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WE PURIFY AND PROTECT WITH EVERY FIBER FOR A SUSTAINABLE WORLD Q3/2026 PRESENTATION Helen Mets, President & CEO Niklas Beyes, CFO October 29, 2026 Ahlstrom’s electrotechnical insulation papers are used in a wide range of electrical applications, from transformer and bushings to high-voltage cables and more. This image is partially modified by AI
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• Net sales up 2% to EUR 758 million (743), up 4.2% adjusted for portfolio changes – showing our innovation-led opportunity pipeline continuing to generate commercial opportunities and supporting organic growth • Group comparable EBITDA up 2%2) at 142 MEUR (140), – Comparable EBITDA margin stable at 18.8% (18.8%) – Core divisions3) comparable EBITDA up 10%, margin increased to 21.1% (19.8%) – MoVC per ton of 1,150 EUR (1,092) another record high • Solid operating cash flow improving to 50 MEUR (42) • USD Term Loan refinancing successfully completed, early July 2 1) The figures between brackets refer to the comparable figures in Q3/2025 2) On a reported basis 3) Filtration & Life Sciences, Food & Consumer Packaging and Protective Materials Q3/2026: Continued profitable growth, supported by strong execution and sustained high margins1) 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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Digital and AI accelerate sustainable growth and operational excellence, strengthening our competitive advantage 4 1 Employee Effectiveness 2 Incremental Efficiency 3 Margin Expansion 4 Future Growth Enabled by our process, people and culture Enabled by advanced digital technology
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SUSTAINABLE PACKAGING AND PROTECTION Recent SSbD innovations addressing global trends 5 Differentiated Products & SSbD Innovation SUSTAINABLE PACKAGING AND PROTECTION PERSONALIZED HEALTHCARE Cristal® and Cristalline® Combines product visibility with paper strength, enabling versatile, recyclable alternatives to transparent films across diverse packaging applications. EasyPunch STARlet Ahlstrom and Hamilton are advancing automated dried blood spot processing, enabling greater laboratory efficiency, scalability and sample traceability. Grease-Card® Plus / Pro The new PLUS and PRO grades, delivers tailored grease resistance and water protection for diverse quick service packaging needs.
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Financial performance Q3/2026
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0 200 400 600 800 1,000 MEUR 758743 7 Reported sales 758 MEUR (743) grew 2% Q3/2026 LTM 2,985 MEUR (2,970)2) Group quarterly net sales (reported)1) Ahlstrom ECO filtration Media. Lignin-containing filtration medianow produced in Europe. Supporting cleaner mobilitythrough more sustainable filtrationsolutions while reducing relianceon fossil-based materials. Filtration & Life Sciences 25% (25%) Protective Materials 25% (25%) Food & Consumer Packaging 31% (30%) Performance Materials Cluster 19% (20%) Breakdown of Group net sales Q3/20261) 1) Including EBF as of October 2, 2025, and excluding Abrasives as of October 1, 2025 2) Q2/2026 LTM
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0 2 4 6 8 10 12 14 16 18 20 0 20 40 60 80 100 120 140 160 180 142140 8 Comparable EBITDA improved 2%1) Q3/2026 LTM 506 MEUR (504)2) Group quarterly comparable EBITDA and margin3) MEUR 1) On a reported basis 2) Q2/2026 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 ChemoGard® BVB Breathable protective apparel fabric for chemotherapy drug handling. Combining protection, chemotherapy drug resistance and wearer comfort to help create safer healthcare environments. % 18.8% 18.8%
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24.9% 18.7% 15.9% 5.1% 24.0% 20.3% 19.1% 8.4% 0 5 10 15 20 25 30 1 2 3 4 3%19%38%38% 9 Core1) divisions improved performance drives enhanced profitability2) % • Core divisions comparable EBITDA up 10%to 133 MEUR (120) • Core divisions comparable EBITDA margin increased to 21.1% (19.8%) 1) Filtration & Life Sciences, Food & Consumer Packaging and Protective Materials 2) Including EBF as of October 2, 2025, and excluding Abrasives as of October 1, 2025 3) Excluding other and eliminations =Q3/2026 =Q3/2025 40%Q3/2026 YTD Segment Contribution 3) Comparable EBITDA margin per division Q3/2025 vs Q3/2026 Filtration & Life Sciences Protective Materials Performance Materials Cluster Food & Consumer Packaging 25%31% 19%25% EBITDA Sales EBITDA SalesEBITDA Sales EBITDA Sales
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10 .. supported by key drivers of sustainable margin expansion (1) MoVC margin = (net sales minus variable costs of sales) / net sales EUR per ton MoVC: 1,150 EUR per ton, another record high Reflecting improved portfolio mix, pricing-, procurement- and operational excellence Highest reported MoVC/ton of 1,150 EUR Driver Key initiatives & actions Portfolio mix • Shift toward higher-value specialty products in all segments • Acquisitions in Filtration & Life Sciences and Food & Consumer Packaging, and divestment of Abrasives Pricing power • Leverage leading niche positions and differentiated specialty products • Strong pricing and costs p ass-through process • Energy price increases in Europe managed by surcharges Transformation initiatives • “United” procurement savings program • “Recipe 2.0" (data -driven optimization of input mix) to identify the most cost-effective material mix and focus on procurement rebates • Operational Excellence initiatives 1,150 0 200 400 600 800 1,000 1,200 1,400 1,092
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0 20 40 60 80 100 120 140 160 180 0 200 400 600 800 1,000 M&A Volume Price, Mix FX 743 758 MEUR 142 0 20 40 60 80 100 120 140 160 180 Volume Margin on variable costs FX, Other 140 M&A Group comparable EBITDA1) Q3/2025 to Q3/2026 Q3/25 Q3/26 MEUR Q3/25 Group net sales1) Q3/2025 to Q3/2026 Q3/26 EBITDA margin 18.8% EBITDA margin 18.8% 11 Higher MoVC and volumes increased EBITDA Q3/25 Q3/26 Group reported EBITDA Q3/2025 to Q3/2026 Change in IACs Comparable EBITDA improvementMEUR 124 134 1) On a reported basis
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142 142 0 20 40 60 80 100 120 140 160 180 Volume Margin on variable costs FX, Other 12 Comparable EBITDA increased to 18.8%1) Group comparable EBITDA Q2/2026 to Q3/2026 MEUR EBITDA margin 18.8% Q2/26 Q3/26 EBITDA margin 18.1% 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. Strong market positions, portfolio management, disciplined pricing, and cost savings, contributed to further 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 2,982 million (Q3/2026 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 Q3/2026 (LTM) Q2/2026(LTM) Reported EBITDA 396 386 Transaction costs 34 31 Restructuring and other legal costs 1) 63 67 Other incl. management fees 14 19 Items Affecting Comparability (IACs) 110 118 Comparable EBITDA 506 504 Comparable EBITDA margin, % 17.0% 17.0% 2025 Initiatives (impact expected until 2026) 0 2 2026 Initiatives (impact expected until 2027) 3) 44 69 2027 Initiatives (impact expected until 2028) 48 26 Adjusted EBITDA 598 600 Adjusted EBITDA margin, % 2) 20.1% 20.2% Comparable EBITDA from acquisitions & divestments (unaudited) 0 -1 Pro forma adjusted EBITDA 598 600 Pro forma adjusted EBITDA margin, % 2) 20.1% 20.3% 13
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0 20 40 60 80 100 120 140 160 Net change in cash 29 Net cash from operating activities 50 Capex -40 Comparable EBITDA 142 IACs -8 Change in working capital -1 Net cash from financing 20 Interest, Tax, Provisions, Other -83 Reported EBITDA 134 M&A, other -1 Stable operating cash flow driven by operational performance 14 MEUR Group cash flow Q3/2026 42 31 54 53 50 0 10 20 30 40 50 60 Group quarterly net cash flow from operating activities1) MEUR Excluding transaction & minority squeeze out related costs 50 1) Including EBF as of October 2, 2025, and excluding Abrasives as of October 1, 2025
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50 59 35 29 40 0 20 40 60 Group capital expenditure1) MEUR MEUR Group operating working capital2) 15 1) Including EBF as of October 2, 2025, and excluding Abrasives as of October 1, 2025 Disciplined capex and operating working capital aligned with business growth 2) Trade and other receivables and trade and other payables are shown without escrow account (minority squeeze out payment) in all quarters. 583 641 384 394 -610 -656-800 -600 -400 -200 0 200 400 600 800 Operating receivables Inventories Operating payables
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Net indebtedness and leverage remained flat 2,641 2,644 0 500 1,000 1,500 2,000 2,500 3,000 Q2/26 Q3/26 4.4 4.4 0 1 2 3 4 5 Q2/26 Q3/26 MEUR Group net indebtedness Group net indebtedness to adjusted EBITDA Ratio 16 Ahlstrom's Flame -Gard technology provides flame resistant solutions for multiple applications in building and construction
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Conclusions Continued profitable growth, supported by strong execution and sustained high margins • Leveraging strong opportunity pipeline driving growth in volatile market environment • Disciplined execution of strategic improvement initiatives • Continued EBITDA growth • Monitoring energy costsparticularly in Europe – impact is managed through hedging, pricing and surcharges 17
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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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