Arkema: Adhesives management meeting feedback

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Arkema: Adhesives management meeting feedback

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Arkema

Adhesives management meeting feedback

Reiterate Rating: BUY | PO: 80.00 EUR | Price: 58.10 EUR

Sticky customer relationships give pricing power 22 June 2026

Last week we hosted investor meetings with Laurent Peyronneau, head of Arkema Equity

Adhesives, as well as peers Mark Dorn, head of Henkel Adhesives and Celeste Mastin,

CEO of H.B. Fuller. We found there to a consistent tone on market conditions with supply

Key Changeschains modestly restocking at the start of the quarter to secure product but signs this is

now reversing as a Hormuz resolution improves availability and brings energy deflation. (EUR) Previous Current

Noting Arkema has backwards integration into acrylic acid, this rapid normalisation of 2026E EPS 3.84 3.19

spreads (see: I ran out of momentum, 4 June) means there is a net EPS downgrade of 2027E EPS 4.41 4.35

17% to 2026 and 1% to 2027. All the adhesive players appear to have been proactive in 2028E EPS 5.68 5.62

pricing (c.5-7%) to pass through higher costs so were confident about protecting

profitability; noting the high level of customer intimacy in the business model. The Matthew Yates >>

Research Analyst

impact on underlying demand remains to be seen but higher interest rate expectations MLI (UK)

are unhelpful for Arkema’s outsized construction exposure, while it also looks less of a +44matthew.yates@bofa.com20 7996 4537

relative beneficiary from structural semiconductor growth. Reiterate Buy, PO EUR80. Our John Campbell >>

ADR PO adjusts to $92 from $93 on FX. Research Analyst

MLI (UK)

New management a catalyst for better performance? +44jcampbell24@bofa.com20 7995 0643

Arkema targets 3% organic sales growth in adhesives through 2030 with EBITDA Julia Winckelmann >>