APRIL 27, 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

APRIL 27, 2021 INVESTOR PRESENTATION 2 INVESTOR PRESENTATION

Kemira in brief

APRIL 27, 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.

APRIL 27, 2021 INVESTOR PRESENTATION 4 Kemira in brief LAST 12 MONTHS: REVENUE EUR 2,391 MILLION, OPERATIVE EBITDA EUR 431 MILLION, OPERATIVE EBITDA MARGIN 18.0%, OPERATIVE ROCE 11.9%

SEGMENT SPLIT GEOGRAPHIES 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. 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%

APRIL 27, 2021 INVESTOR PRESENTATION 5 Global reach – local excellence 63 MANUFACTURING SITES

KEMIRA HQ , 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 260 MILLION AMERICAS 36% EUR 862 MILLION 924 UNITS IN AROUND 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

APRIL 27, 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

APRIL 27, 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%

APRIL 27, 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 3-4% 6-8% 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%

APRIL 27, 2021 INVESTOR PRESENTATION 9 Kemira’s financial targets

FINANCIAL TARGETS AND HISTORICAL FIGURES Targets 2019 IFRS 16 impact in 2020 Q1 2021 Financial target 2019 Revenue MEUR 2,659 - MEUR 2,427 MEUR 606 Above-market Change +3% Change -9% Change -6% growth

Operative 15.4% Around +1.3 %-point 17.9% 17.3% 15-18% EBITDA* Gearing* 66% Around +11 %-points 63% 67% Below 75%

KEY FACTORS TO WATCH FOR Factors Q1 2021 comments Sales price vs raw material price development Net impact from variable costs and sales prices negative. Several price increases announced. Organic growth through volume and sales price increases Group’s organic growth -2%, excl. negative currencies and Oil & Gas, revenue was stable. Growth investments: Polymer capacity expansion in the US (2021), Investments proceeding as planned bleaching expansion in Uruguay (2022-2023), Dry polymer JV in South Korea (2021), Coagulant capacity in the UK (early 2022)

APRIL 27, 2021 INVESTOR PRESENTATION 10 INVESTOR PRESENTATION

Investment highlights

APRIL 27, 2021 INVESTOR PRESENTATION 11 Why invest in Kemira

Strong profitability improvement track record 1 Focus on profitable sustainable growth Operative EBITDA 17.3% and Operative EBIT to 9.2% in Q1 2021 Attractive dividend 2 Updated dividend policy: competitive and over-time increasing dividend Dividend 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

APRIL 27, 2021 INVESTOR PRESENTATION 12 Strategy and Equity Story in summary HOW KEMIRA CREATES VALUE

OUR MARKET BUILDING A GREAT EXECUTION – ACTIVE PRICE FOCUS CHEMICALS COMPANY MANAGEMENT

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 Investing selectively in core Market growth estimated to be 3-4% p.a. efficiency. Aim to significantly increase product areas with higher return supported by higher use of fiber-based biobased product portfolio. on capital employed products, resource efficiency and regulation Great operations: Deliver reliably with consistent quality Great people: Deep application expertise and innovation capability FINANCIAL TARGETS Above-market revenue growth • Operative EBITDA 15-18% • Gearing below 75%

APRIL 27, 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

APRIL 27, 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: 4-5%

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

Source: Management estimation based on various sources

APRIL 27, 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 APRIL 27, 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’ Q1 2021: 17.3% 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)

APRIL 27, 2021 INVESTOR PRESENTATION 17 Kemira aims to pay an attractive dividend

KEMIRA’S NEW DIVIDEND POLICY (UPDATED IN NOVEMBER 2020)

Competitive and over-time increasing dividend No fixed payout ratio

We have a solid dividend track record ◼ Dividend per share  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

*Dividend to be paid in two installments, first paid in April and the second installment in November.

APRIL 27, 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 early 2022)

*Sizing = Resistance against water absorption

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

APRIL 27, 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

APRIL 27, 2021 INVESTOR PRESENTATION 20 INVESTOR PRESENTATION

Kemira as a sustainable investment

APRIL 27, 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 Improve customer resource efficiency; increase biobased and recycled raw material use

CLIMATE Kemira will help build a carbon neutral society Chemical Chemical sector Ambition to be carbon neutral by 2045, and -30% CO2 Chemical sector average emissions by 2030 (Scope 1 and Scope 2 emissions) sector average average

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

APRIL 27, 2021 INVESTOR PRESENTATION 22 52% of revenue generated from products that improve customer resource-efficiency

PULP & PAPER INDUSTRY & WATER Kemira’s products 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 products reduce friction and recycled fiber quality and content, Chemical water treatment improve energy efficiency of shale energy and water efficiency in provides the most compact plant producers paper mills and smallest possible Oil sands tailings: Case: environmental 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 products 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

APRIL 27, 2021 INVESTOR PRESENTATION 23 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

APRIL 27, 2021 INVESTOR PRESENTATION 24 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

APRIL 27, 2021 INVESTOR PRESENTATION 25 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

APRIL 27, 2021 INVESTOR PRESENTATION 26 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

APRIL 27, 2021 INVESTOR PRESENTATION 27 Corporate sustainability performance Q1 2020 1/2

PURPOSE

PROFIT

WATER

PEOPLE

CLIMATE CLIMATE CIRCULARITY

SAFETY

SUSTAINABILITY AT KEMIRA

SAFETY PEOPLE WATER CIRCULARITY CLIMATE High safety performance Foster strong company Mitigate water Reduce waste and Reduce climate fundamental to business culture and commitment to related risks, grasp water increase renewable raw impact throughout the people related opportunities material use value chain

KPI’s

TRIF 1.5 by 2025 and Reach top 10% cross Continuously improve Reduce waste intensity Scope 1&2 emissions 1.1 by 2030 industry norm for Diversity freshwater use intensity by 15% by 2030 -30% by 2030 (from 2018 & Inclusion by 2025 Biobased products >500 baseline) million EUR revenue by 2030 APRIL 27, 2021 INVESTOR PRESENTATION 28 Corporate sustainability performance Q1 2020 2/2 Sustaina- SAFETY PEOPLE WATER CIRCULARITY CLIMATE bility at High safety performance Foster strong company culture Mitigate water related risks and Reduce waste and increase Reduce climate impact Kemira fundamental to business and commitment to people develop clean water solutions circular and digital customer throughout the value chain solutions KPI’s TRIF* 1.5 by 2025 and 1.1 Reach top 10% cross industry Continuously improve freshwater Reduce waste intensity by 15% Scope 1&2 emissions -30% by 2030 norm for Diversity & Inclusion use intensity by 2030, by 2030 by 2025 Biobased products >500 million TRIF* FRESHWATER USE INTENSITY EUR revenue by 2030 GHG EMISSIONS REFERENCE YEAR 2018 Target Target WASTE INTENSITY REFERENCE YEAR 2019 Target 3.9 930 918 886 3.5 1.9 1.9 4.6 Target 4.2 -15% -30% 2.2 2.4 2.1 1.9 1.5 1.1

by 2025 Target tbc Target 2019 2020 2030 17 18 19 20Q121 21 25 30 2019 2020 2030 2018 2019 2020 2030

Update In Q1 2021 incident rate was over Measured as employees’ Freshwater Use Intensity KPI was Collection of quarterly waste data 2020 Scope 1&2 emissions were in Q1 our target (TRIF* 2.4 vs. 1.9) and perception of Diversity and 1.9 m3/ton of production in 2020. will be developed during 2021. 886 kton CO2eq. Our target to slightly over the 2020 result (2.2). Inclusion (D&I) from selected Level in baseline year 2019 was reduce emissions by 30% by We have a roadmap in place for employee survey items compared 1.9 m3/ton of production. Target Further development of site- 2030 from 2018 level is this year and several to top 10% cross industry norm. is to continuously improve specific programs to reduce progressing as planned. improvement items are already Dynamic target. freshwater intensity. routine disposed waste at top 10 under implementation. sites to be started during Q2 New reporting tool introduced Diversity & Inclusion related Discussions to be started in Q2 2021. during Q1 and Q2 2021. The first We are continuing our Behavior analytics and roadmap work for 2021 to develop long term quarterly results available in June Based Safety (BBS) program in 2021-2023 under construction. quantitative freshwater use Implementation of new GRI 2021. all our manufacturing sites to help intensity target. standard on waste to the new us to identify risks in our Recruitment process being sustainability reporting tool Preparations for CDP reporting. operations. reviewed with new KPI. We will begin preparations for prepared during Q1 2021. EcoVadis score published 26th of CDP Water Security reporting in March. 73/100 = Platinum level. *TRIF = total recordable injury Q2 2021. Kemira has signed a ten-year frequency per million hours, Kemira + wind power purchase agreement contractors, year-to-date of 5MW in Q1 2021.

APRIL 27, 2021 INVESTOR PRESENTATION 29 INVESTOR PRESENTATION

Pulp & Paper Driving growth as market leader

APRIL 27, 2021 INVESTOR PRESENTATION 30 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

APRIL 27, 2021 INVESTOR PRESENTATION 31 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

APRIL 27, 2021 INVESTOR PRESENTATION 32 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

APRIL 27, 2021 INVESTOR PRESENTATION 33 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

APRIL 27, 2021 INVESTOR PRESENTATION 34 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

APRIL 27, 2021 INVESTOR PRESENTATION 35 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

APRIL 27, 2021 INVESTOR PRESENTATION 36 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

APRIL 27, 2021 INVESTOR PRESENTATION 37 INVESTOR PRESENTATION

Industry & Water Stronger platform for profitable growth

APRIL 27, 2021 INVESTOR PRESENTATION 38 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 APRIL 27, 2021 INVESTOR PRESENTATION 39 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 APRIL 27, 2021 INVESTOR PRESENTATION 40 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

APRIL 27, 2021 INVESTOR PRESENTATION 41 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.

APRIL 27, 2021 INVESTOR PRESENTATION 42 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

APRIL 27, 2021 INVESTOR PRESENTATION 43 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%

APRIL 27, 2021 INVESTOR PRESENTATION 44 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

APRIL 27, 2021 INVESTOR PRESENTATION 45 Our polymer investment in the Netherlands serves the 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)

APRIL 27, 2021 INVESTOR PRESENTATION 46 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.

APRIL 27, 2021 INVESTOR PRESENTATION 47 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

APRIL 27, 2021 INVESTOR PRESENTATION 48 INVESTOR PRESENTATION Latest news and financials

APRIL 27, 2021 INVESTOR PRESENTATION 49 Summary of Q1 2021

• Demand continued to recover sequentially despite COVID-19 related lockdown restrictions, global supply chain disruptions and logistics issues in North America • Revenue excluding Oil & Gas and currencies stable. Strong profitability: operative EBITDA margin 17.3%. • Annual General Meeting held in March approved the Board of Director’s dividend proposal of EUR 0.58. First installment paid on April 8, 2021. • Kemira’s sustainability work acknowledged with EcoVadis Platinum level rating, Kemira among top 1% of companies • Outlook for 2021 unchanged

APRIL 27, 2021 INVESTOR PRESENTATION 50 Financial highlights of Q1 2021

Organic revenue growth -1.8% EUR million Q1 Q1 Δ% FY 2020 2021 2020 • First post-COVID-19 quarter of increasing sales (except ratios) volumes Revenue 606.1 642.0 -6% 2,427.2 • Organic revenue growth excluding Oil & Gas stable. Pulp & Paper organic revenue growth +2%. Operative EBITDA 104.6 108.5 -4% 435.1 of which margin 17.3% 16.9% - 17.9% Strong margin in Q1 2021 Operative EBIT 55.7 60.8 -8% 237.7 • Operative EBITDA supported by good cost management. Higher sales volumes also of which margin 9.2% 9.5% - 9.8% contributed positively. Net profit 40.8 39.6 +3% 138.0

Earnings per share was EUR 0.25 EPS diluted, EUR 0.25 0.25 +3% 0.86 Cash flow from 13.8 50.2 -72% 374.7 operating activities

APRIL 27, 2021 INVESTOR PRESENTATION 51 Pulp & Paper: Volumes exceeding pre- pandemic Q1 2020 level

Market environment in Q1 2021 REVENUE AND ORGANIC REVENUE GROWTH (Y-ON-Y) • Pulp, board and tissue demand improved; some EUR million 381 383 386 stabilization in printing and writing demand. 373 378 370 370 357 352 Organic growth +2.0%

• Sales volumes continued to improve +0% -3% -3% -3% -1% 0% -4% -5% 2% • Good demand in pulp, packaging and tissue. Revenue in Printing & Writing customer segment Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 improved sequentially. 2019 2020 2021 APAC leading the recovery OPERATIVE EBITDA AND OPERATIVE EBITDA-% • Market in APAC has seen fastest recovery from the EUR million 18.6% 18.6% 18.4% 17.0% COVID-19 pandemic 16.0% 15.9% 14.4% 13.3% 13.6% 65.5 68.9 • Kemira APAC revenue growth +11% y-o-y, leading to 61.3 60.2 65.6 62.9 improved profitability 50.7 53.7 52.6 Strong operative EBITDA margin • Margin improvement result of good cost management and higher sales volumes Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

APRIL 27, 2021 INVESTOR PRESENTATION 2019 2020 2021 52 Industry & Water: Profitability remained strong

Market environment in Q1 2021 REVENUE AND ORGANIC REVENUE GROWTH (Y-ON-Y) EUR million • Municipal water treatment market solid; industrial 290 307 267 272 264 water treatment market showing some signs of 244 236 237 recovery 226 +5% +6% • Sequential recovery in shale demand continued in +4% Q1 2021 -1% -1% -22% -18% -10% -7% Organic growth -7.1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 • Organic revenue growth excluding Oil & Gas -4% due to lower caustic soda volumes and customer 2019 2020 2021 business model change. Water treatment rather OPERATIVE EBITDA AND OPERATIVE EBITDA-% solid. EUR million

• Clear improvement in shale revenue sequentially 18.5% 19.5% 16.8% 18.1% 18.3% 17.7% 16.6% 17.6% Strong operative EBITDA margin 13.8% 52.4 56.8 48.2 47.6 45.0 37.5 40.0 39.0 41.7 • Profitability supported by good cost management

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 APRIL 27, 2021 INVESTOR PRESENTATION 53 Oil & Gas: Sequential recovery in shale continued

Market environment in Q1 2021 • Shale: sequential market recovery continued REVENUE DEVELOPMENT EUR million • In oil sands tailings, customer treatment season to begin during Q2 2021. CEOR* end market expected to be solid in 2021. 87 73 77 66 66 56 62 Kemira performance in Q1 2021 46 52 41 38 40 • Oil & Gas revenue -24% y-o-y; sequential recovery in 27 overall Oil & Gas revenue • Clear improvement in shale revenue sequentially. Not Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 able to fully capture market recovery due to raw 2018 2019 2020 2021 material shortages following exceptionally cold weather.

*CEOR, chemical enhanced oil recovery

APRIL 27, 2021 INVESTOR PRESENTATION 54 On-going investment projects are progressing as planned

SOUTH KOREA: MOBILE: GOOLE: URUGUAY: DRY POLYMERS BIO-AMD AND EMULSION COAGULANTS BLEACHING CHEMICALS POLYMERS • JV with Yongsan • Production facility to be • Investment Chemicals, Kemira’s • Bio-AMD facility finalized in Q4 2021 preparations on-going ownership 35% production started in • Full production as of as planned • Scheduled to start Q4 2020 and ramp-up 2022 • Scheduled completion production in Q2 2021 is on-going • Strengthens Kemira’s Q4 2022, financial • Improving Kemira’s • Emulsion polymer market position in UK impact as of 2023 market position in Pulp facility ramp-up starting water treatment • Caters for growing pulp & Paper APAC in Q2 2021, full • Market demand demand following UPM • Equity investment production H2 2021 expected to increase Kymmene’s new pulp around EUR 5 million • Investment around following regulatory mill in Uruguay EUR 70 million change • Investment around • Investment around USD 30 million EUR 7 million

APRIL 27, 2021 INVESTOR PRESENTATION 55 We have a long-standing commitment to sustainability ECOVADIS PLATINUM LEVEL RATING • Kemira among the top 1% of companies in the world, total score 73 out of 100 • Highest score on topics related to ethics and labor & human rights • First time Kemira awarded a Platinum-level-rating after receiving a Gold-level-rating for the last 5 years*

COMMITMENT TO REDUCE SCOPE 1 AND SCOPE 2 EMISSIONS • As one step to reduce scope 1 and scope 2 emissions by 30% by 2030 (from baseline 2018), Kemira signed its second 10-year power purchase agreement with Statkraft for 5 MW during Q1 2021 • Kemira aims to sign significant wind power deals on an annual basis until 2030

APRIL 27, 2021 INVESTOR PRESENTATION *EcoVadis changed reporting scale in 2021. Platinum level rating awarded for the first time in 2021. 56 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. • Mitigate impacts from higher input costs • Increased focus on profitable growth; maintain focus on strict cost management • Biobased strategy: continue partnership development and R&D focus to commercialize new biobased products enabling recyclability • Operational agility: ensure good capacity utilization and capacity can be ramped up quickly when market demand recovers • Construction of polymer capacity in the U.S. and South Korea as well as expansion of bleaching capacity in Uruguay

APRIL 27, 2021 INVESTOR PRESENTATION 57 PETRI CASTRÉN, CFO APRIL 27, 2021

Financials Q1 2021

APRIL 27, 2021 INVESTOR PRESENTATION 58 Strong profitability; improved sales volumes Q1/2021 REVENUE AND ORGANIC GROWTH (Y-ON-Y) Organic revenue growth -1.8% in Q1 2021 EUR million • Q1 2021 revenue declined mainly due to lower sales prices. Sales volumes improved. 642 3 -13 -25 606 -1 • Organic revenue growth excluding Oil & Gas stable Operative EBITDA margin improved to 17.3% in Q1 2021 • Good fixed cost management and favorable variable cost development. Higher sales volumes contributed positively.

Q1 2020 Sales volumes Sales prices Currency Others Q1 2021 impact

OPERATIVE EBITDA BRIDGE EUR million 109 3 -2 105 -13 4 8 -3

Q1 2020 Sales volumes Sales prices Variable costs Fixed costs Currency impact Others Q1 2021 APRIL 27, 2021 INVESTOR PRESENTATION 59 Net impact from sales prices and variable costs negative

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 -4 0 -2 -2 0 -18 -3 -10 -4 -5 -4 -4 -9 -60 -10 -23 -13 -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 Q1 20082009201020112012201320142015201620172018201920202021 2016 2017 2018 2019 2020 2021 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

APRIL 27, 2021 INVESTOR PRESENTATION 60 Cash flow ALL KEY FIGURES IN EUR MILLION

CASH FLOW FROM OPERATIONS 386 • Q1 cash flow from operations decreased mainly due to 375 changes in net working capital 143 146 Q4 205 210 • Net working capital increased compared to year-end Q3 71 88 121 117 mainly due to higher inventories and receivables. NWC was EUR 254 million end of March 2021 (EUR 197 Q2 93 64 57 61 50 23 65 14 million at end of 2020). Q1 29 12 35 50 2017* 2018* 2019 2020 Q1 2020 Q1 2021 *Pre-IFRS16 figures CAPITAL EXPENDITURE EXCL. ACQUISITIONS 201 190 196 • Q1 2021 capex lower due to timing of projects 66 150 98 78 • Capex estimated to be around EUR 200 million in 2021: 44 65 44 53 39 – Expansion of manufacturing facility in Uruguay to cater for 36 UPM’s upcoming pulp mill 73 27 7 59 53 65 65 21 7 14 6 9 – Mobile polymer plant to start production in H2 2021 2017 2018 2019 2020 Q1 2020 Q1 2021

Expansion Improvement Maintenance

APRIL 27, 2021 INVESTOR PRESENTATION 61 Gearing below financial target range

DEVELOPMENT OF OPERATIVE ROCE, %

12.1% 11.2% 11.9% • Operative ROCE good at 11.9% driven by 9.7% 9.8% improvement in Pulp & Paper • Pulp & Paper operative ROCE 11.4% (Q1 2020: 8.5 %)

2017* 2018* 2019 2020 Q1 2021 • Industry & Water operative ROCE 12.6% (Q1 2020: 17.6%) *Pre-IFRS16 figures

NET DEBT (EUR million) AND LEVERAGE RATIO*

811 759 777 • Gearing 67% - below financial target range of below 694** 741** 677** 638** 655** 75% • Average interest rate of net debt excluding leases is 2.2 2.3 2.0 1.7 1.8 1.7% and duration is 34 months • With pre-IFRS 16 net debt figures:

Dec 31 Dec 31 Dec 31 Dec 31 March 31 – gearing 56% 2017 2018 2019 2020 2021 – leverage ratio 1.7 * Leverage ratio = Net debt / last 12 months operative EBITDA ** pre-IFRS 16 figures

APRIL 27, 2021 INVESTOR PRESENTATION 62 Re-financing supports our healthy financial position DISTRIBUTION OF DEBT BY SOURCE

NEW BOND ISSUANCE 12% Bonds 14% • Succesfull issuance of EUR 200M bond in March 46% Loans from financial institutions 2021. 7-year bond maturing in 2028; fixed Other annual interest of 1.0 percent. 28% Leases • Offering allocated to approximately 50 investors TENDER FOR OUTSTANDING NOTES MATURITY PROFILE EXCLUDING LEASES

MATURING IN 2022 400 • Kemira tendered its 2022 outstanding notes that carry a fixed annual interest of 2.25% • Total amount tendered EUR 97.25 million, 200 200 156 transaction completed end of March 2021 133 129 REVOLVING CREDIT FACILITY EXTENDED 54

• RCF extended to 2026 in April, using the second 2021 2022 2023 2024 2025 2026 2027 2028 1-year extension option Others Bonds Bilaterals Undrawn RCF

APRIL 27, 2021 INVESTOR PRESENTATION 63 Kemira’s supplementary pension fund Neliapila is well-funded

• Kemira has a supplementary pension fund, Neliapila, closed as of 1991 REAL ESTATE PROJECT IN ESPOO, FINLAND • As of March 31, 2021, pension fund’s investments • Kemira’s main R&D center has been located in Espoo had a market value of around EUR ~267 million for 48 years; 5.5 hectare plot owned by pension fund while pension liabilities totaled EUR ~185 million* Neliapila • Neliapila returned excess funds of EUR 3 million in • Area to be developed together into a residential area February 2021 and EUR 15 million in 2019 to Kemira and a state-of-art Green Chemistry Park. Consortium investments into Green Chemistry Park EUR 70-80 • Pension liability expected to decrease to around million. EUR 110 million* in 2030 enabling the return of excess capital to Kemira in the coming years (subject to regulatory approval)

*preliminary/estimate based on FAS figures

APRIL 27, 2021 INVESTOR PRESENTATION 64 Outlook for 2021 unchanged

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

APRIL 27, 2021 INVESTOR PRESENTATION 65 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

APRIL 27, 2021 INVESTOR PRESENTATION 66 Kemira has a diversified financing base

GROSS DEBT END OFMARCH 31, 2021 EUR 980 MILLION, MATURITY PROFILE EXCLUDING LEASES 12% 450 Leases 122 million 400 400 46% 350 Bond 300 % EUR 453 million 14 250 Other 200 200 EUR 141 million 200 156 133 150 129 100 54 50 0 28% 2021 2022 2023 2024 2025 2026 2027 2028 Loans from banks and financial institutions Bilaterals Bonds Others EUR 278 million Undrawn RCF

APRIL 27, 2021 INVESTOR PRESENTATION 67 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

APRIL 27, 2021 INVESTOR PRESENTATION 68 INVESTOR PRESENTATION

Appendix

APRIL 27, 2021 INVESTOR PRESENTATION 69 Key figures

EUR million Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 2020 2019 Revenue 606.1 605.6 596.7 582.9 642.0 2,427.2 2,658.8 Operative EBITDA 104.6 107.9 113.0 105.7 108.5 435.1 410.0 margin 17.3% 17.8% 18.9% 18.1% 16.9% 17.9% 15.4% Operative EBIT 55.7 57.0 62.3 57.6 60.8 237.7 224.0 margin 9.2% 9.4% 10.4% 9.9% 9.5% 9.8% 8.4% Net profit 40.8 23.8 35.5 39.6 8.6 138.0 116.5 Earnings per share, diluted, EUR 0.25 0.14 0.24 0.22 0.25 0.86 0.72 Cash flow from operations 13.8 146.4 117.3 60.8 50.2 374.7 386.2 Capex excl. acquisitions 26.6 66.0 49.4 44.1 36.1 195.6 201.1 Net debt 777 759 786 844 816 759 811

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

Operative ROCE (rolling 12 m) 11.9% 12.1% 11.3% 11.6% 11.8% 12.1% 11.2% Personnel at period-end 4,926 4,921 4,999 5,106 5,075 4,921 5,062

APRIL 27, 2021 INVESTOR PRESENTATION 70 Cash flow

EUR million Q1 2021 Q1 2020 2020 Net profit for the period 41 40 138 Total adjustments 65 69 298 Change in net working capital -52 -31 -3 Finance expenses -14 -9 -22 Income taxes paid -26 -18 -37 Net cash generated from operating activities 14 50 375 Purchases of subsidiaries and business acquisitions, net of 0 -3 -3 cash acquired and capital expenditure in associated company Capital expenditure -27 -36 -196 Proceeds from sale of assets 0 0 2 Change in long-term loan receivables 0 0 -6 Cash flow after investing activities -13 12 173

APRIL 27, 2021 INVESTOR PRESENTATION 71 Pulp & Paper KEY FINANCIALS

EUR million Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 2020 Revenue 369.5 370.0 352.2 357.0 378.5 1,457.6 Operative EBITDA 62.9 68.9 65.5 65.6 60.2 260.2 margin 17.0% 18.6% 18.6% 18.4% 15.9% 17.9% Operative EBIT 33.2 37.5 34.8 35.7 30.1 138.0 margin 9.0% 10.1% 9.9% 10.0% 8.0% 9.5% Operative ROCE*, % 11.4% 11.1% 9.8% 9.5% 8.5% 11.1% Capital expenditure (excl. M&A) 11.1 33.6 23.0 21.0 14.3 91.9 Cash flow after investing activities 26.1 59.1 49.7 27.3 26.1 162.2

*12-month rolling average

APRIL 27, 2021 INVESTOR PRESENTATION 72 Industry & Water KEY FINANCIALS

EUR million Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 2020 Revenue 236.6 235.6 244.4 225.9 263.6 969.5 Operative EBITDA 41.7 39.0 47.6 40.0 48.2 174.8 margin 17.6% 16.6% 19.5% 17.7% 18.3% 18.0% Operative EBIT 22.5 19.5 27.5 21.9 30.7 99.7 margin 9.5% 8.3% 11.3% 9.7% 11.7% 10.3% Operative ROCE*, % 12.6% 13.9% 14.0% 15.5% 17.6% 13.9% Capital expenditure (excl. M&A) 15.5 32.4 26.4 23.1 21.8 103.6 Cash flow after investing activities 0.8 29.2 25.7 2.3 12.6 69.8

*12-month rolling average

APRIL 27, 2021 INVESTOR PRESENTATION 73 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 74 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 75 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%

APRIL 27, 2021 INVESTOR PRESENTATION 76 Kemira – largest shareholders and Board of Directors

SHAREHOLDERS ON MARCH 31, 2021 KEMIRA BOARD OF DIRECTORS

JARI % OF SHARES PAASIKIVI 1. Oras Invest 20.1% Chairman Member since 2012 2. (owned by State of Finland) 10.2% Oras Invest Oy, CEO 3. Varma Mutual Pension Insurance Company 3.0% MATTI WERNER KÄHKÖNEN FUHRMANN 4. Ilmarinen Mutual Pension Insurance Comp. 2.7% Vice Chairman Member since Member 2020 5. Kemira Oyj 1.4% since 2021 Total number of shares 155,342,557 SHIRLEY TIMO CUNNINGHAM LAPPALAINEN Foreign ownership of shares 28.6% Member Member since Total number of shareholders 46,778 since 2017 2014

WOLFGANG KRISTIAN BÜCHELE PULLOLA Member in Member 2009-2012 and since 2021 since 2014

APRIL 27, 2021 INVESTOR PRESENTATION 77 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.

APRIL 27, 2021 INVESTOR PRESENTATION 78 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

APRIL 27, 2021 INVESTOR PRESENTATION 79 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

APRIL 27, 2021 INVESTOR PRESENTATION 80 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 (=revenue growth in local currencies, excluding acquisitions and divestments), EBITDA, operative EBITDA, cash flow after investing activities, and gearing provide useful information of its comparable business performance and financial position. Selected alternative performance measures are also used as performance criteria in remuneration. Kemira’s alternative performance measures should not be viewed in isolation to the equivalent IFRS measures and alternative performance measures should be read in conjunction with the most directly comparable IFRS measures. Definitions of the alternative performance measures can be found in the Definitions of the key figures in this report, as well as at www.kemira.com > Investors > Financial information. All the figures in this Interim Report have been individually rounded and consequently the sum of individual figures may deviate slightly from the sum figure presented.

APRIL 27, 2021 INVESTOR PRESENTATION 81