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WE PURIFY AND PROTECT WITH EVERY FIBER FOR A SUSTAINABLE WORLD EARNINGS CALL PRESENTATION Q3 2025 Helen Mets, President & CEO Niklas Beyes, CFO October 29, 2025
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Strengthened portfolio delivers record-high profitability • Record-high comparable EBITDA and margin, underpinned by ongoing enhancements to our business portfolio. • Net sales grew 4% at constant currency. • Underlying performance remained solid against market condition that remained soft. • MOVC remains at a high level driven by improved variable cost efficiency, disciplined pricing and product mix. • Next to Stevens Point in May, additional strategic steps completed successfully in October show our ongoing commitment to enhance our portfolio of businesses. • EBF acquisition strengthening our position in the attractive laboratory and life sciences market. • Sale of the Abrasives business. • Product innovations launched advancing our ambition to grow the share of our Safe and Sustainable by Design offering. 2
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Ahlstrom is the sustainable specialty materials company 3 We Purify and Protect with Every Fiber for a Sustainable World THE WORLD NEEDS SUSTAINABLE MATERIALS Clean air and water Personalised healthcare Sustainable packaging and protection Decarbonization of buildings Electrification WE HAVE THE EXPERTISE FOR INNOVATIVE SOLUTIONS LEADING TO SUSTAINABLE GROWTH Above GDP growth Healthy EBITDA margin Strong cash conversion We create safe and sustainable solutions to address global challenges We co-innovate with customers We have unique understanding of fibers and applications
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Advancing leadership positions across key segments 4 FILTRATION AND LIFE SCIENCES • Filtration • Lab & Life Sciences • Medical PROTECTIVE MATERIALS • Glass Fiber Tissue • Technical Materials • Tape • Nonwovens FOOD AND CONSUMER PACKAGING • Global Food Packaging • Smart Packaging Purifying powerhouse Protecting surfaces Solutions for Smart Packaging PERFORMANCE MATERIALS CLUSTER • Release Liners • Precision Coating • Beverage & Casing Growth drivers • Growth in industrial applications (HVAC, Water) • Ageing population and growing access to healthcare in emerging markets Growth drivers • Strong demand in specialized and smart food packaging • Replacing plastics High performing materials Growth drivers • Demand for labels • Strengthening of aircraft industry demand • Increasing demand for sustainable products Growth drivers • Growth in electrification and data centres • Decarbonization and green in building and construction Strong margins given high entry requirements Strong margins given high entry requirements Margins expansion due to specialty mix Margins to grow reflecting operational efficiencies #1 in Filtration Science and in Lab & Life Sciences segments #1 in vinyl flooring, digital wall cover, power transformers & subsea cables #1 in sustainable solutions for specialityfood applications and smart packaging Global leader in industrial release liners, fibrous casing, coffee K-cup
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Recent product announcements addressing global trends SUSTAINABLE PACKAGING DECARBONIZATION OF BUILDINGS Insulation facer with enhanced Flame-Gard technology OK compost HOME certification for GreenPod Home – new coffee pod portfolio 5 SUSTAINABLE PACKAGING Acti-V® RF and Acti-V® RF Natural release liner papers for PSA labeling CLEAN AIR PurXcel , molecular filtration media for clean air
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Financial performance Q3 2025
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Record high comparable EBITDA in Q3 2025 • Net sales increased by 4% at constant currencies. • Record-high comparable EBITDA and margin, supported by a stronger portfolio of businesses. • EBITDA remained stable when adjusted for portfolio changes, as continuing MOVC per ton improvement offset market softening. • Operating cash flow remained solid. • EBF acquisition and Abrasives divestment completed in October. 0 2 4 6 8 10 12 14 16 18 20 0 20 40 60 80 100 120 140 160 180 140 18.8% 130 17.5% Comparable EBITDA and margin % • Financials include Stevens Point since May 28, 2025. • Q1 2021 pro forma. MEUR 7 MEUR
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8 0 200 400 600 800 1 000 MEUR 743 Breakdown of net sales by segment Jul-Sep 2025 743 8 4% year-over-year net sales growth – at constant currency Quarterly net sales • Includes Stevens Point as of May 28, 2025. • At constant currency, reported net sales grew 4%, driven by the Stevens Point acquisition. • Q1 2021 pro forma. Filtration & Life Science 25% (25) Protective Materials 25% (27) Food & Consumer Packaging 30% (24) Performance Materials Cluster 19% (24)
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0 200 400 600 800 1 000 Volume Price, Mix FX, Other 743 743 Aspa, Stevens Point MEUR 0 20 40 60 80 100 120 140 160 180 Volume Margin on variable costs Fixed costs, FX, Other 130 140 Aspa, Stevens Point Comparable EBITDA Q3/2024 to Q3/2025 Q3/24 Q3/25 MEUR Q32/24 Net sales Q3/2024 to Q3/2025 Q3/25 EBITDA margin 17.5% EBITDA margin 18.8% 9 Comparable EBITDA growth underpinned by higher MOVC per ton and enhanced portfolio of businesses • At constant currency, reported net sales grew 4%, driven by the Stevens Point acquisition. 0 20 40 60 80 100 120 140 160 82 124 Q3/24 Q3/25 Reported EBITDA Q3/2024 to Q3/2025 Change in IACs Operational improvement MEUR
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Sustained high MOVC per ton - 200 400 600 800 1 000 1 200 1 400 Margin on variable costs per ton EUR per ton 10 Consistent strengthening of the margin on variable cost per ton continues, driven by improved cost efficiency, disciplined pricing, and a more favorable product mix. The slight decline in Q3 2025 compared to Q2 2025 was primarily due to unfavorable exchange rates. 1,092 999 • Includes Stevens Point as of May 28,2025. • Q1 2021 pro forma.
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MEUR September 30, 2025 June 30, 2025 Comparable EBITDA, LTM 478 469 2024 initiatives 0 (1 1 (1 2025 initiatives 30 (2 41 (2 2026 initiatives 25 (3 13 (3 Total savings potential not in EBITDA 55 55 Adjusted EBITDA, LTM (* 533 524 EBITDA of Stevens Point operations prior to the acquistion (unaudited) 51 70 Pro forma adjusted EBITDA, LTM 584 593 Adjusted EBITDA margin (LTM), % (** 18.6% 18.4% Reconciliation of comparable EBITDA to pro forma adjusted EBITDA (LTM) (1 Full run rate impact expected end of 2025. (2 Full run rate impact expected end of 2026. (3 Full run rate impact expected end of 2027. (* Excluding EBITDA of Stevens Point for the period prior to the acquisition. (** Pro forma adjusted EBITDA (LTM) and net sales used for calculating the pro forma adjusted EBITDA margin (LTM) include the unaudited EBITDA of Stevens Point for the period prior to the acquisition. 11 Stable pro forma adjusted EBITDA LTM – excluding Aspa divestment and FX impact. The ongoing work to identify and specify new savings opportunities deliver results – reflected in a substantial increase in identified initiatives for 2026.
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Solid cash flow from operating activities 12 -50 0 50 100 150 200 Net cash from operating activities 42 Capex -50 Comparable EBITDA 140 IACs -16 Change in working capital -32 Net change in cash 57 Net cash from financing 65 Interest, tax, other -50 Reported EBITDA 124 Including the add-on of EUR 60m MEUR Cash flow Jul-Sep 2025 -25 0 25 50 75 100 Cash flow at EUR 53m excluding transaction related costs Quarterly net cash flow from operating activities MEUR Includes Stevens Point operations as of May 28,2025.
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Sustainably lower investments on track 0 20 40 60 80 100 Capital expenditure MEUR 560 552 524 517 492 510 519 511 514 519 518 498423 439 389 347 332 357 374 373 367 363 390 371 -1041-992-927-854-872-937-977-936-931-911-932-870 -1200 -1000 -800 -600 -400 -200 0 200 400 600 800 Payables Receivables Inventories MEUR Working capital 13 Includes Stevens Point operations as of May 28,2025.
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Net debt and leverage 14 0 500 1 000 1 500 2 000 2 500 0 1 2 3 4 5 MEUR Adjusted net indebtedness Ratio of adjusted net indebtedness to adjusted EBITDA Adjusted net debt to adjusted EBITDA ratio 2,283 3.4 • Leverage increased due to the Stevens Point acquisition, while strong profitability helped moderate the impact on the ratio. The pro forma adjusted EBITDA (LTM) used for calculating leverage ratios as of Q2 2025 includes the unaudited EBITDA contribution from the Stevens Point for the period prior to the acquisition. 1,755 3.9
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Conclusions • Record-high comparable EBITDA and margin, underpinned by ongoing enhancements to our business portfolio and consistent high MOVC per ton. • Underlying performance remained stable – a solid outcome in a softer market environment. • Additional strategic steps completed successfully in October showing disciplined execution of our strategic agenda. 15
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We Purify and Protect with Every Fiber for a Sustainable World