direct focus to growing and less • Focus investments in sustainable pulp, volatile CEOR and oil sands tailings packaging and tissue applications. Limit businesses investments in declining printing & writing applications. • Explore new markets for water treatment, particularly in APAC • Explore new competencies, e.g. barrier solutions to capture market growth • Explore new competencies and product lines opportunities within water treatment

FEBRUARY 11, 2021 INVESTOR PRESENTATION 27 We will increase focus on water treatment to further improve sustainability of I&W portfolio

24% WE WILL CREATE AN ACTION PLAN TO FURTHER IMPROVE THE SUSTAINABILITY of current raw materials PROFILE OF THE I&W PORTFOLIO from recycled sources Further improve the circularity of our business by increasing share of recycled materials Start building a biobased polymer portfolio Already Increase segment focus on water treatment applications and capabilities up to 80% Increase Oil & Gas focus on growing and less volatile businesses, i.e. CEOR and of raw materials from Oil Sands tailings. Expected recovery in shale recycled sources in provides near-term growth opportunities. coagulants

FEBRUARY 11, 2021 INVESTOR PRESENTATION 28 Corporate sustainability performance Q4 2020 1/2

Priority KPI+Target Performance Comments Progress Three new R&D projects were started in Q4 2020 and all 53% 52% of them are planned to improve customer phase Product sustainability 51% resource efficiency. During year 2020 we started totally 12 AHEAD OF At least 50% of Kemira’s revenue 49% new R&D projects out of which 10 are planned to improve TARGET Sustainable products generated through products improving resource efficiency. At the same time we have customers’ resource efficiency. Baseline 2018 2019 2020 commercialized 7 R&D projects and all of them are and solutions average 2016-2017 improving resource efficiency at customer phase.​ Workplace safety After good safety performance in H1 2020, the second half Achieve zero injuries on long term; was not satisfactory and we totalled one incident more 3,9 TRIF* 1.9 by end of 2021. 3,5 than in 2019. As a result, we were not on target for our 2,1 2,2 1,9 YTD safety goal (TRIF 2.2 vs. 2.0). ​ BEHIND TARGET We continue to work with behavioral safety to continuously 2017 2018 2019 2020 Target improve our safety performance. ​ 2021

Climate change 2020 shows a 4.8% reduction in actual Reduce combined Scope 1 and Scope 2 100 98,6 95,2 annualized emissions compared to our baseline of 2018. greenhouse gas emissions by 30% by 70 This is a significant improvement, as the modelling when Responsible ON 2030, compared to the 2018 baseline setting Kemira’s 2030 target expected a 4% increase for TARGET operations and supply (0.93m t CO2eq). Ambition to be carbon 2020, before declining. chain neutral by 2045 2018 2019 2020 Target 2030

Supplier Management Supplier sustainability assessments continued as Share of direct key suppliers screened planned. During 2020 we completed 60 new supplier through sustainability assessments and 100% 90% 50 assessments with an average score of 52/100. An 69% 74% 75% audits (cumulative %). The target 80% 40 additional 10 suppliers have been invited to take an IN 60% 30 includes five sustainability audits for the 16 17 assessment.​ Supplier assessments and audits are part of PROGRESS 40% 11 20 highest-risk** suppliers every year, and 20% 10 sourcing processes and Sourcing function target setting cumulatively 25 audits by 2020. 0% 0 and are monitored on monthly basis. In 2020, supplier Baseline 2019 2020 Target 2018 2021 assessment target was met but we were not able to % of key suppliers # of audits (cumul.) conduct targeted number of audits mainly due to covid-19 and related restrictions. FEBRUARY 11, 2021 INVESTOR PRESENTATION 29 * TRIF = Number of Total Recordable Injury Frequency per million hours, Kemira + contractor, year-to-date ** Suppliers with lowest sustainability assessment score Corporate sustainability performance Q4 2020 2/2

Progress Priority KPI+target Performance Comments Employee engagement index based on In Q4, we completed the MyVoice 2020. Based on bi-annual MyVoice survey 81 81 the MyVoice our employee engagement score had Keep the index at or above the external increased to 81, which is six above the external industry norm. 75 manufacturing benchmark of 75. The participation rate was ON 81%, increasing by 14% points since 2019. During 2020, TARGET we continued our continuous feedback and listening model Engagement Participation for prioritized areas with our new, agile methods 2020 Target of engagement measurement, benchmarking People and and taking action.​ integrity Leadership development activities 1 839 During 2020, we experimented with more digital 1 533 1 500 provided, average learning and this continued in Q4. Examples includes 1 036 Two leadership development activities development for leaders in manufacturing, commercial and AHEAD OF 494 per people manager position during functions. We also ran two Talent Journey programs TARGET 2016–2020. The cumulative target is virtually for our nominated Talents.​ 1,500 by 2020. 2016 2017 2018 2019 Target 2020

Integrity index Integrity has been measured in the MyVoice Pulse KPI to measure compliance with the 81% survey 2020 using a new method (it is called ‘Speak My 80% Kemira Code of Conduct. The target is to Mind’, which is one single item Index). Therefore, it is not ON maintain the Integrity Index level above directly comparable to the previous 2018 results. In 2020 TARGET industry benchmark of 77%. 2020 the Integrity Index score is 80 points, 10 points

Integrity Index Participation above manufacturing benchmark

FEBRUARY 11, 2021 INVESTOR PRESENTATION 30 INVESTOR PRESENTATION

Pulp & Paper Driving growth as market leader

FEBRUARY 11, 2021 INVESTOR PRESENTATION 31 Pulp & Paper chemicals market estimated to grow 1-2% REVENUE AND OPERATIVE EBITDA • Pulp & Paper chemicals market drivers EUR million 1,520 1,523 – Hardwood and softwood pulp demand increasing 1,457 1,477 1,458 1,417 driven by growth of packaging needs (e-commerce, non-plastic solutions), growing tissue demand and 260 lack of recycled fiber 218 195 198 192 171 – Demand increase continues for packaging, driven by online shopping, last-mile delivery, product safety and non-plastic solutions 2015 2016 2017 2018 2019 2020 REVENUE BY CUSTOMER TYPE – Growth in tissue demand driven by increasing ◼ 20% wealth in emerging countries Printing & ◼ 40% writing papers – Ongoing digitalization of media drives decline of ◼ 40% Board & tissue graphic paper demand Pulp • Growth areas, pulp and board & tissue, represent over 80% of our Pulp & Paper Market 1% 2% -1-2% revenue growth – Ongoing capacity additions suit well for the need of growing demand

FEBRUARY 11, 2021 INVESTOR PRESENTATION 32 Markets impacted by COVID-19 in the short term, long-term drivers remain solid

SHORT TERM IMPACT LONG TERM IMPACT EXPECTED CAGR OF COVID-19 OF COVID-19 2020-2026* Graphic Paper Demand declined, particularly advertising-driven paper Structural decline and digitalization likely to consumption and office paper demand accelerate -2-3% Printing & Writing demand expected to decline by up Some recovery on print advertisement and office to 20% in 2020 paper possible after situation normalizes

Tissue High demand in H1/2020 Resilient demand Increased demand for more high-quality virgin fiber Megatrends (growing middle-class, growing +2-3% based (at-home) tissue and hygiene products GDP of emerging countries) remain intact

Packaging Strong demand for online and packaged daily E-commerce growth to accelerate consumer goods. Other megatrends (plastics replacement, +2-3% Higher consumer demand will only partly offset the growing urban middle class) remain unchanged falling demand for industrial and B2B-transport packaging Pulp Pulp demand solid Demand supported by packaging and tissue demand Wastepaper collection and sorting interrupted +1-2% Efficient pulp mills coming online forcing high cost and old pulp mills out of market

Sources: RISI, Hawkins Wright, Pöyry, management estimation *End market

FEBRUARY 11, 2021 INVESTOR PRESENTATION 33 From our existing markets, we see growth opportunities in Asia-Pacific and in Pulp

ASIA - PACIFIC PULP • Customer demand to shift increasingly to • Growth in pulp expected to be driven by Asia-Pacific with most of new board and paper increasing need for packaging and tissue production capacity expected in the region • Demand to shift more towards market pulp • Big customers expected to capture larger and recycled pulp share of the region’s market; emerging • New investments expected to concentrate in sustainability focus of consumers to benefit Northern Europe and South America larger suppliers • Fragmented chemical market with many small and local producers provides opportunities for further consolidation

KEMIRA POSITION KEMIRA POSITION Focused on larger and financially healthy producers Well-positioned to capture selected growth opportunities in Northern Customer market consolidation could create opportunities for Europe and South America through existing strong Kemira to differentiate with full product portfolio offering customer relationships

FEBRUARY 11, 2021 INVESTOR PRESENTATION 34 New 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

JOINT-VENTURE ACQUIRED ASSET FULFILLS OUR KEY CRITERIA FOR ACQUISITIONS: Tiancheng with Kemira GROWTH – End-products in growing markets APAC – Enables profitable growth in APAC holding 80% investment SUPPLY – Backward integr. & self-sufficiency (FACL) SUSTAINABILITY – FACL from renewable material of around EUR 70 LOCATION – Close to our existing production PROFITABILITY – Accretive after ramp-up million

FEBRUARY 11, 2021 INVESTOR PRESENTATION 35 Upcoming investments will further strengthen our long-term performance

BLEACHING EXPANSION IN URUGUAY SOUTH KOREA • Multi-year agreement with UPM-Kymmene • Joint Venture with Yongsan Chemicals, includes bleaching capacity to existing Fray Kemira minority shareholder Bentos mill as well as new 2.1 million ton pulp • Polymer investment in a growing market; mill in Paso de los Toros. efficiency improvement from backward- • Expansion of both sodium chlorate and integration hydrogen peroxide at the existing Fray Bentos • Premium dry polymer products: paper and chemical island site packaging mills in APAC and water treatment • The extension will support long-term growth in facilities as end customers bleaching, one of Kemira’s strategic focus • Will support strengthening competitive areas position in APAC • Financial contribution expected as of 2023, • Scheduled opening in H1 2021, ramp-up by investments to take place in 2021-2022 the end of 2021.

INVESTMENT AROUND USD 30 MILLION EQUITY INVESTMENT AROUND EUR 5 MILLION

FEBRUARY 11, 2021 INVESTOR PRESENTATION 36 We are looking to transform our portfolio more towards biobased products

CUSTOMERS SEEKING ADDED VALUE WE WILL BECOME THE LEADING FROM SUSTAINABILITY AND PROVIDER OF SUSTAINABLE BIOMATERIALS CHEMICAL SOLUTIONS FOR WATER - • Maximizing biocontent in end-products to INTENSIVE INDUSTRIES differentiate from plastic applications -> • Kemira’s aim is to improve customer resource recyclability of products key efficiency, particularly in pulp and packaging • Pulp & Paper companies making increasing • 12% of all carbon containing raw materials investments to renew and broaden wood- used in Kemira is already renewable based end-product portfolio • Ambition to create a green portfolio in the long • Many Pulp & Paper customers announcing term

ambitious sustainability targets related to CO2 • Key product lines strength, sizing and barriers emission reduction and more efficient water as well as retention chemicals usage • Kemira’s current biobased solutions: e.g. sizing agents, such as Sunflower ASA and AKD wax, and rosin

FEBRUARY 11, 2021 INVESTOR PRESENTATION 37 Our focus is to maintain profitability while increasing focus on growth

PRIORITIZED GROWTH ACTIONS FURTHER PROFITABILITY • Shift current portfolio more IMPROVEMENT ON-GOING towards packaging and tissue • Continuous performance and • Capture growth in Asia-Pacific • Disciplined price and cost cost-structure enhancement, management particularly in Process & • In Pulp applications, seize growth • Increase share of customer wallet Functional chemicals opportunities in Europe and South America. • Continued complexity reduction • Restructuring of Pulp & Paper Americas organization • Focus on growing biobased • Capitalize on new facilities in market organically or through China and the U.S. and upcoming M&A, particularly in barriers investment in South Korea

PROFITABILITY & CASH FLOW GROWTH

FEBRUARY 11, 2021 INVESTOR PRESENTATION 38 INVESTOR PRESENTATION

Industry & Water Stronger platform for profitable growth

FEBRUARY 11, 2021 INVESTOR PRESENTATION 39 Industry & Water relevant chemicals market estimated to grow 3-4% REVENUE AND OPERATIVE EBITDA • Demand for water treatment chemicals expected EUR million 1,136 to increase due to 1,009 1,073 956 906 970 – Higher demand for water driven by industrial growth and population growth 192 175 131 116 107 114 – More stringent discharge limits for waste water – Better dewatering of sludge 2015 2016 2017 2018 2019 2020 – Phosphorus recovery 2015-2016 figures are pro forma; combination of Municipal & Industrial and Oil & Mining segments – Water reuse REVENUE BY APPLICATION ◼ 10% • Higher demand for Oil & Gas solutions expected ◼ 15% Other ◼ 75% Oil & Gas – Shale friction reducer market expected to grow due Water treatment to higher energy demand and increasing number of wells fracked – Oil sands operators face regulatory requirements for Market 2-3% 5-6% 2-3% their tailings treatment growth – Chemical Enhanced Oil Recovery lucrative in certain fields due to better yield from existing reservoirs FEBRUARY 11, 2021 INVESTOR PRESENTATION 40 COVID-19 impact clear on shale, but remaining I&W business areas continue to be resilient short and long-term

SHORT TERM IMPACT LONG TERM IMPACT EXPECTED CAGR OF COVID-19 OF COVID-19 2020-2026* Municipal Marginal drop in volumes due to lower activity mainly Expected to grow with around GDP Water in the hospitality industry No changes to previous views 3-4% Treatment

Industrial Temporarily lower industrial activity has decreased Expected to recover with economy and continue to Water chemical demand by 5-10% grow with around GDP 3-4% Treatment No changes to previous views

Oil Sands Volumes lower than expected for Kemira’s end No impact on the long-term tailings treatment market, expected to recover in 2021 Tailings demand 8-9% Treatment

Chemically No impact on active projects and projects in planning No impact expected phase Enhanced ~15% Oil Recovery • Projects long-term in nature, project breaks (cEOR) are expensive

Shale Sharp drop in fracking activity leading to -70% of Industry expected to recover gradually by 2025 Friction Reducer demand for 2020 compared to 2019 Oil & Gas Shale role in future global oil supply to be confirmed 15-20% Market bottom in Q2 followed by modest sequential pick-up during Q3

*Kemira estimates FEBRUARY 11, 2021 INVESTOR PRESENTATION 41 APAC, CEOR and oil sands tailings provide strong growth opportunities

GROWING NEED FOR POLYMERS

WATER TREATMENT IN APAC OIL SANDS TAILINGS CEOR • Largest and fastest growing • Market growth driven by regulatory • Exploration and drilling of new water treatment market liability to treat tailings from oil oil wells increasingly expensive; • Expected market CAGR ~5%. sands in Canada ensuring most efficient use of until 2030 • Market expected to grow current wells • Fragmented market; many local significantly into 2030s with tailings • Market expected to grow clearly players with local manufacturing remediation demand expected to until 2030, more moderate continue for at least the next 50 growth until 2050 years

KEMIRA POSITION KEMIRA POSITION KEMIRA POSITION Mainly export business, Strong relationship with Serving customer in the North Sea, focus on premium segment all oil sands operators several other customer pilots ongoing

FEBRUARY 11, 2021 INVESTOR PRESENTATION 42 Kemira’s 1. The requirements of the Urban Wastewater Treatment Directive (UWWTD) must be six actions implemented fully and equally in all member states. 2. Emission limit values (especially phosphorus) in for cleaner water discharges should be tightened. 3. Digitalization can improve both the quality of monitoring and the cost efficiency of water waters treatment. 4. Emerging pollutants need to be included IN EMEA 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.

FEBRUARY 11, 2021 INVESTOR PRESENTATION 43 Regulation continues to support growth in European water treatment market

Regulation under update Comments & Implications

Urban • Basis for wastewater treatment business in Europe Wastewater • Target to better enforce existing legislation in all countries Treatment Directive • Other potential improvement areas: energy efficiency and micropollutants control (UWWT)* • Revised directive will increase use of coagulants and polymers in non-compliant countries • New regulation expected to be fully operational in late 2025

Water • Regulation evaluated to be fit for purpose and won’t be opened for changes Framework Directive (WFD)

Drinking Water • Only minor changes with small impact: Directive (DWD) – New tighter limits for Lead and Chromium in drinking water • New regulation is expected to be fully operational in 2025

Water Reuse • New EU wide regulation (no additional national implementation required) defining minimum quality standards for water reuse regulation 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

* most relevant for Kemira

FEBRUARY 11, 2021 INVESTOR PRESENTATION 44 Oil & Gas expected to grow in the long-term

REVENUE IN OIL & GAS Long-term market growth opportunities with EUR million Kemira’s selective market diversification 350 300 Kemira’s offering 250 200 150 • Process efficiencies: polymers that reduce 100 energy consumption by 60% in shale oil fields 50 0 2013 2014 2015 2016 2017 2018 2019 2020 • Cost reduction: higher concentrated liquids that make offshore oil recovery more cost effective (CEOR) REVENUE SPLIT 2020 • Addressing environmental regulations: tailings ◼ 15% ◼ 40% treatment in oil sands Other Shale fracking New innovative technologies driving ◼ 45% expansion Oil sands and Chemical Enhanced Oil Recovery Figures rounded to closest 5%

FEBRUARY 11, 2021 INVESTOR PRESENTATION 45 We have diversified our Oil & Gas business since the last oil downturn

Revenue split 2020 Revenue split 2015

◼ 15% Other ◼ 35% Other

◼ 45% ◼ 40% ◼ 5% ◼ 60% Oil sands Shale fracking Oil sands Shale fracking and and Chemical Chemical Enhanced Oil Enhanced Oil Recovery Recovery

2020 UPDATE • 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

FEBRUARY 11, 2021 INVESTOR PRESENTATION 46 Our polymer investment in the Netherlands serves growing CEOR market • 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.

Investment around EUR 30 million, EBITDA contribution high single-digit millions (annualized)

FEBRUARY 11, 2021 INVESTOR PRESENTATION 47 Water 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.

FEBRUARY 11, 2021 INVESTOR PRESENTATION 48 Our focus is to maintain profitability while increasing focus on growth

PRIORITIZED GROWTH ACTIONS FURTHER PROFITABILITY • Increase focus on sustainable IMPROVEMENT water treatment business and ON-GOING Oil & Gas profitability look for growth, particularly in • Disciplined price and cost • Cost structure already APAC management streamlined; ready for growth • In Oil & Gas, focus on growing • Continued complexity reduction when shale demand picks up CEOR and oil sands tailings • Capitalize on new polymer asset APAC profitability applications in the Netherlands and upcoming • Organization reorganized, focus • Consider M&A opportunities in polymer investment in Mobile, on growth to improve scale new water treatment capabilities USA, including backward- and strengthening regional integration efficiencies footprint

PROFITABILITY & CASH FLOW GROWTH

FEBRUARY 11, 2021 INVESTOR PRESENTATION 49 INVESTOR PRESENTATION Latest news and financials

FEBRUARY 11, 2021 INVESTOR PRESENTATION 50 Highlights in 2020

• Strong performance in 2020: improved profitability, good operational performance, improved customer satisfaction and employee engagement. • Challenging market environment due to COVID-19 pandemic and related economic slowdown • Revenue development excluding Oil & Gas and currencies -2% illustrating resilience of business model. Strong profitability: operative EBITDA margin improved to 17.9%. • Financial target for operative EBITDA margin updated to 15-18% (previously 15-17%). Also dividend policy updated: aim to distribute competitive and over-time increasing dividend. • New manufacturing facilities in China and the Netherlands facilitate growth; existing facility expansion in Uruguay to support future growth in Pulp & Paper

FEBRUARY 11, 2021 INVESTOR PRESENTATION 51 Financial highlights of 2020

Organic revenue growth improved towards year- EUR million Q4 Q4 Δ% FY FY Δ% end (except ratios) 2020 2019 2020 2019 • COVID-19 related economic slowdown impacted Revenue 605.6 657.7 -8% 2,427.2 2,658.8 -9% volumes, particularly in printing and writing and shale Operative EBITDA 107.9 90.1 +20% 435.1 410.0 +6%

• Organic revenue growth excluding Oil & Gas stable of which margin 17.8% 13.7% - 17.9% 15.4% - in Q4 2020, -2% in 2020 Strong margin development continued in Q4 2020 Operative EBIT 57.0 42.4 +34% 237.7 224.0 +6% • EBITDA supported by lower variable costs, of which margin 9.4% 6.4% - 9.8% 8.4% - including raw materials and efficiencies from new investments in China and the Netherlands Net profit 23.8 8.6 177% 138.0 116.5 +18% • Good fixed cost management EPS diluted, EUR 0.14 0.05 214% 0.86 0.72 +19% Earnings per share EUR 0.86 Cash flow from Strong cash flow from operating activities 146.4 142.5 +3% 374.7 386.2 -3% operating activities Dividend proposal of EUR 0.58 per share Dividend per share, proposal by the BoD, 0.58 0.56 +4% EUR*

*Board of Director’s proposal to the AGM 2021 FEBRUARY 11, 2021 INVESTOR PRESENTATION 52 Pulp & Paper: clear profitability improvement in 2020 Market environment in 2020 REVENUE AND ORGANIC REVENUE GROWTH (Y-ON-Y) • Pulp, board and tissue demand remained resilient; EUR million demand in printing and writing chemicals declined. 385 390 381 383 386 Improvement in market demand in Q4. 369 376 373 378 370 357 352 +7% +6% Organic growth improved towards year-end +5% +4% • Economic slowdown impacted volumes, particularly +0% 0% -3% -3% -3% -1% in printing & writing products where revenue -4% -5% declined by 9% in 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • Sales volumes increased in Q4 2020, sequential 2018 2019 2020 improvement in all customer segments OPERATIVE EBITDA AND OPERATIVE EBITDA-% Strong operative EBITDA margin in 2020 EUR million 18.4% 18.6% 18,6% 16.0% 15.9% • Profitability improvement in APAC 14.4% 13.6% 13.1% 13.3% 13.6% 12.1% 65.6 65.5 68,9 11.6% 61.3 60.2 • 2020 margin improvement result of good cost 52.3 51.2 50.7 53.7 52.6 management and contribution from recent 42.7 45.4 investments Organizational restructuring in the Americas during Q4 2020 Q1 Q2 Q3 Q4 Q1* Q2* Q3* Q4* Q1* Q2* Q3* Q4*

FEBRUARY 11, 2021 INVESTOR PRESENTATION 2018 2019 2020 53 * Includes IFRS16 impact Industry & Water: relative profitability improved despite lower sales volumes

Market environment in 2020 REVENUE AND ORGANIC REVENUE GROWTH (Y-ON-Y) EUR million • Municipal water treatment market grew slightly 307 284 290 despite COVID-19; industrial water treatment market 272 271 267 272 264 245 226 244 236 declined due to lower industrial activity +14% +11% +11% +5% +6% • Modest sequential recovery in shale demand +2% +4% continued in Q4 2020 -1% -1% -22% -18% -10% Organic growth Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • Organic revenue growth excluding Oil & Gas 0% in Q4 2020, -2% in 2020. Revenue in municipal water 2018 2019 2020 treatment increased in 2020. OPERATIVE EBITDA AND OPERATIVE EBITDA-% EUR million • Shale revenue continued to recover sequentially in Q4 2020 18.5% 19.5% 16.8% 18.1% 18.3% 17.7% 16,6% 12.8% 12.9% 13.8% Strong operative EBITDA margin in 2020 10.9% 12.3% 52.4 56.8 48.2 47.6 36.7 45.0 37.5 40.0 39,0 • Profitability supported by lower variable costs and 26.6 34.8 33.3 good fixed cost management. Positive contribution from polymer expansion in the Netherlands. Q1 Q2 Q3 Q4 Q1* Q2* Q3* Q4* Q1* Q2* Q3* Q4* 2018 2019 2020 FEBRUARY 11, 2021 INVESTOR PRESENTATION 54 * Includes IFRS16 impact Oil & Gas: sequential shale market recovery continued in Q4 2020 Market environment in 2020 • Shale: shale market bottomed in Q2 2020. Sequential market recovery continued in Q4 2020; typically Q4 seasonally slower quarter REVENUE DEVELOPMENT EUR million • In oil sands tailings, Kemira’s end market demand in 2020 clearly lower than expected. CEOR* end market solid. 87 73 77 Kemira performance in 2020 66 62 66 57 57 56 52 45 46 38 41 38 • Oil & Gas revenue declined by 46% in 2020 27 • Q4: Kemira shale revenue continued to recover sequentially, but remained at a low level compared to Q4 2019 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 2019 2020 • Multi-year contract extension signed with Ithaca for CEOR 2021 expectation • Shale and oil sands tailings demand expected to recover gradually, CEOR to remain solid

*CEOR, chemical enhanced oil recovery

FEBRUARY 11, 2021 INVESTOR PRESENTATION 55 Strong results in customer satisfaction and employee engagement

Strong customer satisfaction – positive Employee engagement continued to feedback on Kemira’s actions during improve – clearly above industrial COVID-19 benchmark

NET PROMOTER SCORE* EMPLOYEE ENGAGEMENT 47*** 36** 33 28 30 81

6 PTS ABOVE MANUFACTURING INDUSTRY BENCHMARK 2016 2017 2018 2019 2020

* Promoter customers (very loyal) – Detractor customers (unhappy), Scale: 0-19 Satisfactory, 20-39 Good, 40+ Excellent. ** New rolling process implemented in 2019 ***Average NPS score in 2020, data in 2020 limited due to a 6-month break in interviews following COVID-19 FEBRUARY 11, 2021 INVESTOR PRESENTATION 56 WE WANT TO ENSURE PROFITABLE GROWTH BY BECOMING THE LEADING PROVIDER OF SUSTAINABLE CHEMICAL SOLUTIONS FOR WATER - I N T E N S I V E INDUSTRIES

CURRENT REVENUE TARGET REVENUE IN 2030 ~100 MEUR >500 MEUR FROM BIOBASED FROM BIOBASED PRODUCTS PRODUCTS

CURRENT SHARE TARGET SHARE IN 2030 12% 40% OF RENEWABLE CARBON OF OF RENEWABLE CARBON OF ALL CARBON CONTAINING ALL CARBON CONTAINING RAW MATERIALS RAW MATERIALS

FEBRUARY 11, 2021 INVESTOR PRESENTATION 57 Partnerships announced in December are important steps in our biobased strategy

DUPONT DANIMER SCIENTIFIC

• Exclusive partnership to develop enzymatic • Exclusive partnership to develop biomaterial platform technology developed by biodegradable coating for Kemira applications DuPont Nutrition & Biosciences (now part of in paper and board IFF) for Kemira applications • Danimer’s plant seed-based PHA will be used • Partnership will leverage DuPont’s platform to develop biobased alternatives to that utilizes plant-based sugars as raw polyethylene coating materials. Kemira will bring application development expertise. • NEXT STEPS: Aim to manufacture coatings for limited commercial applications in 2021 • NEXT STEPS: In 2021 partners will work on before exploring broader production options joint application development before doing pilot scale sales in 2022-2023.

FEBRUARY 11, 2021 INVESTOR PRESENTATION 58 Sustainability targets renewed

SAFETY PEOPLE WATER CIRCULARITY CLIMATE High safety Foster strong Ensure water- Improve customer Reduce costs with performance company culture related risks are resource efficiency renewables and fundamental to and commitment to managed effectively Increase biobased energy efficiency business people and recycled raw Low carbon product material use offering

NEW KPIS TRIF 1.5 by 2025 Reach top 10% Continuously Reduce waste Scope and 1.1 by 2030 cross industry norm improve freshwater intensity by 15% 1&2 emissions -30% for Diversity & use intensity by 2030 by 2030 Inclusion by 2025 Biobased products >500 million EUR revenue by 2030

FEBRUARY 11, 2021 INVESTOR PRESENTATION 59 Key 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. • 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

FEBRUARY 11, 2021 INVESTOR PRESENTATION 60 PETRI CASTRÉN, CFO FEBRUARY 11, 2021

Financials Q4 2020

FEBRUARY 11, 2021 INVESTOR PRESENTATION 61 Strong profitability despite clearly lower volumes Q4/2020 REVENUE AND ORGANIC GROWTH (Y-ON-Y) Organic revenue growth -4% in Q4 2020, -7% EUR million in 2020

658 • Q4 2020 revenue declined due to lower sales volumes and -2% -2% 606 prices. Revenue declined particularly in shale and printing -4% 0% and writing • Organic revenue growth trend improved towards year-end Operative EBITDA margin improved to 17.8% in Q4 2020, 17.9% in 2020 • Operative EBITDA improved despite lower revenue. Q4 2019 Sales volumes Sales prices Currency Acquisitions & Q4 2020 impact divestments Favorable variable cost development and good fixed cost management. Efficiencies from investments in China and the Netherlands contributed positively to EBITDA. OPERATIVE EBITDA BRIDGE EUR million 108 -4 4 90 6 -4 29 -14

Q4 2019 Sales volumes Sales prices Variable costs Fixed costs Curency impact Other Q4 2020 FEBRUARY 11, 2021 INVESTOR PRESENTATION 62 Items affecting comparability

• Q4 2020: Items affecting comparability, Q4 2020 Q4 2019 FY 2020 FY 2019 • EUR 14 million related to liabilities EUR million in a small, to-be-closed energy company in Finland owned via Within EBITDA -16.7 -20.5 -21.8 -27.7 Pohjolan Voima Pulp & Paper -16.8 -20.8 -20.0 -25.8 • Restructuring costs in Pulp & Paper of around EUR 4 million Industry & Water 0.1 0.3 -1.8 -1.8 due to organizational changes in Within depreciation, amortization 0.0 0.0 0.0 -1.9 the Americas and impairment

• Q1-Q3 2020: Pulp & Paper 0.0 0.0 0.0 0.0

• Restructuring costs in Oil & Gas Industry & Water 0.0 0.0 0.0 -1.9 of around EUR 2 million Total items affecting -16.7 -20.5 -21.8 -29.6 • Increased environmental comparability in EBIT provisions due to clean-up of old manufacturing site in Finland

FEBRUARY 11, 2021 INVESTOR PRESENTATION 63 Impact from variable costs continued to be positive

SALES PRICE VS VARIABLE COST TREND SALES PRICES AND VARIABLE COSTS (ROLLING 12-MONTH CHANGE Y-O-Y) (CHANGE Y-O-Y) EUR million EUR million 180 47 42 37 120 34 32 26 38 28 28 28 36 25 60 16 13 29 24 16 15 9 13 23 11 8 23 5 4 19 11 14 0 11 -9 3 0 -2 -2 0 -18 -3 -10 -4 -5 -4 -4 -60 -10 -23 -13 -13 -16 -14 -14 -18 -20 -20 -23 -23 -120 -26 -16 -25 -29 -32 -180 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Net impact on EBITDA (sales prices-variable costs) Brent oil, USD Sales prices* Variable costs* Sales prices Variable costs

* 12-month rolling change vs previous year in EUR million

FEBRUARY 11, 2021 INVESTOR PRESENTATION 64 Strong cash flow ALL KEY FIGURES IN EUR MILLION

CASH FLOW FROM OPERATIONS

386 375 • Q4 cash flow from operations strong at EUR 146.4 million. January-December 2019 period included EUR 143 146 15 million return of excess capital from Kemira’s Q4 205 210 supplementary Pension Fund in Finland. Q3 71 88 121 117 • Net working capital improved from Q3 2020 mainly due Q2 93 64 57 61 to lower inventory levels and higher payables. NWC Q1 29 23 65 12 35 50 was EUR 197 million end of December 2020 (EUR 211 2017* 2018* 2019 2020 million at end of 2019). *Pre-IFRS16 figures CAPITAL EXPENDITURE EXCL. ACQUISITIONS

190 201 196 • Capex estimated to be around EUR 200 million in 2021: 66 150 98 98 78 – Expansion of manufacturing facility in Uruguay to cater for 44 UPM’s upcoming pulp mill 44 65 39 53 – Mobile polymer plant to start production in H2 2021 59 53 65 65 73

2017 2018 2019 2020

Expansion Improvement Maintenance

FEBRUARY 11, 2021 INVESTOR PRESENTATION 65 Gearing below financial target range

DEVELOPMENT OF OPERATIVE ROCE, %

12.1% 11.2% • Operative ROCE improved to 12.1% driven by 9.7% 9.8% improvement in Pulp & Paper • Pulp & Paper operative ROCE 11.1% (2019: 7.7 %) • Industry & Water operative ROCE 13.9% (2019: 2017* 2018* 2019 2020 17.6%)

*Pre-IFRS16 figures

NET DEBT (EUR million) AND LEVERAGE RATIO*

811 759 • Gearing 63% - below financial target range of below 694** 741** 638** 75% • Average interest rate of net debt excluding leases is 2.2 2.3 2.0 1.7 1.9% and duration is 20 months • With pre-IFRS 16 net debt figures:

Dec 31 Dec 31 Dec 31 Dec 31 – gearing 53% 2017 2018 2019 2020 – leverage ratio 1.6 * Leverage ratio = Net debt / last 12 months operative EBITDA ** pre-IFRS 16 figures

FEBRUARY 11, 2021 INVESTOR PRESENTATION 66 Financial targets and dividend policy updated in November

UPDATED FINANCIAL TARGETS • Above-the-market growth (unchanged) • Operative EBITDA margin of 15-18% (previously 15-17%) • Gearing below 75% (unchanged)

UPDATED DIVIDEND POLICY Kemira’s dividend policy aims at paying a competitive and over time increasing dividend. (previously: stable and competitive dividend)

FEBRUARY 11, 2021 INVESTOR PRESENTATION 67 Dividend proposed to be increased to EUR 0.58 per share

• Dividend proposed to be increased due to strong profitability and cash flow in 2020 ◼ Dividend per share  Dividend yield • Board of Directors’ proposes to the AGM a 0.56 0.58* dividend of EUR 0.58 per share, totaling 0.53 0.53 0.53 0.53 0.53 0.53 0.53 0.53 EUR 89 million. The dividend is proposed 0.48 to be paid in two installments, in April and 5.8% 5.4% 5.4% in November. 4.5% 4.9% 4.6% 4.1% 4.4% 4.4% 4.2% 4.5% • No Board of Directors discretion over second dividend installment • Kemira has paid a dividend every year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 since listing of shares in 1994 Kemira’s dividend yield calculated using the share price at year-end

*Board of Director’s proposal to the AGM 2021

FEBRUARY 11, 2021 INVESTOR PRESENTATION 68 Factors to watch for in 2021

FACTORS IMPACTING OPERATIVE EBITDA DEVELOPMENT IN 2021

SUPPORTING UNCERTAINTIES BURDENING FACTORS • Restructuring in Pulp & • Uncertainty related to global • Revenue: around EUR 20M Paper Americas; savings economic and pandemic negative revenue impact mid-single-digit millions situation and its impact on mainly due to closure of a • Shale market and oil sands customer volumes and small energy company in tailings market expected to Kemira sales volumes Finland; no margin impact recover gradually from 2020 levels • Raw material price • Currencies expected to have • Part of fixed cost savings to development and ability for a negative impact on revenue continue, particularly in H1 sales price review according and operative EBITDA 2021 to contract cycle • Operational efficiencies from China and NL investments

FEBRUARY 11, 2021 INVESTOR PRESENTATION 69 Outlook for 2021

ASSUMPTIONS FOR 2021 OUTLOOK • COVID-19 pandemic continues to cause REVENUE uncertainty, but overall demand in Kemira’s end Kemira’s revenue in local currencies, excluding acquisitions markets is expected to recover gradually from and divestments, is expected to increase from 2020 (EUR 2020 in line with forecasted economic growth: 2,427 million) • Pulp & Paper: demand to remain solid in pulp and packaging and board. Stabilization in printing and writing demand possible when COVID-19 situation normalizes. OPERATIVE EBITDA • Industry & Water: municipal water treatment to Kemira’s operative EBITDA is expected to be at the same or remain solid, industrial water treatment to at a slightly (less than 5%) lower level than in 2020 (EUR recover from 2020. Shale market expected to 435 million) 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

FEBRUARY 11, 2021 INVESTOR PRESENTATION 70 Kemira has a diversified financing base

GROSS DEBT END OF DECEMBER 2020 EUR 919 MILLION, MATURITY PROFILE EXCLUDING LEASES

13% 450 Leases 400 121 million 38% 400 Bond EUR 350 million 350 19% 300 Other 250 EUR 175 million 200 200 168 151 156 150 127 100

50

0 30% 2021 2022 2023 2024 2025 Loans from banks and financial institutions Bilaterals Bonds Others EUR 277 million Undrawn RCF

FEBRUARY 11, 2021 INVESTOR PRESENTATION 71 Majority 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

FEBRUARY 11, 2021 INVESTOR PRESENTATION 72 Kemira’s cost structure and top raw materials

DIRECT PURCHASES AND EXPOSURE TO OIL RELATED TOP 12 RAW MATERIALS LOGISTICS COSTS 2020 RAW MATERIALS BY SPEND (around 50% of total EUR 1.4 billion raw material spend) ◼ 70% ◼ 30% 1. Sodium hydroxide (caustic soda)* ◼ 20% Not oil Oil & gas 2. Acrylonitrile (OD) Logistics related related 3. Aluminium Hydrate ◼ 10% 4. Colloidal silica dispersion* Electricity & energy 5. Fatty acid 6. Amines (OD) 7. Alpha olefin (OD) 8. Sodium chloride (salt) 9. Petroleum solvents (OD) 10. Sulphuric acid 11. Acrylic ester (OD) ◼ 70% 12. Acrylic Acid (OD) Raw materials

OD = Oil & gas derivative Figures rounded to the nearest 5% * Mainly trading materials

FEBRUARY 11, 2021 INVESTOR PRESENTATION 73 INVESTOR PRESENTATION

Appendix

FEBRUARY 11, 2021 INVESTOR PRESENTATION 74 Key figures

EUR million Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 2020 2019 Revenue 605.6 596.7 582.9 642.0 657.7 2,427.2 2,658.8 Operative EBITDA 107.9 113.0 105.7 108.5 90.1 435.1 410.0 margin 17.8% 18.9% 18.1% 16.9% 13.7% 17.9% 15.4% Operative EBIT 57.0 62.3 57.6 60.8 42.4 237.7 224.0 margin 9.4% 10.4% 9.9% 9.5% 6.4% 9.8% 8.4% Net profit 23.8 35.5 39.6 8.6 8.6 138.0 116.5 Earnings per share, diluted, EUR 0.14 0.24 0.22 0.25 0.05 0.86 0.72 Cash flow from operations 146.4 117.3 60.8 50.2 142.5 374.7 386.2 Capex excl. acquisitions 66.0 49.4 44.1 36.1 81.4 195.6 201.1 Net debt 759 786 844 816 811 759 811

NWC ratio (rolling 12 m) 9.9% 10.1% 10.2% 10.7% 11.1% 9.9% 10.7%

Operative ROCE (rolling 12 m) 12.1% 11.3% 11.6% 11.8% 11.2% 12.1% 11.2% Personnel at period-end 4,921 4,999 5,106 5,075 5,062 4,921 5,062

FEBRUARY 11, 2021 Q4 2020 RESULTS 75 Cash flow

EUR million Q4 2020 Q4 2019 2020 2019 Net profit for the period 24 9 138 116 Total adjustments 84 81 298 302 Change in net working capital 50 83 -3 45 Finance expenses -5 -9 -22 -39 Income taxes paid -7 -21 -37 -39 Net cash generated from operating activities 146 142 375 386 Purchases of subsidiaries and business acquisitions, net of 0 1 -3 -3 cash acquired Capital expenditure -66 -82 -196 -201 Proceeds from sale of assets 2 0 2 8 Change in long-term loan receivables -6 0 -6 0 Cash flow after investing activities 77 60 173 190

FEBRUARY 11, 2021 Q4 2020 RESULTS 76 Pulp & Paper KEY FINANCIALS

EUR million Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 2020 2019 Revenue 370.0 352.2 357.0 378.5 385.9 1,457.6 1,522.9 Operative EBITDA 68.9 65.5 65.6 60.2 52.6 260.2 218.3 margin 18.6% 18.6% 18.4% 15.9% 13.6% 17.9% 14.3% Operative EBIT 37.5 34.8 35.7 30.1 22.5 138.0 99.2 margin 10.1% 9.9% 10.0% 8.0% 5.8% 9.5% 6.5% Operative ROCE*, % 11.1% 9.8% 9.5% 8.5% 7.7% 11.1% 7.7% Capital expenditure (excl. M&A) 33.6 23.0 21.0 14.3 43.6 91.9 109.7 Cash flow after investing activities 59.1 49.7 27.3 26.1 33.5 162.2 139.4

*12-month rolling average

FEBRUARY 11, 2021 Q4 2020 RESULTS 77 Industry & Water KEY FINANCIALS

EUR million Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 2020 2019 Revenue 235.6 244.4 225.9 263.6 271.8 969.5 1,135.9 Operative EBITDA 39.0 47.6 40.0 48.2 37.5 174.8 191.7 margin 16.6% 19.5% 17.7% 18.3% 13.8% 18.0% 16.9% Operative EBIT 19.5 27.5 21.9 30.7 19.9 99.7 124.7 margin 8.3% 11.3% 9.7% 11.7% 7.3% 10.3% 11.0% Operative ROCE*, % 13.9% 14.0% 15.5% 17.6% 17.6% 13.9% 17.6% Capital expenditure (excl. M&A) 32.4 26.4 23.1 21.8 37.8 103.6 91.4 Cash flow after investing activities 29.2 25.7 2.3 12.6 57.3 69.8 128.7

*12-month rolling average

FEBRUARY 11, 2021 Q4 2020 RESULTS 78 Key figures and ratios – 5-year summary

EUR million (except ratios) 2016 2017 2018 2019 2020 Revenue 2,373.1 2,363.3 2,486.0 2,658.8 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

FEBRUARY 11, 2021 Q4 2020 RESULTS 79 Per 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

FEBRUARY 11, 2021 Q4 2020 RESULTS 80 Revenue split by country FY 2020

Other APAC 5%

China 5%

Other EMEA 9% USA 24%

Norway 2% Netherlands 2% France 2% Italy 2% Canada 6% Russia 3% Spain 3% Brazil 2% Uruguay 2% Poland 3% Other Americas 1% UK 4% Germany 4% Finland 15% Sweden 6%

FEBRUARY 11, 2021 INVESTOR PRESENTATION 81 Kemira – largest shareholders and Board of Directors

SHAREHOLDERS ON DECEMBER 31, 2020 KEMIRA BOARD OF DIRECTORS

% OF SHARES JARI PAASIKIVI Chairman 1. Oras Invest 20.1% Member since 2012 Oras Invest Oy, CEO 2. Solidium (owned by State of Finland) 10.2% 3. Varma Mutual Pension Insurance Company 3.0% KERTTU WOLFGANG TUOMAS BÜCHELE 4. Ilmarinen Mutual Pension Insurance Comp. 2.7% Vice Chairman Member in Member 2009-2012 and 5. Kemira Oyj 1.6% since 2010 since 2014 Total number of shares 155,342,557 SHIRLEY KAISA CUNNINGHAM HIETALA Foreign ownership of shares 29.6% Member Member Total number of shareholders 44,311 since 2017 since 2016

TIMO LAPPALAINEN Member since 2014

FEBRUARY 11, 2021 INVESTOR PRESENTATION 82 Kemira’s Management Board

JARI ROSENDAL President and CEO With Kemira since 2014

KIM POULSEN PETRI CASTRÉN ESA-MATTI PUPUTTI President CFO EVP, Operational Pulp & Paper With Kemira since 2013 Excellence With Kemira since 2015 With Kemira since 2015

ANTTI SALMINEN MATTHEW PIXTON EEVA SALONEN President CTO EVP, Human Resources Industry & Water With Kemira since 2016 With Kemira since 2008 With Kemira since 2011

Jukka Hakkila, Chief Legal Officer, (with Kemira since 2005) acts as secretary of Management Board and Board of Directors.

FEBRUARY 11, 2021 INVESTOR PRESENTATION 83 Pulp & Paper TECHNOLOGY AND MARKET LEADER

RAW CUSTOMER INTERMEDIATES PRODUCTS APPLICATIONS CUSTOMERS MATERIALS INDUSTRIES

Electricity Tall oil rosin Sodium chlorate Pulping Pulp All the major global Sodium chloride AKD Wax Hydrogen peroxide Bleaching Packaging paper and board and pulp producers (salt) Isomerized olefins Polymers Retention Crude tall oil Acrylamide Defoamers Wet-end process Printing and writing Cationic monomer Coagulants control Tissue Acrylonitrile Biocides WQQM Acrylic acid Sizing Sizing Olefins Strength Additives Strength Fatty acids Surface additives Surface treatment Maleic anhydride Colorants Coloring Sulfur Sulfuric acid

Value chain part covered by Kemira MAIN COMPETITORS: Solenis, Nouryon, Ecolab, Kurita, SNF

FEBRUARY 11, 2021 INVESTOR PRESENTATION 84 Industry & Water TECHNOLOGY AND MARKET LEADER IN WATER TREATMENT AS WELL AS IN NICHE APPLICATIONS IN OIL & GAS

RAW INTERMEDIATES PRODUCTS APPLICATIONS SALES CHANNELS CUSTOMERS MATERIALS

Acrylonitrile Acrylamide Polymers Raw water & waste Direct sales Municipalities (EPAM, DPAM) water treatment Acrylic acid Cationic monomer Distributor/reseller Private operators Al Coagulants Sludge treatment Sulfuric acid Service companies Industrial customers Fe Coagulants Friction reduction Hydrochloric acid Pumpers Dispersants & Enhanced oil recovery Aluminium hydrate Oil & Gas operators antiscalants Tailings treatment Iron ore Service companies Biocides Mining processes Pickling liquor Mine operators Emulsifiers Copperas Defoamers Various monomers Formulations

MAIN COMPETITORS Value chain part covered by Kemira Coagulants: mainly local small companies, Feralco, USALCO, Kronos, PVS, Polymers: SNF, Solvay, Ecolab, Solenis

FEBRUARY 11, 2021 INVESTOR PRESENTATION 85 Important information about financial figures Kemira provides certain financial performance measures (alternative performance measures) that are not defined by IFRS. Kemira believes that alternative performance measures followed by capital markets and management, such as organic growth*, 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 Financial Statements Bulletin have been individually rounded and consequently the sum of individual figures may deviate slightly from the sum figure presented.

* Revenue growth in local currencies, excluding acquisitions and divestments

FEBRUARY 11, 2021 INVESTOR PRESENTATION 86