CLARIANT (+) : Catalyst culprit

研报英文原文证据摘录

CLARIANT (+) : Catalyst culprit

EQUITIES

CHEMICALS

CLARIANT OUTPERFORMPRICE* CHF7.9  TARGET PRICE CHF10 (UPSIDE 27%) TARGET -9%PRICE EPS-7%26e EPS-4%27e

Catalyst culprit

A small Q1 miss on already low expectations11 MAY 2026

Securities Research Report Clariant reported a light Q1, with EBITDA down 16% y/y, and slightly below a consensus that had

Production time: 05:17* (London time) gone down significantly into the day. The culprit of the print was the Catalyst division, which saw a

Research Analysts & Publishing Entities meaningful downturn (-50% y/y and 40% below expectations) as the conflict has pushed out high-

Thea Badaro margin refill orders in the Middle East. Despite the uncertainty and the significant headwind in the

BNP Paribas London Branch division, management reiterated its FY26 guidance of EBITDA margin around 18%.(+44) 207 039 9409

thea.badaro@uk.bnpparibas.com

Catalysts likely a drag for the year

On the call, mgmt. said very little to reassure on the outlook for Catalysts for the year. They expect

performance of the division to likely remain a drag even after the Strait of Hormuz reopens, and until

logistical/feedstock issues normalize. As a result, we cut our EBITDA by c.28% in this division as we

anticipate volume headwinds lasting through at least Q4. The big question remains whether some

customers will decide to pull refill forwards, which should eventually offer upside from here.

Still a few reasons to be optimistic

Despite the weak Q1 print, we see enough building blocks in place to allow Clariant to avoid further

disappointment, somewhat offsetting the downturn in Catalysts for the year. In A&A, management

highlighted that the division should see sustained growth, helped by flame retardants (which should