Arkema - Key Themes Ahead of 2Q26 Results

研报英文原文证据摘录

Arkema - Key Themes Ahead of 2Q26 Results

NSTEIN FLASHMAIL

2 July 2026

James Hooper

+44 20 7676 6995

European Chemicals james.hooper@bernsteinsg.com

Arkema Sebastien Afoy

+44 207 762 1032

Rating sebastien.afoy@bernsteinsg.com

Market-Perform Specialist Sales

Price Target James Brady

+44 20 7762 5272

AKE.FP 68.00 EUR james.brady@bernsteinsg.com

We regularly hold calls with companies, making sure we are up-to-date with their latest communications. We recently caught up with

Arkema in the lead up to their 2Q26 reporting, and provide an update of the key themes below.

The 2Q messaging remains consistent, with Arkema continuing to expect Adj. EBITDA to be similar yoy. Overall, volumes were

elevated in April, driven by customer pre-buying, before falling in May; the company did not confirm the June trajectory. Pricing is expected

to offset raw material increases in the quarter. At the divisional level, EBITDA decreases are expected yoy in Adhesive Solutions, where

a weak US residential construction market and challenges in packaging weighed, and Advanced Materials, where High Performance

Polymers (HPP) continued to gain volume momentum but is expected to be more than offset by significant weakness in Performance

Additives. There was a positive message in Coating Solutions, where both prices and volumes are expected to be positive, and Primary

Materials benefited from stronger Acrylics pricing in Asia during April. Corporate costs are expected to remain broadly stable. Overall,

we see Visible Alpha (VA) consensus’ €367m EBITDA (+1.0% YoY) as consistent with this message, and we are comfortable with our

slightly higher EBITDA estimate of €376m (+3.3% YoY) given Arkema’s history of guiding conservatively.

We see current 2026 expectations as realistic.