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Annual Report 2024

Chemistry is everywhere, intertwined with our daily lives. It’s the science behind countless essential products and processes, from the water we drink to the packaging we use for food. Together with our partners and customers, we aim to enhance the well-being of individuals, support thriving businesses, and safeguard the environment and our most precious natural resources.

Explore our 2024 Annual Report and discover more about our chemistry with a purpose, working towards a better every day for people and planet.

ÀÖÌìÌÃÓÎÏ·ÍøÕ¾’s Annual Report 2024

ÀÖÌìÌÃÓÎÏ·ÍøÕ¾’s Annual Report was published on February 21, 2025.

The report consists of Annual Review, Sustainability Statement, Corporate Governance Statement and Financial Statements.

ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ Annual Report 2024 (all modules)
ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ Annual Review 2024
ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ Corporate Governance Statement 2024
ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ Financial Statements 2024
ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ Financial Statements (full official) 2024
Auditor¡¯s Report 2024
ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ ESEF Financial Statements 2024 (zip file)

ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ publishes the Sustainability Statement for the first time as a part of the Financial Statements according to the Corporate Sustainability Reporting Directive (CSRD)
ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ Sustainability Statement 2024

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Annual Report 2024

ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ in 2024

OPERATIVE EBITDA FY 2024:

19.9%

FY2023: 19.7%

REVENUE FY 2024:

€2.9 B

FY2023: EUR 3.4 BILLION

Global impact

21Bm3

of water treated with the help of ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ chemistry, which is comparable to the annual water consumption of approximately 370 million people

enabling resource efficiency

58%

of our products improve customer resource efficiency

Emission-Free Energy

72%

of global energy use is emission-free

Raw Material in Transition

52%

of used raw materials are renewable or recycled

Key highlights

Sustainability transformation is driving ÀÖÌìÌÃÓÎÏ·ÍøÕ¾’s growth, and our aim is to double the revenue from the 2024 level in water in the long run. The key highlights are presented here.

More highlights in the Annual Report

Antti Salminen started as ÀÖÌìÌÃÓÎÏ·ÍøÕ¾’s new President & CEO on February 12, 2024.

Antti Salminen has had several prior leadership positions at ÀÖÌìÌÃÓÎÏ·ÍøÕ¾, latest as President, Pulp & Paper segment and before that President, Industry & Water segment. He has been a member of ÀÖÌìÌÃÓÎÏ·ÍøÕ¾¡¯s Management Board since 2011.

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ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ updated its strategy and the focus is on profitable growth. The aim is to double the revenue from the 2024 level in water in the long run. In addition, new long-term financial targets were announced.

Both the operating model and the organization were renewed to accelerate the growth strategy. As of January 2025, ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ has three business units: Water Solutions, Packaging and Hygiene Solutions and Fiber Essentials.

Strategy and business model
ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ renews operating model and Management Board to accelerate growth strategy

During 2024, ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ announced several investments in to expand its service offering in water treatment in line with its updated growth strategy: coagulant capacity expansion in Spain and Norway and an entry into the activated carbon market for micropollutant by acquiring Norit’s reactivation operations in the UK. ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ is also planning to build a re-activation plant for activated carbon in Sweden

Read more here:
Coagulant expansion in Spain
Coagulant expansion in Norway
Entry into the activated carbon market
ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ plans to build a re-activation plant for activated carbon

ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ announced an investment to expand the capacity of its sodium chlorate manufacturing facility in Ortigueira, Brazil. The investment, a strategic priority for ÀÖÌìÌÃÓÎÏ·ÍøÕ¾¡¯s Pulp & Paper business, will enable ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ to respond to the continued growth of the bleached pulp market in South America where Brazil is the leading producer in the region.?Sodium chlorate is the main component used in the production of chlorine dioxide, which is produced on-site at pulp mills.

ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ expands sodium chlorate capacity in South America

ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ and IFF announced a successful completion of a market-entry scale industrial polymer plant as a part of their?broadening strategic cooperation in providing new renewable alternatives to fossil-based products.

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ÀÖÌìÌÃÓÎÏ·ÍøÕ¾’s ambitious climate targets were validated by the Science Based Targets initiative (SBTi).

ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ commits to reduce absolute scope 1 and 2 emissions 51.23 by 2030 from a 2018 base year. In addition, the aim if to reduce?absolute scope 3 GHG emissions from purchased goods and services and upstream and downstream transportation and distribution 32.5% by 2033 from a 2021 base year.

ÀÖÌìÌÃÓÎÏ·ÍøÕ¾¡¯s ambitious climate targets validated by the Science Based Targets initiative

Sustainability at ÀÖÌìÌÃÓÎÏ·ÍøÕ¾

Embedding sustainability every day

At ÀÖÌìÌÃÓÎÏ·ÍøÕ¾, sustainability is at the core of everything we do-not just in our strategy but in our daily actions. We are dedicated to addressing some of the most pressing challenges of our time-combating water scarcity and pollution through advanced water treatment solutions, helping our customers use scarce natural resources more efficiently, accelerating circularity with renewable and recycled materials, and aligning our climate change mitigation with a science-based approach. Driven by a growth mindset, we continue to explore new opportunities while remaining a responsible and trusted partner for our stakeholders.

Discover our progress in the Sustainability Statement

Our business cases

Explore more below and learn how chemistry plays a key role in improving our every day.

Case

Activated carbon purifies water of many micropollutants

Micropollutant removal is expected to become increasingly relevant for water and wastewater treatment plants due to the increasing concern for consumer health and environmental safety. Activated Carbon technology allows ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ customers to remove far smaller particles and enable water-focused companies to utilize an effective ¡°polishing¡± process to further purify the water.

Case

ÀÖÌìÌÃÓÎÏ·ÍøÕ¾¡¯s products help to protect lakes from phosphorus

Phosphorus is a nutrient present in the wastewater that needs to be removed to avoid algae growth and eutrophication in our lakes, rivers and seas. At wastewater treatment plants, coagulants are used to precipitate the phosphorus from the wastewater and separate it to the sludge produced.

Case

Collaboration for a renewable future in packaging

In early 2024, ÀÖÌìÌÃÓÎÏ·ÍøÕ¾ and PA Consulting formed a strategic collaboration that is focused on bringing to market an innovative ¡°alpha-glucan¡± renewable barrier coating, which provides an inherently strong environmental profile, including recyclability and compostability, combined with excellent barrier properties for flexible food packaging applications.

Case

Molded fiber ¨C forming a renewable future

In recent years, the critical need to reduce plastic waste has driven research into more sustainable alternatives to traditional packaging. Recyclable and compostable packaging made from renewable resources, like molded fiber products, is increasingly being seen as a viable solution. To replace plastic, fiber-based packaging needs to contain barrier properties for oil, grease, oxygen, and moisture.

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