Ems-Chemie (AO) | Reduce | H1 key figures ahead of expectations, 2026 sales guidance slightly raised

Research evidence excerpt

Ems-Chemie (AO) | Reduce | H1 key figures ahead of expectations, 2026 sales guidance slightly raised

wiss franc cut top-line growth by -5.3pps, which is in line with our estimate of -5.1pps.

EBITDA of CHF336m and EBIT of CHF310m in H1 also came in ahead of expectations, beating our and consensus estimates by 3.1-

3.9%. Ems' focus on specialties with challenging applications and total cost savings for customers was mainly responsible for the

increase in margins, which rose by 150bps. In addition, higher raw material costs were offset promptly with sales price

adjustments.

At the Annual General Meeting (AGM) on 8 August 2026, all current members of the board of directors and of the remuneration

committee will be proposed for re-election. As announced with the release of full-year 2025 results in February, the board intends

to propose an ordinary dividend of CHF14.65 and an extraordinary dividend of CHF 3.75 per share, yielding a total dividend of

CHF18.40 per share.

2026 sales guidance slightly increased, qualitative EBIT guidance maintained

Ems expects a continuously challenging geopolitical environment in 2026. The company argues that ongoing new policy

announcements and unclear trade conditions are unsettling businesses and consumers. Furthermore, given the unstable

geopolitical situation, the company believes that the Swiss franc may continue to face short-term appreciation pressure.

For 2026, the company is slightly raising its sales forecast and now expects net sales slightly below previous year due to currency

effects (previously: "below previous year"). The expectation with respect to EBIT is unchanged, slightly above previous year.

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