Arkema (AKE.PA): Updating estimates ahead of 2Q26

研报英文原文证据摘录

Arkema (AKE.PA): Updating estimates ahead of 2Q26

Equity Research

30 June 2026 | 7:16PM GST

We update our estimates for Arkema ahead of its 2Q26 results (30 July) and to Georgina Fraser, Ph.D.

+44(20)7552-5984 |

reflect the latest movements in FX. Our FY26 adj. EBITDA estimate remains largely georgina.fraser@gs.com

Goldman Sachs International

unchanged at €1.25bn (vs. company guidance for slight growth at constant

Gabriel Simoes

currencies on €1.25bn in FY25). This leaves us 2% below Visible Alpha Consensus +44(20)7051-6922 |

Data at €1.28bn. We now anticipate flat volumes for the FY (from -1% previously), as gabriel.simoes@gs.comGoldman Sachs International

the growth mix shifts slightly away from pricing toward volume. Marcus von Scheele

+44(20)7774-7676 |

For 2Q26, we see a more constructive pricing backdrop in Industrial Assembly, marcus.vonscheele@gs.comGoldman Sachs International

alongside a shift towards more volume-led growth in High-performance Polymers, Thomas Ward

where rising operating leverage should be supportive of margin in 2Q and into the +44(20)7051-2527thomas.ward@gs.com|

second half. This is partly offset by softer pricing assumptions in Coating Resins, Goldman Sachs International

given company expectations for group-wide pricing actions to be fully implemented

by quarter-end. We continue to view Coating Solutions and Primary Materials as the

two divisions with the most visible pricing implementation in 2Q, reflecting their

more upstream positioning. Looking into 2H, we now forecast weaker momentum in

Performance Additives, as the division continues to face headwinds from refineries

offline in the Middle East, as well as feedstock constraints lifting the cost of

production of thiochemicals.

For FY27/28E, our Adj.