Kemira Oyj

Latest Results (19.05.2026):

Kemira Oyj — Q1 2026: Revenue fell to EUR 677.3m (‑4% y/y; organic -3%), operative EBITDA declined to EUR 117.3m (‑13%) with a margin of 17.3% (vs. 19.1% a year earlier). Operative EBIT was EUR 65.4m (‑24%). Cash flow from operations improved to EUR 91.7m. Results were weighed down by market softness, negative FX and lower selling prices, while volumes were broadly stable and showed sequential improvement.

Headline figures

Q1 2026 revenue EUR 677.3m (Q1 2025: EUR 708.8m). Operative EBITDA EUR 117.3m (135.5) and operative EBITDA margin 17.3% (19.1%). Operative EBIT EUR 65.4m (85.6). Net profit EUR 45.5m (61.7); diluted EPS EUR 0.29 (0.38).

Profitability drivers

Revenue decline driven by FX and lower selling prices; volumes stable. Operative EBITDA margin compression mainly from pricing and higher costs; Water Solutions and Packaging & Hygiene margins fell, Fiber Essentials margin improved slightly.

Business unit performance

Water Solutions: revenue EUR 300.8m (close to prior year), operative EBITDA EUR 55.4m, margin 18.4% (21.4). Packaging & Hygiene: revenue EUR 232.9m (‑8%), operative EBITDA EUR 23.6m, margin 10.1% (12.0). Fiber Essentials: revenue EUR 143.7m (‑5%), operative EBITDA EUR 38.3m, margin 26.7% (26.3).

Cash flow and balance sheet

Cash flow from operating activities EUR 91.7m (55.0). Capex excl. acquisitions EUR 35.6m. Cash & equivalents EUR 263.0m; undrawn committed facility EUR 400m (extended to 2031). Net debt EUR 504.9m (216.2), gearing 31%, equity ratio 51%; net debt / operative EBITDA ~1.0.

Outlook (unchanged)

Guidance reiterated for 2026: revenue EUR 2,600–3,000m and operative EBITDA EUR 470–570m. Outlook assumes Kemira largely mitigates raw material and logistics cost increases and no major operational disruptions; USD expected to weaken slightly vs end‑2025.

M&A and strategic moves

Closed AquaBlue (industrial water services) in the US (Jan 2026). Announced SIDRA Wasserchemie acquisition in Western/Central Europe (purchase price ~EUR 75m; pending German clearance). Plan to build activated‑carbon reactivation site in Tarragona, Spain.

Shareholder actions & liquidity management

Dividend for 2025 approved at EUR 0.76/share (two installments; first EUR 0.38 paid April 8, 2026). New buyback program authorized (up to 5,000,000 shares, max EUR 100m); 1,929,488 shares repurchased by end‑March 2026.

Management view

CEO Antti Salminen described Q1 as challenging due to weak markets and geopolitical tensions (notably the war in Iran), with management accelerating price increases and cost/efficiency actions to restore operative margin to the 18–21% target range on a quarterly basis.

Sustainability & targets

Kemira received Leadership‑level A‑ scores from CDP (Water Security, Climate Change and Supply Engagement). New/updated targets include large reductions in scope 1–2 emissions (‑51.2% by 2030 vs 2018) and scope 3 (‑32.5% by 2033 vs 2021), plus a water‑impact target to increase treated/reused/recycled water.