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Q1 2021 Investor Presentation 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.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% APRIL 27, 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 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
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