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WE PURIFY AND PROTECT WITH EVERY FIBER FOR A SUSTAINABLE WORLD Q4/2025 AND FULL-YEAR 2025 PRESENTATION Helen Mets, President & CEO Niklas Beyes, CFO February 26, 2026 Ahlstrom’s rapid test kits and sample collection cards are used for early detection of medical conditions, improving localized, personalized and affordable healthcare
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• Repositioned portfolio towards Sustainable Specialty Materials • Acquired Stevens Point and EBF, divested Abrasives business and created Performance Materials Cluster (PMC), allowing focus on Core divisions 1) • Group net sales (including acquisitions) of 2,930 MEUR up 1.4% at constant currency • Record high Group comp. EBITDA margin of 16.1% (LY 15.2%), mainly as a result of Stevens Point acquisition • Core divisions 1) grew +2% YoY in comparable EBITDA at constant currency and excluding acquisitions • Core divisions comparable EBITDA margin 18.8% • Continued MoVC per ton growth and disciplined fixed cost control offset demand softness (mainly H2) and one-time operational issues • Performance Material Cluster down 190 bps YoY in comparable EBITDA margin due to lower market demand and higher ramp up cost for new products • Significant lower IAC ( -50 MEUR vs. LY) driving higher reported EBITDA • IAC includes transaction costs and minority squeeze out excess payment • Acceleration of our customer driven Safe and Sustainable innovation • Sustainability metrics delivering excellent results in 2025 2 1) Filtration &Life Sciences, Food & Consumer Packaging and Protective Materials FY2025: Solid performance in challenging market conditions 2
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• Further portfolio moves in the quarter with the acquisition of EBF and the divestment of Abrasives • Demand was softer in the fourth quarter • Comparable EBITDA down due to softer volume, one-time operational issues and negative FX • Stabilized operations in Q1/2026 • Minority squeeze out payment completed • Today announced the execution of further steps on our strategic roadmap 3 Q4/2025: Performance impactedby softer volume, one-offs and negative currencies 3 Ahlstrom AutoCollect specimen collection cards are engineered for reliable and consistent bio sample collection
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Global leader in combining fibers into innovative and sustainable solutions Leading to sustainable growth The world needs sustainable materials Ahlstrom has the expertise for innovative solutions Clean air and water Personalised healthcare Sustainable packaging and protection Decarbonisation of buildings Electrification Market leading position Favourable secular tailwinds Compounding profitable growth Strong cash conversion Top-decile customer satisfaction Ahlstrom purifies and protects with every fiber for a sustainable world 4 Fiber-based material science Unique understanding of fibers and applications Safe and sustainable solutions Creation of safe and sustainable solutions to address global challenges Co-innovation with customers Active co-innovation of new solutions together with customers
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Driving safe and efficient ‘operational excellence’ operations Building and closing our opportunity pipeline of growth Strong Portfolio Management Choosing Where To Play Operational Powerhouse Differentiated Products & SSbD Innovation Our strategy is structured around three strategic pillars 5
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FY2025: Strong performance in our Core divisions 6 • Filtration • Lab & Life Sciences • Medical • Glass Fiber Tissue • Technical Materials • Tape • Nonwovens FOOD & CONSUMER PACKAGING • Global Food Packaging • Smart Packaging Purifyingpowerhouse ProtectingsurfacesSolutions for Packaging PERFORMANCE MATERIALS CLUSTER • Release Liners • Precision Coating • Beverage & Casing High performing materials ~80 % of the Group net sales Comparable EBITDA 448 MEUR (PF*: 479 MEUR) Comparable EBITDA margin 18.8% (PF*: 19.2%) Global market leader position in most markets Margins to grow reflecting operational efficiencies FILTRATION & LIFE SCIENCES PROTECTIVE MATERIALS Core divisions Choosing Where To Play * Pro Forma figures include the pre-acquisition unaudited comparable EBITDA for Stevens Point between January 1 and May 27, 2025 and for EBF between January 1 and October 1, 2025,
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Recent product announcements addressing global trends SUSTAINABLE PACKAGING DECARBONIZATION OF BUILDINGS Insulation facer with enhanced Flame-Gard technology PointSil® CCK for New York City transit cards, replacing plastic 7 WATER FILTRATION Disruptor® engineered for gravity-flow drinking water systems PROTECTION ActiV® Industrial RF Natural release liner improves recyclability & lowers carbon footprint Differentiated Products & SSbD Innovation
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Potential closure of Radcliffe site1) • Focus of Performance Material Cluster is ensuring ongoing cost competitiveness • Opportunity to right size UK footprint • Initiated consultation for the potential closure of the small Radcliffe site producing abacus-based materials by March 31, 2026 Announced significant steps on our strategic roadmap Wisconsin Powerhouse • Strong Wisconsin manufacturing presence key enabler of our growth in the US • Opportunity to unlock further value by utilizing best in class assets and right sizing older Mosinee site ➢ close the pulp operations and two older machines this year ➢ investing in 2 remaining machines with automation and more modern technologies increasing safety, environmental compliance and reliability 8 1) Subject to consultation initiated February 26, 2026 Operational Powerhouse
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Financial performance FY2025 and Q4/2025 Ahlstrom’s parchmentizer, PMZ5, is an industrial machine used to treat cellulose-based paper to transform it into durable, grease- and water- resistant vegetable parchment
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FY2025: Consistent improvement in Comparable EBITDA and margin 2,413 3,349 2,973 2,965 2,930 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2021 2022 2023 2024 2025 315 440 420 451 473 0 50 100 150 200 250 300 350 400 450 500 2021 2022 2023 2024 2025 MEUR MEUR Group net sales Comparable EBITDA (+1.4%1)) +4.8% 13.0 13.1 14.1 15.2 16.1 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 2021 2022 2023 2024 2025 % Comparable EBITDA margin % +90 bps 10 1) at constant currency Net sales, comprable EBITDA and margin % are continuing operations for 2022. Operating cash flow includes discontinued operation in 2022. 83 216 143 227 0 50 100 150 200 250 2021 2022 2023 2024 2025 MEUR Operating cash flow -18% -1.2% Excluding transaction & minority squeeze out related costs 186 141
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11 FY2025: Core divisions growing and delivering strong results 23.5% 14.4% 16.4% 6.2% 23.5% 17.7% 15.3% 4.3% 0 5 10 15 20 25 Filtration & Life Sciences Food & Consumer Packaging Protective Materials Performance Material Cluster Comparable EBITDA margin FY2024 vs FY2025 % +3.4% +18.1% -0.9% -12.4%Reported net sales change Core divisions’ comparable EBITDA 406.81 MEUR (18.2%) → 447.61 MEUR (18.8%) thereof Stevens Point (FCP) 40.8 MEUR & EBF (FLS) 0.8 MEUR Constant currency net sales change +6.9% +22.2% +0.3% -10.4% 1) Represents the sum of the three divisions, excluding the Performance Materials Cluster, Other, and eliminations.
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12 Q4/2025: MoVC per ton continued to improve Group quarterly margin on variable costs per ton Includes Stevens Point operations as of May 28, 2025. 1079 10551 1141 - 200 400 600 800 1,000 1,200 1,400 EUR per ton FY2024: 987 MoVC at constant currencies increased in the quarter YoY driven by disciplined pricing and procurement savings 12 At constant currencies excl. Stevens Point and EBF FY2025: 1,0971 1) Reported figures Ahlstrom provides flame-resistant solutions for multiple end-use applications. The Flame-Gard flame-resistant papers will char when exposed to a flame but will not support combustion
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MEUR 0 50 100 150 200 250 300 350 400 450 500 Volume Margin on variable costs 451.2 473.0 FX, Other Group Comparable EBITDA Jan-Dec 24 to Jan-Dec 25 2024 2025 MEUR Group net sales Jan-Dec 24 to Jan-Dec 25 EBITDA margin 15.2% EBITDA margin 16.1% Includes Stevens Point operations as of May 28, 2025 13 0 50 100 150 200 250 300 350 400 331.0 402.1 2024 2025 Group Reported EBITDA Jan-Dec 24 to Jan-Dec 25 Change in IACs Comparable EBITDA improvement MEUR FY2025: Comparable EBITDA growth underpinned by higher MoVC per ton and M&A 20252024 M&A 0 1,000 2,000 3,000 Volume Price, Mix FX 2,965 2,930M&A
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0 200 400 600 800 1,000 Volume Price, Mix FX 707.4 703.1M&A MEUR 103.2 0 20 40 60 80 100 120 140 160 180 Volume Margin on variable costs FX, Other 108.5 M&A Group comparable EBITDA Q4/2024 to Q4/2025 Q4/24 Q4/25 MEUR Q4/24 Group net sales Q4/2024 to Q4/2025 Q4/25 EBITDA margin 15.3% EBITDA margin 14.7% 14 Q4/2025: Stable sales; one-offs and negative currency development resulted in lower profitability Q4/24 Q4/25 Group reported EBITDA Q4/2024 to Q4/2025 Change in IACs Comparable EBITDA decline MEUR 72.1 71.6 0 20 40 60 80 100 120 Other includes a -10 MEUR impact from insurance reimbursement in Q4/2024
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Reconciliation of reported EBITDA to pro forma adjusted EBITDA (*) Excluding EBITDA of Stevens Point for the period prior to the acquisition. (**) 2025 Pro forma adjusted EBITDA (LTM) and Pro forma net sales of € 3,009m including pre acquisition net sales used for calculating the pro forma adjusted EBITDA margin. Adjusted EBITDA includes the pre-acquisition unaudited comparable EBITDA for Stevens Point between January 1 and May 27 and for EBF between January 1 and October 1, and excludes the unaudited comparable EBITDA of the divested Abrasives business between January 1 and September 30. (1) 2024 Includes restructuring costs in connection with the closure of the Bousbecque plant (2) 2024 Includes losses from financial hedges incurred as a result of exceptional natural gas market situation in Europe (3) MEUR 35 related to special programs including MEUR 11 for Mosinee strategic initiatives, MEUR 4 for potential Radcliffe closure and MEUR 20 for waste reduction program initiatives MEUR FY 2025 FY 2024 Group reported EBITDA 402 331 Transaction Costs 24 6 Restructuring & Transformation Costs (1) 31 79 Other (2) 16 35 Items Affecting Comparability (IACs) 71 120 Group comparable EBITDA (*) 473 451 Group comparable EBITDA margin, % 16.1% 15.2% EBITDA of Stevens Point operations prior to the acquisition (unaudited) 29 - EBITDA of EBF operations prior to the acquisition (unaudited) 3 - EBITDA of Abrasives operations prior to the divestment (unaudited) -5 - Group pro forma comparable EBITDA 501 451 Group pro forma comparable EBITDA margin, % 17.1% 15.2% 2024 Initiatives (impact expected end of 2025) - 13 2025 Initiatives (impact expected end of 2026) 12 50 2026 Initiatives (impact expected end of 2027) (3) 88 - Group pro forma adjusted EBITDA 601 514 Group pro forma adjusted EBITDA margin, % (**) 20.0% 17.3% Ahlstrom’s PawPrint® papers offers outstanding grease resistance without PFAS, featuring printable outer plies and barrier inner liners made for both inner and outer applications specially designed for Petfood 15
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16 Group cash flow Jan-Dec 2025 Includes Stevens Point operations as of May 28, 2025. FY2025: Solid operating cash flow generation - Net cash flow impacted by acquisitions -600 -500 -400 -300 -200 -100 0 100 200 300 400 500 600 Net cash from operating activities 141 Capex -172 Comparable EBITDA 473 IACs -71 Change in working capital -18 Net change in cash -48 Net cash from financing 524 Interest, tax, other -243 Reported EBITDA 402 Transaction and minority squeeze out related costs amounted to EUR 45 million in FY2025 Transaction: -31 MEUR Minority squeeze out: -14 MEUR Acquisitions, disposal, other -540 MEUR Ahlstrom’s FortiCell® is our fiber-based solution designed for Lead Acid Batteries (LAB). The full portfolio includes solutions for Separator Reinforcement Mat, Pasting Materials and Absorbed Glass Mat (AGM) media to power electric vehicles and data centers
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Q4/2025: Cash flow affected by lower profitability and higher IACs due to squeeze out and transaction costs 17 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 120 140 160 Net cash from operating activities 31 Capex -59 Comparable EBITDA 103 IACs -32 Change in working capital 34 Net change in cash -62 Net cash from financing -33 Interest, tax, Other -75 Reported EBITDA 72 MEUR Group cash flow Oct-Dec 2025 30 -25 0 25 50 75 100 Group quarterly net cash flow from operating activities MEUR Includes Stevens Point operations as of May 28, 2025. Excluding transaction costs 53 Excluding transaction & minority squeeze out related costs 50 31 27 Transaction and minority squeeze out related costs amounted to EUR 19 million in Q4/2025 Transaction: -5 MEUR Minority squeeze out: -14 MEUR
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0 20 40 60 80 100 Group capital expenditure MEUR MEUR Group operating working capital 18 Includes Stevens Point operations as of May 28, 2025. Q4/2025: Capex on last year's level, Working Capital stable, reflecting efficient management 60 59 580 570 367 361 -663 -595 -1,000 -800 -600 -400 -200 0 200 400 600 800 Operating receivables Inventories Operating payables Trade and other receivables and trade and other payables are shown without escrow account (minority squeeze out payment) in all quarters.
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FY2025: Leverage mainly increased due to financing of acquisitions 19 1,797 1,869 0 500 1,000 1,500 2,000 2,500 3,000 Q4/23 Q4/24 Q4/25 3.7 0 1 2 3 4 5 Q4/23 Q4/24 Q4/25 MEUR Group net indebtedness1) Group net indebtedness to adjusted EBITDA1) Ratio • The increase of indebtedness was mainly driven by financing the acquisitions of Stevens Point and EBF Adjusted EBITDA includes the pre -acquisition unaudited comparable EBITDA for Stevens Point between January 1 and May 27 and for EBF between January 1 and October 1, and excludes the unaudited comparable EBITDA of the divested Abrasives business between January 1 and September 30. 2,608 4.3 1) In 2023-2024, net indebtedness has been reduced by the escrow account EUR 242 million related to the minority squeeze -out liability. (2,111)(2,039) 3.6 (4.1)(4.2)
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Conclusions • Successful repositioning of portfolio towards specialty materials • Stevens Point and EBF delivering strong performance • MoVC increased in 2025 driven by disciplined pricing strategy and procurement savings • Strong comparable EBITDA and comparable EBITDA margin in 2025, reflecting the ongoing strategic transformation of our business portfolio • Market environment remains volatile. Strong opportunity pipeline to continue driving profitable growth • Additional strategic measures on footprint consolidation and cost reductions taken 20 20 Ahlstrom provides a full range of electric insulating kraft papers, specifically designed for cables, that are free from chemicals and have very low level of charged ions, ensuring the highest purity
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We Purify and Protect with Every Fiber for a Sustainable World Ahlstrom’s Reliance® Fusion portfolio consists of a simple, two-model sterilization wrap system (Light and Heavy), available for two widely used wrapping techniques (simultaneous and sequential)