Clariant: Look for adj. EBITDA of CHF153m

Research evidence excerpt

Clariant: Look for adj. EBITDA of CHF153m

and indie brands continues. We expect

agricultural applications and base chemicals to be weaker areas, with the former partially Price Performance Exchange-SWX

offsetting strength elsewhere. 52 Week range CHF 8.60-6.21

Following the weak Q1 performance, we expect Catalysts to deliver a gradual recovery

through Q2 and into H2, and forecast Q2 adj. EBITDA of CHF24m. We expect volumes to

decline 19% YoY in Q2, reflecting customers' reduced appetite to replace catalysts in the current

favourable refining margin environment, as operators continue to maximise run lengths and

defer catalyst change-outs where possible. This lower activity level is likely to weigh on

operating leverage, and we forecast adj. EBITDA margins to decline to 15% in Q2 2026 from 22%

Source: IDC

in Q2 2025. We do not expect any material pricing contribution from Catalysts in 2026, as Link to Barclays Live for interactive charting

precious metal costs are generally either borne directly by customers or passed through with

limited impact on Clariant's value-add pricing. Looking ahead, however, logistics constraints

European Chemicals & Ingredients

related to the Strait of Hormuz have begun to ease and freight spreads have moderated since

Katie Richards

peaking earlier in the year, which should gradually support the catalyst refill cycle. As a result, +44 (0)20 3555 0315

we expect sales to accelerate through Q3 and Q4, above normal seasonal patterns, as deferred kathryn.richards@barclays.com

activity begins to return. That said, we expect the recovery in North American catalyst Barclays, UK

Anil Shenoy

+91 (0)22 6175 2487

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies anil.shenoy@barclays.com