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Kemira Oyj
Energiakatu 4 Tel. +358 10 8611 Business ID 0109823-0
FI-00180 Helsinki, Finland Fax +358 108621 119 Registered office Helsinki
www.kemira.com
Kemira Oyj
Financial Statements 2025
KEMIRA 2025 | FINANCIAL STATEMENTS | 2
Financial Statements 2025
Table of contents

BOARD OF DIRECTORS' REVIEW 2025 ....................................... | 3 |  | 3. | Capital expenditures, acquisitions and |  |  |  | 6. | Group structure .............................................................. | 165
| Sustainability Statement ........................................................ | 25 |  |  | divestments ..................................................................... | 128 |  |  | 6.1. | Related parties ................................................................ | 165
|  | General disclosure .......................................................... | 25 |  | 3.1. | Goodwill ............................................................................ | 128 |  |  | 6.2. | The Group's subsidiaries and investments in |
|  | Environmental information ........................................... | 41 |  | 3.2. | Other intangible assets ................................................. | 130 |  |  |  | associates and joint ventures ...................................... | 167
|  | Social information .......................................................... | 80 |  | 3.3. | Property, plant and equipment ................................... | 132 |  |  | 7. | Off-balance sheet items ............................................... | 170
|  | Governance information ............................................... | 96 |  | 3.4. | Leases ............................................................................... | 134 |  |  | 7.1. | Commitments and contingent liabilities ................... | 170
CONSOLIDATED FINANCIAL STATEMENTS (IFRS) *) .............. | 106 |  | 3.5. | Other shares .................................................................... | 136 |  |  | 7.2. | Events after the balance sheet date .......................... | 170
| Consolidated Income Statement ........................................... | 106 |  | 3.6. | Business combinations ................................................. | 138 |  |  |
| Consolidated Statement of Comprehensive |  |  | 3.7. | Assets classified as held-for-sale ............................... | 140 |  | KEMIRA OYJ'S FINANCIAL STATEMENTS (FAS) *) ................... | 171
| Income ......................................................................................... | 106 |  | 4. | Working capital and other balance sheet items ..... | 141 |  | BOARD OF DIRECTORS' PROPOSAL FOR |
| Consolidated Balance Sheet .................................................. | 107 |  | 4.1. | Inventories ........................................................................ | 141 |  | PROFIT DISTRIBUTION AND SIGNATURES *) ............................ | 190
| Consolidated Statement of Cash Flow ................................ | 108 |  | 4.2. | Trade receivables and other current receivables ... | 141 |  | AUDITOR'S REPORT ........................................................................ | 191
| Consolidated Statement of Changes in Equity .................. | 109 |  | 4.3. | Trade payables and other current liabilities ............ | 142 |  | ASSURANCE REPORT ..................................................................... | 195
| Notes to the Consolidated Financial Statements ............. | 111 |  | 4.4. | Deferred tax liabilities and assets .............................. | 143 |  | ESEF FINANCIAL STATEMENT REPORT ..................................... | 198
| 1. | The Group's material accounting policies for the | 111 |  | 4.5. | Defined benefit pension plans and employee | 146 |  | OTHER FINANCIAL INFORMATION .............................................. |
|  | Consolidated Financial Statements .......................... |  |  |  | benefits ............................................................................. |  |  | Group key figures ...................................................................... |
| 2. | Financial performance .................................................. | 114 |  | 4.6. | Provisions ......................................................................... | 150 |  |  | Definition of key figures .......................................................... |
| 2.1. | Segment information ..................................................... | 114 |  | 5. | Capital structure and financial risks ......................... | 151 |  |  | Reconciliation to IFRS figures ................................................ |
| 2.2. | Other operating income and expenses ...................... | 119 |  | 5.1. | Capital structure ............................................................. | 151 |  |  | Quarterly earnings performance ........................................... |
| 2.3. | Share-based payments ................................................. | 121 |  | 5.2. | Shareholders' equity ...................................................... | 153 |  | SHARES AND SHAREHOLDERS .................................................... |
| 2.4. | Depreciation, amortization and impairments .......... | 123 |  | 5.3. | Interest-bearing liabilities ............................................ | 154 |  | INFORMATION FOR INVESTORS .................................................. |
| 2.5. | Finance income and expenses ..................................... | 124 |  | 5.4. | Financial assets and liabilities by measurement | 155 |  |  |
| 2.6. | Income taxes .................................................................... | 125 |  |  | categories ......................................................................... |  |  |
| 2.7. | Earnings per share .......................................................... | 127 |  | 5.5. | Management of financial risks .................................... | 159 |  |  |
| 2.8. | Other comprehensive income ...................................... | 127 |  | 5.6. | Derivative instruments .................................................. | 163 |  |  |  |  |

*) Part of the audited Financial Statements 2025
This is a translation of the Finnish original Financial Statements and Board of Directors' Review 2025.
KEMIRA 2025 | FINANCIAL STATEMENTS | 3

BOARD OF DIRECTORS' REVIEW 2025

Board of Directors’ Review 2025
In 2025 , Kemira Group’s revenue decreased by 7%, to EUR 2,753.5 millio n (2,948.1). R evenue in
local currencies, excluding acquisitions and divestments, decreased by 4% , fo llowing the
weaker demand environment compared to the previous year. Sales volumes and prices
declined year-on-year.
Operative EBITDA decreased by 10%, to EUR 524.6 million (585.4). The operative EBITDA
margin decreased to 19.1% (19.9%). The operative EBITDA margin declined in all business
units.
EBITDA decreased by 12% to EUR 485.8 million (550.7) . The difference between EBITDA and
operative EBITDA is explained by items affecting comparability, which consisted mainly of
restructuring and streamlining costs, and transaction costs. In the comparison period they
were mainly related to the divestment of the Oil & Gas business and to the change in Kemira's
operating model.
Operative EBIT decreased by 19%, to EUR 324.4 million (398.7). EBIT decreased by 25% and
was EUR 274.1 million (363.2).
Cash flow from operating activities was EUR 378.2 million ( 484.6).
EPS (diluted) was EUR 1.18 (1.61).
The Board of Directors proposes to the Annual General Meeting 2026 a cash dividend of EUR
0.76 per share (0.74), totaling EUR 114 million (114). It is proposed that the dividend is paid in
two installments, in April and in October.
The Oil & Gas divestment
Kemira divested its Oil & Gas (O&G) related portfolio on February 2, 2024. The comparison
period January-December 2024 includes around EUR 45 million of revenue and around EUR 3
million of operative EBITDA from Oil & Gas in Q1 2024.
KEMIRA 2025 | FINANCIAL STATEMENTS | 4

BOARD OF DIRECTORS' REVIEW 2025

KEY FIGURES AND RATIOS

EUR million | 2025 | 2024 | 2023 |  | EUR million | 2025 | 2024 | 2023
Revenue | 2,753.5 | 2,948.1 | 3,383.7 |  | Capital employed* | 1,972.0 | 1,920.1 | 2,155.5
Revenue, O&G divestment adjusted | 2,753.5 | 2,903.5 | 2,889.0 |  | Capital employed*, O&G divestment adjusted | 1,972.0 | 1,920.1 | 1,856.0
Operative EBITDA | 524.6 | 585.4 | 666.7 |  | Operative ROCE*, % | 16.5 | 20.8 | 21.5
Operative EBITDA, O&G divestment adjusted | 524.6 | 582.1 | 595.9 |  | Operative ROCE*, %, O&G divestment adjusted | 16.5 | 20.6 | 22.4
Operative EBITDA, % | 19.1 | 19.9 | 19.7 |  | ROCE*, % | 13.9 | 18.9 | 15.6
Operative EBITDA %, O&G divestment adjusted | 19.1 | 20.0 | 20.6 |  | Cash flow from operating activities | 378.2 | 484.6 | 546.0
EBITDA | 485.8 | 550.7 | 540.0 |  | Capital expenditure excl. acquisition | 196.7 | 167.3 | 204.9
EBITDA, % | 17.6 | 18.7 | 16.0 |  | Capital expenditure, excl. acquisitions, O&G divestment adjusted | 196.7 | 167.3 | 187.7
Operative EBIT | 324.4 | 398.7 | 463.0 |  | Capital expenditure | 344.8 | 170.5 | 206.8
Operative EBIT, O&G divestment adjusted | 324.4 | 395.5 | 415.5 |  | Cash flow after investing activities | 82.5 | 411.8 | 349.3
Operative EBIT, % | 11.8 | 13.5 | 13.7 |  | Equity ratio, % at period-end | 54 | 53 | 48
Operative EBIT %, O&G divestment adjusted | 11.8 | 13.6 | 14.4 |  | Equity per share, EUR | 11.23 | 11.59 | 10.84
EBIT | 274.1 | 363.2 | 336.4 |  | Gearing, % at period-end | 30 | 16 | 32
EBIT, % | 10.0 | 12.3 | 9.9 |  | Personnel (average) | 4,810 | 4,746 | 4,946
Net profit for the period | 194.1 | 262.7 | 211.3 |  | Wages and salaries | 319.0 | 335.0 | 343.5
Earnings per share, diluted, EUR | 1.18 | 1.61 | 1.28 |  |  |  |  |

*12-month rolling average (ROCE, % based on the EBIT).
Unless otherwise stated, all comparisons in this report are made to the corresponding period in 202 4 .
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
by Kemira management, such as revenue growth in local currencies, excluding acquisitions and
divestments (=organic growth), EBITDA, operative EBITDA, operative EBIT, cash flow after investing
activities and gearing provide useful information on Kemira’s 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 from 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 report have been individually rounded and consequently the sum of the
individual figures may deviate slightly from the total figure presented.
In addition to the above key figures and ratios, other key figures which are describing the Group's financial
performance are presented in the Other financial information section under Group key figures.
KEMIRA 2025 | FINANCIAL STATEMENTS | 5

BOARD OF DIRECTORS' REVIEW 2025

Financial performance in 2025
Revenue decreased by 7% and r evenue in local currencies, excluding acquisitions and
divestments, decreased by 4% fo llowing the weaker demand environment compared to the
previous year. Sales volumes and prices declined year-on-year.

Revenue | 2025 | 2024 | ∆% | Organic growth*, % | Currency impact, % | Acq. & div. impact, %
EUR, million | EUR, million
Water Solutions | 1,221.5 | 1,301.4 | -6 | -2 | -2 | -2
Packaging & Hygiene Solutions | 970.2 | 1,058.5 | -8 | -5 | -3 | 0
Fiber Essentials | 561.9 | 588.2 | -4 | -3 | -2 | 0
Total | 2,753.5 | 2,948.1 | -7 | -4 | -2 | -1
Water Solutions, O&G divestment adjusted | 1,221.5 | 1,256.9 | -3 |  |  |
Total, O&G divestment adjusted | 2,753.5 | 2,903.5 | -5 |  |  |

*Revenue growth in local currencies, excluding acquisitions and divestments.
Geographically, the revenue split was as follows: EMEA (Europe, Middle East, Africa) 54%
( 52% ), the Americas 37% (38% ) and Asia Pacific 9% (10% ).
Operative EBITDA decreased by 10%, to EUR 524.6 million (585.4). The Oil & Gas divestment
adjusted operative EBITDA decreased by 10%, to EUR 524.6 million (582.1). The operative
EBITDA margin decreased to 19.1% (19.9%), the Oil & Gas divestment adjusted comparison
period 20.0%). The operative EBITDA margin declined in all business units.

Variance analysis, EUR million | Jan-Dec
Operative EBITDA, 2024 | 585.4
Sales volumes | -28.5
Sales prices | -31.5
Variable costs | -1.4
Fixed costs | +14.2
Currency exchange | -15.0
Divestments | -3.3
Others | +3.0
Operative EBITDA, 2025 | 524.6

Operative EBITDA | 2025 | 2024 | ∆% | 2025 | 2024
EUR, million | EUR, million | %-margin | %-margin
Water Solutions | 262.9 | 282.3 | -7 | 21.5 | 21.7
Packaging & Hygiene Solutions | 115.9 | 136.3 | -15 | 12.0 | 12.9
Fiber Essentials | 145.7 | 166.7 | -13 | 25.9 | 28.3
Total | 524.6 | 585.4 | -10 | 19.1 | 19.9
Water Solutions, O&G divestment adjusted | 262.9 | 279.1 | -6 | 21.5 | 22.2
Total, O&G divestment adjusted | 524.6 | 582.1 | -10 | 19.1 | 20.0

EBITDA decreased by 12% to EUR 485.8 million (550.7 ). Items affecting comparability
consisted mainly of restructuring and streamlining costs, and transaction costs. In the
comparison period they were mainly related to the divestment of the Oil & Gas business and
to the change in Kemira's operating model.
KEMIRA 2025 | FINANCIAL STATEMENTS | 6

BOARD OF DIRECTORS' REVIEW 2025

Items affecting comparability, EUR million | 2025 | 2024
Within EBITDA | -38.7 | -34.8
Water Solutions | -19.1 | -14.1
Packaging & Hygiene Solutions | -17.2 | -12.3
Fiber Essentials | -2.4 | -8.4
Within depreciation, amortization and impairments | -11.6 | -0.7
Water Solutions | -11.7 | 0.0
Packaging & Hygiene Solutions | 0.1 | -0.7
Fiber Essentials | 0.0 | 0.0
Total items affecting comparability in EBIT | -50.3 | -35.5

Depreciation, amortization and impairments were EUR 211.7 million (187.4 ), including the
EUR 9.2 million ( 5.8) amortization of purchase price allocation. The increase in the
depreciation, amortization and impairments results mainly from the one-time impairments
related to the planned production ramp-down at Teesport site.
Operative EBIT decreased by 19%. EBIT decreased by 25%. The difference to operative EBIT
is explained by items affecting comparability which are described in the EBITDA section
above.
Net finance items totaled EUR -24.2 million (-26.9). Income taxes were EUR -55.8 million
(-73.6), with a reported tax rate of 22% (22%). Net profit for the period decreased by 26%
mainly as a result of the lower revenue.
Financial position and cash flow
Cash flow from operating activities in January-December 2025 was EUR 378.2 million ( 484.6)
and it declined from a high comparison period. Cash flow after investing activities was EUR
82.5 million (411.8). Kemira received USD 50 million as proceeds from the divestment of its Oil
& Gas business during Q1 2025. Kemira's supplementary pension fund, Neliapila, also returned
excess capital totaling EUR 10 million during Q1 2025. In the comparison period Kemira also
received proceeds from the divestment of the Oil & Gas business and an excess capital return
of EUR 12 million from its supplementary pension fund, Neliapila. Net working capital
increased compared to the end of year 2024.
At the end of the period, interest-bearing liabilities totaled EUR 748.4 million (810.7), including
lease liabilities of EUR 180.9 million (132.2). The increase in lease liabilities results mainly from
the recognition of the EriCa R&I center located in Espoo, Finland, as a right-of-use asset and a
lease liability as the R&I center was transferred to Kemira's use with a 15-year lease during the
third quarter. The average interest rate of the Group’s interest-bearing loan portfolio
(excluding leases) was 2.5% (2.8%) and the duration was 11 months (13). Fixed-rate loans
accounted for 75% (114%) of net interest-bearing liabilities, including lease liabilities.
Short-term liabilities, maturing in the next 12 months, amounted to EUR 105.9 million. On
December 31, 2025 , cash and cash equivalents totaled E UR 242.3 million (519.2). In Q4 2025,
Kemira drew down on a bilateral loan of EUR 50 million with maximum 10 year maturity. The
Group has a EUR 400 million undrawn committed credit facility maturing in 2030.
At the end of the period, Kemira Group’s net debt was EUR 506.1 million (291.5 ), including
l ease liabilities. The equity ratio was 54% (53%) while gearing was 30% (16%). At the end of
December 2025, net debt / operative EBITDA was 1.0.
Kemira is exposed to transaction and translation currency risks. The Group's most significant
transaction currency risks arise from the US dollar, the Chinese renminbi, the Canadian dollar
and the Swedish krona. At the end of the year, the US dollar denominated exchange rate risk
against EUR had an equivalent value of approximately EUR 105 million, of which 75% was
hedged on an average basis. The Chinese renminbi denominated exchange rate risk against
EUR had an equivalent value of approximately EUR 105 million, of which 74% was hedged on
an average basis. The Swedish krona denominated exchange rate risk against EUR had an
equivalent value of approximately EUR 44 million, of which 67% was hedged on an average
basis. The Canadian dollar denominated exchange rate risk against EUR was approximately
EUR 38 million, of which 72 % was hedged on an average basis. In addition, Kemira is exposed
to smaller transaction risks against EUR, mainly in relation to the Korean won, the Danish
krona, the British pound, the Polish zloty and the Norwegian krona and against USD mainly in
relation to the Canadian dollar, with the annual exposure in those currencies being
approximately EUR 173 million.
As Kemira’s consolidated financial statements are compiled in euros, Kemira is also subject to
a currency translation risk to the extent to which the income statement and balance sheet
items of subsidiaries located outside Finland are reported in a currency other than the euro.
KEMIRA 2025 | FINANCIAL STATEMENTS | 7

BOARD OF DIRECTORS' REVIEW 2025

The most significant translation exposure derives from the US dollar and the Canadian dollar.
The strengthening of currencies against the euro would increase Kemira’s revenue and
EBITDA through a translation effect.
Capital expenditure
In January-December 2025, capital expenditure excluding acquisitions increased by 18%, to
EUR 196.7 million (167.3). Capital expenditure excluding acquisitions (capex) can be broken
down as follows: expansion capex 15% (12%), improvement capex 29% (25%) and maintenance
capex 56% (64%).
Research and Innovation
Kemira’s research and development is an enabler of growth and further differentiation. New
product launches contribute to the efficiency and sustainability of customer processes as
well as to improved profitability. Both Kemira’s future market position and profitability depend
on the company’s ability to understand and meet current and future customer needs and
market trends, as well as on its ability to innovate with differentiated products and
applications.
In January-December 2025, total research and development expenses were EUR 35.3 million
( 33.8), representing 1.3% (1.1% ) of the Group’s revenue. Sustainable and renewable solutions
are cornerstones of Kemira's strategic priorities and, consequently, also the focus of the
majority of Kemira’ innovation projects. In addition, over half of Kemira's ongoing innovation
projects are being worked in collaboration with external partners. An example is Kemira’s
strategic partnership with CuspAI, announced in July 2025. CuspAI is a UK-based world-
leading company focusing on AI-enabled discovery of new materials. The first stage of the
partnership between Kemira and CuspAI focused on the discovery of new solutions to remove
pollutants from water.
In 2025, Kemira designed and implemented a new innovation process for the group, along with
new organization. The new innovation set-up has resulted in more efficient project execution,
decision making and innovation pipeline renewal.
At the end of 2025, Kemira had 433 (388) patent families, including 1,782 (1,868) granted
patents and 1,120 (929) pending applications. During 2025, Kemira applied for 60 (54) new
patents and started 30 new product development projects, 43% of them aiming at renewable
solutions. Kemira has also started several external partnerships in order to innovate and
commercialize new renewable solutions for its customers.
Personnel
At the end of the period, Kemira Group had 4,911 employees (4,698). Kemira had 822 (779 )
employees in Finland , 1,742 (1,738) employees elsewhere in EMEA, 1,456 (1,242) in the Americas
and 891 (939) in APAC.
Sustainability
K emira's sustainability work is guided by the UN's Sustainable Development Goals (SDGs) and
covers economical, environmental and social topics. The focus is on Clean Water and
Sanitation (SDG 6), Decent Work and Economic Growth (SDG 8), Responsible Consumption
and Production (SDG 12) and Climate Action (SDG 13). More information on sustainability at
Kemira can be found in the 2025 Sustainability Statement, prepared in accordance with the
Corporate Sustainability Reporting Directive requirements (CSRD).
SUSTAINABILITY PERFORMANCE IN 2025
In September, Kemira was awarded a Gold-level rating by EcoVadis, the leading global
sustainability assessment platform, with an all-time high score of 83/100. This marks a six-
point improvement from the previous year (77/100) and places Kemira among the top 2% of
companies worldwide evaluated by EcoVadis. Furthermore, in January 2026, Kemira was
awarded a Leadership-level A- score in both the Water Security and Climate Change
categories of the recently released CDP (Carbon Disclosure Project) 2025 rankings. This marks
a significant upgrade from the previous B rating, with improvements seen across nearly every
assessment area. More information on sustainability at Kemira can be found in the 2025
Sustainability Statement.
SAFETY
Safety performance improved in 2025 compared with the previous year. The number of Total
Recordable Injuries (TRI) in 2025 was 33 (43 in 2024) and TRIF* was 2.7 (3.2). Despite the
KEMIRA 2025 | FINANCIAL STATEMENTS | 8

BOARD OF DIRECTORS' REVIEW 2025

improvement, the TRIF target (2.2) was not achieved. Kemira continuously works to improve
safety performance globally. In September 2025, a global safety stand down was organized at
all of Kemira’s manufacturing sites. Contractor safety (TRIF) improved significantly to 3.1 (5.3)
as a result of focused trainings and other planned initiatives.
PEOPLE
In the latest MyPulse employee survey in November 2025, the engagement score reached 78
(80 in May 2025). This is four points higher than the external sector benchmark. Kemira's
target was to reach the top 10% for the cross-industry benchmark for Diversity & Inclusion by
the end of 2025, as measured by the company’s Inclusion Index. This target was not met as
Kemira’s Inclusion Index score was recorded at 77, which is four points below the cross-
industry benchmark. Due to the organizational and operating model changes implemented in
2025, the inclusion target was extended until the end of 2026. During the year several actions
were taken to support growth culture. Kemira designed and piloted two leadership programs
for middle managers. In October, over 400 employees participated globally in the Learn and
Growth month. In January 2026, Kemira was ranked among the top five Large Cap-listed
companies in Finland in the Nordic Business Diversity Index 2026, based on a data collection
period between October and December 2025.
CIRCULARITY
Kemira has continued to progress its renewable solutions strategy. In June, Kemira
announced a partnership with Bluepha to commercialize fully bio-based coatings in APAC and
a collaboration with Metsä Group to develop the new Kuura textile fibre was also announced
in May. Earlier, in March, Kemira announced a manufacturing joint venture, together with IFF,
on renewable products on a commercial scale. The facility will manufacture renewable, sugar-
based polymers to be used in various applications such as packaging and water treatment. In
terms of waste, in 2025, Kemira continued work to reduce waste generation and disposed
production waste in particular through, for example, the more efficient use of raw materials.
WATER
Kemira’s long-term ambition is to double our water-related revenue. Aligned with this
ambition, Kemira has announced two water-related acquisitions in 2025: Water Engineering,
Inc., an industrial water treatment services company based in the US, and Thatcher Group’s
iron sulfate coagulant business, also in the US. A strategic partnership with CuspAI was also
announced in July. The aim is to enhance material innovation within the chemical sector
through the integration of advanced AI technologies. In 2025, Kemira also developed a new
sustainability target relating to the positive water impact of the company's water business.
CLIMATE
Kemira has committed to reducing absolute scope 1 and 2 emissions by 51.23% by 2030, from
a 2018 base year, and scope 3 emissions by 32.5% by 2033, from a 2021 base year. Kemira's
scope 1, 2 and 3 emissions remained stable in Q4 2025. Kemira is also currently working on a
climate transition plan which is presented in the 2025 Sustainability Statement.

SDG | KPI | UNIT | 2025 | 2024
| SAFETY |  | 2.7 | 3.2
TRIF* 2.2 by the end of 2025 and 1.5 by the end of 2030
| PEOPLE |  | Slightly outside the top 25% | Slightly outside the top 25%
Reach Glint top 10% cross industry norm for Diversity & Inclusion by the end of 2025
| CIRCULARITY | kg/tonnes of production | 4.1 | 4.2
Reduce waste intensity** by 15% by the end of 2030 from a 2019 baseline of 4.4
Renewable solutions > EUR 500 million revenue by the end of 2030 | EUR million | 240 | 240
| WATER | Rate scale A-D | A- | B
Reach the Leadership level (A) in water management by the end of 2025 measured by CDP Water Security scoring methodology.
| CLIMATE*** | ktCO 2 e | 509 | 586
Scope 1 and 2**** emissions -51.23% by the end of 2030, compared to 2018 baseline of 894 ktCO 2 e.
Scope 3 emissions by -32.5% by the end of 2033 from a 2021 base year of 2,337.5 ktCO2e. | ktCO 2 e | 1,731 | 1,881

*TRIF = total recordable injury frequency per million hours, Kemira + contractors.
**kilograms of disposed production waste per metric tonnes of production. After the divestment of the Oil & Gas business in 2024,
Kemira’s waste target was adjusted in Q2 2024, to exclude the impact of all divestments since the baseline year 2019.
Reported figures for 2023 have also been adjusted.
***Kemira's climate target has been updated to align with the SBTi validated target. Baseline years and years 2023 and
2024 have been adjusted to reflect the divestment of the Oil & Gas business and other minor divestments.
****Scope 1: Direct greenhouse gas emissions from Kemira's manufacturing sites, e.g. the generation of energy and
emissions from manufacturing processes. Scope 2: Indirect greenhouse gas emissions from external generation and
purchases of electricity, heating, cooling and steam. Scope 3: Indirect greenhouse gas emissions from purchased raw
materials, traded goods and transportation of materials.
KEMIRA 2025 | FINANCIAL STATEMENTS | 9

BOARD OF DIRECTORS' REVIEW 2025

Business units
WATER SOLUTIONS
Water Solutions represents roughly 45% of Kemira’s revenue. It offers a wide range of
innovative solutions to help customers optimize every stage of the water treatment process,
ensuring efficient operations while safely achieving water quality targets and maintaining
compliance with ever-tightening regulations. The business unit serves both municipal and
industrial customers. The business unit has three customer segments. Urban EMEA (26% of
revenue) and Urban Americas (23% of revenue) both serve municipal customers. The
Industrial customer segment (51% of revenue) serves industrial customers in various fields
and includes contract manufacturing for the acquirer of Kemira's Oil & Gas business. Kemira’s
water treatment product portfolio mainly consists of coagulants and polymers which play a
critical role in enabling resource-efficient operations at our customers’ sites. Kemira has a
strong market presence in water treatment in Europe and in North America. Water is
expected to be the key contributor to Kemira’s revenue growth going forward and our long-
term ambition is to double our revenue in water. Kemira divested its Oil & Gas business in Q1
2024.
Water Solutions' revenue decreased by 6%, mainly due to the divestment of Oil & Gas.
Reve nue in local currencies, excluding acquisitions and divestments, decreased by 2%. Sales
volumes and prices remained stable in coagulants but decreased in polymers. Currencies had
a negative impact.
In Urban EMEA, revenue increased by 2%. Revenue in local currencies, excluding acquisitions
and divestments, increased by 1%. In Urban Americas, revenue decreased by 6%. Revenue in
local currencies, excluding acquisitions and divestments, decreased by 2%. In Industrial,
revenue decreased by 4%. Revenue in local currencies, excluding acquisitions and
divestments decreased by 4% mainly due to lower contracting volumes.
Operative EBITDA decreased by 7%. The operative EBITDA margin declined to 21.5%. The Oil &
Gas divestment adjusted operative EBITDA decreased by 6%, to EUR 262.9 million (EUR 279.1
million). The Oil & Gas divestment adjusted operative EBITDA margin was 21.5% (22.2%). The
decline resulted mainly from lower sales prices and volumes. EBITDA decreased by 9%. The
difference to operative EBITDA is explained by items affecting comparability, which were
mainly comprised of transaction and restructuring costs. In the comparison period they were
mainly related to the divestment of the Oil & Gas business and Kemira's organizational
change.

EUR million | 2025 | 2024
Revenue | 1,221.5 | 1,301.4
Revenue, O&G divestment adjusted | 1,221.5 | 1,256.9
Operative EBITDA | 262.9 | 282.3
Operative EBITDA, O&G divestment adjusted | 262.9 | 279.1
Operative EBITDA, % | 21.5 | 21.7
Operative EBITDA %, O&G divestment adjusted | 21.5 | 22.2
EBITDA | 243.8 | 268.2
EBITDA, % | 20.0 | 20.6
Operative EBIT | 183.9 | 214.9
Operative EBIT, O&G divestment adjusted | 183.9 | 211.7
Operative EBIT, % | 15.1 | 16.5
Operative EBIT %, O&G divestment adjusted | 15.1 | 16.8
EBIT | 153.1 | 200.8
EBIT, % | 12.5 | 15.4
Capital employed* | 735.0 | 633.5
Operative ROCE*, % | 25.0 | 33.9
Operative ROCE*, %, O&G divestment adjusted | 25.0 | 33.4
ROCE*, % | 20.8 | 31.7
Capital expenditure excl. M&A | 97.1 | 68.2
Capital expenditure, excl. acquisitions, O&G divestment adjusted | 97.1 | 68.2
Capital expenditure incl. M&A | 241.6 | 71.3
Cash flow after investing activities | 30.0 | 328.8

*12-month rolling average
Kemira divested its Oil & Gas (O&G) related portfolio on February 2, 2024. The comparison figures include
around EUR 45 million of revenue and around EUR 3 million of operative EBITDA from Oil & Gas in Q1 2024.
KEMIRA 2025 | FINANCIAL STATEMENTS | 10

BOARD OF DIRECTORS' REVIEW 2025

PACKAGING & HYGIENE SOLUTIONS
Packaging & Hygiene Solutions represents roughly 35% of Kemira’s revenue. The business unit
specializes in innovative chemistry for fiber-based materials that support customers in
transitioning to a circular economy by replacing plastics with fiber. The business unit has
three customer segments. These are Packaging, Tissue and Paper and they operate globally
in EMEA (43% of revenue), the Americas (36% of revenue) and APAC (21% of revenue). Through
close collaboration with its customers, Kemira continuously develops new solutions that meet
requirements for strength, stiffness, weight and overall quality. For liquid packaging and food
service applications, strict hygiene and cleanliness standards are also upheld. Kemira
maintains a strong presence in key markets, with growth driven by increasing demand for
sustainable solutions and by urbanization and population growth.
Packaging & Hygiene Solutions' revenue decreased by 8%. Revenue in local currencies,
excluding divestments and acquisitions, decreased by 5%. Sales prices and volumes both
declined year-on-year.
In EMEA, revenu e decreased by 4%. Revenue in local currencies, excluding acquisitions and
divestments, decreased by 4%. In the Americas, revenue decreased by 9%. Revenue in local
currencies, excluding acquisitions and divestments, decreased by 4%. In APAC, revenue
decreased by 14% Revenue in local currencies, excluding acquisitions and divestments,
decreased by 9%, mainly due to pricing.
Operative EBITDA decreased by 15%, mainly due to pricing. The operative EBITDA margin
declined to 12.0%. EBITDA decreased by 20%. The difference between EBITDA and operative
EBITDA is explained by items affecting comparability, which consisted mainly of an
environmental liability related to an old site closure and other restructuring and streamlining
costs. In the comparison period, they were mainly related to Kemira's operating model
change.

EUR million | 2025 | 2024
Revenue | 970.2 | 1,058.5
Operative EBITDA | 115.9 | 136.3
Operative EBITDA, % | 12.0 | 12.9
EBITDA | 98.7 | 124.1
EBITDA, % | 10.2 | 11.7
Operative EBIT | 56.0 | 76.1
Operative EBIT, % | 5.8 | 7.2
EBIT | 38.9 | 63.1
EBIT, % | 4.0 | 6.0
Capital employed* | 517.1 | 556.9
Operative ROCE*, % | 10.8 | 13.7
ROCE*, % | 7.5 | 11.3
Capital expenditure excl. M&A | 37.2 | 40.1
Capital expenditure incl. M&A | 40.7 | 40.1
Cash flow after investing activities | 6.8 | 99.0

*12-month rolling average
KEMIRA 2025 | FINANCIAL STATEMENTS | 11

BOARD OF DIRECTORS' REVIEW 2025

FIBER ESSENTIALS
Fiber Essentials represents roughly 20% of Kemira’s revenue. It has unique expertise in
applying chemicals within customer processes, in supporting pulp and paper producers with
innovating and continuously improving their operational efficiency and with enhancing end-
product performance and quality. Fiber Essentials has two main product groups: bleaching
chemicals (around 70% of revenue), which includes sodium chlorate and hydrogen peroxide,
and other base chemicals (around 30% of revenue), which includes caustic soda, for example.
The business unit develops and commercializes new product concepts to meet the needs of
its customers, thus ensuring a leading portfolio of products and services for bleached pulp.
Fiber Essentials aims to leverage its robust application portfolio in EMEA and North America
whilst also establishing a strong position in the emerging South American and Asian markets.
Fiber Essentials' revenue decreased by 4%. Revenue in local currencies, excluding
divestments and acquisitions, decreased by 3%, mainly due to lower sales volumes and FX
impact. In bleaching chemicals, sales volumes increased and prices remained approximately
flat. In other base chemicals, sales prices increased and volumes decreased.
In bleaching chemicals,revenue decreased by 3% mainly due to FX impact. In other base
chemicals, revenue decreased by 7%, mainly due to lower volumes.
Operative EBITDA decreased by 13%, mainly due to lower volumes and higher variable costs.
The operative EBITDA margin declined to 25.9%. EBITDA decreased by 10%. The difference
between EBITDA and operative EBITDA is explained by items affecting comparability, which
were mainly related to the expected underutilization of a single-asset energy company in Pori,
Finland, both in the reporting and in the comparison period.

EUR million | 2025 | 2024
Revenue | 561.9 | 588.2
Operative EBITDA | 145.7 | 166.7
Operative EBITDA, % | 25.9 | 28.3
EBITDA | 143.3 | 158.4
EBITDA, % | 25.5 | 26.9
Operative EBIT | 84.5 | 107.7
Operative EBIT, % | 15.0 | 18.3
EBIT | 82.1 | 99.3
EBIT, % | 14.6 | 16.9
Capital employed* | 719.5 | 729.8
Operative ROCE*, % | 11.8 | 14.8
ROCE*, % | 11.4 | 13.6
Capital expenditure excl. M&A | 62.4 | 59.1
Capital expenditure incl. M&A | 62.4 | 59.1
Cash flow after investing activities | 107.8 | 103.3

*12-month rolling average
KEMIRA 2025 | FINANCIAL STATEMENTS | 12

BOARD OF DIRECTORS' REVIEW 2025

The parent company’s financial performance
Kemira Oyj’s revenue decreased to EUR 1,835.1 million (1,950.3) in 2025. EBITDA was EUR 111.9
million (148.5). The parent company’s net financing income and expenses were EUR 19.7
million (97.9) following lower dividends, other interest and financial income and increased
unrealized exchange losses. The net result for the financial year decreased to EUR 88.2
million (183.6). Total capital expenditure was EUR 21.4 million (15.4), excluding investments in
subsidiaries and other shares.
Kemira Oyj had 516 (2024: 506, 2023: 500) employees on average during 2025.
Related party transactions as defined in the Finnish Company Act have been presented in
Note 24 Related Party Transactions.
Kemira Oyj’s shares and shareholders
On December 31, 2025 , Kemira Oyj’s share capital amounted to EUR 221.8 million and the
number of shares was 150,342,557. Each share entitles the holder to one vote at the Annual
General Meeting.
At the end of December 2025, Kemira Oyj had 51,120 registered shareholders (48,255 on
December 31, 2024). Non-Finnish shareholders held 35.4% of the shares (38.3% on December
31, 2024), including nominee-registered holdings. Households owned 19.1% of the shares
(18.1% on December 31, 2024). Kemira held 896,004 treasury shares (1,359,348 on December
31, 2024), representing 0.6% (0.9% on December 31, 2024) of all company shares.
Kemira announced a share buyback program on July 18, 2025, and it was conducted between
July 22 and December 16, 2025. The program was based on the authorization by the Annual
General Meeting 2025. The purpose of the buyback program was to optimize Kemira’s capital
structure and to serve the interests of the company’s diverse shareholder base. Kemira
repurchased a total of 5,000,000 own shares, corresponding to approximately 3.2% of the
total number of shares. The shares were repurchased in public trading on Nasdaq Helsinki,
otherwise than in proportion to the existing shareholdings of Kemira’s shareholders, at the
market price quoted at the time of purchase on Nasdaq Helsinki Ltd, using the Company’s
non-restricted shareholders’ equity. The average purchase price of the shares was EUR 19.23,
and the repurchased shares reduced Kemira’s equity by approximately EUR 96 million. After
the completion of the share buyback program, Kemira cancelled the 5,000,000 repurchased
treasury shares, according to the decision by the Board of Directors, and the cancellation was
registered with the Finnish Trade Register on December 23, 2025. After the cancellation,
Kemira held 896,004 treasury shares.
Trading with Kemira Oyj's shares opened at EUR 19.58 on January 2, 2025 and closed at EUR
19.58 on the Nasdaq Helsinki at the end of December 2025 (19.52 on December 31, 2024). The
shares registered a high of EUR 22.48 and a low of EUR 16.95 in January-December 2025 and
the average share price was EUR 19.68 The company’s market capitalization, excluding
treasury shares, was EUR 2,926 million at the end of December 2025 (3,006 on December 31,
2024).
In January-December 2025, Kemira Oyj’s share trading turnover on the Nasdaq Helsinki was
EUR 963 million (EUR 892 million in January-December 2024 ). The average daily trading
volume was 197,063 shares ( 183,567 in January-December 2024). The total volume of Kemira
Oyj’s share trading in January-December 2025 was 71 million shares ( 63 million shares in
January-December 2024), 31% (25% in January-December 2024) of which was executed on
other trading platforms (e.g. Turquoise, CBOE DXE). Source: Nasdaq and Kemira.com.
Management shareholding
The members of the Board of Directors as well as the President and CEO held 204,770
(162,475) Kemira Oyj shares on December 31, 2025 or 0.14% (0.18%) of all outstanding shares
and voting rights (including treasury shares and shares held by the related parties and
controlled corporations). Antti Salminen, President and CEO, held 145,951 (99,166) shares on
December 31, 2025. Members of the Group Leadership Team, excluding the President and
CEO held a total of 178 199 shares on December 31, 2025 (286,517), representing 0.11% (0.18%)
of all outstanding shares and voting rights (including treasury shares and shares held by the
related parties and controlled corporations). Up-to-date information regarding the
shareholdings of the Board of Directors and Management is available on Kemira’s website at
kemira.com/investors.
KEMIRA 2025 | FINANCIAL STATEMENTS | 13

BOARD OF DIRECTORS' REVIEW 2025

MANAGEMENT SHAREHOLDING DECEMBER 31, 2025

| Amount of shares | % of shares
Owners | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2025 | Dec 31, 2024
Board of Directors | 58,819 | 63,309 | 0.04 | 0.04
President and CEO | 145,951 | 99,166 | 0.10 | 0.06
CEO's Deputy* | N/A | 118,087 | N/A | 0.08
Members of the Group Leadership Team (excl. CEO and CEO's Deputy) | 178,199 | 286,517 | 0.11 | 0.18

*Kemira's Board of Directors decided on March 20, 2025, to end the practice of appointing a Deputy CEO in advance
based on the prevailing market practice. Prior to this, Group General Counsel acted as the Deputy CEO in addition to his
main role.
OWNERSHIP DECEMBER 31, 2025

| % of shares and votes
Owners | 2025 | 2024
Corporations | 27.8 | 26.9
Financial and insurance corporations | 5.4 | 5.0
General government | 9.9 | 9.1
Households | 19.1 | 18.1
Non-profit institutions | 2.3 | 2.4
Non-Finnish shareholders incl. nominee registered | 35.4 | 38.3

SHAREHOLDING BY NUMBER OF SHARES HELD DECEMBER 31, 2025

Number of shares | Number of shareholders | % of shareholders | Shares total | % of shares and votes
1 - 100 | 20,717 | 40.5% | 954,246 | 0.6
101 - 500 | 18,553 | 36.3% | 4,835,413 | 3.2
501 - 1,000 | 5,750 | 11.3% | 4,364,618 | 2.9
1,001 - 5,000 | 5,149 | 10.1% | 10,682,134 | 7.1
5,001 - 10,000 | 531 | 1.0% | 3,804,614 | 2.5
10,001 - 50,000 | 334 | 0.7% | 6,498,552 | 4.3
50,001 - 100,000 | 29 | 0.1% | 2,045,189 | 1.4
100,001 - 500,000 | 43 | 0.1% | 8,717,788 | 5.8
500,001 - 1,000,000 | 7 | 0.0% | 5,737,893 | 3.8
1,000,001 - | 7 | 0.0% | 102,702,110 | 68.3
Total | 51,120 | 100.0% | 150,342,557 | 100.0

LARGEST SHAREHOLDERS DECEMBER 31, 2025

| Shareholder | Number of shares | % of shares and votes
1 | Oras Invest Ltd | 35,103,000 | 23.4
2 | Varma Mutual Pension Insurance Company | 5,732,678 | 3.8
3 | Ilmarinen Mutual Pension Insurance Company | 5,100,000 | 3.4
4 | Nordea Funds | 4,569,373 | 3.0
5 | Elo Mutual Pension Insurance Company | 2,402,000 | 1.6
6 | Etola Group Oy | 1,000,000 | 0.7
7 | The State Pension Fund | 860,000 | 0.6
8 | Laakkonen Mikko Kalervo | 800,000 | 0.5
9 | Säästöpankki Funds | 761,936 | 0.5
10 | Pohjola Fund Management | 632,696 | 0.4
11 | Nordea Life Assurance Finland Ltd. | 626,132 | 0.4
12 | Seligson Funds | 559,037 | 0.4
13 | Paasikivi Pekka Johannes | 462,200 | 0.3
14 | Valio Pension Fund | 379,450 | 0.3
15 | Veritas Pension Insurance Company Ltd. | 351,728 | 0.2
| Kemira Oyj | 896,004 | 0.6
| Nominee registered and foreign shareholders | 53,231,264 | 35.4
| Others, Total | 36,875,059 | 24.5
| Total | 150,342,557 | 100.0

KEMIRA 2025 | FINANCIAL STATEMENTS | 14

BOARD OF DIRECTORS' REVIEW 2025

SHARE KEY FIGURES

| 2025 | 2024 | 2023 | 2022 | 2021
PER SHARE FIGURES |  |  |  |  |
Earnings per share (EPS), basic, EUR ¹⁾ | 1.18 | 1.62 | 1.30 | 1.51 | 0.71
Earnings per share (EPS), diluted, EUR ¹⁾ | 1.18 | 1.61 | 1.28 | 1.50 | 0.70
Net cash generated from operating activities per share, EUR ¹⁾ | 2.47 | 3.15 | 3.56 | 2.61 | 1.44
Dividend per share, EUR ¹⁾ ²⁾ | 0.76 | 0.74 | 0.68 | 0.62 | 0.58
Dividend payout ratio, % ¹⁾ ²⁾ | 64.2 | 45.7 | 52.4 | 41.0 | 82.2
Dividend yield, % ¹⁾ ²⁾ | 3.9 | 3.8 | 4.1 | 4.3 | 4.4
Equity per share, EUR ¹⁾ | 11.23 | 11.59 | 10.84 | 10.89 | 8.68
Price per earnings per share (P/E ratio) ¹⁾ | 16.53 | 12.04 | 12.95 | 9.48 | 18.88
Price per equity per share ¹⁾ | 1.74 | 1.68 | 1.55 | 1.32 | 1.54
Price per cash flow from operations per share ¹⁾ | 7.92 | 6.20 | 4.72 | 5.49 | 9.27
Dividend paid, EUR million ²⁾ | 113.6 | 113.9 | 104.5 | 95.1 | 88.8
SHARE PRICE AND TRADING |  |  |  |  |
Share price, high, EUR | 22.48 | 24.58 | 18.22 | 14.94 | 14.66
Share price, low, EUR | 16.95 | 15.96 | 13.51 | 10.36 | 12.64
Share price, average, EUR | 19.68 | 19.84 | 15.36 | 12.57 | 13.67
Share price on Dec 31, EUR | 19.58 | 19.52 | 16.79 | 14.33 | 13.33
Number of shares traded (1,000) ³⁾ | 49,247 | 46,801 | 43,852 | 37,017 | 57,478
% on number of shares | 33 | 30 | 29 | 24 | 38
Market capitalization on Dec 31, EUR million ¹⁾ | 2,926 | 3,006 | 2,579 | 2,198 | 2,041
NUMBER OF SHARES AND SHARE CAPITAL |  |  |  |  |
Average number of shares, basic (1,000) ¹⁾ | 153,052 | 153,921 | 153,573 | 153,320 | 153,092
Average number of shares, diluted (1,000) ¹⁾ | 154,004 | 155,234 | 155,051 | 154,261 | 153,785
Number of shares on Dec 31, basic (1,000) ¹⁾ | 149,447 | 153,983 | 153,620 | 153,352 | 153,127
Number of shares on Dec 31, diluted (1,000) ¹⁾ | 150,426 | 155,409 | 155,303 | 154,894 | 154,068
Increase (+) / decrease (-) in number of shares outstanding (1,000) | -4,537 | 363 | 267 | 225 | 203
Share capital, EUR million | 221.8 | 221.8 | 221.8 | 221.8 | 221.8

1) Number of shares outstanding, excluding the number of treasury shares.
2) The dividend for 2024 is the Board of Directors' proposal to the Annual General Meeting.
3) Shares traded on Nasdaq Helsinki only.
Definition of key figures are disclosed in the section on the Definition of key figures.
AGM decisions
ANNUAL GENERAL MEETING
Kemira Oyj's Annual General Meeting held on March 20, 2025, approved the Board of
Directors’ dividend proposal of EUR 0.74 per share for the financial year 2024. The dividend
was paid in two installments. The first installment of EUR 0.37 per share was paid on April 3,
2025. The Annual General Meeting also authorized the Board of Directors to decide on the
record date and the payment date for the second installment of the dividend.
The Board of Directors decided on the record date and the payment date for the second
installment of the dividend of EUR 0.37 at its meeting on October 23, 2025. The payment date
of the second installment of the dividend was November 4, 2025. Kemira announced the
resolution of the Board of Directors with a separate stock exchange release and confirmed
both the record and the payment dates.
The Annual General Meeting 2025 authorized the Board of Directors to decide upon
repurchase of a maximum of 14,600,000 company’s own shares (“Share repurchase
authorization”). The shares shall be repurchased by using unrestricted equity either through a
tender offer with equal terms to all shareholders at a price determined by the Board of
Directors or otherwise than in proportion to the existing shareholdings of the company’s
shareholders (directed repurchase). The price paid for the shares repurchased through a
tender offer under the authorization shall be based on the market price of the company’s
shares in public trading so that the minimum price to be paid shall be the lowest market price
of the share quoted in public trading during the authorization period and the maximum price
the highest market price quoted during the authorization period. The price paid for the shares
repurchased through directed repurchase under the authorization shall be based on the
share price formed in public trading on the date of the repurchase or otherwise a price
formed on the market. Shares shall be acquired and paid for in accordance with the rules of
Nasdaq Helsinki Ltd and the rules of Euroclear Finland Ltd as well as other applicable
regulations. Shares may be repurchased to be used in implementing or financing mergers and
acquisitions, developing the company’s capital structure, improving the liquidity of the
company’s shares or to be used for the payment of the annual fee payable to the members of
the Board of Directors or implementing the company’s share-based incentive plans. In order
to realize the aforementioned purposes, the shares acquired may be retained, transferred
further or cancelled by the company. The Board of Directors shall decide upon how the shares
KEMIRA 2025 | FINANCIAL STATEMENTS | 15

BOARD OF DIRECTORS' REVIEW 2025

are repurchased and other terms related to any share repurchase. The Share repurchase
authorization is valid until September 20, 2026.
The Annual General Meeting 2025 authorized the Board of Directors to decide to issue
through one or several share issues new shares and/or transfer company’s own shares held
by the company, provided that the number of shares thereby issued and/or transferred totals
a maximum of 15,600,000 shares (“Share issue authorization”). The new shares may be issued
and the company’s own shares held by the company may be transferred either for
consideration or without consideration. The new shares may be issued and the company’s
own shares held by the company may be transferred to the company’s shareholders in
proportion to their current shareholdings in the company, or by disapplying the shareholders’
pre-emption right, through a directed share issue, if the company has a weighty financial
reason to do so, such as financing or implementing mergers and acquisitions, developing the
capital structure of the company, improving the liquidity of the company’s shares or, if it is
justified, for the payment of the annual fee payable to the members of the Board of Directors
or implementing the company’s share-based incentive plans. The directed share issue may be
carried out without consideration only in connection with the implementation of the
company’s share-based incentive plans. The subscription price of new shares shall be
recorded to the invested unrestricted equity reserves. The consideration payable for the
company’s own shares shall be recorded to the invested unrestricted equity reserves. The
Board of Directors shall decide upon other terms related to the share issues. The Share issue
authorization is valid until May 31, 2026.
Furthermore, the Annual General Meeting issued the advisory resolution on the acceptance of
the Remuneration Report 2024.
The AGM elected Ernst & Young Oy to serve as the company’s auditor, with Mikko Rytilahti,
Authorized Public Accountant, acting as the key audit partner. Ernst & Young Oy was also
elected as the sustainability assurance provider with Mikko Rytilahti, Authorized Public
Accountant and Authorized Sustainability Auditor, assuring the sustainability report.
Corporate governance and group structure
Kemira Oyj’s corporate governance is based on the Articles of Association, on the Finnish
Companies Act and on Nasdaq Helsinki’s rules and regulations on listed companies.
Furthermore, the company complies with the Finnish Corporate Governance Code. The
company’s corporate governance is presented as a separate statement on the company’s
website.
BOARD OF DIRECTORS
On March 20, 2025, the Annual General Meeting elected eight members to the Board of
Directors. The Annual General Meeting re-elected Tina Sejersgård Fanø, Werner Fuhrmann,
Timo Lappalainen, Annika Paasikivi, Kristian Pullola and Mikael Staffas. Susan Duinhoven and
Matti Lehmus were elected as new members. Annika Paasikivi was elected as the Chair of the
Board of Directors and Susan Duinhoven as the Vice Chair. Matti Kähkönen served on
Kemira's Board of Directors from 2021 until the Annual General Meeting 2025 and had been
the Chair of the Board of Directors since 2022. In 2025, Kemira’s Board of Directors met 14
times, with a 98% attendance rate.
Kemira Oyj’s Board of Directors has appointed two committees: the Personnel and
Remuneration Committee and the Audit Committee. The Personnel and Remuneration
Committee is chaired by Annika Paasikivi and has Tina Sejersgård Fanø, Timo Lappalainen and
Mikael Staffas as members. In 2025, the Personnel and Remuneration Committee met 6
times, with an 88% attendance rate. The Audit Committee was chaired by Kristian Pullola and
has Susan Duinhoven, Werner Fuhrmann and Matti Lehmus as members. Timo Lappalainen
was a member of the Audit Committee until the Annual General Meeting 2025. In 2025, the
Audit Committee met 5 times, with a 100% attendance rate.
STRUCTURE
In 2025 Kemira made two acquisitions in the US related to its Water Solutions business unit.
On April 2, Kemira announced that it had completed the acquisition of Thatcher Group's iron
sulfate coagulant business. Furthermore, on October 17, Kemira completed the acquisition of
Water Engineering, Inc., which marks an entry in to industrial water treatment services.
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Short-term risks and uncertainties
Kemira is exposed to risks that may arise from its own operations or from changes in the
operating environment. Kemira’s most significant risks relate to the following themes:
economic conditions and geopolitical changes, the price and availability of raw materials and
commodities, suppliers, hazard risks, changes in customer demand, competition, acquisitions
and partnerships, innovation and R&D, changes in laws and regulations, talent management
and climate-related risks.
ECONOMIC CONDITIONS AND GEOPOLITICAL CHANGES
Uncertainties in global economic and geopolitical developments are considered to include
direct and indirect risks, such as a lower-growth period in global GDP and possible,
unexpected trade-related political decisions, both of which could have unfavorable impacts
on the demand for Kemira’s products. Certain political actions or changes, especially in
Kemira’s key markets and operating countries, could cause business interference or other
adverse consequences.
The year 2025 was characterized by increased global economic uncertainty, following the
heightened threat of a global trade war and increased geopolitical tensions. The changing
situation regarding tariffs, the continuing war in Ukraine and ongoing geopolitical tensions
created uncertainty in the global economy.
Kemira continuously monitors geopolitical events and developments and aims to adjust its
business accordingly. Tariff and trade war-related risks are also actively monitored and taken
into account in business planning. Kemira mostly operates locally for local customers. Kemira
has 58 manufacturing facilities globally, located in relatively close proximity to customers,
particularly in Water Solutions. The direct impacts of a potential global trade war are
expected to be rather limited due to the resilient nature of Kemira's business model.
Kemira’s resilient business model, with production close to its customers, has so far provided
protection from large scale impacts from the tariffs introduced by the US. The direct impacts
have been limited so far and the majority of exposure is on raw materials. Packaging &
Hygiene Solutions is the most impacted of the individual business units.
Potential indirect risk is expected to be more relevant. Kemira is exposed to the indirect
impacts of a potential global trade war through its customers and suppliers. A difficult trade
war would have implications for Kemira's customers on the packaging side in particular. This
could have an adverse impact on the demand for Kemira's products. In addition, prolonged
economic uncertainty could lead to a global recession which could have negative impacts on
Kemira's suppliers, customers and partners. Furthermore, possible trade or supply chain
disruptions following geopolitical tensions could also impact Kemira’s operations.
Weak economic development may bring customer closures or consolidations, resulting in a
diminished customer base. Unfavorable market conditions may also decrease the availability
and increase the price risk of certain raw materials. Kemira’s geographical and customer
industry diversification only provides partial protection against these risks.
Possible strikes in particular could negatively impact Kemira's ability to run its operations and
could also create risks to near-term customer demand.
PRICE AND AVAILABILITY OF RAW MATERIALS AND COMMODITIES
A significant and sudden increase in the cost of raw materials, commodities or logistics could
place Kemira’s profitability at risk if Kemira is not able to pass on such increases in product
prices without delay. For instance, considerable and/or rapid changes in oil and gas
derivatives or in electricity prices could materially impact Kemira’s profitability. Changes in
the raw material supplier field, such as a consolidation or decreasing capacity may also
increase raw material prices. Furthermore, significant demand changes in industries that are
the main users of certain raw materials may lead to raw material price fluctuations. In 2025,
raw material and commodity prices, including the prices of energy and electricity, decreased
compared to 2024.
Availability of certain raw materials may affect Kemira’s production and profitability if Kemira
fails to prepare adequately, by mapping out alternative suppliers or opportunities for process
changes. Raw material and commodity-related risks are monitored effectively and managed
by Kemira's centralized Sourcing unit. Risk management measures include, for instance,
forward-looking forecasting of key raw material and commodity availability and prices, the
synchronization of raw material purchase and sales agreements, captive manufacturing of
some of the critical raw materials, strategic investments in energy-generating companies and
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hedging a portion of the total energy and electricity spend. Kemira demonstrated good
resilience in managing its raw material risks in 2025.
SUPPLIERS
The continuity of Kemira’s business operations is dependent on the reliable supply of good-
quality products and services. Kemira has numerous partnerships and other agreements with
third-party product and service suppliers in place, to help secure its business continuity.
Certain products used as raw materials are considered critical as purchases can only be made
economically from a sole supplier or from a single source. In the event of a sudden and
significant loss or interruption to the supply of such a raw material, Kemira’s operations could
be impacted and this would have a negative effect on Kemira's business. Ineffective
procurement planning, supply source selection, contract administration as well as inadequate
supplier relationship management create a risk of Kemira not being able to fulfill its promises
to customers. There were no significant raw material shortages that impacted Kemira's
manufacturing operations during 2025.
Kemira sources a large share of its electricity in Finland at production cost (the Mankala
principle), through its partial ownership of the electricity producing hydro and nuclear assets
of Teollisuuden Voima and Pohjolan Voima. Significant long-term disruptions to the
production levels of these assets could have an adverse financial impact on Kemira. Kemira
sources electricity at production cost from these assets, which might be lower or higher
relative to market electricity prices.
Kemira continuously aims to identify, analyze and engage third-party suppliers in a way that
ensures security of supply and the competitive pricing of end products and services.
Collaborative relationships with key suppliers are developed in order to uncover and realize
new value and to reduce risk. Supplier performance is also regularly monitored, as a part of
the supplier performance management process. Due to the high-risk environment relating to
suppliers in the chemical industry, risk management and mitigation in this area is subject to a
continuous level of high focus.
HAZARD RISKS
Kemira’s production activities are exposed to many hazard risks – such as fires and
explosions, machinery breakdowns, natural catastrophes, exceptional weather conditions and
environmental incidents – and to the consequent possible liabilities as well as the risks to
employee health and safety. These risk events may derive from several factors, including (but
not limited to) unauthorized IT system access by a malicious intruder or other cyber security
issues causing possible damage to systems and which in turn could lead to financial losses
and supply disruptions. A systematic focus on achieving set targets, certified management
systems, efficient hazard prevention programs, the promotion of an active safety culture,
adequate maintenance and competent personnel all play a central role in managing these
hazard risks. In addition, Kemira has several insurance programs that protect the company
against the financial impacts of hazard risks. Kemira is continuously and systematically
maintaining and enhancing its information security procedures and technical controls,
including cybersecurity measures focused on protecting digital assets. Kemira safeguards
critical assets such as business-critical information, personal data and systems within
business and on-premises manufacturing and cloud environments from potential threats
such as cyberattacks, data breaches and unauthorized access. Kemira is committed to
fostering a culture of security awareness through regular personnel training and education
programs. Kemira expects all staff to report incidents promptly and efficiently, thereby
enabling effective responses to any security threats. Kemira’s Board of Directors regularly
reviews information security-related risks. Throughout 2025, Kemira did not experience any
significant information security related incidents.
Kemira’s operations rely on reliable, up-to-date and well-maintained Information Technology
(IT) and manufacturing industrial control systems (ICS). There were no significant incidents on
these systems during 2025.
CHANGES IN CUSTOMER DEMAND
A significant, unforeseen decline in the use of certain chemicals (e.g. chemicals for packaging
and board production) or in the demand for customers’ products and operations could have a
negative impact on Kemira’s business. A significant decline in certain raw material and utility
prices (e.g. oil and gas derivatives and metals) may shift customers’ activities towards areas
where fewer chemicals are needed. Also, increasing awareness of and concern regarding
climate change and more sustainable products may alter customer demand, for instance, in
favor of water treatment technologies with a lower consumption of chemicals. On the other
hand, possible capacity expansion by customers could increase chemical consumption and
could, in such a way, challenge Kemira’s current production capacity.
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In order to manage and mitigate these risks, Kemira systematically monitors leading and early
warning indicators that focus on market developments.
Timely capital investments as well as continuous discussions and follow-ups with customers
ensure Kemira’s ability to respond to changes in demand. Kemira’s geographical and
customer industry diversification also provide partial protection against the risk of changing
customer demand.
To respond to expected changes in customer requirements, Kemira has also revised its
strategy to focus more on renewable solutions and has also started several external
partnerships, in order to innovate and commercialize new renewable solutions for its
customers. Renewable solutions are a significant component of Kemira’s growth ambitions
for the future. Kemira expects to continue investing in renewable solutions projects, the
commercialization of which often involves risks related to e.g. market demand.
COMPETITION
Kemira operates in a rapidly changing and competitive business environment that represents
a considerable risk to meeting its goals. New players seeking a foothold in Kemira’s business
segments may use aggressive means as a competitive tool, which could affect demand for
Kemira’s products and thus its financial results. Major competitor or customer consolidations
could change the market dynamics and could possibly also alter Kemira’s market position. In
addition, overcapacity resulting from a slower demand environment could negatively impact
the pricing environment.
Kemira is seeking growth in product categories that might be less familiar and where new
competitive situations prevail, particularly in renewable solutions. In the long term,
completely new types of technology may considerably alter the current competitive situation.
This risk is managed at both Group and business unit levels, through the continuous
monitoring of markets and competitors. Kemira aims to respond to its competition through
the active management of customer relationships and the continuous development of its
products and services, to further differentiate itself from competitors and to remain
competitive.
ACQUISITIONS AND PARTNERSH IPS
Kemira is also actively looking for inorganic growth opportunities, particularly in water, that
might be related to market consolidation, to expanding geographical coverage or the
launching of new technologies. In addition to organic growth, acquisitions are a potential way
to achieve corporate goals in line with strategies. Consolidations are driven by chemical
manufacturers’ interests in establishing footholds in new markets and in realizing synergies.
Acquisitions and/or partnerships may also be needed in order to enter totally new
geographical markets and new product markets. However, the integration of acquired
businesses, operations and personnel also involves risks. Joint ventures always require
effective co-operation with joint venture partners. If integration is unsuccessful, the results
may fall short of the targets set for such acquisitions.
Kemira has created mergers and acquisitions procedures and has established Group-level
resources dedicated to actively managing mergers and acquisitions activities and to
supporting the execution of related business transactions. In addition, external advisory
services are used to screen potential mergers and acquisitions targets.
In November 2024, Kemira received an adverse court ruling in Yanzhou, China, related to the
way Kemira's Joint Venture with Tiancheng Wanfeng Chemical Technology Co. (TCWF) is run.
The joint venture, in which Kemira holds 80% and TCWF holds 20%, mainly produces AKD wax
and its key raw material, fatty acid chloride. The joint venture has been in operation in
Shandong Province in China since 2018. Kemira has filed an appeal to a higher court in China
as it believes the Yanzhou court ruling is without merit. Both parties have jointly requested the
court to suspend the hearing of the appeal and the parties will continue negotiations to find a
solution.
RESEARCH AND INNOVATION
Kemira’s research and innovation is a critical enabler of organic growth and further
differentiation. Kemira’s future market position and profitability depend on its ability to
understand and to meet current and future customer needs and market trends and its ability
to innovate new, differentiated products and applications. Furthermore, new product
launches contribute to the efficiency and sustainability of both Kemira’s and its customers’
processes, as well as to improved profitability. A failure to innovate or focus on disruptive new
technologies and products or a failure to effectively commercialize new products and service
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concepts may result in the non-achievement of growth targets and may therefore impact
Kemira’s competitive situation.
Research and innovation-related risks are managed through effective R&D portfolio
management and close collaboration between R&D and the three business units. At the
beginning of 2025, product development was moved into the three new business units, to
further increase customer-centricity in the product development process. With the
continuous development of innovation processes, Kemira is aiming for more effective and
stringent project execution. Kemira continues to focus on the development of more
differentiated and sustainable products and processes and also continuously monitors the
sales of its new products and applications.
CHANGES IN LAWS AND REGULATIONS
Kemira’s business is subject to various laws and regulations which have a relevance in the
development and implementation of Kemira’s strategy. Laws and regulations can generally be
considered an opportunity for Kemira as tightening regulation is expected to drive water
treatment market growth, with the phosphorus removal of effluent before discharge to a
recipient, for example. However, certain legislative initiatives supporting, for instance, limiting
the use of aluminum, may also have a negative impact on Kemira’s business. Significant
changes in chemical, environmental or transportation laws and regulations may also impact
Kemira’s profitability through an increase in production and transportation costs. At the same
time, such changes may also create new business opportunities for Kemira. As an example,
possible restrictions on plastic packaging would likely benefit the fiber-based packaging
industry and Kemira.
Kemira is actively following changes in the regulation, such as REACH (Registration,
Evaluation, Authorisation and Restriction of Chemicals). Should the planned polymer
registration actualize, this would have a significant impact on Kemira. In addition, climate and
energy policies present a risk for the chemicals industry in general, should the prices for
carbon emissions increase and energy prices not be lowered. However, Kemira is fairly well
protected, as its most energy-intensive sites and production processes are located in Finland,
where it can take advantage of carbon emission-free, nuclear energy. In addition, Kemira is
actively following the European Commission's proposal for Packaging and Packaging Waste
Regulations (PPWR) and the Single-Use-Plastic Directive (SUPD). Kemira is developing
innovative, bio-based, biodegradable polymers that deliver the same performance as plastic-
coated paper but represent a genuine alternative to plastic. Certain legislative proposals,
especially in Europe, such as the PFAS restriction proposed during 2023, may result in
additional requirements for managing Kemira's manufacturing assets in the long-term.
However, the tightening PFAS regulation is also expected to drive the demand for water
treatment applications, e.g. activated carbon, and to be a driver of future growth. In addition,
changes in import/export and customs-related regulations create a need for monitoring and
mastering global trade compliance, in order to ensure compliant product importation.
Kemira continuously follows regulatory developments, in order to maintain its awareness of
proposed and upcoming changes to those laws and regulations that may have an impact, for
instance, on its sales, production and product development needs. Kemira is actively
collaborating with industry groups and other stakeholders and has established an internal
process to manage substances of potential concern and to create management plans for
them. These plans cover the options for replacing certain substances if they become subject
to stricter regulation, for example. Kemira has also increased its focus and resources in the
management of global trade compliance.
Regulatory effects are also systematically taken into consideration in strategic decision
making. Kemira takes an active role in regulatory discussions, whenever this is justified from
the perspective of the industry or the business. In Europe in particular, after the election of
the current EU Parliament and Commission, the political focus during the 2024-2029 mandate
is on strengthening the EU’s competitiveness and on the simplification and implementation of
previous legislation which may have a positive impact on the chemical industry in general. The
recent publication of the Bioeconomy Strategy is expected to create new business
opportunities regarding biobased polymers. Additionally, the implementation of the Water
Resilience Strategy, released in 2025, has elevated water issues on the EU political agenda.
Potential regulatory implications caused by changes in the US government and any
subsequent legislation and trade policies are also being continuously monitored and
assessed. Kemira will primarily concentrate its effo rts in the US to the states, such as
California, Oregon and New York, which continue to pursue sustainable packaging initiatives
or are actively committed to combating water pollution.
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TALENT MANAGEMENT
To secure competitiveness and profitable growth, as well as to improve operational efficiency,
it is essential to attract and to retain personnel with the right blend of skills and competence.
Attracting the right kind of talent to succeed in implementing the company's growth strategy
is crucial. Kemira continuously seeks to identify people with high potential and the key
competencies for future needs. Through the systematic development and improvement of
compensation schemes, learning programs and career development programs, Kemira aims
to ensure the continued presence and availability of skilled personnel.
CLIMATE-RELATED RISKS
Kemira has identified certain climate-related risks that could have an impact on its operations
or on customer demand. Increased awareness of and concern regarding climate change and
more sustainable products may, for example, change customer demand in favor of water
treatment technologies with a lower consumption of chemicals. A proportion of Kemira’s raw
materials are fossil-based. Kemira has taken action to increase the share of renewable and
recyclable raw materials in its portfolio and to reduce reliance on oil and gas derivatives. Many
of Kemira's customers have ambitions to be carbon neutral, which will likely have implications
for Kemira and on the chemicals used in the customers' processes. Extreme weather patterns
related to climate change, such as hurricanes and floods, could also impact Kemira’s supply
chain and suppliers as well as Kemira’s own manufacturing sites. Several climate-related risks
are included in Kemira’s enterprise risk management portfolio and active monitoring and
mitigation planning continues. In 2025, Kemira completed a dedicated transition risk
assessment, focused on evaluating the most significant climate-related transition risks. This
assessment builds on previous scenario analyses and provides a detailed understanding of
financial risks that could impact Kemira's operations and value chain. This was conducted as
part of Kemira's climate transition plan.
A detailed description of Kemira’s risk management principles is available on the
company’s website at kemira.com/investors. Financial risks are described in the Notes to the
Financial Statements for the year 2025.
Dividend policy and dividend distribution
On December 31, 2025, Kemira Oyj’s distributable funds totaled EUR 675,295,741, of which net
profit for the period was EUR 88,177,782. No material changes have taken place in the
company’s financial position after the balance sheet statement date.
Kemira Oyj’s Board of Directors proposes to the Annual General Meeting to be held on March
19, 2026, that a dividend of EUR 0.76 per share, totaling EUR 114 million, be paid on the basis of
the adopted balance sheet for the financial year that ended on December 31, 2025 . The
dividend will be paid in two installments. The first installment, EUR 0.38 per share, will be paid
to shareholders who are registered in the company’s shareholder register, maintained by
Euroclear Finland Oy, on the record date for the dividend payment: March 23, 2026. The Board
of Directors proposes that the first installment of the dividend be paid out on April 8, 2026.
The second installment, of EUR 0.38 per share, will be paid in October 2026. The second
installment will be paid to shareholders who are registered in the company’s shareholder
register, maintained by Euroclear Finland Oy, on the record date for the dividend payment.
The Board of Directors will decide the record date and the payment date for the second
installment at its meeting in October 2026. The record date is planned for October 6, 2026 and
the dividend payment date for October 13, 2026 at the earliest. Kemira’s dividend policy aims
for a competitive dividend that increases over time.
Kemira's organization and operational model effective
as of January 1, 2025
Kemira's current organization and operational model became effective as of January 1, 2025,
to support profitable growth. The main purpose of the changes is to increase customer
centricity, strategic focus and speed of delivery as well as to accelerate growth and
shareholder value creation.
As of January 1, 2025, Kemira transitioned to three externally reported business units: Water
Solutions, Packaging & Hygiene Solutions and Fiber Essentials. The January-March 2025
interim report was the first financial report presenting on all the three business units.
Comparison figures were published earlier, on March 12, as a separate stock exchange
release.
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Water Solutions is Kemira’s largest business unit, reflecting Kemira’s ambitions to significantly
grow the water business both organically and inorganically. The Packaging & Hygiene
Solutions business unit focuses on, among other things, the growing renewable solutions
market, particularly packaging, where Kemira’s renewable product offering supports
customers on their sustainability journey. The Fiber Essentials business unit focuses on the
pulp and bleaching market, where Kemira’s products play an essential role in the value chain.
In addition, Kemira established a centralized Operations unit and changed the ways of
working in Research & Development. A New Ventures and Services unit was also established.
The Group Leadership Team members started in their roles on January 1, 2025, led by the
President and CEO Antti Salminen.
Petri Castrén, Chief Financial Officer
Tuija Pohjolainen-Hiltunen, Executive Vice President, Water Solutions
Harri Eronen, Executive Vice President, Packaging & Hygiene Solutions
Antti Matula, Executive Vice President, Fiber Essentials
Simon Bloem, Chief Operations Officer, Operations (as of May 1, 2025)
Eeva Salonen, Executive Vice President, People & Culture (until November 30, 2025)
Linus Hildebrandt, Executive Vice President, Strategy & Sustainability
Sampo Lahtinen, Executive Vice President, Research & Innovation
Peter Ersman, Executive Vice President, New Ventures & Services
Changes to Kemira's Leadership Team
On October 23, 2025, Kemira announced that Tuomas Mäkipeska had been appointed Chief
Financial Officer. He will assume his new role on April 1, 2026. To ensure a smooth handover of
the CFO duties, Tuomas Mäkipeska will join Kemira on March 1, 2026, and will work together
with Petri Castrén until he assumes his new role in the beginning of April.
On June 16, 2025, Kemira announced that Ulrika Dunker has been appointed as the new
Executive Vice President, People & Culture. She started in her new role in the beginning of
2026. Dunker succeeded Eeva Salonen who retired in late 2025.
On May 5, 2025, Kemira announced that CFO Petri Castrén is to leave Kemira by the end of Q1
2026. He has been Kemira’s CFO and a member of the Kemira Group Leadership Team since
2013. He was appointed Kemira’s Interim CEO in July 2023 in addition to his CFO role and
ensured a smooth transition until Antti Salminen started as President & CEO in February 2024.
On January 29, 2025, Kemira announced that Simon Bloem has been appointed as Chief
Operations Officer and as a member of the Kemira Group Leadership Team, as of May 1, 2025.
He joined Kemira from Envalior where he has been VP Global Manufacturing Materials since
2023.
Acquisitions and divestments
On October 24,2025, Kemira announced that it had completed the acquisition of Water
Engineering, Inc., a company specialized in industrial water treatment services. The
acquisition price was approximately USD 150 million.
On September 16, 2025, Kemira announced that it is expanding its offering into industrial
water treatment services and has signed a purchase agreement to acquire Water Engineering,
Inc., a company specializing in water treatment services with its headquarters in Nebraska,
USA, from Nolan Capital, Inc. The purchase price is approximately USD 150 million in cash,
subject to the usual purchase price adjustments. The transaction is expected to close before
the year-end 2025, following regulatory approvals and customary closing conditions. This
acquisition represents a significant strategic milestone for Kemira, expanding its Water
Solutions business into industrial water treatment services.
On April 2, 2025, Kemira completed the acquisition of Thatcher Group’s iron sulfate coagulant
business in the US. The transaction includes certain customers and assets of the business.
No employees will move to Kemira in the transaction as Kemira will serve the new customers
from its existing manufacturing facilities. The annual revenue of the acquired business is less
than 10 million US dollars.
Other announcements during the review period
On December 23, 2025, Kemira announced that it has cancelled the 5,000,000 repurchased
shares. The cancellation reduced the total number of shares in Kemira to 150,342,557. After
the cancellation, Kemira holds 896,004 treasury shares.
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On December 16, 2025, Kemira announced that the Board of Directors had resolved on the
share allocation of the commencing performance period 2026-2028 for the long-term
incentive plan. Should the performance targets set for the PSP 2026–2028 be fully achieved,
the maximum number of shares to be paid is approximately 1,034,902 shares (referring to
gross earnings before the withholding of the applicable payroll tax).
On December 16, 2025, Kemira announced that the Board of Directors had decided on the
maximum number of shares which may be granted under the Restricted Share Plan during the
year 2026. The maximum number of shares that may be granted under the Restricted Share
Plan in year 2026 is 103,490 Kemira shares (referring to gross earnings before the withholding
of the applicable payroll tax).
On December 16, 2025, Kemira announced that it has completed the share buyback program
announced in July 2025. Between July 22 and December 16, 2025, Kemira repurchased a total
of 5,000,000 own shares, corresponding to approximately 3.2% of the total number of shares.
The buyback program was based on the authorization granted to the Board of Directors by
the 2025 Annual General Meeting.
On October 14, 2025, Kemira published the new study, Kemira Water Index 2025. The study
asserts that urgent action and more effective strategies are needed to strengthen water
security, particularly in regions facing mounting climate and water-related pressures. The
study combines international research, expert analysis and consumer insights regarding
water resilience and actions needed to strengthen water security.
On September 17, 2025, Kemira announced that its previously communicated plan to build a
reactivation plant for activated carbon at the Helsingborg site in Sweden has received full
investment approval. This strategic decision marks a major step forward in Kemira’s efforts to
expand its water treatment capabilities across the Nordic region, to invest in activated carbon
as a new growth area and advance its long-term goal to double the revenue of its water
treatment business.
On September 3, 2025, Kemira has been awarded a Gold-level rating by EcoVadis, the leading
global sustainability assessment platform, with an all-time high score (82/100). This marks a
5-point improvement from the previous year (77/100 in 2024) and places Kemira among the
top 2% of companies worldwide evaluated by EcoVadis.
On August 8, 2025, Kemira announced that it will implement a price increase of up to 5-15 %
for AKD (alkyl ketene dimer) wax products in the APAC region. The adjustment will be effective
immediately or as the existing contracts allow. The increased costs within the AKD-wax supply
chain make this price adjustment necessary.
On July 24, 2025, Kemira announced a strategic investment to expand its production
capabilities in Tarragona, Spain. The investment, of close to 20 million euros, which was
approved earlier this year, will enable the construction of a new production line for Aluminium
Chloro Hydrate (ACH), a high-performance coagulant primarily used in drinking water
treatment.
On July 18, 2025, Kemira announced that its Board of Directors has decided to commence a
repurchase of Kemira’s own shares, on the basis of the authorization given by the Annual
General Meeting held on March 20, 2025. The program will commence on July 22, 2025, at the
earliest and will end by September 20, 2026, at the latest. The maximum number of shares to
be repurchased is 5,000,000, corresponding to approximately 3.2% of the total number of
shares.
On July 10, 2025, Kemira issued a profit warning. Kemira downgraded its outlook for 2025 and
provided preliminary financials for Q2. Kemira now expects revenue to be between EUR 2,700
and 2,950 million and operative EBITDA to be between EUR 510 and 580 million in 2025.
Earlier, Kemira expected revenue to be between EUR 2,800 million and EUR 3,200 million and
operative EBITDA to be between EUR 540 and EUR 640 million. The assumptions behind
Kemira’s outlook have also been updated.
On July 9, 2025, Kemira announced it has started a strategic partnership with CuspAI, to
pioneer AI-driven materials innovation in water treatment. The partnership aims to
revolutionize materials innovation within the chemical sector through the integration of
advanced AI technologies.
On June 25, 2025, Kemira announced that it had agreed on a three-year strategic
collaboration with Bluepha in APAC. The purpose is to promote the large-scale application of
PHA (polyhydroxyalkanoate) in fully biobased barrier coatings for paper, board and molded
fiber, contributing to a move towards sustainable packaging and the elimination of plastic
waste.
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On June 12, 2025, Kemira announced the members of its Nomination Board. The Nomination
Board consists of representatives of the four largest shareholders of Kemira as of May 31:
Oras Invest Oy, Varma Mutual Pension Insurance Company, Ilmarinen Mutual Insurance
Company and Impax Asset Management plc. In addition, the Chair of the Board of Directors is
an expert member of the Nomination Board.
On June 9, 2025, Kemira announced that it will expand its sodium borohydride powder
capacity at its Äetsä manufacturing site in Finland. The scope of this investment includes a
new production line and some additional process safety improvements for the plant. The total
value of the investment is under EUR 10 million. The initiative will support the globally growing
pharma industry in continental Europe and in export markets.
On May 20, 2025, Kemira announced that is has agreed to collaborate with Metsä Group in
the development of the new Kuura textile fiber. Kuura offers a fully integrated, cost-
competitive and scalable, European-made alternative to other lyocell-type fibers currently
available in the market. Kemira’s chemistry and process expertise will enable process
feasibility and scaling up of the fiber production and integration into Metsä Group’s existing
pulp production line.
On April 25, 2025, Kemira announced that it will implement a minimum 5% surcharge on all
products and services sold in the US starting May 1, 2025. This applies to all Packaging &
Hygiene and Water Solutions customers. This measure responds to significant increases in
external costs which have been driven by recent global trade policies.
On March 27, 2025, Kemira announced the final investment decision with IFF to form a joint
venture manufacturing company, to produce renewable biobased products on a commercial
scale. Total investment is estimated at around EUR 130 million and commercial production is
expected to start in late 2027
On March 20, 2025, Kemira announced that the Board of Directors had decided to end the
practice of appointing a Deputy CEO in advance. The decision has been made based on the
prevailing market practice. The Board will appoint a Deputy CEO or an Interim CEO if the
President and CEO is unable to perform his/her duties.
On March 20, 2025, Kemira announced that it will make a multi-million euro investment in a
multiple production line expansion of strength chemical agents for paper, board and tissue in
Thailand, to serve the growing APAC market. The implementation of the expansion project will
begin in 2026. The new, expanded capacity is expected to be available in August, 2026.
On March 12, 2025, Kemira published comparison figures to reflect the new organizational
structure. As of January 1, 2025, Kemira has three business units: Water Solutions, Packaging
& Hygiene Solutions and Fiber Essentials.
Events after the review period
On February 11, 2026, Kemira's Board of Directors decided to commence a share buyback
program. The purpose of the program is to further optimize Kemira's capital structure and to
serve the interests of the company's diverse shareholder base. The maximum number of
shares to be repurchased is 5,000,000, and the maximum monetary amount to be used for
the program is EUR 100 million. The repurchases will be carried out between February 13,
2026, and September 20, 2026. Repurchased shares will be cancelled after the program has
ended.
On February 11, 2026, Kemira announced that it plans to acquire SIDRA Wasserchemie, a
coagulant producer with two production facilities in Germany and serving customers in
Germany, Belgium and the Netherlands. The acquisition is subject to competition authority
approval in Germany, and is expected to close during the first half of 2026. The purchase price
is approximately EUR 75 million, subject to usual purchase price adjustments.
On January 15, 2026, Kemira announced the proposals of the Nomination Board to the Annual
General Meeting 2026. The Nomination Board proposes that seven members be elected to
the Board of Directors and that the present members Susan Duinhoven, Tina Sejersgård Fanø,
Werner Fuhrmann, Matti Lehmus, Annika Paasikivi, Kristian Pullola and Mikael Staffas be re-
elected as members of the Board of Directors. Current member of the Board of Directors,
Timo Lappalainen, has stated that he will no longer be available for re-election to the next
term of the Board of Directors.
On January 9, 2026, Kemira announced that it had completed the acquisition of AquaBlue,
Inc., a privately-owned company based in Ohio, USA. The value of the acquisition is under USD
KEMIRA 2025 | FINANCIAL STATEMENTS | 24

BOARD OF DIRECTORS' REVIEW 2025

10 million. AquaBlue provides wastewater and industrial water treatment services for
customers in food & beverage, manufacturing and healthcare.
Outlook for 2026
REVENUE
Kemira's revenue is expected to be between EUR 2,600 and EUR 3,000 million in 2026 (2025
revenue: EUR 2,753.5 million).
OPERATIVE EBITDA
Kemira's operative EBITDA is expected to be between EUR 470 and EUR 570 million in 2026
(2025 operative EBITDA: EUR 524.6 million).
ASSUMPTIONS BEHIND THE OUTLOOK
The continued global economic uncertainty has resulted in softer volume demand in Kemira's
end-markets. The uncertainty is impacting the packaging and pulp market in particular, while
the water treatment market is expected to grow, although there is volatility caused by the
economic uncertainty among Kemira's industrial customers. The outlook assumes a stable
raw material environment, no major disruptions to Kemira’s manufacturing operations or the
supply chain and for the US dollar to weaken slightly from the end of 2025. The acquisitions
which Kemira has announced prior to publishing the Financial Statements Bulletin 2025 are
included in the outlook.
Financial targets
Kemira has the following long-term financial targets to support its growth strategy; Kemira’s
target is to achieve an annual organic growth rate of over 4%, to maintain an operative EBITDA
margin within the range of 18–21% and to maintain operative ROCE above 16%.
Helsinki, February 11, 2026
Kemira Oyj
Board of Directors
All forward-looking statements in this review are based on the management’s current
expectations and beliefs about future events. Actual results may differ materially from the
expectations and beliefs contained in the statements.
KEMIRA 2025 | FINANCIAL STATEMENTS | 25

SUSTAINABILITY STATEMENT 2025

Sustainability statement
General disclosures
BASIS OF PREPARATION FOR CONSOLIDATED SUSTAINABILITY
STATEMENT
Kemira reports according to the Corporate Sustainability Reporting Directive (CSRD)
requirements, which aim to enhance transparency, accountability and comparability in
sustainability reporting across the EU. The CSRD is aligned with the EU’s objective to achieve
climate neutrality by 2050 and to elevate sustainability reporting, environment, social and
governance, to a level of importance equal to financial reporting. The CSRD builds upon the
foundation of the Non-Financial Reporting Directive and also expands the scope of reporting
obligations on companies operating within the EU. Kemira continues to compile a Global
Reporting Initiative (GRI) index to enhance visibility and, interests and needs of stakeholders .
The GRI index is available on Kemira's website.
Kemira Group’s Sustainability statement has been prepared in accordance with the European
Sustainability Reporting Standards (ESRS), as issued by the European Financial Reporting
Advisory Group (EFRAG). The sustainability disclosures and key metrics are based on Kemira’s
Double Materiality Assessment (hereafter materiality assessment) conducted during the
reporting year. The Sustainability s tatement covers Kemira's value chain from upstream to
downstream in full. The m etrics, identified under topical standards, cover Kemira's own
operations, unless otherwise specified. Further details regarding Kemira's value chain, the
materiality assessment process and its findings are outlined under Business model, value
chain and strategy, and Double Materiality Assessment.
The Sustainability statement has been assured (limited assurance) by Ernst & Young Oy, an
independent third-party. Assurance was conducted in accordance with the international
assurance standards ISAE 3000.
Structure and content
This Sustainability statement structure follows the order and requirements of ESRS. It
includes General disclosure and three main topical standard sections: Environmental
information, Social information and Governance information. General disclosure includes for
instance Kemira’s materiality assessment process, the threshold and the identified material
impacts, risks and opportunities. The m aterial impacts, risks and opportunities and a
management summary are presented at the beginning of each material topic section,
followed by Kemira’s policies, targets, actions and metrics which are connected to material
sustainability matters. More detailed content index based on ESRS can be found at the end of
this General disclosures section.
Scope of consolidation
The consolidated sustainability information comprises the parent company Kemira Oyj and
subsidiaries controlled by Kemira Oyj. Subsidiaries are all legal entities that Kemira Oyj has
control over, as defined in the Financial Statements (in note 6.2. The Group’s subsidiaries and
investments in associates). The Scope of consolidation is the same as for the Financial
Statements but associates are not included in the sustainability reporting. Consolidation of all
sustainability data follows the principles above, unless otherwise specified.
The reporting period applicable to the Sustainability statement coincides with the financial
reporting period: January 1, 2025 to December 31, 2025. C omparisons in this statement are
made to the corresponding periods of 2024 and 2023, and are provided when comparisons are
available. Kemira prepared Sustainability statement first time for reporting year 2024.
Sources of estimation and outcome uncertainty
When preparing the Sustainability Statement in accordance with ESRS, management is
required to make estimates and assumptions on the metrics. As a basis for calculation and
preparation of the sustainability metrics Kemira applies quality controls to ensure data
completeness. Sustainability data collection includes direct measurements, calculations and
estimations. Estimates and assumptions are continuously evaluated and are based on past
experience and an expectation of future events that may have material implications and are
considered to be reasonable under the circumstances. Sources of estimation and outcome
uncertainty are described in the reporting principles of each section.
KEMIRA 2025 | FINANCIAL STATEMENTS | 26

SUSTAINABILITY STATEMENT 2025

SUSTAINABILITY GOVERNANCE
This Sustainability Statement describes sustainability governance at Kemira. Further
information about Kemira's governance bodies, their tasks and duties as well as internal
control processes and risk management can be found in the Corporate Governance Statement
which is available on Kemira's website. Kemira's new operating model came into force as of
January 1 st, 2025 which has led to some changes in the organizational responsibilities
compared to the previous reporting year.
Kemira's sustainability governance
The Board of Directors and the President & CEO are responsible for Kemira’s management
and operations, including sustainability matters, as defined in the Finnish Companies Act and
Kemira’s Articles of Association. Sustainability work is carried out throughout the organization
as sustainability is integrated into Kemira's strategy. The materiality assessment, combined
with Kemira's strategic ambitions, the identified material sustainability topics, impacts, risks
and opportunities, forms the basis of Kemira's Sustainability statement's topics.
Sustainability governance chart

Board of Directors
The Personnel and Remuneration Committee |  |  |  | Audit Committee
CEO and the Group Leadership Team
Sustainability Steering Team |  |  |  | Sustainability Reporting Compliance Team

Board of Directors and Board Committees
The Board of Directors’ key duties include establishing Kemira’s long-term goals and the
strategy for achieving these. Sustainability is a key driver of Kemira’s strategy and a
requirement for Kemira's long-term success. By approving the company's strategy and
monitoring its implementation, the Board of Directors is directly involved in setting the
sustainability agenda at Kemira. The Board of Directors is responsible for approving Kemira’s
values, the sustainability targets and the Sustainability statement. The Board of Directors has
appointed two Committees to assist in fulfilling its responsibilities:
1. The Audit Committee assists with oversight responsibilities for the financial and
sustainability reporting process, the system of internal control, the internal and external
audit and assurance process and Kemira’s process for monitoring compliance with laws
and regulations.
2. The Personnel and Remuneration Committee assists in preparation of matters such as
compensation linked with sustainability-related key performance indicators.
Composition and diversity of the Board of Directors
The Annual General Meeting (AGM) elects the Chair, Vice Chair and other members of the
Board of Directors. In accordance with the Articles of Association, the Board of Directors
comprises 5–10 members. On March 20, 2025, the Annual General Meeting elected eight
members to the Board of Directors. The AGM re-elected Annika Paasikivi, Tina Sejersgård
Fanø, Werner Fuhrmann, Timo Lappalainen, Kristian Pullola and Mikael Staffas to the Board of
Directors. Susan Duinhoven and Matti Lehmus were elected as new members. Annika
Paasikivi was elected as the Board’s Chair and Susan Duinhoven was elected as the Vice
Chair. Company's Group General Counsel Jukka Hakkila acts as the Secretary of the Board of
Directors.
The Board of Directors has adopted the following principles and targets concerning the
diversity of the Board of Directors. When designing the composition of the Board of Directors,
the Nomination Board of the company assesses the Board's composition from the viewpoint
of the company’s current and future business needs, while taking into account the diversity of
the Board. The diversity of the Board of Directors will be assessed from various viewpoints.
Kemira's Board of Directors shall have sufficient and complementary experience and
expertise in the key industries and markets relevant to Kemira’s business. In addition, an
essential element is the personal characteristics of the members and their diversity. The
company’s aim is that the Board of Directors represent diverse expertise in different
industries and markets, diverse professional and educational backgrounds, and diverse age
distribution. There shall be balanced representation of women and men in the Board of
Directors. Kemira's current Board of Directors meets the Company’s diversity principles.
Versatile expertise from various industries and markets is represented in the Board of
Directors, as are various professional and educational backgrounds. The Board of Directors
also has access to relevant expertise concerning sustainability and the CSRD within Kemira's
organization and can give advice when needed.
KEMIRA 2025 | FINANCIAL STATEMENTS | 27

SUSTAINABILITY STATEMENT 2025

Level of expertise by Board of Directors | Annika Paasikivi | Susan Duinhoven | Tina Sejersgård Fanø | Werner Fuhrmann | Timo Lappalainen | Matti Lehmus | Kristian Pullola | Mikael Staffas
Qualification and expertise
Board experience ¹⁾ | ● | ● |  | ● |  |  | ● |
CEO experience ²⁾ |  | ● |  |  | ● | ● |  | ●
CFO experience ³⁾ |  |  |  |  |  |  | ● | ●
Executive Committee experience ²⁾ |  | ● | ● | ● | ● | ● | ● | ●
Governance and compliance expertise ⁴⁾ | ● |  | ● |  |  |  | ● | ●
International experience ⁵⁾ |  |  |  |  |  |  |  |
EMEA | ● | ● | ● | ● | ● | ● | ● | ●
Americas |  |  |  |  |  |  |  |
APAC |  |  |  |  |  |  |  |
Experience in chemical industry ⁶⁾ |  |  | ● | ● | ● | ● |  |
Experience in driving growth ⁷⁾ |  | ● | ● | ● | ● | ● | ● | ●
Experience in driving sustainability ⁷⁾ |  |  | ● | ● |  | ● | ● | ●
Experience in profitability improvement ⁷⁾ | ● | ● | ● | ● | ● | ● | ● | ●
Experience in driving innovation ⁷⁾ |  | ● | ● |  | ● |  | ● |
Experience in advancing digitalization ⁷⁾ |  | ● | ● |  |  |  | ● |
Additional qualification and information
Year of birth | 1975 | 1965 | 1969 | 1953 | 1962 | 1974 | 1973 | 1965
Gender | Female | Female | Female | Male | Male | Male | Male | Male
Nationality | FIN | NED | DEN | GER | FIN | FIN | FIN | SWE
Member since | 3/2022 | 3/2025 | 3/2022 | 5/2020 | 3/2014 | 3/2025 | 3/2021 | 3/2023

1) The Board member has acted or is currently acting as a Chair or member of a Board (other than in Kemira) in a public
listed company or a large (private) company. A company is considered large if its annual revenue is in excess on EUR 1.5
billion.
2) The Board member has acted or is currently acting as a CEO or member of an Executive Committee in a public listed
company or a large (private) company (as defined above)
3) The Board member has acted for at least three years as a CFO or in another leading position responsible for financial
management, planning and reporting and risk management in a public listed company or a large (private) company (as
defined above).
4) The Board member has acted in a leading position in governance, audit or compliance for at least five years.
5) The Board member has acted in a management position within the specific region for at least three years
6) The Board member has at least three years of experience within the past ten years from chemical industry, as part of
a Board or an executive committee in a listed or large (private) company (as defined above)
7) The Board member has at least three years of experience from driving the respected areas strategy successfully, as
part of a Board or an executive committee or has acted in the Management Board in a respected position in a listed or
large (private) company (as defined above)

Board of Directors' and Group Leadership Team's diversity, % | 2025 | 2024 | 2023
Independent members of Board of Directors | 100 | 100 | 100
Non-executive members of Board of Directors | 100 | 100 | 100
Board of Directors by gender |  |  |
Females | 38 | 29 | 38
Males | 63 | 71 | 63
Group Leadership Team by gender |  |  |
Females | 20 | 25 | 25
Males | 80 | 75 | 75

KEMIRA 2025 | FINANCIAL STATEMENTS | 28

SUSTAINABILITY STATEMENT 2025

The Group’s President & CEO and the Group Leadership Team
The President & CEO is responsible for managing and developing Kemira in accordance with
the guidance given by the Board of Directors and for implementing its decisions. The
President & CEO reports regularly to the Board of Directors on financial and non-financial
matters as well as on the business environment.
The Group Leadership Team is an operative management body responsible for maintaining
the long-term strategic development of the company. Kemira measures progress in the
sustainability priority areas through group-level key performance indicators and targets
approved by the Group Leadership Team or Board of Directors. The responsibility for
corporate sustainability targets is shared between the members of the Group Leadership
Team.
The Sustainability Steering Team
The Sustainability Steering Team is a cross-company senior-level management team with
participants from wide ranging expertise and different responsibilities, representing Kemira's
business units and functions. The main tasks of the Sustainability Steering Team are to steer
Kemira's sustainability actions based on the set objective and principles, to prioritize material
impacts, risks and opportunities towards actions, and to prepare proposals for the Group
Leadership Team on how to develop Kemira’s corporate sustainability strategy, commitments
and targets. This includes ensuring the implementation of sustainability strategy, in addition
to frequent follow-ups and reporting on the development to the Group Leadership Team and
the Board of Directors.
The Sustainability Reporting Compliance Team
The Sustainability Reporting Compliance Team focuses on sustainability reporting and
compliance, it is formed of senior-level management and sustainability experts from
functions. It is responsible for leading the comprehensive alignment of the reporting required
by the Corporate Sustainability Reporting Directive, coordinating the materiality assessment
and prepare proposal of the threshold and scope of the sustainability reporting. It reports to
the Group Leadership Team and forward to the Audit Committee.
Governance bodies' roles related to business conduct
The Board of Directors approves Kemira's values and the Code of Conduct which are the
foundation of Kemira's business ethics and corporate culture. The responsibilities of the Audit
Committee include reviewing the effectiveness of the company's system for monitoring
compliance with laws and regulations; reviewing the results of the management's
investigations of any instances of noncompliance and their follow-up actions; reviewing the
findings of any examinations by regulatory agencies, and any auditor observations; reviewing
the company's process for communicating the Code of Conduct to company personnel and
for monitoring compliance therewith.
The Group Leadership Team approves Kemira's policies that relate to business conduct
matters. These policies are described in the G1 Business conduct section under Other
business conduct policies. The Group Leadership Team has acknowledged the importance of
synchronizing corporate culture and strategy, which will lead to improved employee
engagement, higher customer satisfaction and ultimately increased sales and profitability. To
this end, Kemira’s Group Leadership Team has defined a set of principles, habits and
behaviors that are the basis of Kemira’s corporate culture. The Group Leadership Team
members include the heads of all three business units and the main functions of the company
and they consequently have versatile expertise in business conduct matters.
Compliance Committee is responsible for evaluating and reviewing reports related to
potential violations of the Code of Conduct, company policies, and applicable laws and
regulations. The Committee conducts investigations as needed and forms recommendations
on the consequences and improvement actions related to the reports. The Committee
ensures an impartial and competent assessment of any misconduct reports and guarantees
that there is consistency in all remedial action taken across the organization. The Committee
reports periodically to the Audit Committee and to the Group Leadership Team. The members
of the Compliance Committee have expertise in the areas of legal compliance, business
ethics, conducting investigations, human resources leadership, finance as well as business of
Kemira.
Kemira's impacts, risks and opportunities management
Kemira's Board of Directors oversees the implementation of strategy and regulation, including
impacts, risks and opportunities management in sustainability matters through the
materiality assessment. The Group Leadership Team is responsible for implementing actions
to manage impacts, risks and opportunities as defined in the materiality assessment,
coordinated by The Sustainability Reporting Compliance Team and conducted by subject
matter experts in the business unit and functions. The progress and results of the impacts,
risks and opportunities management is reported to the Sustainability Steering Team and the
Group Leadership Team, and from there onwards to the Audit Committee. The Sustainability
KEMIRA 2025 | FINANCIAL STATEMENTS | 29

SUSTAINABILITY STATEMENT 2025

Steering Team reviews the results of the materiality assessment, prioritizes the impacts, risks
and opportunities and shares guidance on the implementation of the sustainability programs,
governance and targets for the Board of Directors and the Group Leadership Team. The
Sustainability Steering Team is lead by Kemira's EVP of Strategy & Sustainability and it has
overall responsibility for impacts, risks and opportunities management. Kemira's CFO and the
Finance & Accounting function are accountable for that the Sustainability statement is
prepared based on the requirements and regulations. Kemira's Finance & Accounting function
together with the subject matter experts in individual business units and functions are
responsible for sustainability reporting.
The Board of Directors oversees the highest level of the reporting and implementation of the
European Sustainability Reporting Standards and new reporting practices. The reporting
based on European Sustainability Reporting Standards and other sustainability topics were
presented in Board of Directors meetings by Kemira's management to the members of the
Board in 2025:
• Sustainability strategy and targets
• The Sustainability programs and policy updates
• The Sustainability statement 2024 review
• The Modern slavery statement
• Sustainability reporting developments related to EU Taxonomy and the Corporate
Sustainability Reporting Directive
• Kemira's safety performance and other sustainability related key figures
• Review of manufacturing sites environmental status
• The materiality assessment revision and results, material impacts, risks and opportunities
• Approval of updated Code of Conduct
The Audit Committee complies with Kemira's sustainability reporting in all meetings. The main
sustainability topics discussed by the Audit Committee and prepared by Kemira's
management in 2025:
• Sustainability reporting developments related to EU taxonomy and the Corporate
Sustainability Reporting Directive (CSRD) - EU omnibus and "Quick-fix"
• Sustainability reporting assurance plan and process status
• The Corporate Sustainability Reporting Directive and the European Sustainability Reporting
Standard reporting process
• The materiality assessment revision process and results, material impacts, risks and
opportunities
• Anticipated financial effects related to climate change risks and opportunities
• Kemira's Climate Transition plan part of the Sustainability statement
• New water target part of the Sustainability statement
• The Sustainability statement 2025 draft
Risk management over sustainability reporting
Kemira’s Board of Directors defines the main principles of risk management and approves the
Group’s Risk Management Policy. The business units and functions are responsible for
identifying, assessing and managing risks involved in their areas of operation. Strategy &
Sustainability functions The Group Risk Management team coordinates and supports risk
management. This is a continuous process which is based on an iterative and collaborative
methodology. The Group Risk Management team is also responsible for the group level risk
overview, based on input from the business units and functions, and is further responsible for
ensuring that risks are reported to and reviewed by the Group Leadership Team and the
Board of Directors. The Internal Audit unit in Group Governance & Compliance function is
responsible for monitoring and evaluating the effectiveness of Kemira’s risk management
system.
Kemira’s risk management is based on the Finnish Corporate Governance Code, the Kemira
Code of Conduct and on Kemira's values. The principles of Kemira’s risk management are also
in compliance with international risk management frameworks and standards such as
ISO 31000 (Risk Management – Principles and Guidelines).
In accordance with its Enterprise Risk Management (ERM) process, Kemira conducts
systematic and proactive assessments and mitigation of identified risks. Risks are grouped
under various risk categories, with clearly defined responsibilities. The objective of risk
management is to identify risks and opportunities in a proactive manner, to help ensure
Kemira’s long-term strategic development and to achieve Kemira’s strategic and operational
targets by supporting decision making by taking uncertainty and its effects into account.
Sustainability reporting risks are managed through Kemira's Integrated Management System,
by precisely determined reporting processes and stringent internal controls. Kemira’s internal
control system covers all Group operations, including sustainability reporting. The internal
control activities are carried out at all organizational levels, as a part of the Group’s daily
operations.
KEMIRA 2025 | FINANCIAL STATEMENTS | 30

SUSTAINABILITY STATEMENT 2025

Sustainability reporting and controls
The sustainability reporting complies with Kemira’s reporting principles and processes for
annual financial reporting, risk management and internal controls. Kemira regularly assesses
risks and related controls over the sustainability reporting processes, as part of Kemira’s
Enterprise Risk Management process. Internal process controls are in place for the reporting
of sustainability data. Potential risks and uncertainties related to sustainability reporting are
regularly followed up by the Audit Committee. Sustainability reporting compliance is assured
by the independent sustainability assurance provider, by limited assurance.
Risks identified in the sustainability reporting relate to the completeness of qualitative and
quantitative information as well as to the timing of reporting. In order to ensure that the
reported information is accurate and timely, Kemira has implemented reporting systems and
processes and has established internal controls. These controls include implementing a
reporting governance structure and specifying the roles related to sustainability reporting
within the corporate functions and business units.
Kemira maintains risk management and internal control systems to ensure the effectiveness
and efficiency of its operations, including the reliability of financial, non-financial and
operational reporting and compliance with the applicable regulations, policies and practices.
More details on this and on the governance model for internal controls can be found in the
Corporate Governance Statement.
Integration of sustainability-related performance in incentive schemes
To ensure that sustainability transformation remains a high priority and drives profitable
growth, Kemira has integrated key sustainability priorities into its incentive programs. Kemira
provides performance-driven remuneration packages. Key sustainability priorities are
reflected in the Group's incentive programs and are aligned with Kemira’s sustainable and
profitable growth strategy. Kemira has both long- and short-term incentive plans, with the
long-term incentive plans targeted for selected individuals of senior management. Safety,
with a 5% weight, has been a key performance indicator of the short-term incentive plan for
several years and a target for strategic revenue growth was included to the short-term
incentive program last year.
The aim of the long-term incentive plan is to align the objectives of the shareholders and the
persons participating in the plan, to increase the value of Kemira, to commit the participants
to Kemira and to offer them a competitive reward plan. In addition to financial targets,
sustainability targets are incorporated in the long-term incentive program (2023–2025, 2024–
2026 and 2025–2027). Revenue Growth of Renewable Solutions and the climate target for
Scope 1 and 2 have been included in the long-term incentive plan since the beginning of 2023,
both with a weight of 10%. The climate target reflects Kemira’s commitment to annual
reduction rate, in line with the Science Based Targets Initiative (SBTi) commitment. The Board
of Directors defines and approves the main principles for the incentive schemes within
Kemira, its values, sustainability targets and the Code of Conduct. More details on
remuneration can be found in Kemira's Remuneration Report.
Due diligence
Kemira believes that acting ethically and responsibly is not only the correct thing to do but
that it also benefits our business and stakeholders. Kemira works in accordance with the
United Nations Guiding Principles on Business and Human Rights, which require companies to
conduct due diligence to protect and respect human rights and to provide remedy for the
victims of business-related abuses. Kemira's Sustainability statement is structured according
to our due diligence processes. Further information on Kemira's due diligence processes in
the topical standard sections is shown in the table which follows.
Kemira has initiated a dedicated Due Diligence Program for 2025-2028 in response to
emerging regulatory requirements, the Corporate Sustainability Due Diligence Directive
(CSDDD), and further to improve and align company's processes. This will lead to more
efficient and coherent ways of working and enhanced diligence in risk management. The Due
Diligence Program covers own operations and the whole value chain including logistics and
warehousing, with a strong emphasis on environmental, social and governance factors.

Steps of due diligence | In the sustainability statement
1 | Assess impacts and risks | Material impacts, risks and opportunities under General disclosure
2 | Integrate and act to address impacts and risks | Action related to topical standards
3 | Track the effectiveness of the efforts | Targets related to topical standards
4 | Communicate impacts and risks | Material impacts, risks and opportunities under topical standards
5 | Stakeholder engagement in due diligence processes | Policies related to topical standards Stakeholder engagement in General disclosure

KEMIRA 2025 | FINANCIAL STATEMENTS | 31

SUSTAINABILITY STATEMENT 2025

BUSINESS MODEL, VALUE CHAIN AND STRATEGY
Kemira provides sustainable chemical solutions for water-intensive industries in three
regional business areas: EMEA, APAC and the Americas. Kemira had operations in 37
countries and had 58 manufacturing facilities at the end of 2025. Kemira has a new operating
model effective beginning of 2025. The new operating model has three business units: Water
Solutions, Packaging & Hygiene Solutions and Fiber Essentials. The new operating model
increases customer centricity as well as speed and agility
Water Solutions offers chemical solutions for municipal and industrial water treatment for
both drinking water and waste water treatment. Kemira’s water treatment product portfolio
mainly consists of coagulants and polymers which play a critical role in treating large volumes
of water in societies, removing impurities from the water and enabling resource-efficient
operations at our customers’ sites. Packaging & Hygiene Solutions specializes in innovative
and sustainable fiber-based solutions that support customers in transitioning to a circular
economy by replacing fossil plastics with renewable fiber alternatives. Through close
collaboration with its customers, Kemira continuously develops new solutions that meet
requirements for strength, stiffness, weight, and overall quality. For liquid packaging and food
service applications, strict hygiene and cleanliness standards are also upheld. Fiber
Essentials has unique expertise in applying chemicals and in supporting pulp producers in
innovating and constantly improving their operational efficiency as well as end-product
performance and quality. The business unit develops and commercializes new product
concepts to meet the needs of its customers, thus ensuring a leading portfolio of products
and services for pulp processes.
More information on Kemira's business units and regions' financial performance (ESRS2
SMB-1, 40 b), c)), changes to our operations and the number of personnel by geographical
area (ESRS2 SMB-1, 40 a) i-iii) can be found in the Financial Statements (Board of Directors'
Review, Financial performance 2025 and Business units, in notes 2.1. Segment information, 2.2
Other operating income and expenses and 3.6 Business combinations).
Profitable sustainable growth is Kemira’s strategic objective. Sustainability is integrated into
Kemira’s strategy and long-term success as Kemira’s customers are increasingly asking for
sustainable solutions. Kemira provides its customers with solutions that help them to treat,
reuse and recycle water, defossilize their value chains, enable circular economy solutions and
improve the resource efficiency of their operations. In 2025 21 billion m 3 of water was treated,
reused and recycled with the help of Kemira chemistry. In 2025, 64% of Kemira’s revenue
came from products that improve customer resource efficiency, e.g. energy and water
efficiency and reduced waste generation. Kemira's customers focus increasingly on
renewable materials and their products' end-of-life properties such as recyclability and
biodegradability. As a result, Kemira's focus on renewable solutions remain a strategic
priority. Kemira’s renewable solutions strategy is covered in more detail in the Annual Review.
Kemira aims to expand its renewable solutions, to reach EUR 500 million in revenue by the
end of 2030.
One of the key aims of Kemira’s strategy is to become the leading provider of sustainable
chemical solution for water-intensive industries. This will be achieved by building on our
product portfolio, increasing our focus on water treatment and improving our own use of
renewable and recycled raw materials. Kemira continues to innovate and to look for new
growth from sustainable products and markets while continuously improving its own
processes.
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SUSTAINABILITY STATEMENT 2025

Kemira's value chain
Kemira has a global raw material supply chain. Kemira’s products are dependent on refined
mineral, fossil, renewable and recycled raw material feedstocks. Kemira’s position in the value
chain is utilizing primary chemicals and further refining those into specialty chemicals.
Kemira's offering in all three business units, Water Solutions, Packaging & Hygiene Solutions
and F iber Essentials, focuses on:
• wide range of innovative solutions to optimize all stages of the water treatment process,
while safely achieving water quality targets and meeting constantly tightening regulation.
• products and services which enhance customers' process efficiency and lead to lower
energy, water and virgin raw material consumption
• new renewable carbon-based chemistry concepts that decouple materials from fossil
value chains and reduce customer carbon footprint in the ed-of-life of the product
• chemistry concepts which enhance the quality of the end products
• digital services to optimize the customers' processes
Interests and views of stakeholders
Kemira regularly reviews stakeholders' expectations and potential concerns. Our approach to
stakeholder engagement includes activities ranging from information sharing to active
dialogue and collaboration on issues of mutual interest. The feedback and information
gathered from these activities are integrated into Kemira's operational development and
decision-making. Stakeholder feedback is considered in setting company strategy. The views
of stakeholders were used in the materiality assessment, which is described in more detail in
the Material impacts, risks and opportunities section which follows. During 2025, Kemira
conducted a Meaningful stakeholder engagement in the value chain study, which aim to
develop further Kemira's dialogue with relevant stakeholder groups and special attention in
the engagement with affected stakeholders.
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SUSTAINABILITY STATEMENT 2025

STAKEHOLDER ENGAGEMENT

Stakeholders | Purpose of engagement | How engagement is organized | Outcomes and impacts on operations, business model and strategy
Own workforce | • Direct impact on value creation, operational and sustainability performance • Contribution to a sustainable workplace and working conditions (Health & Safety) • Labor and human rights • Diversity, equity and inclusion (DEI) | • Performance management - Personal development dialogues • Co-operation with employee representatives • Ethics and Compliance hotline and training • Local well-being programs • Surveys and workplace assessment | • Strategy communication • Performance and competence development • Rewards and recognition • Communication from management • Global Initiatives and campaigns • Certified Management System and Internal policy updates
Shareholders and lenders | • Value creation through dividends and interest payments • Expectations for return on investment, good corporate governance practices and sustainability performance (Climate change mitigation and emissions reduction across the value chain) • Human rights and diversity • Attracting responsible investors • Enhancing transparency | • Regulatory financial communications: financial reporting and stock exchange communication • Roadshows, conference calls and one-to-one meetings • ESG ratings and materiality assessment • Capital Market days • Annual General Meeting | • Transparent and regular reporting and verified disclosure • Participation in CDP Climate Change and CDP Water Security questionnaires • Responding to rating company and investor questionnaires • ESG rating improvement plans • Communication on sustainability practices
Customers | • Revenue creation • Providing sustainable solutions • Enabling customers to achieve their targets • Building trust | • Direct customer contacts and customer survey • Customer webinars, events and newsletters • Business partner due diligence • Materiality assessment and sustainability assessments | • Sustainable Product Development and sustainability performance data, like Product Carbon Footprints. Product and process certification • Customer satisfaction (Net Promoter Score)
Suppliers | • Suppliers’ sustainability performance impact on Kemira’s business - decarbonization of our value chain • Promoting responsible sourcing and a sustainable value chain - Evaluation of raw material product carbon footprints and emission reduction road map (Climate change, Biodiversity, Circular economy) • Compliance with our Code of Conduct • Protection of human and labour rights of workers | • Active dialogue with suppliers • Supplier performance evaluations • Supplier due diligence • Materiality assessment • Compliance and Ethics channel | • Supplier sustainability assessments and audits • Sourcing sustainable raw materials • Suppliers’ commitment to the Code of Conduct for Business Partners • Supplier improvement plans • Harmonized health & safety management system for the company's own and service providers' employees
Affected communities | • Value creation through tax payments, education and employment • Safety and environmental performance • Building trust and community support • Addressing community concerns, questions and feedback | • Dialogue and collaboration to address community concerns | • EHSQ risk assessments • Open dialogue with communities • Support of local projects
Regulatory bodies | • Capability to influence political decisions on legislation with an impact on our operations and business • Ensuring regulatory compliance • Promoting sustainable performance • Addressing climate-related transition risks and opportunities | • Subject-specific dialogue with regulatory bodies • Answering public consultations and surveys • Bilateral meetings • Compliance and Ethics channel • Materiality assessment | • Dialogue on EU directive proposals • Business model and strategy alignment • Value creation and risk mitigation from compliance • Resource efficient value chain
Trade associations | • Developing industry standards on sustainability • Enabling the industry to engage policymakers • Understanding views of value chain workers' representatives | • Memberships in industrial trade associations • Joint initiatives and programs • Inputs into strategic directions • Workshops and knowledge sharing • Bilateral meetings | • Participation in European Chemical Industry Council (CEFIC) • Participation in the Chemical Industry Federation of Finland • Alignment on sustainability practices and measurement standards • Design of value chain workers initiatives

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SUSTAINABILITY STATEMENT 2025

MATERIAL IMPACTS, RISKS AND OPPORTUNITIES
Sustainability is embedded into all operations, including Strategy and Enterprise Risk
Management (ERM). From the Enterprise Risk Management perspective, integrating
sustainability is crucial to mitigating risks and to ensuring long-term resilience. The separate
materiality assessment helps to prioritize the most important risks in the annual reporting
process. Kemira has systematic procedures in place to evaluate and address the
environmental, social and governance material impacts of its own operations and business
relationships. Kemira's sustainability work is based on day-to-day responsible practices in all
operations. The corporate sustainability priorities are based on the most material impacts
across the business; on the increasing expectations of Kemira's customers, investors and
other stakeholders and on company's commitment to the Kemira Code of Conduct and
internationally agreed sustainability principles.
Based on the materiality assessment outcomes, Kemira’s sustainability priorities focus on the
most material impacts, risks and opportunities. The materiality assessment considers
external and internal stakeholders’ expectations, covers the full value chain from upstream to
downstream and also considers varying timeframes, from short-term to long-term.
Double materiality assessment
The materiality assessment was based on Kemira's strategic priorities and the management's
view on Kemira's most important sustainability matters. Kemira’s sustainability-related
impacts, risks and opportunities were identified and prioritized in a materiality assessment.
Kemira’s materiality assessment was conducted based on the Kemira's annual Enterprise
Risk management process and previous years materiality assessment results. It covered
Kemira's entire value chain, including own activities as well as activities in the upstream and
downstream value chain.
The materiality assessment followed European Sustainability Reporting Standards General
disclosure requirements and the materiality scoring was linked to Kemira’s existing internal
Enterprise Risk Management scale, both in impact materiality and financial materiality
assessments.
Kemira’s materiality assessment was a cross-functional work, covering the view of all critical
Kemira operations and stakeholders. It brought together expertise from both the financial and
sustainability perspectives. All business units were represented throughout the assessment.
The global approach and engagement of Kemira’s higher management and a wide range of
internal subject matter experts ensured that high-risk factors were covered in the materiality
assessment. All the participants paid attention to the company’s impacts on the environment,
society, employees and other stakeholders, as well as to the qualitative and financial risks and
opportunities for the company’s business related to sustainability matters.
Kemira defined six phases for conducting the materiality assessment. The process started
with the scoping of impacts, risks and opportunities which were finally validated by Kemira’s
stakeholders and management. The phases in the materiality assessment were:
1. Scoping of impacts, risk and opportunities
The identification of impacts, risks and opportunities started with a comprehensive review
of Kemira’s internal documents. This documentation review was complemented with a
benchmark study of typical industry-related impacts, risks and opportunities.
2. Engagement of stakeholders to identify impacts, risks and opportunities
For the interviews, key higher management representatives and subject matter experts
were identified within Kemira’s organization. Stakeholder interviews also included Kemira’s
customers and investors. The two first phases focused on collecting a list of potential
impacts, risks and opportunities for further assessment.
3. Assessment of identified individual impacts, risks and opportunities
Based on the material collected the impacts, risks and opportunities were reviewed and
scored in internal workshops. Impact materiality was scored for severity and likelihood and
both positive and negative impacts were scored. Financial materiality was scored for both
the scale of potential impacts and their likelihood, considering both risks and
opportunities. As a result of the workshops, a comprehensive materiality assessment
covering environment, social and governance impacts, risks and opportunities was
achieved.
4. Revision of materiality assessment
The materiality assessment revision was conducted and validated during the process in
2025. In the latest revision, there were no major changes in the scope of materiality
compared to the results communicated in the previous reporting year. Some restructuring
and rephrasing was made to the impacts, risks and opportunities.
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SUSTAINABILITY STATEMENT 2025

5. Prioritization of impacts, risks and opportunities
The materiality is two-dimensional, taking both impact materiality and financial materiality
into account in the prioritization. The prioritization of sustainability related matters is
determined based on the original scoring of the impacts, risks and opportunities
assessment and the set threshold.
6. Management review and validation
The materiality assessment and the threshold was reviewed and validated with the
relevant Kemira governance bodies, the Group Leadership Team and the Audit Committee.
Based on the materiality assessment conducted, we identified positive and negative impacts
on the environment, social and governance topics as well as sustainability-related risks and
opportunities that are exposed to financial materiality. The outcome of the materiality
assessment is summarized in the assessment scale. The most significant sustainability topics
for Kemira in the reporting period were Water and marine resources, Climate change and
Resource use and the circular economy. The result follows Kemira's strategy and anticipated
future scenarios. The materiality assessment was conducted on sub-topic level, but all the
sub-sub topics were considered as part of the process. The sub-topics' financial materiality
were classified as moderate, high or very high and the impact materiality was classified as
possible, likely or very likely. Some of the standard topics are more widely represented in the
Sustainability statement since for some topics all of the sub-topics were defined to be in the
scope of materiality based on the materiality assessment, as presented in the Material
sustainability topics table. Two social standard topics, Affected communities and Consumers
and end-users were found not material, which underlines Kemira’s position in the value chain
and Kemira’s business model.
The materiality assessment is a dynamic process subject to changes and it is reviewed at
least annually. Kemira's Enterprise Risk Management process was developed forward to
improve the quality and accuracy of the sustainability impact and risk management during
2025. The materiality assessment alignment with Kemira’s Strategy and Enterprise Risk
Management processes will be finalised in 2026.
Assessment scale for impacts, risks and opportunities

Impact materiality | Very likely |  |  |  | Climate change (E1) | Water and marine resources (E3) Resource use & circular economy (E5)
Likely |  | Biodiversity & ecosystem (E4) | Own workforce (S1) Workers in the value chain (S2) | Pollution (E2)
Possible |  |  |  | Business conduct (G1) |
Unlikely | Non-material topics: Affected communities (S3) Consumers & end-users (S4) |  |  |
Very unlikely |  |  |
| Very low | Low | Moderate | High | Very high
Financial materiality

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SUSTAINABILITY STATEMENT 2025

Results of material impact, risks and opportunities for sustainability topics

Standard | Material topics and sub-topics | Position in the value chain | Material impacts | Financial materiality | Number of impacts risks and opportunities
Upstream | Own operations | Down- stream | Identified | Material
E - Environment | E1 Climate change |  |  |  |  |  | 30 | 6
Energy |  | ● | ↘ | ● ● | ▲ |  | 3
Climate change adaptation |  | ● |  |  | ▲ |  | 1
Climate change mitigation | ↗ | ● | ↘ | ● | ■▲ |  | 2
E2 Pollution |  |  |  |  |  | 19 | 4
Pollution of air, water, soil | ↗ | ● |  | ● | ▲ |  | 3
Substances of concern or very high concern | ↗ | ● | ↘ | ○ |  |  | 1
E3 Water and Marine resources |  |  |  |  |  | 18 | 6
Water | ↗ | ● | ↘ | ● ● | ■▲ |  | 6
E4 Biodiversity and ecosystems |  |  |  |  |  | 16 | 2
Direct impact drivers of biodiversity loss | ↗ |  | ↘ | ● ● |  |  | 2
E5 Resource use and circular economy |  |  |  |  |  | 28 | 6
Resource inflows including resource use | ↗ | ● | ↘ | ● ● | ■ |  | 3
Resource outflows related to products and services |  | ● | ↘ | ● | ■ |  | 2
Waste | ↗ | ● | ↘ | ● |  |  | 1
S - Social | S1 Own workforce |  |  |  |  |  | 28 | 7
Working conditions |  | ● |  | ● ● | ■ |  | 3
Equal treatment and opportunities for all |  | ● |  | ○ | ▲ |  | 3
Other work-related rights |  | ● |  | ○ |  |  | 1
S2 Workers in the value chain |  |  |  |  |  | 15 | 4
Working conditions | ↗ |  |  | ● ○ |  |  | 3
Other work-related rights | ↗ |  |  | ○ |  |  | 1
G - Governance | G1 Business conduct |  |  |  |  |  | 30 | 7
Corporate culture |  | ● | ↘ | ● ○ | ■▲ |  | 5
Political engagement and lobbying activities |  | ● |  |  | ■ |  | 1
Corruption and bribery | ↗ | ● | ↘ | ○ |  |  | 1
● Own operations ↗ Upstream ↘ Downstream ● Positive ● Negative ○ Potential positive ○ Potential negative ■ Opportunity ▲ Risk

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SUSTAINABILITY STATEMENT 2025

Identification of material impacts, risks and opportunities for sustainability topics
Kemira's business model, strategy, policies and ways of working were part of identifying
material impact risks and opportunities for environmental, social and governance topics.
Based on the materiality assessment conducted, a total number of 212 positive and negative
impacts, risks and opportunities were identified and 42 were found to be materia l. Climate
change and Resource use and circular economy material impacts, risks and opportunities
were modified to give better understanding of Kemira's materiality under these topics.
Environment information
Significant environmental aspects and impacts on own operations at Kemira's group-level are
identified annually, based on collected environmental data. On site level, identification of
significant environmental impacts, risks and opportunities are included in the sites'
Environment, Health, Safety and Quality (EHSQ) Risk Assessment process that is based on
Kemira's EHSQ Assessment procedure. Affected communities are included in site-level risk
assessments as a stakeholder group that needs to be considered. Site-specific EHSQ Risk
Assessments are internally updated and audited regularly by Kemira's EHSQ Governance
function and externally by accredited ISO 14001 auditors. Results are reported in Kemira's
sustainability reporting system.
Environmental impacts and risks are initially assessed as part of the environmental permitting
process of the sites and the Environmental Impacts Assessments (EIA) at the sites where the
assessment is required. Both the environmental permitting process and EIA include
consultation with affected communities. Communities affected by environmental permitting
have the opportunity to appeal on the permit and the EIA process includes public consultation
of affected communities. Results of the site-level assessment of impacts, risks and
opportunities have been considered in the risk assessment at a high level, including Global
Environmental Impacts and Aspects assessment, the Enterprise Risk Management Process
and materiality assessment.
Actual positive and negative impacts as well as risks and opportunities were identified in the
Climate change topics. Together with materiality assessment and Kemira's climate risk
scenarios, Kemira has developed a climate risk matrix to evaluate the materiality of these
climate-related impacts, risks and opportunities and to establish a methodology for risk
assessment. The materiality assessment identified various climate-related impacts, risks and
opportunities, including transition and physical risks, and opportunities for enhancing
efficiency, adopting new technologies and accessing new markets through sustainable
innovations.
From a business case perspective the most significant climate risk to Kemira's own
operations is related to our energy-intensive manufacturing operations. These operations
face potential regulatory restrictions, fluctuations in supply and demand, volatility in energy
prices and challenges in securing renewable energy. While Kemira has implemented several
mitigation actions to address these risks, we recognize the need for further investigation and
improvement. Kemira is committed to further develop its methodology to better capture our
exposure to climate risks and to explore additional ways to integrate climate change
considerations into our existing processes. This aims to reduce uncertainties and to enhance
our resilience to climate-related challenges. Information on the management of climate
related impacts, risks and opportunities can be found in more detail under Identification and
management of material impacts, risks and opportunities in the E1 Climate change section.
Actual negative impacts and risks for Pollution of air, water and soil and potential negative
impacts for Substances of concern or very high concern were identified as a result of the
materiality assessment. Pollution through potential spills and accidental chemical releases as
well as actual and potential environmental liabilities related to soil or closed activities was
identified as material aspects. Pollution of air and water through air emissions and water
effluent from sites which is related to normal operations have not been identified as a
material aspect. Substances of concern or very high concern may cause negative impacts on
people and the environment.
Actual positive and negative impacts and opportunities and risks were identified for Water.
High water consumption in own operations was identified as a material impact. Marine
resources is not considered a material topic for Kemira. Dependency on marine resources is
limited to the withdrawal of sea water for use as cooling water at one manufacturing site with
a single-pass cooling water system and the discharge of a limited amount of process water
with no treatment requirement, such as cooling tower blowdown to sea at two sites.
Based on an internal study, supported by an external partner, on biodiversity impacts and
dependencies, high water consumption and discharge was identified as a material negative
impact part of both the upstream and downstream value chain. Based on the study,
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SUSTAINABILITY STATEMENT 2025

a roadmap has been created and Kemira will report in more detail on the identification and
assessment of material impacts, risks and opportunities in the upcoming years.
Using location based water stress and water scarcity data and the results of site level EHSQ
Assessments, sites with potential risk are selected for a more detailed water risk assessment
which includes site interviews and operational risk assessments using the WWF Water Risk
Filter. Site-specific substantive freshwater use and consumption risks were not identified
within the timeframe of 3 to 6 years into the future in relation to water stress and water
scarcity.
Water stress and water scarcity risks in own operations are assessed by the EHSQ
Governance function annually, using World Resources Institute’s (WRI) Aqueduct tool to
identify sites in water stress areas and the World Wide Foundation (WWF) Water Risk Filter for
water scarcity risk in different future scenarios. Most of Kemira's water consumption takes
place at sites that are not located within water stress areas. Kemira has 12 sites (21% of the
sites) located within water stress areas. In “high” or “extremely high” water stress areas more
than 40% of available water is used by industry, households and agriculture.
Actual positive and negative impacts were identified from the upstream and downstream
value chain for Direct impact drivers of biodiversity loss in Biodiversity and ecosystems.
Kemira did not identify actual or potential material impacts, risks or opportunities on
biodiversity and ecosystems at own site locations. Material negative impacts with regards to
land degradation, desertification or soil sealing were also not identified.
Potential and actual material impacts and opportunities were identified in the whole value
chain in Resource use and waste. The main information sources in the materiality
assessment on resource use and the circular economy were industry specific future roadmap
studies, benchmarks of sustainability leaders in the chemical industry and internal and
external stakeholder interviews. Stakeholders were chosen for the materiality assessment
based on stakeholder engagement analysis. The focus in the selection was on the most
influential stakeholders from a resource use and circular economy point of view. Kemira is
planning to consult a broader set of stakeholders over the upcoming years, to complement
the materiality assessment with the views of e.g. affected communities.
Social information
Potential and actual material impacts, risks and opportunities were identified in Own
workforce along with actual and potential negative impacts in the Workers in the value chain.
The analysis of social related impact, risk and opportunity was based on internal interviews
and materials as well as on Kemira's latest Human Rights Impact Assessment framework
which was created in cooperation with an external partner. The methodology of the Human
rights Impact Assessment was based on the United Nations Guiding Principles on Business
and Human Rights and the OECD Due Diligence Guidance.
The identified material impacts, risks and opportunities were included in a more
comprehensive analysis (Human Rights Due Diligence Risk Assessment) which was carried out
together with Kemira's key subject matter experts. The analysis was built on the identification
and assessment of affected stakeholders and a consideration of the high-risk factors related
to Kemira’s business model and strategy. The most significant high risk factors were assessed
to be the nature of work for the different value chain worker groups who are likely to be
impacted, geographical location and chemical properties and their usage volumes. Within
each worker group particularly vulnerable workers were identified. The identification was
done by assessing the potential negative impact against the nature of the work and the
environment in which the actual work is conducted.
Governance information
Actual positive impacts and potential negative impacts, risks and opportunities were
identified in Corporate conduct, opportunities in Political engagement and lobbying
activities, and potential negative impacts in Corruption and bribery. When carrying out the
materiality assessment for these topics, the following criteria were taken into consideration:
industry sector, nature of operations, geographical scope of operations and the typical
structure of business transactions.
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SUSTAINABILITY STATEMENT 2025

ESRS Content Index

ESRS | Disclosure Requirement | Page |  | ESRS | Disclosure Requirement | Page
General Disclosure |  | E2 Pollution
ESRS 2 | BP-1 | General basis for preparation of sustainability statements | 25 |  | ESRS E2 | E2-1 | Policies related to pollution | 58
ESRS 2 | BP-2 | Disclosures in relation to specific circumstances | 25 |  | ESRS E2 | E2-2 | Actions and resources related to pollution | 59
ESRS 2 | GOV-1 | The role of administrative, management and supervisory bodies | 26 |  | ESRS E2 | E2-3 | Targets related to pollution | 59
ESRS 2 | GOV-2 | Information provided to, and sustainability matters addressed by the |  |  | ESRS E2 | E2-4 | Pollution of air, water and soil | 60
|  | company’s administrative, management and supervisory bodies | 25 |  | ESRS E2 | E2-5 | Substances of concern and substances of very high concern | 61
ESRS 2 | GOV-3 | Integration of sustainability-related performance in incentive schemes | 25 |  | E3 Water and marine resources
ESRS 2 | GOV-4 | Statement on due diligence | 25 |  | ESRS E3 | E3-1 | Policies related to water and marine resources | 64
ESRS 2 | GOV-5 | Risk management and internal controls over sustainability reporting | 29 |  | ESRS E3 | E3-2 | Actions and resources related to water and marine resources | 65
ESRS 2 | SBM-1 | Strategy, business model and value chain | 29 |  | ESRS E3 | E3-3 | Targets related to water and marine resources | 64
ESRS 2 | SBM-2 | Interests and views of stakeholders | 33 |  | ESRS E3 | E3-4 | Water consumption | 67
ESRS 2 | SBM-3 | Material impacts, risks and opportunities and their interaction with |  |  | E4 Biodiversity and ecosystems
|  | strategy and business model | 34 |  | ESRS E4 | E4-1 | Transition plan and consideration of biodiversity and ecosystems in |
ESRS 2 | IRO-1 | Description of the processes to identify and assess material impacts, |  |  |  |  | strategy and business model | 69
|  | risks and opportunities | 34 |  | ESRS 2 | SBM3-E4 | Material impacts, risks and opportunities and their interaction with |
ESRS 2 | IRO-2 | Requirements in ESRS covered by the undertaking’s sustainability |  |  |  |  | strategy and business model | 69
|  | statement | 39 |  | ESRS E4 | E4-2 | Policies related to biodiversity and ecosystems | 70
Environmental information |  | ESRS E4 | E4-3 | Actions and resources related to biodiversity and ecosystems | 70
ESRS E1 |  | Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (EU Taxonomy) | 41 |  | ESRS E4 | E4-4 | Targets related to biodiversity and ecosystems | 70
E1 Climate change |  | ESRS E4 | E4-4 | Impact metrics related to biodiversity and ecosystems change | 71
ESRS E1 | E1-1 | Transition plan for climate change mitigation | 44 |  | E5 Resource use and circular economy
ESRS 2 | SBM3-E1 | Material impacts, risks and opportunities and their interaction with |  |  | ESRS E5 | E5-1 | Policies related to resource use and circular economy | 73
|  | strategy and business model | 44 |  | ESRS E5 | E5-2 | Actions and resources related to resource use and circular economy | 75
ESRS E1 | E1-2 | Policies related to climate change mitigation and adaptation | 47 |  | ESRS E5 | E5-3 | Targets related to resource use and circular economy | 73
ESRS E1 | E1-3 | Actions and resources in relation to climate change policies | 47 |  | ESRS E5 | E5-4 | Resource inflows | 76
ESRS E1 | E1-4 | Targets related to climate change mitigation and adaptation | 44 |  | ESRS E5 | E5-5 | Resource outflows | 77
ESRS E1 | E1-5 | Energy consumption and mix | 48 |  |  |  |  |
ESRS E1 | E1-6 | Gross Scopes 1, 2, 3 and Total GHG emissions | 53 |  |  |  |  |
ESRS E1 | E1-7 | GHG removals and GHG mitigation projects financed through carbon credits | 55 |  |  |  |  |
ESRS E1 | E1-8 | Internal carbon pricing | 55 |  |  |  |  |
ESRS E1 | E1-9 | Anticipated financial effects from material physical and transition risks and potential climate-related opportunities | 45 |  |  |  |  |

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SUSTAINABILITY STATEMENT 2025

ESRS | Disclosure Requirement | Page |  | ESRS | Disclosure Requirement | Page
Social information |  | S2 Workers in the value chain
S1 Own workforce |  | ESRS 2 | SBM2-S2 | Interests and views of stakeholders | 33
ESRS 2 | SBM2-S1 | Interests and views of stakeholders | 33 |  | ESRS S2 | SBM3-S2 | Material impacts, risks and opportunities and their interaction with |
ESRS 2 | SBM3-S1 | Material impacts, risks and opportunities and their interaction with | 81 |  |  |  | strategy and business model | 91
|  | strategy and business model |  |  | ESRS S2 | S2-1 | Policies related to value chain workers | 92
ESRS S1 | S1-1 | Policies related to own workforce | 81 |  | ESRS S2 | S2-2 | Processes for engaging with value chain workers about impacts | 93
ESRS S1 | S1-2 | Processes for engaging with own workers and workers’ |  |  | ESRS S2 | S2-3 | Processes to remediate negative impacts and channels for value chain |
|  | representatives about impacts | 82 |  |  |  | workers to raise concerns | 93
ESRS S1 | S1-3 | Processes to remediate negative impacts and channels for own |  |  | ESRS S2 | S2-4 | Taking action on material impacts on value chain workers, and |
|  | workers to raise concerns | 83 |  |  |  | approaches to managing material risks and pursuing material |
ESRS S1 | S1-4 | Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities |  |  |  |  | opportunities related to value chain workers, and effectiveness of those actions | 94
|  | related to own workforce, and effectiveness of those actions | 83 |  | ESRS S2 | S2-5 | Targets related to managing material negative impacts, advancing |
ESRS S1 | S1-5 | Targets related to managing material negative impacts, advancing |  |  |  |  | positive impacts, and managing material risks and opportunities | 94
|  | positive impacts, and managing material risks and opportunities | 83 |  | Governance information
ESRS S1 | S1-6 | Characteristics of the undertaking’s employees | 85 |  | G1 Business Conduct
ESRS S1 | S1-7 | Characteristics of non-employee workers in the undertaking’s own |  |  | ESRS G1 | G1-1 | Corporate culture and business conduct policies | 97
|  | workforce | 86 |  | ESRS G1 | G1-3 | Prevention and detection of corruption and bribery | 102
ESRS S1 | S1-8 | Collective bargaining coverage and social dialogue | 86 |  | ESRS G1 | G1-4 | Confirmed incidents of corruption or bribery | 102
ESRS S1 | S1-9 | Diversity metrics | 88 |  | ESRS G1 | G1-5 | Political influence and lobbying activities | 103
ESRS S1 | S1-10 | Adequate wages | 86 |  |  |  |  |
ESRS S1 | S1-11 | Social protection | 89 |  |  |  |  |
ESRS S1 | S1-13 | Training and skills development metrics | 88 |  |  |  |  |
ESRS S1 | S1-14 | Health and safety metrics | 87 |  |  |  |  |
ESRS S1 | S1-15 | Work-life balance metrics | 86 |  |  |  |  |
ESRS S1 | S1-16 | Compensation metrics (pay gap and total compensation) | 89 |  |  |  |  |
ESRS S1 | S1-17 | Incidents, complaints and severe human rights impacts | 87 |  |  |  |  |

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Environment
EU taxonomy
The European Union’s target is to reduce net greenhouse gas emissions to zero by 2050. In
order to reduce greenhouse gas emissions and to better engage the private sector in the
green transition, the EU has introduced the EU taxonomy, a common classification system to
define environmentally sustainable economic activities. The aim of the taxonomy is to classify
economic activities based on their contribution to six environmental objectives 1) climate
change mitigation, 2) climate change adaptation, 3) sustainable use and protection of water
and marine resources, 4) transition to a circular economy, 5) pollution prevention and control,
and 6) protection and restoration of biodiversity and ecosystems. The EU taxonomy is still
developing and as yet does not cover all economic activities. For 2025, companies are
required to disclose material proportion of their turnover, capital expenditure (CapEx) and
operating expenditure (OpEx) are both eligible and aligned according to the EU taxonomy’s
two environmental objectives and eligible according to the EU taxonomy's environmental
objectives 3–6.
The manufacturing sector, which Kemira is considered to be part of, is largely out of the scope
of the current legislation, which causes that Kemira fall under the 10% materiality threshold
that EU introduced in June 2025. Currently this mainly includes the manufacturing of basic
materials and chemicals such as chlorine, soda ash and hydrogen. Kemira on the other hand
mostly produces specialty chemicals and therefore its current eligibility and alignment figures
are low. The EU taxonomy's third environmental objective covers the sustainable use of water.
However, it does not include enabling activities for the sustainable use of water, but instead
focuses more on activities that are directly linked to water infrastructure, from construction
to operation to renewal of water infrastructure. Kemira's products are essential for clean
drinking water and wastewater, but they are currently excluded from the scope of the EU
taxonomy. Kemira is in active dialogue with the EU commission regarding the scope of the EU
taxonomy and the importance of chemicals as an enabler for water infrastructure.
ACCOUNTING PRINCIPLES
The EU taxonomy requires the disclosure of three financial indicators: turnover, capital
expenditure (CapEx) and operating expenditure (OpEx), if considered material. These
indicators are defined by the EU taxonomy and the definitions differ from the IFRS-definitions
of C apEx and OpEx, which are used elsewhere in Kemira’s financial reporting. Kemira has
calculated the KPIs based on the definitions used in the EU taxonomy and has taken a
conservative approach when interpreting the EU Taxonomy Regulation. The EU taxonomy also
requires companies to disclose how they have avoided double counting of their economic
activities. Kemira avoided double-counting by ensuring that turnover, CapEx and OpEx were
only allocated once to the taxonomy activities and only to one environmental objective:
climate change mitigation. Kemira does not contribute to multiple environmental objectives.
KEMIRA’S TAXONOMY-ELIGIBLE AND TAXONOMY-ALIGNED ECONOMIC
ACTIVITIES
Turnover. Kemira’s eligible, but non-material, turnover mainly consisted of industrial by-
products, such as hydrogen and waste heat that is sold for district heating. Kemira’s waste
heat turnover is taxonomy-aligned, but non-material, while hydrogen turnover is not
taxonomy-aligned due to the lack of life-cycle-assessments in a form required by the EU
Taxonomy Regulation.
Capital expenditure. Kemira had no revenue-related CapEx as the taxonomy-eligible turnover
consisted of industrial by-products for which Kemira does not specifically spend CapEx*.
Kemira’s is taxonomy-aligned, but non-material, Based on Kemira's analysis, individually
sustainable CapEx* was non-material in 2025.
Operating expenditure. Kemira had no revenue-related OpEx as the taxonomy-eligible
turnover consisted of industrial by-products on which Kemira does not specifically spend
OpEx. Based on Kemira's analysis, individually sustainable OpEx* was non-material in 2025.
*Individually sustainable CapEx / OpEx refers to CapEx / OpEx that enables an economic activity to be conducted in a
low-carbon manner or to reduce greenhouse gas emissions.
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SUSTAINABILITY STATEMENT 2025

Financial year 2025 |
KP1 (1) | Total (a) (2) | Proportion of Taxonomy eligible activities (3) | Taxonomy aligned activities (4) | Proportion of Taxonomy aligned activities (5) | Breakdown by environmental objectives of Taxonomy aligned | Proportion of enabling activities (12) | Proportion of transitional activities (13) | Not assessed activities considered non- material (14) | Taxonomy aligned activities in previous financial year 2024 (15) | Proportion of Taxonomy aligned activities in previous financial year 2024 (16)
Climate Change Mitigation (6) | Climate Change Adaption (7) | Water (8) | Circular Economy (9) | Pollution (10) | Biodiversity (11)
| MEUR | % | MEUR | % | % | % | % | % | % | % | % | % | % | MEUR | %
Turnover | 2,753.5 |  |  |  |  |  |  |  |  |  |  |  | 0.5% | 7.4 | 0.3%
CapEx | 424.8 |  |  |  |  |  |  |  |  |  |  |  | 0.8% | 0.0 | 0.0%
OpEx | 105.7 |  |  |  |  |  |  |  |  |  |  |  | 0.0% | 0.0 | 0.0%

Turnover in EU Taxonomy equals revenue in Kemira's financial reporting. Capex as per the definition of the EU taxonomy equals Kemira's reported capital expenditure with additions into right-of-use assets. Opex as per the definition of the EU
taxonomy equals direct R&D and maintenance expenditure. Please refer to the Financial Statements note 2.1 for more information on revenue, 3 for capital expenditure and 2.2 for operating expenditure.
KEMIRA 2025 | FINANCIAL STATEMENTS | 43

SUSTAINABILITY STATEMENT 2025

E1 Climate change
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO ENERGY AND CLIMATE CHANGE

Material impacts, risks and opportunities |  | Position in the value chain |  | Time horizon | Key management areas of processes and policies
Energy
● | Sourcing the majority of purchased energy from low-carbon sources reduces Kemira's carbon footprint and supports the energy transition. |  | ● Own operations |  | ▲△△ | • Kemira has an Integrated Management System that follows the ISO 14001 standard, with third-party verification, and the system is improved and developed continuously • Kemira is committed to Finland’s Energy Efficiency Agreement (2017-2025, 2026-2035), initiated EnRe5 to reduce energy use by 5% from the 2022 baseline within two to three years, and completed by Kemira's own E3plus program • Kemira's strategy focus on long-term power purchase agreements (PPA), securing guarantees of origins (GoO), and further electrification of our operations. Kemira aim to have low-carbon electricity in Finland. • Kemira’s SBTi commitment will strive for continuous improvement in Scope 1 and 2 emissions
● | Kemira's operations, primarily the production of sodium chlorate, are highly energy-intensive. In regions where emission free energy is limited, operations can cause GHG emissions |  | ● Own operations |  | ▲△△
| Transition risk |  |  |  |  | • Kemira has implemented sourcing programs to mitigate energy price volatility risks • Kemira has adapted manufacturing procedures for production optimization in response to energy cost fluctuations
▲ | Climate-related transition risks arising from energy price volatility, which can significantly affect our operational costs and the financial performance of our energy-intensive clients. |  | ● Own operations ↘ Downstream |  | △▲△
Climate change adaptation
| Physical risk |  |  |  |  | • Kemira manages the physical chronic and acute climate-related risks by enhancing infrastructure robustness, optimizing critical systems maintenance, and advancing emergency and resource strategies.
▲ | Extreme weather events caused by climate change may disrupt manufacturing and logistics, causing financial losses. |  | ● Own operations |  | △△▲
Climate change mitigation
● | Kemira’s operations result in GHG emissions, with energy use contributing to Scope 1 and 2 emissions, and the majority, over 80%, arising from Scope 3 emissions tied to the value chain. |  | ↗ Upstream ● Own operations ↘ Downstream |  | ▲▲△ | • Kemira’s SBTi commitment will strive for continuous improvement in Scope 1, 2 and 3 emissions, also reducing Kemira’s reliance on fossil-based energy • Kemira is committed to different Energy programs to reduce energy use • Kemira has a power purchase agreements (PPA) program to phase out fossil-based energy. • Kemira is developing raw material specific emission abatement levers that are integrated into product line strategies • Kemira has launched a supplier-engagement program to improve Scope 3 emissions process. • Kemira’s Innovation processes ensure that projects demonstrate both sustainability and business benefits. • Kemira’s New Ventures & Services unit accelerates the commercialization of new and unique renewable and biomaterials into our current markets and creates business opportunities in new adjacent markets
| Transition risk |  |  |  |
▲ ■ | Inability to transition from fossil-based raw materials to alternatives creates a climate-related transition risk, potentially decreasing demand for Kemira's products and increasing operating costs, including potential costs associated with carbon pricing. However, increased emissions reduction requirements and the shift away from fossil-based materials create demand for chemicals and solutions, as well as sales for renewable products. |  | ↗ Upstream ● Own operations ↘ Downstream |  | △▲△
● Own operations ↗ Upstream ↘ Downstream ● Positive ● Negative ○ Potential positive ○ Potential negative ■ Opportunity ▲ Risk ▲△△ Short-term △▲△ Medium-term △△▲ Long-term

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SUSTAINABILITY STATEMENT 2025

Identification of material impacts, risks and opportunities
Kemira has identified climate-related impacts, risks and opportunities through the materiality
assessment process, which can be found under Impacts, risks and opportunities in the
General disclosure section. The management of identified climate-related impacts, risks and
opportunities is summarized in the table on the previous page.
TRANSITION PLAN
Strategy
Kemira is committed to operating in a way that minimizes its negative environmental impact
while maximizing positive contributions through its products and solutions. Kemira's strategy
is guided by the UN Sustainable Development Goals (SDGs), with a particular focus on SDG 6
(Clean Water and Sanitation), SDG 12 (Responsible Consumption and Production), and SDG 13
(Climate Action). More detailed information on Kemira's SDGs can be found in the Board of
Directors' review.
A core element of Kemira's sustainability strategy is the commitment to climate actions.
Kemira has set ambitious short-term climate targets as part of its commitment to science-
based climate action and long-term sustainability. These targets are aligned with the Paris
Agreement and have been formally validated by the Science Based Targets initiative in 2024.
Kemira’s near-term Scope 1 and 2 target is aligned with the Paris Agreement target to limit
global warming to 1.5°C. More detailed information on the SBTi targets can be found under
Targets related to Climate change.
Kemira’s climate transition plan is part of the company's strategic decisions making and
integrated across its operations, governance and innovations. Company strives
decarbonization with cross-functional programs and levers including actions related to energy
efficiency, renewable energy sourcing, low-carbon logistics and supplier engagement.
Kemira's business model is evolving to align with the impacts of a warming climate and to
reduce dependencies on fossil feedstocks and energy. Kemira has set a target for renewable
solutions revenue of EUR 500 million by the end of 2030 and pioneering renewable
technologies to reduce fossil dependency. Climate risk scenario analyses and internal carbon
pricing guide to resilient investment decisions, while partnerships and certifications ensure
traceability and impact. By aligning strategy with global climate goals and stakeholder
expectations, Kemira is not only mitigating risks but also unlocking new opportunities for
growth, innovation and leadership in sustainable chemistry.
Kemira is also a member of the Renewable Carbon Initiative (RCI), reinforcing company's
commitment to accelerating the shift from fossil-based to renewable carbon and raw
materials. Kemira is not excluded from the EU Paris-Aligned Benchmarks, and company's
targets reflect alignment with the expectations of regulators, investors, and the scientific
community.
Climate risk and resilience
Kemira's climate-related impacts, risks and opportunities are integrated to our business
model and strategic planning. We assess climate resilience across our operations and value
chain, following the recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD).
Kemira's climate risk scenario analysis, initiated in 2022 and expanded in 2023, with external
support, evaluated transition and physical risk across selected 11 manufacturing sites and 8
business functions. This process is scalable and will be extended to all of Kemira’s sites and
functions over time.
The scenario analysis included interviews with Business Controllers and Finance functions, to
evaluate the financial impact of identified risks on the company. The scenario analysis
considered three time horizons: short-term (to 2030), medium-term (2030-2050), and long-
term (2050 and beyond). The analysis included 15 transition risks, including policy and legal,
reputational, technological and markets risks, as well as five physical risks, including acute
and chronic risks. In addition, it identified various opportunities. Risk and opportunities were
assessed using Intergovernmental Panel on Climate Change (IPCC) climate scenarios RCP 2.6
and RCP 8.5 (Representative Concentration Pathways). RCP 2.6 represents a scenario where
the global temperature rise remains below 2°C by 2100, reflecting the strictest possible
regulatory environment, while RCP 8.5 is considered a worst-case scenario with continued
emissions increases through 2100, leading to severe chronic and acute climate risks. Risks
and opportunities were assessed for their potential to materialize under one, both or neither
of these scenarios.
In 2025, Kemira completed a dedicated transition risk assessment focused on evaluating the
most significant climate-related transition risks. This assessment builds on previous scenario
analyses and provides a detailed understanding of financial risks that could impact Kemira's
operations and value chain. The analysis considered three time horizons: short-term (2030),
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SUSTAINABILITY STATEMENT 2025

medium-term (2040) and long-term (2050). The transition risks were assessed using
International Energy Agency (IEA) transition scenarios IEA NZE 2050 (Net Zero Emissions by
2050 Scenario), IEA APS (Announced Pledges Scenario) and IEA STEPS (Stated Policies
Scenario).
The IEA’s transition scenarios differ in ambition and assumptions. IEA NZE 2050 outlines a
pathway to limit global warming to 1.5°C, requiring immediate and deep decarbonization, no
new fossil fuel developments and rapid deployment of clean energy technologies. In contrast,
IEA APS assumes full and timely implementation of all government climate commitments,
including net zero targets, and projects a temperature rise of approximately 1.7°C by 2100. IAE
STEPS reflects only currently enacted policies and measures, resulting in a projected
temperature increase of 2.4–2.5°C, and serves as a baseline for assessing the gap between
current action and climate goals.
T he financial impact of each transition and physical risk identified are summarized in the table
below. All financial effects assessed as part of the analysis are potential estimates, not exact
financial effects to be expected and include assumptions about Kemira's operations in the
future. The actions undertaken to support the mitigation and adaptation of Kemira's strategy
to the climate-related risk are described in the Decarbonsation levers and actions related
Climate change section.

Material risks and opportunity | Business unit/Function impacted | Potential financial impact | Decarbonisation levers and actions
Energy
| Transition risk
▲ | Climate-related transition risks arising from energy price volatility, which can significantly affect our operational costs and the financial performance of our energy-intensive clients. | • Fiber Essentials mainly • Sourcing | • Volatility in energy prices can lead to higher/lower revenue particularly in Fiber Essentials • Higher variable costs mainly in Fiber Essentials | • Energy sourcing and electrification • Operational optimization • Equity ownership in low-carbon energy and site-specific renewable installations
Climate change adaptation
| Physical risk
▲ | Extreme weather events caused by climate change may disrupt manufacturing and logistics, causing financial losses. | • All business units • Own operations • Downstream | • Lower revenue due to business interruptions • Higher variable costs repairs and disruption of productions and/or higher insurance fees • Higher CapEx due to reconstruction | • Infrastructure resilience • All manufacturing sites insured • Operational preparedness • Supply chain and inventory management • Emergency planning
Climate change mitigation
| Transition risk
▲ ■ | Inability to transition from fossil-based raw materials to alternatives creates a climate-related transition risk. However, increased emissions reduction requirements and the shift away from fossil-based materials create demand for chemicals and solutions. | • All business units • Value chain | • Lower revenue due to decreasing demand ▲ • Higher revenue due to demand for renewable chemicals and solution ■ • Higher variable costs due to increased carbon prices | • Circular, renewable and low product carbon footprint feedstocks • Supplier engagement program • Innovation and product development • Long-term technology investments
■ Opportunity ▲ Risk |

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SUSTAINABILITY STATEMENT 2025

Kemira Innovation Process
Climate-related transition risks and opportunities are also integrated in Kemira's investment
strategy. Kemira's Innovation process ensures that all new products demonstrate both
sustainability and business value. Each product launch is preceded by a comprehensive
sustainability evaluation, including climate-related indicators for reducing environmental
footprint and increasing customer handprint. This process supports our strategic goal to
significantly increase the share of renewable products by 2030 and reduce reliance on fossil
raw materials.
Product carbon footprint and life cycle assessment
As a company operating in a high climate impact sector, Kemira acknowledges its
responsibility to drive climate action. Understanding the environmental impact of our
products is essential to Kemira’s climate transition strategy. Between 2023 and 2025, Kemira
has focused on developing Product Carbon Footprint (PCF) and Life Cycle Assessment (LCA)
calculation capabilities to support customer transparency, regulatory compliance, and
internal decision-making.
Kemira’s PCF portfolio now covers all core products across all region; EMEA, APAC and the
Americas, ensuring consistent and comparable carbon footprinting globally. While most
assessments follow a cradle-to-gate approach, we are expanding toward cradle-to-grave
evaluations to capture full life cycle impacts. In addition to PCFs, Kemira has conducted
selective LCAs for high-impact bulk products such as chlorates, chloro-alkali products,
sodium borohydride, and hydrogen peroxides. These studies provide deeper insights into
resource use and emissions, guiding product innovation and sustainability strategy.
To scale these efforts, Kemira is investing in automation of PCF and LCA calculations,
enabling broader coverage, improved data accuracy, and streamlined reporting. All
assessments are conducted in compliance with international standards (ISO 14040/14044, ISO
14067, Together for Sustainability (TfS )). PCF and LCA reporting systems play a critical role in
identifying emissions hotspots and supporting climate reporting both on corporate and
product level.
Kemira recognizes that the transition to a climate-neutral and more sustainable economy has
significant social implications for workforce, communities, and consumers. As part of
company's commitment to a just transition, we aim to ensure that climate action is inclusive,
equitable and respectful of human rights.
Kemira plans to evaluate the social impacts of its climate transition plan as part of a renewed
human rights program. This assessment will consider potential risks and opportunities across
own operations and value chain, including workforce transformation, regional impacts, and
stakeholder engagement.
POLICIES RELATED TO CLIMATE CHANGE
As Kemira strives to become the leading provider of sustainable chemical solutions, we
acknowledge our dual responsibility to drive positive impacts by helping industries adopt
more sustainable practices and minimize potential negative impacts, such as emissions, from
our energy-intensive manufacturing operations.
Kemira is committed to operating safely and responsibly and reducing its impacts through its
whole value chain whilst also continuously improving its sustainability performance following
strategy, the Code of Conduct and other policies and the Integrated Management System.
Kemira's Integrated Management System is intended to ensure that Kemira can meet its
commitments and be compliant with the applicable requirements. The Sustainability Policy
includes e.g Kemira's commitment to climate change mitigation and adaptation and to energy
efficiency and renewable energy deployments. It is aligned with the Kemira Code of Conduct
and other internal Kemira policies. Kemira’s sustainability approach is also contributing to the
risk management process at Kemira, as defined in the Kemira Group Risk Management Policy.
Key contents, scope, the process, accountability and availability of the policies is described in
the G1 Business Conduct section, under Corporate Culture and Business Conduct Policies.
Kemira monitors and reviews information on the relevant interested parties and their specific
requirements at least once a year. Partners in our value chain are evaluated for their
sustainability performance, in line with Kemira's Code of Conduct for Business Partners
policy. Kemira’s suppliers must follow our Code of Conduct for Business Partners in their
business activities, with set requirements for environmental responsibility. Kemira also has a
due diligence process that must be applied to all new agents and distributors who act as third
parties for Kemira. In addition, Kemira continued enrolling its suppliers into the Kemira
Sustainability program by assessing them through EcoVadis. This assessment also addresses
the suppliers' commitment to the SBTi as well as their quantitative objectives in
environmental matters. Results with low scores were reviewed together with suppliers and
improvement plans were made accordingly.
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SUSTAINABILITY STATEMENT 2025

TARGETS RELATED TO CLIMATE CHANGE
Kemira's emission reduction targets for Scope 1 and 2 as well as Scope 3 were formally
validated by SBTi in 2024, continuing progress towards the targets established as part
of the updated climate commitment. The SBTi targets were developed in close collaboration
with internal stakeholders such as EHSQ, Sourcing, Supply Chain Management and R&I.
GREENHOUSE GAS EMISSIONS
Kemira's targets drive efforts in climate change mitigation, adaptation, energy efficiency and
the increasing use of emission free energy. Kemira is making significant progress toward its
climate targets, having successfully reduced Scope 1 and 2 emissions by 43.1% and Scope 3
emissions by 26.0% compared to the base year 2018.
Kemira's Scope 1 and 2 near-term target follows an absolute contraction approach, requiring
an annual reduction rate of 4.2% from the 2018 base year to the 2030 target year. In total, it
equals to 51.2% reduction in Scope 1 and 2 emissions, from 894 ktCO 2 eq in 2018 to 436
ktCO 2 eq by 2030. Scope 3 GHG emission reductions require a reduction rate of 2.5% annually
from the 2021 base year to the 2033 target year meaning a total of a 32.5% reduction in Scope
3 emissions from 2,337 ktCO 2 eq in 2021 to 1,577 ktCO 2 eq by 2033. 2021 was selected as the
base year for Scope 3 due to significant improvements in Scope 3 emissions data accuracy
since 2018. Progress towards Kemira's climate goals is reported quarterly to Kemira's Group
Leadership Team.

| Absolute value 1) | Reduction %
GHG emissions reduction | Target year | 2025 | Target | 2025 | Target
Scope 1 and 2 (market-based) | 2030 | 509 | 436 | 43.1 | 51.2
Scope 3 | 2033 | 1,731 | 1,577 | 26.0 | 32.5

1) Absolute value kt CO 2 eq
Kemira's long-term ambition is to achieve carbon neutrality by 2045 for combined Scope 1 and
2 market-based GHG emissions and it will continuously evaluate this goal in response to
global legislation, own strategy and advances in climate science.
As Scope 2 emissions constitute 75% of Kemira's total Scope 1 and 2 emissions, with
emissions from purchased electricity accounting for approximately 82% of total Scope 2
emissions, Kemira will focus on investments in renewable energy, energy efficiency and new
technologies to meet our Scope 1 and 2 targets.
Kemira's SBTi Scope 3 target covers emissions from Scope 3.1, 3.4 and 3.9. Scope 3.1 covers
raw materials and traded goods, and Scope 3.4 and 3.9 cover intercompany transportation
and outbound transportation from Kemira to customers, covering about 71% of our total
Scope 3 emissions.
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SUSTAINABILITY STATEMENT 2025

Progress towards the targets for all the Scopes are reported annually in Kemira's
Sustainability Statement and through CDP Climate Change and EcoVadis submissions. Kemira
will reevaluate these targets in 2029 at the latest and will set reduction targets for every five
years after 2030, as needed. The near-term targets have been validated by the SBTi, ensuring
they are science-based and that the Scope 1 and 2 targets are aligned with limiting global
warming to 1.5°C. Kemira rates amongst the top performers in the chemical industry in CDP
and EcoVadis. The new CDP Climate Change 2025 ratings were published in January 2026.
Kemira achieved A- Leadership level score. In 2025, Kemira retained EcoVadis Gold level
rating and improved its total score by 6 points to 83 out of 100. This was company's all-time
best score.
Future considerations, including sales volumes, mergers and acquisitions, the cost of carbon
and other market drivers will be factored into our emissions reduction roadmaps. While
regulatory impacts and carbon costs are subject to uncertainty, we remain committed to
achieving our targets through proactive and strategic measures.
DECARBONISATION LEVERS AND ACTIONS RELATED TO CLIMATE
CHANGE
Kemira has actions which relate to climate change impacts, risks and opportunities from its
suppliers to own manufacturing. Kemira's supply chain decarbonization actions focus on
improving resource efficiency and on encouraging suppliers to switch to renewable energy.
For own manufacturing, Kemira has set measures to reduce energy use and improve energy
efficiency. Kemira has different program and initiative projects to support these actions, and
is prioritizing investments in renewable energy sourcing, energy efficiency, and electrification
of processes.
SCOPE 1 AND 2
In 2025, Kemira’s combined Scope 1 and 2 GHG emissions accounted for approximately 23%
of the total GHG emissions. Of this, Scope 1 emissions represented approximately 6% and
Scope 2 emissions 17%.
Scope 1: Direct emissions
The primary source of Scope 1 emissions is the use of natural gas, which is the largest source
of Scope 1 emissions in several of Kemira’s energy-intensive manufacturing processes.
Other Scope 1 emissions are generated by:
• The combustion of fuels such as fuel oil to generate on-site steam, heat, and electricity
• The use of mobile fuels such as diesel and gasoline in forklifts and company vehicles
• Physical or chemical processing of carbon-containing feedstocks and raw materials,
including natural gas and calcium carbonate
To address these emissions, Kemira has implemented a range of near-term abatement
measures focused on reducing energy use and improving energy efficiency. These include
optimization of natural gas and electricity consumption across key sites. In January 2025,
energy core team was established with the aim to develop and execute Kemira’s long-term
energy management strategy including decarbonization roadmap by setting cross-functional
targets, driving implementation and capturing value.
Energy core team reviewed and consolidated Scope 1 projects. In 2025, 18 energy efficiency
projects were completed, resulting in a total of 17,053 (20,675) MWh of energy savings,
equivalent to EUR 1.2 (1.1) million in total savings. These projects were part of Kemira's EnRe5
(Energy Reduction 5%) program, which will be finalised with the consolidated reporting under
of E3plus (Energy Efficiency Enhancement) program. Kemira also participated in Finland’s
voluntary national Energy Efficiency Agreement (”Energiatehokkuussopimus”) for the period
2017–2025, which was part of Finland’s national ratification of the EU’s response to the Paris
Climate Agreement. Since 2017, the total energy savings reported to the National Energy
Authority in Finland ("Energiavirasto") amount to 142,000 (125,000) MWh per year, equivalent
to approximately EUR 5.0 (3.8) million a year. Energy Efficiency Agreement is renewed to the
period 2026-2035.

Energy reduction programs | Number of initiative | Number of completed projects | Energy savings MWh | Savings EUR million
Scope 1 | 9 | 7 | 14,105 | 0.6
Scope 2 | 19 | 11 | 2,948 | 0.6
Total | 28 | 18 | 17,053 | 1.2

The cost of abating one tonne of CO₂e from Scope 1 sources is currently higher than for
Scope 2, due to the multifactorial items of the projects, e.g. technological maturity and
market viability of the most impactful solutions. Since 2018, Kemira has implemented Scope 1
abatement measures with a cumulative investment of approximately EUR 4.1 million. Looking
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SUSTAINABILITY STATEMENT 2025

ahead, Kemira is actively investigating long-term abatement measures to further reduce
Scope 1 emissions, which include:
• Process redesigns to improve energy efficiency
• Electrification of operations, replacing fossil fuel combustion with electric alternatives
where feasible.
• Fuel switching, such as transitioning from natural gas to biogas or hydrogen
• Kemira also plans to explore options for removing residual emissions through carbon
removal technologies, particularly for hard-to-abate sources
The feasibility and cost of long-term measures are influenced by several external factors,
including the availability and scalability of low-carbon fuels such as biogas and emission free
hydrogen, the compatibility of existing infrastructure with electrification and alternative fuels,
the development and commercial readiness of nature based carbon removal solutions or
carbon capture and storage (CCS) technologies for industrial applications.
As the most material and cost-effective reductions are currently concentrated under Scope 2,
the development of a detailed investment plan for Scope 1 abatement measures is still in
progress. Investment needs will be disclosed as the roadmap evolves
Scope 2: Indirect emissions
As an energy intensive company, the primary source of Scope 2 emissions was purchased
electricity representing around 82% of Scope 2 emissions. Given this distribution, Kemira is
prioritizing investments in renewable energy sourcing, energy efficiency, and electrification of
processes to meet its validated Scope 1 and 2 reduction targets.
Kemira's key measures to reduce Scope 2 emissions and reliance on fossil-based electricity
include:
• Increased share of renewable electricity backed up by contractual instruments
• Long-term renewable power purchase agreements (PPAs)
• Equity ownership in low-carbon energy portfolios, such as strategic holdings in
Teollisuuden Voima and Pohjolan Voima, supporting access to low-carbon energy
• Site-specific renewable energy installations. For example, Kemira’s Mojave and Bartow
sites have installed photovoltaic solar system, which will directly power the facility and
reduce grid dependency by over 2,000MWH per year.
Since 2018, Kemira has invested cumulatively approximately EUR 4.7 million in Scope 2
abatement measures. The estimated cost of Scope 2 near-term abatement actions through
2026-2030 is projected to be approximately EUR 3–6 million. Future investment required until
the long-term target 2045 is currently being defined. These costs are subject to several
external factors, including the availability of renewable electricity across all operational
regions, the continued validity and credibility of renewable energy certificates and the ability
to secure long-term contracts with low-carbon e nergy providers at competitive rates. Kemira
continues to monitor regional energy markets and regulatory developments to ensure its
Scope 2 strategy remains cost-effective, scalable, and aligned with its science-based targets.
Kemira has Power Purchase Agreements in wind power and an ownership in Pohjolan Voima
Oyj and Teollisuuden Voima Oyj (Financial statements note 3.5 Other Shares) producing low-
carbon electricity with nuclear and hydro power plants in Finland. CO 2-emissions and energy
efficiency matters are considered in capital investments, thus also affecting non-current
assets (Financial note 3.3 Property, Plant and Equipment) as well as future cash flow
forecasts used in goodwill impairment testing (Financial note 3.1 Goodwill).
SCOPE 3
In 2025, Scope 3 emissions accounted for approximately 77% of Kemira’s total GHG
emissions. The majority of these emissions stem from purchased goods and services,
followed by upstream and downstream transportation and distribution. Addressing Scope 3
emissions requires deep collaboration across the value chain, innovation in sourcing and
logistics, and a commitment to transparency. In 2025, Kemira’s target Scope 3 emissions were
approximately 1,731 (1,881) ktCO₂e.
Kemira’s Scope 3 decarbonization strategy focuses on the most material categories, which
are Scope 3.1 (purchased goods and services), Scope 3.4 (upstream transportation, including
outbound transportation for Kemira-paid deliverables and stock transfers between Kemira
locations), and Scope 3.9 (downstream transportation, including customer-paid outbound
transportation). These categories together represent approximately 70% of total Scope 3
emissions.
Scope 3.1: Purchased Goods and Services
Kemira’s strategy to reduce Scope 3.1 emissions is built on a phased approach that integrates
technological innovation, circularity and supplier collaboration. In 2024, Kemira conducted an
internal Scope 3.1 abatement analysis to identify key levers for reducing emissions from raw
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materials and traded goods. The analysis revealed that over 50% of the abatement potential
depends on increasing the use of renewable electricity and heat among Tier 1 and Tier 2
suppliers.
In the recent years, the key driver of Scope 3.1 emission reductions has been the absolute
change (decrease) of production volumes. The key near-term abatement measures include:
• Electrification of supplier processes and transitioning to low-carbon energy in key supply
chains
• Shift to renewable, recycled, waste and low product carbon footprint f eedstocks
• Improving production efficiency
Kemira is also investigating long-term measures focusing on scaling up low product carbon
footprint and circular technologies to replace fossil feedstock, such as:
• Improve material and energy efficiency by new technologies in chemical industry
• Reduce consumption of fossil fuels by electrifying chemical industry
• Substitute fossil feedstock with low product carbon footprint renewable feedstock
• Circular materials production from waste
• Reduce chemicals consumption by improving product performances, new chemistries and
digital solutions
• Carbon capture and storage (CCS) and utilization (CCU) using renewable hydrogen and
captured CO 2
As part of this strategy, Kemira is actively addressing the risk of locked-in emissions, which
are associated with long-lived supplier infrastructure and sourcing decisions that could
constrain future decarbonization. By prioritizing low-carbon procurement, engaging suppliers
on renewable energy adoption, and phasing out fossil-based feedstocks, Kemira aims to avoid
future locked-in emissions and ensure alignment with its climate targets.
Kemira is a member of the Roundtable on Sustainable Palm Oil and uses palm oil derivates for
its AKD products. In 2025, Kemira transitioned the palm oil derivatives used for its highest
chain length AKD products to RSPO certified. Approximately 15% of all palm oil derivatives in
AKD products are RSPO certified. Kemira is also looking into RSPO certifying its other AKD
products and the transition is planned to start in 2026. The conversion pace is dependent on
the market demand and change approval processes.
To support the transition, Kemira is engaging suppliers through its Supplier Engagement
Program, collecting primary product carbon footprint data to improve data accuracy and
reduce reliance on generic emission factors. In 2025, 37% (28%) of Scope 3.1 emissions were
calculated using primary data. Kemira is also expanding the use of renewable feedstocks such
as sugar-based and biomass balanced chemistries, and increasing circular sourcing through
recycled materials and industrial by-products, including scrap metal and landfill-mined
minerals.
These measures are designed to reduce emissions while enhancing resource efficiency and
product sustainability across the supply chain. While Scope 3 abatement measures are often
influenced by external factors, Kemira is investing in supplier collaboration, data
transparency, and innovation to drive further reductions. Kemira tracks Scope 3.1 emission
intensity as an internal KPI to monitor progress and guide decision-making.
The cost of abatement per tonne of CO₂e in Scope 3 varies significantly depending on the
category and region. Scope 3.1 generally requiring higher investment due to the complexity of
raw material sourcing and supplier infrastructure. Kemira recognizes two key business drivers
for Scope 3 investments, carbon pricing and emissions markets, which influence the financial
viability of abatement measures, and business continuity and growth, where Scope 3
reductions support long-term competitiveness and license to operate.
The estimated cost of Scope 3 abatement measures through 2026–2033 have been
estimated. Long-term investment levels will be defined as Scope 3 abatement work
progresses and they depend on factors such as the availability of low product carbon
footprint renewable and recycled feedstocks, the scalability of low-carbon technologies in
upstream processes and the regulatory landscape and incentives for Scope 3 transparency
and reduction.
Kemira continues to monitor these factors and will refine its Scope 3 strategy in alignment
with evolving stakeholder expectations and regulatory frameworks, including the Corporate
Sustainability Due Diligence Directive.
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Scope 3.4 and 3.9: Transportation and Distribution
Kemira applies a dual approach to logistics-related emissions to meet the emission reduction
target, which includes a bottom-up approach conducting regional logistics assessments to
identify opportunities for emission reductions and a top-down approach utilizing supply chain
management to evaluate regulatory impacts as well as industry and service provider
commitments to low-carbon transport.
Kemira applies the GLEC (Global Logistics Emissions Council) framework, developed by the
Smart Freight Centre, to calculate and manage logistics-related CO₂ emissions. This
methodology ensures consistency, transparency, and alignment with global best practices. As
part of this framework, Kemira has identified five leading strategies recommended by Smart
Freight Centre for future emission reductions:
• Reducing freight transport demand
• Optimizing freight transport modes
• Increasing asset utilization
• Improving fleet energy efficiency
• Reducing the carbon content of energy used in logistics
Several measures have already been implemented to support the strategies, including load
optimization practices and transfers to low-carbon fuels such as HVO (hydrotreated vegetable
oil).
The five strategies form the foundation of Kemira’s logistics emission reduction roadmap.
While the high-level identification of abatement levers has been completed, the detailed
action planning, prioritization and implementation is in progress and will continue in 2026.
Physical climate risk mitigation
While the specif ic costs associated with energy and climate change mitigation and adaptation
efforts have not yet been fully quantified and allocated, Kemira is proactively implementing
measures to manage these risks. Climate change-related natural catastrophes, such as more
frequent and severe weather events present significant risks to manufacturing infrastructure,
supply chains and downstream business activities. To address these risks, Kemira is
considering several response measures, including:
• Reinforcing critical infrastructure,
• Inspecting and maintaining heating and cooling systems in manufacturing areas and
warehouses,
• Establishing comprehensive preparedness plans to ensure safety, including increasing site
cooling systems capacities and increasing automation to reduce manual labor,
• Installing backup generators to ensure the functionality of critical equipment during power
outages,
• Increasing inventory levels before severe weather seasons,
• Preparing contingency plans with alternative raw material suppliers and implementing a
dual supplier policy,
• Constructing dykes and embankments at sites susceptible to flooding.
Kemira has allocated resources from different functions to execute the actions related to
climate change and other Environmental topics, for example EHSQ, Sourcing, R&I, Product
lines and Manufacturing. Kemira has also a New Ventures & Services unit, to accelerate the
commercialization of new and unique renewable solutions into our current markets and to
create business opportunities in new, adjacent markets for both new and existing Kemira
products. Kemira has set a target of growing the revenue from Kemira’s renewable solutions
to more than EUR 500 million by 2030 and in 2025 it was EUR 240 million.
Kemira has initiated several research and development projects to increase the share of
renewable and recycled materials used as raw materials for own products. These projects aim
to reduce the product carbon footprint of these products and to meet other sustainability
market demand drivers. One of Kemira's approaches to replacing fossil raw materials is the
mass balance concept, which enables quick expansion towards renewable and recycled
products and having a significantly lower carbon footprint compared to traditional products.
More information can be found in E5 Actions related to Resource use and circular economy.
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METRICS RELATED TO CLIMATE CHANGE
ENERGY CONSUMPTION
Kemira operates in high climate impact sectors. Sectors are defined based on the EU's
Nomenclature of Economic Activities (NACE) classifications of economic activities, where
Kemira operations are allocated under other organic and inorganic chemical manufacturing.

Energy consumption and mix | 2025 | 2024 | 2023
(1) Fuel consumption from coal and coal products, MWh | N/A | N/A | N/A
(2) Fuel consumption from crude oil and petroleum products, MWh | 26,091 | 19,714 | 24,076
(3) Fuel consumption from natural gas, MWh | 369,152 | 375,310 | 465,513
(4) Fuel consumption from other fossil sources, MWh | 214,815 | 237,737 | 270,635
(5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources, MWh | 553,303 | 604,137 | 629,042
(6) Total fossil energy consumption, MWh | 1,163,361 | 1,236,898 | 1,389,266
Share of fossil sources in total energy consumption, % | 34.2 | 31.3 | 34.0
(7) Other non-renewable energy consumption, MWh | 164,331 | 334,966 | 325,698
Share of other non-renewable sources in total energy consumption, % | 4.8 | 8.5 | 8.0
(8) Consumption from nuclear sources, MWh | 1,165,182 | 1,283,988 | 1,439,084
Share of consumption from nuclear sources in total energy consumption, % | 34.3 | 32.5 | 35.3
(9) Fuel consumption from renewable sources, MWh | — | — | —
(10) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources, MWh | 1,334,466 | 1,100,753 | 927,881
(11) Consumption of self-generated non-fuel renewable energy, MWh | 89 | 144 | 78
(12) Total renewable energy consumption, MWh | 1,334,555 | 1,100,898 | 927,959
Share of renewable sources in total energy consumption, % | 39.2 | 27.8 | 22.7
Total energy consumption, MWh (sum of lines 6, 7, 8 and 12) | 3,827,430 | 3,956,749 | 4,082,007
(13) Energy delivered off-site, MWh | 426,338 | 401,845 | 401,281
Total energy consumption, energy delivered off-site deducted, MWh | 3,401,091 | 3,554,905 | 3,680,726

Energy intensity | 2025 | 2024 | 2023
Total energy consumption in high climate impact sector, MWh | 3,827,430 | 3,956,749 | 4,082,007
Net revenue from activities in high climate impact sectors, EUR million | 2,753.5 | 2,948.1 | 3,383.7
Energy intensity ¹⁾ | 0.001 | 0.001 | 0.001

1) Total energy consumption per net revenue (activities in high climate impact sectors is in Kemira's total net revenue
disclosed in Consolidated Income Statement in Financial Statement)

Energy production, MWh | 2025 | 2024 | 2023
Renewable | 21,930 | 19,777 | 78
Non-renewable | 404,497 | 425,796 | 441,651

CLIMATE CHANGE ADAPTATION AND MITIGATION
Greenhouse gas emissions

Greenhouse gas emissions intensity | 2025 | 2024 | 2023
GHG intensity (location-based) ¹⁾ | 0.001 | 0.001 | 0.001
GHG intensity (market-based) ¹⁾ | 0.001 | 0.001 | 0.001
Net revenue, EUR million | 2,753.5 | 2,948.1 | 3,383.7

1) Total GHG emissions metric tCO 2 eq per net revenue (Net revenue disclosed in Consolidated Income Statement in
Financial Statement)

Greenhouse gas emissions by region, tCO2eq | 2025 | 2024 | 2023
Location- based | Market- based | Location- based | Market- based ¹⁾ | Location- based | Market- based ¹⁾
EMEA | 1,470,930 | 1,447,766 | 1,611,792 | 1,607,509 | 1,586,714 | 1,582,461
APAC | 457,552 | 443,868 | 504,161 | 498,978 | 524,643 | 520,904
Americas | 1,088,151 | 1,055,570 | 1,157,657 | 1,008,151 | 1,545,243 | 1,397,455
Total | 3,016,633 | 2,947,205 | 3,273,610 | 3,125,014 | 3,656,600 | 3,561,321

1) Scope 2 (market-based) updated following a revision to the calculation methodology and verification of site-specific
supplier emission factors for 2023 and 2024
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Greenhouse gas emissions | Retrospective |
Base year | Baseline value | 2023 | 2024 | 2025 | Change, % | 2030 | 2033 | Annual % Target / base year
Scope 1 GHG emissions |  |  |  |  |  |  |  |  |
Scope 1 GHG emissions, tCO2eq | 2018 | 137,352 | 118,556 | 118,364 | 129,379 | 9.3 | — | — | —
Scope 1 GHG emissions from regulated emission trading schemes, % | — | — | 37.0 | 48.8 | 50.8 | 4.1 | — | — | —
Scope 2 GHG emissions |
Scope 2 (location-based) GHG emissions, tCO2eq | 2018 | 1,009,913 | 622,902 | 626,533 | 449,273 | -28.3 | — | — | —
Scope 2 (market-based) GHG emissions, tCO2eq ³⁾ | 2018 | 756,951 | 548,020 | 477,937 | 379,845 | -20.5 | — | — | —
Scope 1 and 2 GHG (market-based) emissions ¹⁾ ³⁾ | 2018 | 894,303 | 666,576 | 596,301 | 509,224 | -14.6 | 436,000 | — | 4.27
Significant Scope 3 GHG emissions |
Total indirect (Scope 3) GHG emissions, tCO2eq | 2021 | 2,337,475 | 1,862,773 | 1,880,746 | 1,730,821 | -8.0 | — | 1,577,000 | 2.71
1 Purchased goods and services | 2021 | 2,116,922 | 1,643,940 | 1,691,323 | 1,552,266 | -8.2 | — | — | —
4 Upstream transportation and distribution | 2021 | 176,052 | 179,041 | 159,176 | 150,644 | -5.4 | — | — | —
9 Downstream transportation | 2021 | 44,501 | 39,792 | 30,247 | 27,911 | -7.7 | — | — | —
Total GHG emissions 2) |
Total GHG emissions (location-based), tCO2eq |  | 3,484,740 | 2,604,231 | 2,625,643 | 2,309,473 | -12.0 | — | — | —
Total GHG emissions (market-based), tCO2eq ³⁾ |  | 3,231,778 | 2,529,349 | 2,477,047 | 2,240,045 | -9.6 | — | — | —

1) Total of Scope 1 and 2 is based on Kemira's SBTi target which can be found in more detail under Targets related to Climate change
2) Sum of 2018 Scope 1 and 2 baseline values and 2021 Scope 3 baseline value. Kemira does not have a separate reduction target for total GHG emissions.
3) Scope 2 (market-based) updated following a revision to the calculation methodology and verification of site-specific supplier emission factors for 2023 and 2024
The most significant Scope 3 categories for Kemira are 3.1, 3.4, and 3.9, which account for the
majority of the Scope 3 GHG emissions. These categories are also included in Kemira’s near-
term SBTi target as disclosed in the table above. Categories 3.13, 3.14, and 3.15 are irrelevant
for Kemira and 3.10, 3.11 and 3.12 are pending for quality improvement and are therefore
excluded from the GHG inventory. The remaining categories 3.3, 3.5, 3.6, 3.7, and 3.8 are
relevant, but not significant due their relative small contribution to overall emissions. All
relevant, significant and not significant, Scope 3 emission categories are included to the
Gross GHG emissions.
In 2025, the share of contractual instruments for Scope 2 GHG emissions was 29.2% (21.2%).

Gross GHG emissions, tCO2eq | 2025 | 2024 | 2023
Scope 1 ¹⁾ | 129,379 | 118,364 | 136,676
Scope 2 (location-based) ¹⁾ | 449,273 | 626,533 | 643,300
Scope 2 (market-based) ¹⁾ ³⁾ | 379,845 | 477,937 | 548,020
Scope 3 2) | 2,437,981 | 2,528,713 | 2,876,625
Total GHG emissions (location-based) | 3,016,633 | 3,273,610 | 3,656,600
Total GHG emissions (market-based) ³⁾ | 2,947,205 | 3,125,014 | 3,561,321

1) Excludes Oil & Gas business-related emissions in 2024
2) Includes all relevant Scope 3 emission categories (3.1, 3.3-3.9). Includes Oil & Gas business-related emissions in 2023
and 2024
3) Scope 2 (market-based) updated following a revision to the calculation methodology and verification of site-specific
supplier emission factors for 2023 and 2024
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GREENHOUSE GAS REMOVALS AND OFFSETTING
Kemira does not currently reduce its GHG emissions with carbon offsets. However, Kemira is
planning to look into available options in the future. Kemira sees verifiable natural or
technological carbon removals as a valid mid-term opportunity for GHG emission abatement,
however current focus is on direct GHG emissions reduction options. Kemira does not use
carbon offsets as a GHG emissions reduction lever, due to the uncertainty and low reliability
of the offset market. For long-term GHG emission reduction, carbon offsets can be
considered when the market is more mature.
INTERNAL CARBON PRICING
In 2019, Kemira introduced an internal carbon pricing sensitivity analysis for investments
exceeding EUR 500,000, to mitigate environmental risks and promote responsible
investments. This was updated in June 2022 to align with EU emission trading scheme (ETS)
prices, setting company's internal carbon price at EUR 100/tCO 2 eq. The scope of the internal
carbon price is global for Kemira's entire value chain, and, as of January 2024, it applies to all
CapEx investments exceeding EUR 100,000. In 2025, internal carbon pricing applied to
projects with significant climate impacts totaled in EUR 374,000 (217,000).
In the short term, Kemira's internal carbon pricing has increased awareness within the
company regarding the current and future costs of carbon, fostering a strong corporate
sustainability culture and enhancing its external reputation. This initiative has also led to
tangible carbon reductions and decreased energy consumption costs. In the long term,
Kemira's internal carbon price has strengthened internal controls related to risk
management, enabling us to respond more effectively to changing risk assessments.
Additionally, it has helped with identifying and capitalizing on opportunities within own
operations and supply chain, aligning the entire company and portfolio towards increased
climate change mitigation.
The Group's reporting principles
Energy consumption and mix
Energy consumption at Kemira is assessed based on natural gas used on-site for generating
steam or heat, electricity purchased or supplied by third parties and steam procured or
provided by third parties. The total energy consumption is determined by aggregating the
total fossil energy consumption, energy consumption from nuclear sources, and total
renewable energy consumption. Self-generated non-fuel renewable energy is now included
under the total renewable energy consumption, which was not previously considered.
Energy intensity data is expressed in kilowatt-hours per metric ton of production. To
determine energy intensity, Kemira divides total energy consumption by annual production
volume, noting that energy intensity is significantly influenced by the production mix.
Energy is categorized as fossil, other non-renewable, renewable or nuclear energy according
to established reporting standards and frameworks. Data is collected through meter
readings and invoices, with a current emphasis on invoice data.
The 2024 energy consumption figures exclude the sites that were part of the Oil & Gas
business operations in January 2024, prior to the divestment transaction closing in February
2024. These sites estimated to account for 0.3% of the total energy consumption in 2024.
Gross Scopes 1, 2 and 3 and total GHG emissions
Kemira prepares its corporate GHG emissions inventory following the WRI/WBCSD GHG
Protocol for all Scopes. GHG emissions are calculated as CO 2 eq, encompassing CO 2, CH 4,
N 2 O, HFCs, PFCs, SF 6 and NF 3. Kemira’s GHG inventory complies with the GHG Protocol:
A Corporate Accounting and Reporting Standard and the Corporate Value Chain (Scope 3)
Accounting and Reporting Standard.
Energy, fuel and production data are collected quarterly to calculate Scope 1 and 2
emissions. Scope 3 emissions are calculated and reported annually, with results included in
Sustainability Statement, EcoVadis and CDP reports. In 2025, 37% (28%) of Scope 3
emissions were calculated using primary data.
The gross Scope 1 and Scope 2 GHG emissions exclude the sites that were part of the Oil &
Gas business operations in January 2024, prior to the divestment transaction closing in
February 2024. These sites are estimated to account for less than 0.5% of the total gross
Scope 1 and 2 (market-based) GHG emissions in 2024. The gross Scope 3 GHG emissions for
2024 include emissions from Kemira’s Oil & Gas business for January 2024, prior to the
divestment transaction closing in February 2024.
Categories 3.3, 3.5, 3.6, 3.7, and 3.8 are included in the calculation of the gross Scope 3 GHG
emissions. Categories 3.10 and 3.11 have been estimated but excluded from the inventory
due to pending quality improvements. Categories 3.13, 3.14, and 3.15 are irrelevant for Kemira
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and are therefore excluded from the GHG inventory. Kemira’s GHG emissions are primarily
CO 2, with negligible emissions of methane (CH 4) and nitrous oxide (N 2 O). GHG emissions are
estimated using CO 2 eq factors, as CO 2 comprises ov er 99% o f CO 2 eq emissions.
Direct GHG emissions (Scope 1): Scope 1 emissions are based on the GHG Protocol and
cover all direct GHG emissions from Kemira’s operations. These include emissions from:
• Combustion of fuels: natural gas and fuel oil used by boilers, dryers and internal
combustion engines to generate on-site steam, heat and electricity.
– Hydrogen combustion: at sodium chlorate sites, by-product hydrogen gas is used in
boilers, offsetting fossil fuel use. Emissions from hydrogen combustion are reported as
zero.
– Sulfur combustion: At the site in Helsingborg, Sweden, a sulfur boiler generates steam
and electricity with reported emissions of zero.
• Mobile sources: fuels such as propane, diesel and gasoline used by forklifts and company
vehicles.
• Processing of raw materials: physical or chemical processing of carbon-containing
feedstock, such as natural gas, sodium carbonate, calcium carbonate and coke.
• Transportation fleet: North American coagulants business unit operates a fleet to deliver
raw materials to own manufacturing sites as well as products to customers.
Indirect GHG emissions (Scope 2): Scope 2 emissions, based on the GHG Protocol, include
indirect GHG emissions from the off-site generation of purchased electricity, heat and
steam consumed by Kemira. These are acquired from local municipal authorities, private
companies or separate manufacturing facilities within the same industrial complex. Scope 2
emissions from renewable and nuclear energy sources are reported as zero. Scope 2
emissions are calculated using a l ocation-based method and a market-based method, which
are calculated for each site. Supplier-provided emissions data (tCO 2 eq/MWh) is used where
available. If not, fuel mix data from the supplier is used to calculate a market-based
emissions factor. The sources for these emissions factors include Power Purchase
Agreements, the IEA, the UK Government’s Department for Environment, Food and Rural
Affairs (DEFRA), Motiva Ltd and energy utility companies. Scope 2 location-based emission
factors were updated in 2025.
Kemira's Scope 1 and Scope 2 target covers own manufacturing sites, excluding North
American transportation fleet emissions, which represent approximately 3% of total Scope 1
and Scope 2 emissions. Kemira SBTi target covers 100% of company's subsidiaries Scope 1
and 2 emissions.
Share of contractual instruments for Scope 2 GHG emissions updated for 2024, following a
revision and development to the calculation methodology. Reported value was 5.6%,
restated value was 21.2%.
Scope 2 (market-based) GHG emissions updated following a revision and development to the
calculation methodology and verification of site-specific supplier emission factors for 2023
and 2024.

| Restated value | Reported value | Change
2024 | 2023 | 2024 | 2023 | 2024 | 2023
Scope 2 (market-based) GHG emissions, tCO2eq | 477,937 | 548,020 | 467,561 | 469,839 | 10,376 | 78,181

Indirect GHG emissions (Scope 3): Scope 3 emissions are estimated for all relevant Kemira
categories established in the GHG Protocol Corporate Value Chain (Scope 3) Accounting and
Reporting Standard, and the supporting document, Guidance for Accounting & Reporting
Corporate GHG Emissions in the Chemical Sector Value Chain. Emissions are estimated
using guidance documents from the Chemical Sector, DEFRA, IEA, Ecoinvent, Cefic and
ECTA.
The Scope 3 inventory is split into 15 subcategories (category 1 to category 15):
• Category 1 - Purchased goods and services: Emission calculated based on supplier-
specific, hybrid, spend-based average data and average product and average spend-
based methods.
• Category 2 - Capital goods: Emission calculated based on supplier-specific, hybrid,
spend-based average data and average product and average spend-based methods.
Category 3.2 is calculated as part of category 3.1.
• Category 3 - Fuel-and-energy-related activities (not included in Scope 1 or Scope 2):
Emission calculated with average data and based on the spend-based methods
• Category 4 - Upstream transportation and distribution: Emission calculated with fuel-
based and average spend-based methods
• Category 5 - Waste generated in operations: Waste data collected in seven categories.
Kemira follows local environmental permits for waste reporting and definitions of
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recovery and disposal methods. Waste diverted from disposal is assumed to have zero
emissions.
• Category 6 - Business travel: Emissions calculated with distance-based method using
Thrust Carbon methodology. Emissions are reported using historical annual data and we
periodically re-evaluate and update the estimates as necessary.
• Category 7 - Employee commuting: Calculated based on fuel-based and distance-based
methods, using DEFRA 2012 guidelines and DECC GHG conversion. Emissions are
reported using historical annual data and we periodically re-evaluate and update the
estimates as necessary.
• Category 8 - Upstream leased assets: Emissions based on employees in leased asset.
Calculated based on the average data method, using WBCSD guidance, considering
energy use of 300 kWh/m 2 and emissions of 0.7 kg CO2eq/kWh.
• Category 9 - Downstream transportation: Calculated based on the GLEC methodology,
considering the transportation mode, adjusted weight, average distance and emission
intensity factor, along with average data, fuel-based, and distance-based methods.
• Category 10 - Processing of sold products: Emissions are not calculated due to data
tracking limitations.
• Category 11 - Use of sold products: Emission calculated using the average data method,
emissions are estimated to be zero or close to zero. The hydrogen provided to third-
parties is zero-carbon fuel.
• Category 12 - End-of-life treatment of sold products: Calculated based on the average
data method. If a product does not have a new lifecycle it is classified as waste. Emission
factors are sourced from Ecoinvent for wastewater treatment, incineration and landfill.
• Category 15 - Investments: No information on emissions from investments is available. All
investments are reported as Scope 1 and 2 emissions linked to physical assets.
Kemira has no significant operational expenditures (OpEx) or capital expenditures (CapEx) as
defined in ESRS to report related to implementations of the actions.
Measurements of the metrics excluding SBTi targets are not validated by an external body
other than Ernst & Young Oy, through assurance.
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E2 Pollution
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO POLLUTION

Material impacts, risks and opportunities | Position in the value chain | Time horizon | Key management areas of processes and policies
Pollution of air, water, soil
● | Impacts to air, water and soil in the raw material extraction processes. | ↗ Upstream | ▲△△ | • Kemira's Code of Conduct for business partners lays out expectations to supplier for reducing environmental impacts. Pollution risks are evaluated as a part of supplier sustainability assessments. Supplier audits are carried out to identify risks with supplier pollution management.
▲ | Potential incidents at manufacturing facilities or during transportation resulting in pollution of air, water or soil. Financial implications could materialize from remediation efforts, operation shutdowns as well as reputational damages. | ● Own operations | ▲▲▲ | • Prevention of spills and compliance issues resulting in releases to air, water and soil are managed through the Integrated Management System and associated processes.
▲ | Kemira has environmental liabilities related to historical activities at sites, which have been built prior to current environmental regulations. Changes in regulations or site use may have significant financial implications. | ● Own operations | △△▲ | • Kemira has a process to manage and review status of environmental liability management projects and associated provisions on a regular basis. Remediation projects are managed in compliance with authority requirements and in accordance with Kemira's project management principles.
Substances of concern or very high concern |
○ | Substances of concern or substances of very high concern may cause negative impacts on Kemira products and value chain. | ↗ Upstream ● Own operations ↘ Downstream | ▲▲△ | • Kemira's priority substance management process includes substances of concerns and substances of very high concerns in raw materials, and process chemicals in addition to own products. • Sustainability checks in Kemira's Innovation process projects includes safety of Kemira's products and sustainability of raw materials. • Guidance for safe use of substances is available.
● Own operations ↗ Upstream ↘ Downstream ● Positive ● Negative ○ Potential positive ○ Potential negative ■ Opportunity ▲ Risk ▲△△ Short-term △▲△ Medium-term △△▲ Long-term

Identification and management of impacts, risks and opportunities
Kemira has identified material impacts and risks for pollution in the materiality assessment
which is described under Material impacts, risks and opportunities in the General disclosure
section. Significant environmental aspects and impacts including the pollution of air, water
and soil in own operations are identified based on collected environmental data, using the
Global Environmental Impacts and Aspects Assessment template. Pollution through potential
spills and accidental chemical releases as well as actual and potential environmental liabilities
related to soil or to closed activities have been identified as material aspects. Impacts to air,
water and soil through air emissions and water effluent from sites related to normal
operations in accordance with environmental permit conditions have not been identified as a
material aspect.
For substituting and minimizing the use of substances of concern and phasing out substances
of very high concern Kemira has implemented a priority substance management process,
which covers Kemira's entire value chain. According to the process Kemira monitors the whole
product portfolio, including raw materials and process chemicals, for substances of concern
(SoC) and substances of very high concern (SVHC) and prepares management plans for these
substances aimed at defining the specific risks associated with each substance, whilst also
examining options for managing these risks and formulating action plans for preferred
solutions.
POLICIES RELATED TO POLLUTION
Kemira is committed to operating safely and responsibly and to reducing its impacts through
its whole value chain whilst also continuously improving its sustainability performance,
following strategy, the Code of Conduct and other policies and the Integrated Management
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System as set out in the E1 Climate change section. All aspects of Health and Safety, the
minimization of harmful releases into air, water and soil, the reduction of resource
consumption and waste generation and the consistent quality of our products are a
fundamental prerequisite for conducting our business in the chemical industry in a
sustainable manner. Sustainability Policy is aligned with the Kemira Code of Conduct and
other internal Kemira policies including the Product Stewardship Policy, Recruitment Policy
and the Sourcing and Procurement Policy. The key contents, scope, process, accountability
and availability of the policies is described in the G1 Business Conduct section, under
Corporate Culture and Business Conduct Policies.
Kemira’s sustainability approach is also contributing to the risk management process, as
defined in the Kemira Group Risk Management Policy. The Sourcing and Procurement Policy
defines how sustainability must be taken into account in sourcing, procurement and supplier
management activities as well as requirements for the upstream value chain. Kemira’s
Product Stewardship Policy ensures that Kemira products can be safely used by Kemira's
stakeholders, are safe for the environment and that chemical risks and their impacts are
incorporated into decision making relating to Kemira's operations, strategy implementation
and long-term strategic development.
Kemira conducts chemical hazard assessments which are prepared for raw materials,
products, intermediates and process aids and are incorporated in the change management
process. Product stewardship provides a platform that helps Kemira to identify concerns
related to specific chemicals and their hazards at an early stage and to manage those risks
along the value chain. Kemira is committed to minimizing the use of substances of concern or
substances of very high concern when selecting raw materials for product development and
replacing raw materials in product recipes.
TARGETS RELATED TO POLLUTION
Kemira has identified risks related to environment pollution incidents in own operation and to
reduce those risks and other impacts, voluntary indicators and associated targets as part of
the Integrated Management System are followed internally. H owever these targets are not
defined as in ESRS. Kemira regularly evaluates and updates these indicators as necessary.
The indicators include:
• Number of environmental incidents (ENV);
• Number of loss of primary containment incidents (LOPC);
• Number of reportable process safety incidents (RPSI) and
• Number of environmental operating conditions (EOC)
Kemira has also further developed its Life Cycle Assessment (LCA) capabilities. Kemira
intends to use this data for developing future pollution related indicators and metrics for its
upstream value chain operations.
ACTIONS RELATED TO POLLUTION
Actions to prevent environmental incidents in our own operations
Kemira's certified Integrated Management System includes the development of global and
site-level standards and procedures to comply with permit and regulatory requirements
associated with pollution. Kemira continuously improves performance to mitigate negative
impacts related to pollution to air, water and soil, including preventative actions. For the
minimum requirements to prevent environmental incidents Kemira has spill prevention,
process safety and maintenance standards. All incidents resulting in impacts to air, water and
soil and the related documentation, on incident investigations for example, are reported in
Kemira's incident reporting system. Kemira's management systems are audited both
internally and externally to evaluate conformance against the latest ISO 9001, ISO 14001 and
ISO 45001 standards.
Kemira's sites develop local procedures to implement actions required by their permits and
the underlying regulations. All Kemira sites have environmental permits and pollution control
technology compliant with Best Available Techniques (BAT) requirements. This includes
scrubbers and baghouses for air emissions, and onsite wastewater treatment or connection
to third-party wastewater treatment, to comply with applicable environmental requirements.
In addition to management system audits, Kemira has a third-party legal compliance audit
program. Third-party EHS legal compliance audits are conducted annually, by a sampling of
sites. Verification of EHS legal compliance is also provided annually by all sites, as part of the
environmental performance data collection and reporting processes. Kemira’s robust
management system requires all sites and auditors to report spills as well as non-compliance
cases to Kemira's EHSQ function, using the internal incident reporting tool.
For emergency situations, Kemira applies precautionary principles and has different
mechanisms, processes and procedures to identify, prevent and mitigate negative impacts.
Mitigation measures include emergency response and crisis management processes which
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are first response activities, in case of incidents and accidents but also in case of business
interruptions. To ensure continuous improvements, we conduct a root cause analysis to
identify both improvements and corrective actions. Kemira has an Emergency Planning and
Preparedness standard which establishes sufficient emergency response capability to
protect personnel, equipment and the community during emergencies. The primary focus of
the emergency response is the safe containment of an incident and the minimization of
effects upon employees and the surrounding community.
In addition to the Integrated Management System and EHS legal compliance auditing
programs and several site level technical improvements, Kemira continued a Global Safety
Training Program for all shop floor supervisors in 2025. The o bjective of the program is to
improve safety culture at the manufacturing sites on shop floor level, from EHSQ Managers to
supervisors and from supervisors to employees. Shift supervisors at all manufacturing sites
were trained by the end of 2025. The program focuses on all safety topics including spill
prevention and environmental compliance. In 2025 Kemira also continued the Transportation
Safety enhancement program in EMEA that aims to improve the daily safety of Kemira’s
transportation operations through enhanced processes and aligned roles and responsibilities
across the organization. The focus is on shipment document compliance, delivery operations
and manufacturing site operations, including spill prevention concerning the carriers. The
program was started in 2023 and will be continued in 2026.
Actions to manage environmental liabilities
Kemira has environmental liabilities related to former activities. Financial environmental
provisions for the costs of remediation work have been made in cases where it has been
possible to measure Kemira's liability for soil, groundwater or sediment contamination and
any post-treatment or post-monitoring obligations. More detailed information on these
environmental provisions can be found in the Financial statement note 4.6 Provisions. Kemira
has a process to manage and to review the status of environmental liabilities. The status of
environmental projects and associated provisions is reviewed quarterly by the EHSQ and
Finance & Accounting functions. Kemira has ongoing remediation projects to manage
environmental liabilities. In cases of mergers and acquisitions, the assessment of potential
liabilities is always carried out in accordance with Kemira's Environmental Due Diligence
process.
The 2025 key actions to manage environmental liabilities included completion of a soil and
landfill remediation project at a former manufacturing site located in Vaasa, Finland. Soil and
landfill remediation started in 2022. The site was historically contaminated with heavy metals
and pesticides. In addition to the project in Vaasa, Kemira also conducted some smaller scale
remediation projects in 2025.
Actions to manage pollution to air, water and soil in upstream value chain
For actions to manage pollution to air, water and soil in the upstream value chain see actions
disclosed in the E5 Resource Use and Circular Economy section.
Actions to manage substances of concern and very high concern
Kemira actively monitors its portfolio, including raw materials, intermediates and process
chemicals for substances of concern and substances of very high concern, in accordance with
our priority substance management process. We prepare management plans for these priority
substances aimed at defining the specific risks associated with each substance, examining
options for managing these specific risks and formulating action plans for preferred options.
These options to mitigate risks may include, for example, substitution, phase-out or limiting
exposure. Possible mitigation actions could include delivering more sustainable products by
replacing substances of concern when selecting raw materials for product development with
Research and Innovation.
METRICS RELATED TO POLLUTION
POLLUTION TO AIR, WATER AND SOIL
Kemira collects data centrally and annually on emissions of air pollutants and effluent from all
manufacturing sites. The total emissions and amounts of each pollutant emitted to air and
water were in accordance with ESRS E2-4. In 2025 , Kemira had no significant emissions to
soil.

Emissions to air, water and land by pollutant, tonnes | 2025 | 2024 | 2023
Ammonia (to air) | 14.2 | 8.7 | 12.5
Non-methane volatile organic compounds (to air) ¹⁾ | 604.9 | 581.9 | 569.4

1) Cutting oil emission at a site located in the UK where cutting oil is classified as volatile organic compound.
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The emissions to air from own operations are estimated based on direct measurements,
published emission factors, mass balance or engineering calculations. Measurement
methodologies, for example if based on continuous measurements or campaigns, vary
between manufacturing sites. The environmental permits of all sites where emissions exceed
the thresholds stated in the European Pollutant Release and Transfer Register (E-PRTR)
regulation Annex II allow emission of these substances. The emissions reported in the tables
represent the consolidated amount from all Kemira sites where the threshold is exceeded.
SUBSTANCES OF CONCERN AND SUBSTANCES OF VERY HIGH CONCERN
Volumes of substances of concern and substances of very high concern in raw materials,
intermediates or Kemira products are calculated based on the material compositions
interlinked to sourcing, production and sales data maintained in Kemira's system. Kemira
does not centrally collect data on amounts of substances of concern and very high concern
that leave facilities as emissions. Collection of the data is planned within the next two years.

Substances of very high concern, tonnes | 2025 | 2024
Total amount of SVHC that are generated or used during production or that are procured | 10,662 | 13,945
Carcinogenic (Article 57a) | 8,525 | 11,411
Persistent, Bioaccumulative and Toxic (Article 57d) | 7 | 8
Toxic for reproduction (Article 57c) | 1,670 | 1,959
Endocrine disrupting properties (Article 57(f) - environment) | 0 | 21
Respiratory sensitising properties (Article 57(f) - human health) | 460 | 546
Total amount of SVHC that leave facilities as emission, as products, or as part of products or services | 2,938 | 3,526
Total amount of SVHC that leave facilities as part of products | 632 | 739
Carcinogenic (Article 57a) | 597 | 666
Endocrine disrupting properties (Article 57(f) - environment) | 0 | 2
Respiratory sensitising properties (Article 57(f) - human health) | 35 | 71
Total amount of SVHC that leave facilities as products | 2,306 | 2,787
Carcinogenic (Article 57a) | 2,025 | 2,469
Respiratory sensitising properties (Article 57(f) - human health) | 281 | 318

Substances of concern, tonnes | 2025 | 2024
Total amount of substances of concern that are generated or used during production or that are procured | 195,543 | 214,052
Carcinogenicity categories 1 and 2 | 53,798 | 61,100
Germ cell mutagenicity categories 1 and 2 | 2,398 | 2,201
Reproductive toxicity categories 1 and 2 | 5,413 | 5,524
Respiratory sensitisation category 1 | 10,822 | 11,713
Skin sensitisation category 1 | 115,254 | 125,715
Chronic hazards to the aquatic environment categories 1 to 4 | 1,232 | 1,788
Specific target organ toxicity, repeated exposure categories 1 and 2 | 5,943 | 5,200
Specific target organ toxicity, single exposure categories 1 and 2 | 683 | 811
Total amount of substances of concern that leave facilities as emission, as products, or as part of products or services | 67,975 | 74,814
Total amount of substances of concern that leave facilities as part of products | 19,497 | 20,730
Carcinogenicity categories 1 and 2 | 295 | 304
Reproductive toxicity categories 1 and 2 | 1,117 | 971
Skin sensitisation category 1 | 12,599 | 13,890
Chronic hazards to the aquatic environment categories 1 to 4 | 688 | 671
Specific target organ toxicity, repeated exposure categories 1 and 2 | 4,772 | 4,859
Specific target organ toxicity, single exposure categories 1 and 2 | 26 | 35
Total amount of substances of concern that leave facilities as products | 48,478 | 54,084
Germ cell mutagenicity categories 1 and 2 | 1,295 | 1,155
Reproductive toxicity categories 1 and 2 | 1,558 | 1,655
Skin sensitisation category 1 | 45,530 | 50,911
Specific target organ toxicity, repeated exposure categories 1 and 2 | 95 | 363

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The Group's reporting principles
Kemira's data on pollution to air, water and soil in own operations is limited to manufacturing
sites with environmental permits. The following Kemira operations are excluded:
▪ Kemira's R&D centers located in Atlanta, USA; Shanghai, China; and Espoo, Finland.
• Sites that have limited emissions to air, water and soil and no environmental permits
and are not required to report emissions of air, water and soil to authorities.
▪ Kemira's corporate headquarters in Helsinki, Finland and other corporate offices, sales
offices and warehouses, if different from the sites' locations.
• Sites that have limited emissions to air, water and soil and no environmental permits
and are not required to report emissions of air, water and soil to authorities.
▪ Water Engineering Inc. multiple sales office and warehouse locations in US
• Sites that have limited emissions to air, water and soil and no environmental permits
and are not required to report emissions of air, water and soil to authorities.
▪ Tolling and contract manufacturers:
• Pollution to air, water and soil at toll and contract manufacturers is assumed to be
limited and not material.
Kemira has no significant operational expenditures (OpEx) or capital expenditures (CapEx) as
defined in ESRS to report related to implementations of the actions.
Measurements of the metrics are not validated by an external body other than Ernst &
Young Oy through assurance.
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E3 Water and marine resources
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO WATER AND MARINE RESOURCES

Material impacts, risks and opportunities | Position in the value chain | Time horizon | Key management areas of processes and policies
Water withdrawals, consumption and use |  |
● | Positive impacts through circular water and water management solutions offered for Kemira's customers. Supporting customers to reduce the use of water in industrial processes. Amplified through digital solutions. | ↘ Downstream | ▲△△ | • Water solutions is the largest business unit at Kemira following change in operational model. Kemira has strong growth ambitions in water. The focus to be on chemistry solutions and digital services for water-intensive industries. R&I projects in water solutions with the aim to reduce water consumption. • Entry into new water solutions and markets through acquisition of water services technologies • Partnering with value chain operators to develop technologies to recover nutrients from wastewater sludge, e.g. phosphorous removal • Solutions for sludge-to-biogas with biogas yield improvement technologies, increasing the energy self- sufficiency of wastewater facilities
■ | Supporting customers in reducing the use of water in industrial processes and increasing the reuse of wastewater with Kemira's products create significant opportunities. | ↘ Downstream | △▲△
● | High water consumption throughout the value chain | ↗ Upstream ● Own operations ↘ Downstream | ▲△△ | • Kemira serves customers in water-intensive industries by providing chemistry and digital services • Kemira's Code of Conduct for Business Partners lays out expectations to suppliers for reducing environmental impacts. Risks are evaluated as part of supplier sustainability assessments. Supplier audits are carried out to identify risks related to water and marine resources management. • Freshwater use and consumption in own operations is managed through the Integrated Management System, Nature Stewardship program and associated processes • Based on an internal study on biodiversity impacts and dependencies, a roadmap was created to manage identified material negative impact concerning high water consumption and water discharge part of upstream and downstream value chain
Water discharges in water bodies and ocean |  |
● | Significant impacts through wastewater management solutions. Improving circularity of water by reusing wastewater as a source of energy in customers’ processes. | ↘ Downstream | ▲△△ | • Kemira's Code of Conduct for Business Partners lays out expectations to supplier for reducing environmental impacts. Water and marine resource related risks are evaluated as a part of supplier sustainability assessments. Supplier audits are carried out to identify risks related to water and marine resources management. • Entry into new water solutions and markets through acquisition of micropollutant removal technologies • Kemira is the only manufacturer to offer a full product portfolio of coagulants, polyacrylamide polymers, process chemicals, and other water treatment chemicals, along with smart digital technologies to provide solutions for wastewater, drinking water, raw water and sludge/biogas applications. • Active influencing in the EU and other regions for stricter water regulations, promoting importance of water and wastewater treatment solutions with active communication on the topic. • Partnering with value chain operators to develop technologies to recover nutrients from wastewater sludge, e.g. phosphorous removal • Solutions for sludge-to-biogas with biogas yield improvement technologies, increasing the energy self- sufficiency of wastewater facilities
■ ▲ | Tightening regulation and global initiatives towards water and wastewater management increase demand for chemicals. Increasing regulation can also be seen as a risk of decreasing demand for Kemira’s products and solutions. | ↘ Downstream | △▲△
● | Water discharge in upstream and downstream value chain (water-intensive industries) | ↗ Upstream ↘ Downstream | ▲△△
● Own operations ↗ Upstream ↘ Downstream ● Positive ● Negative ○ Potential positive ○ Potential negative ■ Opportunity ▲ Risk ▲△△ Short-term △▲△ Medium-term △△▲ Long-term

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Identification and assessment of material impacts, risks and opportunities
Kemira has identified material impacts, risks and opportunities for water and marine
resources in the materiality assessment which is described in the General disclosure section
under Material impacts, risks and opportunities.
POLICIES RELATED TO WATER AND MARINE RESOURCES
Kemira has Sustainability Policy Commitments that include commitments to protect the
environment, reduce emissions and improve energy efficiency, with approaches to reduce
greenhouse gas emissions, releases to air, water and soil and to reduce water and material
use and waste generation through circular economy principles, to improve energy efficiency
and energy sourcing management and to protect biodiversity through sustainable raw
material sourcing programs, reducing waste and pollution in our operations. The commitment
to reduce water use includes material water consumption in areas of water risk and water
stress areas.
The Sustainability Policy Commitment states that Kemira will provide products for wastewater
treatment that enable the availability of clean and high-quality water to people and nature,
including water bodies. How the policy is implemented with regard to managing the use and
sourcing of water and marine resources and the prevention and abatement of water pollution
resulting from our own activities is described under the Actions related to water and marine
resources and E2 Pollution section.
With Kemira Sustainability Policy and Nature Stewardship program, Kemira strives to minimize
water consumption and the negative impact of water discharge activities on the quality of
receiving water bodies in our whole value chain. Product and service design considerations
and practices related to addressing water-related issues are covered in Kemira's Product
Stewardship Policy and program. The key contents, scope, process, accountability and
availability of the policies is described in the G1 Business Conduct section under Corporate
Culture and Business Conduct Policies and in the Nature Stewardship program under the E4
Biodiversity and ecosystems section.
TARGETS RELATED TO WATER AND MARINE RESOURCES

Target | Baseline | 2025 | 2024
Reach the Leadership level (A-/A) in water management by the end of 2025, as measured by CDP Water Security scoring methodology | B | A- | B
Grow positive water impact by increasing the estimated quantity of water treated, reused and recycled by 3.5 bm 3 end of 2030 from baseline 2024, bm 3 | 20.9 | 21.1 | 20.9

Positive water impact target
During 2025, Kemira has developed a new sustainability target relating to the positive water
impact of Kemira's water business. This relates to the identified opportunity and positive
impacts in downstream value chain in water. The target will measure the estimated quantity
of water treated, reused and recycled, which showcase one of the largest positive
environmental impacts that Kemira creates to its customers. The target is aligned with
Kemira's strategic priority to double the water revenue.
The target will be measured annually and reported in the Sustainability Statement. It
describes the full impact of Kemira's product and service portfolio, and is measured through
representative proxies in the portfolio to avoid double counting. The target is third party
verified to secure calculations and methodologies are reliable.
Beside the development of new targets, Kemira has set internal indicators and associated
targets to assess water resources related impacts, risks, and opportunities across the value
chain, although these are not currently aligned with ESRS definitions.
CDP Water Security management target
In 2021, Kemira introduced a voluntary water target to improve water management to
Leadership level, based on the CDP (Carbon Disclosure Project) Water Security scoring
methodology, by the end of 2025 (score A/A-). Kemira achieved an A- score (Leadership level)
and has reached the target. Since the first full reporting questionnaire in 2021, even as the
scoring criteria have been tightened in the intervening years, Kemira has kept good level of
the reporting. The scoring reports show that Kemira's overall water management has
improved every year and that Kemira ranks above European, Global and Chemical industry
averages (all score C). Kemira continues to participate in CDP Water Security reporting and
aims to maintain the achieved Leadership level, and also investigate the possibility to set a
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water stewardship target focused on sites in water risk area during 2026. The objective of the
CDP Management target has been to improve our water stewardship at all levels and
throughout the whole value chain and to show our customers and other stakeholders that our
water management is at a high level. Management of impacts, risks and opportunities related
to areas at water risk, responsible management of marine resources and reduction of water
consumption are included in the CDP Water Security scoring criteria.
Kemira has 58 manufacturing sites, varying from small and simple sites with limited water
consumption to complex sites with several production lines. 12 sites are located in water
stress areas. The materiality of water and marine resources related impacts, risks and
opportunities therefore vary from site to site. Manufacturing sites set their own site specific
water targets based on the results of site level materiality assessments, in accordance with
Kemira’s integrated management system. Not all sites have water and marine resources
related targets as not all sites have identified water and marine related impacts as material.
For example, at Kemira’s coagulant sites water consumption is typically low and at many
coagulant sites most or all process wastewater is recycled back to the process. Typically, site
level targets include a reduction in water consumption and/or an improvement in wastewater
discharge quality.
Kemira's water targets are overseen by the Sustainability Steering Team. Specific roles and
responsibilities have been assigned to ensure effective implementation and reporting of our
water strategies.
ACTIONS RELATED TO WATER AND MARINE RESOURCES
Actions to grow Kemira's water business and achieve positive water opportunities
Kemira's new operating model with three business units, Water Solutions, Packaging &
Hygiene Solutions and Fiber Essentials was introduced in 2025, to better meet our profitable
growth ambitions. This change supports company's aim to increase customer centricity,
strategic focus, speed of delivery and to accelerate growth and shareholder value creation.
Water Solutions is Kemira’s largest business unit, reflecting Kemira’s ambitions to significantly
grow the water business both organically and inorganically. Further information on Kemira's
business units can be found in the Financial Statements (Board of Directors' review and
Business units, in note 2.1. Segment information).
Water is one of the most important and material topics for Kemira. Kemira’s strategic
business ambition is to double water solutions revenue, which is well aligned with the
identified material topics. Our sustainable chemistry solutions are an essential part of low
carbon footprint of water treatment processes and address ever growing global water
challenges to secure water supply and wastewater treatment. Kemira’s primary business
focus and revenue growth ambition correlates strongly with these positive environmental
impacts, since Kemira solutions help customers to treat, reuse and recycle water. Key
examples include removing impurities like carbon, phosphorous, nitrogen and micropollutants
from water and improving water efficiencies by using less water. Kemira strategy on water
solutions is driven by challenges like climate change, population growth, resource scarcity and
the increasing need for water resilience. This strategy is advanced through research and
innovation activities, dedicated commercial acceleration resources and partnerships. Kemira
dedicated 23% (26%) of research and innovation OpEx to water treatment solutions in 2025.
Kemira offers chemistry solutions and digital services for applications like wastewater,
industrial raw- and process water, drinking water, sludge, biogas and water disinfection. This
is accomplished with a product and solution portfolio of polymers, coagulants, process
chemicals and smart digital technologies. The chemistry binds and extracts impurities from
water and wastewater, and is also used as a dewatering agent for semi-finished or finished
products. Kemira's digital solutions are used to improve process efficiencies. Kemira’s
strategic focus on water intensive industries means that both new organic and inorganic
growth opportunities are under continuous development. Kemira solutions are applied to
three main customers groups:
• Cities’ and municipalities’ water treatment plants, where Kemira helps ensure citizens have
access to clean, safe and affordable drinking water
• Municipalities and industries where Kemira ensures that discharged wastewater meets
environmental permit standards, reducing the load on local water bodies
• Water-intensive industries where Kemira helps use less water and make processes more
efficient, by enabling the use of recycled water rather than freshwater in processes.
In 2025, Kemira continued to grow its water business by expanding to additional technologies
and geographies both organically and inorganically resulting to setting a new target.
Significant investments to existing sites included for instance Tarragona and Helsingborg, and
acquisition of a new company in US. The acquisitions of an industrial water treatment service
company in US Water Engineering Inc was closed in 2025, which supports Kemira's growth in
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water business and new target to achieve the positive water impact. The company specializes
in industrial water treatment services, offering tailored solutions to customers across food &
beverage, manufacturing, healthcare, and other sectors. The acquisition strengthens Kemira’s
strategic position in the North American market and expands its capabilities in water
treatment services.
In 2024, Kemira completed the acquisition to purchase Norit's UK reactivation business, this
was a first step for Kemira in entering the activated carbon market for micropollutants
removal. Same year, Kemira announced plans to expand its Helsingborg manufacturing site in
Sweden and to invest in building a reactivation plant for activated carbon. In 2025, this
investment received full approval and this strategic decision marks a major step forward in
Kemira’s efforts to expand its water treatment capabilities across the Nordic region, invest in
activated carbon as a new growth area, and advance its long-term goal to double the size of
its water treatment business.
With this investment Kemira is expanding its water treatment offering to include activated
carbon in water treatment applications. This is the most common technology to remove odor
and taste in drinking water, as well as micropollutants including per- and polyfluoroalkyl
substances (PFAS). Micropollutant removal is expected to become more relevant for water
and wastewater treatment plants due to growing concern for both consumer health and
environmental safety. In addition, the requirements for PFAS removal from drinking water and
micropollutant removal from wastewater have been introduced in recent EU regulation
updates.
Kemira announced also a investment to expand it production capabilities in Tarragona
manufacturing site, which will enable the construction of a new production line for Aluminium
Chloro Hydrate (ACH), a high-performance coagulant primarily used in drinking water
treatment.The new facility will enhance Kemira’s product portfolio and strengthen its position
in the growing market for advanced water treatment solutions. ACH is a high basicity
polyaluminium chloride that offers superior performance in removing color and particles from
raw water, especially during heavy rainfall and flooding, which has become an increasing
challenge for many large cities across Europe.
Kemira is active in research and innovation and has several water solution focus areas such
as, for example, renewable water treatment growth, phosphorus recovery from wastewater
and micropollutants removal from drinking water. In summer 2025, City of Paris opened public
swimming sites along the river La Seine, the Greater Paris Sanitation Authority trusted Kemira
with its performic acid based solution, KemConnect™ DEX, to disinfect treated wastewater
before discharging. In 2024, ahead of the preparations for the Summer Olympics, Kemira’s
KemConnect DEX was the champion working to ensure the wastewater met regulatory
requirements and was effectively disinfected before discharge into the Seine. A historical
landmark was achieved, as during the Paris Olympics athletes were able to compete in the
events in the river Seine for the first time since the 1900. KemConnect DEX is a chlorine-free
alternative to less sustainable wastewater treatment methods and uses innovative
technology to enhance operations with accurate dosing and reduced energy consumption.
One of Kemira's main positive environmental impacts in the water treatments solutions is to
remove pollution from water, like phosphorus, before wastewater is safely discharged back to
nature. Phosphorus in wastewater is a major environmental challenge and causes
overfertilization of surface waters if it is not removed properly. At the same time, phosphorus
is a key nutrient needed for agriculture and many different industrial applications. The
European Commission has repeatedly listed phosphorus as one of the critical raw materials
on the EU Critical Raw Materials List.
Actions to manage water consumption in upstream and own operations
Kemira uses the EcoVadis platform to assess the sustainability of its suppliers. Water
management is included as one criterion on the EcoVadis platform. On EcoVadis, suppliers
are requested to meet certain standards and to continuously improve in the area of the
environment including in environmental compliance, waste, air emissions, climate change,
water and groundwater, wastewater, energy, nuisance (noise and odor), land use, biodiversity,
soil and hazardous chemicals.
The management of water and marine resources in own operations and value chain are
included in Kemira's Nature Stewardship program which covers the management of water,
waste and biodiversity. The Nature Stewardship program reports to the Sustainability
Steering Team. This ensures that specific cross-functional resources, roles and
responsibilities have been assigned which in turn help to ensure the effective implementation
and reporting of strategies related to water and marine resources.
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Kemira is a member of the CEO Water Mandate and the UN
Global Compact Forward Faster initiative, which solidify
company's commitment to world class water management.
Actions to manage water consumption in own operations
Through both Kemira's environmental management system
that applies ISO 14001 standards and Kemira's Nature
Stewardship program we are continuously evaluating
opportunities and implementing actions to decrease water
withdrawal, consumption, discharge and associated impacts
through water recycling and reuse as well as through process
redesign and optimization. Actions completed in 2025 to
achieve water quantity target at water quantity risk sites
included for example redirecting of wastewater back to the
process, replacement of freshwater with process water and
steam condensate as cooling tower make up water and
pipework repairs to reduce losses.
In addition to actions described above, Kemira's water
stewardship action plan includes improvement of water
accounting, implementation of water impact assessments in
internal decision making processes, development of the
water related risk assessment process and general
improvement of water stewardship in the company driven by
the CDP Water Security framework.
Water withdrawal, consumption and discharge are
considered in Kemira's internal decision making processes. In
cases of mergers and acquisitions the impact of changes in
water consumption and potential locations in water stress
areas are included in Kemira's Environmental Due Diligence
(EDD) assessment. The assessment also includes Phase I
Environmental Site Assessment (ESA) procedures. Water
consumption is also assessed as part of CapEx investments
exceeding EUR 100,000 and the investment impact on water
consumption is recorded in Kemira's reporting tool.
Kemira's Innovation process ensures that successful projects
demonstrate both sustainability and business benefits, with
every decision to proceed to product launch. This process
includes the assessment of water consumption.
DIAGRAM OF WATERFLOWS
Kemira's water consumption has decreased significantly in
its own operations in recent years, mostly due to decrease in
the proportion of water-intensive products. Total water
consumption has decreased by 29% (26%) and water
consumption intensity by 29% (33%) since 2019.
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METRICS RELATED TO WATER AND MARINE RESOURCES
WATER SOLUTIONS
Kemira's goal is to expand in water solutions. Kemira uses sustainability-driven key figures to
indicate expansion in business, in addition to revenue and other financial metrics. Water
treatment solutions and cooperation are an important part of Kemira's business and one
metric to help evaluate this is Water treated with the help of Kemira chemistry, which is the
base of the new water target. This metric is based on the sales of coagulant chemistry, and it
gives an estimate of how Kemira's solutions positively impact the treating reusing and
recycling of water. In 2025, Kemira helped to treat, reuse and recycle 21 (21) bm 3 of water,
which can be compared to the water consumption of approximately 372 million Europeans
and North Americans, based on regional water consumption data.
WATER CONSUMPTION

Water consumption and intensity | 2025 | 2024 | 2023
Total water consumption, m 3 | 4,829,451 | 4,843,124 | 5,194,856
Water consumption in areas at water risk, m 3 1) | 537,468 | 599,507 | 584,531
Water recycled and reused, m 3 | 970,976 | 982,132 | 1,014,784
Water intensity ratio 2) | 1,754 | 1,643 | 1,535

1) Includes areas at high-water stress
2) Water consumption m 3 per million EUR net revenue
Water (recycled and reused) is defined as water and wastewater (treated or untreated) that
has been used more than once before being discharged from the undertaking’s or shared
facility’s boundary, so that water demand is reduced. This may be in the same process
(recycled) or in a different process within the same facility (own or shared with other
undertakings) or in another of the undertaking’s facilities (reused). The calculation for
recycled and reused water is often estimated due to the challenges in measuring all streams
directed to recycling and therefore the data contains uncertainty. Most of the recycled water
is steam condensate that is directed back to process. The calculation for the volume of steam
condensate is normally based on steam flow measurements which limits uncertainty.
Water consumption is defined as the amount of water drawn into the boundaries of Kemira's
manufacturing sites and not discharged back to the water environment or to a third party over
the course of the reporting period. Water consumption is calculated as total water
withdrawals minus total water discharges. To ensure calculated water consumption data
(total water withdrawals minus total water discharges) quality and that sites report full water
balances in Kemira's sustainability reporting system, all sites are required to report water
consumption separately, using the following breakdown: e vaporated cooling water, water to
products, water to waste, other evaporation and leakage/storage/calculation and calibration
error/production losses.
The Group's reporting principles
Kemira's data for water and marine resources in own operations is limited to manufacturing
sites with environmental permits. The following Kemira operations are excluded:
▪ Kemira's R&I centers are located in Atlanta, USA; Shanghai, China; and Espoo, Finland. In
2025, the total water consumption in R&I centers was significantly below 1% with no
changes in operations, and it is not considered material.
▪ Kemira's corporate headquarters in Helsinki, Finland and other corporate offices, sales
offices and warehouses, if different from the sites' locations. Total water consumption
at these facilities is well below 1% of Kemira's total water consumption.
▪ Water consumption at toll and contract manufacturers is expected to be limited and not
material.
▪ Kemira has former production sites with environmental liabilities but with no active
manufacturing operations and no significant water consumption. Kemira's activity at
these sites includes environmental monitoring and remediation measures.
Calculated water consumption is compared to the reported data. The expectation for the
sites is that the difference between the calculated and reported water consumption will be
no more than ±5%. Water withdrawals and water discharges are measured at most sites. In
case some stream in the water balances is not measured and if it cannot be calculated then
it will be estimated as a final option.
Kemira has no significant operational expenditures (OpEx) or capital expenditures (CapEx) as
defined in ESRS to report related to implementations of the actions.
The measurements of the metrics are not validated by an external body other than Ernst &
Young Oy, through assurance.
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E4 Biodiversity and ecosystems
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO BIODIVERSITY

Material impacts, risks and opportunities | Position in the value chain | Time horizon | Key management areas of processes and policies
Direct impact drivers of biodiversity loss
● | Use of resources, land use change through resources extraction, pollution and terrestrial changes or degradation, possibilities for discharges to soil and light or noise disturbances in the upstream value chain. | ↗ Upstream | ▲△△ | • Through the Nature Stewardship program and based on the internal study on biodiversity impacts and dependencies, a roadmap was created to manage the identified material negative impacts in the upstream value chain. • Kemira Water Solutions is the largest business unit and Kemira has strong ambitions to grow in water. Growth of Kemira's water business means more positive impacts in terms of pollution removed from wastewater to safely discharge the water back to nature. • R&I projects aim to develop new solutions to treat water, remove pollution and improve industrial water efficiencies. • Entry into new water solutions and markets through acquisition of micropollutant removal technologies • Partnering with value chain operators to develop technologies to recover nutrients from wastewater sludge, e.g. phosphorous removal solutions for sludge-to-biogas with biogas yield improvement technologies, increasing the energy self-sufficiency of wastewater facilities
● | Removal of hazardous substances across all customer applications (e.g., food packaging, wastewater) in the downstream value chain. | ↘ Downstream | ▲△△
● Own operations ↗ Upstream ↘ Downstream ● Positive ● Negative ○ Potential positive ○ Potential negative ■ Opportunity ▲ Risk ▲△△ Short-term △▲△ Medium-term △△▲ Long-term

Identification and assessment of material impacts, risks and opportunities
Kemira has identified material impacts, risks and opportunities for Biodiversity in the
materiality assessment which is described in the General disclosure section under Material
impacts, risks and opportunities. Kemira's approach to conducting consultations with affected
communities on sustainability assessments is described in the General disclosure section
under Identification of material impacts, risks and opportunities for sustainability topics.
Kemira has not identified actual or potential material impacts, risks or opportunities for
biodiversity and ecosystems at its own manufacturing site locations. Material negative
impacts with regard to land degradation, desertification or soil sealing, as well as operations
that affect threatened species were not identified.
Strategy and transition plan
Kemira initiated an internal evaluation of its direct impacts, dependencies, risks and
opportunities related to biodiversity and ecosystems. The assessment of indirect impacts,
dependencies, risks and opportunities was conducted part of materiality assessment . As
biodiversity and ecosystem related risks are expected to increase in the future, Kemira will
develop a strategic plan for the adaptation of its business model and strategy in response to
the ongoing assessment findings. Also an initial, high-level resilience assessment of Kemira’s
business model and strategy, relative to biodiversity and ecosystems-related physical and
transition risks, has been conducted. Systemic risks were not evaluated as part of the
assessment. The scope of the resilience analysis included both Kemira’s direct and indirect
impacts, dependencies, risks and opportunities in the upstream and downstream value chain
and in own operations. The results of the analysis provided an outlook on the likely role of
biodiversity in Kemira’s operations up to 10 years into the future and these were
communicated to Kemira’s Board of Directors and Group Leadership Team
As sustainability is integrated into Kemira’s strategy, Kemira’s current business model is
considered resilient to biodiversity and ecosystems-related risks. The key assumptions
indicate that the most significant indirect impact in the future is likely to occur within the
upstream value chain, associated with the utilization of both conventional and renewable raw
materials. As customer awareness on the topic of biodiversity is rising, Kemira has a positive
role in mitigating biodiversity impacts in its downstream operations through its focus on
improved customer resource efficiency and water treatment solutions.
Kemira’s strategy in water solution especially in water treatment plays a vital role in
preventing negative impacts on biodiversity through removing pollution from wastewater, and
safely discharging treated water back to nature, is an essential part of our growth strategy. As
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the largest business unit under Kemira’s new operating model, Water Solutions focuses on
providing chemistry and digital services for water-intensive industries, helping customers
reduce water consumption, improve wastewater treatment, and enhance circularity. These
solutions directly contribute to reducing pressures on biodiversity by minimizing water
withdrawal and discharge impacts across the value chain. Kemira’s Nature Stewardship
program and internal biodiversity assessments have identified high water consumption and
discharge as material negative impacts on ecosystems, prompting the development of a
roadmap to manage these risks. By expanding into technologies such as micropollutant
removal and phosphorus recovery, Kemira not only addresses regulatory and environmental
challenges but also creates opportunities for reducing pressures on biodiversity. The strategic
focus on water aligns with Kemira’s ambition to become the leading provider of sustainable
chemical solutions and supports its long-term goal of profitable growth.
POLICIES RELATED TO BIODIVERSITY
Through Kemira’s Sustainability Policy and Nature Stewardship program, Kemira is committed
to reducing negative impacts on biodiversity and ecosystems and to promoting the
responsible and efficient use of natural resources in the whole value chain. Kemira’s
Sustainability Policy incorporates the evaluation of near-term and long-term risks and
opportunities related to climate change mitigation and adaptation in own operations and the
value chain. The Sustainability Policy does not cover all material dependencies nor material,
physical and transition risks and opportunities related to biodiversity. Kemira’s Sustainability
Policy Commitment document includes a pledge to protect the environment through energy
efficiency and energy sourcing management as well as reducing greenhouse gas emissions
and releases to air, water and soil. In addition, Kemira aims to minimize water and material
use and waste generation by applying circular economy principles, which are explained in
more detail under E5 Resource use and circular economy section. To protect biodiversity,
Kemira commits to sustainable raw material sourcing programs, reducing waste generation
and pollution in its operations and to providing wastewater treatment solutions to customers.
Kemira's Sourcing and Procurement Policy defines how sustainability must be taken into
account in sourcing, procurement and supplier management activities and requirements in
the upstream value chain. Kemira’s Product Stewardship Policy ensures that Kemira products
can be safely used by Kemira's stakeholders and are safe for the environment. Kemira’s
policies do not fully cover traceability of products, components and raw materials with
significant actual or potential impacts on biodiversity and ecosystems along the value chain.
Kemira’s approach is to ethically enhance positive impacts across its entire value chain,
involving Kemira’s people, business partners, the environment and surrounding communities.
The Sustainability Policy does not address the social consequences of biodiversity and
ecosystems-related impacts. The Sustainability Policy is aligned with the Kemira Code of
Conduct and other internal Kemira policies e.g. the Nature Stewardship Program, Product
Stewardship Policy, Recruitment Policy and the Sourcing and Procurement Policy. The key
contents, scope, process, accountability and availability of the policies is described in the G1
Business Conduct section under Corporate Culture and Business Conduct Policies. Kemira has
not adopted separate biodiversity and ecosystem protection policies covering operational
sites owned, leased or managed in or near a biodiversity sensitive area nor the following:
policies related to sustainable land / agriculture practices, sustainable oceans / seas
practices or policies to address deforestation.
Kemira has initiated an assessment of actual and potential impacts to biodiversity and
ecosystems in the upstream value chain for Tier 1 suppliers. The assessment was conducted
to identify major, indirect nature impacts and dependencies in Kemira’s Pulp and Paper,
Polymers and Coagulants product lines. The work was carried out in accordance with the Step
1a&b guidelines of the Science Based Targets Network's (SBTN) Science-Based-Targets for
nature, and both primary and secondary data sources were utilized. The results identified that
the main, indirect biodiversity impacts in the upstream value chain are caused through
terrestrial ecosystem use, water use, GHG emissions and pollution.
ACTIONS RELATED TO BIODIVERSITY
Kemira has not used biodiversity offsets in its action plans and does not plan to do so in the
upcoming years. Kemira has not incorporated local and indigenous knowledge and nature-
based solutions into its biodiversity and ecosystems-related actions and does not plan to do
so in the next two years. Kemira has not concluded that it is necessary to implement
biodiversity loss mitigation measures.
TARGETS RELATED TO BIODIVERSITY
Kemira has indicators that are followed internally for impacts, risks and opportunities related
to Biodiversity and ecosystems. These targets are not defined as in ESRS. Kemira will
continue the evaluation of these indicators in the following years.
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IMPACTS METRICS RELATED TO BIODIVERSITY AND ECOSYSTEMS
CHANGE
Kemira has not yet established metrics related to material impacts, risks and opportunities in
the upstream and downstream value chain related to biodiversity and ecosystems.. Kemira’s
Nature Stewardship program sets out the process for development of the policies and actions
related to material biodiversity impacts, risks and opportunities. The program’s ambition is to
establish, at a minimum, internal quantitative indicators to track the progress of such policies
and actions. The base period from which progress is measured will be determined once the
quantitative indicators are established. Kemira is also further developing its Product Carbon
Footprint (PCF) and Life Cycle Assessment (LCA) capabilities. More information can be found
under E2 Actions related to Pollution.
Kemira has not identified manufacturing sites located in or near biodiversity-sensitive areas
that it is negatively affecting. Kemira uses the Integrated Biodiversity Assessment Tool (IBAT)
and the WWF Risk Filter Suite (Water Risk Filter and Biodiversity Risk Filter) to monitor priority
sites in its own operations that are in proximity to protected areas and key biodiversity areas.
An assessment is conducted annually for existing sites and on a basis as required for site
acquisitions. Kemira uses the number of sites in proximity to biodiversity areas as an indicator
of possible changes in the classification of the land surroun ding the manufacturing sites and
to understand whether Kemira may have a negative impact on such areas. In 2025, Kemira
had 10 (10) si tes located in and/or near protected areas and key biodiversity areas. Kemira’s
manufacturing sites (58) have environmental permits, are located on industrial land and utilize
already existing infrastructure. Environmental impacts and risks, including biodiversity related
impacts and risks, are initially assessed as part of the environmental permitting process of
the sites and the Environmental Impacts Assessments (EIA) at the sites where EIA is required.
Based on the environmental impact assessments conducted as part of the environmental
permitting of the sites, Kemira’s manufacturing sites do not negatively affect biodiversity-
sensitive areas.
The Group's reporting principles
Measurements of the metrics are not validated by an external body other than Ernst &
Young Oy, through assurance.
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E5 Resource use and circular economy
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO RESOURCE USE AND CIRCULAR ECONOMY

Material impacts, risks and opportunities | Position in the value chain | Time horizon | Key management areas of processes and policies
Resource inflows including resource use |  |
● | Resource-intensive operations relying partly on virgin fossil and mineral materials | ↗ Upstream ● Own operations | ▲△△ | • Alignment between business strategy and sustainability strategy, commitments and targets, increasing the amount of renewable and recycled materials in the product portfolio. Utilizing side streams, by-products and wastes from other industries to manufacture products. • Kemira focuses on development of new renewable raw materials and has a target to grow renewable solutions. R&I sustainability assessment included with circularity aspects that are qualitatively assessed in the whole value chain. • Value chain collaborations with suppliers to develop new product solutions for customers • Strategic sourcing initiatives and assessments to secure renewable and low product carbon footprint raw materials • Participation in and utilization of well known certification systems to improve traceability of the origin of raw materials • Influencing activities to promote renewable solutions as alternatives to fossil feedstocks through memberships in association and collaborations, e.g. the Renewable Carbon Initiative (EU)
| Kemira's product portfolio focus on recycled and renewable raw materials |
● | Using own and/or industrial partners’ by-products, sidestreams and wastes as raw material | ↗ Upstream ● Own operations | △△▲
■ | Kemira's customers ambition to become fossil-free that strengthens demand for our renewable business portfolio. This creates opportunity to Kemira to explore and produce alternative materials for existing fossil based solutions. | ↗ Upstream ● Own operations ↘ Downstream | △▲△
Resource outflows related to products and services
| Kemira's product portfolio focus on circular solutions |  |  | • Kemira's strategic focus on new business creation in circularity-driven applications. Chemistry and digital services to optimize customers' process efficiencies, creating opportunities for customers to reduce raw materials, energy and water consumption and prevent emissions and waste generation. • Kemira offers customers products and solutions with non-virgin origin • Prolonging the lifetime of customer products by increased durability and recyclability or biodegradability enhancing solutions • Developing and piloting technologies to recover resources from customer processes, e.g. phosphorous removal in wastewater treatment and increasing biogas yields for increased energy self-sufficiency • Value chain collaboration with Kemira's customers to create new solutions • Establishment of chemical islands in collaboration with customers, close proximity to customer operations brings clear efficiency improvements through with shared resources • Resource-efficiency improvements through active development of existing and new chemistry platforms. Kemira's proactive R&I and application development to solve customers' efficiency issues and strategic focus on growing in digital services. R&I sustainability assessment where circularity aspects are qualitatively assessed in the whole value chain.
○ ■ | Developing products and solutions that improve recyclability and biodegradability. That supports the increasing trend and consumer demand to replace fossil-based and plastic-based packaging products with renewable materials and improve end-of-life options for products, which are driven both by regulation and brand owners, This creates new sales opportunities for Kemira. | ● Own operations ↘ Downstream | △▲△
| Kemira support customers become more resource efficient |  |
○ ■ | Kemira's core business to support customers with resource efficiency improving solutions, reducing energy, water and waste, and improving yields and assets operating time. Efficiency improvements can be achieved by careful application of chemistry and digital services, and through integration of Kemira production in customers sites. | ● Own operations ↘ Downstream | ▲▲△
Waste |  |
● | Waste generation by raw material suppliers, through product disposal by customers and own operations | ↗ Upstream ● Own operations ↘ Downstream | ▲△△ | • Kemira uses the EcoVadis platform to assess sustainability of its suppliers. Waste management is included as one criteria in the EcoVadis platform. In EcoVadis, suppliers are requested to meet certain standards and continuously improve. • Waste from own operations is managed through the Integrated Management System and Nature Stewardship program and associated processes, targeting to reduce waste and increase waste recovery
● Own operations ↗ Upstream ↘ Downstream ● Positive ● Negative ○ Potential positive ○ Potential negative ■ Opportunity ▲ Risk ▲△△ Short-term △▲△ Medium-term △△▲ Long-term

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Identification and assessment of impacts, risks and opportunities
Kemira identified material impacts, risks and opportunities for resource use and the circular
economy in the materiality assessment which is described under Material impacts, risks and
opportunities in the General disclosure section. The material impacts, risks and opportunities
are summarized in the table on the previous page. Kemira is planning to consult a broader set
of stakeholders over the upcoming years, to complement the materiality assessment with the
views of e.g. affected communities.
POLICIES RELATED TO RESOURCE USE AND CIRCULAR ECONOMY
Kemira has a Sustainability Policy, a Sourcing and Procurement Policy and a Group Product
Stewardship Policy. which set the principles and guidelines on Kemira’s resource use and the
circular economy. In the Sustainability Policy, Kemira commits to reducing emissions and
waste, improving resource efficiency, to enabling a circular economy, adopting circular
business practices and having a positive impact across Kemira’s value chain. The policy
covers Kemira's global value chain activities in full. The key contents, the scope, process,
accountability and availability of the policies is described in the G1 Business Conduct section,
under Corporate Culture and Business Conduct Policies.
Kemira’s Sourcing and Procurement Policy aligns activities with the company sustainability
program and sets expectations for environmental performance. The policy particularly
focuses on inflow-related impacts, risks and opportunities and it covers global activities that
especially apply to the sourcing and purchasing of direct materials and corporate services,
manufacturing sourcing, energy and logistics. The policy sets guidelines and key principles for
sourcing activities and supplier selection, based on sustainability performance. The supplier
management focus is on improving economic and sustainability performance, anticipating
risks and initiating approaches with suppliers that are responsible and innovative. The policy
covers Kemira's upstream sourcing and purchasing activities globally. Kemira's Group Product
Stewardship Policy ensure that Kemira's products are handled and used safely by Kemira's
stakeholders, that they are safe for the environment and that potential chemical risks and
their impacts are incorporated into decision making related to Kemira's operations, strategy
implementation and long-term strategic development.
Kemira does not currently have a policy related to transitioning away from the use of virgin
resources or the utilization of secondary resources. However, Kemira's circular economy
approach is included in the corporate sustainability program. The circular economy approach
is based on five circular economy principles that are aligned with Kemira's identified material
resource use and circular economy related impacts, risks and opportunities:
1. Transform raw material origin
2. Increase efficiencies and reduce waste from own operations
3. Help customer processes become more resource efficient
4. Design beneficial end-of-life properties for customer products
5. Collaborate with value chain to grasp circular economy opportunities
Kemira is planning to introduce policies for the sourcing of renewable and secondary
materials. This is still in development and statements on these topics are to be included in
official documentation during the upcoming years.
CIRCULAR ECONOMY PRINCIPLES
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TARGETS RELATED TO RESOURCE USE AND CIRCULAR ECONOMY

Target |  | Baseline | 2025 | 2024 | 2023
Renewable solutions > EUR 500 million revenue by the end of 2030 from 2020 | Inflows outflows | 184 | 240 | 240 | 226
Products improving customer resource efficiency > 50% from 2017 | Product outflows | 50 | 64 | 58 | 59
Reduce waste intensity by 15% by the end of 2030 from 2019 baseline, kg/tonnes of production | Waste Outflows | 4.4 | 4.1 | 4.2 | 4.1

Kemira has set targets which are based on its strategy, the business model and on creating
solutions for our customers. Kemira regularly reviews both customer expectation and their
potential concerns. Our approach to customer engagement includes activities ranging from
information sharing to active dialogue and collaboration on issues of mutual interest. The
feedback and information gathered from these activities is integrated into Kemira's
operational development and decision-making. This feedback is an important input for setting
targets. Kemira's targets are set based on the best possible available data. Primary data
sources and scientific frameworks are applied where available and applicable (e.g. in the
climate targets). The targets have been set and approved by Kemira's highest management,
which also monitors progress on the targets.
Renewable and recycled raw materials and products
Kemira has set a target for renewable solutions revenue of EUR 500 million by the end of
2030. This voluntary target is aligned with Kemira's business ambitions. The target is not
directly related to the waste hierarchy, but is aligned with well-known circular economy
principles targeting the substitution of virgin and fossil materials and replacing these with
renewable alternatives. The target is one of the key performance indicators for Kemira's
strategic initiatives. Kemira's definition for products that are considered "renewable solution"
is that more than 50% of the organic carbon is derived from renewable sources, e.g. from
plants, fermentation, recycled carbon, chemical recycling and CO 2 derived sources. The
remaining part of the organic carbon derives from fossil sources. Kemira has been
continuously growing its renewable solutions portfolio over the past years and is on track to
reach the target.
Renewable raw materials are sourced from a variety of plant based sources and established
raw material value chains, some being from side streams of industrial processes. Kemira uses
the ISCC PLUS certification system. This ensures that the cascading principle is followed and
transparency and traceability can be determined.
Improving customer processes and products
To better understand the positive impacts of Kemira's product portfolio it is aligned with its
strategic sustainability ambitions, Kemira has a process for assessing the product portfolio
performance in customers' processes. Kemira has set a voluntary target to ensure that at
least 50% of Kemira revenue is generated through products that improve customers’
resource efficiency, without a specific target year. Kemira has been continuously improving on
the target and has stayed well above the expected threshold of 50%. In 2025, 64% (58%) of
Kemira's revenue related to products that improve customer resource efficiency.
The target is calculated annually, by analyzing 29 different customer applications, which were
reviewed and updated with relevant stakeholders to reflect better Kemira's business areas in
2025, and rating these on a scale including high, medium, low or no impact. Having an impact
means reducing raw material consumption, improving energy efficiency, reducing water
consumption, improving production yield, eliminating greenhouse gases, reducing waste and/
or extending customer asset life. Besides the above-measured products, Kemira has a
strategic ambition to grow in digital services. These often inherently improve customer
resource efficiency. This solution category has been included in the calculation from 2024.
The target to improve resource efficiency relates to the waste hierarchy aim of minimizing
systematic leakage and negative externalities. It also helps customers reduce their use of
virgin resource inflows.
Waste reduction
Kemira’s target is to reduce disposed production waste intensity at manufacturing sites by
15% by the end of 2030. This voluntary waste management target includes both hazardous
and non-hazardous waste but waste that is recovered, e.g. by recycling, reuse and
incineration with energy recovery is excluded. The target is expressed as an intensity, tonnes
of waste per thousand tonnes of production. The baseline was 4.4 in 2019 and the target is 3.7
by the end of 2030. The intensity was 4.1 in 2025, which is less than the baseline 4.4. Kemira
has been gradually reducing the amount of disposed production waste.
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ACTIONS RELATED TO RESOURCE USE AND CIRCULAR ECONOMY
Renewable and recycled raw materials and products
The transition to renewable resources is a core element in Kemira’s strategy. Replacing fossil
raw materials with more sustainable alternatives is advancing in three different ways: a focus
on expanding in existing renewable solutions in the market, on biomass-balanced solutions
and on innovating new chemistries. This strategy is advanced through research and
innovation activities, dedicated commercial acceleration resources and partnerships. Kemira
dedicated 42% % (46% ) of research and innovation OpEx to renewable materials and 23%
(26%) of research and innovation OpEx to water treatment solutions in 2025. Kemira also has
a New Ventures and Services unit to speed up the commercialization of renewable products
and other strategic initiatives.
The focus on new chemistries requires innovating new chemical concepts and technologies
for the applications that Kemira serves. This is advanced, for example, through strategic
upstream joint venture with IFF manufacturing company to produce renewable biobased
products on a commercial scale. Designed Enzymatic Biomaterial™(DEB) technology platform
is a novel and unique process technology utilizing plant-based sugars which will provide
access to many different applications. Kemira also agreed with Bluepha a three-year strategic
collaboration to grow the large-scale PHA (polyhydroxyalkanoate) platform in 2025.
Kemira utilizes existing, well-known, renewable chemistries in the market and also offers
mass balanced products to customers. This means that raw materials originating from
renewable and circular feedstocks can be utilized in existing production infrastructures,
creating identical product quality and performance to that of conventional products.
Biomass-balance can also contribute to lower life cycle product carbon footprints . The mass
balanced products have an ISCC PLUS* certification for the mass-balance accreditation.
Kemira produces certified biomass balance products in ISCC-accredited manufacturing sites
in multiple locations and supplies them to customers globally in water-intensive industries. In
2022, Kemira was the first company in the world to sell ISCC PLUS-certified polyacrylamide
(PAM) polymers.
Kemira is a member of the Roundtable on Sustainable Palm Oil and uses palm oil derivates for
its AKD products.In 2025, Kemira transitioned the palm oil derivatives used for its highest
chain length AKD products to RSPO certified. Approximately 15% of all palm oil derivatives in
AKD products are RSPO certified. Kemira is also looking into RSPO certifying its other AKD
products and the transition is planned to start in 2026. The conversion pace is dependent on
the market demand and change approval processes.
Alongside raw materials from renewable sources, a significant part of raw materials also come
from recycled sources like industrial by-products, side-streams and waste. These originate
mainly from smelters as well as from steel and metal manufacturing. Coagulants is one of the
largest product lines in terms of volumes and up to 70-80% of the raw materials for these
products come from recycled sources. In 2025, 52% (49%) of Kemira's purchased raw
materials came from such sources. Kemira does not have a target for increasing the amount
of recycled materials in use but it tracks the quantity of these on annual level.
Kemira uses the EcoVadis platform to assess and secure the sustainability of suppliers.
Sustainable procurement and environmental performance, including waste management, are
included as criteria on the EcoVadis platform. On EcoVadis, suppliers are required to meet
certain standards and to continuously improve in the areas of sustainable procurement and
the environment, including environmental compliance, waste, air emissions, climate change,
water and groundwater, wastewater, energy, nuisance (noise and odor), land use and
biodiversity, soil and hazardous chemicals.
Kemira has several voluntary indicators related to the upstream value chain. These indicators
can be considered as Kemira's internal targets that aim to prevent and mitigate the negative
impacts and risks which are related to suppliers.
• Supplier spend coverage that is assessed by Ecovadis
• Number of non-compliant key suppliers with Ecovadis ratings improved over Kemira's
minimum rating criteria
• Number of supplier quality audits
• Number of supplier Corporate Social Responsibility (CSR) audits
Targeted suppliers are defined annually based on segmentation and risk prioritization and
indicators are monitored regularly. Indicators are managed by Kemira's Sourcing function and
planned with the Sourcing management team and are approved as a part of annual function
target setting. These indicators are not currently defined as in ESRS. Kemira will continue the
evaluation of these indicators in the following years. Kemira has dedicated persons within the
Sourcing function to take forward supplier-related resource use and circular economy
actions.
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| 2025
Supplier base | Direct materials | Indirect goods and services
EMEA | 700 | 6,800
APAC | 300 | 1,500
Americas | 400 | 3,200
Total number of suppliers | 1,400 | 11,600
Suppliers that form 80% of the category spend, % | 10 | 8

Supplier sustainability assessments and audits | 2025 | 2024 | 2023
Corporate Social Responsibility (CSR) audit | 2 | 4 | 1
Quality audit | 9 | 28 | 22
Direct spend EcoVadis assessed, % | 71 | 71 | 70
Indirect spend EcoVadis assessed, % | 22 | 17 | 15
Average EcoVadis rating of assessed suppliers, spend-weighted ¹⁾ | 68 | 63 | 60

1) EcoVadis rating maximum score is 100 points
Improving customer processes and products
Kemira R&I supports Kemira's resource use and circular economy objectives with Innovation
Process projects, Technical Customer Service (TCS) and Production Support (PS). Besides
chemical products, Kemira also focuses on digital services that improve customer resource
efficiency. Along with the development of renewable and customer resource improving
products, Kemira also innovates products and solutions that improve customer product
durability, recyclability and biodegradability.
Waste reduction
Kemira is continuously evaluating opportunities to decrease waste and associated impacts,
through the Integrated Management System and Nature Stewardship Program. Kemira does
not have its own active waste disposal, e.g., its own active landfills. Waste from manufacturing
sites is collected by third-party waste handling companies that have permits to receive and to
manage waste. All waste is managed by third-party companies, in compliance with local
regulations. This is ensured by the waste management service sourcing process.
Actions to reduce waste include improved recovery of raw material ore and the sourcing of
higher quality raw-materials. Further, in coagulant production the focus is on cooperation
with waste handling companies to find recovery options for filtrate wastes. Waste
compositions have been studied in our R&D centers and by third-party waste handling
companies to better understand waste characteristics and the potential for recovery and
converting waste to by-products.
The assessment of waste impacts is included in Kemira's internal processes such as CapEx
investment management, mergers and acquisitions and in the New Product Development
(NPD) process. Kemira has dedicated experts in the EHSQ function for taking waste reduction
related actions forward. This is conducted in close co-operation with Kemira's manufacturing.
METRICS RELATED TO RESOURCE USE
RESOURCE INFLOWS
Kemira has identified and assessed resource inflows as a material sub-topic in the materiality
assessment. The material impacts, risks and opportunities are summarized at the beginning
of the Resource use and circular economy section. Amongst the inflow categories, Kemira has
focused on the most material topics, including mainly raw materials, covering over 50% (52%)
of Kemira's total spend. The materiality of plants and equipment and water and packaging
was assessed to be non-material, based on either spend or volume criteria.
RAW MATERIALS
Kemira’s manufacturing processes depend on raw materials. These raw materials can be
based on non-renewable (fossil, mineral), renewable or recycled sources and include the by-
products, side-streams and waste of other industries. The raw materials are both organic and
inorganic. Kemira further refines the raw materials into bulk and specialty chemicals that are
sold as products to the main customer segments. The main product lines consist of large
volume inorganic chemistries like bleaching and coagulants and organic chemistries like
polymers and sizing. These product lines cover over 75% of Kemira's product portfolio.
Besides the main product lines, new chemistries are entering the product portfolio through an
increased focus on renewable solutions
In 2025, the overall total weight of products, raw materials and biological materials used was
2.6 (2.6) million tonnes. 2.6% (2.6%) of purchased raw materials originated from renewable
sources (biological materials), accounting for 67,340 tonnes in weight (65,380). 1.3 million
tonnes (1.3) or 52% (49%) of raw materials originated from recycled sources (secondary
materials).
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SUSTAINABILITY STATEMENT 2025

Raw materials used | 2025 | 2024 | 2023
Inorganic materials, million tonnes | 2.3 | 2.2 | 2.1
Recycled materials from inorganic materials, % | 59 | 56 | 53
Byproducts, % | 37 | 32 | 27
Waste streams, % | 22 | 24 | 36
Organic materials, million tonnes | 0.3 | 0.3 | 0.4
Total, million tonnes | 2.6 | 2.6 | 2.5

RESOURCE OUTFLOWS
Kemira has identified and assessed resource outflows, including waste, as a material sub-
topic in the materiality assessment. Packaging was identified as non-material in the
materiality assessment. The material impacts, risks and opportunities are summarized at the
beginning of the Resource use and circular economy section.
Products and materials
Kemira’s products can be categorized in two main ways:
1. Products and solutions that enable and improve the customer process. These solutions are
usually only a small part of the customer process but they have a major impact on the
process. Examples of these are pulping chemistries (e.g. bleaching), water treatment
chemistries (e.g. coagulants and polymers), biogas yield improvement and digital services.
2. Products and solutions that enable and improve the customer end-product. These
solutions become a part of the customer end product. Examples of these are strength
chemistries that also create light weighting properties (e.g. polymers and sizing), coating
chemistries (e.g. barriers) and chemistries enabling the use of circular economy aligned
products like textile fibers with a renewable or a recycled origin.
Due to the nature of Kemira's products (industrial chemicals), durability or repairability is not
seen as an applicable attribute. However, Kemira products do contribute strongly to
customers' product durability which enables them to utilize recycled fibers in their
production, for example.
Kemira is aiming to increase the percentage of recycled or side-product originated raw
material base in the coming years. Kemira has major product lines where the content of
recycled materials (secondary materials) can be 70-80% of the total volume of the product,
e.g. coagulants. More than 90% of Kemira's products are delivered to customers as bulk
transports, with no packaging. The rest are transported in Intermediate Bulk Containers (IBCs)
that are made of plastic with metal frames. The recyclability of the containers depends on the
transported chemicals. Kemira is not systematically collecting the data on the recycling rate
of packaging to customers due to majority of transportations being in bulk.
WASTE
Kemira generated 73,917 tonnes of waste as a part of manufacturing processes in reporting
year 2025. Waste data is centrally collected, by seven composition categories, including
chemical waste, sludge, metallic waste, mineral waste from construction and demolition and
other mineral waste, soils, wastewater and other waste. Kemira follows local environmental
permits in waste reporting and recovery and disposal method definitions. The most significant
waste categories at manufacturing sites include chemical waste and wastewater. Some
wastewater streams are defined as waste in local environmental permits and are reported as
waste to local environmental authorities. In 2025, Kemira remained stable compared to
previous year in its manufacturing operations, both hazardous and non-hazardous. Since
2019, Kemira's total waste in its manufacturing operations has decreased by 51% (hazardous
69% and non-hazardous 41%).
In addition to manufacturing-related waste from Kemira's own manufacturing operations,
waste is generated in liability site management and demolition related operations such as
soil, groundwater and landfill remediation and building demolition. In 2025, liability site
management and demolition related waste significantly decreased as the land remediation
projects were completed.
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SUSTAINABILITY STATEMENT 2025

Hazardous and non-hazardous waste, tonnes | Manufacturing sites | Liability and demolition sites | Total
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023
Hazardous waste | 17,987 | 17,196 | 17,281 | 647 | 9,189 | 20,683 | 18,635 | 26,385 | 37,964
Directed to disposal | 10,674 | 8,100 | 6,246 | 647 | 8,333 | 20,681 | 11,322 | 16,433 | 26,927
Incineration | 1,130 | 1,490 | 576 | 0 | 0 | 0 | 1,130 | 1,490 | 576
Landfilling | 4,334 | 3,637 | 3,039 | 0 | 7,209 | 17,600 | 4,334 | 10,846 | 20,638
Other disposal operations | 5,210 | 2,973 | 2,632 | 647 | 1,124 | 3,081 | 5,857 | 4,097 | 5,713
Diverted from disposal | 7,313 | 9,096 | 11,035 | 0 | 857 | 2 | 7,313 | 9,953 | 11,037
Preparation for reuse | 226 | 53 | 41 | 0 | 0 | 0 | 226 | 53 | 41
Recycling | 2,517 | 4,570 | 5,438 | 0 | 838 | 0 | 2,517 | 5,409 | 5,438
Other recovery operations | 4,570 | 4,472 | 5,556 | 0 | 18 | 2 | 4,570 | 4,491 | 5,558
Non-hazardous waste | 55,930 | 55,287 | 73,287 | 1,398 | 31,955 | 94,237 | 57,328 | 87,242 | 167,523
Directed to disposal | 15,004 | 12,427 | 15,889 | 1,364 | 13,432 | 3,150 | 16,369 | 25,859 | 19,039
Incineration | 124 | 73 | 271 | 0 | 0 | 0 | 124 | 73 | 271
Landfilling | 7,741 | 8,349 | 11,448 | 0 | 615 | 2,821 | 7,741 | 8,964 | 14,268
Other disposal operations | 7,140 | 4,004 | 4,170 | 1,364 | 12,817 | 329 | 8,504 | 16,821 | 4,500
Diverted from disposal | 40,925 | 42,860 | 57,397 | 34 | 18,523 | 91,087 | 40,959 | 61,383 | 148,484
Preparation for reuse | 333 | 376 | 251 | 0 | 0 | 6 | 333 | 376 | 257
Recycling | 7,479 | 6,728 | 8,662 | 20 | 17,126 | 91,074 | 7,498 | 23,855 | 99,735
Other recovery operations | 33,113 | 35,756 | 48,484 | 0 | 1,396 | 7 | 33,113 | 37,152 | 48,492
Non-recycled waste | 63,921 | 61,184 | 76,469 | 0 | 23,180 | 23,846 | 63,921 | 84,364 | 100,314
Share of non-recycled waste, % | 86 | 84 | 84 | 0 | 56 | 21 | 84 | 74 | 49
Total waste generated ¹⁾ | 73,917 | 72,483 | 90,568 | 2,046 | 41,144 | 114,919 | 75,963 | 113,627 | 205,487

1) The decrease in waste from liability and demolition sites from 2024 to 2025 is mainly due to the remediation and building demolition project completion in Vaasa.
KEMIRA 2025 | FINANCIAL STATEMENTS | 79

SUSTAINABILITY STATEMENT 2025

The Group's reporting principles
Inflows
Kemira calculates amounts of indirect and direct materials through direct data. Data is
taken from centralized systems where Kemira also manages financial and volume data
directly. A separate report is generated using spend and volume data, separated by
categories.
Kemira calculates the amounts of renewable and recycled raw materials used in a two step
measurement,the first step is estimating the amount of renewable content in the product,
based on information from suppliers, and the second step is to combine the data with
centralized system data.
• Recycled materials data is gathered from the suppliers and is reported for calculating
the total recycled material share.
• Renewable materials data is reported and used as a basis when calculating the total
renewable material share.
Biological material (renewable material) is wholly or partly derived from materials of
biological origin where the source is either fossilized or not, used to manufacture products
and services, but not for energy purposes.
Secondary material (recycled material) is based on side streams, by-products or wastes of
other industries, e.g. materials from smelters and steel and metal manufacturing such as
scrap iron, ferrous sulfate and spent pickling liquor bath.
Outflows (products)
Renewable solutions revenue and volumes of products are reported and consolidated in the
centralized system. The revenues attributable to the Renewable solutions revenue
calculation are recorded in the system where revenue from products which are classified as
renewable, partly renewable and not renewable.
Products improving customer resource efficiency describes the share of revenue from
products sold for use-phase resource efficiency. Each product line has been qualitatively
scored and weighted, for 29 d ifferent customer applications.
Product end-of-life data is based on product sales information from the centralized system
which is categorized based on product line and on product end-use. Calculations on product
volumes are made based on product end-uses. The total volume of product for each end-
use category is calculated, with an estimate for the fraction of organic or inorganic content.
After this the volumes are compared to publicly available end-of-life statistics for the main
applications.
Outflow (waste)
Waste data is collected through consolidation systems from manufacturing sites. Kemira's
waste target excludes non-production waste and disposed products, which are defined as
follows:
• Non-production waste: expired or outdated raw materials, contaminated soil or debris
from spills, construction and demolition waste including waste (reusable and non-
reusable) associated with plant or site closures, biomass from gardening and pruning
activities, laboratory/warehouse cleanouts and non-routine tank/railcar cleaning waste.
• Disposed products: Kemira's products that have been disposed of or recovered by a
third-party disposal company.
68% (62%) of Kemira's non-recycled waste is waste that is incinerated with energy recovery.
49% (51%) of non-recycled waste is generated at one site where the waste fraction from one
process is transported in a pipeline to an adjacent paper mill where the fraction is then
incinerated with energy recovery. Kemira monitors an internal recovery rate that includes
preparation for reuse, recycling, incineration with energy recovery and other recovery
operations as waste recovery. The internally followed recovery rate in 2025 was 42% (71%).
The 2024 waste figures exclude the sites that were part of the Oil & Gas business operations
in January 2024, prior to the divestment transaction closing in February 2024. Waste
generation at these sites in January 2024 is estimated to account for less than 0.3% of the
total waste generated in 2024.
Kemira has no significant operational expenditures (OpEx) or capital expenditures (CapEx) as
defined in ESRS to report related to implementations of the actions.
Measurements of the metrics are not validated by an external body other than Ernst &
Young Oy, through assurance.
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SUSTAINABILITY STATEMENT 2025

Social information
S1 Own workforce
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO OWN WORKFORCE

Material impacts, risks and opportunities |  | Position in the value chain |  | Time horizon | Key management areas of processes and policies
Working conditions
● | Health and safety risks related to all operations: including process safety and chemical safety |  | ● Own operations |  | ▲△△ | • According to Kemira's Code of Conduct "We put safety first in all our actions and we support the physical and mental well-being." This guides Kemira operations. Kemira has a certified integrated management system to ensure this principle is implemented. • Kemira is committed to providing safe and healthy working conditions in all locations for all employees.
● | Maintaining and further improving industry leading health and safety standards |  | ● Own operations |  | ▲△△
■ | Improving Kemira's attractiveness as an employer by continuing efforts in promoting health, safety, well-being and Diversity, Equity and Inclusion (DEI) |  | ● Own operations |  | △▲△ | • Kemira ensures that relevant policies and procedures are in place (e.g. Code of Conduct and Recruitment Policy) and increases awareness of these areas through different communications channels externally and internally.
Equal treatment & opportunities for all
▲ | Inadequacy of Diversity, Equity and Inclusion (DEI) as part of Kemira's corporate culture for growth and new innovations |  | ● Own operations |  | △▲△ | • Code of Conduct lays out Kemira's commitment to respecting the diversity, talent and abilities of all. Recruitment policy lays out Kemira's commitment to recruiting fairly and respecting diversity and equal opportunities and treatment of all. • Continuous employee listening process is in place to collect employees' perceptions and feedback on regular basis. • Performance and development discussions (PDD) process ensures that employees's performance and development are discussed throughout the year. • Ethics & Compliance hotline is available for raising concerns.
○ | Potential inequality in gender diversity |  | ● Own operations |  | ▲△△
○ | Potential unequal access to learning opportunities |  | ● Own operations |  | ▲△△
Other work-related rights |  |  |  |  |
○ | Potential violations of privacy in high-risk countries may cause negative impact to human rights. Kemira's high risk countries have been defined by a third-party utilizing a set of different human rights and labor rights related publicly available indices (Business social compliance initiative, Labor Rights index, Global Rights index). |  | ● Own operations |  | △▲△ | • Code of Conduct lays out Kemira's commitment to respecting the privacy of personal data and processing it in compliance with applicable laws. • Group Privacy Policy defines more detailed requirements on privacy. Employee Privacy notice is available for all employees. • Kemira has a confidential channel to report potential privacy breaches, and possible concerns can also be raised through the Ethics & Compliance hotline channel.
● Own operations ↗ Upstream ↘ Downstream ● Positive ● Negative ○ Potential positive ○ Potential negative ■ Opportunity ▲ Risk ▲△△ Short-term △▲△ Medium-term △△▲ Long-term

Management of material impacts, risks and opportunities
Kemira has identified material impacts, risks and opportunities for its own workforce in the
materiality assessment which is described in the General Disclosure section, under Material
impacts, risks and opportunities. Following the materiality assessment, the identified negative
material impacts and risks were taken into a more comprehensive assessment (Human Rights
Due diligence risk assessment) in which the high-risk factors related to Kemira’s business
model and strategy were considered. As an outcome of the more detailed risk assessment,
Kemira has defined possible salient human rights impacts, risks and opportunities for its own
workforce, as described in the table above.
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SUSTAINABILITY STATEMENT 2025

Own workforce in this context refers to both Kemira employees and non-employees
(contingent workforce). Employees are employed by Kemira and include both white-collar
employees and operational employees who are working in operational roles at manufacturing
sites. Non-employees are employed by a third-party partner or are self-employed but perform
their work on behalf of Kemira. They are operationally embedded in Kemira’s organization and
perform tasks that directly support Kemira’s core operations.
In the risk assessment, certain groups in Kemira's own workforce were identified as
potentially being negatively affected by the material impacts and risks with a greater
likelihood than others. For health and safety topics this applies to employees handling
chemicals in production, in Research & Innovation (R&I), in sales and in driver jobs. In these
groups, temporary employees and pregnant women in particular could be at potential risk. For
Diversity, Equity and Inclusion (DEI) topics, potential risks apply particularly to women and to
certain minority groups (sexual orientation, age groups, ethnicity).
Strategy and business model
Kemira's material impacts, risks and opportunities related to Kemira' s own workforce are part
of Kemira's social sustainability agenda, which is aligned with Kemira's profitable growth
strategy and business model. Most of Kemira's impacts, risks and opportunities in this area
are widespread (those apply to own workforce in general), with the exception of potential
violations of privacy which refer to possible individual incidents. There are no material impacts
for Kemira's own workforce arising from transition plans for reducing negative impacts on the
environment and achieving ecological and climate neutral operations.
All the identified material positive and negative impacts, risks and opportunities for own
workforce are connected to Kemira's profitable growth strategy and business model. For
Kemira, as a global chemical industry company, health and safety impacts and risks are
directly originated from Kemira's business model and industry environment. Kemira's value
"We care for people and the environment" is a guiding principle in Kemira's business and
operations. Safety and well-being are covered also in the 2025 revisited Kemira's Code of
Conduct which guides Kemira's operations, business ethics and responsibility.
DEI topics are central to Kemira's values and profitable growth strategy as DEI is essential for
both attracting and retaining talent for growth and innovation s. Employee well-being and
safety are crucial for a high performing organization and Kemira's profitable growth strategy is
made possible by its culture. In addition to employee safety, data privacy and security is also
essential. Ensuring consistent data privacy procedures and compliance with applicable laws
and regulations is important for Kemira which operates globally in the manufacturing industry.
POLICIES RELATED TO OWN WORKFORCE
Kemira has the following policies in place regarding the identified possible salient human
rights impacts on own workforce. The key contents, the scope, process, accountability and
availability of the policies is described in the G1 Business Conduct section under Corporate
Culture and Business Conduct Policies.
Kemira’s Code of Conduct outlines the company’s commitment to respecting human rights
and complying with all applicable local, national, and international laws, as well as voluntary
frameworks. Kemira supports the United Nations Global Compact, the UN Guiding Principles
on Business and Human Rights (UNGPs), the OECD Guidelines for Multinational Enterprises,
the Universal Declaration of Human Rights, and the core conventions of the International
Labour Organization (ILO).
Kemira is dedicated to fostering a safe, fair, and inclusive working environment and to
conducting all business activities ethically and without discrimination. The company prohibits
child labor, forced labor, and unethical recruitment practices. It values diversity in all its forms
- including personality, background, gender expression, ethnicity, age, and ability - and
emphasizes individual merit and respect in all employment practices, which are free from
discrimination, harassment, or exploitation.
Kemira does not use any form of forced or child labor and has published a public statement
on slavery and human trafficking. The Modern Slavery statement is publicly available on the
Kemira website and has been approved by the Board of Directors. It summarizes Kemira’s
Codes and Policies related to human rights issues and the general approach on how those are
managed and remediated. It also addresses trafficking in human beings as well as child and
forced labor.
Human rights due diligence is embedded in Kemira’s operations and value chain, supported
by accessible grievance mechanisms and a commitment to effective remediation. The
company also safeguards personal data, ensuring it is processed lawfully and responsibly,
with all employees accountable for protecting it from unauthorized access and misuse.
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SUSTAINABILITY STATEMENT 2025

With the Sustainability Policy, Kemira is committed to operating safely and responsibly, to
reducing its impacts throughout its value chain and to continuously improving its
sustainability performance following the Code of Conduct, Strategy and the Integrated
Management System. The purpose of an effective Integrated Management System is to
ensure that Kemira can meet its commitments and be compliant with the applicable
sustainability requirements.
Kemira’s Recruitment Policy applies to all internal and external recruitments. It states that
Kemira is committed to recruiting fairly and responsibly, following the Code of Conduct
principles and Kemira’s strategy. In all recruitments, Kemira respects diversity, equal
opportunity and treatment regardless of race, color, gender, sexual orientation, creed,
political persuasion, age, social status, origin or any other status protected by legislation.
The Group Privacy Policy complements the Code of Conduct by defining more detailed
requirements on privacy and protection of personal data at Kemira. It covers the key
principles of handling personal data, possible data breaches and the consequences of non-
compliance.
Kemira’s Remuneration Policy for governance bodies sets out the framework for their
remuneration and provides investors with related information. It describes the remuneration
as required by the Finnish Limited Liability Companies Act and the Finnish Corporate
Governance Code 2025, issued by the Securities Market Association. Kemira's key
remuneration principles (pay-for-performance, competitive, market driven remuneration,
effective communication of remuneration principles and programs and compliance with local
laws and Kemira's internal remuneration approval principles) are applied to the President and
CEO as well as to Kemira employees.
Kemira published its global Employee Learning & Development Procedure in 2025 and shared
it with all employees, detailing equal opportunities for learning and development. The
company also maintains a Diversity & Inclusion statement that articulates its position and
objectives in this area, which is accessible to both employees and the contingent workforce.
Processes for employee engagement
Continuous employee listening and feedback
Kemira employs ongoing listening and feedback processes, collaborating with a provider of
confidential online pulse surveys and referencing external benchmarks since 2019.
Participation rates generally range from 70–80%. Engagement pulse surveys are typically
conducted twice annually to monitor the Engagement Index and Inclusion Index. Additional
pulse surveys assess employee perception and satisfaction in areas such as safety, Ethics &
Compliance (Integrity Index), IT, and onboarding and offboarding. Regular meetings are held
with leaders of Employee Resource Groups (ERGs), including KemPride and the Women's
Network, to gather feedback. Employees can report unsafe conditions through an internal
reporting system or raise concerns using both formal and informal channels. Further details
on avenues for raising concerns and follow-up are provided in the section "Incidents,
complaints and severe human rights impacts."
Performance and Development Discussion process
Kemira’s global performance and development discussion (PDD) process facilitates
meaningful conversations between employees and managers, emphasizing performance,
development and commitment to the company. It is an ongoing process that aims to establish
a shared understanding of what needs to be achieved and how to achieve it, covering target
setting, competence development, career aspirations, continuous feedback and follow-up as
well as overall performance evaluation. Potential assessment is additionally conducted for
white-collar employees.
Works councils and co-operation with employee representatives
Continuous collaboration with employee representatives and Works councils is important for
employee listening and involvement. This is ensured by regular meeting procedures locally.
The Kemira European Forum, which includes representatives from the biggest EU countries,
also meets on an annual basis. This a further channel for dialogue.
Engaging with non-employees
All non-employees (contingent workforce) have a nominated supervisor at Kemira whom they
can contact on any topic. Contingent workers are also included in local communication and
collaboration activities. Kemira's Ethics and Compliance hotline is available for contingent
workforce (described in more detail in the section Incidents, complaints and severe human
rights impacts), as are various communication channels and trainings.
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SUSTAINABILITY STATEMENT 2025

Kemira Health and Safety standards and procedures
Kemira has multiple Health & Safety standards and procedures which describe Health &
Safety processes (e.g. risk assessments, process safety management, management of
change, permits to work, incident reporting, incident investigation and communication).
Kemira ensures that employees from all levels of the organization participate in these
processes and also communicates the results of assessments to all relevant employees.
Engagement in these activities is measured for instance by the number of reported safety
observations.
TARGETS RELATED TO OWN WORKFORCE
Kemira has identified people and safety as its social sustainability focus areas. Ensuring
workplace safety is a key priority in all of Kemira's operations. Kemira's safety target Total
Recordable Injury Frequency (TRIF) is reviewed annually by Group Leadership Team based on
the safety performance in the previous years and industrial benchmark. For 2025 and 2026
the target was set for 2.2 and by end of 2030 1.5. The target is being reported on monthly
basis by the EHSQ Governance function.
End of 2025, the TRIF was 2.7 (3.2). Although this was an improvement to previous year's
outcome, it remained behind the target. To achieve the target for 2026 Kemira will continue to
focus on safety awareness and controls via renewing life saving rules, updating PPE and
permit-to-work standards, improving contractor management and continuing behavior-based
safety program.
Kemira aims to be in the top 10% for Inclusion across industries by the end of 2025, based on
an external benchmark. Progress is measured twice a year using the Inclusion Index
(Authenticity, Belonging, Growth, Inclusive Leadership). In December 2025, the Inclusion Index
score was 76 (77), showing a 5 points gap from the top 10% cross-industry norm 81. Targeted
action plans will continue into 2026.
The TRIF target applies to all in Kemira's own workforce and the Inclusion Index target applies
to all Kemira employees in all operations. The TRIF target and the Inclusion Index target have
not changed during the reporting period.
ACTIONS RELATED TO OWN WORKFORCE
Kemira takes actions to mitigate, prevent or remediate material negative impacts and to
advance positive impacts on its own workforce. Agreed actions are reviewed annually by the
respective leadership teams outlined in the Resources section. Actions are followed by
Kemira's Group Leadership Team.
Health and Safety
Kemira maintains an effective Health and Safety Management System to ensure that Kemira
can meet its commitments and be compliant with the applicable requirements towards
safety. This includes e.g.
• Systematic occupational risk assessments and chemical risk assessments
• Operational requirements for Process Safety Management practices at Kemira facilities
• Proper Management of Change procedure
• Engaging our own workforce in reporting safety observations and proposals for
improvement
• Focusing on behavior based safety (BBS) and creating a positive safety culture
• Developing safety training and competence programs
Kemira is prepared for remediation in case of incidents.
• Kemira has standards for emergency preparedness and incident reporting
• All incidents are reported and preventive/corrective actions created as a part of incident
investigation (based on root cause analysis)
• Root cause analyses and incident learnings are shared globally in monthly reports
The effectiveness of actions and remediation are tracked by incident frequency, percentage
of completed incidents and number of leading safety indicators (number of hazardous
conditions/activities and behavior based safety observations).
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SUSTAINABILITY STATEMENT 2025

Equal opportunities and treatment for all
Kemira conducts regularly global surveys to assess employee perceptions on inclusion,
engagement, and integrity. In December 2025, employee engagement remained high, with
score 78 (80), being 4 points above the global manufacturing benchmark 74.
Awareness on Diversity, Equity and Inclusion (DEI) and Human Rights
Kemira has a strong employer reputation for fairness and equality. During 2022-2024, the
company implemented a comprehensive program and several strategic initiatives on diversity
and inclusion. Managers and employees were trained, and the company continues its
commitment through everyday process and practice aligned closely with our Code of Conduct
and commitments to human rights. For example, Kemira's global training offering includes
training on the Code of Conduct, covering a harassment-free environment, as well as Human
Rights and Business eLearning for all new, white collar hires. Operations employees at the
manufacturing sites are trained locally.
Since 2022, Kemira has established two informal networks, KemPride and the Women's
Network. These employee networks play a vital role in fostering an inclusive work environment
for all employees. Kemira highly value their collaboration and feedback in the ongoing efforts
to promote inclusion for everyone at Kemira.
Recruitment, learning and remuneration
People managers receive a recruitment handbook and training to support unbiased, effective
hiring using both open and targeted questions. A global onboarding survey collects new hire
feedback on recruitment and onboarding, which Kemira reviews to make improvements.
Kemira continues its practice of openly posting all job positions, except those related to
Group Leadership Team appointments and organizational restructuring. In 2025, Kemira
sustained its efforts to promote gender-balanced candidate pools, enhance diversity, and
minimize biases throughout the recruitment process.
Under the new operating model, Kemira has created numerous opportunities, particularly for
executives, identified talents and higher performers, fostering growth and enabling cross-
functional career rotations. Employees are encouraged to pursue projects beyond their core
roles to develop skills, expand competencies and build internal networks through short-term
or part-time assignments, beyond internal postings. Moreover, global initiatives such as Learn
& Grow Month dedicated to encouraging employee learning, personal development and
career progression, are accessible to all employees, regardless of role or geographic location.
Kemira has inbuilt structures in place that drive fair and objective pay decisions globally.
Together with market data and salary data information, these structures enable Kemira to
evaluate, analyze and implement equitable remuneration. Transparency and guidance around
pay related principles and practices support pay-related decision-making.
Potential violations of privacy in high-risk countries
According to Kemira's Code of Conduct, Kemira respects the privacy of its employees and its
business partners. In the Code, Kemira has committed to collecting, storing, using and
disseminating personal data only for legitimate business purposes, fairly, transparently,
responsibly and in compliance with applicable privacy laws. The Code has been
communicated to Kemira staff globally in multiple languages, and all employees and
management are expected to abide by it.
Kemira has issued an internal Privacy Policy that reiterates the company's commitment to
respecting privacy. The policy provides more concrete requirements for those who process
and have access to personal data. The scope of the Privacy Policy is global, and it is available
for all Kemira users in the company's intranet. Kemira has a mandatory privacy training
program for those who process personal data, with a particular focus on people managers,
People & Culture function and certain roles in IT. Kemira raises awareness about the privacy
rights of employees by having employee privacy notices and information about Kemira's
personal data processing practices available to all staff.
The company has a comprehensive information security program that implements technical
and organizational safeguards to protect the confidentiality, integrity and availability of all
Kemira business information, including personal data. Kemira carries out privacy impact
assessments to identify and reduce privacy risks of certain project type of activities.
Kemira has appointed a Group Privacy Officer to oversee Kemira's privacy compliance efforts,
and to inform and advise Kemira and its employees of their rights and obligations pursuant to
privacy and data protection laws. Kemira has a confidential channel for reporting data privacy
breaches, and the company reacts promptly to all reported incidents.
KEMIRA 2025 | FINANCIAL STATEMENTS | 85

SUSTAINABILITY STATEMENT 2025

Resources
Several functions at Kemira are responsible for taking actions related to the material impacts,
risks and opportunities for Kemira's own workforce.
• The People & Culture function, led by EVP, People and Culture is responsible for global HR
processes and procedures in areas such as talent development, remuneration and the
employment life-cycle management .
• The Environment, Health, Safety and Quality (EHSQ) Operation, led by Director, EHSQ
Governance, is responsible for occupational Health & Safety governance for our own
workforce, in collaboration with the People & Culture function and Manufacturing Safety.
• The Ethics & Compliance function, led by the Director, Ethics and Compliance, is a part of
Group Governance and Compliance function. It owns the Code of Conduct, which sets forth
the company's commitments and expectations towards its employees. The Ethics &
Compliance function is responsible for overseeing the global grievance mechanism which
covers the Ethics & Compliance hotline channel, and for managing the process of handling
reports filed through the channel in the Compliance Committee.
• The Group Governance and Compliance function, led by Group General Counsel, sets the
global policy and the procedures for data privacy, which are implemented into practice by
the People & Culture function.
• Corporate Sustainability, led by Director, is part of Strategy & Sustainability, a Group-level
function, which coordinates the cross-functional work for social sustainability topics, in
collaboration with People and Culture, EHSQ Governance and Group Governance &
Compliance.
METRICS RELATED TO OWN WORKFORCE
EMPLOYEES
At the end of 2025 , Kemira employed 4,911 people ( 4,698). The number of employees
(headcount) increased by 213 compared to the previous year, mainly as a result of Water
Engineering Inc. acquisition in October 2025. Most employees work with permanent and full-
time employment contracts. A temporary (fixed-term) employment contract is a type of
employment contract used mainly in EMEA and it is atypical for the Americas and APAC. At
the end of 2025, there were 66 (76) employees with temporary contracts in total.

Total number of employees by gender | 2025 | 2024 | 2023
Female | 1,324 | 1,278 | 1,327
Male | 3,587 | 3,420 | 3,588
Total | 4,911 | 4,698 | 4,915

Total number of employees by country | 2025 | 2024 | 2023
Finland¹⁾ | 822 | 779 | 790
China¹⁾ | 652 | 692 | 695
United States¹⁾ | 985 | 780 | 1,007
Other | 2,452 | 2,447 | 2,423
Total | 4,911 | 4,698 | 4,915

1) Countries with min. 50 employees, representing at least 10% of total number of employees

Employee turnover | 2025 | 2024 | 2023
Total turnover, % | 8.7 | 13.9 | 9.6
Total turnover | 410 | 646 | 465

Number of employees by contract type by gender
| 2025 | 2024 | 2023
| Female | Male | Total | Female | Male | Total | Female | Male | Total
Total | 1,324 | 3,587 | 4,911 | 1,278 | 3,420 | 4,698 | 1,327 | 3,588 | 4,915
Permanent | 1,295 | 3,550 | 4,845 | 1,251 | 3,371 | 4,622 | 1,303 | 3,536 | 4,839
Temporary | 29 | 37 | 66 | 27 | 49 | 76 | 24 | 52 | 76
Non-guaranteed hours 1) | — | — | — | — | — | — | — | — | —
Full-time | 1,272 | 3,557 | 4,829 | 1,228 | 3,390 | 4,618 | 1,273 | 3,558 | 4,831
Part-time | 52 | 30 | 82 | 50 | 30 | 80 | 54 | 30 | 84

1) Kemira did not employ any employees with non-guaranteed hours in 2025
KEMIRA 2025 | FINANCIAL STATEMENTS | 86

SUSTAINABILITY STATEMENT 2025

Number of employees by contract type by region | 2025 | 2024 | 2023
EMEA | APAC | Americas | Total | EMEA | APAC | Americas | Total | EMEA | APAC | Americas | Total
Total | 2,564 | 891 | 1,456 | 4,911 | 2,517 | 939 | 1,242 | 4,698 | 2,499 | 932 | 1,484 | 4,915
Permanent | 2,499 | 891 | 1,455 | 4,845 | 2,445 | 939 | 1,238 | 4,622 | 2,426 | 932 | 1,481 | 4,839
Temporary | 65 | 0 | 1 | 66 | 72 | 0 | 4 | 76 | 73 | 0 | 3 | 76

More information on the financial performance of Kemira's business units and regions (ESRS2
SMB-1, 40 (b, c) and the number of personnel by geographical area (ESRS2 SMB-1, 40 (a) i-iii)
can be found in the Financial Statements (Board of directors' review, in note 2.1. Segment
information and 2.2 Other operating income and expenses).
NON-EMPLOYEES
The contingent workforce describes non-employees who are employed by a third-party
partner or are self-employed but perform their work on behalf of Kemira. Typically, the
contingent workforce provides temporary resourcing with specific skills and competences,
substitutes others or balances out seasonal workload fluctuations. In 2025, there were 392
(424) contingent workers (headcount at the end of the reporting period) as part of Kemira's
own workforce.
WORKING CONDITIONS
Collective bargaining coverage and social dialogue
Kemira respects freedom of association and collective bargaining, as stated in the Code of
Conduct and through the commitment to the United Nations Global Compact. To increase
Kemira employees’ awareness of their rights regarding freedom of association and collective
bargaining, Kemira provides regular training on the Code of Conduct. In 2025, Kemira did not
identify any violations of freedom of association or collective bargaining agreements in its own
operations.
Collective bargaining agreements
In 2025, 2,427 (2,225) and 51% (47%) of Kemira employees globally were covered by collective
bargaining agreements. The working conditions and terms of employment of those employees
who are not covered by collective agreements are defined based on company policy, local
labor laws and applicable legislation.

Coverage rate ¹⁾ | Collective bargaining: Employees – EEA | Collective bargaining: Employees – Non- EEA | Workplace representation: Employees – EEA
0-19% |  | United States |
20-39% |  | China |
40-59% |  |  |
60-79% |  |  |
80-100% | Finland |  | Finland ²⁾

1) Includes countries with more than 50 employees representing at least 10% of total number of employees
2) Existing agreement with European Works Council (EWC)
Family-related leaves
Kemira recognizes that balancing work and family life is essential for the wellbeing of the
people. All employees (100%) are entitled to take family-related leave. During 2025, 14% of the
entitled employees made use of family-related leave.

Entitled employees that took family-related leave by gender, % | 2025
Female | 14
Male | 13
Total | 14

Adequate wages
All employees at Kemira receive a salary above adequate wage. The adequate wage level has
been analyzed and confirmed by comparing employee salaries in the lowest pay categories to
available data on adequate wages. The adequate wage benchmarks follow wage levels as
established in collective bargaining agreements, national or sub-national legislation, or living
wage references.
KEMIRA 2025 | FINANCIAL STATEMENTS | 87

SUSTAINABILITY STATEMENT 2025

Health and safety
All Kemira locations and operations implement and maintain an Integrated Management
System that meets the ISO 45001 standard. Certification is sought when stakeholder
expectations or customer benefits are evident. Kemira's share of ISO 45001 certified locations
was 97% (97%) in 2025, from 69 (68) Kemira locations (manufacturing, R&I and main offices).

Own workforce covered by health and safety management system, % | 2025 | 2024
Employees | 100 | 100
Non-Employees | 100 | 100

1) Excludes Water Engineering Inc. 188 employees. which were joined into the group part of an acquisition in 24th October
2025, as the employees onboarding was not completed during 2025
Kemira reports its occupational safety performance indicator as a number of Total
Recordable Injuries (TRI) and Lost Time Incidents (LTI), and their frequencies (TRIF, LTIF) per
million working hours.

Total Recordable Injuries | Number | Frequency 1)
2025 | 2024 | 2023 | 2025 | 2024 | 2023
Employees | 26 | 29 | 21 | 2.6 | 2.7 | 1.9
Contractors | 7 | 14 | 16 | 3.1 | 5.3 | 4.8
Total | 33 | 43 | 37 | 2.7 | 3.2 | 2.5

1) Total Recordable Injuries per million working hours

Lost Time Incidents | Number | Frequency 1)
2025 | 2024 | 2023 | 2025 | 2024 | 2023
Employees | 14 | 7 | 12 | 1.4 | 0.6 | 1.1
Contractors | 6 | 9 | 9 | 2.6 | 3.4 | 2.7
Total | 20 | 16 | 21 | 1.6 | 1.2 | 1.4

1) Lost Time Incidents per million working hours
The total number of TRIs in 2025 was 33 (43) and TRIF was 2.7 (3.2). Kemira employees' TRIF
was 2.6 as a result of 26 injuries. The total number of LTIs was 20 (16), higher than previous
year, and corresponding LTIF was 1.6 ( 1.2). One minor permanent eye injury was reported in
2025 There has not been fatalities involving Kemira employees, contingent workforce or
contractors since 2005.
Incidents, complaints and severe human rights impacts
Kemira emphasizes the importance of employees and non-employees (contingent workforce)
raising any issues or concerns by providing and promoting various channels for reporting any
suspicion of misconduct to Ethics & Compliance (hotline or by email) or to the management.
The Ethics & Compliance Hotline is hosted by an external service provider and is available for
both Kemira employees and contingent workforce. Reporters can submit reports in their own
language by phone and through a web form. The channel is available 24/7 on Kemira’s intranet
and is promoted on posters in all company locations. The Ethics & Compliance function
manages the hotline system and the process of handling the reports. The reports are
reviewed and investigated under the supervision of the Compliance Committee which is also
responsible for ensuring that there is a consistency in all remedial actions taken across the
organization. The members of the Compliance Committee are the Group General Council, the
EVP People & Culture, the Head of Internal Audit and the Ethics & Compliance Director.
Reporters of issues or concerns have an option to remain anonymous and all reports are
treated in confidentially, to allow proper investigation and to comply with applicable
legislation. The Compliance Committee has the task to examine all reported cases and to
evaluate and classify all received allegations, based on a description of the facts, events and
circumstances. It is then determined whether an investigation is needed, in which case a
person or team within the organization is assigned to investigate the case. The case may also
be handled by Internal Audit. The Compliance Committee concludes the outcome and
provides an overview to the Audit Committee. If misconduct has occurred, Kemira will take
appropriate measures, including corrective, disciplinary and/or legal measures, taking into
consideration the applicable legal rules.
During 2025, a total of 60 (59) complaints were reported of which 26 (31) were reported
through the Ethics & Compliance Hotline and 25 ( 33) were related to discrimination or
harassment. At the end of the year 2025, 14 (25) of those had been investigated and closed
and 13 (14) of them were confirmed as discrimination or harassment cases. Kemira has not
categorized the discrimination cases by gender, racial or ethnic origin, nationality, religion or
belief, disability, age or sexual orientation. During the year 2025, Kemira has not received any
allegations of severe human rights incidents. Therefore, Kemira has not paid any
compensation for remediation of any human rights incidents or complaints in 2025.
KEMIRA 2025 | FINANCIAL STATEMENTS | 88

SUSTAINABILITY STATEMENT 2025

The grievance and remediation data is collected by several functions. The Ethics &
Compliance and Internal Audit functions collect the reported cases. In addition, the People &
Culture function collects the numerical case data of human rights violations globally from
local People & Culture contact persons. The collection of People & Culture numerical data is
conducted to ensure that all severe grievance cases have been reported to Ethics &
Compliance or Internal Audit and handled through a comprehensive process.
Integrity Index
By measuring the Integrity Index on employees' perceptions of integrity, Kemira seeks to
ensure that employees are aware of and trust the processes described above as a way to
raise their concerns. The Integrity Index question ("I can report unethical behavior or practices
without fear of retaliation at Kemira") is usually measured as part of Kemira's global
engagement survey. In December 2025 Kemira's Integrity Index was 78.
EQUAL TREATMENT AND OPPORTUNITIES FOR ALL
Diversity Metrics
Kemira monitors the distribution of gender and age groups to promote diversity across all
levels in the company.

| Number | Distribution, %
Management by gender 1) | 2025 | 2024 | 2023 | 2025 | 2024 | 2023
Female | 43 | 38 | 42 | 29 | 29 | 31
Male | 107 | 92 | 94 | 71 | 71 | 69
Total | 150 | 130 | 136 | 100 | 100 | 100

1) Kemira management (Director, Vice President and Senior Vice President positions, excluding the Global Leadership
Team)

| Number | Distribution, %
Employees by age group | 2025 | 2024 | 2023 | 2025 | 2024 | 2023
Under 30 years old | 435 | 444 | 484 | 9 | 9 | 10
30 to 50 years old | 2,861 | 2,758 | 2,847 | 58 | 59 | 58
Over 50 years old | 1,615 | 1,496 | 1,584 | 33 | 32 | 32
Total | 4,911 | 4,698 | 4,915 | 100 | 100 | 100

Training and skills development
Kemira maintains a strong commitment to training and skills development for all employees,
aligned with Kemira's Learning and Development procedure. The company ensures that each
team member has access to relevant competency development programs and learning
opportunities, supporting skill enhancement through a variety of methods, including on-the-
job training (covering both generic and role-specific competencies), buddy, coaching, and
mentoring initiatives, as well as traditional classroom and digital learning formats.
As of 2025, with the new business operating model and organizational structure, Kemira
employees have advanced their capabilities in line with the new operating model, which is
reinforced by Business Unit/Unit/Function specific employee guidebooks. Kemira also
continues to progress toward its objective to consolidate all training and development hours
within its global learning management system. Currently, leadership development activities,
regional and global competency programs, vocational training, and numerous local initiatives
are tracked in this system, though certain training and development activities remain
recorded at the local level and are yet to be integrated globally.

Average number of training hours by gender ¹⁾ | 2025
Female | 8.0
Male | 9.8
Total | 9.3

1) Excludes Water Engineering Inc. 188 employees. which were joined into the group part of an acquisition in 24th October
2025, as the employees onboarding was not completed during 2025
Examples of global and regional programs offered during 2025 include:
• Trainings on Code of Conduct, Human Rights & Business, Gifts, Entertainment and Anti-
Bribery, Speak Up, Information Security Awareness and other compliance topics - primarily
delivered via eLearning modules.
• Diversity and Inclusion (D&I) training programs accessible through eLearning, facilitator-led
virtual, face-to-face and hybrid sessions.
• Compass sessions on Kemira principles (Focus on Growth, Collaborate to Succeed, Deliver
Value), attended by approximately 423 employees in 2025.
• The Learn & Grow month, open to all employees and featuring in 2025 11 virtual s essions
with participation from approx. 697 employees globally.
• Sustainability-related training, such as Kemira as a Sustainability-Focused Company.
KEMIRA 2025 | FINANCIAL STATEMENTS | 89

SUSTAINABILITY STATEMENT 2025

• EHSQ (Environment, Health, Safety, Quality) programs, including training on Sustainability
Policy and EHSQ Standards, assigned as mandatory for applicable employees to promote
safety awareness, compliance, and the advancement of Kemira’s safety culture.
• The Global Safety Training Program for all site managers in 2025, focusing on developing a
strong safety culture and sharing the learnings from process safety.
Performance management and development
Kemira's global performance and development discussion (PDD) process is an ongoing
process covering four elements:
1. My Performance - setting performance targets at the beginning of the year and reviewing
progress and achievements regularly
2. My Development - discussing competencies, strengths and development areas, as well as
career aspirations
3. My Follow-up and Feedback - follow-up and feedback from manager, colleagues and
other stakeholders throughout the year
4. Overall Performance and Potential - an annual assessment and calibration of
performance and potential of white-collar employees.
The global process covers all permanent employees, both professional and operational
employees with the exception of overall Performance and Potential assessment which is
conducted only to professional employees.

Employees received regular performance and career development review 1) | Number | Coverage, %
2025 | 2024 | 2023 | 2025 | 2024 | 2023
Employees by gender |  |  |  |  |  |
Female | 1,205 | 1,211 | 1,233 | 98 | 99 | 98
Male | 3,246 | 3,287 | 3,175 | 96 | 98 | 91
Employees by employee category |  |  |  |  |  |
White-collar employees | 2,736 | 2,735 | 2,770 | 98 | 98 | 98
Operational employees | 1,715 | 1,763 | 1,638 | 95 | 98 | 85
Total | 4,451 | 4,498 | 4,408 | 97 | 98 | 93

1) Covers permanent employees (excl. employees on leaves) as of Sep 30, 2025
Social protection
All Kemira employees are covered by social protection against income loss arising from major
life events. Protection is covered either through national public systems or company-provided
benefits, in the event of sickness, unemployment, employment injury or acquired disability,
parental leave, and retirement.
Remuneration
Pay equity at Kemira means that employees are paid and rewarded with fairness. Kemira is a
global manufacturing company with employees in 37 countries. Due to global presence and
workforce structure, remuneration levels differ across the employee groups and the
countries. Kemira reported an unadjusted gender pay gap of 6 % (6%) in 2025 , covering all
employees in all operating countries.
Kemira reported a closing of an unexplained gender pay gap already in September 2023.
Kemira has identified what are considered as justified pay differences: Differences in pay may
exist based on employee location, position level and expertise required, performance of the
individual and possible local requirements such as collective agreements. After considering
these justifiable factors it is possible to identify an unjustified pay gap. Regular pay equity
monitoring at Kemira takes into account all of the above, seeks to detect any unjustified gaps
and then initiates action to address and close them without delay.
The annual total remuneration ratio reflects the annual total remuneration of the highest paid
individual relative to the annual average remuneration of all Kemira employees, excluding the
highest paid individual, Kemira's President & CEO. To ensure the alignment of the interests of
the CEO and of the shareholders, the weighting of variable remuneration and particularly
long-term incentive plans in the CEO’s total remuneration opportunity is substantial. In
contrast, employee remuneration is less volatile, with a smaller proportion of the total
remuneration consisting of variable components. The ratio is also influenced by the size of
Kemira and by the differing market remuneration levels between countries. In 2025, the
annual total remuneration ratio was 50 (27) (ratio of highest paid individual to the annual
average remuneration of all Kemira employees). Based on Kemira’s experience and
understanding, the given average figure represents median as required by the directive.
KEMIRA 2025 | FINANCIAL STATEMENTS | 90

SUSTAINABILITY STATEMENT 2025

OTHER WORK-RELATED RIGHTS
Child and forced labour
According to Kemira’s Code of Conduct, Kemira does not use any form of forced or child labor.
Kemira acknowledges that in spite of mitigation procedures there could potentially be an
increased risk related to these in certain high risk countries in which Kemira has operations:
China, Brazil, India, Indonesia and South Korea. To mitigate this risk, Kemira conducts identity
and age checks during the hiring process. Also, in many countries, the local labor laws and/or
collective bargaining agreements have very extensive rules for young people, restricting
working hours, work activities, work environments and overall health, well-being and
educational opportunities.
The Group's reporting principles
The total number of Kemira employees and non-employees (contingent workforce) are
indicated as the numbers at the end of the reporting period (31 December 2025 ), which also
includes non-active employees such as employees on long leaves.
Employee turnover refers to all permanent Kemira employees who have left the company
during 2025, in comparison to the average permanent headcount for the reporting period.
The coverage of collective agreements and employee representatives is based on the
number of employees on 30 September, 2025. Any changes in the last quarter are not
expected to affect the result of this metric.
The remuneration figures are reported based on active employees on 31 December 2025 ,
including all white collar employees and operational employees (full-time, part-time and
temporary contracts). The gender pay gap has been calculated using the gross, annual
average salaries of female and male employees, converted to euros before calculation. The
figure represents the difference in pay between the groups, expressed as a percentage of
the average pay of male employees. The calculation excludes all additional compensation
elements like incentives, over-time, shift allowances or benefits. The annual total
remuneration ratio is calculated using remuneration paid during the respective year. CEO
remuneration includes the regular base salary, benefits and short and long-term incentive
payments. The average total remuneration for all employees includes all employee wages
and salaries, including accrued short-term incentives and yet excluding side costs and total
CEO remuneration.
The coverage of Performance and Development Discussions (PDD) is indicated as the
percentage of permanent employees on 30 September 2025 who have had an approved PDD
discussion in 2025 (excl. employees who are on long leave, e.g. family leave).
Number of TRIs is the sum of the reported lost time incidents, restricted work cases and
medical treatment cases for Kemira employees, contingent workforce and contractors.
Reported TRI frequency is normalized to one million working hours. LTI is the total number of
reported lost time incidents for Kemira employees, contingent workforce and contractors.
Reported LTIF is normalized to one million working hours.
Working hours and incidents affecting contingent workforce are included in the overall
incident statistics for own employees instead of being reported separately, in line with
Kemira's current reporting practices. Working hours for own employees, contingents and
contractors are manually reported through an EHSQ software by Kemira Manufacturing
Operations. Working hours in non-manufacturing organizations for own employees and
contingents are centrally estimated and entered into EHSQ system. Estimate is based on
reported headcount data and average monthly working hours (157.5 h). This approach is used
due to the decentralized and dynamic nature of these groups, making individual tracking
impractical. Contractor hours are reported locally by offices, business units and functions.
Average training hours are calculated based on active employees on 31 December 2025 and
their learning hours tracked in Kemira's global Learning Management System (LMS).
The Inclusion Index figures are calculated using the average scores of four items
(Authenticity, Belonging, Growth and Inclusive Leaders) obtained from Kemira's global
engagement survey which is usually conducted twice a year for all employees. Kemira scores
are compared to a cross-industry norm. Responses are collected on a scale of 1−5 (fully
disagree/fully agree) and an external service provider converts the responses to indices on a
scale of 0−100 (100 = everyone fully agrees).
Measurements of the metrics are not validated by an external body other than Ernst &
Young Oy, through assurance.
KEMIRA 2025 | FINANCIAL STATEMENTS | 91

SUSTAINABILITY STATEMENT 2025

S2 Workers in the value chain
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO WORKERS IN THE VALUE CHAIN

Material impacts, risks and opportunities | Position in value chain | Time horizon | Key management areas of processes and policies
Working conditions
○ | Potential human rights violations e.g. health and safety issues in the value chain, particularly in high risk countries | ↗ Upstream ↘ Downstream | △△▲ | • Code of Conduct and Code of Conduct for Business Partners lay out expectations for suppliers for respecting human rights and safe use of chemicals • Supplier sustainability assessments and audits are carried out to identify risk with supplier human rights impacts, risks and management • Product Stewardship Policy expresses Kemira's commitment to safe use of chemicals and priority substance management process aims to reduce the negative impacts of chemicals in the whole value chain
○ | Potential risks related to labour law practices in certain renewable feedstock value chains | ↗ Upstream | △▲△
● | Health and safety incidents with contractors, a high risk group among value chain workers | ● Own operations | △▲△ | • Code of Conduct: Kemira is committed to providing safe and healthy working conditions in all of Kemira's locations for both Kemira's own employees and contractors • Kemira has implemented contractor pre-qualification, mandatory contractor safety induction and permit-to- work process
Other work-related rights
○ | Potential human rights violations e.g. child labour and forced labour in the value chain, particularly in high risk countries | ↗ Upstream ↘ Downstream | △△▲ | • Code of Conduct and Code of Conduct for Business Partners lay out expectations for suppliers and Kemira's customers for respecting human rights • Supplier sustainability assessments and audits are carried out to identify risks with supplier human rights impacts, risks and management
● Own operations ↗ Upstream ↘ Downstream ● Positive ● Negative ○ Potential positive ○ Potential negative ■ Opportunity ▲ Risk ▲△△ Short-term △▲△ Medium-term △△▲ Long-term

Identification and assessment of material impacts, risks and opportunities
Kemira has identified material impacts, risks and opportunities for value chain workers in the
materiality assessment which is described under Material impacts, risks and opportunities in
the General disclosure section. The value chain worker related impact, risk and opportunity
analysis was based on internal interviews and materials as well as on Kemira's latest Human
Rights Impact Assessment framework. The methodology of the Human rights Impact
Assessment was based on the United Nations Guiding Principles on Business and Human
Rights and on OECD Due Diligence Guidance. As an outcome of the analysis, Kemira has
identified the possible salient human rights impacts for workers in the value chain, as
described in the table above.
Strategy and business model
Kemira provides sustainable chemical solutions for water-intensive industries, best suited
products and expertise to improve our customers’ product quality and process and resource
efficiency. Sustainability is embedded into Kemira’s strategy and long-term success as
Kemira’s customers are increasingly seeking sustainable solutions.
Kemira's products and upstream raw materials are industrial chemicals which need to be
handled, stored, transported and used according to high safety standards, to prevent
negative impacts on people and the environment. Kemira’s priority obligation is to ensure that
the workers in the upstream and downstream value chains are not negatively impacted by
chemicals, especially by substances of very high concern. When Kemira's current processes
are updated, special attention needs to be paid to certain groups of people who are likely to
be impacted by Kemira's business. This can be done by careful supplier and contractor
management and by providing appropriate guidance in the safe use of chemicals for Kemira's
customers and other value chain workers.
KEMIRA 2025 | FINANCIAL STATEMENTS | 92

SUSTAINABILITY STATEMENT 2025

Kemira’s strategy towards renewable chemistries might lead to new social sustainability
related impacts and risks in the upstream value chain. These will need to be taken into
account in future strategy implementation.
Kemira has identified high risk countries within its upstream and downstream value chains
which have an increased risk of the use of child and forced labor. The increased risk is
particularly evident in the APAC region. The high-risk countries have been defined by a third-
party, utilizing a set of different human rights and labor rights related indices that are publicly
available (Business social compliance initiative 2022, Labor Rights index, Global Rights index).

Material impacts | Position in the value chain | Workers who are likely to be impacted | Particularly vulnerable workers or people groups
Working conditions
○ | Human rights violations e.g. health and safety issues in the value chain, particularly in high risk countries | ↗ Upstream ↘ Downstream | ↗ : Manufacturing, laboratory personnel, logistics and storage personnel, who are handling chemicals ↘ : Kemira’s customers’ personnel who are handling Kemira’s products | Maintenance personnel, temporary employees, migrants, children, pregnant women
○ | Risks related to labour law practices in certain renewable feedstock value chains | ↗ Upstream | Workers who are working in the origin of Kemira’s raw- material feedstocks | Children, migrants, workers who cannot read
● | Health and safety incidents with contractors, a high risk group among value chain workers | ● Own operations | Maintenance, repair, turnaround, major renovation or specialty work at Kemira operations | Maintenance personnel, temporary employees, migrants
Other work-related rights
○ | Human rights violations e.g. child labour and forced labour in the value chain, particularly in high risk countries | ↗ Upstream ↘ Downstream | Workers who are working in high risk countries either in Kemira's upstream or downstream value chain | Children, migrants, workers who cannot read

POLICIES RELATED TO WORKERS IN THE VALUE CHAIN
Kemira has several policy statements which set the high level human rights objectives for
Kemira's business partners to follow. All of the policies cover the whole value chain and all
value chain workers. The key contents, scope, process, accountability and availability of the
policies is described in the G1 Business Conduct section, under Corporate Culture and
Business Conduct Policies.
Kemira's general approach towards human rights is described in the Code of Conduct and the
summary can be found in the S1 Own workforce section. Kemira's general approach towards
human rights in the Code of Conduct for Business Partners is to commit the business partners
to respecting fundamental human rights, to never use child or forced labor and to pay
compensation which complies with all applicable wage laws. These requirements are in
accordance with the UN Universal Declaration of Human rights and the core conventions of
the International Labour Organization (ILO). Kemira also commits its business partners to
making and developing products according to the highest ethical and safety standards, as
well as to following applicable laws and regulations on product safety, including
communication of hazards and information about the safe use of chemicals. All suppliers
must follow the Code of Conduct for Business Partners in all dealings with Kemira. The Code
of Conduct for Business Partners is communicated to all suppliers through the ordering
process, as part of Kemira's terms and conditions.
The Kemira Group Product Stewardship Policy aims to ensure that Kemira's products are
handled and used safely by Kemira's stakeholders, that they are safe for the environment and
that potential chemical risks and their impacts are incorporated into decision making related
to Kemira's operations, strategy implementation and long-term strategic development. The
proactive management of the safe use of chemicals and protection of the environment and
human health are fundamental prerequisites for Kemira's business. The Kemira Group
Product Stewardship Policy continuously communicates and raises awareness on product
stewardship among employees, suppliers, business partners and other possible stakeholders
in the value chain.
The Modern Slavery statement is a publicly available statement, approved by Kemira's Board
of Directors. It summarizes both Kemira’s Codes and Policies related to human rights issues
and a general approach for how those are managed and remediated. It also addresses human
trafficking as well as child and forced labor related prevention and mitigation methods and
actions.
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PROCESSES RELATED GRIEVANCE, REMEDIATION AND
STAKEHOLDER ENGAGEMENT
Stakeholder engagement in upstream and downstream value chain
Kemira regularly reviews stakeholders' expectations and potential concerns. Our approach to
stakeholder engagement includes activities ranging from information sharing to active
dialogue and collaboration on issues of mutual interest. The feedback and information
gathered from these activities is integrated into Kemira's operational development.
Stakeholder feedback is an important part of risk management, also regarding upstream and
downstream value chain workers.
Kemira maintains active dialogue with its upstream suppliers. Supplier audits and supplier
performance evaluation are carried out regularly. The results of the evaluations are reviewed
together with the suppliers and improvement plans are created and followed up accordingly,
as part of our supplier management practices.
Succeeding with customers is a core value at Kemira. Our goal is to understand customers’
needs, to provide an excellent experience with our products and services and to build close
relationships that help them remain loyal customers. To measure customers' satisfaction with
their experience, Kemira conducts an annual Voice of Customer (VoC) relationship survey to
gain valuable insights, to understand what customers need and to understand our
performance in meeting their expectations. The Voice of Customer survey gathers insights on
our customers' experience and their satisfaction with our products, deliveries, safety, services
and their relationship with their Kemira representative.
Kemira uses external service providers (external contractors) who work at Kemira locations.
These services cover maintenance, repair, turnaround, major renovation or specialty work at
Kemira sites. External contractors are engaged by carrying out regularly contractor
performance evaluations and the results are then reviewed together with the selected
external contractors. In addition, there are several local practices for engaging external
contractors such as safety events covering topical health and safety subjects.
Despite an active dialogue with suppliers, customers and external contractors, Kemira has not
yet adopted a general process to engage with all workers in the value chain or with their
legitimate representatives to hear their perspectives and needs in relation to Kemira's
material impacts on them.
Grievance and remediation mechanisms in upstream and downstream value chain
Kemira’s Ethics and Compliance Program aim s to enhance compliance management at
Kemira on a continuous basis. The Ethics & Compliance function is responsible for overseeing
the effective implementation of Kemira’s Ethics and Compliance p rogram and for reporting on
it directly to the Audit Committee on a regular basis.
The Compliance Committee overse es the management of compliance allegations, to ensure
that fair and sufficient investigation, remediation and consistent disciplinary action are taken
across the organization. Ke mira emphasizes the importance of employees and other key
stakeholders raising any issues or concerns to the Ethics and Compliance hotline. More
detailed information on the Ethics and Compliance hotline process can be found under
Incidents, complaints and severe human rights impacts in S1 Own workforce. Kemira also has a
Misconduct Reporting Policy for the protection of whistleblowers which is disclosed in the G1
Business Conduct section.
The customer and supplier complaint channel is an application which can be utilized by
Kemira personnel to raise their concerns related to issues within the upstream and
downstream value chains. The complaints are handled by a formal process. This channel is
indirectly available for both upstream and downstream workers. However, it is currently
mainly utilized for quality related complain ts. Ke mira also uses an internal system for
collecting and processing health, safety and quality related issue reports as well as
observations related to hazardous conditions, near-misses and other similar issues or
concerns. The channel is indirectly available for value chain workers to raise their concerns
and health and safety observations. During 2025, Kemira did not receive any allegations
related to value chain workers severe human rights violations by hotline, Ethics & Compliance
function's e-mail and other grievance channels. Kemira does not actively assess whether
value chain workers are aware of or trust Kemira's grievance channels or Kemira's structures
and processes.
In 2025, Kemira finalized a comprehensive internal grievance and remediation study. Further
development actions were approved by the Sustainability Steering Team and subsequently
implemented into Kemira's due diligence program. Kemira's Governance and Compliance
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function is accountable for the development work and will report progress to the
Sustainability Steering Team in the following years.
TARGETS RELATED TO WORKERS IN THE VALUE CHAIN
Kemira has indicators that are followed internally for impacts, risks and opportunities
management related to workers in the value chain. These targets are not defined as ESRS
targets. Kemira will continue the evaluation of the indicators in the following years.
Upstream and downstream workers in the value chain
Upstream related indicators are disclosed in more detail under E5 R esource use and circular
economy. Such indicators are, for example, the number of supplier quality and CSR audits.
Kemira has identified potential health and safety impacts, especially the risks related to
chemical safety to be the most significant potential negative impact for value chain workers.
Kemira has internal indicators related to negative impacts for Substances of Very High
Concern and Substances of Concern. Since 2016, Kemira has made priority substance
management plans for existing Substances of Very High Concern and Substances of Concern
in Kemira’s product portfolio, including for raw materials and process chemicals. Kemira aims
to cover all identified priority substances with the management plan.
External contractors working at Kemira's sites
Incidents among external contractors working at Kemira's own locations have been identified
as a material negative impact. Kemira reports its occupational safety performance indicator
as Total Recordable Injuries (TRI). TRI Frequency (TRIF) is measured as Total Recordable
Injuries per million working hours an d covers both Kemira own workforce and contractors.
Kemira's target was to improve overall TRIF to 2.2 by the end of 2025 and to 1.5 by the end of
2030. The number of external contractor injuries was 7 (14) in 2025 and the external
contractor TRIF improved from 5.3 to 3.1, as p lanned initiatives to improve contractor
management contributed to better safety performance compared to the previous year.
Contractor working hours are tracked for the TRI frequency. Third-party transportation
companies, whether on-site or off-site, are excluded and incidental facility services such as
janitorial work, food and drink services, laundry, delivery or other supply/resupply services are
also excluded. External contractor safety performance is described in the Health and Safety
tables in the S1 Own workforce section. The target setting process is described in detail in the
S1 Own workforce section.
Kemira does not directly engage upstream and downstream value chain workers, contractors
or their legitimate representatives in the supplier management, Product Stewardship
management or target setting processes. However, Kemira does request that external
contractors make safety observations and the collected information is then utilized to
enhance external contractor safety and working conditions.
ACTIONS RELATED TO WORKERS IN THE VALUE CHAIN
Kemira takes actions to mitigate, prevent or remediate material negative impacts and to
advance positive impacts on workers in the value chain. The following actions were continued
during 2025 covering the whole value chain .
Upstream value chain
Supplier management and supplier risk and compliance management are cornerstones of
Kemira's sustainable sourcing roadmap which ensures responsibility in the supply chain. This
is the global process for Kemira to identify and assess upstream related sustainability
impacts, risks and opportunities. The focus of supplier management is on improving economic
performance, anticipating risk and initiating approaches with suppliers that are responsible
and innovative. It is described in three main processes: Supplier Segmentation, Supplier
Performance Evaluations and the Vendor Value Program.
Kemira suppliers are segmented into four categories: strategic, critical, volume and base
suppliers. They are prioritized based on multi-factor risk criteria to better help to manage
supplier relationships and to plan actions for necessary risk mitigation. The Supplier
Performance Evaluations program collects and provides regular feedback to suppliers, on
both their operational and sustainability performance. The majority of strategic, critical and
volume suppliers are part of regular supplier reviews. The Vendor Value Program aims to
develop capabilities that will enable the identification, partnering with and management of
suppliers, along the various value chains associated with Kemira’s product lines. Kemira
supplier risk and compliance management defines the requirements for suppliers to do
business with Kemira, as well as provides tools and processes for mitigating sustainability risk
with suppliers, e.g sustainability assessments and audits.
Kemira uses EcoVadis to carry out sustainability assessments for key suppliers, including
those related to social matters. The assessment focuses on 21 sustainability criteria that are
grouped into four themes: Environment, Labor & Human Rights, Ethics and Sustainable
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Procurement. The rating methodology measures the quality of a company’s sustainability
management system through 3 management pillars: Policies, Actions, and Results. Suppliers
receive a sustainability scorecard with detailed insights into strengths and potential
improvement areas. If the ratings do not meet Kemira performance criteria, suppliers are
expected to take corrective action.
Kemira audits relevant direct material suppliers for quality and Corporate Social
Responsibility (CSR), to ensure they meet expectations. The CSR audits are conducted by a
certified third party and aim to ensure that suppliers do not violate Kemira’s Code of Conduct.
The quality audit validates suppliers’ processes related to management systems,
sustainability, workplace health and safety standards, production, quality and supply security.
Supplier assessments and audits are part of sourcing processes and target setting for the
Sourcing function and are monitored on a monthly basis. Audit results are reviewed together
with suppliers, with improvement plans created and followed up as necessary as part of
supplier management practices.
Downstream value chain
Kemira’s product portfolio consists of four major product lines. All products are documented
and labeled according to legal requirements, including the identification of hazardous
components and information on their safe use. Kemira provides Safety Data Sheets (SDS) for
all its products. Kemira's IT system for Product Lifecycle Management enables to prepare
SDSs and labels in alignment with the latest regulatory data requirements and in the official
languages of the countries where the products are manufactured, stored or sold.
Kemira actively monitors its product portfolio, including raw materials, intermediates and
process chemicals for substances of concern (SoC) and substances of very high concern
(SVHC), in accordance with our priority substance management process. Actions to manage
substances of concern and very high concern in Kemira's value chain are disclosed in the E2
Pollution section.
Kemira complies with all laws and regulations relating to chemicals and trade. Kemira does
not sell any banned products. We continuously screen substances that are covered by any
regulatory restrictions or are subject to substitution requirements imposed by non-regulatory
stakeholders. We proactively work to mitigate health, safety, environmental and reputation-
risks.
Own operations and external contractors
Kemira uses external service providers (external contractors) at Kemira locations These
services cover maintenance, repair, turnaround, major renovation or specialty work at Kemira
sites. Kemira has a contractor management standard which defines the minimum
requirements for selecting, managing and monitoring external contractors who perform work
at Kemira facilities or on behalf of Kemira at customer locations. Contractors have a
mandatory safety induction, provided before starting the actual work at Kemira's sites and
contractor work is controlled by the "permit-to-work" process. Kemira is also prepared for
remediation in the case of contractor incidents.
Action plan and resources
Kemira has planned the following actions for 2026 to prevent, mitigate and remediate the
material impacts, risks and opportunities on workers in the value chain:
• Conducting supplier Ecovadis assessments, supplier quality audits and supplier Corporate
Social Responsibility (CSR) audits, per annual segmentation and risk management
practices and according to annual targets
• Assessing the currently used CSR audit methodology and opportunities relative to
alternative CSR audit methodologies
• Continuing contractor performance evaluations and starting health & safety re-
qualifications for Kemira’s on-site contractors (external)
• Continuing local safety events with contractors to further improve their engagement
• Actively engaging contractors to report their safety observations and to make proposals for
improvements
Kemira has dedicated persons in the Sourcing, the EHSQ Governance and the PSRA (Product
Stewardship and Regulatory affairs) functions to carry out the actual work for the actions
mentioned in the action plan.
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Governance information
G1 Business conduct
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO BUSINESS CONDUCT

Material impacts, risks and opportunities | Position in the value chain | Time horizon | Key management areas of processes and policies
Corporate culture
○ | Potential failure to comply with ethical business practices or environmental, health, and safety laws could cause negative impact. | ● Own operations | ▲△△ | • Kemira's Code of Conduct, Code of Conduct for Business Partners and other business conduct policies are based on the principle that we conduct our business safely and responsibly, always adhering to the highest standards of integrity, legal compliance and ethical conduct, and that we expect the same from our business partners. • Policies are communicated to own employees and business partners, and encourage them to report on any suspected breaches or other concerns confidentially and without fear of retaliation. Reported concerns are effectively investigated and will result in corrective actions, when warranted.
● | Well established policies, procedures and practices ensure compliance with ethical business conduct and laws | ● Own operations | ▲△△ | • Kemira maintain a systematic process to create and periodically review and revise our policies, procedures and practices. Those are effectively communicated to our staff and, where applicable, to business partners.
● | Kemira's systematic sustainable product development, focusing e.g., on improved safety and regulatory compliance, could cause positive impacts. | ● Own operations | ▲△△ | • Kemira's Product Stewardship Policy sets forth our commitments relating to product development and product lifecycle management. Those commitments include, among others, commitment to minimize safety risks and adverse effects on health and the environment and to deliver more sustainable products by replacing substances of concern.
■ | Maintaining a good reputation and business practices. Valuable brand and high quality service bring competitive advantage and enable some premium pricing. | ● Own operations ↘ Downstream | ▲△△ | • Kemira's business strategy focuses on growth, sustainability and profitability, and our corporate culture builds on principles aiming at growth-mindset and psychological safety. • Kemira's financial performance has been on a good level over recent years.
■ ▲ | Transformation from a transactional, product focused company to a more value-driven and solution oriented business may cause risks and opportunities. Opportunity to further increase sustainability related value in marketing and branding in a fact-based manner. | ● Own operations | △▲△ | • Kemira's business strategy towards 2030 is based on growth, sustainability and profitability, driven by strong sustainability megatrends like climate change, water scarcity and responsible use of resources. Our aim is to find new revenue drivers, cut costs and mitigate risks by making sustainability a value driver.
Corruption and bribery
○ | Potential risk of Kemira employee or business partners engaging in bribery or other forms of corruption | ↗ Upstream ● Own operations ↘ Downstream | △▲△ | • Kemira's Code of Conduct and Gifts, Entertainment and Anti-Bribery Policy together form an anti-corruption policy that is consistent with the UN Convention Against Corruption • Mandatory Gifts, Entertainment and Anti-Bribery training for Kemira employees
Political engagement and lobbying activities
■ | Tightening regulation brings significant business opportunities especially in water treatment. | ● Own operations | △▲△ | • Kemira's political engagement is related to the following topics: resource efficiency and circular economy; legislation about water, wastewater, waste, plastics, and chemicals; energy; climate change; industrial policy; health, safety, security and environment. According to our Code of Conduct, we maintain a neutral stance towards political parties and candidates for public office. As a company, we do not engage in political activities or make corporate donations to political parties or candidates. We conduct lobbying efforts with integrity, transparency and openness, in compliance with legal requirements and under the centralized oversight of the Communications & Public Affairs Unit.
● Own operations ↗ Upstream ↘ Downstream ● Positive ● Negative ○ Potential positive ○ Potential negative ■ Opportunity ▲ Risk ▲△△ Short-term △▲△ Medium-term △△▲ Long-term

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Identification of material impacts, risks and opportunities
Kemira has identified its material impacts, risks and opportunities for its business conduct
matters as part of the company-wide materiality assessment which is described under
Material impacts, risks and opportunities in the General disclosure section.
TARGETS RELATED TO BUSINESS CONDUCT
Kemira has internal indicators that are followed for impact, risks and opportunities related to
Business Conduct. These targets are not as defined in ESRS. Kemira will continue the
evaluation of these indicators in the following years. Kemira nevertheless tracks the
effectiveness of its policies and actions in relation to compliance with ethical business
practices and environmental and health and safety laws through Kemira's internal controls
and audits and by following the reports filed with Kemira's Ethics and Compliance Hotline. The
results of these processes are reviewed periodically in the course of normal business process
management, with an aim to constantly improve the trend and take corrective actions if
adverse deviations are detected. Kemira's management systems, applied in many of Kemira's
locations, have been certified under the following international standards: ISO 9001 (Quality
management systems), ISO 14001 (Environmental management systems), ISO 27001
(Information security management systems), ISO 45001 (Occupational health and safety
management systems), and ISO 50001 (Energy management systems). These standards
require organizations to monitor and constantly improve their operations, in accordance with
the Plan-Do-Check-Act principle.
CORPORATE CULTURE AND BUSINESS CONDUCT POLICIES
Corporate values and Code of Conduct
Kemira’s Board of Directors has approved the new Code of Conduct (the “Code”) which
provides a framework around the company's values and reflects its commitments towards its
stakeholders. Kemira's values and the Code are an expression of who we are as a company
and how we want to be perceived by our stakeholders. Together, the corporate values and the
Code are the foundation of Kemira's business conduct.
Kemira's corporate values were created by a large number of Kemira employees who voiced
their opinions on what they appreciate about Kemira and what kind of common beliefs and
ways of working should be strengthened within the company. The corporate values are: We
are committed to customers’ success, We drive performance and innovation, We care for
people and the environment and We succeed together.
The Code translates the corporate values into concrete commitments, offering guidance on
how we conduct our business. Kemira's Code emphasizes that its decisions and actions must
be guided by integrity and ethics. The Code gives the organization and everyone working for
Kemira the guidance and principles they need to adhere to the highest standards of integrity,
legal compliance and ethical conduct.
According to the Code, being a responsible business means committing to internationally
recognized principles on human rights, labor conditions, the environment and anti-corruption.
Kemira is committed to all applicable laws and voluntary frameworks. We support the United
Nations Global Compact, the UN Guiding Principles on Business and Human Rights, and the
OECD Guidelines for Multinational Enterprises, and reflect those principles in our Code.
Kemira is a signatory of Responsible Care®, the voluntary initiative of the International
Council of Chemical Associations.
The Code applies to every Kemira employee and the Board of Directors of the Company. The
Code reminds Kemira staff that they are all personally responsible for the decisions they
make and the actions they take. The Code serves as a guide to help to uphold the ethical
standards set by the Company.
The Code sets out that everyone at Kemira must act in accordance with the Code, the
company policies, and applicable laws and regulations. Managers are expected to support
and hold their team members accountable for complying with the Code, and to foster an
environment where team members feel safe and confident to voice their concerns. According
to the Code, Kemira supports individuals to speak freely and report violations of the Code to
dedicated reporting channels.
The Code of Conduct has been made public and it is available to Kemira staff in multiple
languages.
In addition, all suppliers must follow Kemira's Code of Conduct for Business Partners in
relation to all of their dealings with Kemira. The Code of Conduct for Business Partners is
communicated to all suppliers during their supplier onboarding and also through the ordering
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process, as part of Kemira's terms and conditions. It sets forth the minimum standards of
behavior business partners are expected to follow in terms of business conduct, human
rights, environment and safety, product safety, quality and sustainability.
Other business conduct policies
Kemira has a systematic process to issue and maintain corporate policies to document and
communicate Kemira's values, rules and expectations. Kemira's policies support the
implementation of its business strategy, values and Code of Conduct and create a framework
for consistent and fair practices across all business units and locations. Many of the policies
extend and further elaborate on the Code of Conduct commitments and make them more
understandable and concrete for our organization and stakeholders.
Kemira's policies are prepared in respective functions within the company and they are
approved either by the Group Leadership Team or the Board of Directors, depending on the
subject matter. The policies are set out in a standardized document format, each of them has
a named policy owner and author with certain responsibilities and there is a process to review
and, where necessary, revise the policies every two years. All policies are internally available
to Kemira’s employees.
The contents of the business conduct policies are part of the training for all employees at the
beginning of their employment and there is repeat training, typically every two years. The
Code of Conduct is trained to all employees and the other policies are trained to selected
target groups of employees based on risk assessment. The training includes the key contents
of Kemira’s policies, standards and procedures and explains how to perform work in
accordance with Kemira’s policies and what consequences may follow from not complying
with the policies. The main channel to deliver training is a globally used electronic training
platform which can be used to keep track of the trainings offered to and taken by each
employee. The platform enables Kemira to monitor that mandatory trainings are completed in
a timely manner by the designated target groups.
The table in next pages sets out a summary of the key business conduct policies.
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Key business conduct policies

Policy | Key contents | Scope | Process for monitoring | Accountability | Third-party standards | Availability
Code of Conduct | The Code outlines Kemira's approach to standing for what is right, respecting people and human rights, protecting the environment and ensuring quality, doing business with integrity. and protecting assets and information. | All Kemira activities, employees and managers globally | Management oversight, E&C Hotline, internal investigations, internal audits | The President & CEO | UN Global Compact, UN Guiding Principles on Business and Human Rights, OECD Guidelines for Multinational Enterprises, Responsible Care® | Publicly available on company website
Code of Conduct for Business Partners | The minimum standards of behavior business partners are expected to follow in terms of business conduct, human rights, environment and safety, product safety, quality and sustainability. | Business partners (e.g., suppliers, consultants, advisers, distributors and agents) globally | Key controls: STP3, CTC1 Periodic audits of business partners, E&C Hotline | SVP Sourcing | OECD Guidelines for Multinational Enterprises | Publicly available on company website
Kemira Group Sustainability Policy | Policy outlines the commitment and management of sustainability requirements within Kemira. It states 12 commitments with respect to stakeholders, environment and governance. | All Kemira operations and employees globally, contractors working at Kemira sites and those working on behalf of and/or in alliance with Kemira. | ISO 9001, 14001, 45001, 50001 certificates (for certain sites) and certifiability as management target | EVP Strategy & Sustainability |  | Publicly available on company website
Gifts, entertainment and anti-bribery policy | Kemira has a zero tolerance towards bribery and corruption. Kemira and its employees must never offer, pay, give, solicit or accept a bribe in any form. The policy explains what kind of gifts and hospitality are acceptable in our business. | Policy applies to gifts and entertainment offered or received by any Kemira company or employee to or from any person outside of Kemira. | Management oversight, E&C Hotline, internal investigations, internal audits | Group General Counsel |  | Internally available to all Kemira staff
Recruitment Policy | Policy reinforces Kemira’s diversity and inclusion statement, respect for human rights and equal opportunity principle. | Policy applies to to all internal and external recruitments leading to a candidate’s employment within Kemira Group globally. | Key controls: HR1 | EVP People & Culture | UN Global Compact | Internally available to all Kemira staff
Sourcing & Procurement Policy | All commitments to suppliers are to be managed by Sourcing department personnel only, subject to a few minor exceptions: All sourcing and procurement must be aligned with the published company values and sustainability goals. Conflicts of interest must be strictly avoided and the principle of impartiality must be followed. No personal purchases are to be connected to company purchases. | Policy applies to all purchases made within Kemira Group save for certain exclusions. Policy applies to purchasing of direct materials, corporate services, manufacturing related capital and operational expenditures, energy and logistics. | Key controls: STP2-3, STP 5-9 | EVP Strategy & Sustainability |  | Internally available to all Kemira staff
Competition Law Compliance Policy | Kemira strongly supports fair competition and competes vigorously, yet fairly and ethically, and within the framework of applicable competition laws. Kemira does not enter into any anti-competitive agreements or carry out any other anti-competitive activities. | Policy applies globally to all companies and employees within Kemira Group. The Policy applies to Kemira’s actual and potential competitors, customers, distributors and suppliers as well as trade associations. | Management oversight, E&C Hotline, internal investigations | Group General Counsel |  | Internally available to all Kemira staff

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Policy | Key contents | Scope | Process for monitoring | Accountability | Third-party standards | Availability
Product Stewardship Policy | Kemira is committed to the set of principles including among others controlling and minimizing safety risks and adverse effects on health and the environment that could be caused by the products throughout our value chain; and replacing substances of concern that would pose an unacceptable risk to human health, safety or environment, making risk assessments covering regulatory compliance, providing safe use guidance to our customers. | Policy describes the commitment and management of requirements for product stewardship and chemicals regulatory compliance within Kemira globally. | Management oversight | Head of Product Safety & Regulatory Affairs | Responsible Care® Global Charter | Internally available to all Kemira staff
Logistics and Transportation Policy | Policy aim among others at ensuring efficient and well performing logistics network that operates in a sustainable and safe manner in full compliance with all laws and regulations applicable to transportation and warehousing of chemicals. | Policy applies to sourcing and operative management of transportation and logistics activities in all Kemira Group companies globally. | Management oversight | SVP Supply Chain Management |  | Internally available to all Kemira staff
Trade Compliance Policy | Kemira’s international trade transactions are carried out in accordance with applicable laws, regulations, licensing requirements and procedures of the country of import/export/re-export and/or the country of origin. | Policy sets forth the requirements and provides general principle to be complied with in Kemira’s international import and export trade operations. | Management oversight | VP Product Safety & Regulatory Affairs |  | Internally available to all Kemira staff
Misconduct Reporting Policy | Policy encourages everyone working for or with Kemira to report any suspicion of misconduct confidentially and without fear of retaliation. Policy sets out the procedures applicable when reporting misconduct to Kemira, including how these reports will be followed up, and how the reporters are protected. Kemira supports an open culture that encourages everyone to speak freely and without fear of harassment. Kemira provides a channel for reporting any suspicion of misconduct confidentially and without fear of retaliation. A reporting person will not be dismissed, bullied, discriminated or otherwise retaliated against for making a report or complaint. Any person, regardless of position, who engages in retaliatory behavior will be subject to disciplinary action. | Policy applies to reporting of breaches of Kemira’s Code of Conduct; misrepresentation of Kemira’s financial information, criminal offenses, and other violations of the applicable law. Policy applies to employees of Kemira group, whether current or past, including trainees, employee candidates and those who have otherwise carried out work for Kemira, for example under a self-employed consultant status, external service provider and contingent workforce; shareholders and persons belonging to the administrative, management or supervisory body of any Kemira Group company; and anyone working under the supervision and direction of contractors, subcontractors and suppliers of Kemira Group. Policy is global. | E&C Hotline, internal investigations | Group General Counsel | EU Whistleblower Directive | Internally available to all Kemira staff. Confidential and anonymous reporting channel is publicly available to anyone on Kemira’s website.

Promoting corporate culture
Kemira’s corporate culture is based on its corp orate values and the Code of Conduct. As we
operate in chemicals manufacturing, occupational safety has been strongly emphasized as a
priority. The importance of a diverse and inclusive workplace has been recognized as an
important success factor in our globally operating organization.
Sustainability transformation is regarded as the cornerstone of Kemira’s business strategy.
Kemira’s strategic goal is to become the leading provider of sustainable chemical solutions for
water intensive industries. Kemira aims to expand its renewable solutions portfolio and to
reach EUR 500 million in revenue by the end of 2030.
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Kemira’s leadership has acknowledged the importance of synchronizing culture and strategy
which will lead to improved employee engagement, growth, higher customer satisfaction and
ultimately to increased revenue and profitability.
To drive the implementation of Kemira’s values, the Code of Conduct, safety, diversity and
inclusion and the sustainability focused business strategy, Kemira’s leadership has defined a
set of principles, habits and behaviors that are the basis of Kemira’s corporate culture. These
principles, habits and behaviors are communicated to all staff through trainings and
communication campaigns and the effectiveness of cultural development is measured
through regular employee engag ement surveys.
Kemira’s policy commitments become visible in the organization through strategic target
setting, including targets covering people, water, circularity and climate & nature topics. Our
commitments are also visible through our management processes. Besides these
management processes, we create task groups for specific topics, like the focus area-based
sustainability programs or the Human Rights Council, which is a cross-functional group
developing and discussing Kemira human rights practices. We have established a
comprehensive framework to advance our commitment to diversity, equity and inclusion (DEI).
Employees are the key contributor to the organizational culture, driving our values and
shaping the environment in which we operate. Kemira has adopted methods of continuous
listening and feedback and is working with a service provider administering anonymous
employee surveys and using external benchmarks. The results of the employee surveys are
made available to employees and managers. Participation rates typically range from 70% to
80%. Kemira uses short engagement pulse surveys twice a year to follow the development of
the Engagement Index, an internal key performance indicator describing the engagement
level of Kemira’s staff. Our employee engagement is above the external benchmark.
Reporting and investigating concerns
Kemira’s Group Leadership Team has approved the Misconduct Reporting Policy and the
Investigation Procedure, which are available to all Kemira staff. According to the Misconduct
Reporting Policy, Kemira supports an open culture and encourages everyone working for or
with Kemira to report any suspicion of misconduct confidentially and without fear of
retaliation. The policy sets out the procedures on how reports alleging misconduct will be
followed up and how the reporters are protected. The Investigation Procedure sets out the
standard investigation process to assess allegations of non-compliance with the Code of
Conduct or with company policies.
Kemira has an externally hosted Ethics and Compliance hotline (whistleblower mechanism),
which enables the reporting of suspected violations of the Code of Conduct and other ethical
concerns in multiple languages. A report can be filed either anonymously or with a disclosure
of the reporter's name. The reporting channel is available to all Kemira employees and
external persons, such as anyone working for the contractors and suppliers of Kemira.
Information about the Ethics and Compliance hotline is shared with employees on Kemira’s
intranet, in training and in communication campaigns. Kemira's website has guidance for
external persons. Further, there is an e-mail address that can be used by third-parties to
report cases of potential misconduct relating to Kemira or to our business partners. This
information is available on our website and in Kemira’s Code of Conduct for Business
Partners.
All allegations of potential violations of our Code of Conduct made in good faith will receive a
fair and comprehensive investigation, using external assistance where needed. All misconduct
reports are treated confidentially. The Investigation Procedure describes the roles and
responsibilities, general principles and the process related to the internal investigations. The
investigations are based on the principles of neutrality, objectivity, professionalism,
compliance with applicable labor and privacy laws and the presumption of innocence.
Kemira’s Compliance Committee consists of Group General Counsel, EVP People & Culture,
Chief Auditor, Director, Ethics and Compliance, CFO and one EVP from a Business Unit as
appointed by the Group Leadership Team. The Compliance Committee is responsible for
evaluating and reviewing reports related to potential violations of the Code of Conduct,
company policies, and applicable laws and regulations. The Committee conducts
investigations as needed and forms recommendations on the consequences and
improvement actions related to the reports. The Committee ensures an impartial and
competent assessment of any misconduct reports and guarantees that there is consistency
in all remedial action taken across the organization. The Committee reports quarterly to the
Audit Committee of the Board of Directors and the Group Leadership Team.
In addition to the confidential reporting channel and the investigations overseen by the
Compliance Committee, Kemira also has an Internal Audit function which, in addition to its
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other duties, is involved in identifying, reporting and investigating unlawful behavior and
violations of the Code of Conduct. Internal auditors have complete and unrestricted access to
all Kemira activities. The Internal Audit function is free to determine the scope of internal
auditing, the ways of performing its work and the communication of its findings. The Internal
Audit function reports its material findings quarterly to the Audit Committee of the Board of
Directors. The Internal Audit also reports all of its observations to the management and to the
auditor.
CORRUPTION AND BRIBERY
Kemira’s policy is not to accept any form of corruption, such as bribery, facilitation payments,
embezzlement, fraud, conflict of interest, or money laundering. Kemira’s policy on corruption
and bribery is documented in the Kemira Code of Conduct and Kemira Group Gifts,
Entertainment and Anti-Bribery Policy documents. The policy is consistent with the UN
Convention Against Corruption.
The company’s anti-corruption principles are communicated to all of its employees through
recurring, mandatory training. The members of Kemira’s Board of Directors are aware of the
company’s anti-corruption principles. The principles are communicated to all of Kemira’s
suppliers and vendors who are required to commit to Kemira’s business ethics principles as a
condition for the establishment of a business relationship.

Anti-corruption training for white-collar employees by region | Total number of employees | Training coverage, % 1)
2025 | 2024 | 2025 | 2024
EMEA | 1,600 | 1,561 | 86 | 92
APAC | 461 | 488 | 96 | 97
Americas ²⁾ | 704 | 751 | 88 | 92

1) White-collar employees, functions at risk, who have completed the training at least once during the last three years
2) Excludes Water Engineering Inc. 188 employees. which were joined into the group part of an acquisition in 24 th October
2025, as the employees onboarding was not completed during 2025
Geographic location has a significant impact on corruption risk. While Kemira's headquarters
is based in Finland which ranks second best world-wide in Transparency International's
Corruption Perceptions Index 2024 publication, Kemira has operations in 37 countries and
sells products to customers in over 100 countries, including several countries where the risk
of corruption is significant. In terms of the customer base, Kemira sells water treatment
chemicals to public utilities, such as municipal water treatment plants, which by their nature
pose a higher risk of public corruption.
Kemira has addressed these risks in its internal anti-corruption training and by establishing a
third-party due diligence process applicable to its distributors and sales agents. The due
diligence process has a risk-based approach, considering the corruption perception index in
the geographic location, the type of the customer segment and the foreseeable value of the
annual transactions. Depending on the risk classification, distributors and sales agents must
respond to inquiries about themselves and must acknowledge a commitment to Kemira’s
business ethics principles.
To prevent and detect corruption, Kemira relies on its globally implemented key controls
which cover the use of the company’s funds and assets, maintaining accurate accounting and
records as well as sales and purchase contracting. The key controls have been approved by
Kemira's Group Leadership Team. The verification of compliance with the key controls is
based on the three-lines-of-defence-model:
1. Employees and management are expected to execute the process activities as described
in the key controls guidance,
2. Management is responsible for testing the key controls, and
3. Kemira’s Internal Audit is responsible for verifying that controls have been performed and
tested. The Internal Audit reports to the Board of Director’s Audit Committee.
Furthermore, Kemira maintains an Ethics and Compliance Hotline, a confidential reporting
channel where any employee or any external person can report allegations of corruption.
More information on the Ethics and Compliance Hotline can be found under S1 Own workforce.
Any allegations or detected incidents of corruption are addressed through an internal
investigation which is overseen by the Compliance Committee, as described in the section on
Reporting and investigating concerns above. The investigators are separate to the
management involved in the matter. The results of the investigation are shared with the
relevant management and an overview of all investigations is reported to the Audit Committee
of the Board of Directors and the Group Leadership Team.
In 2025, Kemira did not have any convictions or fines for violation of anti-corruption and anti-
bribery laws. During the year Kemira recorded 6 (8) allegations related to violation of internal
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anti-corruption and anti-bribery policies. Diligent internal investigation confirmed 4 (7)
incidents where own employees had breached internal procedures relating to anti-corruption
or anti-bribery. In total 5 (7) own employees were either dismissed or otherwise disciplined for
confirmed corruption or bribery-related incidents.
POLITICAL INFLUENCE AND LOBBYING ACTIVITIES
According to Kemira’s Code of Conduct, Kemira maintains a neutral stance towards political
parties and candidates for public office. As a company, we do not engage in political activities
or make corporate donations to political parties or candidates. Neither the names nor the
assets of Kemira shall be used to support the interests of political parties or candidates.
The above-mentioned Code principle is further elaborated in Kemira Group Sponsorship and
Donation Policy and Kemira Group Gifts, Entertainment and Anti-bribery Policy, which both
prohibit any financial support to politicians, political parties or political organizations.
No financial or any in-kind political contributions paid by Kemira have come to Kemira's
attention during 2025.
Kemira maintains dialogue with stakeholders that shape and participate in the legislative
processes relevant to Kemira, including the European Commission, members of the European
Parliament and the Council of the EU. The political influence is mainly, but not exclusively,
carried out through the trade associations in which Kemira is a member, that is, Cefic – the
European Chemical Industry Council – and Kemianteollisuus ry, the national chemical industry
association in Finland.
Kemira has engaged mainly those EU policies which belong to:
• Chemicals policies,
• EU Water and Wastewater Regulations,
• EU Packaging Regulations,
• Food Contact Material Regulation, and Bioeconomy.
Kemira’s communication activities include mainly personal discussions with members of the
EU institutions, submission of position papers, participation in public consultations and
stakeholder workshops.
Kemira has been registered in the EU’s Transparency Register with registration number
934980845504-83. Kemira has committed to complying with the code of conduct of the
transparency register.
Kemira’s engagement in the EU law making process is conducted by its Public Affairs
department, managed by the Corporate Communications Department, and supervised by
Kemira’s Group Leadership Team. Members of the Group Leadership Team determine and
oversee the strategic direction of Kemira’s public affairs objectives and act like a supervisory
and approval body.
The following members of Kemira's Group Leadership Team and Board of Directors have held
a comparable position in public administration (including regulators) in the two years
preceding the year 2025:
• Antti Salminen, President & CEO of Kemira since 2024, has been a member of the Board of
Directors of the Geological Survey of Finland since 2020.
• Timo Lappalainen, a member of the Board of Directors of Kemira Oyj since 2014, has been a
Professor of Practice (Pharmaceutical Industry), University of Turku, since 2024.
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DATA POINTS DERIVING FROM OTHER EU LEGISLATION
The table below includes all of the data points that derive from other EU legislation as listed in ESRS 2 appendix B, indicating where the data points can be found in Kemira's Annual Review and
which data points are assessed as ‘Not material’.

ESRS | Disclosure Requirement | Data point | Disclosure Requirement related data point | Section in Sustainability Statement
ESRS 2 | GOV-1 | 21 (d) | Board's gender diversity | General disclosures
ESRS 2 | GOV-1 | 21 ( e) | Percentage of board members who are independent | General disclosures
ESRS 2 | GOV-4 | 30 | Statement on due diligence | General disclosures
ESRS 2 | SBM-1 | 40 (d) i | Involvement in activities related to fossil fuel activities | Not material
ESRS 2 | SBM-1 | 40 (d) ii | Involvement in activities related to chemical production | General disclosures
ESRS 2 | SBM-1 | 40 (d) iii | Involvement in activities related to controversial weapons | Not material
ESRS 2 | SBM-1 | 40 (d) iv | Involvement in activities related to cultivation and production of tobacco | Not material
ESRS E1 | E1-1 | 14 | Transition plan to reach climate neutrality by 2050 | E1 - Transition plan
ESRS E1 | E1-1 | 16 (g) | Undertakings excluded from Paris-aligned Benchmarks | E1 - Strategy
ESRS E1 | E1-4 | 34 | GHG emission reduction targets | E1 - Targets related to Climate change
ESRS E1 | E1-5 | 38 | Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) | E1 - Energy consumption
ESRS E1 | E1-5 | 37 | Energy consumption and mix | E1 - Energy consumption
ESRS E1 | E1-5 | 40-43 | Energy intensity associated with activities in high climate impact sectors | E1 - Energy consumption
ESRS E1 | E1-6 | 44 | Gross Scope 1, 2, 3 and Total GHG emissions | E1 - Greenhouse gas emissions
ESRS E1 | E1-6 | 53-55 | Gross GHG emissions intensity | E1 - Greenhouse gas emissions
ESRS E1 | E1-7 | 56 | GHG removals and carbon credits | E1 - Greenhouse gas emissions
ESRS E1 | E1-9 | 66 | Exposure of the benchmark portfolio to climate-related physical risks | Not material
ESRS E1 | E1-9 | 66 (a) | Disaggregation of monetary amounts by acute and chronic physical risk | Not material
ESRS E1 | E1-9 | 66 (c) | Location of significant assets at material physical risk | Not material
ESRS E1 | E1-9 | 67 (c) | Breakdown of the carrying value of its real estate assets by energy-efficiency classes | Not material
ESRS E1 | E1-9 | 69 | Degree of exposure of the portfolio to climate related opportunities | Not material
ESRS E2 | E2-4 | 28 | Amount of each pollutant listed in Annex II of the European Pollutant Release and Transfer Register regulation emitted to air, water and soil | E2 - Pollution to air, water and soil
ESRS E3 | E3-1 | 9 | Water and marine resources | E3 - Policies related to water and marine resources
ESRS E3 | E3-1 | 13 | Dedicated policy | Not material
ESRS E3 | E3-1 | 14 | Sustainable oceans and seas | Not material
ESRS E3 | E3-4 | 28 (c) | Total water recycled and reused | E3 - Water consumption
ESRS E3 | E3-4 | 29 | Total water consumption in m 3 per net revenue on own operations | E3 - Water consumption
ESRS 2 | SBM3 - E4 | 16 (a) i, 16 (b), 16 (c) | E4 - Strategy and transition plan
ESRS E4 | E4-2 | 24 (b) | Sustainable land / agriculture practices or policies | Not material
ESRS E4 | E4-2 | 24 (c) | Sustainable oceans / seas practices or policies | Not material
ESRS E4 | E4-2 | 24 (d) | Policies to address deforestation | Not material

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ESRS | Disclosure Requirement | Data point | Disclosure Requirement related data point | Section in Sustainability Statement
ESRS E5 | E5-5 | 37 (d) | Non-recycled waste | E5 - Waste
ESRS E5 | E5-5 | 39 | Hazardous waste and radioactive waste | E5 - Waste
ESRS 2 | SBM3 - S1 | 14 (f) | Risk of incidents of forced labour | Not material
ESRS 2 | SBM3 - S1 | 14 (g) | Risk of incidents of child labour | Not material
ESRS S1 | S1-1 | 20 | Human rights policy commitments | S1 - Policies related to Own workforce
ESRS S1 | S1-1 | 21 | Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 | S1 - Policies related to Own workforce
ESRS S1 | S1-1 | 22 | Processes and measures for preventing trafficking in human beings | S1 - Policies related to Own workforce
ESRS S1 | S1-1 | 23 | Workplace accident prevention policy or management system | S1 - Policies related to Own workforce
ESRS S1 | S1-3 | 32 (c) | Grievance/complaints handling mechanisms | S1 - Incidents, complaints & severe human rights impacts
ESRS S1 | S1-14 | 88 (b), (c) | Number of fatalities and number and rate of work-related accidents | S1 - Health and safety
ESRS S1 | S1-14 | 88 (e) | Number of days lost to injuries, accidents, fatalities or illness | S1 - Health and safety
ESRS S1 | S1-16 | 97 (a) | Unadjusted gender pay gap | S1 - Remuneration
ESRS S1 | S1-16 | 97 (b) | Excessive CEO pay ratio | S1 - Remuneration
ESRS S1 | S1-17 | 103 (a) | Incidents of discrimination | S1 - Incidents, complaints & severe human rights impacts
ESRS S1 | S1-17 | 104 (a) | Non-respect of UNGPs on Business and Human Rights and OECD | S1 - Incidents, complaints & severe human rights impacts
ESRS 2 | SBM3 – S2 | 11 (b) | Significant risk of child labour or forced labour in the value chain | S2 - Strategy and business model
ESRS S2 | S2-1 | 17 | Human rights policy commitments | S2 - Policies related to workers value chain
ESRS S2 | S2-1 | 18 | Policies related to value chain workers | S2 - Policies related to workers value chain
ESRS S2 | S2-1 | 19 | Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines | S2 - Policies related to workers value chain
ESRS S2 | S2-1 | 19 | Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 | S2 - Policies related to workers value chain
ESRS S2 | S2-4 | 36 | Human rights issues and incidents connected to its upstream and downstream value chain | S2 - Actions related to workers value chain
ESRS S3 | S3-1 | 16 | Human rights policy commitments | Not material
ESRS S3 | S3-1 | 17 | Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines | Not material
ESRS S3 | S3-4 | 36 | Human rights issues and incidents | Not material
ESRS S4 | S4-1 | 16 | Policies related to consumers and end-users | Not material
ESRS S4 | S4-1 | 17 | Non-respect of UNGPs on Business and Human Rights and OECD guidelines | Not material
ESRS S4 | S4-4 | 35 | Human rights issues and incidents | Not material
ESRS G1 | G1-1 | 10 (b) | United Nations Convention against Corruption | Not material
ESRS G1 | G1-1 | 10 (d) | Protection of whistle-blowers | G1 - Corporate values and Code of Conduct
ESRS G1 | G1-4 | 24 (a) | Fines for violation of anti-corruption and anti-bribery laws | G1 - Corruption and bribery
ESRS G1 | G1-4 | 24 (b) | Standards of anti- corruption and anti-bribery | G1 - Corruption and bribery

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Consolidated
Income Statement

|  | Year ended 31 December
EUR million | Note | 2025 | 2024
Revenue | 2.1. | 2,753.5 | 2,948.1
Other operating income | 2.2. | 4.5 | 2.1
Operating expenses | 2.2. | -2,272.0 | -2,399.8
Share of the results of associates and joint ventures | 6.2. | -0.2 | 0.3
EBITDA |  | 485.8 | 550.7
Depreciation, amortization and impairments | 2.4. | -211.7 | -187.4
Operating profit (EBIT) |  | 274.1 | 363.2
Finance income | 2.5. | 15.1 | 18.2
Finance expenses | 2.5. | -36.8 | -43.0
Exchange differences | 2.5. | -2.5 | -2.1
Finance costs, net | 2.5. | -24.2 | -26.9
Profit before tax |  | 249.9 | 336.3
Income taxes | 2.6. | -55.8 | -73.6
Net profit for the period |  | 194.1 | 262.7
Net profit attributable to |  |  |
Equity owners of the parent company |  | 181.2 | 249.4
Non-controlling interests | 6.2. | 12.9 | 13.2
Net profit for the period |  | 194.1 | 262.7
Earnings per share for net profit attributable to the equity owners of the parent company, EUR |  |  |
Basic | 2.7. | 1.18 | 1.62
Diluted | 2.7. | 1.18 | 1.61

The above Consolidated Income Statement should be read in conjunction with the accompanying notes.
Consolidated
Comprehensive Income

|  | Year ended 31 December
EUR million | Note | 2025 | 2024
Net profit for the period |  | 194.1 | 262.7
Other comprehensive income |  |  |
Items that may be reclassified subsequently to profit or loss |  |  |
Exchange differences in translating foreign operations |  | -55.3 | 7.7
Cash flow hedges |  | 3.8 | -14.1
Items that will not be reclassified subsequently to profit or loss |  |  |
Other shares |  | -39.5 | -27.9
Remeasurements of defined benefit plans |  | 16.2 | 10.7
Other comprehensive income for the period, net of tax | 2.8. | -74.8 | -23.6
Total comprehensive income for the period |  | 119.3 | 239.1
Total comprehensive income attributable to |  |  |
Equity owners of the parent company |  | 106.2 | 225.9
Non-controlling interests | 6.2. | 13.0 | 13.2
Total comprehensive income for the period |  | 119.3 | 239.1

Items in the Consolidated Statement of Comprehensive Income are disclosed net of tax. The income tax relating to each
component of other comprehensive income is disclosed in Note 2.8. Other comprehensive income.
The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying
notes.
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Consolidated Balance Sheet

|  | As at 31 December
EUR million | Note | 2025 | 2024
ASSETS |  |  |
NON-CURRENT ASSETS |  |  |
Goodwill | 3.1. | 535.3 | 490.6
Other intangible assets | 3.2. | 94.1 | 44.5
Property, plant and equipment | 3.3. | 978.7 | 964.5
Right-of-use assets | 3.4. | 169.0 | 131.8
Investments in associates and joint ventures | 6.2. | 7.5 | 4.8
Other shares | 3.5. | 221.1 | 270.5
Deferred tax assets | 4.4. | 30.6 | 31.5
Other financial assets | 5.4. | 6.1 | 6.4
Receivables of defined benefit plans | 4.5. | 123.6 | 115.7
Total non-current assets |  | 2,166.0 | 2,060.4
CURRENT ASSETS |  |  |
Inventories | 4.1. | 306.9 | 307.9
Loan receivables | 5.4. | 0.8 | 48.3
Trade receivables and other receivables | 4.2. | 399.3 | 420.1
Current income tax assets |  | 18.5 | 15.1
Cash and cash equivalents | 5.4. | 242.3 | 519.2
Total current assets |  | 967.8 | 1,310.7
Assets classified as held-for-sale | 3.7. | — | 9.9
Total assets |  | 3,133.8 | 3,381.0

The above Consolidated Balance Sheet should be read in conjunction with the accompanying notes.

|  | As at 31 December
EUR million | Note | 2025 | 2024
EQUITY AND LIABILITIES |  |  |
EQUITY |  |  |
Equity attributable to equity owners of the parent company |  |
Share capital |  | 221.8 | 221.8
Share premium |  | 257.9 | 257.9
Fair value and other reserves |  | 86.2 | 121.5
Unrestricted equity reserve |  | 196.3 | 196.3
Translation differences |  | -101.6 | -46.1
Treasury shares |  | -6.8 | -10.3
Retained earnings |  | 1,024.1 | 1,044.4
Total equity attributable to equity owners of the parent company | 5.2. | 1,678.0 | 1,785.4
Non-controlling interests | 6.2. | 18.1 | 18.1
Total equity |  | 1,696.1 | 1,803.5
NON-CURRENT LIABILITIES |  |  |
Interest-bearing liabilities | 5.3. | 642.5 | 547.1
Other financial liabilities | 5.4. | 13.3 | 10.8
Deferred tax liabilities | 4.4. | 67.8 | 73.1
Liabilities of defined benefit plans | 4.5. | 68.9 | 73.1
Provisions | 4.6. | 45.7 | 37.9
Total non-current liabilities |  | 838.1 | 742.0
CURRENT LIABILITIES |  |  |
Interest-bearing liabilities | 5.3. | 105.9 | 263.6
Trade payables and other liabilities | 4.3. | 463.0 | 517.8
Current income tax liabilities |  | 9.4 | 24.2
Provisions | 4.6. | 21.3 | 17.9
Total current liabilities |  | 599.6 | 823.6
Total liabilities |  | 1,437.7 | 1,565.6
Liabilities classified as held-for-sale | 3.7. | — | 12.0
Total equity and liabilities |  | 3,133.8 | 3,381.0

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Consolidated Statement of Cash Flow

EUR million | Note | 2025 | 2024
CASH FLOW FROM OPERATING ACTIVITIES |  |  |
Net profit for the period |  | 194.1 | 262.7
Adjustments for |  |  |
Depreciation, amortization and impairments | 2.4. | 211.7 | 187.4
Income taxes | 2.6. | 55.8 | 73.6
Finance costs, net | 2.5. | 24.2 | 26.9
Share of the results of associates and joint ventures | 6.2. | 0.2 | -0.3
Gains and losses on sale of non-current assets |  | -0.1 | 10.5
Other adjustments |  | 13.5 | 14.7
Cash flow before change in net working capital |  | 499.5 | 575.6
Change in net working capital |  |  |
Increase (-) / decrease (+) in inventories |  | -11.9 | -25.2
Increase (-) / decrease (+) in trade and other receivables |  | 14.9 | 37.7
Increase (+) / decrease (-) in trade payables and other liabilities |  | -48.3 | 16.0
Change in net working capital |  | -45.2 | 28.5
Cash flow from operations before financing items and taxes |  | 454.3 | 604.0
Interests paid |  | -32.5 | -36.8
Interests received |  | 12.1 | 14.2
Other finance items, net |  | 5.6 | -7.3
Income taxes paid |  | -61.3 | -89.6
Net cash generated from operating activities |  | 378.2 | 484.6

The above Consolidated Statement of Cash Flow should be read in conjunction with the accompanying notes.

EUR million | Note | 2025 | 2024
CASH FLOW FROM INVESTING ACTIVITIES |  |  |
Purchases of subsidiaries and asset acquisitions, net of cash acquired |  | -144.6 | -3.2
Capital expenditure in associates and joint ventures |  | -3.5 | 0.0
Capital expenditure in property, plant and equipment and intangible assets |  | -196.7 | -167.3
Decrease (+) / increase (-) in loan receivables |  | 48.1 | -46.5
Proceeds from sale of subsidiaries and businesses, net of cash disposed |  | 0.0 | 143.9
Sales proceeds and dividends from other shares |  | 0.4 | 0.0
Proceeds from sale of property, plant and equipment, and intangible assets |  | 0.4 | 0.2
Net cash used in investing activities |  | -295.8 | -72.8
CASH FLOW FROM FINANCING ACTIVITIES |  |  |
Proceeds from non-current interest-bearing liabilities (+) | 5.1. | 50.0 | 50.0
Repayments of non-current interest-bearing liabilities (-) | 5.1. | -130.2 | -200.0
Proceeds from non-current non-interest-bearing liabilities (+) |  | 4.3 | 0.0
Proceeds from current interest bearing liabilities (+) | 5.1. | 5.0 | 4.5
Repayments of current interest bearing liabilities (-) | 5.1. | -25.9 | -0.2
Repayments of lease liabilities |  | -32.4 | -31.7
Dividends paid to equity owners of the parent company |  | -113.1 | -104.7
Dividends paid to non-controlling interest |  | -13.0 | -14.4
Acquisition of treasury shares |  | -96.3 | 0.0
Net cash used in financing activities |  | -351.5 | -296.6
Net increase (+) / decrease (-) in cash and cash equivalents |  | -269.0 | 115.2
Cash and cash equivalents on Dec 31 |  | 242.3 | 519.2
Exchange gains (+) / losses (-) in cash and cash equivalents |  | -7.9 | 1.4
Cash and cash equivalents on Jan 1 |  | 519.2 | 402.5
Net increase (+) / decrease (-) in cash and cash equivalents |  | -269.0 | 115.2

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Consolidated Statement of Changes in Equity

| Equity attributable to equity owners of the parent company |  |
EUR million | Share capital | Share premium | Fair value and other reserves | Unrestricted equity reserve | Exchange differences | Treasury shares | Retained earnings | Total | Non- controlling interests | Total equity
Equity on January 1, 2025 | 221.8 | 257.9 | 121.5 | 196.3 | -46.1 | -10.3 | 1,044.4 | 1,785.4 | 18.1 | 1,803.5
Net profit for the period | — | — | — | — | — | — | 181.2 | 181.2 | 12.9 | 194.1
Other shares | — | — | -39.5 | — | — | — | — | -39.5 | — | -39.5
Exchange differences in translating foreign operations | — | — | — | — | -55.5 | — | — | -55.5 | 0.2 | -55.3
Cash flow hedges | — | — | 3.8 | — | — | — | — | 3.8 | — | 3.8
Remeasurements of defined benefit plans | — | — | — | — | — | — | 16.2 | 16.2 | — | 16.2
Total other comprehensive income | — | — | -35.7 | — | -55.5 | — | 16.2 | -75.0 | 0.2 | -74.8
Total comprehensive income | — | — | -35.7 | — | -55.5 | — | 197.5 | 106.2 | 13.0 | 119.3
Transactions with owners |  |  |  |  |  |  |  |  |  |
Dividends paid | — | — | — | — | — | — | -114.3 | -114.3 | -13.0 | -127.3
Treasury shares issued to the target group of a share-based incentive plan | — | — | — | — | — | 3.4 | — | 3.4 | — | 3.4
Treasury shares issued to the Board of Directors | — | — | — | — | — | 0.1 | — | 0.1 | — | 0.1
Acquisition of treasury shares | — | — | — | — | — | -96.3 | — | -96.3 | — | -96.3
Cancellation of treasury shares | — | — | — | — | — | 96.3 | -96.3 | 0.0 | — | 0.0
Share-based payments | — | — | — | — | — | — | -6.8 | -6.8 | — | -6.8
Transfers in equity | — | — | 0.5 | — | — | — | -0.5 | 0.0 | — | 0.0
Other items | — | — | — | — | — | — | 0.2 | 0.2 | — | 0.2
Total transactions with owners | — | — | 0.5 | — | — | 3.5 | -217.7 | -213.7 | -13.0 | -226.7
Equity on December 31, 2025 | 221.8 | 257.9 | 86.2 | 196.3 | -101.6 | -6.8 | 1,024.1 | 1,678.0 | 18.1 | 1,696.1

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| Equity attributable to equity owners of the parent company |  |
EUR million | Share capital | Share premium | Fair value and other reserves | Unrestricted equity reserve | Exchange differences | Treasury shares | Retained earnings | Total | Non- controlling interests | Total equity
Equity on January 1, 2024 | 221.8 | 257.9 | 163.4 | 196.3 | -53.8 | -11.6 | 890.9 | 1,664.8 | 19.4 | 1,684.2
Net profit for the period | — | — | — | — | — | — | 249.4 | 249.4 | 13.2 | 262.7
Other shares | — | — | -27.9 | — | — | — | — | -27.9 | — | -27.9
Exchange differences in translating foreign operations | — | — | — | — | 7.7 | — | — | 7.7 | — | 7.7
Cash flow hedges | — | — | -14.1 | — | — | — | — | -14.1 | — | -14.1
Remeasurements of defined benefit plans | — | — | — | — | — | — | 10.7 | 10.7 | — | 10.7
Total other comprehensive income | — | — | -41.9 | — | 7.7 | — | 10.7 | -23.6 | — | -23.6
Total comprehensive income | — | — | -41.9 | — | 7.7 | — | 260.1 | 225.9 | 13.2 | 239.1
Transactions with owners |  |  |  |  |  |  |  |  |  |
Dividends paid | — | — | — | — | — | — | -104.7 | -104.7 | -14.4 | -119.1
Treasury shares issued to the target group of a share- based incentive plan | — | — | — | — | — | 3.2 | — | 3.2 | — | 3.2
Treasury shares issued to the Board of Directors | — | — | — | — | — | 0.1 | — | 0.1 | — | 0.1
As part of Pension fund Neliapila surplus return, shares were transferred to Kemira Oyj | — | — | — | — | — | -1.9 | — | -1.9 | — | -1.9
Share-based payments | — | — | — | — | — | — | -2.2 | -2.2 | — | -2.2
Other items | — | — | — | — | — | — | 0.2 | 0.2 | — | 0.2
Total transactions with owners | — | — | — | — | — | 1.4 | -106.7 | -105.3 | -14.4 | -119.7
Equity on December 31, 2024 | 221.8 | 257.9 | 121.5 | 196.3 | -46.1 | -10.3 | 1,044.4 | 1,785.4 | 18.1 | 1,803.5

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
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Notes to the Consolidated Financial Statements
1. The group's material accounting policies for the consolidated financial statements
GROUP PROFILE
Kemira Oyj is a Finnish public limited liability company ,
domiciled in Helsinki, with its registered address at
Energiakatu 4, FI-00180 Helsinki, Finland. Kem ira Oyj's shares
are listed on Nasdaq Helsinki Oy. The parent company Kemira
Oyj and its subsidiaries together form the Kemira Group. A
list of subsidiaries is disclosed in Note 6.2.
Kemira is a global chemicals company serving customers in
water-intensive industries. The company provides expertise
in applications and chemicals that improve customers'
process and resource efficiency. Kemira’s three business
segments Water Solutions, Packing & Hygiene Solutions and
Fiber Essentials focus on customers in water treatment
industries and the pulp, paper, board and tissue industries
respectively.
The Board of Directors of Kemira Oyj has approved the
Consolidated Financial Statements for publication at its
meeting on February 11, 2026 . Under the Finnish Limited
Liability Companies Act, the General Meeting of Shareholders
is entitled to decide on the adoption of the financial
statements. A copy of the Consolidated Financial Statements
is available at www.kemira.com or at Energiakatu 4, FI-00180
Helsinki, Finland.
In compliance with the reporting requirements of the
European Single Electronic Format (ESEF), Kemira also
publishes the Consolidated Financial Statements and the
Board of Directors' report as an xHTML file which is available
at www.kemira.com.
BASIS OF PREPARATION FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The Group has prepared its Consolidated Financial
Statements in accordance with the International Financial
Reporting Standards (IFRS) and International Financial
Reporting Interpretations Committee (IFRIC) interpretations,
adopted by the European Union. The Consolidated Financial
Statements have been prepared in accordance with IFRS
standards and IFRIC Interpretations, effective on December
31, 2025. The Notes to the Consolidated Financial Statements
also comply with the requirements of the Finnish accounting
and corporate legislation that supplement the IFRS
regulations.
The Consolidated Financial Statements are presented in EUR
million and have been prepared based on historical cost,
except for the items measured at fair value through other
comprehensive income, including unlisted PVO/TVO shares,
financial assets and liabilities at fair value through profit or
loss and share-based payments which are measured at fair
value.
Individual figures presented in the Consolidated Financial
Statements have been rounded to the nearest exact figure.
Therefore, the sum of the individual figures may deviate from
the sum figure presented in the Consolidated Financial
Statements. The key figures are calculated using exact
values.
NEW, AMENDED IFRS STANDARDS AND
IFRIC INTERPRETATIONS IN EFFECT IN
2025
For the first time, the Group has applied the following
standards and amendments to its annual reporting period
commencing January 1, 2025:
• Amendments to IAS 21 The Effects of Changes in Foreign
Exchange Rates: Lack of Exchangeability. The amendment
provides guidance on identifying situations where a
currency cannot be considered freely exchangeable and
on how to take this into account in the exchange rate used
in reporting and when providing additional information in
these situations. The amendments did not have any
significant impact on the Consolidated Financial
Statements.
NEW, AMENDED IFRS STANDARDS AND
IFRIC INTERPRETATIONS NOT YET
ADOPTED
• The new IFRS 18 standard (Presentation and Disclosure in
Financial Statements) replaces IAS 1 Presentation of
Financial Statements (effective from 1 January 2027, early
application is permitted). The key new concepts in IFRS 18
relate to the structure of the income statement with
specified subtotals, the presentation of management
performance measures and the consolidation and
disaggregation of information in primary statements and
notes to the financial statements. The Group is currently
assessing the IFRS 18 changes in order to identify their
impacts on the consolidated financial statements. The
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implementation project is still ongoing and therefore the
effects of IFRS 18 and more comprehensive disclosures
cannot yet be provided in the 2025 consolidated financial
statements.
• According to the Group’s assessment, other published
standards, amendments or interpretations are not
expected to have a material impact on the consolidated
financial statements.
CONSOLIDATION PRINCIPLES OF
SUBSIDIARIES AND NON-CONTROLLING
INTERESTS
The Consolidated Financial Statements include the parent
company Kemira Oyj and its subsidiaries. Subsidiaries are all
entities that the Group has control over (voting rights
generally being over 50 percent). The Group controls an
entity when the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and when it has
the ability to affect those returns through its power over the
entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are de-
consolidated from the date on which this control ceases.
All intra-group transactions are eliminated when preparing
the Consolidated Financial Statements. Intra-group
shareholdings are eliminated using the acquisition method.
The consideration transferred for the acquisition of a
subsidiary is defined as an aggregate of the fair values of the
assets transferred, the liabilities assumed and the equity
interest issued by the Group. The consideration transferred
may include the fair value of any asset or liability resulting
from a contingent consideration arrangement. Acquisition-
related costs are expensed as incurred. Identifiable assets
acquired and any liabilities and contingent liabilities that are
assumed in a business combination are measured at their
fair values on the acquisition date. On an acquisition-by-
acquisition basis, the Group recognizes any non-controlling
interest in the acquiree, either at fair value or at the non-
controlling interest’s proportionate share of the acquiree’s
net assets.
The amount that exceeds the aggregate of the consideration
transferred, the amount of any non-controlling interest in the
acquiree and the acquisition-date fair value of any previous
equity interest in the acquiree over the fair value of the
Group’s share of the net assets acquired is recognized as
goodwill on the Balance Sheet. If this is less than the fair
value of the net assets of the subsidiary acquired by bargain
purchase, the difference is recognized directly in the Income
Statement.
Net profit or loss for the financial year and other
comprehensive income attributable to the equity holders of
the parent company and to non-controlling interests is
presented in the Income Statement and in the Statement of
Comprehensive Income. The portion of equity attributable to
non-controlling interests is stated as an individual item,
separate to the equity held by equity holders of the parent
company. Total comprehensive income shows the total
amounts attributable to the equity holders of the parent
company and to non-controlling interests separately. The
Group also recognizes negative non-controlling interests,
unless the non-controlling interest does not have a binding
obligation to cover losses up to the amount of their
investment.
If the parent company’s ownership interest in the subsidiary
is reduced but control is retained then the transactions are
treated as equity transactions. When the Group ceases to
have control or significant influence, any retained interest in
the entity is remeasured at its fair value and the difference is
recognized as profit or loss.
ASSOCIATES AND JOINT VENTURES
Associated companies are companies over which the Group
exercises significant influence (voting rights generally being
20–50 percent) but which it does not control. Joint ventures
are companies over which the Group has joint control with
other shareholders.
Holdings in associated companies and joint ventures are
consolidated using the equity method. If the Group’s share of
the associate’s or joint venture's losses exceeds the carrying
amount of the investment, the exceeding losses will not be
consolidated unless the Group has a commitment to fulfill
the obligations on behalf of the associate or joint venture.
The Group’s share of the associated companies’ and joint
ventures' net profit for the financial year is stated as a
separate item in the Consolidated Income Statement, in
operating profit, in proportion to the Group’s holdings. The
Group’s share of the other comprehensive income of its
associates and joint ventures is recognized in the Group’s
other comprehensive income.
FOREIGN CURRENCY TRANSLATION
The Consolidated Financial Statements are presented in
euros, which is the Group’s presentation currency as well as
the parent company’s functional and presentation currency.
Items included in the financial statements of each of the
Group’s entities are measured by using the currency of the
primary economic environment in which the entity operates
(the functional currency).
If the functional currency of the subsidiary is a currency
other than the euro, its Income Statement is translated into
euros using the financial year’s average foreign currency
exchange rates and the balance sheets are translated using
the exchange rates quoted on the balance sheet date.
Translating the net profit for the period using different
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exchange rates in the Income Statement and in the balance
sheet causes a translation difference which is recognized as
equity on the Balance Sheet. The change in this translation
difference is presented under Other Comprehensive Income.
Goodwill and fair value adjustments to the carrying amounts
of the assets and liabilities that arise from the acquisition of
a foreign entity are accounted for as part of the assets and
liabilities of the foreign entity and are translated into euros at
the rate quoted on the balance sheet date.
Translation differences in the loans granted to some foreign
subsidiaries are treated as an increase or decrease in other
comprehensive income. When the Group ceases to have
control over a subsidiary, the accumulated translation
difference is transferred into the Income Statement as part
of the gain or loss on the sale.
In their day-to-day accounting, the Group companies
translate foreign currency transactions into their functional
currency at the exchange rates quoted on the transaction
date. In the Financial Statements, foreign currency
denominated receivables and liabilities are measured at the
exchange rates quoted on the balance sheet date. Non-
monetary items are measured using the rates quoted on the
transaction date. Any foreign exchange gains and losses
related to business operations are treated as adjustments to
sales and purchases. Exchange rate differences associated
with financing transactions and with the hedging of the
Group’s overall foreign currency position are stated in foreign
exchange gains or losses, under finance income and
expenses.
THE ITEMS IN THE FINANCIAL STATEMENTS
THAT INCLUDE ACCOUNTING ESTIMATES
AND ACCOUNTING POLICIES THAT REQUIRE
JUDGMENT BY THE MANAGEMENT
When preparing Consolidated Financial Statements in
accordance with IFRS, the management is required to make
accounting estimates and assumptions concerning the
future. The resulting accounting estimates will seldom be
equal to actual results. In addition, management is required
to exercise judgment when applying accounting policies.
The estimates and assumptions are continuously evaluated
and are based on past experience and expectations of future
events that may have financial implications and are
considered to be reasonable under the circumstances.
The following table lists items in the financial statements
that include significant accounting estimates and includes
the notes related to them. Also included are the accounting
policies and the sensitivity analysis applied to the items. The
items that include accounting estimates are subject to a risk
of changes in the carrying amount of assets and liabilities
during the next financial period.

The items in the Financial Statements | Note in the Financial Statements
Goodwill | 3.1. Goodwill
Fair value of shares in the PVO Group | 3.5. Other shares
Deferred taxes and uncertain tax positions | 2.6. Income taxes and 4.4. Deferred tax liabilities and assets
Defined benefit pension plans | 4.5. Defined benefit pension plans and employee benefits
Provisions | 4.6. Provisions

THE EFFECTS OF CLIMATE-RELATED
MATTERS IN FINANCIAL STATEMENTS
Sustainability is a key driver of Kemira's profitable growth
strategy. Sustainability at Kemira focuses on four topics:
people, circularity, water and climate & nature. Kemira's
ambition is to be carbon neutral by 2045.
Climate-related matters have an impact in several areas of
Kemira's Consolidated Financial Statements. As a chemicals
company operating in an energy-intensive industry, Kemira
has two Power Purchase Agreements in wind power, along
with ownership in Pohjolan Voima Oyj and Teollisuuden Voima
Oyj (Note 3.5 Other Shares), producing CO 2-free electricity
with nuclear and hydro power plants in Finland. CO 2-
emissions and energy efficiency matters are considered in
capital investments, thus also affecting non-current assets
(Note 3.3 Property, Plant and Equipment) as well as future
cash flow forecasts used in goodwill impairment testing
(Note 3.1 Goodwill).
In addition, Kemira has an undrawn revolving credit facility of
EUR 400 million, with sustainability targets (Note 5.5
Management of Financial Risk). Kemira's long-term incentive
programs for years 2023-2025, 2024-2026 and 2025-2027
also include climate-related targets in the KPIs to be
measured.
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2. Financial performance
2.1 SEGMENT INFORMATION
Kemira's organization consists of three reportable segments: Water Solutions, Packaging &
Hygiene Solutions and Fiber Essentials.
Water Solutions
Water Solutions offers a wide range of innovative solutions to optimize all stages of the water
treatment process, while safely achieving water quality targets and meeting constantly
tightening regulations. Water Solutions serves both municipal and industrial customers.
Kemira’s water treatment product portfolio mainly consists of coagulants and polymers which
play a critical role in enabling resource-efficient operations at our customers’ sites.
Packaging & Hygiene Solutions
Packaging & Hygiene Solutions business unit specializes in innovative and sustainable fiber-
based solutions that support customers in transitioning to a circular economy by replacing
plastics with fiber. Through close collaboration with its customers, Kemira continuously
develops new solutions that meet requirements for strength, stiffness, weight and overall
quality.
Fiber Essentials
Fiber Essentials has unique expertise in applying chemicals and in supporting pulp producers
in innovating and constantly improving their operational efficiency as well as end-product
performance and quality. Fiber Essentials develops and commercializes new product
concepts to meet the needs of its customers, thus ensuring a leading portfolio of products
and services for bleached pulp.
Changes in segment reporting
In 2024, Kemira’s business was organized into two reportable segments: Pulp & Paper and
Industry & Water. On January 1, 2025, Kemira changed its operating model and segment
reporting. As result of these changes, Kemira's new operating model includes three
reportable segments: Water Solutions, Packaging & Hygiene Solutions and Fiber Essentials.
The first financial reporting based on the new operating model was the interim report for the
first quarter of 2025. Comparative information has been restated in accordance with the new
reportable segments.
ALTERNATIVE PERFORMANCE MEASURES
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 by Kemira management, such as revenue growth in local currencies,
excluding acquisitions and divestments (=organic growth), EBITDA, operative EBITDA,
operative EBIT, cash flow after investing activities and gearing provide useful information
about Kemira’s 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 from the
equivalent IFRS measures and should instead be read in conjunction with the most directly
comparable IFRS measures. Definitions of the key figures are disclosed in the section
Definitions of key figures.
INCOME STATEMENT ITEMS

2025, EUR million | Water Solutions | Packaging & Hygiene Solutions | Fiber Essentials | Group
Revenue ¹⁾ | 1,221.5 | 970.2 | 561.9 | 2,753.5
EBITDA ²⁾ | 243.8 | 98.7 | 143.3 | 485.8
Depreciation, amortization and impairments | -90.7 | -59.9 | -61.2 | -211.7
Share of the results of associates | 0.0 | -0.2 | 0.0 | -0.2
Operating profit (EBIT) ²⁾ | 153.1 | 38.9 | 82.1 | 274.1
Finance costs, net |  |  |  | -24.2
Profit before tax |  |  |  | 249.9
Income taxes |  |  |  | -55.8
Net profit for the period |  |  |  | 194.1

1) Revenue consists mainly of sales of products to external customers and there are no internal sales between the
segments.
2) Includes items affecting comparability.
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ITEMS AFFECTING COMPARABILITY IN EBITDA AND EBIT

2025, EUR million | Water Solutions | Packaging & Hygiene Solutions | Fiber Essentials | Group
Operative EBITDA | 262.9 | 115.9 | 145.7 | 524.6
Restructuring and streamlining programs |  |  |  | -28.0
Transaction and integration expenses in acquisitions |  |  |  | -9.2
Divestment of businesses and other disposals |  |  |  | -2.5
Other items |  |  |  | 1.0
Total items affecting comparability | -19.1 | -17.2 | -2.4 | -38.7
EBITDA | 243.8 | 98.7 | 143.3 | 485.8
Operative EBIT | 183.9 | 56.0 | 84.5 | 324.4
Items affecting comparability in EBITDA | -19.1 | -17.2 | -2.4 | -38.7
Items affecting comparability in depreciation, amortization and impairments | -11.7 | 0.1 | 0.0 | -11.6
Operating profit (EBIT) | 153.1 | 38.9 | 82.1 | 274.1

Quarterly information on items affecting com parability is disclosed in the section on Reconciliation of IFRS figures.
BALANCE SHEET ITEMS

2025, EUR million | Water Solutions | Packaging & Hygiene Solutions | Fiber Essentials | Group
Segment assets | 1,030.4 | 650.3 | 803.4 | 2,484.1
Reconciliation to total assets as reported in the Group balance sheet: |  |  |  |
Other shares |  |  |  | 221.1
Deferred income tax assets |  |  |  | 30.6
Other investments |  |  |  | 6.1
Defined benefit pension receivables |  |  |  | 123.6
Other assets |  |  |  | 26.1
Cash and cash equivalents |  |  |  | 242.3
Assets classified as held-for-sale |  |  |  | —
Total assets |  |  |  | 3,133.8
Segment liabilities | 176.2 | 147.1 | 94.3 | 417.6
Reconciliation to total liabilities as reported in the Group balance sheet: |  |  |  |
Interest-bearing non-current financial liabilities |  |  |  | 642.5
Interest-bearing current financial liabilities |  |  |  | 105.9
Other liabilities |  |  |  | 271.8
Liabilities classified as held-for-sale |  |  |  | —
Total liabilities |  |  |  | 1,437.7

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OTHER ITEMS

2025, EUR million | Water Solutions | Packaging & Hygiene Solutions | Fiber Essentials | Group
Capital employed by segments on Dec 31 | 854.2 | 503.3 | 709.1 | 2,066.5
Capital employed by segments ²⁾ | 735.0 | 517.1 | 719.5 | 1,972.0
Operative ROCE, % | 25.0 | 10.8 | 11.8 | 16.5
Capital expenditure | 241.6 | 40.7 | 62.4 | 344.8
Cash flow after investing activities ³⁾ | 30.0 | 6.8 | 107.8 | 82.5

2) 12-month rolling average.
3) Cash flows related to financing items and taxes have not been addressed to segments.
INCOME STATEMENT ITEMS

2024, EUR million | Water Solutions | Packaging & Hygiene Solutions | Fiber Essentials | Group
Revenue ¹⁾ | 1,301.4 | 1,058.5 | 588.2 | 2,948.1
EBITDA ²⁾ | 268.2 | 124.1 | 158.4 | 550.7
Depreciation, amortization and impairments ²⁾ | -67.4 | -60.9 | -59.1 | -187.4
Share of the results of associates | 0.0 | 0.3 | 0.0 | 0.3
Operating profit (EBIT) ²⁾ | 200.8 | 63.1 | 99.3 | 363.2
Finance costs, net |  |  |  | -26.9
Profit before tax |  |  |  | 336.3
Income taxes |  |  |  | -73.6
Net profit for the period |  |  |  | 262.7

1) Revenue consists mainly of sales of products to external customers and there are no internal sales between the
segments.
2) Includes items affecting comparability.
ITEMS AFFECTING COMPARABILITY IN EBITDA AND EBIT

2024, EUR million | Water Solutions | Packaging & Hygiene Solutions | Fiber Essentials | Group
Operative EBITDA, O&G divestment adjusted ³⁾ | 279.1 | 136.3 | 166.7 | 582.1
O&G divestment adjustment | 3.3 | 0.0 | 0.0 | 3.3
Operative EBITDA | 282.3 | 136.3 | 166.7 | 585.4
Restructuring and streamlining programs |  |  |  | -12.5
Transaction and integration expenses in acquisitions |  |  |  | -0.2
Divestment of businesses and other disposals |  |  |  | -21.8
Other items |  |  |  | -0.2
Total items affecting comparability | -14.1 | -12.3 | -8.4 | -34.8
EBITDA | 268.2 | 124.1 | 158.4 | 550.7
Operative EBIT, O&G divestment adjusted ³⁾ | 211.7 | 76.1 | 107.7 | 395.5
O&G divestment adjustment | 3.2 | 0.0 | 0.0 | 3.2
Operative EBIT | 214.9 | 76.1 | 107.7 | 398.7
Items affecting comparability in EBITDA | -14.1 | -12.3 | -8.4 | -34.8
Items affecting comparability in depreciation, amortization and impairments | 0.0 | -0.7 | 0.0 | -0.7
Operating profit (EBIT) | 200.8 | 63.1 | 99.3 | 363.2

3) The figures for the comparison year 2024 have been adjusted because Kemira divested its Oil & Gas (O&G)-related
portfolio on February 2, 2024. The figures adjusted for the Oil & Gas divestment reflect the underlying business
performance of Kemira's Water Solutions, Packaging & Hygiene Solutions and Fiber Essentials segments after the
divestment. Kemira's management follows the Oil & Gas divestment adjusted figures.
Quarterly information on items affecting comparability is disclosed in the section Reconciliation of IFRS figures.
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BALANCE SHEET ITEMS

2024, EUR million | Water Solutions | Packaging & Hygiene Solutions | Fiber Essentials | Group
Segment assets | 834.2 | 733.0 | 790.0 | 2,357.2
Reconciliation to total assets as reported in the Group balance sheet: |  |  |  |
Other shares |  |  |  | 270.5
Deferred income tax assets |  |  |  | 31.5
Other investments |  |  |  | 6.4
Defined benefit pension receivables |  |  |  | 115.7
Other assets |  |  |  | 80.4
Cash and cash equivalents |  |  |  | 519.2
Assets classified as held-for-sale |  |  |  | 9.9
Total assets |  |  |  | 3,381.0
Segment liabilities | 196.4 | 208.0 | 68.9 | 473.3
Reconciliation to total liabilities as reported in the Group balance sheet: |  |  |  |
Interest-bearing non-current financial liabilities |  |  |  | 547.1
Interest-bearing current financial liabilities |  |  |  | 263.6
Other liabilities |  |  |  | 281.6
Liabilities classified as held-for-sale |  |  |  | 12.0
Total liabilities |  |  |  | 1,577.5

OTHER ITEMS

2024, EUR million | Water Solutions | Packaging & Hygiene Solutions | Fiber Essentials | Group
Capital employed by segments on Dec 31 | 637.8 | 525.0 | 721.1 | 1,883.9
Capital employed by segments ¹⁾ | 633.5 | 556.9 | 729.8 | 1,920.2
Operative ROCE, % | 33.9 | 13.7 | 14.8 | 20.8
Capital expenditure | 71.3 | 40.1 | 59.1 | 170.5
Cash flow after investing activities ²⁾ | 328.9 | 99.0 | 103.3 | 411.8

1) 12-month rolling average.
2) Cash flows related to financing items and taxes have not been addressed to segments.
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INFORMATION ABOUT GEOGRAPHICAL AREAS:
REVENUE BY GEOGRAPHICAL AREA BASED ON CUSTOMER LOCATION

EUR million | 2025 | 2024
Finland, domicile of the parent company | 345.4 | 368.6
Other Europe, Middle East and Africa | 1,147.7 | 1,174.6
Americas | 1,013.1 | 1,113.0
Asia Pacific | 247.4 | 291.8
Total | 2,753.5 | 2,948.1

NON-CURRENT ASSETS BY GEOGRAPHICAL AREA

EUR million | 2025 | 2024
Finland, domicile of the parent company | 781.0 | 772.1
Other Europe, Middle East and Africa | 490.0 | 460.4
Americas | 615.0 | 526.2
Asia Pacific | 126.0 | 154.4
Total | 2,011.8 | 1,913.2

Information about major customers
The Group has several significant customers. No more than 10% of the Group's revenue was
accumulated from any single external customer in 2025 or in 2024.
The Group's accounting policies
Segment reporting
Segment information is presented in a manner consistent with the Group’s internal
organizational and reporting structure. Kemira's management evaluates the performance of
the segments based on operative EBITDA and operative EBIT, among other factors. Assets
and liabilities dedicated to a particular segment’s operations are included in that segment’s
total assets and liabilities. Segment assets include property, plant and equipment, intangible
assets, right-of-use assets, investments in associates, inventories and certain current non-
interest-bearing receivables. Segment liabilities include certain current non-interest-bearing
l iabilities. Geographically, Kemira’s operations are divided into three busine ss regions:
Europe, the Middle East and Africa (EMEA), the Americas and Asia Pacific (APAC).
Revenue recognition
IFRS 15 standard establishes a single comprehensive model for entities to use in accounting
for revenue arising from contracts with customers. The core principle is that an entity should
recognize revenue to depict the transfer of promised goods or services to customers to an
amount that reflects the consideration to which the Group expects to be entitled in
exchange for those goods or services. The Group recognizes revenue when (or as) a
performance obligation is satisfied, i.e. when ‘control’ of the good or service underlying the
particular performance obligation is transferred to the customer.
The Group's revenue consists mainly of contract types that include sales of chemical
products as well as services and equipment which are related to sales of these chemical
products. In 2025 and 2024, services have not formed a significant part of the Group's
revenue.
Revenue recognition occurs at the point when the control of the products is transferred to
the customer. Generally, in the Group's sales agreements, control is transferred to the
customer based on delivery terms and the revenue is recognized at a point in time.
The Group provides delivery and handling services in conjunction with the sale of chemical
products to customers. The delivery and handling services are recognized at the same time
as revenue from products and they are not treated as a separate performance obligation.
Kemira recognizes the sale of products and the delivery and handling services for the same
reporting period.
Discounts provided to customers are not a significant component of the sales price in
Kemira’s sales contracts.
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2.2 OTHER OPERATING INCOME AND EXPENSES
OTHER OPERATING INCOME

EUR million | 2025 | 2024
Gains on the sale of non-current assets | 0.2 | 0.1
Rental income | 0.4 | 0.6
Services | 0.8 | 1.0
Other income from operations ¹⁾ | 3.1 | 0.4
Total | 4.5 | 2.1

1) In 2025, other income from operations consists mainly of insurance compensations related to an i ncident at the
Europoort manufacturing plant in the Netherlands.
OPERATING EXPENSES

EUR million | 2025 | 2024
Materials and supplies ²⁾ | 1,314.1 | 1,422.9
Employee benefit expenses | 410.6 | 431.9
External services and other expenses ³⁾ ⁴⁾ | 350.3 | 340.9
Freights and delivery expenses | 196.9 | 204.1
Total | 2,272.0 | 2,399.8

2 ) In 2025, materials and supplies included EUR 8.8 million (4.7) in government grants for energy intensive industry in
several European countries.
3) Includes equipment costs, travel expenses, leases, office related expenses, insurance, consulting and other
operational expenses.
4) In 2025, other operating expenses included research and development expenses of EUR 35.3 million (33.7), including
government grants received. Government grants received f or R&D were EUR 0.3 million (0.4). The extent of the grants
received reduces the research and development expenses.
EMPLOYEE BENEFIT EXPENSES

EUR million | Note | 2025 | 2024
Wages, salaries and emoluments |  |  |
Wages and salaries ⁵⁾ |  | 312.2 | 322.5
Share-based payments | 2.3. | 6.8 | 12.5
Total |  | 319.0 | 335.0
Indirect employee benefit expenses |  |  |
Expenses for defined benefit pension plans and employee benefits | 4.5. | 1.9 | 1.7
Pension expenses for defined contribution plans |  | 33.1 | 34.3
Other employee benefit costs |  | 56.7 | 60.9
Total |  | 91.7 | 96.9
Total employee benefit expenses |  | 410.6 | 431.9

5) Includes emoluments of Kemira Oyj's CEO and the Board of Directors.
The salaries and fees of Kemira Oyj's CEO and members of the Board of Directors are
disclosed in Note 6.1.
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NUMBER OF PERSONNEL

| 2025 | 2024
Average number of personnel by geographical area |  |
Europe, Middle East and Africa | 2,585 | 2,542
Americas | 1,306 | 1,271
Asia Pacific | 919 | 933
Total | 4,810 | 4,746
Personnel in Finland, average | 831 | 818
Personnel outside Finland, average | 3,979 | 3,928
Total | 4,810 | 4,746
Number of personnel on Dec 31 ¹⁾ | 4,911 | 4,698

1) In 2025, the increase in the number of personnel is mainly due to the acquisition of Water Engineering Inc. in the United
States. See Note 3.6. for further details regarding the acquisitions.
AUDITOR'S FEES AND SERVICES

EUR million | 2025 | 2024
Audit fees | 1.7 | 1.7
Sustainability reporting assurance fees | 0.1 | 0.1
Tax services | 0.1 | 0.1
Other services | 0.1 | 0.1
Total | 2.0 | 2.0

Ernst & Young Oy acts as the principal auditor for Kemira Group.
The Group's accounting policies
Government grants
Government grants for investments are recognized as a deduction from the carrying amount
of PP&E. The grants are recognized in the income statement as smaller depreciation over
the asset’s useful life. Government grants for research activities are recognized as a
deduction from expenses. Certain other grants are recognized either as a deduction from
expenses or as other income from operations.
Research and developments costs
Research and development costs are recognized as an expense as incurred. Development
costs are capitalized as intangible assets when it can be shown that a development project
will generate a probable future economic benefit and the costs attributable to the
development project can be measured reliably. Capitalized development costs include
material, labor and testing costs, as well as any capitalized borrowing costs that are directly
attributable to bringing the asset ready for its intended use. Other development costs that
do not meet these criteria are recognized as an expense as incurred. Development costs
previously recognized as an expense are not recognized as an asset in the subsequent
periods.
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2.3 SHARE-BASED PAYMENTS
Share incentive plans 2019–2023
In December 2018, the Board of Directors of Kemira Oyj decided to establish a long-term
share incentive plan for 2019–2023. The long-term share incentive plan was directed towards
a group of key employees. This was composed of two one-year performance periods for the
years 2019 and 2020 and three three-year performance periods for the years 2019–2021,
2020–2022 and 2021–2023.The Board decided on the plan’s performance criteria and the
targets for each criterion at the beginning of each performance period.
The rewards for the performance periods have been paid partly in Kemira Oyj's shares and
partly in cash. The cash proportion is intended to cover taxes and tax-related costs arising to
the participant from the reward. As a rule, no reward has been paid if a participant's
employment or service has ended before the reward payment. The shares paid as a reward
may not be transferred during the restriction period, which ends two years after the end of
the performance period. If a participant's employment or service has ended during the
restriction period, the participant has, as a rule, gratuitously returned the shares given as a
reward, without consideration. The restriction period only applies to the one-year
performance period.
Share incentive plans 2022–2026
In December 2021, the Board of Directors of Kemira Oyj decided to establish a long-term share
incentive plan directed to a group of key employees at Kemira. The long-term share incentive
plan includes three three-year performance periods: years 2022–2024, 2023–2025 and 2024–
2026. The Board shall decide on the plan’s performance criteria and on the required
performance levels for each criterion at the beginning of each performance period. The Board
shall also decide on the plan’s participants and on share allocations at the beginning of each
performance period.
The potential reward is paid partly in Kemira Oyj's shares and partly in cash. The cash portion
is intended to cover taxes and tax-related costs arising to the participant from the reward. As
a rule, no reward will be paid if a participant's employment or service ends before the reward
payment.
Share incentive plans 2025–2029
In December 2024, the Board of Directors of Kemira Oyj decided to establish a long-term
share incentive plan directed to a group of key employees at Kemira. The aim of the plan is to
combine the objectives of the shareholders and the persons participating in the plan to
increase the value of Kemira, to commit the participants to Kemira and to offer them a
competitive reward plan. The long-term share incentive plan includes three three-year
performance periods: years 2025–2027, 2026–2028 and 2027–2029.
The Board shall decide on the plan’s performance criteria and on the required performance
levels for each criterion at the beginning of each performance period. The Board shall also
decide on the plan’s participants and on share allocations at the beginning of each
performance period.
The potential reward is to be paid partly in Kemira shares and partly in cash. The cash portion
covers taxes and tax-related costs arising to the participant from the reward. As a rule, no
reward will be paid if a participant's employment or service ends before the reward payment.
Restricted Share Plan
In December 2023, the Board of Directors of Kemira Oyj also decided to establish a restricted
share plan. In particular, the Restricted Share Plan can be used as a commitment instrument
in specific executive recruitment situations. The terms allow for the plan to be used with
careful consideration in retention situations also.
The restricted share plan is continuous. The Board will approve, for each calendar year, an
annual quota of shares which can be granted within a respective year under the RSP. The
annual quota shall mean a net number of shares together with a cash proportion required to
cover all taxes. The total amount of shares offered during the year cannot exceed the
respective quota approved by the Board.
The plan offers participants the opportunity to receive a predetermined number of company
shares, after a specific restriction period which can vary from twelve (12) to forty (40) months,
with a decision by the Board of Directors. No earnings criteria are applied to the restricted
share plan and the delivery of the share reward is subject to the continuation of employment.
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The maximum aggregated amount of shares that may be granted under the Restricted Share
Plan in year 2024 is 70,000 Kemira shares. In addition, a cash proportion intended to cover the
taxes and tax-related costs arising from the reward is included. No persons were under the
plan during 2024. The maximum amount of shares that may be granted under the Restricted
Share Plan in year 2025 is 96,090 Kemira shares (referring to gross earnings before the
withholding of the applicable payroll tax). In 2025, the Restricted Share Plan covers 3 persons.
Share incentive plans 2026–2028
Participation in the long-term share incentive plan’s performance period 2026–2028 is
directed to approximately 90 people. Should the performance targets set for the PSP 2026–
2028 be fully achieved, the maximum number of shares to be paid is approximately 1 034,902
shares (referring to gross earnings before the withholding of the applicable payroll tax).

Share incentive plan | 2021-2023 | 2022-2024 | 2023-2025 | 2024-2026 | 2025-2027 3)
Performance period (calendar year) | 2021-2023 | 2022-2024 | 2023-2025 | 2024-2026 | 2025-2027
Issue year of shares | 2024 | 2025 | 2026 | 2027 | 2028
Share price at the grant date | 12.57 | 13.32 | 14.58 | 16.87 | 19.20
Number of delivered shares from the plans | 468,437 | 451,000 | — | — | —
Estimated number of shares to be delivered on December 31, 2025 | — | — | 315,017 | 320,547 | 77,623
Number of participants on December 31, 2025 | — | — | 74 | 84 | 75
Performance criteria | ¹⁾ | ¹⁾ | ²⁾ | ²⁾ | ²⁾

1) Intrinsic value and organic growth-%. Intrinsic value is defined as follows: operative EBITDA * 8 - net debt.
2) ROCE-%, average organic revenue growth-%, Kemira CO 2 emission reduction from Scope 1 & 2 and revenue growth of
renewable products.
3) Gross-based share incentive plan.
The Board recommends that a member of the Group Leadership Team shall own such a
number of the Company’s shares that the total value of his or her shareholding corresponds
to the value of his or her annual gross salary, for as long as the membership continues. The
Board further recommends that a member of the Group Leadership Team shall hold at least
50 per cent of the number of shares given on the basis of this plan, even after a possible
reward payout, until his or her shareholding in total corresponds to the value of his or her
annual gross salary.
THE EFFECT OF SHARE-BASED PAYMENTS ON OPERATING PROFIT

EUR million | Note | 2025 | 2024
Rewards provided in shares |  | 3.0 | 5.5
Rewards provided in cash |  | 3.8 | 7.0
Total | 2.2. | 6.8 | 12.5

The Group's accounting policies
Share-based payments
The Group has equity-settled share-based incentive plans under which the Group receives
services from persons as consideration for share-based rewards. The potential rewards for
these services are provided to the person partly in shares and partly in cash. The Group's
share incentive plan includes persons in several different countries where the Group is
obliged under local tax laws or regulations to pay the tax liability to the tax authorities on
behalf of a person in cash. The Group's share-based incentive plans have been entirely
classified as an equity-settled transaction.
The rewards granted on the basis of a share-based arrangement are recognized as
personnel expenses in the income statement and in equity. The expense is recognized on a
straight-line basis over the vesting period, which is the period over which the specified
vesting conditions are to be satisfied.
The fair value of the share awards has been determined at the grant date minus the
estimated expected dividends that will not be received during the vesting period. The fair
value of the rewards is based on the Group's estimate of the number of shares to which the
right is expected to be vested at the end of the vesting period. The estimate of the number
of shares is reviewed at each balance sheet date. The potential effect of revisions to
estimates is recognized as a personnel expense in the income statement, with the
corresponding fair value adjustment made to equity.
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2.4 DEPRECIATION, AMORTIZATION AND IMPAIRMENTS

EUR million | 2025 | 2024
Amortization of intangible assets and depreciation of property, plant and equipment |  |
Other intangible assets ¹⁾ | 22.9 | 17.8
Buildings and constructions | 25.2 | 23.9
Machinery and equipment | 110.6 | 105.0
Other tangible assets | 7.2 | 6.8
Total | 165.8 | 153.5
Depreciations of right-of-use assets |  |
Land | 1.7 | 1.9
Buildings and constructions | 9.6 | 9.1
Machinery and equipment | 22.6 | 21.8
Other tangible assets | 0.5 | 0.5
Total | 34.5 | 33.3
Impairments of intangible assets and property, plant and equipment ²⁾ |  |
Goodwill | 0.0 | 0.0
Buildings and constructions | 0.5 | 0.0
Machinery and equipment | 4.7 | 0.0
Other tangible assets | 0.0 | 0.7
Total | 5.2 | 0.7
Impairments of right-of-use assets ²⁾ |  |
Land | 6.2 | 0.0
Machinery and equipment | 0.1 | 0.0
Total | 6.3 | 0.0
Total depreciation, amortization and impairments | 211.7 | 187.4

1) Amortization of intangible assets related to business acquisitions amounted to EUR 9.2 million (5.8) during the financial
year 2025 .
2) In 2025, impairments are related to the closure of Teesport manufacturing facility in the United Kingdom. In 2024,
impairments are related to the closure of a manufacturing site in Vancouver, Canada.
Goodwill impairment tests are disclosed in Note 3.1. Goodwill.
The Group's accounting policies
Depreciation/amortization
Depreciation/amortization is calculated on a straight-line basis over the asset’s estimated
useful life. Land is not depreciated. The most commonly applied depreciation/amortization
periods included in the Group’s accounting policies are presented in the following table.

Depreciation of property, plant and equipment and amortization of intangible assets in years
Buildings and constructions | 20-40
Machinery and equipment | 3-15
Development costs | a maximum of 8 years
Customer relationships | 5-7
Technologies | 5-10
Non-compete agreements | 3-5
Other intangible assets | 5-10
Right-of-use assets | during a lease term

Depreciation/amortization of an asset begins when it is available for use and ceases at the
moment when the asset is classified under IFRS 5 as held for sale or it is included in the
disposal group.
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2.5 FINANCE INCOME AND EXPENSES

EUR million | 2025 | 2024
Finance income |  |
Dividend income | 0.4 | 0.0
Interest income |  |
Interest income from loans and receivables | 12.9 | 15.9
Interest income from financial assets at fair value through profit or loss | 1.8 | 2.3
Other finance income | 0.0 | 0.0
Total | 15.1 | 18.2
Finance expense |  |
Interest expenses |  |
Interest expenses from other liabilities | -23.6 | -28.8
Interest expenses from financial liabilities at fair value through profit or loss | -1.7 | -1.8
Interest expenses from lease liabilities | -8.7 | -7.8
Other finance expenses ¹⁾ | -2.8 | -4.6
Total | -36.8 | -43.0
Exchange differences |  |
Exchange differences from financial assets and liabilities at fair value through profit or loss | 5.0 | -2.0
Exchange differences, other | -7.5 | -0.1
Total | -2.5 | -2.1
Total finance income and expenses | -24.2 | -26.9
Net finance expenses as a percentage of revenue, % | 0.9 | 0.9
Net interest as a percentage of revenue, % | 0.7 | 0.7

EUR million | 2025 | 2024
Change in Consolidated Statement of Comprehensive Income from hedge accounting instruments |  |
Cash flow hedge accounting: amount recognized in the Consolidated Statement of Comprehensive Income ²⁾ | 3.8 | -14.1
Total | 3.8 | -14.1
Exchange differences |  |
Realized | -1.2 | 0.2
Unrealized | -1.3 | -2.3
Total | -2.5 | -2.1

1) Includes EUR 1.1 million (1.4) of arrangement fees relating to loans in 2025.
2) Consists mostly of changes in the fair value of derivatives under hedge accounting treatment.
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2.6 INCOME TAXES

EUR million | 2025 | 2024
Current taxes | -43.6 | -70.5
Taxes for prior years | 1.1 | -3.0
Change in deferred taxes | -13.3 | 0.0
Total | -55.8 | -73.6

RECONCILIATION BETWEEN TAX EXPENSE AND TAX CALCULATED AT
DOMESTIC TAX RATE

EUR million | 2025 | 2024
Profit before tax | 249.9 | 336.3
Tax at parent company's tax rate 20% | -50.0 | -67.3
Foreign subsidiaries' different tax rate | -3.7 | -3.8
Non-deductible expenses and tax-exempt profits | -1.6 | -0.4
Share of profit or loss of associates | 0.0 | 0.1
Tax losses during the period without deferred tax | -0.1 | -0.1
Tax for prior years | 1.1 | -3.0
Effect of change in tax rates | 0.0 | 0.0
Utilization of prior years' tax losses with no deferred tax | 0.6 | 0.6
Changes in deferred taxes | -2.1 | 0.4
Income taxes in the Income Statement | -55.8 | -73.6

In 2025 , the effective tax rate of the Group was 22.3% (21.9% ).
TAX LOSSES AND RELATED DEFERRED TAXES

| Tax losses carried forward | Recognized deferred taxes | Unrecognized deferred taxes
EUR million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
Expiry within 5 years | 23.5 | 26.2 | 4.0 | 4.1 | 1.5 | 2.0
Expiry after 5 years | 4.2 | 24.1 | 0.7 | 3.5 | 0.0 | 2.2
No expiry | 42.0 | 33.9 | 6.2 | 5.8 | 6.4 | 5.0
Total | 69.6 | 84.2 | 10.9 | 13.4 | 7.9 | 9.2

At the end of 2025 , the subsidiaries had EUR 23.8 million ( 32.3 ) of tax losses, of which no
deferred tax benefits have been recognized. The subsidiaries' tax losses are incurred in
different currencies and borne mainly in China and Brazil .
Pillar 2 – Global Minimum Tax
Kemira Group is within the scope of the OECD Pillar 2 Global Minimum Tax rules. Pillar 2
legislation has been enacted in several jurisdictions in which Kemira operates. Kemira applies
the temporary exception introduced in the amendments to IAS 12 Income Taxes and therefore
does not recognize deferred tax assets or liabilities related to Pillar 2 top‑up taxes. The Group
has centralized processes, governance structures and analysis tools to assess the impact of
the transitional safe harbor rules as well as to perform GloBE calculations in accordance with
the OECD model rules and the related administrative guidance.
For the financial year 2024, all jurisdictions met the transitional safe harbor criteria except
one. A full GloBE calculation was prepared for that jurisdiction and the Group recognized a
Pillar 2 previous‑year tax expense of EUR 0.8 million relating to Uruguay. For the financial year
2025, based on the Group’s assessment of jurisdictional effective tax rates, applicable safe
harbor provisions and minimum tax rules enacted at the domestic level, no material top‑up
tax is expected to arise in any jurisdiction.
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The Group's accounting policies
Income taxes
The Group’s tax expense for the period comprises current tax, adjustments from prior tax
periods and deferred tax. Tax is recognized in the income statement, except where it relates
to items recognized in other comprehensive income or directly in equity. In this case, the tax
is also recognized in other comprehensive income or directly in equity.
The current income tax charge is calculated based on tax laws enacted or substantively
enacted on the balance sheet date in the countries where the parent company and its
subsidiaries and associated companies operate and generate taxable income.
The items in the financial statements that include significant accounting
estimates and accounting policies that require judgment
Deferred taxes and uncertain tax positions
The management regularly evaluates the positions taken in the tax returns, to identify
situations where the applicable tax regulation may be subject to interpretation. The
management also evaluates other potential uncertainties related to the tax positions
identified in tax audits or tax disputes. Taxes of uncertain tax positions are recognized based
on estimated outcome and probability.
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2.7 EARNINGS PER SHARE

| 2025 | 2024
Earnings per share, basic |  |
Net profit attributable to equity owners of the parent company, EUR million | 181.2 | 249.4
Weighted average number of shares ¹⁾ | 153,051,573 | 153,920,990
Basic earnings per share, EUR | 1.18 | 1.62
Earnings per share, diluted |  |
Net profit attributable to equity owners of the parent company, EUR million | 181.2 | 249.4
Weighted average number of shares ¹⁾ | 153,051,573 | 153,920,990
Adjustments: |  |
Average number of treasury shares it is possible to be issued on the basis of the share-based payments | 952,287 | 1,312,591
Weighted average number of shares for diluted earnings per share | 154,003,860 | 155,233,581
Diluted earnings per share, EUR | 1.18 | 1.61

1) Weighted average number of shares outstanding, excluding the number of treasury shares held by Kemira Oyj.
The Group's accounting policies
Earnings per share
The basic earnings per share is calculated by dividing the profit attributable to the equity
owners of the parent company by the weighted average number of shares issued during the
period, excluding treasury shares held by parent company Kemira Oyj. The diluted earnings
per share is calculated by adjusting the weighted average number of ordinary shares with
the dilutive effect of all the potential dilutive shares, such as shares from share-based
payments.
2.8 OTHER COMPREHENSIVE INCOME

EUR million | 2025 | 2024
Items that may be reclassified subsequently to profit or loss |  |
Exchange differences on translating foreign operations | -59.2 | 7.5
Cash flow hedges | 4.6 | -15.0
Items that will not be reclassified subsequently to profit or loss |  |
Other shares | -49.4 | -34.9
Remeasurements of defined benefit plans | 20.5 | 16.6
Other comprehensive income for the period before taxes | -83.5 | -25.8
Tax effects relating to components of other comprehensive income | 8.7 | 2.2
Other comprehensive income for the period, net of tax | -74.8 | -23.6

THE TAX RELATING TO COMPONENTS OF OTHER COMPREHENSIVE
INCOME

| 2025 | 2024
EUR million | Before tax | Tax charge (-) /credit (+) | After tax | Before tax | Tax charge (-) /credit (+) | After tax
Items that may be reclassified subsequently to profit or loss |  |
Exchange differences on translating foreign operations | -59.2 | 3.9 | -55.3 | 7.5 | 0.2 | 7.7
Cash flow hedges | 4.6 | -0.8 | 3.8 | -15.0 | 0.9 | -14.1
Items that will not be reclassified subsequently to profit or loss |  |  |  |  |  |
Other shares | -49.4 | 9.9 | -39.5 | -34.9 | 7.0 | -27.9
Remeasurements of defined benefit plans | 20.5 | -4.3 | 16.2 | 16.6 | -5.9 | 10.7
Total other comprehensive income | -83.5 | 8.7 | -74.8 | -25.8 | 2.2 | -23.6

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3. Capital expenditures, acquisitions and divestments
3.1 GOODWILL

EUR Million |  | 2025 | 2024
Net book value on Jan 1 |  | 490.6 | 480.9
Acquisition of subsidiaries and business acquisitions ¹⁾ |  | 62.1 | 2.5
Impairments |  | 0.0 | 0.0
Exchange differences |  | -17.4 | 7.3
Net book value on Dec 31 |  | 535.3 | 490.6

1) In 2025, goodwill has increased due to the acquisition of the iron coagulant business from Thatcher Group (EUR 3
million) and the acquisition of Water Engineering Inc. (EUR 59 million) in the United States. See Note 3.6. for further
details regarding the acquisitions.
Impairment testing of goodwill
In 2025, the group's cash-generating units used for goodwill impairment testing were changed
to align with the new operating model’s business reporting. Comparative figures for 2024 have
been adjusted accordingly, to reflect the current structure of the cash-generating units.
Goodwill is allocated to the three individual cash-generating units that are the Group's
reportable segments. The reportable segments represent the lowest level within the Group at
which goodwill is monitored for internal management purposes. The Group’s three reportable
segments are Water Solutions, Packaging & Hygiene Solutions and Fiber Essentials. A
summary of the tested net book values and goodwill relating to the Group’s reportable
segments is presented in the following table.

| 2025 | 2024
EUR Million | Net book value | of which goodwill | Net book value | of which goodwill
Water Solutions | 854 | 192 | 638 | 137
Packaging & Hygiene Solutions | 503 | 106 | 525 | 116
Fiber Essentials | 709 | 238 | 721 | 238
Total | 2,066 | 535 | 1,884 | 491

The Group carries out its impairment testing of goodwill annually, or whenever there is an
indication that the recoverable amount may be less than its carrying amount. The recoverable
amounts of the cash-generating units have been determined based on value in use
calculations which require the use of estimates and assumptions. The key assumptions in the
value in use calculations are the EBITDA margin and the discount rate.
The long-term EBITDA margin assumption used for the impairment testing of goodwill is
based on past experience regarding EBITDA margins and also reflects the management's
perception of developments in sales prices and sales volumes during the forecast period. The
impact of climate-related risks to the Group's long-term performance has been considered in
the cash flow forecasts. The cash flow forecasts used in the impairment testing are based on
cash flow forecasts approved by the management, covering a five-year horizon. The expected
growth used to extrapolate cash flows in the subsequent five-year forecast period was
assumed to be 1% (2024: 1%) in all cash-generating units; Water Solutions, Packaging &
Hygiene Solutions and Fiber Essentials.
The discount rates applied were based on the Group's adjusted Weighted Average Cost of
Capital (WACC) before taxes. The risk-adjusted WACC rate was defined for all cash-generating
units. The pre-tax discount rates used in performing the impairment tests of the Group's
reportable segments are presented in the following table.

% | 2025 | 2024
Water Solutions | 9.5 | 9.0
Packaging & Hygiene Solutions | 9.5 | 9.0
Fiber Essentials | 9.5 | 9.0

In addition, an impairment test based on market value has been carried out as part of
impairment testing. The value in use calculation based on cash flow forecasts has been
validated by comparing it against the quoted market value of Kemira Oyj.
During the financial years 2025 and 2024, the impairment tests have not indicated any
impairment and no impairment loss has been recognized in the income statement.
Sensitivity analysis
In 2025, as part of the impairment testing, the Group carried out a sensitivity analysis that
assessed key changes in assumptions as follows: a decrease of 2 percentage points in EBITDA
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margin, a decrease of 10% in estimated cash flow during the forecast period or an increase of
1 and 2 percentage points in the discount rates.
Based on the sensitivity analyses carried out, management has estimated that changes in the
key assumptions of EBITDA margins, discount rates and cash flows would not result in the
cash-generating units carrying amounts exceeding the recoverable amounts and,
consequently, there would be no impairment losses recorded in the reportable segments.
The Group's accounting policies
Goodwill
Goodwill arises from business combinations. Goodwill represents the excess of the
consideration transferred, the amount of any non-controlling interest in the acquiree and
the acquisition-date fair value of any previous equity interest in the acquiree over the fair
value of the identifiable net assets acquired. Goodwill is measured at cost less the
accumulated impairment losses.
Impairment testing
On each balance sheet date, the Group assesses whether there is any indication of an
asset’s impairment. If any indication of impairment exists, the recoverable amount of the
asset or of the cash-generating unit is calculated on the basis of the value in use or the net
selling price.
For the purpose of impairment testing goodwill, a cash-generating unit has been defined as
an operating segment. Two or more operating segments are not combined into one
reportable segment. The recoverable amount of a reportable segment is defined as its value
in use, which consists of the discounted future cash flows to the unit. Estimates of future
cash flows are based on the continuing use of an asset and on forecasts by the
management. Cash flow estimates do not include the effects of improved asset
performance, investments or future reorganizations.
Goodwill impairment is tested by comparing the recoverable amount with the carrying
amount for the reportable segments; Water Solutions, Packaging & Hygiene Solutions and
Fiber Essentials. The carrying amount includes goodwill, intangible assets and PP&E, right-
of-use assets and working capital. Other than goodwill, the Group does not have intangible
assets with indefinite useful lives. All goodwill has been allocated to the reportable
segments.
An impairment loss is recognized whenever the carrying amount of an asset or a cash-
generating unit exceeds its recoverable amount. Such an impairment loss is recognized in
the income statement. If there has been a positive change in the estimates used to
determine an asset's recoverable amount since the last impairment loss was recognized, an
impairment loss recognized for previous years is reversed only to the extent that the asset’s
carrying amount does not exceed the carrying amount that would have been determined if
no impairment loss had been recognized for the previous years. An impairment loss for
goodwill is never reversed.
The items in the financial statements that include significant accounting
estimates and accounting policies that require judgment
Impairment test of goodwill
The impairment tests of goodwill and other assets include determining future cash flows
which, with regard to the most significant assumptions, are based on EBITDA margin and
discount rates. Significant adverse developments in cash flows and interest rates may
necessitate the recognition of an impairment loss.
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3.2 OTHER INTANGIBLE ASSETS

| Other intangible assets |  |
2025, EUR million | Prepayments | Total
Acquisition cost on Jan 1 | 346.7 | 4.9 | 351.5
Additions | 7.2 | -1.0 | 6.2
Purchases of subsidiaries and business acquisitions ¹⁾ | 67.7 | 0.0 | 67.7
Decreases | -5.7 | 0.0 | -5.7
Reclassifications | 0.0 | 0.0 | 0.0
Exchange rate differences and other changes | -6.6 | -0.1 | -6.8
Acquisition cost on Dec 31 | 409.2 | 3.7 | 412.9
Accumulated amortization on Jan 1 | -307.2 |  | -307.2
Accumulated amortization relating to decreases and transfers | 5.7 |  | 5.7
Amortization during the financial year | -22.9 |  | -22.9
Impairments | 0.0 |  | 0.0
Exchange rate differences | 5.3 |  | 5.3
Accumulated amortization on Dec 31 | -319.1 |  | -319.1
Net book value on Dec 31 | 90.1 | 3.7 | 93.8
Emission rights |  |  | 0.2
Net book value including emission rights on Dec 31 |  |  | 94.1

1) Includes customer lists and non-compete agreements that were allocated to intangible assets from the acquisition of
the iron coagulant business from Thatcher Group and the acquisition of Water Engineering Inc. in the United States. See
Note 3.6. for further details regarding the transferred assets.
The Group holds assigned emissions allowances under the EU Emissions Trading System at its
Helsingborg site in Sweden and under the UK Emissions Trading System at its Bradford site in
the UK. At the Group level, the allowances showed a surplus of 106,672 tons of carbon dioxide
in 2025 (a surplus of 130,573 tons).

| Other intangible assets |  |
2024, EUR million | Prepayments | Total
Acquisition cost on Jan 1 | 334.5 | 3.4 | 337.9
Additions | 9.8 | 1.4 | 11.2
Purchases of subsidiaries and business acquisitions | 0.5 | 0.0 | 0.5
Decreases | -0.3 | 0.0 | -0.3
Reclassifications | 0.0 | 0.0 | 0.0
Exchange rate differences and other changes | 2.2 | 0.0 | 2.1
Acquisition cost on Dec 31 | 346.7 | 4.9 | 351.5
Accumulated amortization on Jan 1 | -287.4 |  | -287.4
Accumulated amortization relating to decreases and transfers | 0.0 |  | 0.0
Amortization during the financial year | -17.8 |  | -17.8
Impairments | 0.0 |  | 0.0
Exchange rate differences | -2.1 |  | -2.1
Accumulated amortization on Dec 31 | -307.2 |  | -307.2
Net book value on Dec 31 | 39.4 | 4.9 | 44.3
Emission rights |  |  | 0.3
Net book value including emission rights on Dec 31 |  |  | 44.5

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The Group's accounting policies
Other intangible assets
Other intangible assets include, for instance, software and software licenses and patents,
technologies, non-compete agreements and customer relationships acquired in business
combinations. Contrarily, acquisitions of cloud-based softwares as a service generally do
not, by their nature, meet the characteristics of an intangible asset and they are therefore
recognized as an expense. Intangible assets are measured at cost, less accumulated
amortization and any impairment losses. The Group has no intangible assets that have an
indefinite useful life other than goodwill.
Emission rights
Emission rights purchased on the market are accounted for as intangible assets, measured
at cost. Emission rights received free of charge are measured at their nominal value (zero).
Emission rights are not amortized. A provision for the fulfillment of the obligation to return
emission rights is recognized if the free-of-charge emissions are not sufficient to cover
actual emissions. The Group’s consolidated balance sheet shows no items related to
emission rights where the volume of actual emissions is lower than that of the free-of-
charge emissions allowances and the Group has not bought allowances on the market.
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3.3 PROPERTY, PLANT AND EQUIPMENT

2025, EUR million | Land | Buildings and constructions | Machinery and equipment | Other property, plant and equipment | Prepayments and assets under construction ¹⁾ | Total
Acquisition cost on Jan 1 | 35.7 | 571.8 | 1,803.9 | 101.2 | 109.4 | 2,622.1
Additions | — | 26.7 | 127.4 | 7.1 | 29.4 | 190.5
Acquisitions of subsidiaries and business acquisitions ²⁾ | — | — | 1.5 | 0.2 | — | 1.7
Decreases | — | -3.8 | -61.7 | -1.2 | — | -66.7
Disposed of subsidiaries | — | — | — | — | — | —
Transferred from assets classified as held-for-sale ³⁾ | — | 0.5 | 3.8 | — | 0.2 | 4.5
Reclassifications | — | -0.3 | 0.3 | — | — | —
Exchange rate differences and other changes | 0.2 | -20.2 | -63.5 | -3.8 | -4.1 | -91.5
Acquisition cost on Dec 31 | 35.9 | 574.7 | 1,811.7 | 103.4 | 134.9 | 2,660.6
Accumulated depreciation on Jan 1 | — | -296.2 | -1,299.3 | -62.1 |  | -1,657.6
Accumulated depreciation related to decreases and transfers | — | 3.8 | 61.5 | 1.2 |  | 66.4
Depreciation during the financial year | — | -25.2 | -110.6 | -7.2 |  | -142.9
Impairments ³⁾ | — | -0.5 | -4.7 | — |  | -5.2
Transferred from assets classified as held-for-sale ³⁾ | — | — | — | — |  | —
Exchange rate differences | — | 8.4 | 45.9 | 3.0 |  | 57.4
Accumulated depreciation on Dec 31 | — | -309.6 | -1,307.2 | -65.1 |  | -1,681.9
Net book value on Dec 31 | 35.9 | 265.1 | 504.4 | 38.3 | 134.9 | 978.7

1) Prepayment and non-current assets under construction are mainly composed of plant investments.
2) Includes items that were transferred to property, plant and equipment from the acquisition of Water Engineering Inc. in the United States. See Note 3.6. for further details regarding the transferred assets.
3) In 2025, the classification as held-for-sale assets has ended for property, plant and equipment related to the Teesport manufacturing facility in the United Kingdom. See Note 3.7. for further details regarding the held-for-sale assets.
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2024, EUR million | Land | Buildings and constructions | Machinery and equipment | Other property, plant and equipment | Prepayments and assets under construction ¹⁾ | Total
Acquisition cost on Jan 1 | 45.8 | 517.5 | 1,663.1 | 92.6 | 131.1 | 2,450.1
Additions | 0.1 | 47.6 | 121.3 | 9.5 | -22.4 | 156.0
Acquisitions of subsidiaries and business acquisitions | 0.0 | 0.0 | 0.2 | 0.0 | 0.0 | 0.2
Decreases | -9.9 | 0.0 | 0.0 | -2.4 | 0.0 | -12.4
Disposed of subsidiaries | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0
Transferred to assets classified as held-for-sale ²⁾ | 0.0 | -0.1 | -2.2 | 0.0 | 1.3 | -1.0
Reclassifications | 0.0 | -0.1 | 0.1 | 0.1 | 0.0 | 0.0
Exchange rate differences and other changes | -0.2 | 7.0 | 21.5 | 1.5 | -0.4 | 29.3
Acquisition cost on Dec 31 | 35.7 | 571.8 | 1,803.9 | 101.2 | 109.4 | 2,622.1
Accumulated depreciation on Jan 1 | -9.9 | -269.0 | -1,175.8 | -55.8 |  | -1,510.5
Accumulated depreciation related to decreases and transfers | 9.9 | 0.0 | 0.0 | 2.4 |  | 12.3
Depreciation during the financial year | 0.0 | -23.9 | -105.0 | -6.8 |  | -135.7
Impairments | 0.0 | 0.0 | 0.0 | -0.7 |  | -0.7
Transferred to assets classified as held-for-sale ²⁾ | 0.0 | 0.0 | 0.0 | 0.0 |  | 0.0
Exchange rate differences | 0.0 | -3.3 | -18.5 | -1.3 |  | -23.1
Accumulated depreciation on Dec 31 | 0.0 | -296.2 | -1,299.3 | -62.1 |  | -1,657.6
Net book value on Dec 31 | 35.7 | 275.6 | 504.7 | 39.1 | 109.4 | 964.5

1) Prepayment and non-current assets under construction are mainly composed of plant investments.
2) In 2024, an amount of EUR 1 million of property, plant and equipment was reclassified as held-for-sale assets related to the Teesport manufacturing facility in the United Kingdom. See Note 3.7. for further details regarding the held-for-sale
assets.
The Group's accounting policies
Property, plant and equipment
Property, plant and equipment is measured at cost, less accumulated depreciation and any
impairment losses. The residual values and useful lives of the assets are reviewed at least at
the end of each financial year. Gains and losses on the sale of non-current assets are
included in other operating income and expenses. Borrowing costs directly attributable to
the acquisition or construction of a qualifying asset are capitalized as part of the cost of
the asset in question, when it is probable that they will generate future economic benefits
and the costs can be reliably measured. The costs of major inspections or of the overhaul of
an asset performed at regular intervals are identified as separate components and are
capitalized and depreciated over their useful lives.
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3.4 LEASES
CHANGES IN RIGHT-OF-USE ASSETS

2025, EUR million | Land | Buildings and constructions | Machinery and equipment | Other property, plant and equipment | Total
Net book value Jan 1 | 27.8 | 31.1 | 71.8 | 1.0 | 131.8
Additions ¹⁾ | 5.3 | 48.5 | 26.1 | 0.1 | 80.0
Purchases of subsidiaries and business acquisitions ²⁾ | 0.0 | 2.1 | 2.1 | 0.0 | 4.1
Depreciation and impairments | -7.9 | -9.6 | -22.7 | -0.5 | -40.7
Transferred from assets classified as held-for-sale ³⁾ | 5.3 | 0.0 | 0.1 | 0.0 | 5.5
Reclassifications | 0.0 | 0.0 | 0.0 | 0.0 | 0.0
Exchange rate differences and other changes | -1.5 | -2.3 | -7.8 | 0.0 | -11.7
Net book value Dec 31 | 29.1 | 69.7 | 69.5 | 0.7 | 169.0

2024, EUR million | Land | Buildings and constructions | Machinery and equipment | Other property, plant and equipment | Total
Net book value Jan 1 | 25.8 | 29.4 | 66.5 | 1.3 | 123.0
Additions | 4.3 | 9.3 | 24.3 | 0.2 | 38.2
Purchases of subsidiaries and business acquisitions | 0.5 | 0.0 | 0.1 | 0.0 | 0.6
Depreciation and impairments | -1.9 | -9.1 | -21.8 | -0.5 | -33.3
Transferred to assets classified as held-for-sale ³⁾ | -1.5 | 0.0 | 0.0 | 0.0 | -1.5
Reclassifications | 0.0 | 0.0 | 0.0 | 0.0 | 0.0
Exchange rate differences and other changes | 0.6 | 1.5 | 2.6 | 0.0 | 4.7
Net book value Dec 31 | 27.8 | 31.1 | 71.8 | 1.0 | 131.8

1) In 2025, the 15-year lease of the R&I Center in Finland was recognized in the balance sheet as a right-of-use asset and lease liability in the amount of EUR 38 million.
2) Includes items that were transferred to right-of-use assets from the acquisition of Water Engineering Inc. in the United States. See Note 3.6. for further details regarding the transferred assets.
3) In 2025, the classification as held-for-sale assets has ended for right-of-use assets related to the Teesport manufacturing facility in the United Kingdom. See Note 3.7. for further details regarding the held-for-sale assets.
Maturity of lease liabilities has been presented in Note 5.3. Interest-bearing liabilities.
Changes in lease liabilities and payments related to lease liabilities have been presented in
Note 5.1. Capital Structure.
In 2025, the amount of lease expenses recognized in the income statement for leases of
short-term or low-value assets is EUR 3 million (4 ). Interest expenses from lease liabilities
have been presented in Note 2.5. Finance Income and Expenses.
The Group's accounting policies
Leases
At the time of entering into an agreement, the Group assesses whether the agreement is a
lease or whether it contains a lease. An agreement is a lease in accordance with IFRS 16 if
the agreement gives the Group, as the lessee, the right to control the asset and to control its
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use for a specified period, against consideration. The Group's leases are mainly for land,
buildings and transport equipment.
The lease is recognized as a right-of-use asset and as a corresponding liability when the
leased asset is available to the Group. The rent paid is divided into debt and interest
expenses. I nterest expenses are recognized in the income statement over the lease term
and the asset is amortized over the lease term. Assets and liabilities arising from leases are
initially measured at present value. Lease liabilities include the net fair value of rentals,
consisting of a fixed payment and a variable rent that are index- or price-level dependent.
The lease liability is discounted to its present value using an interest rate on the additional
loan, consisting of the reference interest rate and the lessee's credit margin, which the
lessee would pay on the acquisition of the corresponding asset by debt financing. This
additional loan rate will vary depending on the duration of the lease and on the currency.
The lease term is the period during which the lease cannot be canceled. The Group leases
typically have a fixed term and some contracts have options for renewal. The option is
included in the lease liability if it is reasonably certain that the option will be exercised. If
there is a change in the estimate of the exercise of the option, the lease liability and the
related asset are reassessed.
A right-of-use asset is measured at cost, which includes the original amount of the lease
liability. In building leases, the lease and non-lease components are treated separately,
wherever they can be identified and distinguished from the right-of-use asset. In
subsequent periods, the accumulated depreciation and impairment losses are deducted
from the asset. Fixed assets are tested for impairment in accordance with IAS 36
Impairment of Assets.
Payments for short-term and low-value leases are recognized as an expense in the income
statement, on a straight-line basis over the lease term. Leases with a maximum term of 12
months are regarded as short-term. Low value assets include IT equipment, office furniture
and other low value machines.
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3.5 OTHER SHARES

2025, EUR million | The shares of Pohjolan Voima Group | Other non-listed shares | Total
Net book value on Jan 1 | 269.0 | 1.5 | 270.5
Additions | — | — | —
Decreases | — | — | —
Change in fair value | -49.4 | — | -49.4
Net book value on Dec 31 | 219.6 | 1.5 | 221.1
2024, EUR million |  |  |
Net book value on Jan 1 | 303.9 | 1.4 | 305.4
Additions | — | 0.0 | 0.0
Decreases | — | — | —
Change in fair value | -34.9 | — | -34.9
Net book value on Dec 31 | 269.0 | 1.5 | 270.5

SHARES IN THE POHJOLAN VOIMA GROUP

EUR million | Class of shares | Holding, % | Class of assets | 2025 | 2024
Pohjolan Voima Oyj | A | 5 | hydro power | 107.1 | 119.6
Pohjolan Voima Oyj | B | 2 | nuclear power | 38.2 | 40.4
Pohjolan Voima Oyj | B2 | 7 | nuclear power | 0.0 | 30.3
Teollisuuden Voima Oyj | A | 2 | nuclear power | 73.5 | 77.8
Other Pohjolan Voima Oyj | G5, G6 | several | several | 0.8 | 0.8
Total |  |  |  | 219.6 | 269.0

Kemira Oyj owns 6 % of Pohjolan Voima Oyj, a company of the Pohjolan Voima Group, and 1 % of
its joint venture Teollisuuden Voima Oyj.
DISCOUNTED CASH FLOW ASSUMPTIONS AND RELATED SENSITIVITIES

| 2025 | 2024
Short-term discount rate | 4.8% | 4.7%
Long-term discount rate | 5.0% | 4.7%
Electricity price estimate EUR/MWh | 56.74 - 61.56 | 55.13 - 64.60
Forward electricity prices EUR/MWh | 26.35 - 57.29 | 29.45 - 70.90

A 10% decrease or increase in the electricity market price in the future would negatively or
positively impact the fair value of the shares by approximately EUR +/- 32 million (+/- 104). An
increase or decrease of one percentage point in the discount rate would negatively or
positively impact the fair value of the shares by approximately EUR - 30 million (-54) or
approximately EUR 44 million (80).
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The Group's accounting policies
Other shares
The Group has made the irrevocable election under IFRS 9 to present other shares at fair
value through other comprehensive income because the other shares are long-term and
strategic in nature and are not held for trading. Other shares include non-listed companies,
with the shareholdings in Pohjolan Voima Oyj (PVO) and Teollisuuden Voima Oyj (TVO)
representing the largest investments. Changes in the fair value of other shares are
recognized in other comprehensive income, under equity in the fair value reserve, taking the
tax effect into account and including gains and losses from sales. The dividends are
recognized in the profit or loss statement.
PVO and its joint venture TVO comprise a private energy generating group, owned by Finnish
manufacturing and power companies, to whom it supplies energy at cost. Kemira Group has
A series shares in TVO and A, B and G series shares in PVO. The shareholdings of PVO's B
series are related to the holdings in TVO and TVO operates three nuclear power plant units
(Olkiluoto 1, 2 and 3) in Olkiluoto, in the municipality of Eurajoki in Finland. Different share
series entitle the shareholder to electricity generated by different power plants. The owners
of each separate share series are responsible for the fixed costs of the series in question, in
proportion to the number of the shares they hold, regardless of whether they use their
power/energy share or not, and for variable costs in proportion to the amount of energy
used.
Kemira Oyj’s ownership in the PVO Group, which entitles it to electricity from the power
plants in regular production, is measured at the fair value based on the discounted cash flow
resulting from the difference between the market price of the electricity and the cost price.
The forward electricity price quotations for the Finnish price area, published by the Nordic
Electricity Exchange, have been used as the basis for the market price for the electricity for
the first five years and, thereafter, the development of the electricity price is to be based on
a fundamental simulation model of the Nordic electricity market. The impact of inflation in
the coming years is taken into account in the price of the electricity and in the cost prices.
The cost prices are determined by each share series. Future cash flows have been
discounted based on the estimated useful lifecycles of the plants related to each share
series and hydro power also includes terminal values. The discount rate has been calculated
using the annually determined average weighted cost of capital.
The items in the financial statements that include significant accounting
estimates and accounting policies that require judgment
Estimated fair value of shares in the PVO Group
The Group’s shareholding in the unlisted PVO Group is measured at fair value, based on the
discounted cash flow resulting from the difference between the market price of electricity
and the cost price, using the valuation model. Developments in the actual fair value may
differ from the estimated value due to factors such as electricity prices, inflation, the
forecast period or the discount rate.
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3.6 BUSINESS COMBINATIONS
2025: The acquisition of Water Engineering Inc. in the US
In Q4 2025, Kemira acquired Water Engineering, Inc., a company specialized in water
treatment services with its headquarters in Nebraska, USA.
The purchase price of the shares in cash is 126 million euros, of which an amount of 1 million
euros will be paid at a later date and the purchase price is subject to the usual purchase price
adjustments. The purchase price does not include any contingent consideration. Kemira’s
ownership interest in the acquired company is 97 percent and Water Engineering CEO remains
a minority shareholder with an ownership interest of 3 percent. The transaction includes a put
option relating to the redemption of the Water Engineering CEO’s minority interest. The
obligation related to the put option has been recognized as a financial liability on the balance
sheet.
Water Engineering is a leading provider of water treatment chemicals, consultation and
services, including analytics and testing, water management, legionella management and
water treatment equipment among others. Through its 14 facilities, the company serves a
diverse range of customers in sectors such as food & beverage, manufacturing and
healthcare and has a nationwide presence in the USA. The acquired company employs
approximately 180 people. The acquisition strengthens Kemira’s strategic position in the
North American market and also expands its capabilities in water treatment services.
The acquired Water Engineering Inc. company has been consolidated into Kemira’s
consolidated financial statements and Water Solutions segment in Q4, 2025. A preliminary
goodwill of EUR 59 million arises from entering a new market area and expected synergies. A
deferred tax asset of EUR 21.3 million has been recognized for tax‑deductible goodwill in
accordance with local tax legislation. In addition, a deferred tax liability of EUR 13.3 million has
been recognized on the fair value allocation to intangible assets. Deferred tax assets and
liabilities are presented on the balance sheet on a net basis (EUR 8.0 million).
The acquisition calculation in accordance with IFRS 3 is preliminary. The fair values of the net
assets and goodwill may change during the 12-month measurement period, after which the
acquisition calculation will be finalized. Based on preliminary acquisition calculations, EUR 52
million was allocated to intangible assets such as customer lists and non-compete
agreements.
The following table presents a summary of the consideration transferred for Water
Engineering Inc. and the assets recognized and liabilities assumed at the acquisition date.

EUR million | 2025
Acquisition price | 126.0
Fair value of assets and liabilities recognized at the date of acquisition |
Intangible assets | 51.9
Property, plant and equipment | 1.7
Right-of-use assets | 4.1
Deferred tax assets | 8.0
Inventories | 2.8
Trade receivables and other receivables | 11.8
Cash and cash equivalents | 0.6
Total assets | 80.9
Lease liabilities | 4.0
Trade payables and other payables | 10.0
Total liabilities | 14.0
Net assets acquired, total | 66.9
Goodwill | 59.1
Acquisition price of the shares | 126.0

Acquisition‑related costs of EUR 8.6 million have been included in other operating expenses in
the 2025 consolidated income statement.
The revenue and EBITDA of the acquired company did not have a material impact on the 2025
consolidated income statement.
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2025: The acquisition of Thatcher Group’s iron sulfate coagulant business in the US
In Q2 2025, Kemira acquired Thatcher Group’s iron sulfate coagulant business in the US. The
transaction includes certain customers and assets of the business. No employees moved to
Kemira in the transaction as Kemira will serve the new customers from its existing
manufacturing facilities. The annual revenue of the acquired business is less than EUR 10
million.
The acquisition calculation in accordance with IFRS 3 is preliminary. The fair values of the net
assets and goodwill may change during the 12-month period during which the acquisition
calculation will be finalized. The purchase price in cash is EUR 21 million, of which an amount
of EUR 1 million will be paid later. Based on preliminary acquisition calculations, EUR 17 million
was allocated to intangible assets such as customer lists and non-compete agreements. A
preliminary goodwill of EUR 3 million arises mainly from the expected synergies.
The Thatcher Group’s iron sulfate coagulant business which was acquired was consolidated
into the Water Solutions segment in Q2, 2025.
2024: The acquisition of Norit's UK reactivation operations
In Q3 2024, Kemira acquired Norit's UK reactivation operations. Kemira has a 100% interest in
the acquired business. The acquisition was not material to Kemira's consolidated income
statement and balance sheet.
The purchase price of EUR 3.2 million was paid in cash. Based on acquisition calculations, EUR
0.6 million was allocated to intangible assets such as customer lists. A goodwill of EUR 2.5
million was generated mainly by the expected synergies.
The acquired subsidiary Purton Carbons Limited was consolidated into the Water Solutions
segment in Q3, 2024.
The Group's accounting policies
Business combinations
The acquisition method is applied to business combinations. The consideration transferred
for the acquisition of a subsidiary is defined as an aggregate of the fair values of the assets
transferred, the liabilities assumed and the equity interest issued by the Group. The
consideration transferred may include the fair value of any asset or liability resulting from a
contingent consideration arrangement. Acquisition-related costs are expensed as incurred.
Identifiable assets acquired and liabilities and contingent liabilities that are assumed in a
business combination are measured at their fair values on the acquisition date.
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3.7 ASSETS CLASSIFIED AS HELD-FOR-SALE
Sale of the Oil & Gas business to Sterling Specialty Chemicals, LLC
On December 4, 2023, Kemira signed an agreement to divest its Oil & Gas-related portfolio
to Sterling Specialty Chemicals LLC, a US subsidiary of Artek Group, a global industrial
chemicals group based in India.
On February 2, 2024, Kemira announced that it has completed the divestment of its Oil & Gas-
related portfolio to the buyer, except for the Teesport manufacturing facility in the United
Kingdom. The closing of the Teesport site was expected to happen later, subject to site
specific closing conditions.
In December 2025, Kemira discontinued the held-for-sale treatment of the Teesport site, due
to the buyer's announced withdrawal from the sale process, as site specific closing conditions
had not been met. Kemira also decided to ramp down production at the Teesport
manufacturing facility and recognized an impairment of the Teesport assets.
The following tables provide more information on the assets held-for-sale as well as on the
related liabilities.
ASSETS CLASSIFIED AS HELD-FOR-SALE AT FAIR VALUES

EUR million | Note | 2025 | 2024
Property, plant and equipment | 3.3. | — | 4.5
Right-of-use assets | 3.4. | — | 5.5
Total |  | — | 9.9

LIABILITIES DIRECTLY ASSOCIATED WITH THE ASSETS CLASSIFIED AS
HELD-FOR-SALE

EUR million | Note | 2025 | 2024
Liabilities related to right-of-use assets | 5.3. | — | 12.0
Total |  | — | 12.0

The Group's accounting policies
Non-current assets held for sale
Non-current assets are classified as assets held for sale when their carrying amount is to be
recovered principally through a sale transaction and a sale transaction is considered highly
probable. Since the time of classification, the assets have been valued as the lower of the
carrying amount or the fair value, less the costs to sell. Depreciation on these assets
discontinues at the time of classification. Non-current assets classified as held for sale are
disclosed separately in the balance sheet.
KEMIRA 2025 | FINANCIAL STATEMENTS | 141

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4. Working capital and other balance sheet items
NET WORKING CAPITAL

EUR million | Note | 2025 | 2024
Inventories | 4.1. | 306.9 | 307.9
Trade receivables and other receivables | 4.2. | 399.3 | 420.1
Excluding financing items in other receivables ¹⁾ |  | -6.7 | -7.1
Trade payables and other liabilities | 4.3. | 463.0 | 517.8
Excluding financing items in other liabilities ¹⁾ |  | -45.3 | -44.5
Total |  | 281.9 | 247.7

1) Mainly includes interest income and expenses, exchange gains and losses and hedging related items.
Quarterly information on net working capital is disclosed in the section on Reconciliation to
IFRS figures.
4.1 INVENTORIES

EUR million | 2025 | 2024
Materials and supplies | 122.1 | 115.1
Finished goods | 170.9 | 171.6
Prepayments | 14.0 | 21.3
Total | 306.9 | 307.9

In 2025, EUR 3.9 million (1.5 ) of the inventory value was recognized as an expense in order to
decrease the book values of the inventories to correspond with their net realizable value.
The Group's accounting policies
Inventories
Inventories are measured at the lower of cost and net realizable value. Costs are determined
on a first-in first-out (FIFO) basis or by using a weighted average cost formula, depending on
the nature of the inventory. The cost of finished goods and work in progress includes the
proportion of production overheads at normal capacity. The net realizable value is the sales
price received in the ordinary course of business, less the estimated costs for completing
the asset and the sales costs.
4.2 TRADE RECEIVABLES AND OTHER CURRENT RECEIVABLES

EUR million | 2025 | 2024
Trade and other receivables |  |
Trade receivables | 329.1 | 345.8
Prepayments | 13.2 | 11.2
Prepaid expenses and accrued income | 25.1 | 25.5
Other current receivables | 31.9 | 37.6
Total | 399.3 | 420.1

AGING OF OUTSTANDING TRADE RECEIVABLES

| 2025
EUR million | Receivables, gross amount | Expected credit losses | Receivables, net amount
Not due trade receivables | 289.2 | -2.3 | 286.9
Trade receivables 1-90 days overdue | 39.8 | -0.1 | 39.6
Trade receivables more than 91 days overdue | 6.5 | -4.0 | 2.5
Total | 335.5 | -6.4 | 329.1

| 2024
EUR million | Receivables, gross amount | Expected credit losses | Receivables, net amount
Not due trade receivables | 299.2 | -0.5 | 298.7
Trade receivables 1-90 days overdue | 45.5 | -0.1 | 45.4
Trade receivables more than 91 days overdue | 5.8 | -4.0 | 1.8
Total | 350.4 | -4.6 | 345.8

In 2025 , the impairment loss (+) /gain(-) of trade receivables amounted to EUR 1.0 million ( 0.6 ).
In 2025, items that were due in a time period longer than one year included trade receivables
of EUR 0.0 million (0.8), prepaid expenses and an accrued income of EUR 1.5 (1.6), other
receivables of EUR 0.3 (0.4) and prepayments of EUR 0.0 (0.2).
KEMIRA 2025 | FINANCIAL STATEMENTS | 142

CONSOLIDATED FINANCIAL STATEMENTS (IFRS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

The Group's accounting policies
Trade receivables, loan receivables and other current receivables
Trade receivables, loan receivables and other current receivables are initially recognized at
fair value and subsequently measured at amortized cost, taking impairment into account.
These items are subject to a simplified impairment model, in accordance with the IFRS 9
standard, where the estimated amount of credit losses is based on the expected credit
losses over their expected life.
The expected credit loss rates for the impairment model vary for trade receivables in EMEA,
Americas and APAC, according to age distribution and geographical area. Credit loss rates
are based on sales payment profiles and historical credit losses.
The expected credit losses for trade receivables are recognized using the simplified
impairment model, in accordance with IFRS 9. Expected credit losses are calculated by
multiplying the book value of unpaid trade receivables by the expected credit loss rate for
the geographical area. Any trade receivables overdue by more than 180 days are assessed
using a specific risk assessment. In addition, an estimate of a credit loss is recognized for
individual trade receivables when there is objective evidence that the receivables will not be
recovered on all the original terms.
Trade receivables, loan receivables and other current receivables do not include a significant
financial component.
4.3 TRADE PAYABLES AND OTHER CURRENT LIABILITIES

EUR million | 2025 | 2024
Trade payables and other liabilities |  |
Prepayments received | 4.1 | 3.1
Trade payables | 222.0 | 237.7
Accrued expenses | 188.5 | 233.2
Other non-interest-bearing current liabilities | 48.4 | 43.8
Total | 463.0 | 517.8

Accrued expenses |  |
Employee benefits | 64.5 | 97.0
Items related to revenue and purchases | 80.5 | 94.0
Interest | 6.1 | 7.1
Exchange rate differences | 12.7 | 11.7
Other | 24.7 | 23.4
Total | 188.5 | 233.2

The Group's accounting policies
Trade payables and other current liabilities
Trade and other payables are presented as current liabilities if payment is due within 12
months after the financial period. Trade payables are initially recognized at fair value and
subsequently measured at amortized cost.
KEMIRA 2025 | FINANCIAL STATEMENTS | 143

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4.4 DEFERRED TAX LIABILITIES AND ASSETS

EUR million | On Jan 1, 2025 | Recognized in the income statement | Recognized in other comprehensive income | Recognized in equity | Acquired subsidiaries | Exchange differences and reclassifications | On Dec 31, 2025
Deferred tax liabilities |  |  |  |  |  |  |
Intangible and fixed assets | 41.8 | 1.7 | 0.0 | 0.0 | 13.3 | 0.6 | 57.5
Leased assets | 7.4 | 12.0 | 0.0 | 0.0 | 0.0 | -0.6 | 18.7
Other shares | 30.4 | 0.0 | -9.9 | 0.0 | 0.0 | 0.0 | 20.5
Financial instruments | 0.4 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.4
Defined benefit arrangements | 23.3 | -1.4 | 2.8 | 0.0 | 0.0 | 0.0 | 24.7
Fair value adjustments of net assets acquired | 0.5 | 0.0 | 0.0 | 0.0 | -0.1 | 0.0 | 0.3
Other accruals | 2.8 | 3.6 | 0.0 | -1.8 | 0.0 | -0.1 | 4.5
Total | 106.5 | 15.8 | -7.1 | -1.8 | 13.1 | -0.1 | 126.6
Deducted from deferred tax assets | -33.4 |  |  |  |  |  | -58.8
Deferred tax liabilities in the balance sheet | 73.1 |  |  |  |  |  | 67.8
Deferred tax assets |  |  |  |  |  |  |
Intangible and fixed assets | 5.4 | -1.4 | 0.0 | 0.0 | 21.3 | 1.9 | 27.1
Provisions and accruals | 25.8 | -2.6 | 0.0 | 0.0 | 0.0 | -1.3 | 21.9
Lease liabilities | 9.1 | 11.7 | 0.0 | 0.0 | 0.0 | -0.9 | 19.9
Financial instruments | 1.4 | 0.0 | -0.9 | 0.0 | 0.0 | 0.0 | 0.5
Tax losses and tax credits | 13.4 | -1.4 | 0.0 | 0.0 | 0.0 | -1.1 | 10.9
Defined benefit arrangements | 4.6 | 0.0 | -1.5 | 0.0 | 0.0 | 0.2 | 3.3
Other | 5.2 | -3.7 | 3.9 | 0.0 | 0.0 | 0.4 | 5.8
Total | 65.0 | 2.5 | 1.5 | 0.0 | 21.3 | -0.8 | 89.4
Deducted from deferred tax liabilities | -33.4 |  |  |  |  |  | -58.8
Deferred tax assets in the balance sheet | 31.5 |  |  |  |  |  | 30.6

KEMIRA 2025 | FINANCIAL STATEMENTS | 144

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EUR million | On Jan 1, 2024 | Recognized in the income statement | Recognized in other comprehensive income | Recognized in equity | Acquired subsidiaries | Exchange differences and reclassifications | On Dec 31, 2024
Deferred tax liabilities |  |  |  |  |  |  |
Intangible and fixed assets | 40.4 | 1.8 | 0.0 | 0.0 | 0.0 | -0.4 | 41.8
Leased assets | 1.7 | 4.1 | 0.0 | 0.0 | 0.0 | 1.6 | 7.4
Other shares | 37.3 | 0.0 | -7.0 | 0.0 | 0.0 | 0.0 | 30.4
Financial instruments | 3.0 | -0.5 | -2.2 | 0.0 | 0.0 | 0.0 | 0.4
Defined benefit arrangements | 20.9 | -1.8 | 4.2 | 0.0 | 0.0 | 0.0 | 23.3
Fair value adjustments of net assets acquired | 0.4 | -0.1 | 0.0 | 0.0 | 0.1 | 0.0 | 0.5
Other accruals | 4.5 | -0.5 | -0.2 | -0.9 | 0.0 | -0.1 | 2.8
Total | 108.3 | 3.0 | -5.2 | -0.9 | 0.1 | 1.1 | 106.5
Deducted from deferred tax assets | -27.0 |  |  |  |  |  | -33.4
Deferred tax liabilities in the balance sheet | 81.3 |  |  |  |  |  | 73.1
Deferred tax assets |  |  |  |  |  |  |
Intangible and fixed assets | 8.0 | -1.7 | 0.0 | 0.0 | 0.0 | -1.0 | 5.4
Provisions and accruals | 17.7 | 8.8 | 0.0 | 0.0 | 0.0 | -0.8 | 25.8
Lease liabilities | 4.2 | 3.1 | 0.0 | 0.0 | 0.0 | 1.9 | 9.1
Financial instruments | 0.6 | -0.5 | 1.3 | 0.0 | 0.0 | 0.0 | 1.4
Tax losses and tax credits | 17.2 | -5.3 | 0.0 | 0.0 | 0.0 | 1.5 | 13.4
Defined benefit arrangements | 3.4 | -0.6 | 1.7 | 0.0 | 0.0 | 0.1 | 4.6
Other | 7.7 | -0.8 | 0.0 | 0.0 | 0.0 | -1.5 | 5.2
Total | 58.8 | 3.0 | 3.0 | 0.0 | 0.0 | 0.2 | 65.0
Deducted from deferred tax liabilities | -27.0 |  |  |  |  |  | -33.4
Deferred tax assets in the balance sheet | 31.8 |  |  |  |  |  | 31.5

.
The Group's accounting policies
Deferred taxes
Deferred tax is recognized, using the liability method, on temporary differences arising
between the tax bases of the assets and liabilities and their carrying amounts in the
Consolidated Financial Statements. Deferred tax in the initial recognition of goodwill is
recognized only in cases where goodwill is locally tax deductible. Deferred income tax is
determined using tax rates (and laws) that have been enacted or substantially enacted by
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the balance sheet date and they are expected to apply when the related deferred income
tax asset is realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that a future
taxable profit will be available against which the temporary differences can be utilized.
Deferred income tax is provided on temporary differences arising on investments in
subsidiaries and associates, except for deferred income tax liability where the timing of the
reversal of the temporary difference is controlled by the Group and it is probable that the
temporary difference will not be reversed in the foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right
to offset the current tax assets against current tax liabilities, and when the deferred income
tax assets and liabilities relate to the income taxes levied by the same taxation authority on
either the same tax entity or on different taxable entities where there is an intention to
settle the balances on a net basis.
The items in the financial statements that include significant accounting
estimates and accounting policies that require judgment
Deferred taxes
For the recognition of deferred tax assets for tax losses and other items, the management
assesses the amount of a probable future taxable profit against which unused tax assets
can be utilized. Actual profits may differ from the forecasts and in such cases may affect
taxes in future periods.
KEMIRA 2025 | FINANCIAL STATEMENTS | 146

CONSOLIDATED FINANCIAL STATEMENTS (IFRS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

4.5 DEFINED BENEFIT PENSION PLANS AND EMPLOYEE BENEFITS
The Group has several defined benefit pension plans and other employee benefit obligations.
The main defined benefit pension plans are in Finland, Sweden and Germany.
Finland
The Group's most significant defined benefit plan is in Finland, through Pension Fund
Neliapila, which takes care of part of some employees' supplementary pension benefits.
Pension Fund Neliapila covers employees whose employment with Kemira began before
January 1, 1991, meaning that the fund is closed to new employees. Currently the majority of
the members of Pension Fund Neliapila are pensioners. At the end of 2025, the obligations of
Pension Fund Neliapila totaled EUR 128.5 million (141.8) and the assets of the plan totaled EUR
252.0 million (257.4).
Pension Fund Neliapila's supplementary benefits include old-age pensions, disability
pensions, survivors' pensions and funeral grants. The aggregated pension benefit is 66
percent of the pension salary. To qualify for a full pension, an employee must have accrued a
pensionable service of 25 years. The supplementary pension benefit is the difference
between the aggregated and compulsory pension benefits.
The Board of Directors of Pension Fund Neliapila decided in December 2025 to return the
fund's surplus of EUR 10 million to Kemira Group companies. The return of the surplus will be
paid by Pension Fund Neliapila when approval is obtained from the Financial Supervisory
Authority. The approval is required by the Pension Fund Act. The surplus payment is expected
to be paid during the first half of 2026. The Group has not recognized any items regarding the
return of the surplus in the Consolidated Financial Statements 2025.
Sweden
In Sweden, there is a defined benefit pension plan called the ITP 2 plan for white-collar
employees. To qualify for a full pension, an employee must have a projected period of
pensionable service, from the date of entry until retirement age, of at least 30 years. The
pension arrangements comprise the normal retirement pension, complementary retirement
pensions and a survivors' pension. In addition, Kemira must have credit insurance from PRI,
the Pensionsgaranti Mutual Insurance Company, for the ITP 2 plan pension liability. At the end
of 2025, the defined benefit obligations in Sweden totaled EUR 40.3 million (41.7).
ASSETS AND LIABILITIES OF DEFINED BENEFIT PLANS RECOGNIZED IN
THE BALANCE SHEET

EUR million | 2025 | 2024
Present value of defined benefit obligations | 204.5 | 222.5
Fair value of plans' assets | -259.6 | -265.3
Surplus (-) / Deficit (+) | -55.1 | -42.8
The effect of asset ceiling | 0.4 | 0.4
Net receivables (-) / liabilities (+) of defined benefit plans recognized in the Balance Sheet | -54.7 | -42.4
Liabilities of defined benefit plans | 68.9 | 73.1
Receivables of defined benefit plans | -123.6 | -115.7
Net receivables (-) / liabilities (+) of defined benefit plans recognized in the Balance Sheet | -54.7 | -42.4
AMOUNTS OF DEFINED BENEFIT PLANS RECOGNISED IN THE INCOME STATEMENT |  |
Service costs | 1.9 | 1.7
Net interest cost ¹⁾ | -1.2 | -0.6
Defined benefit plans' expenses (+) / income (-) in the Income Statement | 0.7 | 1.1

1) Net interest costs are presented in net finance costs, in the Consolidated Income Statement.
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DEFINED BENEFIT PLANS RECOGNIZED IN THE OTHER COMPREHENSIVE
INCOME

EUR million | 2025 | 2024
Items resulting from remeasurements of defined benefit plans ²⁾ |  |
Actuarial gains (-) / losses (+) in defined benefit obligations arising from changes in demographic assumptions | 0.0 | 0.0
Actuarial gains (-) / losses (+) in defined benefit obligations arising from changes in financial assumptions | -8.9 | 0.0
Actuarial gains (-) / losses (+) in defined benefit obligations arising from experience based assumptions | -1.7 | -2.0
Actuarial gains (-) / losses (+) in plan assets ³⁾ | -9.2 | -10.2
Effect from asset ceiling | 0.0 | -1.5
Defined benefit plans' expenses (+) / income (-) in the other comprehensive income | -19.8 | -13.8

2) The remeasurements of defined benefit plans are included in the Statement of Comprehensive Income, as part of
Other comprehensive income. The item has been disclosed net of tax and the related income tax is disclosed in Note 2.8.
Other comprehensive income.
3) In 2025 and 2024, the actuarial gains are mainly due to the return on assets in Pension Fund Neliapila.
CHANGES IN PLAN ASSETS OVER THE PERIOD IN DEFINED BENEFIT
PLANS

EUR million | 2025 | 2024
Defined benefit obligation on Jan 1 | 222.5 | 233.9
Current service costs | 1.5 | 1.3
Interest costs | 7.0 | 7.4
Actuarial losses (+) / gains (-) | -10.5 | -2.0
Exchange differences on foreign plans | 1.8 | -0.9
Benefits paid | -17.7 | -17.0
Curtailments and settlements | -0.1 | 0.0
Other items | -0.2 | -0.2
Present value of defined benefit obligations on Dec 31 | 204.5 | 222.5

CHANGES IN PLAN ASSETS OVER THE PERIOD
IN DEFINED BENEFIT PLANS

EUR million | 2025 | 2024
Fair value on Jan 1 | 265.3 | 272.2
Interest income | 8.2 | 8.1
Contributions | 0.8 | 0.3
Return of surplus assets ⁴⁾ | -10.0 | -11.9
Actuarial losses (-) / gains (+) | 9.2 | 10.2
Exchange differences on foreign plans | -0.3 | 0.2
Benefits paid | -13.1 | -13.1
Curtailments and settlements | 0.0 | 0.0
Other items | -0.5 | -0.7
Fair value of plan assets on Dec 31 | 259.6 | 265.3

4) In 2025, Pension Fund Neliapila paid a surplus return of EUR 10 million (11.9) to Kemira Group companies.
PLAN ASSETS BY ASSET CATEGORY IN DEFINED BENEFIT PLANS

EUR million | 2025 | 2024
Interest rate investments and other assets | 134.5 | 131.1
Shares and share funds | 90.8 | 91.2
Properties occupied by the Group | 34.4 | 43.0
Total assets | 259.6 | 265.3

The Finnish Pension Fund Neliapila holds most of the defined benefit plan’s assets. At the end
of 2025, Pension Fund Neliapila's assets amounted to EUR 252.0 million (257.4), which
consisted of interest rate investments and other assets of EUR 126.9 million (123.3), shares
and share funds of EUR 90.7 million (91.1) and property investments of EUR 34.4 million (43.0).
Within Pension Fund Neliapila, the investment position is managed within an asset-liability
matching (ALM) framework that has been developed to combine long-term investments in line
with the obligations under the pension plan. Market risks can be considered a significant
investment risk within Pension Fund Neliapila. The market risks arising from cyclical
fluctuations of the financial markets are managed by ensuring that the investment position is
sufficiently diversified.
The income (+) / expense (-) of the actual returns on the plan assets of the Group's defined
benefit plan were EUR 17.4 million (18.3).
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SIGNIFICANT ACTUARIAL ASSUMPTIONS

% | 2025 | 2024
Discount rate | 3.5 - 5.8 | 3.0 - 5.6
Inflation rate | 1.9 - 2.5 | 1.9 - 3.2
Future salary increases | 1.7 - 2.1 | 2.3 - 2.5
Future pension increases | 1.7 - 3.0 | 2.0 - 2.2

The significant assumptions used in calculating the obligations of the Finnish Pension Fund
Neliapila were as follows: discount rate 3.5% (3.2%), inflation rate 1,9% (1.9%), future salary
increases 1.9% (1.9%) and future pension increases 2.1 % (2.1%).
Sensitivity analysis
The sensitivity analysis is based on keeping other assumptions constant when one
assumption is changed. In practice, this is unlikely to occur and changes in some of the
assumptions may correlate with each other. When calculating the sensitivity of the defined
benefit obligation with significant actuarial assumptions, the same method has been applied
as when calculating the pension liability recognized within the balance sheet.
If the discount rate would be 0.5 percentage points lower in all of the significant countries, the
defined benefit obligation would increase by EUR 9.4 million (4.6%), if all other assumptions
were held constant.
SENSITIVITY ANALYSIS - PENSION FUND NELIAPILA IN FINLAND

| Defined benefit obligation | Impact on defined benefit obligation
EUR million | 2025 | 2024 | 2025 | 2024
Discount rate 3.5% (3.2%) | 128.5 | 141.8 |  |
Discount rate +0.5% | 123.1 | 135.6 | -4.2% | -4.3%
Discount rate -0.5% | 134.2 | 148.4 | 4.5% | 4.7%
Future pension increases 2.1% (2.1%) | 128.5 | 141.8 |  |
Future pension increases +0.5% | 133.6 | 147.7 | 4.0% | 4.2%
Future pension increases -0.5% | 123.6 | 136.2 | -3.8% | -3.9%

A change in the mortality assumption where life expectancy is increased by one year will
increase the defined benefit obligation by EUR 5.7 million (4.4%).
SENSITIVITY ANALYSIS - ITP 2 PENSION PLAN IN SWEDEN

| Defined benefit obligation | Impact on defined benefit obligation
EUR million | 2025 | 2024 | 2025 | 2024
Discount rate 3.6% (3.0%) | 40.3 | 41.7 |  |
Discount rate +0.5% | 38.0 | 39.2 | -5.7% | -6.1%
Discount rate -0.5% | 42.8 | 44.6 | 6.3% | 6.8%
Future salary increases 2.2% (2.3%) | 40.3 | 41.7 |  |
Future salary increases +0.5% | 40.9 | 42.5 | 1.7% | 1.8%
Future salary increases -0.5% | 39.7 | 41.0 | -1.5% | -1.6%

A change in the mortality assumption where life expectancy is increased by one year will
increase the defined benefit obligation by EUR 1.5 million (3.9 %).
Expected contributions to the defined benefit plans for the year ending on December 31, 2026
are EUR 3.6 million. In addition, Pension Fund Neliapila is expected to pay a surplus
return of EUR 10 million to Kemira Group companies during the first half of 2026.
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The Group's accounting policies
Defined benefit pension plans and employee benefits
The Group has different post-employment schemes, including both defined contribution and
defined benefit pension plans, in accordance with the local legislation and practices of the
countries in which it operates. Pension plans are generally funded through contributions to
pension insurance companies or to a separate pension fund.
A defined contribution plan is a pension plan under which the Group pays fixed contributions
into a separate entity. The Group has no legal or constructive obligations to pay further
contributions if the fund does not hold sufficient assets to pay all employees the benefits
relating to employee service in the current and prior periods. A defined benefit plan is a
pension plan that is not a defined contribution plan.
Typically, defined benefit plans define an amount of pension benefit that an employee will
receive on retirement, usually dependent on one or more factors such as their
compensation level and their years of service.
The liability recognized in the balance sheet in respect to the defined benefit pension plans
is the present value of the defined benefit obligation at the end of the reporting period, less
the fair value of plan assets. The defined benefit obligation is calculated annually by
independent actuaries, using the projected unit credit method. The present value of the
defined benefit obligation is determined by discounting the estimated future cash outflows,
using the interest rates of high-quality corporate bonds that are denominated in the
currency in which the benefits will be paid and with their terms to maturity approximating
the terms of the related pension obligation. In countries where there is no deep market in
such bonds, the market rates for government bonds are used.
Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions are charged or credited to equity in other comprehensive income in the period
in which they arise.
Current service costs are included in the Consolidated Income Statement, in the employee
benefit expenses and net interest costs on finance income and finance expense. Past
service costs are recognized immediately in profit or loss.
For defined contribution plans, the Group pays contributions to publicly or privately
administered pension insurance plans on a mandatory, contractual or voluntary basis. The
Group has no further payment obligations once the contributions have been paid. The
contributions are recognized as employee benefit expenses when they are due. Prepaid
contributions are recognized as an asset to the extent that a cash refund or a reduction in
the future payments is available.
The items in the financial statements that include significant accounting
estimates and accounting policies that require judgment
Defined benefit pension plans
Determining pension liabilities under defined benefit pension plans includes a number of
actuarial assumptions and significant changes in these assumptions may affect the
amounts of pension liabilities and expenses. Actuarial calculations include assumptions by
the management, such as the discount rate and assumptions of salary increases and the
termination of employment contracts. The pension liability is calculated by independent
actuaries.
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4.6 PROVISIONS

EUR million | Personnel related provisions | Restructuring provisions | Environmental provisions ¹⁾ | Other provisions ²⁾ | Total
Non-current provisions |  |  |  |  |
On January 1, 2025 | 0.2 | 0.0 | 12.3 | 25.4 | 37.9
Exchange rate differences | 0.0 | 0.0 | -0.1 | 0.0 | -0.1
Additional provisions and increases in existing provisions | 0.0 | 0.0 | 16.1 | 3.2 | 19.4
Used during the financial year | 0.0 | 0.0 | -0.3 | 0.0 | -0.3
Unused provisions reversed | 0.0 | 0.0 | 0.0 | 0.0 | -0.1
Reclassification | 0.0 | 0.0 | -1.1 | -10.0 | -11.1
On December 31, 2025 | 0.2 | 0.0 | 26.9 | 18.6 | 45.7
Current provisions |  |  |  |  |
On January 1, 2025 | 3.5 | 1.0 | 5.0 | 8.4 | 17.9
Exchange rate differences | 0.0 | 0.0 | 0.1 | -0.1 | 0.0
Additional provisions and increases in existing provisions | 1.7 | 5.9 | 1.6 | 1.8 | 11.1
Used during the financial year | -2.9 | -0.6 | -5.6 | -8.7 | -17.8
Unused provisions reversed | -0.6 | -0.3 | 0.0 | -0.1 | -1.1
Reclassification | 0.0 | 0.0 | 1.4 | 9.7 | 11.1
On December 31, 2025 | 1.7 | 6.0 | 2.6 | 11.0 | 21.3

1) The Group's operations in the chemical industry are governed by numerous international agreements as well as by
regional and national legislation all over the world. The Group treats its environmental liab ilities and risks according to
established internal principles and procedures. In 2025 , provisions for environmental remediation totaled EUR 29.5
million (17.3). The biggest provisions relate to site closures, removal and disposal of POP waste from land areas in Vaasa,
and to the reconditioning of the sediment of a lake in Vaasa, Finland.
2) Other provisions totaled EUR 29.6 million (33.8). The biggest provisions relate to expected liabilities for an energy
company producing steam in Pori, Finland, owned via Pohjolan Voima.

EUR million | 2025 | 2024
Breakdown of the total amount of provisions |  |
Non-current provisions | 45.7 | 37.9
Current provisions | 21.3 | 17.9
Total | 67.0 | 55.8

The Group's accounting policies
Provisions
Provisions for restructuring costs, personnel related costs, environmental obligations, legal
claims and onerous contracts are recognized when the Group has a present legal or
constructive obligation as a result of past events and it is probable that an outflow of
resources will be required to settle the obligation and, furthermore, a reliable estimate of
the amount of this obligation can be made. A restructuring provision is recognized when
there is a detailed and appropriate plan prepared for it and the implementation of the plan
has begun or has been communicated to those whom the restructuring concerns.
The amount recognized as a provision is the present value of the expenditure expected to be
required to settle the obligation on the balance sheet date, using a pre-tax interest rate that
reflects current market assessments of the time value of money and the risks specific to the
obligation.
The items in the financial statements that include significant accounting
estimates and accounting policies that require judgment
Provisions
Recognizing provisions requires the management’s estimates, since the precise amount of
obligations related to the provisions is not known when preparing the Financial Statements.
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5. Capital structure and financial risks
5.1 CAPITAL STRUCTURE

EUR million |  | 2025 | 2024
Equity |  | 1,696.1 | 1,803.5
Total assets |  | 3,136.2 | 3,381.0
Gearing, % ¹⁾ |  | 30 | 16
Equity ratio, % ²⁾ |  | 54 | 53

1) The definition of the key figure for Gearing is 100 × Interest-bearing net liabilities / Total equity.
2) The definition of the key figure for the Equity ratio is 100 × Total equity / (Total assets - prepayments received).
INTEREST-BEARING NET LIABILITIES

EUR million | Note | 2025 | 2024
Non-current interest-bearing liabilities | 5.3. | 642.5 | 547.1
Current interest-bearing liabilities | 5.3. | 105.9 | 263.6
Interest-bearing liabilities |  | 748.4 | 810.7
Cash and cash equivalents | 5.4. | 242.3 | 519.2
Interest-bearing net liabilities |  | 506.1 | 291.5

Quarterly information on interest-bearing net liabilities is disclosed in the section on the
Reconciliation with IFRS figures.
Kemira aims to achieve over 4% average annual organic growth, with an operative EBITDA
margin of 18– 21 %. Operative Return on Capital Employed, ROCE, is targeted to be over 16%.
The revolving credit facility agreement and some bilateral loan agreements contain a
covenant, which is reported quarterly, according to which company gearing must be below
115%. At the end of the financial year there were EUR 280,0 million ( 363.5) in loans on the
balance sheet bearing the covenant. Kemira has no indication that it will have difficulty
complying with the covenant.
T he Board of Directors proposes a per-share dividend of EUR 0.76 for 2025 (0.74),
corresponding to a dividend payout ratio of 64% (46%). Kemira's dividend policy aims for a
competitive dividend that will increase over time.
The Group's accounting policies
Dividend distribution
Any dividend proposed by the Board of Directors is not deducted from distributable equity
until it has been approved by the Annual General Meeting.
Interest-bearing liabilities and cash and cash equivalents
The accounting policies for interest-bearing liabilities and cash and cash equivalents are
described in Note 5.4. Financial assets and liabilities by measurement category.
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INTEREST-BEARING NET LIABILITIES CONNECTED IN CASH FLOW STATEMENTS

EUR million | Non-current interest-bearing liabilities including current portion | Current interest-bearing liabilities | Interest-bearing liabilities total | Cash and cash equivalents | Interest-bearing net liabilities
Net book value on Jan 1, 2025 | 714.1 | 96.5 | 810.7 | 519.2 | 291.5
Change in net liabilities with cash flows |  |  |  |  |
Proceeds from non-current liabilities (+) | 50.0 |  | 50.0 |  | 50.0
Payments of non-current liabilities (-) | -130.2 |  | -130.2 |  | -130.2
Payments of lease liabilities (-) | -32.4 |  | -32.4 |  | -32.4
Proceeds from current liabilities (+) and payments (-) |  | -20.9 | -20.9 |  | -20.9
Change in cash and cash equivalents |  |  |  | -269.0 | 269.0
Change in net liabilities without cash flows |  |  |  |  |
Increases in lease liabilities (+) | 93.9 |  | 93.9 |  | 93.9
Effect on change in exchange gains and losses | -14.6 | -7.2 | -21.8 | -7.9 | -13.9
Other changes without cash flows | -0.8 | -0.2 | -1.0 | — | -1.0
Net book value on Dec 31, 2025 | 680.1 | 68.2 | 748.4 | 242.3 | 506.1

EUR million | Non-current interest-bearing liabilities including current portion | Current interest-bearing liabilities | Interest-bearing liabilities total | Cash and cash equivalents | Interest-bearing net liabilities
Net book value on Jan 1, 2024 | 849.0 | 88.8 | 937.8 | 402.5 | 535.2
Change in net liabilities with cash flows |  |  |  |  |
Proceeds from non-current liabilities (+) | 50.0 |  | 50.0 |  | 50.0
Payments of non-current liabilities (-) | -200.0 |  | -200.0 |  | -200.0
Payments of lease liabilities (-) | -31.7 |  | -31.7 |  | -31.7
Proceeds from current liabilities (+) and payments (-) |  | 4.3 | 4.3 |  | 4.3
Change in cash and cash equivalents |  |  |  | 115.2 | -115.2
Change in net liabilities without cash flows |  |  |  |  |
Increases in lease liabilities (+) | 37.3 |  | 37.3 |  | 37.3
Effect on change in exchange gains and losses | 7.9 | 3.2 | 11.1 | 1.4 | 9.6
Other changes without cash flows | 1.7 | 0.2 | 1.9 | — | 1.9
Net book value on Dec 31, 2024 | 714.1 | 96.5 | 810.7 | 519.2 | 291.5

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5.2 SHAREHOLDERS' EQUITY
SHARE CAPITAL AND TREASURY SHARES

EUR million | Number of shares outstanding (1,000) | Number of treasury shares (1,000) | Number of shares (1,000) | Book value of share capital | Book value of treasury shares
January 1, 2025 | 153,983 | 1,359 | 155,343 | 221.8 | 10.3
Treasury shares issued to the participants in the share incentive plan 2022-2024 | 451 | -451 | — | — | -3.4
Treasury shares issued to the Board of Directors | 12 | -12 | — | — | -0.1
Acquisition of treasury shares | — | 5,000 | — | — | 96.3
Cancellation of treasury shares | -5,000 | -5,000 | -5,000 | — | -96.3
December 31, 2025 | 149,446 | 896 | 150,343 | 221.8 | 6.8
January 1, 2024 | 153,619 | 1,723 | 155,343 | 221.8 | 11.6
Treasury shares issued to the participants in the share incentive plan 2021-2023 | 468 | -468 | — | — | -3.2
Treasury shares issued to the Board of Directors | 10 | -10 | — | — | -0.1
As part of Pension fund Neliapila surplus return, shares were transferred to Kemira Oyj. | -115 | 115 | — | — | 1.9
December 31, 2024 | 153,983 | 1,359 | 155,343 | 221.8 | 10.3

Kemira Oyj has one class of shares. Each share entitles its holder to one vote at the Annual
General Meeting. On December 31, 2025, the share capital was EUR 221.8 million and the
number of shares was 150,342,557, including 896,004 treasury shares. Under the Articles of
Association of Kemira Oyj, the company does not have a minimum or maximum share capital
or a par value for a share. All issued shares have been fully paid.
Kemira had possession of 896,004 (1,359,348 ) treasury shares on December 31, 2025 .
The average share price of the treasury shares was EUR 7.58 (7.58) and they represented
0.6 % (0.9%) of the share capital and the aggregate number of votes conferred by all shares.
The aggregate par value of the treasury shares is EUR 1.3 million (1.9 ). In addition, Kemira Oyj
repurchased 5,000,000 of its own shares as part of the share buyback program announced on
18 July 2025. The repurchases were carried out between 22 July and 16 December 2025, and
the acquired shares were cancelled in December 2025.
Share premium
The share premium is a reserve accumulated through subscriptions and participation in the
management stock option program of 2001. This reserve is based on the old Finnish
Companies Act (734/1978) and the value of the reserve will no longer change.
Fair value reserves
The fair value reserve is a reserve accumulated based on other shares, measured at fair value
and using hedge accounting.
Other reserves
Other reserves originate from local legal requirements. On December 31, 2025, other reserves
were EUR 4.7 million (4.1).
Unrestricted equity reserve
The unrestricted equity reserve includes other equity-type investments and the subscription
price of shares to the extent that they will not, based on a specific decision, be recognized in
share capital.
Exchange differences
Foreign currency exchange differences arise from the translation of foreign subsidiaries'
financial statements. Additionally, loans have been granted to some foreign subsidiaries and
the exchange differences of these have been included in foreign currency exchange
differences.
The Group's accounting policies
Treasury shares
The consideration paid for the acquisition of treasury shares is recognized as a deduction
from equity and the disposal of treasury shares is treated as an equity transaction that has
no impact on profit or loss. The cancellation of treasury shares is recognized as an internal
transfer between equity items. Direct transaction costs related to the acquisition and
disposal of treasury shares are recognized as a deduction from equity.
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5.3. INTEREST-BEARING LIABILITIES
MATURITY OF INTEREST-BEARING LIABILITIES

2025, EUR million | 2026 | 2027 | 2028 | 2029 | 2030 | 2031- | Book value, total
Loans from financial institutions | — | 180.0 | 7.7 | 11.5 | 15.4 | 65.4 | 280.0
Bonds | — | — | 196.7 | — | — | — | 196.7
Lease liabilities | 31.7 | 27.4 | 21.0 | 15.1 | 12.9 | 72.9 | 180.9
Other non-current liabilities | 5.8 | 16.7 | — | — | — | — | 22.5
Other current liabilities | 68.3 | — | — | — | — | — | 68.3
Total amortizations of interest- bearing liabilities | 105.8 | 224.0 | 225.4 | 26.6 | 28.3 | 138.2 | 748.4

2024, EUR million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030- | Book value, total
Loans from financial institutions | 133.5 | 60.0 | 120.0 | 7.7 | 7.7 | 34.6 | 363.5
Bonds | — | — | — | 195.3 | — | — | 195.3
Lease liabilities | 27.6 | 24.1 | 18.5 | 13.3 | 8.8 | 40.0 | 132.2
Other non-current liabilities | 6.3 | 16.9 | — | — | — | — | 23.2
Other current liabilities | 96.5 | — | — | — | — | — | 96.5
Total amortizations of interest- bearing liabilities | 263.9 | 101.0 | 138.5 | 216.3 | 16.5 | 74.6 | 810.7

At year-end 2025, the Group's interest-bearing net liabilities were EUR 506.1 million (291.5 ).
For more information, see Note 5.1. Capital structure.
MATURITY OF NON-CURRENT INTEREST-BEARING LIABILITIES BY
CURRENCY

2025 |  |  |  |  |  |  | Book value, total
Currency, EUR million | 2026 | 2027 | 2028 | 2029 | 2030 | 2031-
EUR | 8.0 | 203.9 | 209.7 | 15.4 | 18.8 | 108.4 | 564.2
USD | 15.7 | 14.3 | 11.7 | 8.6 | 7.7 | 14.5 | 72.3
GBP | 2.1 | 1.9 | 1.3 | 1.1 | 1.1 | 13.0 | 20.5
Other | 11.8 | 4.0 | 2.7 | 1.4 | 0.7 | 2.4 | 23.0
Total | 37.5 | 224.0 | 225.4 | 26.6 | 28.3 | 138.2 | 680.1

2024 |  |  |  |  |  |  | Book value, total
Currency, EUR million | 2025 | 2026 | 2027 | 2028 | 2029 | 2030-
EUR | 96.3 | 81.4 | 123.6 | 205.0 | 8.9 | 49.9 | 565.1
USD | 57.8 | 14.5 | 12.2 | 9.8 | 6.8 | 21.3 | 122.4
GBP | 1.1 | 1.0 | 0.6 | 0.3 | 0.2 | 0.9 | 4.1
Other | 12.1 | 4.1 | 2.1 | 1.1 | 0.5 | 2.6 | 22.5
Total | 167.4 | 101.0 | 138.5 | 216.3 | 16.5 | 74.6 | 714.2

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5.4. FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORIES
FINANCIAL ASSETS

|  |  | 2025 |  | 2024
EUR million | Note | Book values | Fair values | Book values | Fair values
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total
Fair value through profit and loss | 5.6. |  |  |  |  |  |  |  |  |  |
Derivatives not qualifying for hedge accounting |  | 2.9 | — | 2.9 | — | 2.9 | 4.3 | — | 4.3 | — | 4.3
Fair value through other comprehensive income | 5.6. |  |  |  |  |  |  |  |  |  |
Derivatives qualifying for hedge accounting |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges ¹⁾ |  | 2.4 | — | 2.4 | — | 2.4 | 2.1 | — | 2.1 | — | 2.1
Other shares | 3.5. |  |  |  |  |  |  |  |  |  |
The shares of Pohjolan Voima Group |  | 219.6 | — | — | 219.6 | 219.6 | 269.0 | — | — | 269.0 | 269.0
Other non-listed shares |  | 1.5 | — | — | 1.5 | 1.5 | 1.5 | — | — | 1.5 | 1.5
Amortized cost |  |  |  |  |  |  |  |  |  |  |
Other non-current assets ²⁾ |  | 6.1 | — | 6.1 | — | 6.1 | 6.3 | — | 6.3 | — | 6.3
Loan receivables ²⁾ |  | 0.8 | — | 0.8 | — | 0.8 | 48.3 | — | 48.3 | — | 48.3
Trade receivables ²⁾ | 4.2. | 329.1 | — | 329.1 | — | 329.1 | 345.8 | — | 345.8 | — | 345.8
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |
Cash in hand and at bank accounts |  | 156.9 | — | 156.9 | — | 156.9 | 266.7 | — | 266.7 | — | 266.7
Deposits and money market investments ³⁾ |  | 85.4 | — | 85.4 | — | 85.4 | 252.5 | — | 252.5 | — | 252.5
Total financial assets |  | 804.7 | — | 583.6 | 221.1 | 804.7 | 1,196.5 | — | 926.0 | 270.5 | 1,196.5

1) Includes derivative contracts of EUR 0,0 million (0.1) maturing after the next 12 months.
2) In 2025 , other non-current assets and loan receivables include expected credit losses of EUR 0.5 million (0.9), in accordance with the IFRS 9 standard. Trade receivables include expected credit losses of EUR 6.4 million (4.6).
Trade receivables are disclosed in more detail in Note 4.2. Trade receivables and other receivables.
3) Deposits and money market investments comprise bank deposits and other liquid investments with a maximum original maturity of three months.
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FINANCIAL LIABILITIES

|  |  | 2025 |  | 2024
EUR million | Note | Book values | Fair values | Book values | Fair values
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total
Fair value through profit and loss | 5.6. |  |  |  |  |  |  |  |  |  |
Derivatives not qualifying for hedge accounting |  | 3.3 | — | 3.3 | — | 3.3 | 3.2 | — | 3.2 | — | 3.2
Fair value through other comprehensive income | 5.6. |  |  |  |  |  |  |  |  |  |
Derivatives qualifying for hedge accounting |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges ¹⁾ |  | 2.9 | — | 2.9 | — | 2.9 | 7.3 | — | 7.3 | — | 7.3
Amortized cost |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities | 5.3. |  |  |  |  |  |  |  |  |  |
Non-current loans from financial institutions |  | 280.2 | — | 288.9 | — | 288.9 | 230.4 | — | 232.3 | — | 232.3
Current portion |  |  | — |  | — | — | 133.5 | — | 134.7 | — | 134.7
Bonds |  | 196.7 | — | 196.9 | — | 196.9 | 195.3 | — | 194.1 | — | 194.1
Non-current leasing liabilities |  | 149.1 | — | 149.1 | — | 149.1 | 104.9 | — | 104.9 | — | 104.9
Current portion |  | 31.7 | — | 31.7 | — | 31.7 | 27.3 | — | 27.3 | — | 27.3
Other non-current liabilities |  | 16.4 | — | 17.0 | — | 17.0 | 16.5 | — | 16.6 | — | 16.6
Current portion |  | 5.9 | — | 5.9 | — | 5.9 | 6.3 | — | 6.5 | — | 6.5
Current loans from financial institutions |  | 68.3 | — | 68.3 | — | 68.3 | 96.5 | — | 96.6 | — | 96.6
Non-interest-bearing liabilities |  |  |  |  |  |  |  |  |  |  |
Other non-current liabilities |  | 12.7 | — | 12.7 | — | 12.7 | 9.1 | — | 9.1 | — | 9.1
Other current liabilities |  | 27.4 | — | 27.4 | — | 27.4 | 26.8 | — | 26.8 | — | 26.8
Trade payables | 4.3. | 222.0 | — | 222.0 | — | 222.0 | 237.7 | — | 237.7 | — | 237.7
Liabilities classified as held-for-sale ²⁾ | 3.7. | — | — | — | — | — | 12.0 | — | 12.0 | — | 12.0
Total financial liabilities |  | 1,016.6 | — | 1,026.1 | — | 1,026.1 | 1,106.8 | — | 1,108.9 | — | 1,108.9

1) Includes derivative contracts of EUR -0.6 million (-1.8) maturing after the next 12 months.
2) Kemira completed the divestment of its Oil & Gas business in February 2024 .See Note 3.7. for further details regarding the held-for-sale assets.
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There were no transfers between levels 1–3 during the financial year.

Level 3 specification, financial assets EUR million | 2025 | 2024
Net book value on Jan 1 | 270.5 | 305.4
Effect on other comprehensive income | -49.4 | -34.9
Increases | 0.0 | 0.0
Decreases | — | —
Net book value on Dec 31 | 221.1 | 270.5

The Group's accounting policies
When a financial asset or a financial liability is initially recognized on the trade date, it is
measured at cost, which equals the fair value of the consideration given or received.
Financial Assets
The Group’s financial assets are classified for subsequent measurement as financial assets
at fair value through profit or loss, at amortized cost and at fair value through other
comprehensive income.

Category | Financial instrument
Fair value through profit or loss | Currency forward contracts, currency swaps, interest rate swaps, electricity derivative contracts and natural gas derivative contracts, certificates of deposit, and commercial papers
Amortized cost | Loan receivables, cash at bank and in hand, bank deposits, trade receivables, and other receivables
Fair value through other comprehensive income | Other investments: shares, derivatives qualifying for hedge accounting (cash flow or fair value hedging)

Financial assets at fair value through income statements
All derivatives are recognized at fair value on the balance sheet. Fair value is the amount for
which an asset could be exchanged or loans paid between knowledgeable, willing parties in
an arm’s length transaction. These derivative contracts, to which hedge accounting in
accordance with IFRS 9 is not applied, are classified as financial assets at fair value through
profit or loss. On the balance sheet, these derivative contracts are shown under prepaid
expenses and accrued income and accrued expenses and prepaid income. Any gains or
losses arising from changes in fair value are recognized through profit or loss on the
transaction date.
Financial assets at amortized cost
Financial assets at amortized cost include non-current receivables carried at amortized
cost, using the effective interest rate method and accounting for any impairment.
Cash and cash equivalents
Cash and cash equivalents consist of cash at banks and in hand, demand deposits and other
short-term, highly liquid investments. Items classified as cash and cash equivalents have a
maximum maturity of three months from the date of purchase. Credit facilities in use are
included in current interest-bearing liabilities.
Financial assets at fair value through other comprehensive income
The accounting policy on Other shares is described in Notes 3.5. Other shares. The
accounting treatment of change in the fair value of the derivatives qualifying for hedge
accounting is presented in 5.6. Derivatives.
Impairment of financial assets
The Group assesses any impairment losses on its financial instruments on each balance
sheet date. An impairment of a financial asset is recognized in accordance with the
requirements of the expected credit loss model of the IFRS 9 standard. For items measured
at an amortized cost, the amount of the impairment loss equals the difference between the
asset’s carrying amount and the present value of estimated future cash flows from the
receivable. This is discounted at the financial asset’s original effective interest rate. For
items measured at fair value, the fair value determines the amount of impairment.
Impairment charges are recognized in the income statement.
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The Group sells certain trade receivables to finance companies within the framework of
limits stipulated in the agreement. The credit risk associated with these sold receivables and
the contractual rights to the financial assets in question are transferred from the Group on
the selling date. The related expenses are recognized in the financial expenses.
Financial liabilities
Financial liabilities are classified as financial liabilities accounted at fair value through profit
or loss, at amortized cost and at fair value through other comprehensive income. Financial
liabilities at fair value through profit or loss include derivatives to which hedge accounting is
not applied, whereas derivatives which are qualified for hedge accounting are booked at fair
value through other comprehensive income.
Other financial liabilities are initially recognized on the balance sheet at the initial value of
received net assets, with direct costs deducted. Later, these financial liabilities are
measured at amortized cost and the difference between the received net assets and
amortizations is recognized as an interest cost over the loan term. Changes in the fair value
of loans under fair value hedge accounting are booked in the income statement together
with the changes in the fair value of derivatives under fair value hedge accounting.
If the terms of a loan measured at amortized cost are modified and the loan is not
derecognized, the gain or loss of the modification is booked in the income statement at the
point of modification and is then amortized over the life of the modified loan. Profit or loss is
equal to the difference between the present value of the cash flows under the original and
modified terms, discounted at the original effective interest rate.

Category | Financial instrument
Financial liabilities at fair value through profit or loss | Currency forward contracts and currency swaps, interest rate swaps, electricity derivative contracts, and natural gas derivative contracts
Amortized cost | Current and non-current loans, pension loans, bonds, lease liabilities, and trade payables
Financial liabilities at fair value through other comprehensive income | Derivatives qualifying for hedge accounting (cash flow hedging)

The following levels are used to measure fair value:
Level 1: Fair value is determined based on quoted market prices.
Level 2: Fair value is determined with valuation techniques. Fair value refers either to the
value that is observable from the market value of elements of the financial instrument or the
market value of corresponding financial instruments, or to the value that is observable by
using commonly accepted valuation models and techniques if the market value can be
reliably measured with them.
Level 3: Fair value is determined by using valuation techniques which use inputs that have a
significant effect on the recorded fair value and the inputs are not based on observable
market data. Level 3 mainly includes the shares of Pohjolan Voima Group.
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5.5 MANAGEMENT OF FINANCIAL RISKS
Kemira Group Treasury's objective is to ensure sufficient funding in the most cost efficient
way and to manage financial risks. Approved by the Board of Directors, treasury policy defines
the principles of treasury management. The Board of Directors approves both the annual
Treasury plan and the maximum permissible financial risk levels.
Financial risk management aims to protect the Company from unfavorable changes in
financial markets, thereby contributing to safeguarding the Company’s profit performance
and shareholders’ equity and ensuring sufficient sources of finance. Management of financial
risks is centralized in the Group Treasury, which uses, for hedging purposes, derivative
instruments whose market values and risks can be monitored continuously and reliably.
Foreign exchange risk
Foreign currency transaction risk arises from currency flows, assets and liabilities
denominated in currencies other than the domestic currency. Transaction risks arise from
cash flows and balance sheet items where changes in exchange rates will have an impact on
earnings and cash flows. Translation risk arises when the currency denominated income
statement and the balance sheet items of group companies located outside the euro area are
consolidated into euro. The transaction risk is mainly hedged using foreign currency forwards.
The Group’s most significant transaction currency risks arise from the US dollar, the Chinese
renminbi, the Swedish krona and the Canadian dollar . At the end of the year, the US dollar
denominated exchange rate risk against EUR had an equivalent value of approximately EUR
105 million (142), the average hedging rate and hedging ratio being 1.16 and 75% (62%),
respectively. The Chinese renminbi denominated exchange rate risk was approximately EUR
105 million (121), the average hedging rate and hedging ratio being 8.20 and 74% (74%),
respectively. The denominated exchange rate risk of the Swedish krona against EUR had an
equivalent value of approximately EUR 44 million (39), the average hedging rate and hedging
ratio being 11.00 and 67% (71%), respectively. The Canadian dollar denominated exchange rate
risk was approximately EUR 38 million (41), the average hedging rate and hedging ratio being
1.60 and 72% (73%), respectively.
In addition, Kemira is exposed to smaller transaction risks against EUR, mainly in relation to
the Korean won, the Danish krona, the British pound, the Polish zloty and the Norwegian krona
and against USD mainly in relation to the Canadian dollar, with the annual exposure in those
currencies being approximately EUR 173 million.

|  | 2025 |  |  | 2024 |
Transaction exposure, the most significant currencies, EUR million | USD against EUR | CNY against EUR | SEK against EUR | CAD against EUR | USD against EUR | CNY against EUR | SEK against EUR | CAD against EUR
Operative cash flow forecast, net ¹⁾ | 105.2 | -105.3 | -43.5 | 38.2 | 141.5 | -120.7 | -38.7 | 40.9
Loans, net | 220.6 | 1.1 | -17.9 | 18.6 | 227.2 | -0.5 | -13.6 | —
Derivatives, operative cash flow hedging, net | -80.0 | 79.7 | 29.6 | -27.6 | -98.5 | 90.2 | 25.8 | -33.7
Derivatives, hedging of loans, net | 22.4 | -1.5 | 18.3 | -18.6 | -2.5 | 0.4 | 14.0 | —
Total | 268.2 | -26.0 | -13.5 | 10.6 | 267.7 | -30.6 | -12.6 | 7.2

1) Based on a 12-month foreign currency operative cash flow forecast.
At the end of 2025, the foreign currency operative cash flow forecast for 2026 was EUR 530
million of which 68% was hedged (69%). The hedge ratio is monitored daily. A minimum of 40%
and a maximum of 100% of the forecast flow must always be hedged. A 10 percent
strengthening of the euro against the Swedish krona, based on the exchange rates as of
December 31, 2025 and without hedging, would increase EBITDA by approximately EUR 4
million, and a 10 percent strengthening of the euro against the Chinese renminbi without
hedging would increase EBITDA by approximately EUR 11 million. Conversely, a 10 percent
strengthening of the euro against the Canadian dollar and the US dollar, without hedging,
would cause a EUR 4 and 11 million negative impact on EBITDA, respectively. A corresponding
decrease in the exchange rates would have an approximately equal, opposite impact.
On the balance sheet date, the market value of currency derivatives included in cash flow
hedge accounting was EUR 2.0 million (-3.8). Cash flow hedge accounting deals have been
done to hedge highly probable currency flows. In 2025, no ineffectiveness in currency
derivatives under hedge accounting was recognized in the Income statement (-).
The most significant translation risk currencies are the US dollar, the Canadian dollar, the
Polish zloty, the Swedish krona and the Chinese renminbi.
Kemira's main equity items denominated in foreign currencies are in the Canadian dollar, the
Swedish krona and the US dollar. The objective is to hedge the balance sheet risk by
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maintaining a balance between foreign currency denominated liabilities and assets, currency
by currency. In hedging the net investment in its units abroad, Kemira monitors the equity
ratio. Long-term loans and currency derivatives can be used for hedging net investments in
foreign subsidiaries. These hedges do not apply to hedge accounting. Loans in US dollars have
been granted to some foreign subsidiaries and the currency differences have been included in
foreign currency translation differences.
Interest rate risk
Kemira is exposed to interest rate risks through interest-bearing loans and derivatives.
Movements in interest rates create re-pricing and price risks, generating fluctuation in cash
flows and the fair value of loans and derivatives. A total of 75% (114%) of the Group’s entire net
debt portfolio, including lease liabilities, was fixed at the end of 2025. The net financing cost
for the Group w a s 6.3% (6.2%). The net financing cost is obtained by dividing yearly net
interest and other financing expenses, excluding exchange rate differences and dividends, by
the average interest bearing net debt figure for the corresponding period. The most
significant impact on the net financing cost arises from variation in the interest rate levels of
the euro, the US dollar and the Chinese renminbi.
In accordance with treasury policy, the Group’s interest rate risk is measured with the
duration which describes the average repricing moment of the loan portfolio, excluding lease
liabilities. The duration must be in the range of 6–60 months. The Kemira Group Treasury
manages duration by borrowing with fixed and floating rate loans, in addition to interest rate
derivatives. On the balance sheet date, the Group had no outstanding interest rate
derivatives. The duration of the Group’s interest-bearing loan portfolio, excluding lease
liabilities, was 11 months (13) at the end of 2025. On the balance sheet date, the average
interest rate of the loan portfolio was approximately 2.5% (2.8%). A total of 73% (75%) of
the loan portfolio consists of floating rate or fixed rate loans that mature in the following 12
months.
K emira will reprice 39 % (-26%) of the Group's net debt portfolio in 2026, as shown in the table
below.

2025 |  |  | 1–5 years |  |  |
Time to interest rate fixing, EUR million | <1 year |  |  | > 5 years |  | Total
Floating net liabilities | 125.2 |  | — |  | — |  | 125.2
Fixed net liabilities ¹⁾ | — |  | 200.0 |  | — |  | 200.0
Total | 125.2 |  | 200.0 |  | — |  | 325.2
2024 |  |  | 1–5 years |  |  |
Time to interest rate fixing, EUR million | <1 year |  |  | > 5 years |  | Total
Floating net liabilities | -130.7 |  | — |  | — |  | -130.7
Fixed net liabilities ¹⁾ | 90.0 |  | 200.0 |  | — |  | 290.0
Total | -40.7 |  | 200.0 |  | — |  | 159.3

1) Excluding lease liabilities.
If interest rates had risen by one percentage point on January 1, 2026, the consequent net
interest expenses before taxes resulting from loans, cash, deposits and money market
investments would increase by approximately EUR 0.2 million (decrease 1.4). Correspondingly,
a decrease of one percentage point would decrease net interest expenses by EUR 0.2 million.
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Commodity price risk
Kemira Group is exposed to commodity market price variation, mainly related to the price of
electricity. Kemira Group takes hedging measures with respect to its commodity purchases in
order to even out its raw material costs. The hedging policy aims to minimize the cash flow
risk of electricity and natural gas purchases.
In addition to electricity derivatives, the Group manages the price risk of electricity by
entering into long-term electricity sourcing agreements. The Group also has shares of 6% of
Pohjolan Voima Oy (PVO) and a 1% share of Teollisuuden Voima Oy. More information on the
share ownership can be found in Note 3.5. If electricity purchases exceed forecasted
electricity demand, Kemira hedges surplus electricity with derivatives. In line with its hedging
policy, the Group hedges its existing sales and purchase agreements in such a way that the
hedges cover the commitments made.
The price of electricity can vary greatly according to the market situation. The company
primarily uses electricity derivatives as hedging instruments. Regional price risks in Finland
and in Sweden are hedged. The outstanding electricity derivatives are treated in accordance
with cash flow hedge accounting. The forecasts for physical deliveries of the underlying
assets, or purchases, are not recorded until the delivery period. A +/- 10% change in the
market price of electricity hedging contracts outstanding at year end would impact the
valuation of these contracts by EUR +/- 0.6 m illion (+/- 1.4). Th is impact would be in equity.
Natural gas price risk is hedged with derivative contracts. The outstanding natural gas
derivatives are treated in accordance with cash flow hedge accounting. A +/- 10% change in
the market price of natural gas hedging contracts outstanding at year end would impact the
valuation of these contracts by EUR +/- 0.5 million (0.2). This impact would be in equity.
Credit risk
The Group is exposed to credit risks through commercial accounts receivables, bank account
balances, deposits, short-term investments, other current receivables and derivatives.
The Group’s treasury policy defines the credit rating requirements for the counterparties of
investment activities and derivative agreements as well as the related investment policy. The
Group seeks to minimize its counterparty risk by dealing solely with counterparties that are
financial institutions with a solid credit rating, as well as by spreading agreements among
them. Counterparty risk is regularly monitored. The counterparty risk in treasury operations is
due to the possibility that a contractual party to a financing transaction might not necessarily
be able to fulfill its contractual obligations. Risks are mainly related to investment activities
and the counterparty risks associated with derivative contracts.
The Group Treasury approves the new banking relationships of subsidiaries. Financial
institution counterparties used by the Group Treasury have a credit rating of at least an
investment grade, based on Standard & Poor’s credit rating information. The maximum risk
assignable to the Group’s financial institution counterparties on the balance sheet date
amounted to EUR 247.6million (521.1). Kemira monitors its counterparty risk on a monthly
basis, by defining the maximum risk associated with each counterparty based on the market
value of receivables. Kemira has defined an approved limit for each financial institution.
No material changes related to the Group's credit risk were associated with financing
transactions in the year 2025 and these transactions did not result in credit losses during the
financial year.
Kemira has a group-wide credit policy related to commercial activities. According to the
policy, each customer has a predefined risk category and credit limit. These are constantly
monitored. Based on the customer evaluation, Kemira decides the applicable payment terms,
to minimize credit risks. Pre-approved payment terms have been defined at the group level.
If necessary, securities and documentary credit, such as letters of credit, are applied. The
Group does not have any significant credit risk concentrations due to its extensive customer
base across the world. The credit losses related to trade receivables are described in Note
4.2.
In the USA, Kemira has an accounts receivable purchase facility wo rth USD 75 million,
en abling Group companies in the USA to sell certain accounts receivables to a counterpar ty.
The credit risk of the accounts receivables is transferred to the financial institutions and
95.7% of the receivables transferred are derecognized from the balance sheet. The amount of
outstanding receivables transferred, which also reflects the fair value of the receivables
before the transfer, was EUR 32.6 million (38.8) on December 31, 2025. The amounts
recognized in the balance sheet are EUR 1.6 million (1.8) in assets and EUR 0.7 million (1.0) in
liabilities.
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Liquidity and refinancing risks
Kemira's liquidity is secured with cash and cash equivalents, account overdrafts and a
revolving credit facility. At the end of 2025, the Group’s cash and cash equivalents stood at
EU R 242.3 mi llion (519.2), consisting of cash in bank accounts of EUR 156.9 million (266.7) and
bank deposits of EUR 85.4 million (252.5). In addition, the Gro up has a revolving credit facility
of EUR 400 milli on whic h will mature on March 31, 2030. At the turn of the year 2024/2025, the
revolving credit facility was undrawn.
The Group has a EUR 600 million domestic commercial paper program, enabling it to issue
commercial papers with a maximum maturity of one year. At the end of 2025, the Group did
not have any commercial paper outstanding on the market (-).
Kemira manages its refinancing risk with a diversified loan portfolio. Long-term financing
consists of bonds and bilateral loan agreements with several financial institutions. In addition,
the Group had leasing liabilities, in accordance with the IFRS 16 standard, of EUR 180.9 million
(132.2) at the end of the year.
According to Group treasury policy, the Group must have committed credit facilities to cover
planned funding needs, the current portion of long term debt, commercial paper borrowings
and other uncommitted short-term loans in the next 12 months. The average maturity of
outstanding loans, excluding lease liabilities, may temporarily be under the 3-year minimum
target. The average maturity of debt, excluding lease liabilities, at the end of 2025 was 3.0
years (2.9).
LOAN REPAYMENTS

2025 |  |  |  |  |  |  |  | Total drawn
Loan type, EUR million ¹⁾ | Undrawn | 2026 | 2027 | 2028 | 2029 | 2030 | 2031-
Loans from financial institutions | — | — | 180.0 | 7.7 | 11.5 | 15.4 | 65.4 | 280.0
Bonds | — | — | — | 200.0 | — | — | — | 200.0
Revolving credit facility | 400.0 | — | — | — | — | — | — | —
Lease liabilities ²⁾ | — | 41.2 | 33.8 | 25.7 | 19.2 | 15.8 | 99.2 | 234.9
Commercial paper program | 600.0 | — | — | — | — | — | — | —
Other interest-bearing non-current liabilities | — | 5.8 | 16.7 | — | — | — | — | 22.5
Other interest-bearing current liabilities | — | 68.3 | — | — | — | — | — | 68.3
Estimated contractual interest payments ³⁾ | — | 13.9 | 11.3 | 5.6 | 3.6 | 3.2 | 7.1 | 44.7
Total interest-bearing liabilities | 1,000.0 | 129.1 | 241.7 | 239.0 | 34.3 | 34.4 | 171.7 | 850.3
2024 |  |  |  |  |  |  |  | Total drawn
Loan type, EUR million ¹⁾ | Undrawn | 2025 | 2026 | 2027 | 2028 | 2029 | 2030-
Loans from financial institutions | — | 133.8 | 60.0 | 120.0 | 7.7 | 7.7 | 34.6 | 363.8
Bonds | — | — | — | — | 200.0 | — | — | 200.0
Revolving credit facility | 400.0 | — | — | — | — | — | — | —
Lease liabilities ²⁾ | — | 36.4 | 29.0 | 21.8 | 15.5 | 10.3 | 39.4 | 152.4
Commercial paper program | 600.0 | — | — | — | — | — | — | —
Other interest-bearing non-current liabilities | — | 6.3 | 16.9 | — | — | — | — | 23.2
Other interest-bearing current liabilities | — | 96.5 | — | — | — | — | — | 96.5
Estimated contractual interest payments ³⁾ | — | 14.2 | 12.4 | 9.1 | 4.1 | 1.8 | 3.8 | 45.3
Total interest-bearing liabilities | 1,000.0 | 287.2 | 118.2 | 150.9 | 227.3 | 19.8 | 77.8 | 881.2

1) Loan structure presented by type and maturity, using contractual undiscounted payments.
2) Contractual cash flow for leases includes estimated interest payments.
3) Interest payments for loan contracts other than lease liabilities.
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5.6 DERIVATIVE INSTRUMENTS

Nominal values, EUR million | Maturity structure | 2025 | 2024
2026 | 2027 | 2028 | 2029 | 2030 | Total | Total
Currency derivatives |  |  |  |  |  |  |
Forward contracts | 710.0 | — | — | — | — | 710.0 | 589.2
Inflow | 336.4 | — | — | — | — | 336.4 | 279.3
of which cash flow hedges | 29.6 | — | — | — | — | 29.6 | 25.7
Outflow | 373.6 | — | — | — | — | 373.6 | 309.9
of which cash flow hedges | 87.8 | — | — | — | — | 87.8 | 101.4
Commodity derivatives |  |  |  |  |  |  |
Commodity forward contracts (GWh) | 240.3 | 57.6 | 40.0 | 11.9 | — | 349.8 | 347.0
of which cash flow hedges | 221.9 | 57.6 | 40.0 | 11.9 | — | 331.4 | 347.0

The nominal values of the financial instruments do not necessarily correspond to the actual
cash flows between the counterparties and therefore individual items do not give a fair view
of the Group's risk position.

Fair values, EUR million | 2025 | 2024
Positive | Negative | Net | Positive | Negative | Net
Currency derivatives |  |  |  |  |  |
Forward contracts | 5.0 | -3.5 | 1.5 | 4.8 | -7.6 | -2.8
of which cash flow hedges | 2.2 | -0.2 | 2.0 | 0.5 | -4.3 | -3.8
Commodity derivatives |  |  |  |  |  |
Commodity forward contracts ¹⁾ | 0.3 | -2.7 | -2.4 | 1.6 | -3.0 | -1.4
of which cash flow hedges | 0.2 | -2.7 | -2.5 | 1.6 | -3.0 | -1.4

1) Includes the fair value of commodity forward contracts for EUR 0.0 million (0.1) and EUR -0.6 million (-1.8), maturing
after the next 12 months. Commodity derivatives include natural gas and electricity forward contracts.
The Group has ISDA or EFET Master netting agreements with the counterparties of derivative
contracts. They allow for the net settlement of outstanding market value within the scope of
the agreement in cases of non-payment, as defined in the agreement. At the end of the
reporting period, counterparty risk according to the master netting agreements was EUR 2.1
million (1.8) to Kemira and EUR 3.0 mi llion (5.9) to counterparties.
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The Group's accounting policies
Derivatives
The fair values of currency, interest rate and commodity derivatives as well as publicly
traded shares are based on prices quoted in active markets on the balance sheet date. The
value of other financial instruments measured at fair value is determined on the basis of
valuation models, using information available in the financial markets.
All the derivatives are measured at their fair values on the balance sheet date. Changes in
the value of forward contracts are calculated by measuring the contracts against the
forward exchange rates on the balance sheet date and comparing them with the counter
values calculated through the forward exchange rates on the date of entry into the forward
contracts. The fair value of interest rate derivatives is determined using the market value of
similar instruments on the balance sheet date. Other derivatives are measured at the market
price on the balance sheet date.
Derivative assets maturing during the following 12 months are presented in the balance
sheet as part of line item Trade receivables and other receivables, whereas derivatives with
a maturity of over 12 months are posted to Other financial assets, under Non-current assets .
Derivative liabilities maturing in less than 12 months are presented in the balance sheet as
part of line item Trade payables and other liabilities, whereas the fair value of derivative
liabilities with a maturity beyond 12 months is posted under Non-current liabilities, in Other
financial liabilities.
Hedge accounting
Hedge accounting is applied according to IFRS 9. This refers to a method of accounting
aimed at allocating one or more hedging instruments in such a way that their fair value
offsets, in full or in part, the changes in the fair value or cash flows of the hedged item.
Hedged items must be highly probable. The Group applies hedge accounting for hedging
interest rate risk, currency risk, commodity risk and fair value, if the designated derivative
contracts meet the hedge accounting criteria.
Hedge effectiveness is monitored as required by IFRS 9. Effectiveness refers to the capacity
of a hedging instrument to offset changes in the fair value of the hedged item or the cash
flows from a hedged transaction, which are due to the realization of the risk being hedged. A
hedging relationship is considered to be highly effective when the change in the fair value of
the hedging instrument offsets changes in the cash flows attributable to the hedged items.
Hedge effectiveness is assessed prospectively. Hedge effectiveness testing is repeated on
each balance sheet date.
Hedge accounting is discontinued when the criteria for hedge accounting are no longer
fulfilled. Gains or losses recognized in other comprehensive income and presented under
equity are derecognized and transferred immediately in the income statement if the hedged
item is sold or falls due. However, gains or losses arising from changes in the fair value of
those derivatives not fulfilling the hedge accounting criteria are recognized directly in the
income statement.
At the inception of a hedge, the Group documents the existence of the economic
relationship of the hedged item and the hedging instrument, including the identification of
the hedging instrument, the hedged item or transaction, the nature of the risk being hedged,
the objectives of risk management and the strategy for undertaking hedging as well as the
description of how hedge effectiveness is assessed.
Cash flow hedging
Cash flow hedging is used to hedge against variability in cash flows attributable to a
particular risk associated with a recognized asset or liability in the balance sheet or a highly
probable forecast transaction. Currency, interest rate and commodity derivatives are used
as hedging instruments in cash flow hedging. Cash flow hedge accounting, as specified in
IFRS 9, is applied by the Group to selected hedging items only. Changes in the fair value of
derivative instruments associated with cash flow hedges are recognized in other
comprehensive income (including the tax effect) and presented under equity, providing that
they fulfill the criteria set for hedge accounting and are based on effective hedging. The
ineffective portion of the gain or loss on the hedging instrument is recognized in the income
statement. Derivatives not fulfilling the hedge accounting criteria are recognized through
profit or loss.
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6. Group structure
6.1 RELATED PARTIES
Parties are considered to be related if one party has the ability to control or exercise
significant influence on the other party or if the parties exercise joint control in making
financial and operating decisions. The Group's related parties include the parent company,
subsidiaries, associates, joint-ventures and the Pension Fund Neliapila. Related parties also
include the members of the Board of Directors and the Group's Leadership Team, the CEO
and their immediate family members.
EMPLOYEE BENEFITS PAID TO THE CEO, THE INTERIM CEO AND MEMBERS
OF THE GROUP LEADERSHIP TEAM

EUR | Salaries and other benefits | Bonuses | Share- based payments ¹⁾ | 2025 Total | 2024 Total
CEO Antti Salminen (since 12 February 2024) ²⁾ | 640,401 | 355,208 | 2,328,711 | 3,324,320 | 1,843,597
Interim CEO Petri Castrén (18 July 2023 - 11 February 2024) ²⁾ | — | — | — | — | 1,667,054
CEO's Deputy Jukka Hakkila ³⁾ | 48,452 | 91,330 | 815,049 | 954,831 | 906,458
Other members of Group Leadership Team ⁴⁾ | 2,548,392 | 871,934 | 4,426,235 | 7,846,561 | 4,728,429
Total | 3,237,245 | 1,318,472 | 7,569,995 | 12,125,712 | 9,145,538

1) Includes share and cash portions. Share-based incentive plans for the management and key personnel are disclosed in
Note 2.3. Share-based payments.
2) Includes all salaries and benefits paid during 2024.
3) Deputy CEO Until March 20,2025. The salary and benefits paid cover the period until end of March 2025.
4) Other members of the Group Leadership Team on December 31, 2025 are CFO Petri Castrén, EVP Water Solutions Tuija
Pohjolainen-Hiltunen, EVP Packing & Hygiene Solutions Harri Eronen, EVP Fiber Essentials Antti Matula, COO Operations
Simon Bloem, EVP New Ventures & Services Peter Ersman, EVP Research & Innovation Sampo Lahtinen and EVP Strategy
& Sustainability Linus Hildebrandt. EVP People & Culture Eeva Salonen was a member until November 30, 2025. Other
members of the Management Board who are employed by a Finnish Kemira company do not have any supplementary
pension arrangements in addition to their statutory pensions. The members of the Management Board who are
employed by a foreign Kemira company participate in the pension systems based on statutory pension arrangements
and market practices. The Kemira policy is that all new supplementary pension arrangements are defined contribution
pension plans.
Employment terms and conditions of the CEO
Remuneration of the CEO comprises a monthly salary, including opportunity for a car benefit,
a mobile phone benefit and performance-based incentives. The performance-based
incentives consist of an annual short-term bonus plan and a long-term share incentive plan.
The annual short-term bonus plan is based on terms approved by the Board of Directors and
the maximum bonus is 100% (2024: 80%) of the annual base salary. The long-term share
incentive plan is based on the terms of the plan. The maximum reward is determined as a
number of shares and a cash portion, intended to cover taxes and the tax-related costs
arising from the reward.
The CEO belongs to the Finnish Employees’ Pension Act (TyEL) scheme, which provides
pension security based on years of service and earnings, as stipulated by law. No
supplementary pension has been offered to the CEO.
The mutual termination notice period is 6 months. The CEO is entitled to severance pay of 12
months’ salary, in addition to the salary earned during the notice period, in case the company
terminates his service.
The Board of Directors' emoluments
On March 20, 2025, the Annual General Meeting decided that the Board of Directors' annual
fee shall be paid as a combination of the company’s shares and cash, in such a manner that
40% of the annual fee is paid with Kemira shares owned by the company or, if this is not
possible, then with Kemira shares acquired from the securities market, and 60% is paid in
cash. On May 6, 2025, 12,344 shares owned by the company were distributed to the members
of the Board of Directors.
There are no special terms or conditions associated with owning the shares received as part
of the annual fee. The members of the Board of Directors are not eligible for any of Kemira
Oyj's short-term bonus plans, long-term share incentive plans or supplementary pension
plans.
Meeting fees are paid in cash and travel expenses are paid according to Kemira's travel policy.
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MEMBERS OF THE BOARD OF DIRECTORS

| Number of shares | Share value, EUR | Cash compensation, EUR ¹⁾ | 2025 Total, EUR | 2024 Total, EUR
Annika Paasikivi, Chairman | 2,885 | 52,956 | 94,044 | 147,000 | 84,400
Susan Duinhoven, Vice Chairman (since March 20, 2025) | 1,617 | 29,681 | 55,569 | 85,250 | —
Tina Sejersgård Fanø | 1,245 | 22,853 | 50,647 | 73,500 | 68,100
Werner Fuhrmann | 1,245 | 22,853 | 51,397 | 74,250 | 68,850
Matti Kähkönen (until March 20, 2025) | — | — | 2,250 | 2,250 | 134,900
Timo Lappalainen | 1,245 | 22,853 | 50,647 | 73,500 | 71,850
Matti Lehmus (since March 20, 2025) | 1,245 | 22,853 | 45,397 | 68,250 | —
Fernanda Lopes Larsen (until July 31, 2024) | — | — | — | — | 33,720
Kristian Pullola | 1,617 | 29,681 | 59,319 | 89,000 | 82,150
Mikael Staffas | 1,245 | 22,853 | 49,897 | 72,750 | 69,750
Total | 12,344 | 226,582 | 459,168 | 685,750 | 613,720

1) Includes both annual fees and meeting fees.
TRANSACTIONS CARRIED OUT WITH RELATED PARTIES

EUR million | 2025 | 2024
Leases, purchases of goods and services |  |
Associates and joint ventures | 30.3 | 31.2
Pension Fund Neliapila | 0.6 | 0.7
Total | 31.0 | 32.0
Liabilities |  |
Associates and joint ventures | 5.8 | 5.6

Real estate owned by Pension Fund Neliapila is leased to the Group. The commitments for
these real estate leases are treated in accordance with IFRS 16 Leases.
Related parties include Pension Fund Neliapila, which is a separate legal entity. Neliapila
manages Kemira's voluntarily organized additional pension fund. It also manages part of the
pension assets of the Group's personnel in Finland. Supplementary benefits in Neliapila and
surplus return are disclosed in more detail in Note 4.5. Defined benefit pension plans and
employee benefits.
The amount of contingent liabilities on behalf of associates is presented in Note 7.1.
Commitments and contingent liabilities.
There were no loans granted to key management personnel at the end of 2025 or 2024, nor
were there contingency items or commitments on behalf of key management personnel.
Persons close to key management personnel do not have any significant business relationship
with the Group.
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6.2 THE GROUP'S SUBSIDIARIES, INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
SUBSIDIARIES

| City | Country | Kemira Group's holding, % | Kemira Oyj's holding, % | Non- controlling interest's holding, %
Kemira Oyj (parent company) | Helsinki | Finland |  |  |
Aliada Quimica de Portugal Lda. | Estarreja | Portugal | 50.1 | 0.0 | 49.9
American H2O, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
AS Kemivesi | Lehmja Küla | Estonia | 100.0 | 100.0 | 0.0
AT Apollo Technologies, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
Chem Pro, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
Corporación Kemira Chemicals de Venezuela, C.A. | Caracas | Venezuela | 100.0 | 0.0 | 0.0
Delta H2O, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
Earthwise Environmental, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
GWT H2O, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
H2O Solutions of Illinois, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
Industry Park i Helsingborg Förvaltning AB | Helsingborg | Sweden | 100.0 | 0.0 | 0.0
Kemifloc a.s. | Přerov | Czech Republic | 51.0 | 0.0 | 49.0
Kemifloc Slovakia s.r.o. | Prešov | Slovakia | 51.0 | 0.0 | 49.0
Kemipol Sp. z.o.o. | Police | Poland | 51.0 | 0.0 | 49.0
Kemira (Asia) Co., Ltd. | Shanghai | China | 100.0 | 0.0 | 0.0
Kemira (Jining) Environmental Engineering Co., Ltd. | Jining | China | 100.0 | 0.0 | 0.0
Kemira (Malaysia) SDN.BHD | Kuala Lumpur | Malaysia | 100.0 | 0.0 | 0.0
Kemira (Thailand) Co., Ltd. | Bangkok | Thailand | 100.0 | 0.0 | 0.0
Kemira (Vietnam) Company Limited | Long Thanh | Vietnam | 100.0 | 0.0 | 0.0

| City | Country | Kemira Group's holding, % | Kemira Oyj's holding, % | Non- controlling interest's holding, %
Kemira Argentina S.A. | Buenos Aires | Argentina | 100.0 | 51.0 | 0.0
Kemira Australia Pty Ltd | Hallam | Australia | 100.0 | 0.0 | 0.0
Kemira Cell Sp. z.o.o. | Ostroleka | Poland | 55.0 | 55.0 | 45.0
Kemira Chemicals (India) Private Limited | New Delhi | India | 100.0 | 0.0 | 0.0
Kemira Chemicals (Nanjing) Co., Ltd. | Nanjing | China | 100.0 | 100.0 | 0.0
Kemira Chemicals (Shanghai) Co., Ltd. | Shanghai | China | 100.0 | 100.0 | 0.0
Kemira Chemicals (UK) Ltd. | Bradford | United Kingdom | 100.0 | 100.0 | 0.0
Kemira Chemicals (Yanzhou) Co., Ltd. | Yanzhou City | China | 100.0 | 100.0 | 0.0
Kemira Chemicals AS | Gamle Fredrikstad | Norway | 100.0 | 0.0 | 0.0
Kemira Chemicals Brasil Ltda. | São Paulo | Brazil | 100.0 | 99.9 | 0.0
Kemira Chemicals Germany GmbH | Frankfurt am Main | Germany | 100.0 | 0.0 | 0.0
Kemira Chemicals Korea Corporation | Gunsan-City | South Korea | 100.0 | 100.0 | 0.0
Kemira Chemicals NV | Aartselaar | Belgium | 100.0 | 0.0 | 0.0
Kemira Chemicals Oy | Helsinki | Finland | 100.0 | 0.0 | 0.0
Kemira Chemicals Pte. Ltd. | Singapore | Singapore | 100.0 | 0.0 | 0.0
Kemira Chemie Ges.mbH | Krems | Austria | 100.0 | 100.0 | 0.0
Kemira Chile Comercial Limitada | Santiago | Chile | 100.0 | 99.0 | 0.0
Kemira Chimie S.A.S.U. | Strasbourg | France | 100.0 | 0.0 | 0.0
Kemira Europe Oy | Helsinki | Finland | 100.0 | 100.0 | 0.0

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CONSOLIDATED FINANCIAL STATEMENTS (IFRS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

| City | Country | Kemira Group's holding, % | Kemira Oyj's holding, % | Non- controlling interest's holding, %
Kemira Gdańsk Sp. z o.o. | Gdańsk | Poland | 100.0 | 0.0 | 0.0
Kemira Hong Kong Company Limited | Hong Kong | China | 100.0 | 100.0 | 0.0
Kemira Ibérica S.A. | Barcelona | Spain | 100.0 | 0.0 | 0.0
Kemira Industrial Water Services, Inc | Atlanta, GA | United States | 96.8 | 0.0 | 3.2
Kemira International Finance B.V. | Rotterdam | Netherlands | 100.0 | 100.0 | 0.0
Kemira Italy S.p.A. | San Giorgio di Nogaro | Italy | 100.0 | 0.0 | 0.0
Kemira Japan Co., Ltd. | Tokyo | Japan | 100.0 | 0.0 | 0.0
Kemira Kemi AB | Helsingborg | Sweden | 100.0 | 0.0 | 0.0
Kemira Kopparverket KB | Helsingborg | Sweden | 100.0 | 0.0 | 0.0
Kemira KTM d.o.o. | Ljubljana | Slovenia | 100.0 | 100.0 | 0.0
Kemira Purton Ltd. | Purton | United Kingdom | 100.0 | 100.0 | 0.0
Kemira Research Center Shanghai Co., Ltd. | Shanghai | China | 100.0 | 100.0 | 0.0
Kemira Rotterdam B.V. | Rotterdam | Netherlands | 100.0 | 0.0 | 0.0
Kemira Services IntermediateCo, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
Kemira South Africa (Pty) Ltd. | Weltevreden park | South Africa | 100.0 | 0.0 | 0.0
Kemira Świecie Sp. z.o.o. | Swiecie | Poland | 100.0 | 100.0 | 0.0
Kemira Taiwan Corporation | Taipei | Taiwan | 100.0 | 0.0 | 0.0
Kemira TC Wanfeng Chemicals (Yanzhou) Co., Ltd. | Yanzhou City | China | 80.0 | 0.0 | 20.0
Kemira Uruguay S.A. | Fray Bentos | Uruguay | 100.0 | 0.0 | 0.0
Kemira Water Danmark A/S | Copenhagen | Denmark | 100.0 | 100.0 | 0.0
Kemira Water Solutions Canada Inc. | Varennes | Canada | 100.0 | 0.0 | 0.0
Kemira Water Solutions, Inc. | Atlanta, GA | United States | 100.0 | 0.0 | 0.0

| City | Country | Kemira Group's holding, % | Kemira Oyj's holding, % | Non- controlling interest's holding, %
Kemwater ProChemie s.r.o. | Bradlec | Czech Republic | 95.1 | 0.0 | 4.9
PT Kemira Chemicals Indonesia | Pasuruan | Indonesia | 99.8 | 99.8 | 0.2
PT Kemira Indonesia | Surabaya | Indonesia | 100.0 | 76.2 | 0.0
SimAnalytics Oy | Helsinki | Finland | 100.0 | 100.0 | 0.0
Wagenfuhr Water, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
Water Engineering of Colorado, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
Water Engineering of Iowa, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
Water Engineering, Inc. | Mead, NE | United States | 96.8 | 0.0 | 3.2
WEI H2O NJ, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
WEI H2O of Kansas, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
WEI H2O of New York, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
WEI H2O Technologies, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2
WEI of Michigan, LLC | Mead, NE | United States | 96.8 | 0.0 | 3.2

KEMIRA 2025 | FINANCIAL STATEMENTS | 169

CONSOLIDATED FINANCIAL STATEMENTS (IFRS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

ASSOCIATES AND JOINT VENTURES

| City | Country | Kemira Group's holding, % | Kemira Oyj's holding, %
Honkalahden Teollisuuslaituri Oy | Lappeenranta | Finland | 50.0 | 0.0
Kemira Yongsan Chemicals Co., Ltd ¹⁾ | Seoul | South Korea | 35.0 | 0.0
Alpha BIO Oy | Kotka | Finland | 50.0 | 50.0

1) This associate produces dry polyacrylamide and cationic monomer which are used for retention and drainage in
packaging and paper production as well as in wastewater treatment and in sludge dewatering.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

EUR million | 2025 | 2024
Net book value on Jan 1 | 4.8 | 4.8
Additions | 3.5 | 0.0
Decreases | 0.0 | 0.0
Share of the profit (+) / loss (-) for the period | -0.2 | 0.3
Exchange rate differences | -0.5 | -0.3
Net book value on Dec 31 | 7.5 | 4.8

A summary of the associates' and joint ventures' financial information is presented in the
following table. The presented figures equal the figures in the financial statements of each
associate and joint venture, not solely the portion of Kemira Group.

EUR million | 2025 | 2024
Assets | 44.7 | 43.3
Liabilities | 25.5 | 29.8
Revenue | 32.2 | 32.5
Profit (+) / loss (-) for the period | -0.1 | 1.2

Related party transactions carried out with associates and joint ventures are disclosed in
Note 6.1. Related parties.
NON-CONTROLLING INTERESTS

EUR million | 2025 | 2024
Net book value on Jan 1 | 18.1 | 19.4
Dividends | -13.0 | -14.4
Share of the profit for the period | 12.9 | 13.2
Exchange rate differences | 0.2 | -0.1
Net book value on Dec 31 | 18.1 | 18.1

CHANGES IN THE GROUP STRUCTURE
New subsidiaries and joint ventures established and acquired
• Kemira established a joint venture with International Flavors & Fragrances Inc. (IFF), Alpha
BIO Oy, on March 27, 2025.
• Kemira established a new company, Kemira Industrial Water Services, Inc., on August 29,
2025.
• Kemira acquired the Water Engineering Inc. sub-group on October 17, 2025. The acquired
sub-group consists of parent company (Kemira Services IntermediateCo, LLC) and its 16
subsidiaries, that are: American H2O LLC, AT Apollo Technologies LLC, Chem Pro LLC, Delta
H2O LLC, Earthwise Environmental LLC, GWT H2O LLC, H2O Solutions of Illinois LLC,
Wagenfuhr Water LLC, Water Engineering of Colorado LLC, Water Engineering of Iowa LLC,
Water Engineering Inc, WEI H2O NJ LLC, WEI H2O of Kansas LLC, WEI H2O of New York LLC,
WEI H2O Technologies LLC, WEI of Michigan LLC.
KEMIRA 2025 | FINANCIAL STATEMENTS | 170

CONSOLIDATED FINANCIAL STATEMENTS (IFRS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

7. Off-balance sheet items
7.1 COMMITMENTS AND CONTINGENT LIABILITIES
COMMITMENTS

EUR million | 2025 | 2024
Guarantees |  |
On behalf of own commitments | 101.4 | 114.8
On behalf of associates | 9.9 | 10.9
On behalf of others | 0.4 | 2.8
Other obligations |  |
On behalf of own commitments | 0.9 | 0.8

The most significant off-balance sheet investment commitmen ts
On December 31, 2025 , the major amounts of contractual commitments for the acquisition of
property, plant and equipment were EUR 19.0 million (18.7), primarily for plant investments.
Litigation
In November 2024, Kemira received a court ruling in Yanzhou, China, related to the way
Kemira's Joint Venture with Tiancheng Wanfeng Chemical Technology Co. (TCWF) is run. The
joint venture, where Kemira holds 80% and TCWF 20%, mainly produces AKD wax and its key
raw material, fatty acid chloride. The joint venture has been in operation in Shandong Province
in China since 2018. Kemira has filed an appeal to a higher court in China as it believes the
Yanzhou court ruling is without merit. Both parties have jointly requested the court to
suspend the hearing of the appeal, and the parties will continue negotiations to find a
solution.
In addition to the above, the Group is involved in some legal proceedings such as litigations,
arbitrations, administrative and tax proceedings incidental to its global operations. The Group
does not expect that the outcome of any of these legal proceedings will have a materially
adverse effect upon its consolidated results or financial position.
The Group's accounting policies
Contingent liabilities
A contingent liability is a possible obligation that arises from past events and whose
existence will be confirmed by the occurrence of uncertain future events not wholly within
the control of the Group, or it may concern a present obligation which will most probably not
require an outflow of resources embodying economic benefits to settle the obligation or
when the amount of the obligation cannot be measured with sufficient reliability. Contingent
liabilities are disclosed in the notes.
7.2 EVENTS AFTER THE BALANCE SHEET DATE
On February 11, 2026, Kemira's Board of Directors decided to commence a share buyback
program. The purpose of the program is to further optimize Kemira's capital structure and to
serve the interests of the company's diverse shareholder base. The maximum number of
shares to be repurchased is 5,000,000, and the maximum monetary amount to be used for
the program is EUR 100 million. The repurchases will be carried out between February 13,
2026, and September 20, 2026. Repurchased shares will be cancelled after the program has
ended.
On February 11, 2026, Kemira announced that it plans to acquire SIDRA Wasserchemie, a
coagulant producer with two production facilities in Germany and serving customers in
Germany, Belgium and the Netherlands. The acquisition is subject to competition authority
approval in Germany, and is expected to close during the first half of 2026. The purchase price
is approximately EUR 75 million, subject to usual purchase price adjustments.
KEMIRA 2025 | FINANCIAL STATEMENTS | 171

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

Kemira Oyj's income statement

Thousand EUR | Note | 1.1.-31.12.2025 | 1.1.-31.12.2024
Revenue | 2 | 1,835,145 | 1,950,291
Change in inventory of finished goods and in work in progress +/- | 4 | 1,431 | 991
Other operating income | 3 | 4,096 | 475
Materials and services | 4 | -1,014,049 | -1,076,131
Personnel expenses | 5 | -56,893 | -61,562
Depreciation, amortization and impairments | 6 | -21,473 | -21,760
Other operating expenses | 7 | -657,783 | -665,570
Operating profit |  | 90,475 | 126,734
Financial income and expenses | 8 | 19,650 | 97,866
Profit before appropriations and taxes |  | 110,125 | 224,600
Appropriations | 9 | -5,519 | -8,134
Income taxes | 10 | -16,428 | -32,856
Profit for the financial year |  | 88,178 | 183,610

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KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

Kemira Oyj's balance sheet

Thousand EUR | Note | 31.12.2025 | 31.12.2024
ASSETS |  |  |
NON-CURRENT ASSETS |  |  |
Intangible assets | 11 | 32,082 | 41,328
Tangible assets | 12 | 46,201 | 38,213
Investments | 13 |  |
Holdings in Group undertakings |  | 985,426 | 1,013,089
Receivables from Group companies |  | 402,054 | 372,002
Holdings in associates and joint ventures |  | 3,481 | 0
Other shares and similar rights of ownership |  | 98,339 | 98,339
Other investments |  | 6,127 | 6,127
Total investments |  | 1,495,428 | 1,489,557
Total non-current assets |  | 1,573,711 | 1,569,098
CURRENT ASSETS |  |  |
Inventories | 14 | 146,893 | 143,985
Non-current receivables | 15 |  |
Loan receivables |  | 0 | 400
Other receivables |  | 26 | 132
Deferred tax assets |  | 16,083 | 16,181
Total non-current receivables |  | 16,109 | 16,713
Current receivables | 15 | 417,874 | 518,239
Cash and cash equivalents | 16 | 207,462 | 465,527
Total current assets |  | 788,339 | 1,144,464
Total assets |  | 2,362,050 | 2,713,562

Thousand EUR | Note | 31.12.2025 | 31.12.2024
CAPITAL, RESERVES AND LIABILITIES |  |  |
CAPITAL AND RESERVES | 17 |  |
Share capital |  | 221,762 | 221,762
Share premium account |  | 257,878 | 257,878
Fair value reserve |  | 850 | -2,217
Unrestricted equity reserve |  | 199,964 | 199,964
Retained earnings |  | 387,154 | 410,456
Profit for the financial year |  | 88,178 | 183,610
Total capital and reserves |  | 1,155,785 | 1,271,452
APPROPRIATIONS | 18 | 24,040 | 16,971
PROVISIONS | 19 | 56,413 | 52,464
LIABILITIES |  |  |
Non-current liabilities | 20 |  |
Deferred tax liabilities |  | 412 | 281
Other non-current liabilities |  | 495,345 | 445,058
Total non-current liabilities |  | 495,757 | 445,340
Current liabilities | 21 | 630,055 | 927,335
Total liabilities |  | 1,125,812 | 1,372,675
Total capital, reserves and liabilities |  | 2,362,050 | 2,713,562

KEMIRA 2025 | FINANCIAL STATEMENTS | 173

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

Kemira Oyj's cash flow statement

Thousand EUR | 2025 | 2024
CASH FLOWS FROM OPERATING ACTIVITIES |  |
Net profit for the period | 88,178 | 183,610
Adjustments for |  |
Depreciation according to plan | 21,473 | 21,760
Unrealized exchange differences (net) | 4,145 | -7,274
Financial income and expenses (+/-) | -19,650 | -97,866
Income taxes | 16,428 | 32,856
Other adjustments (+/-) | 10,352 | -2,575
Operating profit before change in working capital | 120,925 | 130,510
Change in working capital |  |
Increase (-) / decrease (+) in non-interest-bearing current receivables | 49,607 | -58,066
Increase (-) / decrease (+) in inventories | -2,908 | -2,620
Increase (+) / decrease (-) in short-term interest-free debts | -161,240 | 134,495
Change in working capital | -114,541 | 73,809
Cash generated from operations before financial items and taxes | 6,384 | 204,320
Interest and other finance costs paid | -30,497 | -32,413
Interest and other finance income received | 45,432 | 92,233
Realized exchange differences (net) | 797 | 985
Dividends received | 30,349 | 44,580
Income taxes paid | -32,183 | -43,071
Net cash from operating activities | 20,282 | 266,633

Thousand EUR | 2025 | 2024
CASH FLOWS FROM INVESTING ACTIVITIES |  |
Acquisitions of subsidiary shares | -83 | -3,159
Aquisitions of associate shares | -3,481 | 0
Purchases of intangible assets | -6,226 | -6,477
Purchases of tangible assets | -15,172 | -8,877
Proceeds from sale of subsidiary shares | 0 | 94,056
Proceeds from sale of tangible and intangible assets | 335 | 1,866
Increase (-) / decrease (+) in loan receivables | -6,633 | 40,392
Net cash used in investing activities | -31,259 | 117,800
Cash flows before financing | -10,977 | 384,433
CASH FLOWS FROM FINANCING ACTIVITIES |  |
Acquisitions of own shares | -96,277 | 0
Short-term financing, net increase (+) / decrease (-) | 19,710 | 3,050
Proceeds from non-current liabilities (+) | 50,000 | 50,000
Repayment of non-current liabilities (-) | -130,121 | -200,000
Equity refunds from subsidiaries | 24,504 | 0
Dividends paid | -113,098 | -104,702
Group contribution paid | -7,000 | 0
Net cash used in financing activities | -252,282 | -251,652
Net increase (+) / decrease (-) in cash and cash equivalents | -263,259 | 132,781
Cash and cash equivalents on Dec 31 | 207,462 | 465,527
Exchange gains (+) / losses (-) on cash and cash equivalents | 5,194 | -2,863
Cash and cash equivalents on Jan 1 | 465,527 | 335,609
Net increase (+) / decrease (-) in cash and cash equivalents | -263,259 | 132,781

KEMIRA 2025 | FINANCIAL STATEMENTS | 174

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

Notes to the parent company financial statements
1. The parent company's accounting policies
BASIS OF PREPARATION
The parent company’s financial statements have been
prepared in compliance with the relevant acts and
regulations in force in Finland (FAS). Kemira Group’s financial
statements have been prepared in accordance with the
International Financial Reporting Standards (IFRS) and the
parent company applies the Group’s accounting policies
whenever it has been possible according to FAS.
VALUATION AND ALLOCATION PRINCIPLES
VALUATION OF NON-CURRENT ASSETS
Planned depreciation and any impairment losses have been
deducted from the acquisition cost of the intangible and
tangible assets entered in the balance sheet. The acquisition
cost includes the variable costs of acquisition and
manufacturing. Government grants received are recognized
as a deduction from the carrying amount of property, plant
and equipment. Planned depreciation is calculated on a
straight-line basis over the estimated intangible and tangible
asset's useful life. Depreciation starts from the month of
commencement of use.
Depreciation periods:
Other intangible assets 5–10 years
Buildings and structures 20–40 years
Machinery and equipment 3–15 years
Shares of non-current assets are valued at their acquisition
cost or at value less impairment.
VALUATION OF INVENTORY
Inventories are stated at cost, at the lower of replacement
cost or probable selling price. In addition to variable costs,
the cost of inventories includes a portion of the fixed costs of
acquisition and manufacturing. The acquisition cost of the
raw material inventory is determined using a weighted
average cost formula. The acquisition cost of finished goods
and work in progress includes the proportion of production
overheads at normal capacity.
VALUATION OF FINANCIAL INSTRUMENTS
The hedging of financial risk for Kemira Group is managed at
Kemira Oyj, which enters into currency, interest rate and
commodity derivatives contracts with third parties. Changes
in the fair value of currency derivatives that are applicable for
hedge accounting in the Group, but not in the parent
company (as underlying hedged items are with group
companies), are entered in profit and loss. Changes in the fair
value of other currency derivatives not qualifying for hedge
accounting in the Group, hedging commercial purchases or
sales or financial items in foreign currencies are also entered
in profit and loss. Changes in the fair value of interest rate
derivatives are recorded as financial items in both hedge
accounting and non-hedge accounting. Commodity
derivatives consist of electricity and natural gas derivative
contracts.
The fair value of commodity derivatives hedging the parent
company's commodity purchases and qualifying for hedge
accounting is posted to the hedging reserve under equity as
is the change in the fair value of currency derivatives that
qualify for hedge accounting in the parent company. These
currency derivatives are hedging estimated currency flows at
Kemira Oyj for the next 12-month period. When the hedging
instrument is maturing or the hedging relationship is
discontinued due to inefficiency, the hedging reserve is
adjusted by the value of the derivative, by booking the value
in the Income Statement.
The valuation of Fair value derivative instruments is carried
out according to the Finnish Accounting Act, Chapter 5,
Section 2a.
The valuation methods of derivative instruments are
described in Notes 5.4 and 5.6 in the Consolidated Financial
Statements.
Defining the fair value of financial assets and liabilities is
described in Group Note 5.4. Financial Risk management
principles are illustrated in Group note 5.5. Hedge accounting
principles and the valuation of derivative instruments are
described in Group note 5.6.
Reductions in the capital sums of other non-current loans as
well as loan transaction costs have been capitalized in the
parent company's financial statement, in a manner allowed
by the Finnish Accounting Act . The non-expensed portion of
these expenses, EU R 2.0 million (1.1), is included in the
balance sheet.
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KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

OBLIGATORY PROVISIONS
Obligatory provisions consist of obligations related to
pension and personnel costs, environmental obligations and
restructuring and legal claims, when a legal or factual existing
obligation has arisen as a result of a previous event, the
fulfillment of which is likely to give rise to future expenditure
and the amount of the obligation can be reliably estimated.
REVENUE
Kemira Oyj's revenue consists mainly of revenues from the
sale of goods and services. Revenue also includes
intercompany service charges on a gross basis.
PENSION ARRANGEMENTS
The company’s statutory pensions are handled by pension
insurance companies and supplemental pensions are
handled mainly by Kemira’s own pension fund. Pension costs
consist of payments to pension insurance companies and
possible contributions to the pension fund and both are
recognized in the income statement.
SHARE-BASED INCENTIVE PLANS
The treatment of share-based plans is described in the
Group’s accounting policies. In the parent company, the cash
proportion of share-based incentive plans is recognized as an
expense in the performance year and the share proportion is
recognized in the year the shares are given, using the average
share price.
FOREIGN CURRENCY TRANSLATION
In day-to-day bookkeeping, foreign currency transactions are
translated into their functional currency at the exchange
rates quoted on the transaction date. In the Financial
Statements, foreign currency denominated receivables and
liabilities are measured at the exchange rates quoted on the
balance sheet date. Business-related exchange rate
differences and business related foreign currency exchange
rate hedges are treated as sales and purchase adjustments.
Any foreign exchange gains and losses related to financial
items and respective hedging instruments are booked into
financial income and expenses.
DEFERRED TAXES
Deferred tax liabilities or assets are recognized for temporary
differences between tax and financial statements using the
tax rate for the following year, as determined on the balance
sheet date. The balance sheet includes the deferred tax
liability in its entirety and the deferred tax asset at the
estimated probable amount, as assessed by the
management. The efficient part of changes in the value of
the electricity and currency derivatives qualifying for hedge
accounting is recorded as a fair value reserve, less deferred
taxes.
LEASES
Lease payments are treated as rental expenses.
CASH FLOW STATEMENT
The parent company’s cash flow statement has been
prepared in accordance with the general guidelines on cash
flow by the Finnish Board of Accounting.
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KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

2. Revenue

Thousand EUR | 2025 | 2024
Revenue by business units |  |
Packaging & Hygiene Solutions | 380,022 | 422,059
Water Solutions | 536,684 | 547,696
Fiber Essentials | 365,828 | 381,895
Intercompany revenue | 552,611 | 598,640
Total | 1,835,145 | 1,950,291
Distribution of revenue by geographical area as a percentage of total revenue |  |
Finland, domicile of the parent company | 22 | 22
Other EMEA | 57 | 55
Americas | 12 | 13
Asia Pacific | 8 | 10
Total | 100 | 100

3. Other operating income

Thousand EUR | 2025 | 2024
Gains on the sale of property, plant and equipment | 240 | 152
Insurance compensation received | 3,427 | 53
Other income from operations | 429 | 270
Total | 4,096 | 475

4. Material and services

Thousand EUR | 2025 | 2024
Change in stocks of finished goods and in work in progress | -1,431 | -991
Materials and services |  |
Materials and supplies |  |
Purchases during the financial year | 1,008,298 | 1,074,630
Change in inventories (increase - / decrease +) | -2,928 | -7,153
External services | 8,679 | 8,654
Total | 1,014,049 | 1,076,131
Total materials and services | 1,012,618 | 1,075,140

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KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

5. Notes relating to personnel
Average number of personnel | 2025 | 2024
Average number of personnel during the financial year | 516 | 506
Thousand EUR | 2025 | 2024
Personnel costs |  |
Wages and salaries | 58,303 | 64,092
Pension expenses ¹⁾ | -1,944 | -4,064
Other personnel expenses | 534 | 1,534
Total | 56,893 | 61,562
Thousand EUR | 2025 | 2024
Management wages and salaries ²⁾ |  |
CEO | 3,324 | 3,511
CEO's Deputy | 955 | 906
Board of Directors | 686 | 614
Total | 4,965 | 5,031
Thousand EUR | 2025 | 2024
Salaries and fees include bonuses and share-based payments |  |
CEO | 2,684 | 2,590
CEO's Deputy | 906 | 703
Total | 3,590 | 3,293

In 2023, salaries and wages totaled EUR 58,900 thousand.
1) In 2025, the pension expenses include a return of a surplus of EUR 10.0 million (11.9) from the Neliapila Pension Fund.
2) The salary paid to Kemira Oyj's CEO and CEO's Deputy includes fringe benefits. The Salary for the CEO's Deputy covers
the period until end of March 2025. The Board of Directors decided to relieve the pre-appointed Deputy CEO on 20 March
2025.
Other transactions between related parties are presented in Note 6.1 in the Notes to the
Consolidated Financial Statements.
6. Depreciation, amortization and impairments

Thousand EUR | 2025 | 2024
Depreciation according to plan | 21,238 | 21,181
Impairment of tangible and intangible assets ¹⁾ | 235 | 578
Total | 21,473 | 21,760

7. Other operating expenses

Thousand EUR | 2025 | 2024
Rents | 10,940 | 8,636
Intercompany tolling manufacturing charges | 262,449 | 250,911
Other intercompany charges | 171,929 | 161,546
Freights and delivery expenses | 121,385 | 123,583
External services | 22,617 | 22,377
Other operating expenses ¹⁾ | 68,462 | 98,516
Total | 657,783 | 665,570

1) In 2025, the other operating expenses include a net increase of EUR 4,144 thousand in the obligatory provisions (a net
decrease of EUR 322 thousand in 2024). In 2024, the other operating expenses also included EUR 28,798 thousand
expenses related to the divestment of the Oil & Gas business.
AUDITOR'S FEES AND SERVICES

Thousand EUR | 2025 | 2024
Audit fees | 572 | 542
Sustainability reporting audit | 127 | 136
Tax services | 94 | 61
Other services | 27 | 3
Total | 820 | 742

Ernst & Young Oy acts as the principal auditor for Kemira Oyj.
KEMIRA 2025 | FINANCIAL STATEMENTS | 178

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

8. Finance income and expenses

Thousand EUR | 2025 | 2024
Dividend income |  |
From Group companies | 29,913 | 44,553
From others | 436 | 26
Total | 30,349 | 44,580
Other interest and finance income |  |
Interest income from Group companies | 37,322 | 48,504
Interest income from others | 10,260 | 14,266
Other finance income from Group companies ¹⁾ | 841 | 16,720
Other finance income from others ²⁾ | 0 | 3,055
Exchange gains from Group companies (net) | 0 | 21,206
Exchange gains from others (net) | 9,617 | 0
Total | 58,041 | 103,751
Total finance income | 88,389 | 148,330
Change in value on non-current assets |  |
Group companies ³⁾ | -3,242 | -10,376
Total | -3,242 | -10,376
Interest expenses and other finance expenses |  |
Interest expenses to Group companies | -6,337 | -9,914
Interest expenses to others | -17,708 | -22,179
Other finance expenses to Group companies | -389 | 0
Other finance expenses to others | -2,065 | -2,001
Exchange losses from Group companies (net) | -38,999 | 0
Exchange losses from others (net) | 0 | -5,995
Total | -65,497 | -40,088

Thousand EUR | 2025 | 2024
Total finance expenses | -68,739 | -50,464
Total finance income and expenses | 19,650 | 97,866
Thousand EUR | 2025 | 2024
Exchange gains and losses |  |
Realized | 797 | 1,203
Unrealized | -30,179 | 14,009
Total | -29,382 | 15,211

1) In 2024, other finance income from Group companies includes profit of EUR 16,720 thousand from the sale of Kemira
Chemicals Canada Inc. shares to Kemira Europe Oy
2) In 2024, other finance income from others includes EUR 3,055 thousand from the sale of Kemira
Chemicals, Inc shares to Artek US Holding Corp.
3) Changes in the value of non-current assets in Group companies include write-downs of subsidiary
shares.
9. Appropriations

Thousand EUR | 2025 | 2024
Change in accumulated depreciation difference (increase- /decrease+) |  |
Difference between depreciation according to plan and tax depreciation | -7,069 | -1,134
Total | -7,069 | -1,134
Group contribution |  |
Group contributions received | 3,500 | 0
Group contributions given | -1,950 | -7,000
Total | 1,550 | -7,000
Total appropriations | -5,519 | -8,134

KEMIRA 2025 | FINANCIAL STATEMENTS | 179

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

10. Income taxes

Thousand EUR | 2025 | 2024
Income taxes on ordinary activities | -14,646 | -30,267
Income taxes for prior years | -892 | -238
Change in deferred taxes | 539 | -159
Other taxes and parafiscal charges | -1,429 | -2,192
Total | -16,428 | -32,856

KEMIRA 2025 | FINANCIAL STATEMENTS | 180

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

11. Intangible assets

2025, Thousand EUR | Intangible rights | Goodwill | Advance payments and construction in progress | Other intangible assets | Total
Acquisition cost on Jan 1 | 290,440 | 32,597 | 3,099 | 39,878 | 366,014
Additions | 5,395 | 300 | 531 | 0 | 6,226
Decreases | -2,855 | 0 | -945 | 0 | -3,800
Transfers | 1,562 | 0 | -1,562 | 0 | 0
Acquisition cost on Dec 31 | 294,543 | 32,897 | 1,122 | 39,878 | 368,440
Accumulated amortization on Jan 1 | -263,115 | -21,693 | 0 | -39,878 | -324,686
Accumulated amortization relating to decreases | 2,577 | 0 | 0 | 0 | 2,577
Accumulated amortization relating to transfers | -6 | 0 | 0 | 0 | -6
Amortization during the financial year | -10,595 | -3,648 | 0 | 0 | -14,243
Accumulated amortization on Dec 31 | -271,139 | -25,341 | 0 | -39,878 | -336,358
Net book value on Dec 31 2025 | 23,404 | 7,556 | 1,122 | 0 | 32,082
Net book value on Dec 31 2024 | 27,325 | 10,905 | 3,099 | 0 | 41,328

KEMIRA 2025 | FINANCIAL STATEMENTS | 181

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

12. Tangible assets

2025, Thousand EUR | Land and water areas | Buildings and constructions | Machinery and equipment | Other tangible assets | Advance payments and construction in progress | Total
Acquisition cost on Jan 1 | 1,618 | 18,107 | 112,609 | 343 | 7,131 | 139,808
Additions | 0 | 1,355 | 12,543 | 0 | 1,274 | 15,172
Decreases | 0 | -2,273 | -6,102 | -282 | 0 | -8,658
Transfers | 0 | 1,317 | 5,709 | 0 | -7,026 | 0
Acquisition cost on Dec 31 | 1,618 | 18,506 | 124,758 | 61 | 1,379 | 146,322
Accumulated depreciation on Jan 1 | -110 | -8,843 | -92,300 | -342 | 0 | -101,595
Accumulated depreciation relating to decreases | 0 | 2,273 | 5,908 | 282 | 0 | 8,463
Accumulated depreciation relating to transfers | 0 | 6 | 0 | 0 | 0 | 6
Depreciation during the financial year | 0 | -743 | -6,251 | 0 | 0 | -6,995
Accumulated depreciation on Dec 31 | -110 | -7,308 | -92,644 | -60 | 0 | -100,121
Net book value on Dec 31 2025 | 1,509 | 11,198 | 32,114 | 1 | 1,379 | 46,201
Net book value on Dec 31 2024 | 1,509 | 9,263 | 20,309 | 2 | 7,131 | 38,213

KEMIRA 2025 | FINANCIAL STATEMENTS | 182

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

13. Investments

2025, Thousand EUR | Holdings in Group companies | Receivables from Group companies | Shares in associates and joint ventures | Other shares and interests | Other receivables | Total
Net book value on Jan 1 | 1,013,089 | 372,002 | 0 | 98,339 | 6,127 | 1,489,557
Additions | 83 | 137,627 | 3,481 | 0 | 0 | 141,191
Decreases | -24,504 | -107,574 | 0 | 0 | 0 | -132,078
Impairments | -3,242 | 0 | 0 | 0 | 0 | -3,242
Net book value on Dec 31 2025 | 985,426 | 402,054 | 3,481 | 98,339 | 6,127 | 1,495,428
Net book value on Dec 31 2024 | 1,013,089 | 372,002 | 0 | 98,339 | 6,127 | 1,489,557

14. Inventories

Thousand EUR | 2025 | 2024
Raw materials and consumables | 53,306 | 50,379
Finished goods | 89,372 | 88,455
Advance payments | 4,215 | 5,152
Total | 146,893 | 143,985

KEMIRA 2025 | FINANCIAL STATEMENTS | 183

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

15. Receivables

Thousand EUR | 2025 | 2024
Non-current receivables |  |
Receivables from others |  |
Loan receivables | 0 | 400
Other receivables | 26 | 132
Total | 26 | 532
Deferred tax assets |  |
From appropriations | 172 | 229
From reservations | 10,588 | 9,759
From foreign currency and electricity hedging | 199 | 835
From revaluations | 4,285 | 4,285
From other deferred tax receivables | 840 | 1,073
Total | 16,083 | 16,181
Total non-current receivables | 16,109 | 16,713
Current receivables |  |
Receivables from Group companies |  |
Trade receivables | 151,345 | 156,789
Loan receivables | 85,476 | 143,326
Advances paid | 18,066 | 18,066
Other current receivables | 4,515 | 48,128
Prepayments and accrued income | 13,675 | 8,266
Total | 273,077 | 374,575
Receivables from associated companies |  |
Trade receivables | 35 | 391
Total | 35 | 391

Thousand EUR | 2025 | 2024
Receivables from others |  |
Trade receivables | 119,669 | 123,785
Loan receivables | 909 | 500
Advances paid | 146 | 112
Other current receivables | 4,027 | 5,934
Prepayments and accrued income | 20,011 | 12,941
Total | 144,762 | 143,272
Total current receivables | 417,874 | 518,239
Total receivables | 433,984 | 534,951
Material amounts shown under prepayments and accrued income |  |
Interest | 227 | 1,217
Taxes | 6,037 | 0
Hedging accruals | 5,224 | 5,836
Prepaid expenses | 5,372 | 4,989
Accrued income | 253 | 446
Other items | 2,899 | 452
Total | 20,011 | 12,941

KEMIRA 2025 | FINANCIAL STATEMENTS | 184

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

16. Cash and equivalents

Thousand EUR | 2025 | 2024
Cash in hand and bank accounts | 127,541 | 217,925
Money market investments | 79,921 | 247,602
Total Cash and cash equivalents | 207,462 | 465,527
Money market investments |  |
Book value | 79,921 | 247,602
Fair value | 80,000 | 248,000
Difference | -79 | -398

Money market investments include deposits and commercial paper investments with a
maturity of less than three months.
KEMIRA 2025 | FINANCIAL STATEMENTS | 185

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

17. Capital and reserves

Thousand EUR | 2025 | 2024
Restricted equity |  |
Share capital on Jan 1 | 221,762 | 221,762
Share capital on Dec 31 | 221,762 | 221,762
Share premium account on Jan 1 | 257,878 | 257,878
Share premium account on Dec 31 | 257,878 | 257,878
Fair value reserve on Jan 1 | -2,217 | 9,961
Cash flow hedges | 3,067 | -12,178
Fair value reserve on Dec 31 | 850 | -2,217
Total restricted equity on Dec 31 | 480,489 | 477,422
Unrestricted equity |  |
Unrestricted equity reserve on Jan 1 | 199,964 | 199,964
Unrestricted equity reserve on Dec 31 | 199,964 | 199,964
Retained earnings on Jan 1 | 594,065 | 513,716
Distribution of dividends | -114,281 | -104,702
Share-based incentive plan |  |
Shares given | 3,647 | 3,372
Shares returned | 0 | -1,931
Repurchase of own shares | -96,277 | 0
Retained earnings on Dec 31 | 387,154 | 410,456
Profit for the financial year | 88,178 | 183,610
Total unrestricted equity on Dec 31 | 675,296 | 794,029
Total capital and reserves on Dec 31 | 1,155,785 | 1,271,452

DISTRIBUTABLE EQUITY

Thousand | 2025 | 2024
Calculation regarding distributable equity |  |
Profit from previous financial years | 387,154 | 410,456
Profit for the financial year | 88,178 | 183,610
Unrestricted equity reserve | 199,964 | 199,964
Distributable equity 31.12. | 675,296 | 794,029

CHANGE IN TREASURY SHARES

Thousand | EUR | Number of shares
Acquisition value/number on Jan 1, 2025 | 10,299 | 1,359
Change | -3,510 | -463
Acquisition value/number on Dec 31, 2025 | 6,788 | 896

18. Appropriations
Appropriations consist of accumulated accelerated depreciation.
KEMIRA 2025 | FINANCIAL STATEMENTS | 186

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

19. Provisions

Thousand EUR | 2025 | 2024
Non-current provisions |  |
Pension provisions | 5,170 | 5,365
Environmental provisions ¹⁾ | 21,533 | 9,960
Personnel related provisions | 112 | 127
Other provisions | 18,124 | 24,943
Total non-current provisions | 44,938 | 40,396
Current provisions |  |
Environmental provisions | 1,116 | 2,383
Personnel related provisions | 0 | 2,042
Other provisions | 10,358 | 7,643
Total current provisions | 11,474 | 12,069
Total provisions | 56,413 | 52,464
Change in obligatory provisions |  |
Obligatory provisions on Jan 1 | 52,464 | 52,957
Utilised during the year | -12,301 | -12,332
Cancellation of unused reservations | -245 | -362
Increase during the year | 16,494 | 12,202
Obligatory provisions on Dec 31 | 56,413 | 52,464

1) The biggest environmental provisions and changes in amount of provision relate to site closures and the removal of
POP waste from the land areas and its disposal in Vaasa.
Environmental risks and liabilities are disclosed in Note 4.6 in the Notes to the Consolidated
Financial Statements.
20. Non-current liabilities

Thousand EUR | 2025 | 2024
Loans from financial institutions | 280,000 | 230,000
Corporate bonds | 199,221 | 198,895
Other non-current liabilities | 16,125 | 16,163
Total | 495,345 | 445,058
Maturity later than five years |  |
Other liabilities | 16,037 | 16,037
Total | 16,037 | 16,037
Deferred tax liabilities |  |
From foreign currency and electricity hedging | 412 | 281
Total | 412 | 281
Total non-current liabilities | 495,757 | 445,340

KEMIRA 2025 | FINANCIAL STATEMENTS | 187

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

21. Current liabilities

Thousand EUR | 2025 | 2024
Liabilities to Group companies |  |
Loan liabilities | 31,198 | 11,488
Trade payables | 172,532 | 219,300
Other liabilities | 241,659 | 363,798
Accruals and deferred income | 28,609 | 6,559
Total | 473,998 | 601,145
Liabilities to others |  |
Loans from financial institutions | 0 | 133,488
Advances received | 751 | 437
Trade payables | 84,138 | 94,762
Other liabilities | 11,830 | 9,117
Accruals and deferred income | 59,337 | 88,387
Total | 156,056 | 326,190
Total current liabilities | 630,055 | 927,335
Material items included in accruals adn deferred income |  |
Personnel expenses | 18,017 | 26,659
Interest expenses and exchange rate differences | 8,062 | 12,127
Cost accruals | 28,990 | 32,869
Income tax accruals | 773 | 9,953
Other | 3,495 | 6,780
Total | 59,337 | 88,387

22. Derivatives

| 2025 | 2024
Nominal values, thousand EUR | Total | Total
Currency derivatives |  |
Forward contracts | 710,013 | 612,726
of which cash flow hedges | 117,410 | 127,134
Commodity derivatives |  |
Commodity forward contracts (MWh) ¹⁾ | 263,305 | 230,656
of which cash flow hedges | 244,919 | 230,656

1) Gas and electricity forward contracts.

| 2025
Fair values, thousand EUR | Positive | Negative | Net
Currency derivatives |  |  |
Forward contracts | 4,997 | 3,515 | 1,482
of which cash flow hedges | 2,233 | 194 | 2,039
Commodity derivatives |  |  |
Commodity forward contracts ¹⁾ | 264 | 1,117 | -853
of which cash flow hedges | 121 | 1,117 | -997

1) Includes fair value of commodity forward contracts of EUR 61 thousand maturing after the year 2025 (EUR 6 thousand)

| 2024
Fair values, thousand EUR | Positive | Negative | Net
Currency derivatives |  |  |
Forward contracts | 5,369 | 7,600 | -2,231
of which cash flow hedges | 495 | 4,331 | -3,836
Commodity derivatives |  |  |
Commodity forward contracts ¹⁾ | 1,567 | 161 | 1,406
of which cash flow hedges | 1,567 | 161 | 1,406

1) Includes fair value of commodity forward contracts of EUR 6 thousand maturing after the year 2024 (EUR 1,597
thousand)
KEMIRA 2025 | FINANCIAL STATEMENTS | 188

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

23. Quarantees and contingent liabilities

Thousand EUR | 2025 | 2024
Given guarantees |  |
On behalf of own commitments |  |
Business related delivery-, environmental and other guarantees | 18,671 | 18,964
On behalf of companies belonging to the same Group |  |
Business and financing guarantees | 441,598 | 523,933
On behalf of associated companies |  |
Business and financing guarantees | 9,900 | 10,915
On behalf of others |  |
Guarantees | 177 | 2,582
Rent liabilities |  |
Maturity within one year | 7,553 | 2,923
Maturity after one year | 65,138 | 3,566
Total | 72,690 | 6,489
Leasing liabilities |  |
Maturity within one year | 3,510 | 2,513
Maturity after one year | 5,829 | 4,528
Total | 9,339 | 7,041

Financial Liabilities
The company is obliged to review the VAT deductions it has made for real estate investments
completed in 2017–2025 if the taxable use of the properties decreases during the review
period. The maximum liability is EUR 1.0 million and the last review year is 2034.
24. Related party transactions

Thousand EUR | 2025 | 2024
Related party notes required by the Finnish Companies Act |  |
The most significant Group companies with which the company has loans |  |
Kemira Water Solutions Inc. | 152,998 | 173,041
Kemira Chemicals Oy | 62,400 | 67,400
Kemira Industrial Water Services, Inc | 59,574 | 0
Other Group companies | 212,559 | 215,208
Total | 487,531 | 515,327

Kemira Oyj acts as principal in the EMEA and APAC businesses. The most significant related
party transactions on the balance sheet are Group companies' loans. For the most part, the
loan is issued in the accounting currency of the subsidiary, while the parent company hedges
the currency risk. The margins added to loan reference rates are market-based.
The Group uses consolidated bank account systems as a cash management tool. When
involved, the parent company acts as the holder of the consolidated accounts. Subsidiaries
are always entitled to the assets in their consolidated assets account and consolidated
account operations do not adversely affect the continuity of subsidiaries' operations.
KEMIRA 2025 | FINANCIAL STATEMENTS | 189

KEMIRA OYJ FINANCIAL STATEMENTS (FAS) | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

25. Holdings in other undertakings

| Country | Kemira Oyj holding, %
Group undertakings |  |
AS Kemivesi | Estonia | 100.00
Kemira Argentina S.A. | Argentina | 51.00
Kemira Cell Sp. z.o.o. | Poland | 55.00
Kemira Chemicals (Nanjing) Co., Ltd. | China | 100.00
Kemira Chemicals (Shanghai) Co., Ltd. | China | 100.00
Kemira Chemicals (UK) Ltd. | United Kingdom | 100.00
Kemira Chemicals (Yanzhou) Co., Ltd. | China | 100.00
Kemira Chemicals Germany GmbH | Germany | 100.00
Kemira Chemicals Korea Corporation | South Korea | 100.00
Kemira Chemie GesmbH | Austria | 100.00
Kemira Chile Comercial Limitada | Chile | 99.00
Kemira Europe Oy | Finland | 100.00
Kemira Hong Kong Company Limited | China | 100.00
Kemira International Finance B.V. | Netherlands | 100.00
Kemira KTM d.o.o. | Slovenia | 100.00
Kemira Purton Ltd | United Kingdom | 100.00
Kemira Świecie Sp. z o.o. | Poland | 100.00
Kemira Water Danmark A/S | Denmark | 100.00
PT Kemira Chemicals Indonesia | Indonesia | 99.77
PT Kemira Indonesia | Indonesia | 76.23
SimAnalytics Oy | Finland | 100.00
Joint ventures |  |
Alpha Bio Oy | Finland | 50.00

Changes in the group structure
Kemira Oyj established a joint venture with International Flavors & Fragrances Inc. (IFF),
AlphaBio Oy on March 27, 2025.
The Group's subsidiaries, investments in associates and joint ventures are presented in Note
6.2. in the Consolidated Financial Statements.
KEMIRA 2025 | FINANCIAL STATEMENTS | 190

BOARD'S PROPOSAL FOR PROFIT DISTRIBUTION AND SIGNATURES | PART OF THE AUDITED FINANCIAL STATEMENTS 2025

Kemira Oyj’s Board of Directors’ proposal to the Annual General Meeting for the distribution of
distributable funds and signing of the Financial Statements and Board of Directors’ Review
On December 31, 2025 , Kemira Oyj’s distributable funds are EUR 675,295,741 , of which the net
profit for the period amounts to EUR 88,177,782.
The Board of Directors proposes for the Annual General Meeting to be held on March 19, 2026
and that a dividend of EUR 0.76 per share be distributed. No dividend will be paid on the own
shares held by the company as treasury shares on the dividend record date.
On the date of this proposal for the distribution of profits, a total of 149,446,553 shares are
held outside the company and the total dividends paid would amount to EUR 113,579,380.
Distributable funds of EUR 561,716,361 are to be retained as equity.
There have been no material changes in the company’s financial position since December 31,
2025. The liquidity of the company remains good and the proposed dividend payment does
not risk the solvency of the company.
The financial statements have been prepared in accordance with applicable accounting laws
and regulations and give a true and fair view of the assets, liabilities, financial position and
profit or loss of the parent company and of the companies included in its consolidated
financial statements.
We also confirm that the Board of Directors' Review includes:
– A true and fair view of the development of the business and the financial result,
– A description of the most significant risks and uncertainties and other aspects of the
company's condition, and
– A sustainability report prepared in accordance with the reporting standards referred to in
Chapter 7 of the Accounting Act and Article 8 of the Taxonomy Regulation.
Helsinki, February 11, 2026

Annika Paasikivi |  | Susan Duinhoven |  | Tina Sejersgård Fanø
Chair |  | Vice Chair |  |
Werner Fuhrmann |  | Timo Lappalainen |  | Matti Lehmus
Kristian Pullola |  | Mikael Staffas |  | Antti Salminen
|  |  |  | CEO

KEMIRA 2025 | FINANCIAL STATEMENTS | 191

AUDITOR'S REPORT

Auditor's report (Translation of the Finnish original)
To the Annual General Meeting of Kemira Oyj

Ernst & Young Oy Korkeavuorenkatu 32-34 FI- 00130 Helsinki Finland | Tel. +358 207 280 190 www.ey.com/fi Business ID 2204039-6 domicile Helsinki

Report on the Audit of Financial Statement
OPINION
We have audited the financial statements of Kemira Oyj (business identity code 0109823-0)
for the year ended 31 December 2025. The financial statements comprise the consolidated
balance sheet, income statement, statement of comprehensive income, statement of
changes in equity, statement of cash flows and notes, including material accounting policy
information, as well as the parent company’s balance sheet, income statement, statement of
cash flows and notes.
In our opinion
• the consolidated financial statements give a true and fair view of the group’s financial
position, financial performance and cash flows in accordance with IFRS Accounting
Standards as adopted by the EU.
• the financial statements give a true and fair view of the parent company’s financial
performance and financial position in accordance with the laws and regulations governing
the preparation of financial statements in Finland and comply with statutory requirements.
Our opinion is consistent with the additional report submitted to the Audit Committee.
BASIS FOR OPINION
We conducted our audit in accordance with good auditing practice in Finland. Our
responsibilities under good auditing practice are further described in the Auditor’s
Responsibilities for the Audit of Financial Statements section of our report.
We are independent of the parent company and of the group companies in accordance with
the ethical requirements that are applicable in Finland and are relevant to our audit, and we
have fulfilled our other ethical responsibilities in accordance with these requirements.
In our best knowledge and understanding, the non-audit services that we have provided to the
parent company and group companies are in compliance with laws and regulations applicable
in Finland regarding these services, and we have not provided any prohibited non-audit
services referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit services that we
have provided have been disclosed in note 2.2 to the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of
the financial statements section of our report, including in relation to these matters.
Accordingly, our audit included the performance of procedures designed to respond to our
assessment of the risks of material misstatement of the financial statements. The results of
our audit procedures, including the procedures performed to address the matters below,
provide the basis for our audit opinion on the accompanying financial statements.
We have also addressed the risk of management override of internal controls. This includes
consideration of whether there was evidence of management bias that represented a risk of
material misstatement due to fraud.

KEMIRA 2025 | FINANCIAL STATEMENTS | 192

AUDITOR'S REPORT

Key audit matter | How our audit addressed the Key Audit Matter
Valuation of goodwill We refer to the note 3.1. Goodwill in the consolidated financial statements. Valuation of goodwill was a key audit matter because • the assessment process is judgmental, • it is based on assumptions relating to market or economic conditions extending to the future, and • because of the significance of the goodwill to the financial statements. As of balance sheet date 31 December 2025, the value of goodwill amounted to 535 million euro representing 17 % of the total assets and 32 % of the total equity. The valuation of goodwill is based on management’s estimate about the value-in-use calculations of the cash generating units. There are number of underlying assumptions used to determine the value-in-use, including the revenue growth, EBITDA and discount rate applied on net cash-flows. Estimated value-in-use may vary significantly when the underlying assumptions are changed and the changes in above-mentioned individual assumptions may result in an impairment of goodwill. | Our audit procedures regarding the valuation of goodwill included involving EY valuation specialists to assist us in evaluating methodologies, impairment calculations and underlying assumptions applied by the management in the impairment testing. In evaluation of methodologies, we compared the principles applied by the management in the impairment tests to the requirements set in IAS 36 Impairment of assets standard and ensured the mathematical accuracy of the impairment calculations. The key assumptions applied by the management in impairment tests were compared to • approved budgets and long-term forecasts, • information available in external sources, as well as • our independently calculated industry averages such as weighted average cost of capital used in discounting the cashflows. In addition, we compared the sum of discounted cash flows in impairment tests to Kemira’s market capitalization. We also assessed the sufficiency and appropriateness of the disclosures given in respect of goodwill and its sensitivity.

Key audit matter | How our audit addressed the Key Audit Matter
Fair value measurement of other shares We refer to the note 3.5 Other shares in the consolidated financial statements. Fair value measurement of other shares was a key audit matter because • the value of PVO / TVO shares is material to the financial statements, and because • the fair value assessment process requires significant management judgment. As of balance sheet date 31 December 2025, the value of PVO / TVO shares included in other shares amounted to 220 million euro representing 7 % of the total assets and 13 % of the total equity. PVO / TVO shares represent majority of the balance sheet value of other shares. In determining the fair value of PVO / TVO shares, the management must make among other things an assessment regarding • future electricity production cost for PVO and TVO, • future electricity market prices applicable for Finland, and • discount rate applied on discounting the cashflows. Fair values of PVO and TVO shares may vary significantly when above-mentioned assumptions are changed. Fair value measurement of other shares was determined to be a key audit matter and a significant risk of material misstatement referred to in EU Regulation No 537/2014, point (c) of Article 10 (2). | Our audit procedures regarding the fair values of other shares to address the risk of material misstatement included involving EY valuation specialists to assist us in evaluating appropriateness of methodologies, fair value calculations and underlying assumptions applied by the management. The key assumptions made by the management were compared to • estimates of future electricity production costs available on external sources, • estimates of future electricity market prices in Finland available on external sources, and • our independently calculated discount rate applicable for discounting of expected cashflows. In addition, we assessed the overall reasonableness of management’s judgments. We also assessed the sufficiency and appropriateness of the disclosures regarding the other shares.

KEMIRA 2025 | FINANCIAL STATEMENTS | 193

AUDITOR'S REPORT

RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE
MANAGING DIRECTOR FOR THE FINANCIAL STATEMENTS
The Board of Directors and the Managing Director are responsible for the preparation of
consolidated financial statements that give a true and fair view in accordance with IFRS
Accounting Standards as adopted by the EU, and of financial statements that give a true and
fair view in accordance with the laws and regulations governing the preparation of financial
statements in Finland and comply with statutory requirements. The Board of Directors and
the Managing Director are also responsible for such internal control as they determine is
necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are
responsible for assessing the parent company’s and the group’s ability to continue as going
concern, disclosing, as applicable, matters relating to going concern and using the going
concern basis of accounting. The financial statements are prepared using the going concern
basis of accounting unless there is an intention to liquidate the parent company or the group
or cease operations, or there is no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF FINANCIAL
STATEMENTS
Our objectives are to obtain reasonable assurance on whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with good auditing practice will
always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of the financial
statements.
As part of an audit in accordance with good auditing practice, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the parent company’s or the group’s internal
control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s
use of the going concern basis of accounting and based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the parent company’s or the group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the parent company or the group to cease to continue as a going
concern.
• Evaluate the overall presentation, structure and content of the financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events so that the financial statements give a true and fair view.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding
the financial information of the entities or business units within the group as a basis for
forming an opinion on the group financial statements. We are responsible for the direction,
supervision and review of the audit work performed for purposes of the group audit. We
remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and communicate with them all
relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
KEMIRA 2025 | FINANCIAL STATEMENTS | 194

AUDITOR'S REPORT

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should not be communicated in
our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Other reporting requirements
INFORMATION ON OUR AUDIT ENGAGEMENT
We were first appointed as auditors by the Annual General Meeting on 21 March 2019 and our
appointment represents a total period of uninterrupted engagement of seven years.
OTHER INFORMATION
The Board of Directors and the Managing Director are responsible for the other information.
The other information comprises the report of the Board of Directors and the information
included in the Annual Report, but does not include the financial statements and our auditor’s
report thereon. We have obtained the report of the Board of Directors prior to the date of this
auditor’s report, and the Annual Report is expected to be made available to us after that date.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the audit,
or otherwise appears to be materially misstated. With respect to report of the Board of
Directors, our responsibility also includes considering whether the report of the Board of
Directors has been prepared in compliance with the applicable provisions, excluding the
sustainability report information on which there are provisions in Chapter 7 of the Accounting
Act and in the sustainability reporting standards.
In our opinion, the information in the report of the Board of Directors is consistent with the
information in the financial statements and the report of the Board of Directors has been
prepared in compliance with the applicable provisions. Our opinion does not cover the
sustainability report information on which there are provisions in Chapter 7 of the Accounting
Act and in the sustainability reporting standards.
If, based on the work we have performed on the other information that we obtained prior to
the date of this auditor’s report, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this
regard.
OTHER STATEMENTS BASED ON LAW
Our responsibility is to, based on our audit, express an opinion on the registration and
publication of the income tax report required in Chapter 7 b of the Accounting Act.
The Board of Directors and the Managing Director are responsible for the registration and the
publication of the income tax report.
In our opinion, the company has not been obliged to register and publish an income tax report
referred to in Chapter 7 b of the Accounting Act for the financial year immediately preceding
the financial year.
OTHER OPINIONS ON ASSIGNMENT OF THE BOARD OF DIRECTORS
We support that the financial statements should be adopted. The proposal by the Board of
Directors regarding the use of the profit shown on the balance sheet is in compliance with the
Limited Liability Companies Act. We support that the Board of Directors of the parent
company and the Chief Executive Officer should be discharged from liability for the financial
period audited by us.
Helsinki, 11 February 2026
Ernst & Young Oy
Authorized Public Accountant Firm
Mikko Rytilahti
Authorized Public Accountant
KEMIRA 2025 | FINANCIAL STATEMENTS | 195

ASSURANCE REPORT

Assurance Report on
the Sustainability statement

Ernst & Young Oy Korkeavuorenkatu 32-34 FI- 00130 Helsinki Finland | Tel. +358 207 280 190 www.ey.com/fi Business ID 2204039-6, domicile Helsinki

Translation of the Finnish original
TO THE ANNUAL GENERAL MEETING OF KEMIRA OYJ
We have performed a limited assurance engagement on the group sustainability statement of
Kemira Oyj (business identity code 0109823-0) that is referred to in Chapter 7 of the
Accounting Act and that is included in the report of the Board of Directors for the reporting
period 1.1.–31.12. 2025.
OPINION
Based on the procedures we have performed and the evidence we have obtained, nothing has
come to our attention that causes us to believe that the group sustainability statement does
not comply, in all material respects, with
1) the requirements laid down in Chapter 7 of the Accounting Act and the sustainability
reporting standards (ESRS), and
2) the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European
Parliament and of the Council on the establishment of a framework to facilitate
sustainable investment, and amending Regulation (EU) 2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Kemira Oyj has identified the information for
reporting in accordance with the sustainability reporting standards (double materiality
assessment).
Our opinion does not cover the tagging of the group sustainability statement with digital XBRL
sustainability tags in accordance with Chapter 7, Section 22, Subsection 1(2), of the
Accounting Act, because sustainability reporting companies have not had the possibility to
comply with that requirement in the absence of requirements for the tagging of sustainability
information in the ESEF regulation or other European Union legislation.
BASIS FOR OPINION
We performed the assurance of the group sustainability statement as a limited assurance
engagement in compliance with good assurance practice in Finland and with the International
Standard on Assurance Engagements (ISAE) 3000 (Revised) Assurance Engagements Other
than Audits or Reviews of Historical Financial Information.
Our responsibilities under this standard are further described in the Responsibilities of the
Group Sustainability Auditor section of our report.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
OTHER MATTER
We draw attention to the fact that the group sustainability statement of Kemira Oyj, prepared
in accordance with Chapter 7 of the Accounting Act, has been prepared and assured for the
first time for the financial year January 1–December 31, 2024. Our opinion covers the
comparative information that has been presented in the group sustainability statement for
January 1–December 31, 2024, but not any other comparative information. Our opinion is not
modified in respect of this matter.
AUTHORIZED GROUP SUSTAINABILITY AUDITOR'S INDEPENDENCE
AND QUALITY MANAGEMENT
We are independent of the parent company and of the group companies in accordance with
the ethical requirements that are applicable in Finland and are relevant to our engagement,
and we have fulfilled our other ethical responsibilities in accordance with these requirements.
The Authorized Group Sustainability Auditor applies International Standard on Quality
Management ISQM 1, which requires the Authorized Sustainability Audit Firm to design,
implement and operate a system of quality management including policies or procedures
regarding compliance with ethical requirements, professional standards and applicable legal
and regulatory requirements.
KEMIRA 2025 | FINANCIAL STATEMENTS | 196

ASSURANCE REPORT

RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE
MANAGING DIRECTOR
The Board of Directors and the Managing Director of Kemira Oyj are responsible for:
• the group sustainability statement and for its preparation and presentation in accordance
with the provisions of Chapter 7 of the Accounting Act, including the process that has been
defined in the sustainability reporting standards and in which the information for reporting
in accordance with the sustainability reporting standards has been identified,
• the compliance of the group sustainability statement with the requirements laid down in
Article 8 of the Regulation (EU) 2020/852 of the European Parliament and of the Council on
the establishment of a framework to facilitate sustainable investment, and amending
Regulation (EU) 2019/2088, and for such
• Internal control as the Board of Directors and the Managing Director determine is
necessary to enable the preparation of a group sustainability statement that is free from
material misstatement, whether due to fraud or error.
INHERENT LIMITATIONS IN THE PREPARATION OF A
SUSTAINABILITY STATEMENT
The preparation of the group sustainability statement requires a materiality assessment from
the company in order to identify relevant disclosures. This significantly involves management
judgment and choices. Group Sustainability reporting is also characterized by the fact that
reporting of this type of information involves estimates and assumptions, as well as
measurement and assessment uncertainty.
The determination of greenhouse gases is subject to inherent uncertainty due to the
incomplete scientific data used to determine the emission factors and the numerical values
needed to combine emissions of different gases.
When reporting future-related information in accordance with the ESRS standards, the
company’s management must present assumptions regarding possible future events and
disclose the company's potential future actions related to these events, as well as prepare
future-related information based on these assumptions. The actual outcome is likely to differ,
as predicted events often do not occur as expected.
RESPONSIBILITIES OF THE GROUP SUSTAINABILITY AUDITOR
Our responsibility is to perform an assurance engagement to obtain limited assurance about
whether the group sustainability statement is free from material misstatement, whether due
to fraud or error, and to issue a limited assurance report that includes our opinion.
Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the decisions of users taken
on the basis of the group sustainability statement.
Compliance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised)
requires that we exercise professional judgment and maintain professional skepticism
throughout the engagement. We also:
• Identify and assess the risks of material misstatement of the group sustainability
statement, whether due to fraud or error, and obtain an understanding of internal control
relevant to the engagement in order to design assurance procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the parent company’s or the group’s internal control.
• Design and perform assurance procedures responsive to those risks to obtain evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
DESCRIPTION OF THE PROCEDURES THAT HAVE BEEN PERFORMED
The procedures performed in a limited assurance engagement vary in nature and timing from,
and are less in extent than for, a reasonable assurance engagement. The nature, timing and
extent of assurance procedures selected depend on professional judgment, including the
assessment of risks of material misstatement, whether due to fraud or error. Consequently,
the level of assurance obtained in a limited assurance engagement is substantially lower than
the assurance that would have been obtained had a reasonable assurance engagement been
performed.
Our procedures included for ex. the following:
• We have interviewed the management of group as well as key personnel responsible for
collecting and reporting of the information included in the group sustainability statement.
KEMIRA 2025 | FINANCIAL STATEMENTS | 197

ASSURANCE REPORT

• Through interviews, we gained an understanding of the group’s control environment
related to the group sustainability reporting process.
• We evaluated the implementation of the company's double materiality assessment process
against the requirements of ESRS standards and the compliance of the information
provided for the double materiality assessment with ESRS standards.
• We assessed whether the group sustainability statement in material respect meets the
requirements of ESRS standards for material sustainability topics:
– We have tested the accuracy of the information presented in the group sustainability
statement by comparing the information on a sample basis with supporting company
documentation and records prepared by the company and assessed whether they
support the information included in the group sustainability statement.
– We have on a sample basis performed analytical assurance procedures and related
inquiries, recalculation and inspected documentation, as well as tested data
aggregation to assess the accuracy of the group sustainability statement.
• We conducted site visits at selected locations.
• Regarding EU Taxonomy data, we gained an understanding of the process by which a
company has defined taxonomy-eligible and taxonomy-aligned economic activities, and we
assessed the compliance of the information provided.
Helsinki, 11 February 2026
Ernst & Young Oy
Authorized Sustainability Audit Firm
Mikko Rytilahti
Authorized Sustainability Auditor
KEMIRA 2025 | FINANCIAL STATEMENTS | 198

ESEF FINANCIAL STATEMENT REPORT

ESEF Financial Statement Report

Ernst & Young Oy Korkeavuorenkatu 32-34 FI- 00130 Helsinki Finland | Tel. +358 207 280 190 www.ey.com/fi Business ID 2204039-6, domicile Helsinki

(Translation of the Finnish original)
Independent Auditor's Report on the ESEF
Consolidated Financial Statements of Kemira Oyj
TO THE BOARD OF DIRECTORS OF KEMIRA OYJ
We have performed a reasonable assurance engagement on the financial statements
74370031Y7RK5H88CQ48-2025 -12-31-fi.zip of Kemira Oyj (y-identifier: 0109823-0) that have
been prepared in accordance with the Commission’s regulatory technical standard for the
financial year ended 31.12. 2025.
Responsibilities of the Board of Directors and Managing Director
The Board of Directors and the Managing Director are responsible for the preparation of the
company’s report of Board of Directors and financial statements (the ESEF financial
statements) in such a way that they comply with the requirements of the Commission’s
regulatory technical standard. This responsibility includes:
• preparing the ESEF financial statements in XHTML format in accordance with Article 3 of
the Commission’s regulatory technical standard
• tagging the primary financial statements, notes and company’s identification data in the
consolidated financial statements that are included in the ESEF financial statements with
iXBRL tags in accordance with Article 4 of the Commission’s regulatory technical standard
and
• ensuring the consistency between the ESEF financial statements and the audited financial
statements.
The Board of Directors and the Managing Director are also responsible for such internal
control as they determine is necessary to enable the preparation of ESEF financial
statements in accordance the requirements of the Commission’s regulatory technical
standard.
Auditor’s Independence and Quality Management
We are independent of the company in accordance with the ethical requirements that are
applicable in Finland and are relevant to the engagement we have performed, and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
The firm applies International Standard on Quality Management (ISQM) 1, which requires the
firm to design, implement and operate a system of quality management including policies or
procedures regarding compliance with ethical requirements, professional standards and
applicable legal and regulatory requirements.
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets Act,
provide assurance on the financial statements that have been prepared in accordance with
the Commission’s technical regulatory standard. We express an opinion on whether the
consolidated financial statements that are included in the ESEF financial statements have
been tagged, in all material respects, in accordance with the requirements of Article 4 of the
Commission's regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent the assurance has been
provided. We conducted a reasonable assurance engagement in accordance with
International Standard on Assurance Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
• whether the primary financial statements in the consolidated financial statements that are
included in the ESEF financial statements have been tagged, in all material respects, with
iXBRL tags in accordance with the requirements of Article 4 of the Commission's regulatory
technical standard and
KEMIRA 2025 | FINANCIAL STATEMENTS | 199

ESEF FINANCIAL STATEMENT REPORT

• whether the notes and company's identification data in the consolidated financial
statements that are included in the ESEF financial statements have been tagged, in all
material respects, with iXBRL tags in accordance with the requirements of Article 4 of the
Commission's regulatory technical standard and
• whether there is consistency between the ESEF financial statements and the audited
financial statements.
The nature, timing and extent of the selected procedures depend on the auditor’s judgement.
This includes an assessment of the risk of material deviations due to fraud or error from the
requirements of the Commission’s technical regulatory standard.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the primary
financial statements, notes and company's identification data in the consolidated financial
statements that are included in the ESEF financial statements of Kemira Oyj
74370031Y7RK5H88CQ48-2025-12-31-fi.zip for the financial year ended 31.12. 2025 have been
tagged, in all material respects, in accordance with the requirements of the Commission's
regulatory technical standard.
Our opinion on the audit of the consolidated financial statements of Kemira Oyj for the
financial year ended 31.12. 2025 has been expressed in our auditor's report 11.2. 2026. With this
report we do not express an opinion on the audit of the consolidated financial statements nor
express another assurance conclusion.
Helsinki 18.2. 2026
Ernst & Young Oy
Authorized Public Accountant Firm
Mikko Rytilahti
Authorized Public Accountant
KEMIRA 2025 | FINANCIAL STATEMENTS | 200

GROUP KEY FIGURES

Group key 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 by Kemira management, such as revenue growth in local currencies,
excluding acquisitions and divestments (=organic growth), EBITDA, operative EBITDA,
operative EBIT, cash flow after investing activities and gearing provide useful information
about Kemira’s 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 the alternative performance measures should instead 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 these
Financial Statements, as well as at www.kemira.com > Investors > Financial information.

| 2025 | 2024 | 2023 | 2022 | 2021
INCOME STATEMENT AND PROFITABILITY |  |  |  |  |
Revenue, EUR million | 2,754 | 2,948 | 3,384 | 3,570 | 2,674
Revenue, O&G divestment adjusted, EUR million ⁵⁾ | 2,754 | 2,904 | 2,889 | — | —
Operative EBITDA, EUR million | 525 | 585 | 667 | 572 | 426
Operative EBITDA, O&G divestment adjusted, EUR million ⁵⁾ | 525 | 582 | 596 | — | —
Operative EBITDA, % | 19.1 | 19.9 | 19.7 | 16.0 | 15.9
Operative EBITDA, O&G divestment adjusted, % ⁵⁾ | 19.1 | 20.0 | 20.6 | — | —
EBITDA, EUR million | 486 | 551 | 540 | 559 | 373
EBITDA, % | 17.6 | 18.7 | 16.0 | 15.7 | 14.0
Operative EBIT, EUR million | 324 | 399 | 463 | 362 | 225
Operative EBIT, O&G divestment adjusted, EUR million ⁵⁾ | 324 | 395 | 415 | — | —
Operative EBIT, % | 11.8 | 13.5 | 13.7 | 10.1 | 8.4
Operative EBIT, O&G divestment adjusted, % ⁵⁾ | 11.8 | 13.6 | 14.4 | — | —

| 2025 | 2024 | 2023 | 2022 | 2021
Operating profit (EBIT), EUR million | 274 | 363 | 336 | 348 | 170
Operating profit (EBIT), % | 10.0 | 12.3 | 9.9 | 9.7 | 6.4
Finance costs (net), EUR million | 24 | 27 | 44 | 39 | 27
% of revenue | 0.9 | 0.9 | 1.3 | 1.1 | 1.0
Profit before tax, EUR million | 250 | 336 | 292 | 308 | 143
% of revenue | 9.1 | 11.4 | 8.6 | 8.6 | 5.4
Net profit for the period (attributable to equity owners of the parent company), EUR million | 181 | 249 | 199 | 232 | 108
% of revenue | 6.6 | 8.4 | 5.9 | 6.5 | 4.0
Return on investment (ROI), % | 10.5 | 13.2 | 11.6 | 12.7 | 7.2
Return of equity (ROE), % | 10.5 | 14.5 | 11.9 | 15.4 | 8.6
Capital employed, EUR million ¹⁾ | 1,972 | 1,920 | 2,156 | 2,238 | 1,995
Operative return on capital employed (ROCE), % ¹⁾ | 16.5 | 20.8 | 21.5 | 16.2 | 11.3
Operative ROCE, %, O&G divestment adjusted ⁵⁾ | 16.5 | 20.6 | 22.4 | — | —
Return on capital employed (ROCE), % ¹⁾ | 13.9 | 18.9 | 15.6 | 15.5 | 8.5
Research and development expenses, EUR million | 35 | 34 | 34 | 33 | 28
% of revenue | 1.3 | 1.1 | 1.0 | 0.9 | 1.1
Organic growth, % | -4 | -1 | -2 | 27 | 11

KEMIRA 2025 | FINANCIAL STATEMENTS | 201

GROUP KEY FIGURES

| 2025 | 2024 | 2023 | 2022 | 2021
CASH FLOW |  |  |  |  |
Net cash generated from operating activities, EUR million | 378 | 485 | 546 | 400 | 220
Proceeds from sale of subsidiaries and PPE and sales proceeds and dividends from other shares, EUR million | 1 | 144 | 10 | 19 | 7
Capital expenditure, EUR million | 345 | 170 | 207 | 198 | 170
% of revenue | 12.5 | 5.8 | 6.1 | 5.5 | 6.3
Capital expenditure excl. acquisitions, EUR million | 197 | 167 | 205 | 198 | 169
% of revenue | 7.1 | 5.7 | 6.1 | 5.5 | 6.3
Cash flow after investing activities, EUR million | 82 | 412 | 349 | 222 | 57
BALANCE SHEET AND SOLVENCY |  |  |  |  |
Non-current assets, EUR million | 2,166 | 2,060 | 2,051 | 2,323 | 2,155
Shareholders' equity (Equity attributable to equity owners of the parent company), EUR million | 1,678 | 1,785 | 1,665 | 1,670 | 1,329
Total equity including non-controlling interests, EUR million | 1,696 | 1,804 | 1,684 | 1,685 | 1,343
Total liabilities, EUR million | 1,438 | 1,566 | 1,700 | 1,966 | 1,797
Total assets, EUR million | 3,134 | 3,381 | 3,489 | 3,651 | 3,139
Net working capital | 282 | 248 | 279 | 362 | 287
Interest-bearing net liabilities, EUR million | 506 | 291 | 535 | 771 | 850
Equity ratio, % | 54 | 53 | 48 | 46 | 43
Gearing, % | 30 | 16 | 32 | 46 | 63
Interest-bearing net liabilities per EBITDA | 1.0 | 0.5 | 1.0 | 1.4 | 2.3

| 2025 | 2024 | 2023 | 2022 | 2021
PERSONNEL |  |  |  |  |
Personnel at period-end | 4,911 | 4,698 | 4,915 | 4,902 | 4,926
Personnel (average) | 4,810 | 4,746 | 4,946 | 4,936 | 4,947
of whom in Finland | 831 | 818 | 806 | 780 | 784
Wages and salaries, EUR million | 319 | 335 | 343 | 339 | 288
EXCHANGE RATES |  |  |  |  |
Key exchange rates on Dec 31 |  |  |  |  |
USD | 1.175 | 1.039 | 1.105 | 1.067 | 1.133
CAD | 1.609 | 1.495 | 1.464 | 1.444 | 1.439
SEK | 10.822 | 11.459 | 11.096 | 11.122 | 10.250
CNY | 8.226 | 7.583 | 7.851 | 7.358 | 7.195
BRL | 6.436 | 6.425 | 5.362 | 5.639 | 6.310
PER SHARE FIGURES |  |  |  |  |
Earnings per share (EPS), basic, EUR ²⁾ | 1.18 | 1.62 | 1.30 | 1.51 | 0.71
Earnings per share (EPS), diluted, EUR ²⁾ | 1.18 | 1.61 | 1.28 | 1.50 | 0.70
Net cash generated from operating activities per share, EUR ²⁾ | 2.47 | 3.15 | 3.56 | 2.61 | 1.44
Dividend per share, EUR ²⁾ ³⁾ | 0.76 | 0.74 | 0.68 | 0.62 | 0.58
Dividend payout ratio, % ²⁾ ³⁾ | 64.2 | 45.7 | 52.4 | 41.0 | 82.2
Dividend yield, % ²⁾ ³⁾ | 3.9 | 3.8 | 4.1 | 4.3 | 4.4
Equity per share, EUR ²⁾ | 11.23 | 11.59 | 10.84 | 10.89 | 8.68
Price per earnings per share (P/E ratio) ²⁾ | 16.53 | 12.04 | 12.95 | 9.48 | 18.88
Price per equity per share ²⁾ | 1.74 | 1.68 | 1.55 | 1.32 | 1.54
Price per cash flow from operations per share ²⁾ | 7.92 | 6.20 | 4.72 | 5.49 | 9.27
Dividend paid, EUR million ²⁾ | 113.6 | 113.9 | 104.5 | 95.1 | 88.8

KEMIRA 2025 | FINANCIAL STATEMENTS | 202

GROUP KEY FIGURES

| 2025 | 2024 | 2023 | 2022 | 2021
SHARE PRICE AND TRADING |  |  |  |  |
Share price, high, EUR | 22.48 | 24.58 | 18.22 | 14.94 | 14.66
Share price, low, EUR | 16.95 | 15.96 | 13.51 | 10.36 | 12.64
Share price, average, EUR | 19.68 | 19.84 | 15.36 | 12.57 | 13.67
Share price on Dec 31, EUR | 19.58 | 19.52 | 16.79 | 14.33 | 13.33
Number of shares traded (1,000) 4) | 49,247 | 46,801 | 43,852 | 37,017 | 57,478
% on number of shares | 33 | 30 | 29 | 24 | 38
Market capitalization on Dec 31, EUR million ²⁾ | 2,926 | 3,006 | 2,579 | 2,198 | 2,041
NUMBER OF SHARES AND SHARE CAPITAL |  |  |  |  |
Average number of shares, basic (1,000) ²⁾ | 153,052 | 153,921 | 153,573 | 153,320 | 153,092
Average number of shares, diluted (1,000) ²⁾ | 154,004 | 155,234 | 155,051 | 154,261 | 153,785
Number of shares on Dec 31, basic (1,000) ²⁾ | 149,447 | 153,983 | 153,620 | 153,352 | 153,127
Number of shares on Dec 31, diluted (1,000) ²⁾ | 150,426 | 155,409 | 155,303 | 154,894 | 154,068
Increase (+) / decrease (-) in number of shares outstanding (1,000) | -4,537 | 363 | 267 | 225 | 203
Share capital, EUR million | 221.8 | 221.8 | 221.8 | 221.8 | 221.8

1) 12-month rolling average.
2) Number of shares outstanding, excluding the number of treasury shares.
3) The dividend for 2025 is included in the Board of Directors' proposal to the Annual General Meeting.
4) Shares traded on Nasdaq Helsinki only.
5) Oil & Gas (O&G) divestment adjusted figures for comparative years 2023 and 2024 which exclude the impact of the Oil
& Gas business. Kemira divested its Oil & Gas -related portfolio on February 2, 2024.
KEMIRA 2025 | FINANCIAL STATEMENTS | 203

DEFINITION OF KEY FIGURES

Definition of key figures
Financial figures

KEY FIGURES |  |  | DEFINITION OF KEY FIGURES |  | PURPOSE OF KEY FIGURES
EBITDA | = |  | Operating profit (EBIT) + depreciation and amortization + impairments |  | EBITDA describes the profitability of a business when depreciation, amortization and impairments are added to EBIT. The key figure is used to monitor the development of business results.
OPERATIVE EBITDA | = |  | Operating profit (EBIT) + depreciation and amortization + impairments +/- items affecting comparability |  | Operative EBITDA describes the profitability of a business when depreciation, amortization and impairments are added to EBIT. The key figure is used to monitor the development of business results. The key figure is calculated by adjusting the items affecting from EBITDA, which improves the comparability of operating profitability between different periods.
ITEMS AFFECTING COMPARABILITY ¹⁾ | = |  | Restructuring and streamlining programs + transaction and integration expenses in acquisitions + divestment of businesses and other disposals + other items |  | Used as a component in the calculation of operative EBITDA and operative EBIT.
EBIT | = |  | Revenue + other operating income - operating expenses - depreciation and amortization - impairments + share of the results of associates and joint ventures |  | EBIT is used to monitor the development of business results. The key figure describes the profitability of the business before financial items and taxes.
OPERATIVE EBIT | = |  | Operating profit (EBIT) +/- items affecting comparability |  | Operative EBIT is used to monitor the development of business results. The key figure describes the profitability of the business before financial items and taxes. The key figure is calculated by adjusting the items affecting operating comparability from operating profit, which improves the comparability of operating profitability between different periods.
INTEREST-BEARING NET LIABILITIES | = |  | Interest-bearing liabilities - cash and cash equivalents |  | Interest-bearing liabilities is used to monitor the Group's gearing.
EQUITY RATIO (%) | = | 100 x | Total equity |  | Equity ratio (%) indicates what proportion of the assets is covered by equity.
Total assets - prepayments received |
GEARING (%) | = | 100 x | Interest-bearing net liabilities |  | Gearing (%) measures the ratio of interest-bearing net liabilities to equity.
Total equity |
RETURN ON INVESTMENTS (ROI) (%) | = | 100 x | Profit before tax + interest expenses + other financial expenses |  | Return on investment (%) measures how efficiently invested capital is used.
Total assets - non-interest-bearing liabilities ²⁾ |

KEMIRA 2025 | FINANCIAL STATEMENTS | 204

DEFINITION OF KEY FIGURES

KEY FIGURES |  |  | DEFINITION OF KEY FIGURES |  | PURPOSE OF KEY FIGURES
RETURN ON EQUITY (ROE) (%) | = | 100 x | Net profit attributable to equity owners of the parent company |  | Return on equity (%) is used to measure how effectively the equity owned by the owners of the parent company is used.
Equity attributable to equity owners of the parent company ²⁾ |
RETURN ON CAPITAL EMPLOYED (ROCE) (%) | = | 100 x | Operating profit (EBIT) ³⁾ |  | Return on capital employed (%) is used to measure how efficiently capital is employed.
Capital employed ⁴⁾ |
OPERATIVE RETURN ON CAPITAL EMPLOYED (OPERATIVE ROCE) (%) | = | 100 x | Operating profit (EBIT) ³⁾ |  | Operative return on capital employed (%) is used to measure how efficiently capital is employed.
Capital employed ⁴⁾ |
CASH FLOW AFTER INVESTING ACTIVITIES | = |  | Net cash generated from operating activities + net cash used in investing activities |  | Cash flow after investments is a key figure that describes the cash flow from operating activities after investments. This is free cash flow that remains, for example, in the payment of dividends and liabilities.
INTEREST-BEARING NET LIABILITIES / EBITDA | = |  | Interest-bearing net liabilities |  | Interest-bearing net liabilities / EBITDA ratio measures the Group's capital structure. The key figure describes how long it would take to pay interest-bearing net liabilities at the current level of profitability if the EBITDA in its entirety were used to repay the debt.
Operating profit (EBIT) + depreciation and amortization + impairments |
NET FINANCIAL COST (%) | = | 100 x | Finance costs, net - dividend income +/- exchange rate differences |  | Net financial cost (%) describes the financial expense structure and the key figure can be compared to the existing average interest rate level.
Interest-bearing net liabilities ²⁾ |
NET WORKING CAPITAL | = |  | Inventories + trade receivables + other receivables, excluding derivatives, accrued interest income and other financing items - trade payables - other liabilities, excluding derivatives, accrued interest expenses and other financing items |  | Net working capital is the amount of capital tied up in business operations. It describes the amount of cash needed to run the Group's day-to-day operations.
CAPITAL EMPLOYED | = |  | Property, plant and equipment + right-of-use assets + intangible assets + net working capital + investments in associates and joint ventures |  | Capital employed describes the capital committed to the Group's operations (e.g. production facilities), which is a premise for the manufacture of the Group's products for sale. Restricted capital is used as a component in calculating the return on capital employed.
CAPITAL EXPENDITURE | = |  | Property, plant and equipment + intangible assets + other shares + investments in associates and joint ventures |  | Investments excluding acquisitions are cash used on the acquisition of non-current assets. The key figure is part of the cash flow statement.
CAPITAL EXPENDITURE EXCL. ACQUISITIONS | = |  | Property, plant and equipment + intangible assets + other shares + investments in associates and joint ventures - acquisitions |  | Investments excluding acquisitions are cash used on the acquisition of non-current assets, excluding acquisitions. The key figure is part of the cash flow statement.

KEMIRA 2025 | FINANCIAL STATEMENTS | 205

DEFINITION OF KEY FIGURES

KEY FIGURES |  |  | DEFINITION OF KEY FIGURES |  | PURPOSE OF KEY FIGURES
ORGANIC GROWTH (%) | = |  | Revenue growth in local currencies, excluding acquisitions and divestments |  | Organic growth describes revenue growth in local currencies excluding acquisitions and divestments.
INTRINSIC VALUE | = |  | Operative EBITDA x 8 - interest-bearing net liabilities |  | Intrinsic value is used as a remuneration criteria in the Group's share-based payments incentive plans.

1) Financial performance measures which are not defined by IFRS may include items of income and expenses that affect the comparability of the financial reporting of Kemira Group. Restructuring and streamlining programs, transaction and
integration expenses in acquisitions, divestments of businesses and other disposals are considered the most common items affecting comparability.
2) Average.
3) Operating profit (EBIT) taken into account for 12-month rolling figure at the end of the review period.
4) 12-month rolling average.
Per share figures

KEY FIGURES |  |  | DEFINITION OF KEY FIGURES |  | KEY FIGURES |  |  | DEFINITION OF KEY FIGURES
EARNINGS PER SHARE (EPS) | = |  | Net profit attributable to equity owners of the parent company |  | SHARE PRICE, YEAR AVERAGE | = |  | Shares traded (EUR)
Average number of shares |  | Shares traded (volume)
NET CASH GENERATED FROM OPERATING ACTIVITIES PER SHARE | = |  | Net cash generated from operating activities |  | PRICE PER EARNINGS PER SHARE (P/E) | = |  | Share price on Dec 31
Average number of shares |  | Earnings per share (EPS), basic
DIVIDEND PER SHARE | = |  | Dividend paid |  | PRICE PER EQUITY PER SHARE | = |  | Share price on Dec 31
Number of shares on Dec 31 |  | Equity per share attributable to equity owners of the parent company
DIVIDEND PAYOUT RATIO (%) | = | 100 x | Dividend per share |  | PRICE PER NET CASH GENERATED FROM OPERATING ACTIVITIES PER SHARE | = |  | Share price on Dec 31
Earnings per share (EPS), basic |  | Net cash generated from operating activities per share
DIVIDEND YIELD (%) | = | 100 x | Dividend per share |  | SHARE TURNOVER (%) | = | 100 x | Number of shares traded in main stock exchange
Share price on Dec 31 |  | Average number of shares
EQUITY PER SHARE | = |  | Equity attributable to equity owners of the parent company on Dec 31 |  |  |  |  |
Number of shares on Dec 31 |  |

KEMIRA 2025 | FINANCIAL STATEMENTS | 206

RECONCILIATION OF IFRS FIGURES

Reconciliation to IFRS figures

|  |  |  |  | 2025 |  |  |  |  | 2024 ²⁾
EUR million | 1-3 | 4-6 | 7-9 | 10-12 | Total | 1-3 | 4-6 | 7-9 | 10-12 | Total
Revenue, O&G divestment adjusted 3) |  |  |  |  |  |  |  |  |  |
Water Solutions | 303.8 | 308.6 | 313.9 | 295.0 | 1,221.5 | 295.9 | 321.0 | 328.6 | 311.3 | 1,256.9
Packaging & Hygiene Solutions | 253.7 | 240.3 | 239.4 | 236.8 | 970.2 | 271.1 | 268.5 | 254.8 | 263.9 | 1,058.5
Fiber Essentials | 151.2 | 144.5 | 134.3 | 131.8 | 561.9 | 151.7 | 143.9 | 144.1 | 148.5 | 588.2
Total, O&G divestment adjusted | 708.8 | 693.4 | 687.7 | 663.7 | 2,753.5 | 718.8 | 733.4 | 727.6 | 723.7 | 2,903.5
Items affecting comparability in Revenue |  |  |  |  |  |  |  |  |  |
Water Solutions | — | — | — | — | — | 44.5 | — | — | — | 44.5
Packaging & Hygiene Solutions | — | — | — | — | — | — | — | — | — | —
Fiber Essentials | — | — | — | — | — | — | — | — | — | —
Total | — | — | — | — | — | 44.5 | — | — | — | 44.5
Revenue |  |  |  |  |  |  |  |  |  |
Water Solutions | 303.8 | 308.6 | 313.9 | 295.0 | 1,221.5 | 340.5 | 321.0 | 328.6 | 311.3 | 1,301.4
Packaging & Hygiene Solutions | 253.7 | 240.3 | 239.4 | 236.8 | 970.2 | 271.1 | 268.5 | 254.8 | 263.9 | 1,058.5
Fiber Essentials | 151.2 | 144.5 | 134.3 | 131.8 | 561.9 | 151.7 | 143.9 | 144.1 | 148.5 | 588.2
Total | 708.8 | 693.4 | 687.7 | 663.7 | 2,753.5 | 763.3 | 733.4 | 727.6 | 723.7 | 2,948.1
Operative EBITDA, O&G divestment adjusted 3) |  |  |  |  |  |  |  |  |  |
Water Solutions | 65.1 | 70.7 | 72.5 | 54.6 | 262.9 | 71.0 | 72.6 | 76.7 | 58.8 | 279.1
Packaging & Hygiene Solutions | 30.5 | 23.7 | 32.6 | 29.1 | 115.9 | 42.1 | 35.7 | 30.1 | 28.4 | 136.3
Fiber Essentials | 39.8 | 37.4 | 32.3 | 36.2 | 145.7 | 46.1 | 32.2 | 40.7 | 47.8 | 166.7
Total, O&G divestment adjusted | 135.5 | 131.8 | 137.3 | 119.9 | 524.6 | 159.2 | 140.5 | 147.4 | 135.0 | 582.1

KEMIRA 2025 | FINANCIAL STATEMENTS | 207

RECONCILIATION OF IFRS FIGURES

|  |  |  |  | 2025 |  |  |  |  | 2024 ²⁾
EUR million | 1-3 | 4-6 | 7-9 | 10-12 | Total | 1-3 | 4-6 | 7-9 | 10-12 | Total
Items affecting comparability in Operative EBITDA |  |  |  |  |  |  |  |  |  |
Water Solutions | — | — | — | — | — | 3.3 | — | — | — | 3.3
Packaging & Hygiene Solutions | — | — | — | — | — | — | — | — | — | —
Fiber Essentials | — | — | — | — | — | — | — | — | — | —
Total | — | — | — | — | — | 3.3 | — | — | — | 3.3
Operative EBITDA |  |  |  |  |  |  |  |  |  |
Water Solutions | 65.1 | 70.7 | 72.5 | 54.6 | 262.9 | 74.3 | 72.6 | 76.7 | 58.8 | 282.3
Packaging & Hygiene Solutions | 30.5 | 23.7 | 32.6 | 29.1 | 115.9 | 42.1 | 35.7 | 30.1 | 28.4 | 136.3
Fiber Essentials | 39.8 | 37.4 | 32.3 | 36.2 | 145.7 | 46.1 | 32.2 | 40.7 | 47.8 | 166.7
Total | 135.5 | 131.8 | 137.3 | 119.9 | 524.6 | 162.5 | 140.5 | 147.4 | 135.0 | 585.4
Items affecting comparability in EBITDA |  |  |  |  |  |  |  |  |  |
Water Solutions | -0.3 | -1.4 | -1.2 | -16.3 | -19.1 | -8.3 | -2.4 | -0.3 | -3.1 | -14.1
Packaging & Hygiene Solutions | -0.5 | -0.8 | -0.6 | -15.4 | -17.2 | -0.1 | -0.9 | -4.1 | -7.0 | -12.3
Fiber Essentials | -0.1 | -0.4 | -1.2 | -0.7 | -2.4 | — | — | — | -8.4 | -8.4
Total | -0.9 | -2.5 | -3.0 | -32.4 | -38.7 | -8.4 | -3.3 | -4.5 | -18.5 | -34.8
EBITDA |  |  |  |  |  |  |  |  |  |
Water Solutions | 64.8 | 69.4 | 71.3 | 38.3 | 243.8 | 66.0 | 70.1 | 76.3 | 55.7 | 268.2
Packaging & Hygiene Solutions | 30.0 | 23.0 | 32.0 | 13.7 | 98.7 | 41.9 | 34.8 | 25.9 | 21.4 | 124.1
Fiber Essentials | 39.7 | 37.0 | 31.1 | 35.5 | 143.3 | 46.1 | 32.2 | 40.7 | 39.5 | 158.4
Total | 134.6 | 129.4 | 134.4 | 87.6 | 485.8 | 154.1 | 137.1 | 142.9 | 116.5 | 550.7
Operative EBIT, O&G divestment adjusted 3) |  |  |  |  |  |  |  |  |  |
Water Solutions | 47.0 | 51.5 | 52.8 | 32.6 | 183.9 | 54.6 | 56.0 | 59.7 | 41.3 | 211.7
Packaging & Hygiene Solutions | 13.9 | 9.4 | 18.0 | 14.6 | 56.0 | 28.1 | 20.2 | 15.4 | 12.5 | 76.1
Fiber Essentials | 24.7 | 22.5 | 17.1 | 20.3 | 84.5 | 31.7 | 17.8 | 25.6 | 32.5 | 107.7
Total, O&G divestment adjusted | 85.6 | 83.4 | 87.8 | 67.5 | 324.4 | 114.4 | 94.0 | 100.8 | 86.2 | 395.5

KEMIRA 2025 | FINANCIAL STATEMENTS | 208

RECONCILIATION OF IFRS FIGURES

|  |  |  |  | 2025 |  |  |  |  | 2024 ²⁾
EUR million | 1-3 | 4-6 | 7-9 | 10-12 | Total | 1-3 | 4-6 | 7-9 | 10-12 | Total
Items affecting comparability in Operative EBIT |  |  |  |  |  |  |  |  |  |
Water Solutions | — | — | — | — | — | 3.2 | — | — | — | 3.2
Packaging & Hygiene Solutions | — | — | — | — | — | — | — | — | — | —
Fiber Essentials | — | — | — | — | — | — | — | — | — | —
Total | — | — | — | — | — | 3.2 | — | — | — | 3.2
Operative EBIT |  |  |  |  |  |  |  |  |  |
Water Solutions | 47.0 | 51.5 | 52.8 | 32.6 | 183.9 | 57.8 | 56.0 | 59.7 | 41.3 | 214.9
Packaging & Hygiene Solutions | 13.9 | 9.4 | 18.0 | 14.6 | 56.0 | 28.1 | 20.2 | 15.4 | 12.5 | 76.1
Fiber Essentials | 24.7 | 22.5 | 17.1 | 20.3 | 84.5 | 31.7 | 17.8 | 25.6 | 32.5 | 107.7
Total | 85.6 | 83.4 | 87.8 | 67.5 | 324.4 | 117.6 | 94.0 | 100.8 | 86.2 | 398.7
Items affecting comparability in EBIT |  |  |  |  |  |  |  |  |  |
Water Solutions | -0.3 | -1.6 | -1.2 | -27.7 | -30.8 | -8.3 | -2.4 | -0.3 | -3.1 | -14.1
Packaging & Hygiene Solutions | -0.5 | -0.7 | -0.6 | -15.4 | -17.1 | -0.1 | -0.9 | -4.1 | -7.8 | -13.0
Fiber Essentials | -0.1 | -0.4 | -1.2 | -0.7 | -2.4 | — | — | — | -8.4 | -8.4
Total | -0.9 | -2.6 | -3.0 | -43.8 | -50.3 | -8.4 | -3.3 | -4.5 | -19.2 | -35.5
EBIT |  |  |  |  |  |  |  |  |  |
Water Solutions | 46.7 | 49.9 | 51.7 | 4.9 | 153.1 | 49.5 | 53.6 | 59.4 | 38.2 | 200.8
Packaging & Hygiene Solutions | 13.5 | 8.8 | 17.4 | -0.8 | 38.9 | 27.9 | 19.2 | 11.3 | 4.7 | 63.1
Fiber Essentials | 24.6 | 22.1 | 15.8 | 19.6 | 82.1 | 31.7 | 17.8 | 25.6 | 24.1 | 99.3
Total | 84.7 | 80.8 | 84.9 | 23.7 | 274.1 | 109.2 | 90.7 | 96.3 | 67.0 | 363.2
Operative EBITDA | 135.5 | 131.8 | 137.3 | 119.9 | 524.6 | 162.5 | 140.5 | 147.4 | 135.0 | 585.4
Restructuring and streamlining programs | -0.5 | -1.8 | -0.7 | -25.1 | -28.0 | -0.2 | -1.0 | -1.2 | -10.1 | -12.5
Transaction and integration expenses in acquisition | -0.3 | -0.1 | -1.9 | -6.8 | -9.2 | -0.1 | -0.1 | 0.0 | 0.0 | -0.2
Divestment of businesses and other disposals | -0.1 | -0.2 | 0.7 | -2.9 | -2.5 | -7.9 | -2.2 | -3.3 | -8.4 | -21.8
Other items | 0.0 | -0.3 | -1.1 | 2.4 | 1.0 | -0.1 | -0.1 | 0.0 | 0.0 | -0.2
Total items affecting comparability | -0.9 | -2.5 | -3.0 | -32.4 | -38.7 | -8.4 | -3.3 | -4.5 | -18.5 | -34.8
EBITDA | 134.6 | 129.4 | 134.4 | 87.6 | 485.8 | 154.1 | 137.1 | 142.9 | 116.5 | 550.7

KEMIRA 2025 | FINANCIAL STATEMENTS | 209

RECONCILIATION OF IFRS FIGURES

|  |  |  |  | 2025 |  |  |  |  | 2024 ²⁾
EUR million | 1-3 | 4-6 | 7-9 | 10-12 | Total | 1-3 | 4-6 | 7-9 | 10-12 | Total
Operative EBIT | 85.6 | 83.4 | 87.8 | 67.5 | 324.4 | 117.6 | 94.0 | 100.8 | 86.2 | 398.7
Total items affecting comparability in EBITDA | -0.9 | -2.5 | -3.0 | -32.4 | -38.7 | -8.4 | -3.3 | -4.5 | -18.5 | -34.8
Items affecting comparability in depreciation, amortization and impairments | 0.0 | -0.1 | 0.0 | -11.4 | -11.6 | 0.0 | 0.0 | 0.0 | -0.7 | -0.7
Operating profit (EBIT) | 84.7 | 80.8 | 84.9 | 23.7 | 274.1 | 109.2 | 90.7 | 96.3 | 67.0 | 363.2
ROCE AND OPERATIVE ROCE |  |  |  |  |  |  |  |  |  |
Operative EBIT | 85.6 | 83.4 | 87.8 | 67.5 | 324.4 | 117.6 | 94.0 | 100.8 | 86.2 | 398.7
Operating profit (EBIT) | 84.7 | 80.8 | 84.9 | 23.7 | 274.1 | 109.2 | 90.7 | 96.3 | 67.0 | 363.2
Capital employed ¹⁾ | 1,921.5 | 1,920.1 | 1,923.9 | 1,972.0 | 1,972.0 | 2,092.9 | 2,032.1 | 1,963.2 | 1,920.1 | 1,920.1
Operative ROCE, % | 19.1 | 18.5 | 17.8 | 16.5 | 16.5 | 21.0 | 21.3 | 21.7 | 20.8 | 20.8
ROCE, % | 17.6 | 17.1 | 16.5 | 13.9 | 13.9 | 14.9 | 15.0 | 15.2 | 18.9 | 18.9
NET WORKING CAPITAL |  |  |  |  |  |  |  |  |  |
Inventories | 312.8 | 294.2 | 306.0 | 306.9 | 306.9 | 292.6 | 299.9 | 301.3 | 307.9 | 307.9
Trade receivables and other receivables | 426.1 | 432.9 | 423.0 | 399.3 | 399.3 | 449.4 | 434.6 | 434.9 | 420.1 | 420.1
Excluding financing items in other receivables | -7.6 | -14.8 | -11.2 | -6.7 | -6.7 | -12.1 | -6.7 | -8.1 | -7.1 | -7.1
Trade payables and other liabilities | 604.6 | 503.5 | 525.7 | 463.0 | 463.0 | 586.8 | 530.9 | 516.4 | 517.8 | 517.8
Excluding financing items in other liabilities | -154.2 | -95.4 | -93.0 | -45.3 | -45.3 | -143.3 | -86.9 | -88.1 | -44.5 | -44.5
Net working capital | 281.0 | 304.2 | 285.1 | 281.9 | 281.9 | 286.4 | 283.8 | 299.8 | 247.7 | 247.7
INTEREST-BEARING NET LIABILITIES |  |  |  |  |  |  |  |  |  |
Non-current interest-bearing liabilities | 543.3 | 542.2 | 577.1 | 642.5 | 642.5 | 491.7 | 494.1 | 488.5 | 547.1 | 547.1
Current interest-bearing liabilities | 127.3 | 120.9 | 114.7 | 105.9 | 105.9 | 456.1 | 258.9 | 254.9 | 263.6 | 263.6
Interest-bearing liabilities | 670.6 | 663.1 | 691.8 | 748.4 | 748.4 | 947.8 | 753.0 | 743.5 | 810.7 | 810.7
Cash and cash equivalents | 454.4 | 376.8 | 399.7 | 242.3 | 242.3 | 572.2 | 384.6 | 433.6 | 519.2 | 519.2
Interest-bearing net liabilities | 216.2 | 286.3 | 292.1 | 506.1 | 506.1 | 375.6 | 368.4 | 309.8 | 291.5 | 291.5

1) 12-month rolling average.
2) Under Kemira's new operating model effective January 1, 2025, there are three reportable segments: Water Solutions, Packaging & Hygiene Solutions and Fiber Essentials. Comparative figures for the quarters of 2024 have been adjusted to align
with the reporting structure of the new operating model.
3) Oil & Gas (O&G) divestment adjusted figures which exclude the impact of the Oil & Gas business. Kemira divested its Oil & Gas -related portfolio on February 2, 2024.
KEMIRA 2025 | FINANCIAL STATEMENTS | 210

QUARTERLY EARNINGS PERFORMANCE

Quarterly Earnings Performance

| 2025 | 2024 ²⁾
EUR million | 1-3 | 4-6 | 7-9 | 10-12 | Total | 1-3 | 4-6 | 7-9 | 10-12 | Total
Revenue |  |  |  |  |  |  |  |  |  |
Water Solutions | 303.8 | 308.6 | 313.9 | 295.0 | 1,221.5 | 340.5 | 321.0 | 328.6 | 311.3 | 1,301.4
Packaging & Hygiene Solutions | 253.7 | 240.3 | 239.4 | 236.8 | 970.2 | 271.1 | 268.5 | 254.8 | 263.9 | 1,058.5
Fiber Essentials | 151.2 | 144.5 | 134.3 | 131.8 | 561.9 | 151.7 | 143.9 | 144.1 | 148.5 | 588.2
Total | 708.8 | 693.4 | 687.7 | 663.7 | 2,753.5 | 763.3 | 733.4 | 727.6 | 723.7 | 2,948.1
EBITDA ¹⁾ |  |  |  |  |  |  |  |  |  |
Water Solutions | 64.8 | 69.4 | 71.3 | 38.3 | 243.8 | 66.0 | 70.1 | 76.3 | 55.7 | 268.2
Packaging & Hygiene Solutions | 30.0 | 23.0 | 32.0 | 13.7 | 98.7 | 41.9 | 34.8 | 25.9 | 21.4 | 124.1
Fiber Essentials | 39.7 | 37.0 | 31.1 | 35.5 | 143.3 | 46.1 | 32.2 | 40.7 | 39.5 | 158.4
Total | 134.6 | 129.4 | 134.4 | 87.6 | 485.8 | 154.1 | 137.1 | 142.9 | 116.5 | 550.7
EBIT ¹⁾ |  |  |  |  |  |  |  |  |  |
Water Solutions | 46.7 | 49.9 | 51.7 | 4.9 | 153.1 | 49.5 | 53.6 | 59.4 | 38.2 | 200.8
Packaging & Hygiene Solutions | 13.5 | 8.8 | 17.4 | -0.8 | 38.9 | 27.9 | 19.2 | 11.3 | 4.7 | 63.1
Fiber Essentials | 24.6 | 22.1 | 15.8 | 19.6 | 82.1 | 31.7 | 17.8 | 25.6 | 24.1 | 99.3
Total | 84.7 | 80.8 | 84.9 | 23.7 | 274.1 | 109.2 | 90.7 | 96.3 | 67.0 | 363.2
Finance costs, net | -5.1 | -6.9 | -5.3 | -6.8 | -24.2 | -8.3 | -6.6 | -6.9 | -5.1 | -26.9
Profit before tax | 79.6 | 73.9 | 79.6 | 16.9 | 249.9 | 100.9 | 84.1 | 89.4 | 61.9 | 336.3
Income taxes | -17.9 | -16.4 | -18.0 | -3.5 | -55.8 | -21.9 | -18.7 | -22.2 | -10.8 | -73.6
Net profit for the period | 61.7 | 57.5 | 61.6 | 13.4 | 194.1 | 79.0 | 65.4 | 67.2 | 51.1 | 262.7
Net profit attributable to |  |  |  |  |  |  |  |  |  |
Equity owners of the parent company | 58.6 | 54.4 | 58.1 | 10.2 | 181.2 | 75.8 | 62.0 | 63.6 | 48.0 | 249.4
Non-controlling interests | 3.1 | 3.1 | 3.5 | 3.1 | 12.9 | 3.2 | 3.4 | 3.6 | 3.0 | 13.2
Net profit for the period | 61.7 | 57.5 | 61.6 | 13.4 | 194.1 | 79.0 | 65.4 | 67.2 | 51.1 | 262.7
Earning per share, basic, EUR | 0.38 | 0.35 | 0.38 | 0.07 | 1.18 | 0.49 | 0.40 | 0.41 | 0.31 | 1.62
Earning per share, diluted, EUR | 0.38 | 0.35 | 0.38 | 0.07 | 1.18 | 0.49 | 0.40 | 0.41 | 0.31 | 1.61

1) Includes items affecting comparability.
2) Under Kemira's new operating model effective January 1, 2025, there are three reportable segments: Water Solutions, Packaging & Hygiene Solutions and Fiber Essentials. Comparative figures for the quarters of 2024 have been adjusted to align
with the reporting structure of the new operating model.
KEMIRA 2025 | FINANCIAL STATEMENTS | 211

SHARES AND SHAREHOLDERS

Shares and shareholders
Shares and share capital
On December 31, 2025, Kemira Oyj’s share capital amounted to EUR 221.8 million and the
number of shares was 150,342,557 . Each share entitles the holder to one vote at the Annual
General Meeting.
Shareholders
At the end of December 2025, Kemira Oyj had 51,120 registered shareholders (48,255 on
December 31, 2024). Non-Finnish shareholders held 35.4% of the shares (38.3% on December
31, 2024), including nominee-registered holdings. Households owned 19.1% of the shares
(18.1% on December 31, 2024). Kemira held 896,004 treasury shares (1,359,348 on December
31, 2024), representing 0.6% (0.9% on December 31, 2024) of all company shares.
Share buyback program
Kemira announced a share buyback program on July 18, 2025, and it was conducted between
July 22 and December 16, 2025. The program was based on the authorization by the Annual
General Meeting 2025. The purpose of the buyback program was to optimize Kemira’s capital
structure and to serve the interests of the company’s diverse shareholder base. Kemira
repurchased a total of 5,000,000 own shares, corresponding to approximately 3.2% of the
total number of shares. The shares were repurchased in public trading on Nasdaq Helsinki,
otherwise than in proportion to the existing shareholdings of Kemira’s shareholders, at the
market price quoted at the time of purchase on Nasdaq Helsinki Ltd, using the Company’s
non-restricted shareholders’ equity. The average purchase price of the shares was EUR 19.23,
and the repurchased shares reduced Kemira’s equity by approximately EUR 96 million. After
the completion of the share buyback program, Kemira cancelled the 5,000,000 repurchased
treasury shares, according to the decision by the Board of Directors, and the cancellation was
registered with the Finnish Trade Register on December 23, 2025. After the cancellation,
Kemira held 896,004 treasury shares.
A list of Kemira’s largest shareholders is updated monthly and can be found on the company
website at kemira.com/investors.
Listing and trading
Kemira Oyj’s shares are listed on Nasdaq Helsinki. The trading code for the shares is KEMIRA
and the ISIN code is FI0009004824.
Trading with Kemira Oyj's shares opened at EUR 19.58 on January 2, 2025 and closed at EUR
19.58 on the Nasdaq Helsinki at the end of December 2025 (19.52 on December 31, 2024 ). The
shares registered a high of EUR 22.48 and a low of EUR 16.95 in January-December 2025 and
the average share price was EUR 19.68 The company’s market capitalization, excluding
treasury shares, was EUR 2,926 million at the end of December 2025 (3,006 on December 31,
2024).
In January-December 2025, Kemira Oyj’s share trading turnover on the Nasdaq Helsinki was
EUR 963 million (EUR 892 million in January-December 2024). The average daily trading
volume was 197,063 shares (183,567 in January-December 2024 ). The total volume of Kemira
Oyj’s share trading in January-December 2025 was 71 million shares (63 million shares in
January-December 2024), 31% (25% in January-December 2024 ) of which was executed on
other trading platforms (e.g. Turquoise, CBOE DXE). Source: Nasdaq and Kemira.com.
Up-to-date information on Kemira’s share price is available on the company’s website at
kemira.com/investors.
Dividend policy and dividend distribution
On December 31, 2025, Kemira Oyj’s distributable funds totaled EUR 675,295,741, of which net
profit for the period was EUR 88,177,782. No material changes have taken place in the
company’s financial position after the balance sheet statement date.
Kemira Oyj’s Board of Directors proposes to the Annual General Meeting to be held on March
19, 2026, that a dividend of EUR 0.76 per share, totaling EUR 114 million, be paid on the basis of
the adopted balance sheet for the financial year that ended on December 31, 2025. The
KEMIRA 2025 | FINANCIAL STATEMENTS | 212

SHARES AND SHAREHOLDERS

dividend will be paid in two installments. The first installment, EUR 0.38 per share, will be paid
to shareholders who are registered in the company’s shareholder register, maintained by
Euroclear Finland Oy, on the record date for the dividend payment: March 23, 2026. The Board
of Directors proposes that the first installment of the dividend be paid out on April 8, 2026.
The second installment, of EUR 0.38 per share, will be paid in October 2026. The second
installment will be paid to shareholders who are registered in the company’s shareholder
register, maintained by Euroclear Finland Oy, on the record date for the dividend payment.
The Board of Directors will decide the record date and the payment date for the second
installment at its meeting in October 2026. The record date is planned for October 6, 2026 and
the dividend payment date for October 13, 2026 at the earliest. Kemira’s dividend policy aims
for a competitive dividend that increases over time.
Board authorizations
The Annual General Meeting 2025 authorized the Board of Directors to decide upon
repurchase of a maximum of 14,600,000 company’s own shares (“Share repurchase
authorization”). The shares shall be repurchased by using unrestricted equity either through a
tender offer with equal terms to all shareholders at a price determined by the Board of
Directors or otherwise than in proportion to the existing shareholdings of the company’s
shareholders (directed repurchase). The price paid for the shares repurchased through a
tender offer under the authorization shall be based on the market price of the company’s
shares in public trading so that the minimum price to be paid shall be the lowest market price
of the share quoted in public trading during the authorization period and the maximum price
the highest market price quoted during the authorization period. The price paid for the shares
repurchased through directed repurchase under the authorization shall be based on the
share price formed in public trading on the date of the repurchase or otherwise a price
formed on the market. Shares shall be acquired and paid for in accordance with the rules of
Nasdaq Helsinki Ltd and the rules of Euroclear Finland Ltd as well as other applicable
regulations. Shares may be repurchased to be used in implementing or financing mergers and
acquisitions, developing the company’s capital structure, improving the liquidity of the
company’s shares or to be used for the payment of the annual fee payable to the members of
the Board of Directors or implementing the company’s share-based incentive plans. In order
to realize the aforementioned purposes, the shares acquired may be retained, transferred
further or cancelled by the company. The Board of Directors shall decide upon how the shares
are repurchased and other terms related to any share repurchase. The Share repurchase
authorization is valid until September 20, 2026.
The Annual General Meeting 2025 authorized the Board of Directors to decide to issue
through one or several share issues new shares and/or transfer company’s own shares held
by the company, provided that the number of shares thereby issued and/or transferred totals
a maximum of 15,600,000 shares (“Share issue authorization”). The new shares may be issued
and the company’s own shares held by the company may be transferred either for
consideration or without consideration. The new shares may be issued and the company’s
own shares held by the company may be transferred to the company’s shareholders in
proportion to their current shareholdings in the company, or by disapplying the shareholders’
pre-emption right, through a directed share issue, if the company has a weighty financial
reason to do so, such as financing or implementing mergers and acquisitions, developing the
capital structure of the company, improving the liquidity of the company’s shares or, if it is
justified, for the payment of the annual fee payable to the members of the Board of Directors
or implementing the company’s share-based incentive plans. The directed share issue may be
carried out without consideration only in connection with the implementation of the
company’s share-based incentive plans. The subscription price of new shares shall be
recorded to the invested unrestricted equity reserves. The consideration payable for the
company’s own shares shall be recorded to the invested unrestricted equity reserves. The
Board of Directors shall decide upon other terms related to the share issues. The Share issue
authorization is valid until May 31, 2026.
Management shareholding
The members of the Board of Directors as well as the President and CEO held 204,770
(162,475) Kemira Oyj shares on December 31, 2025 or 0.14% (0.18%) of all outstanding shares
and voting rights (including treasury shares and shares held by the related parties and
controlled corporations). Antti Salminen, President and CEO, held 145,951 (99,166) shares on
December 31, 2025. Members of the Group Leadership Team, excluding the President and
CEO held a total of 178 199 shares on December 31, 2025 (286,517), representing 0.11% (0.18%)
of all outstanding shares and voting rights (including treasury shares and shares held by the
related parties and controlled corporations). Up-to-date information regarding the
shareholdings of the Board of Directors and Management is available on Kemira’s website at
kemira.com/investors.
KEMIRA 2025 | FINANCIAL STATEMENTS | 213

SHARES AND SHAREHOLDERS

LARGEST SHAREHOLDERS DEC 31, 2025

| Shareholder | Number of shares | % of shares and votes
1 | Oras Invest Ltd | 35,103,000 | 23.4
2 | Varma Mutual Pension Insurance Company | 5,732,678 | 3.8
3 | Ilmarinen Mutual Pension Insurance Company | 5,100,000 | 3.4
4 | Nordea Funds | 4,569,373 | 3.0
5 | Elo Mutual Pension Insurance Company | 2,402,000 | 1.6
6 | Etola Group Oy | 1,000,000 | 0.7
7 | The State Pension Fund | 860,000 | 0.6
8 | Laakkonen Mikko Kalervo | 800,000 | 0.5
9 | Säästöpankki Funds | 761,936 | 0.5
10 | Pohjola Fund Management | 632,696 | 0.4
11 | Nordea Life Assurance Finland Ltd. | 626,132 | 0.4
12 | Seligson Funds | 559,037 | 0.4
13 | Paasikivi Pekka Johannes | 462,200 | 0.3
14 | Valio Pension Fund | 379,450 | 0.3
15 | Veritas Pension Insurance Company Ltd. | 351,728 | 0.2
| Kemira Oyj | 896,004 | 0.6
| Nominee registered and foreign shareholders | 53,231,264 | 35.4
| Others, Total | 36,875,059 | 24.5
| Total | 150,342,557 | 100.0

SHAREHOLDINGS BY NUMBER OF SHARES HELD ON DEC 31, 2025

Number of shares | Number of shareholders | % of shareholders | Shares total | % of shares and votes
1 - 100 | 20,717 | 40.5 | 954,246 | 0.6
101 - 500 | 18,553 | 36.3 | 4,835,413 | 3.2
501 - 1,000 | 5,750 | 11.3 | 4,364,618 | 2.9
1,001 - 5,000 | 5,149 | 10.1 | 10,682,134 | 7.1
5,001 - 10,000 | 531 | 1.0 | 3,804,614 | 2.5
10,001 - 50,000 | 334 | 0.7 | 6,498,552 | 4.3
50,001 - 100,000 | 29 | 0.1 | 2,045,189 | 1.4
100,001 - 500,000 | 43 | 0.1 | 8,717,788 | 5.8
500,001 - 1,000,000 | 7 | 0.0 | 5,737,893 | 3.8
1,000,001 - | 7 | 0.0 | 102,702,110 | 68.3
Total | 51,120 | 100.0 | 150,342,557 | 100.0

KEMIRA 2025 | FINANCIAL STATEMENTS | 214

INFORMATION FOR INVESTORS

Information for investors
Financial reporting in 2026
Kemira will publish three financial reports in 2026 :
Interim report January-March 2026 April 24, 2026
Half-year financial report January-June 2026 July 17, 2026
Interim report January-September 2026 October 23, 2026
The financial reports and related presentation material are available on Kemira’s website at
kemira.com/investors. Furthermore, Kemira's stock exchange and press releases, Annual
Reports (incl. Corporate Responsibility Report and Financial Statements) and other investor
information are also available on the website. On the site, visitors can register to receive
releases by e-mail and order the company’s Financial Statements.
Investor communications
The purpose of Kemira's investor communications is to provide capital markets with open and
reliable information on the company and its operating environment in order to give market
participants a factual overview of Kemira as an investment.
Kemira's investor communications aims to ensure that everyone operating in the markets has
equal access to sufficient and correct information concerning the company, and to ensure
that information is disclosed consistently and without delay.
Kemira Oyj is domiciled in Helsinki, Finland, and the company's shares are listed on Nasdaq
Helsinki. Kemira Oyj complies with the laws of Finland and the regulations of Nasdaq Helsinki
and Finland's Financial Supervisory Authority.
Silent period
Kemira observes a silent period before issuing financial statements or interim reports. During
the period, Kemira’s representatives do not comment on Kemira’s financial statements or
interim reports for the ongoing reporting period the specific silent period relates to. The
schedule for the silent period and publication of financial information and closed periods is
displayed on Kemira’s website under Investors > Investor Calendar. Kemira’s Investor
Relations function is responsible for keeping the calendar up-to-date.
Annual General Meeting
Kemira's Annual General Meeting will be held on Thursday, March 19, 2026 at 1.00 p.m. EET at
Finlandia Hall, Mannerheimintie 13e Helsinki, Finland. Shareholders who on the record date of
the Annual General Meeting, March 9, 2026, are registered in the company’s shareholders’
register maintained by Euroclear Finland Ltd, are entitled to attend the Annual General
Meeting. Shareholders who have registered for the Annual General Meeting may participate in
the meeting in person at the meeting venue or follow the meeting via a live webcast. The
shareholders may also exercise their voting right by voting in advance. Following the meeting
via the live webcast is not considered official participation in the Annual General Meeting.
Registration for the Annual General Meeting will begin on February 24, 2026 and invitation and
registration instructions have been published on February 12, 2026 as a stock exchange
release and at Kemira’s web site at kemira.com/agm202 6.
Kemira will release a stock exchange release on the Annual General Meeting’s decisions
immediately after the meeting.
Dividend distribution
For dividend proposal, please see page 190.
Change of address
Kemira’s shareholders are kindly requested to report any change of address to the bank or
brokerage firm in which they have their book-entry account. This will also update information
in registers, maintained by Euroclear Finland Ltd, which Kemira uses to send mail to its
shareholders.
KEMIRA 2025 | FINANCIAL STATEMENTS | 215

INFORMATION FOR INVESTORS

Investor relations
Kiira Fröberg, Vice President, Investor Relations
+358 40 760 4258
kiira.froberg@kemira.com
Heidi Lehmuskumpu, Investor Relations Manager
+358 40 593 4611
heidi.lehmuskumpu@kemira.com
Basic share information
Listed on: Nasdaq Helsinki Ltd
Trading code: KEMIRA
ISIN code: FI0009004824
Industry group: Materials
Industry: Chemicals
Number of shares on December 31, 2025: 150,342,557
Listing date: November 10, 1994