Clariant AG (CLN.S)：2Q26：EBITDA超预期13%，催化剂业务强于担忧，结束负面催化剂观察

PDF 第一页内容摘录（原文）

Flash |

31 Jul 2026 01:47:20 ET │ 13 pages

Clariant AG (CLN.S)

2Q26: 13% EBITDA beat, Catalysts stronger than feared, closing

negative Catalyst Watch

CITI'S TAKE

A much better quarter than we feared, with Catalysts holding up better

than expected, underlying momentum elsewhere resilient and Shell’s

claim dismissal (yesterday) supporting sentiment. 2Q adjusted EBITDA of

CHF171m beat consensus by 13%, with every division ahead. Catalysts

EBITDA was 76% above consensus despite volumes falling 14%, while

Care Chemicals delivered 4.2% comparable growth and a 20.7% margin,

helped by pricing, underlying volume growth and favourable inventory

valuation. Adsorbents & Additives also performed well, with 5.3% localcurrency growth driven by both pricing and volumes, although mix limited

margin progression. Cash generation improved, though less than

expected, while net debt rose to CHF1.49bn. Guidance remains

unchanged, but the cost programme has been increased from CHF80m to

CHF100m and FY26 savings raised to CHF90m. We expect small

consensus upgrades, although 2H destocking and Catalysts recovery

remain key uncertainties. We expect a L-MSD positive share-price

reaction.

Cost savings update — Clariant increased its performance improvement

programme by CHF20m to CHF100m of annual run-rate savings by 2027. CHF69m

had been achieved by H1, with CHF90m targeted by year-end 2026. The additional

measures include SG&A reductions, footprint optimisation, procurement initiatives

and approximately 110 further announced FTE reductions, taking the total to around

640. These actions trigger CHF29m of restructuring charges, including CHF24m

booked in Q2.

Neutral

Price (30 Jul 26 17:30)

SFr8.91

Target price

SFr7.50

Expected share price return

-15.8%

Expected dividend yield

4.8%

Expected total return

-11.0%

Market Cap

SFr2,958M

US$3,674M

Ranulf Orr, CFAAC

Sebastian Satz, CFA

Omi Pallavi

Ethylene litigation — Announced yesterday, the Amsterdam District Court

dismissed Shell’s damages claim and a related declaratory claim in their entirety,

Clariant AG (CHF)

Year to 31 Dec

2024A

2025A

2026E

2027E

2028E

Sales (SFrM)

4,152.0

3,915.0

3,763.0

3,970.4

4,139.9

Net Income (SFrM)

244.0

-75.0

196.9

…