ARKEMA : Corporate contact

研报英文原文证据摘录

ARKEMA : Corporate contact

EQUITIES

CHEMICALS

ARKEMA OUTPERFORMPRICE* EUR58.1  TARGET PRICE EUR71 (UPSIDE 22%)

ARKEMA ADR OUTPERFORMPRICE* USD65.9  TARGET PRICE USD83 (UPSIDE 26%)

FLASH NOTE

Corporate contact

22 JUNE 2026 Securities Research Report Production time: 20:58* (London time)

Research Analyst & Publishing Entities

Laurent Favre, CFA BNP Paribas London Branch (+44) 203 430 8518 laurent.g.favre@uk.bnpparibas.com

Takeaways from call with Head of IR

Message very similar to what we heard earlier in June at our CEO conference in Paris (Paris postcard: Limbo in the

City of Light): re-iterating FY guidance of slight EBITDA growth at constant FX, with Q2 expected to be stable y/y,

implying broadly normal H1/H2 seasonality of 52%/48%. We think commentary is in-line with consensus for Q2 (BBG

at €365m vs €364m in Q2’25) with likely weaker mix.

Assuming c€10m of FX headwind, Q2 should see broadly neutral to marginally lower net pricing downstream, volume

headwinds in construction (Adhesives) and Advanced Materials (esp in Additives with direct and indirect exposure to

O&G, Middle East and sulphur chemistries), but clearly positive net pricing in upstream driving y/y growth (acrylics).

Arkema will report Q2 on “super Thursday” (July 30th).

Points of colour:

- Adhesives: pricing should be positive, largely offsetting higher rawmat costs. High uncertainty on volumes (June a big

month). Construction end market remains weak, packaging also not great, but industrial areas are doing better.

- Adv materials, issue is Additives with volumes clearly negative (we interpret LDD) offsetting growth in HPP (positive

volumes, Q2 generally much better than Q1). Issue for Additives is a combination of direct Middle East exposure in