Kemira (KEMIRA) Q3 2025 earnings summary

Executive summary

• Maintained strong profitability with a 20% operative EBITDA margin in Q3 2025, despite a 5% year-over-year revenue decline and challenging end markets.

• All business units experienced revenue declines, but market positions were retained and prices remained stable year-over-year.

• Strategic acquisitions and partnerships, including Water Engineering, Inc. and CuspAi, support expansion in water treatment and innovation in sustainable solutions.

• Completed divestment of Oil & Gas business to focus on core segments, with adjusted figures for comparability.

• Outlook for 2025 remains unchanged, expecting continued market softness but stable raw material costs.

Financial highlights

• Q3 2025 revenue was €687.7 million, down 5% year-over-year; operative EBITDA was €137.3 million (-7% y/y), margin at 20.0%.

• January–September 2025 revenue was €2,089.9 million, down 6%; operative EBITDA €404.6 million, margin at 19.4%.

• Net profit in Q3 2025 was €61.6 million (-8% y/y); EPS diluted €0.38.

• Cash flow from operations in Q3 2025 was €132.2 million, up 18% y/y.

• Capital expenditure (excluding acquisitions) was €119.1 million in 1-9/2025, up 24% year-over-year.

Outlook and guidance

• 2025 revenue expected between €2,700–2,950 million; operative EBITDA between €510–580 million.

• Assumes continued global economic uncertainty, stable raw material environment, and no major operational disruptions.

• Long-term targets: annual organic growth over 4%, operative EBITDA margin 18–21%, operative ROCE over 16%.

• No major changes expected in seasonality for Water Solutions; Q1 and Q4 typically weaker.

• CapEx expected to increase significantly in Q4 compared to previous quarters.