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WE PURIFY AND PROTECT WITH EVERY FIBER FOR A SUSTAINABLE WORLD Q2/2026 PRESENTATION Helen Mets, President & CEO Niklas Beyes, CFO July 30, 2026 Reliance Fusion®, a unique sterilization wrap that delivers superior moisture control to eliminate costly wet packs and maximize sterilization processing throughput for hospitals.
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• Group net sales of 786 MEUR (745) up 6%2) • Strong commercial momentum, supported by execution of the innovation -led opportunity pipeline and the acquisition of Stevens Point • Group comparable EBITDA up 16%2) at 142 MEUR (123), with all core divisions delivering accelerated performance and successful integration of Stevens Point and EBF • Comparable EBITDA margin improved to 18.1% (16.5%) • Core divisions 3) comparable EBITDA margin increased to 20.6% (18.2%) • MoVC per ton of 1,145 EUR (1,116) highest level so far • Solid operating cash flow • USD Term Loan refinancing successfully completed, early July • Extending the maturity of 80% of the financial debt structure to 2030 2 1) The figures between brackets refer to the comparable figures in Q2/2025 2) On a reported basis 3) Filtration & Life Sciences, Food & Consumer Packaging and Protective Materials Q2/2026: Accelerated performance driven by sales growth and execution of strategic improvement initiatives1) 2
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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 & SSbD1) Innovation Our strategy is structured around three strategic pillars 31) Safe and Sustainable by Design
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Expanding the use of paper- based food packaging to new application areas by developing highly advanced barrier materials Avoiding microplastics, hazardous chemicals and single- use plastics and drive transition from plastic to paper Accelerating growth through execution of leading -edge innovation platforms Boundless Barriers Safe Repellency Develop Fluor-free; Silicone-free solutions for high repellency or release properties Develop and identify alternative for specific raw materials Transparency Solidifying our leadership in transparent paper solutions and extend to non-food applications. Avoiding microplastics and single-use plastics for transparent & flexible Fibrous solutions, enabling sustainable end-of-life. AMBITION MEGATRENDTargeted Products Overall objective 80% portfolio SSbD by 2030 150 MEUR Incremental revenues by 2030 25 projects launched 2026Q2
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Recent SSbD innovations addressing global trends 5 SUSTAINABLE PROTECTION MaxLiner High-transparency release paper for PSA labeling. Expanding sustainable fiber- based labeling solutions with reliable regional supply and responsible sourcing. Differentiated Products & SSbD Innovation CLEAN AIR & WATER PERSONALIZED HEALTHCARE ELECTRIFICATION FortiCell® glass fiber tissue solutions Advanced battery materials for energy storage applications. Enhancing battery efficiency, reliability and performance to support the accelerating electrification of industries. ChemoGard® BVB Breathable protective apparel fabric for chemotherapy drug handling. Combining protection, chemotherapy drug resistance and wearer comfort to help create safer healthcare environments. Ahlstrom ECO filtration media Lignin-containing filtration media now produced in Europe. Supporting cleaner mobility through more sustainable filtration solutions while reducing reliance on fossil-based materials. (AI generated visual) (AI generated visual)
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Financial performance Q2/2026
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0 200 400 600 800 1,000 MEUR 786745 7 Reported sales 786 MEUR (745) grew 6% Q2/2026 LTM 2,951 MEUR (2,938)2) Group quarterly net sales (reported)1) Ahlstrom's home compostable coffee pod technology can break down and biodegrade in domestic conditions, leaving no toxic residues or persistent microplastics behind. Filtration & Life Sciences 26% (26%) Protective Materials 26% (27%) Food & Consumer Packaging 30% (25%) Performance Materials Cluster 18% (22%) Breakdown of Group net sales Q2/20261) 1) Including Stevens Point as of May 28, 2025 and EBF as of October 2, 2025, and excluding Abrasives as of October 1, 2025 2) Q1/2026 LTM
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8 Comparable EBITDA improved 16%1) Q2/2026 LTM 504 MEUR (484)2) Group quarterly comparable EBITDA and margin3) MEUR 1) On a reported basis 2) Q1/2026 LTM 3) Including Stevens Point as of May 28, 2025 and EBF as of October 2, 2025, and excluding Abrasives as of October 1, 2025 Ahlstrom 226 filter paper supporting diagnostic method for chlamydia and gonorrhea testing enhanced by Public Health Agency of Canada 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 0 20 40 60 80 100 120 140 160 180 142 123 % 16.5% 18.1%
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9 … evidenced by highest reportedMoVC/ton of 1,145 EUR (1) MoVC margin = (net sales minus variable costs of sales) / net sales EUR per ton MoVC: 1,145 EUR per ton, highest ever Reflecting improved portfolio mix, pricing-, procurement- and operational excellence Key drivers of sustainable margin expansion… Driver Key initiatives & actions Portfolio mix • Shift toward higher-value specialty products in all segments, • Mix changes in Filtration & Life Sciences and Food & Consumer Packaging supported by the recent Stevens Point and EBF acquisitions Pricing power • Leverage leading niche positions and quality -over- price specialty products while preserving volume • Strong pricing and costs p ass-through strategy through price adjustment clauses, supported by product differentiation • ~25–30% of contracts indexed to raw materials (1 –2 quarter lag); remainder commercially renegotiable Transformation initiatives • “United” procurement savings program as well as Operational Excellence • “Recipe 2.0" (data -driven optimization of input mix) to identify the most cost-effective material mix and focus on procurement rebates • Global footprint consolidation , spend transparency and saving initiatives 1145 0 200 400 600 800 1000 1200 1400 1116
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23.3% 17.6% 13.9% 6.4% 25.9% 19.4% 16.4% 6.0% 0 5 10 15 20 25 30 1 2 3 4 5%23%34%38% 10 Core1) divisions improved performance drives enhanced profitability2) % • Core divisions comparable EBITDA up 25% to 135 MEUR (108) • Adjusted for business portfolio changes at constant currencies 114 MEUR (100) • Core divisions comparable EBITDA margin increased to 20.6% (18.2%) 1) Filtration & Life Sciences, Food & Consumer Packaging and Protective Materials 2) Including Stevens Point as of May 28, 2025 and EBF as of October 2, 2025, and excluding Abrasives as of October 1, 2025 3) Excluding other and eliminations =Q2/2026 =Q2/2025 38%H1/2026 Segment Contribution 3) Comparable EBITDA margin per division Q2/2025 vs Q2/2026 Filtration & Life Sciences Protective Materials Performance Materials Cluster Food & Consumer Packaging 26%30% 18%26% EBITDA Sales EBITDA SalesEBITDA Sales EBITDA Sales
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0 20 40 60 80 100 120 140 160 180 0 200 400 600 800 1,000 Volume Price, Mix FX 745 786M&A MEUR 142 0 20 40 60 80 100 120 140 160 180 Volume Margin on variable costs FX, Other 123 M&A Group comparable EBITDA1) Q2/2025 to Q2/2026 Q2/25 Q2/26 MEUR Q2/25 Group net sales1) Q2/2025 to Q2/2026 Q2/26 EBITDA margin 16.5% EBITDA margin 18.1% 11 Higher absolute MoVC and contributions from acquisitions increased EBITDA Q2/25 Q2/26 Group reported EBITDA Q2/2025 to Q2/2026 Change in IACs Comparable EBITDA improvementMEUR 107 128 1) On a reported basis
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119 142 0 20 40 60 80 100 120 140 160 180 Volume Margin on variable costs FX, Other 12 Comparable EBITDA increased to 18.1%1) Group comparable EBITDA Q1/2026 to Q2/2026 MEUR EBITDA margin 18.1% Q1/26 Q2/26 EBITDA margin 16.1% Ahlstrom's HemaSep Punch Card provides rapid and efficient plasma separation from whole blood for diagnostic, biomarker, and clinical research applications. Strong market positions, portfolio management, disciplined pricing, and cost savings, contributed to significant profitability improvement 1) On a reported basis
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Reconciliation of reported EBITDA to pro forma adjusted EBITDA LTM 1) 2026 includes restructuring costs in connection with the announced rightsizing of Mosinee and the closure of Radcliffe site. 2) Adjusted EBITDA margin is based on adjusted EBITDA and reported net sales. Pro forma adjusted EBITDA margin is based on pro forma adjusted EBITDA and pro forma net sales of EUR 2,951 million (Q2/2026 LTM ). Pro forma adjusted EBITDA and pro forma net sales include the pre -acquisition unaudited EBITDA and sales for Stevens Point (before May 27, 2025) and EBF (before October 1, 2025) during the corresponding reporting period, and exclude t he unaudited EBITDA and sales of the divested Abrasives business (before September 30, 2025) during the corresponding reporting period. 3) Including strategic improvement programs like Mosinee rightsizing and Radcliffe closure, procurement and opex savings as well as waste reduction program. MEUR Q2/2026 (LTM) Q1/2026(LTM) Reported EBITDA 386 365 Transaction costs 31 27 Restructuring and other legal costs 1) 67 75 Other incl. management fees 19 17 Items Affecting Comparability (IACs) 118 119 Comparable EBITDA 504 484 Comparable EBITDA margin, % 17.0% 16.5% 2025 Initiatives (impact expected end of 2026) 2 6 2026 Initiatives (impact expected end of 2027) 3) 69 84 2027 Initiatives (impact expected end of 2028) 26 18 Adjusted EBITDA 600 592 Adjusted EBITDA margin, % 2) 20.2% 20.2% Comparable EBITDA from acquisitions & divestments (unaudited) -1 8 Pro forma adjusted EBITDA 600 600 Pro forma adjusted EBITDA margin, % 2) 20.3% 20.4% 13
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-120 -100 -80 -60 -40 -20 0 20 40 60 80 100 120 140 160 Net change in cash 4 Net cash from operating activities 53 Capex -29 Comparable EBITDA 142 IACs -14 Change in working capital -3 Net cash from financing -36 Interest, Tax, Provisions, Other -73 Reported EBITDA 128 M&A, other +16 Stable operating cash flow driven by operational performance 14 MEUR Group cash flow Q2/2026 27 42 31 54 53 -25 0 25 50 75 100 Group quarterly net cash flow from operating activities1) MEUR Excluding transaction costs 53 Excluding transaction & minority squeeze out related costs 50 1) Including Stevens Point as of May 28, 2025 and EBF as of October 2, 2025, and excluding Abrasives as of October 1, 2025
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28 50 59 35 29 0 20 40 60 Group capital expenditure1) MEUR MEUR Group operating working capital2) 15 1) Including Stevens Point as of May 28, 2025 and EBF as of October 2, 2025, and excluding Abrasives as of October 1, 2025 Stable capex, operating working capital impacted by acquisitions 2) Trade and other receivables and trade and other payables are shown without escrow account (minority squeeze out payment) in all quarters. 605 659 390 376 -659 -649 -800 -600 -400 -200 0 200 400 600 800 Operating receivables Inventories Operating payables
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Maturity overview including RCF and loan extension 1068 984 346 264 28.5 362 0 500 1000 1500 2000 2026 2027 2028 2029 2030 2031 Group maturity profile per July 10, 20261) Senior EUR Term Loan B RCF commitment MEUR Senior USD Term Loan B Senior EUR notes Senior USD notes 1) After refinancing of USD 519 million Term Loan B facility 16 Acti-V® RRF Natural. True end-of-life circularity, pressure sensitive adhesive (PSA) tapes recyclable with paper • Successful extension and upsizing of the revolving credit facility • USD Term Loan successfully refinanced • Maturity of ~80% of financial debt extended to 2030
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Net indebtedness and leverage remained flat 2,653 2,641 0 500 1,000 1,500 2,000 2,500 3,000 Q1/26 Q2/26 4.4 4.4 0 1 2 3 4 5 Q1/26 Q2/26 MEUR Group net indebtedness Group net indebtedness to adjusted EBITDA Ratio 17 Ahlstrom's EcoJet papers support high-quality digital textile printing with reliable protection and image transfer performance.
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Conclusions • Accelerated quarterly performance • Strong commercial momentum, driven by – Strong execution of opportunity pipeline – Successful integration of Stevens Point and EBF • Strong increase in comparable EBITDA • Strategic improvement initiatives on track • Limited impact of Middle East • Successful refinancing of USD Term Loan and extension of RCF 18 18 Cabin air filter media is based on Trinitex® and PurXcel technologies. 18 Ahlstrom Grease-Gard® PLUS and Grease- Gard® PRO, to complete the Ahlstrom portfolio for the QSR market
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We Purify and Protect with Every Fiber for a Sustainable World Ahlstrom's home compostable coffee pod technology can break down and biodegrade in domestic conditions, leaving no toxic residues or persistent microplastics behind.
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