Kemira Oyj, Stock Exchange Release, October 23, 2026 at 8.30 am (EEST)
This is a summary of Kemira's January-September 2026 Interim Report. The complete report with the tables is attached to this release and available at kemira.com/investors.
Q3 2026 performance
• Revenue increased by 3%, amounting to EUR 708.9 million (687.7), mainly driven by acquisitions. Revenue in local currencies, excluding acquisitions and divestments, was stable.
• Revenue increased year-on-year in Water Solutions and in Packaging & Hygiene Solutions but decreased in Fiber Essentials.
• Sales prices increased year-on-year, while volumes decreased. Sequentially, sales prices and volumes increased.
• Operative EBITDA decreased by 18%, to EUR 112.8 million (137.3). Operative EBITDA margin was 15.9% (20.0%). The decrease resulted mainly from cost inflation following the conflict in the Middle East.
• Operative EBITDA margin declined to 19.7% in Water Solutions (23.1%), to 9.3% in Packaging & Hygiene Solutions (13.6%) and to 19.3% in Fiber Essentials (24.1%).
• EBITDA was EUR 110.6 million (134.4) and EBITDA margin was 15.6% (19.5%).
• Operative EBIT decreased by 32%, to EUR 59.3 million (87.8). Operative EBIT margin was 8.4% (12.8%).
• EBIT decreased by 36%, to EUR 54.2 million (84.9).
• Cash flow from operating activities declined to EUR 57.0 million (132.2).
• EPS (diluted) was EUR 0.21 (0.38).
January-September 2026 performance
• Revenue decreased by 1%, to EUR 2,079.3 million (2,089.9). Revenue in local currencies, excluding acquisitions and divestments, decreased by 2%.
• Revenue increased year-on-year in Water Solutions and decreased in Packaging & Hygiene Solutions and in Fiber Essentials.
• Sales prices and volumes declined year-on-year.
• Operative EBITDA decreased by 16%, to EUR 341.8 million (404.6), mainly driven by cost inflation and lower prices and volumes. Operative EBITDA margin was 16.4% (19.4%).
• Operative EBITDA margin declined to 18.5% in Water Solutions (22.5%), declined to 10.3% in Packaging & Hygiene Solutions (11.8%) and declined to 22.7% in Fiber Essentials (25.5%).
• EBITDA was EUR 337.5 million (398.3) and EBITDA margin was 16.2% (19.1%).
• Operative EBIT decreased by 29%, to EUR 182.6 million (256.9). Operative EBIT margin was 8.8% (12.3%).
• EBIT decreased by 30%to EUR 175.4 million (250.4).
• Cash flow from operating activities decreased to EUR 207.9 million (251.1).
• EPS (diluted) was EUR 0.73 (1.10).
Outlook for 2026 (last updated on June 10, 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 400 and EUR 500 million in 2026 (2025 operative EBITDA: EUR 524.6 million).
ASSUMPTIONS BEHIND THE OUTLOOK
The demand in Kemira's end-markets remains weak due to continued global economic uncertainty and geopolitical tensions and the raw material and logistics cost environment continues to be volatile. The outlook assumes that the negative impact of raw material and logistics cost inflation on Kemira's full-year 2026 cost base is around EUR 100 million, of which roughly 50% will be covered by price increases. The outlook assumes no major disruptions to Kemira's manufacturing operations or the supply chain and the US dollar to remain steady.
Kemira's President & CEO, Antti Salminen:
"In Q3, raw material cost inflation and volatility continued, and Kemira's operating environment remained challenging. While our revenue increased year-on-year, driven by the positive impact from acquisitions, our profitability was burdened by higher raw material costs following the Middle East conflict. As a result, our operative EBITDA margin declined. We have taken measures to mitigate the impact of the higher raw material costs while maintaining good control of our fixed costs.
In the third quarter, Kemira's market environment continued to be affected by the uncertainty in the global economy. However, demand has remained broadly stable over the past couple of quarters. The demand environment remains stable in our urban water business, our industrial water business continues to be affected by volatility and demand remains slow in our pulp and packaging businesses.
Our Q3 revenue increased versus a year ago, mainly driven by acquisitions. Excluding currency effects and the impact of acquisitions, revenue was stable. At the same time, our operative EBITDA margin weakened to 15.9% as we were only partially able to offset raw material and other variable cost inflation by customer price increases.
In Water Solutions, revenue grew from the previous year, mainly due to acquisitions. Following cost inflation, the operative EBITDA margin declined to 19.7%. Towards the end of the quarter, the positive impact of the customer price increases started to materialize. In Packaging & Hygiene Solutions, revenue increased year-on-year, driven by higher sales prices and volume growth. However, the operative EBITDA margin decreased to 9.3%, primarily due to raw material cost inflation and a weaker sales mix. Given the continued softness in the packaging and paper markets, particularly in Europe and APAC, passing on higher costs to customer prices remains challenging. In Fiber Essentials, the Nordic pulp market remained subdued and revenue decreased year-on-year against a soft comparison period. Volumes declined in both bleaching and base chemicals and the operative EBITDA margin weakened to 19.3%. In addition, the maintenance break at the Olkiluoto nuclear power plant had a negative impact of approximately EUR 2 million on Fiber Essentials' Q3 result.
Despite the market headwinds, we continued to execute our strategy and completed two acquisitions during the quarter. In July, we strengthened our industrial water services by acquiring the business of ANMAC Water Treatment Service, Inc. in the US. In August, we acquired REPUR S.r.l., an Italy-based provider of activated carbon reactivation services for municipal and industrial water treatment applications. In addition, the acquisition of SIDRA Wasserchemie, announced in early February, was completed at the beginning of October, following approval by the German Federal Cartel Office.
Looking ahead, we do not expect any major changes in the demand environment in the fourth quarter. At the same time, the raw material environment remains volatile, creating continued uncertainty around input costs. We reiterate our financial outlook for the 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 400 million and EUR 500 million. Our estimate for the negative full-year impact from higher raw material and logistics costs remains unchanged at around EUR 100 million, of which we expect to offset roughly 50% through price increases.
In the challenging current operating environment, our key priority is to ensure Kemira's competitiveness. We remain focused on the things we can control: operational efficiency, customer service and cost management. At the same time, we remain fully committed to executing our strategy and to investing in long-term growth. We play an important role in ensuring clean water for millions of people every day and in advancing a circular future for the packaging and fiber industry."
KEY FIGURES AND RATIOS
EUR million | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec |
2026 | 2025 | 2026 | 2025 | 2025 | |
Revenue | 708.9 | 687.7 | 2,079.3 | 2,089.9 | 2,753.5 |
Operative EBITDA | 112.8 | 137.3 | 341.8 | 404.6 | 524.6 |
Operative EBITDA, % | 15.9 | 20.0 | 16.4 | 19.4 | 19.1 |
EBITDA | 110.6 | 134.4 | 337.5 | 398.3 | 485.8 |
EBITDA, % | 15.6 | 19.5 | 16.2 | 19.1 | 17.6 |
Operative EBIT | 59.3 | 87.8 | 182.6 | 256.9 | 324.4 |
Operative EBIT, % | 8.4 | 12.8 | 8.8 | 12.3 | 11.8 |
EBIT | 54.2 | 84.9 | 175.4 | 250.4 | 274.1 |
EBIT, % | 7.6 | 12.3 | 8.4 | 12.0 | 10.0 |
Net profit for the period | 34.5 | 61.6 | 117.0 | 180.8 | 194.1 |
Earnings per share, diluted, EUR | 0.21 | 0.38 | 0.73 | 1.10 | 1.18 |
Capital employed* | 2,140.0 | 1,923.9 | 2,140.0 | 1,923.9 | 1,972.0 |
Operative ROCE*, % | 11.7 | 17.8 | 11.7 | 17.8 | 16.5 |
ROCE*, % | 9.3 | 16.5 | 9.3 | 16.5 | 13.9 |
Cash flow from operating activities | 57.0 | 132.2 | 207.9 | 251.1 | 378.2 |
Capital expenditure excl. acquisition | 43.6 | 47.8 | 120.6 | 119.1 | 196.7 |
Capital expenditure | 80.7 | 47.8 | 170.9 | 141.5 | 344.8 |
Cash flow after investing activities | -14.7 | 84.4 | 48.8 | 158.2 | 82.5 |
Equity ratio, % at period-end | 50 | 55 | 50 | 55 | 54 |
Equity per share, EUR | 11.19 | 11.29 | 11.19 | 11.29 | 11.23 |
Gearing, % at period-end | 40 | 17 | 40 | 17 | 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 and 2027
Financial Statements Bulletin 2026 February 9, 2027
Interim report January-March 2027 April 23, 2027
Half-year financial report January-June 2027 July 16, 2027
Interim report January-September 2027 October 22, 2027
Annual Report 2026 will be published during the week starting on February 15, 2027.
The Annual General Meeting is scheduled for Wednesday, March 17, 2027.
Webcast and conference call for analysts, investors and media
Kemira will arrange a webcast for analysts, investors and the media on Friday, October 23, 2026, starting at 10.00 am EET (8.00 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 https://kemira.events.inderes.com/q3-2026. The presentation material and a recording of the webcast will be available at kemira.com/investors.
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/q3-2026/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
