Arkema (AKE.PA): 2Q26:8% EBITDA beat, FY guide unchanged

研报英文原文证据摘录

Arkema (AKE.PA): 2Q26:8% EBITDA beat, FY guide unchanged

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30 Jul 2026 02:07:55 ET │ 11 pages

Arkema (AKE.PA)

2Q26: 8% EBITDA beat, FY guide unchanged

CITI'S TAKE

Buy A solid beat, with Arkema’s earnings recovery arriving earlier and more

broadly than expected, although the extent to which the improvement is Price (29 Jul 26 17:30) €58.05

sustainable remains uncertain given Middle East-related supply Target price €70.00

disruption and potential customer stocking. Nonetheless, we believe it is a Expected share price return 20.6%

step in the right direction, with pricing and self-help supporting growth Expected dividend yield 5.9%

even without a demand recovery. Coatings EBITDA beat by 30%, Expected total return 26.4%

benefiting from Sartomer, waterborne resins, better mix and swift pricing,

Market Cap €4,415M while Adhesives beat by 14%. Advanced Materials was slightly below

US$5,063M expectations as Performance Additives weakness offset improving HPP

momentum. Free cash flow of €68m missed VA consensus due to working

capital. FY guidance for slight EBITDA growth at constant FX was

reiterated, but the strong H1 delivery suggests modest upside risk to Ranulf Orr, CFAAC

estimates. We expect the shares up mid-single-digit. +44-20-7986-3922

ranulf.orr@citi.com

Outlook — FY26 guidance for EBITDA slightly above 2025 at constant FX is Sebastian Satz, CFA

unchanged. H2 should benefit from growth in Adhesives and Coatings, €50m of +44-203-569-3662

project contributions and approximately €90m of savings, offset by normal sebastian.satz@citi.com

seasonality and weak demand. We expect modest upgrades, led by Coatings and

Adhesives. Omi Pallavi

+44-20-7508-1367

Implications — A solid beat supporting modest consensus estimate upside and a omi.pallavi@citi.com

positive reaction.