Kety SA (KTY.WA): 2Q26 Conference Call Summary—Do not expect exceptional conditions of 2Q to repeat in 2H

研报英文原文证据摘录

Kety SA (KTY.WA): 2Q26 Conference Call Summary—Do not expect exceptional conditions of 2Q to repeat in 2H

Flash |

30 Jul 2026 11:27:07 ET │ 10 pages

Kety SA (KTY.WA)

2Q26 Conference Call Summary – Do not expect exceptional conditions

of 2Q to repeat in 2H

CITI'S TAKE Sell

Price (30 Jul 26 17:00) Zl1,275.00 Below please find a short summary of our key takeaways from the 2Q26

Target price Zl889.00 management call.

Expected share price return -30.3%

Expected dividend yield 3.8%Aluminium Systems—was the largest contributor to EBITDA, delivering ZL 135m.

Performance was driven by over 10% volume growth, maintaining very high profit Expected total return -26.4%

margins. The business remains stable across domestic and international markets. Market Cap Zl12,571M

US$3,332M

Extruded Products—also delivered a 10% increase in volumes with production

capacity utilization approaching 90%. The result was supported by both the volume

increase and a positive accounting effect from inventory rotation (a FIFO effect of

about ZL 12m) amid rising raw material prices. Rafal Wiatr, CFAAC

+48-22-690-3757

Flexible Packaging—saw a remarkable 80% increase in EBITDA (up by ZL 55m) on rafal.wiatr@citi.com

the back of a 65% YoY surge in petrochemical raw material prices (polyethylene and

polypropylene). EBIT margins were at record high 33.7%; however, these conditions

are not expected to last.

Anti-Sun Shadings—this was the most challenged segment, experiencing a

reduction in sales volumes, though it maintained the overall value of sales.

Management attributed the volume decline to the construction season being

delayed by a difficult winter and customers postponing purchase decisions for these

non-essential, increasingly expensive products.