Ems-Chemie: H126 earnings conference feedback

研报英文原文证据摘录

Ems-Chemie: H126 earnings conference feedback

Global Research

13 July 2026ab

Ems-Chemie Equities

SwitzerlandH126 earnings conference feedback

Chemicals, Commodity

12-month rating Buy

Volume and price drove Q2

On Friday afternoon EMS-Chemie hosted its H126 earnings conference at a data center 12m price target CHF720.00

near Zurich. Management was pleased with the performance in Q2 against a

challenging market backdrop. The organic growth for Q2 was specified at 8.8% (we

Price (10 Jul 2026) CHF713.50

had calculated 8.4%) which was split slightly more than half into volumes and the

balance into pricing to compensate for higher input costs (6 price hikes in H1). There was RIC: EMSN.S BBG: EMSN SE

likely an element of inventory build in Q2 hence the ~5% volume run-rate should not be

Trading data and key metrics

extrapolated. Pricing will remain positive, but the company refrained from being more

52-wk range CHF714.00-531.50

precise in view of the volatile environment.

Market cap. CHF16.7b/US$20.6b

Additional colour on the EBIT bridge Shares o/s 23.4m (BEAR)

Free float 30%

Management did not add any specifics around the EBIT bridge, but provided some

qualitative granularity. Price / cost for H1 was neutral to marginally positive. Cost Avg. daily volume ('000) 16.9

discipline helped, but accounted for a very low SD million amount. Hence, operating Avg. daily value (m) CHF11.6

leverage and mix were the main drivers of the margin improvement. EMS-Chemie also Common s/h equity (12/26E) CHF1.91b

reminded investors that growing EBIT per unit (kg / l) was the ultimate goal rather than P/BV (12/26E) 8.8x

the margin, but given the outlook for further mix improvement the company did not rule Net debt to EBITDA (12/26E) NM

out further margin expansion going forward.