Kemira Oyj, Stock Exchange Release, April 24, 2026 at 8.30 am (EEST)
This is a summary of Kemira's January-March 2026 Interim Report. The complete report with the tables is attached to this release and available at kemira.com/investors.
Q1 2026 performance
- Revenue decreased by 4%, to EUR 677.3 million (708.8).The decrease was mainly driven by market softness and FX impact. Revenue in local currencies, excluding acquisitions and divestments, decreased by 3%.
- Revenue declined in Packaging & Hygiene Solutions and in Fiber Essentials, and remained close to the previous year's level in Water Solutions.
- Sales prices declined year-on-year, while volumes remained stable. Sequentially, sales volumes and prices increased.
- Operative EBITDA decreased by 13%, to EUR 117.3 million (135.5). Operative EBITDA margin was 17.3% (19.1%). The decrease was mainly driven by pricing.
- Operative EBITDA margin declined to 18.4% in Water Solutions (21.4%), declined to 10.1% in Packaging & Hygiene Solutions (12.0%) and improved to 26.7% in Fiber Essentials (26.3%).
- EBITDA was EUR 117.7 million (134.6) and EBITDA margin was 17.4% (19.0%).
- Operative EBIT decreased by 24%, to EUR 65.4 million (85.6). Operative EBIT margin was 9.7% (12.1%).
- EBIT decreased by 22%, to EUR 65.7 million (84.7).
- Cash flow from operating activities was EUR 91.7 million (55.0).
- EPS (diluted) was EUR 0.29 (0.38)
Outlook for 2026 (unchanged)
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 (SPECIFIED)
The demand in Kemira's end-markets has weakened due to continued global economic uncertainty and increased geopolitical tensions. In particular, the packaging and pulp market continues to be impacted by this uncertainty. The urban water treatment market is expected to grow modestly, but there is demand volatility within Kemira's industrial customer segment. The outlook assumes that Kemira can largely mitigate raw material and logistics cost increases caused by the war in Iran. The outlook assumes 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 announced before the Financial Statements Bulletin 2025 was published are included in the outlook.
PREVIOUS ASSUMPTIONS BEHIND THE OUTLOOK (PUBLISHED ON FEBRUARY 13, 2026)
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.
Kemira's President & CEO, Antti Salminen:
"Kemira's Q1 was challenging. The market environment remained weak and the war in Iran increased uncertainty and accelerated inflation. As a result, both our revenue and profitability decreased year-on-year. While the market volatility is expected to continue, we are taking measures to mitigate the impacts of the demand softness and the increased cost base, to get our profitability back on track and in line with our target range.
In Q1, Kemira's operating environment was impacted by the intensified geopolitical tensions. Our demand environment was already challenging prior to the start of the war in Iran, which has only further increased market volatility.
Following the slow demand and the negative FX impact, Kemira's Q1 revenue decreased year-on-year. Consequently, the operative EBITDA margin declined to 17.3%. Sequentially, sales volumes and prices increased.
In Water Solutions, revenue remained close to the previous year's level. However, the operative EBITDA margin declined to 18.4%, mainly driven by pricing and higher costs, including a couple of one-off like items. In Packaging & Hygiene Solutions, revenue decreased year-on-year. The operative EBITDA margin decreased to 10.1%, primarily driven by pricing. The implementation of the new operating model is progressing according to our plans. In Fiber Essentials, revenue decreased year-on-year and yet increased sequentially. The operative EBITDA margin improved to 26.7%, following favorable pricing development.
We continued to make progress with our strategy execution in Q1. At the beginning of the year we announced the first follow-up deal in industrial water treatment services, when we completed the acquisition of AquaBlue, Inc. In February, we announced the acquisition of SIDRA Wasserchemie, expanding our core coagulant business in Western and Central Europe. The acquisition is currently being reviewed by the competition authorities in Germany. We also announced our plan to build an activated carbon reactivation site in Tarragona, in Spain.
Looking ahead, at the moment we do not see any major changes in the market environment in the near-term, except for the usual revenue seasonality. We reiterate our financial outlook for this year and expect our 2026 revenue to be between EUR 2,600 million and EUR 3,000 million and our 2026 operative EBITDA to be between EUR 470 million and EUR 570 million.
To mitigate the impact of increased costs, we have implemented price increases. Historically, it has usually taken up to two quarters before these have become visible in our financials, due to customer contract terms. In addition, we will continue to drive efficiency improvements throughout the company and need to examine all facets of our business to ensure that our cost base is aligned with the uncertain demand environment. Our profitability was disappointing in Q1 and our aim is to attain our operative EBITDA margin target range of 18-21% again on a quarterly basis.
Although the long-term demand drivers for our business remain unchanged, we are facing headwinds at the moment. While we remain committed to executing our strategy and investing in long-term growth, it is clear that more focus is needed on ensuring our competitiveness in a volatile and soft market."
KEY FIGURES AND RATIOS
EUR million | Jan-Mar | Jan-Mar | Jan-Dec |
2026 | 2025 | 2025 | |
Revenue | 677.3 | 708.8 | 2,753.5 |
Operative EBITDA | 117.3 | 135.5 | 524.6 |
Operative EBITDA, % | 17.3 | 19.1 | 19.1 |
EBITDA | 117.7 | 134.6 | 485.8 |
EBITDA, % | 17.4 | 19.0 | 17.6 |
Operative EBIT | 65.4 | 85.6 | 324.4 |
Operative EBIT, % | 9.7 | 12.1 | 11.8 |
EBIT | 65.7 | 84.7 | 274.1 |
EBIT, % | 9.7 | 12.0 | 10.0 |
Net profit for the period | 45.5 | 61.7 | 194.1 |
Earnings per share, diluted, EUR | 0.29 | 0.38 | 1.18 |
Capital employed* | 2,017.4 | 1,921.5 | 1,972.0 |
Operative ROCE*, % | 15.1 | 19.1 | 16.5 |
ROCE*, % | 12.6 | 17.6 | 13.9 |
Cash flow from operating activities | 91.7 | 55.0 | 378.2 |
Capital expenditure excl. acquisition | 35.6 | 27.5 | 196.7 |
Capital expenditure | 41.1 | 27.6 | 344.8 |
Cash flow after investing activities | 52.6 | 75.6 | 82.5 |
Equity ratio, % at period-end | 51 | 53 | 54 |
Equity per share, EUR | 10.71 | 10.96 | 11.23 |
Gearing, % at period-end | 31 | 13 | 30 |
*12-month rolling average
Unless otherwise stated, all comparisons in this report are made to the corresponding period in 2025.
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.
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%.
Financial reporting schedule 2026
Half-year financial report January-June 2026 July 17, 2026
Interim report January-September 2026 October 23, 2026
Webcast and conference call for analysts, investors and media
Kemira will arrange a webcast for analysts, investors and the media on Friday, April 24, 2026, starting at 10.30 am EET (8.30 am UK time). During the webcast, Kemira's President & CEO Antti Salminen and CFO Tuomas Mäkipeska will present results. The webcast will be held in English and can be followed at kemira.com/investors. The presentation material and a recording of the webcast will be available on the above-mentioned company website.
You can attend the Q&A session via conference call. You can access the teleconference by registering on the following link: https://events.inderes.com/kemira/q1-2026/dial-in
After registration you will be provided with phone numbers and a conference ID to access the conference. If you wish to ask a question please dial *5 on your telephone keypad to enter the queue.
For more information, please contact:
Kemira Oyj
Kiira Fröberg, Vice President, Investor Relations
Tel. +358 40 760 4258
kiira.froberg@kemira.com
Kemira is a global leader in sustainable chemistry for water-intensive industries. We operate globally and serve a wide range of customers including municipal and industrial water treatment companies and the fiber industry. Our solutions and services help secure clean water for millions of people every day and support our customers in advancing circularity and responsible resource use throughout their value chains. In 2025, Kemira's revenue totaled EUR 2.8 billion, and we employed approximately 4,900 people. Kemira's shares are listed on Nasdaq Helsinki (symbol: KEMIRA) www.kemira.com
