Kemira’s financial targets and outlook for 2023
Financial targets and historical figures
| Targets | 2018 | 2019 | 2020 | 2021 | 2022 |
| Above-the market growth |
EUR 2,593 million Change +4% |
EUR 2,659 million Change +3% |
EUR 2,427 million Change -4% |
EUR 2,674 million Change +10% |
EUR 3,570 million Change +33% |
| Operative EBITDA 15-18% |
12.5% | 15.4% | 17.9% | 15.9% | 16.0% |
| Gearing below 75% | 62% | 66% | 63% | 63% | 46% |
Read more: Debt Information
Outlook for 2023
Revenue
Kemira’s revenue is expected to be between EUR 3,200 million and EUR 3,700 million in 2023 (2022: EUR 3,569.6 million).
Operative EBITDA
Kemira’s operative EBITDA is expected to be between EUR 500 and EUR 600 million in 2023 (2022: EUR 571.6 million).
Assumptions behind outlook
We expect demand in Kemira’s end-markets to be resilient despite the significant uncertainty related to the global macroeconomic environment, energy prices, and the development of the war in Ukraine. Overall, Kemira’s end-market demand (in volumes) is expected to decline somewhat. Demand in the oil & gas market is expected to grow. Variable costs are expected to decline but with variation by raw material. Electricity prices are expected to remain above long-term average in Europe, but with uncertainty related to the level of pricing. Market prices for caustic soda are expected to moderate during 2023 from the current very high level. The outlook assumes no major disruptions to Kemira’s manufacturing operations, supply chain, or Kemira’s energy-generating assets in Finland. Foreign exchange rates are expected to remain at approximately current levels.
| EUR million | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 outlook |
| Operative EBITDA | 323 | 410 | 435 | 426 | 572 | Expected to be between EUR 500 – EUR 600 million |