Clariant AG (CLN.S): 2Q26:13% EBITDA beat, Catalysts stronger than feared, closing negative Catalyst Watch

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Clariant AG (CLN.S): 2Q26:13% EBITDA beat, Catalysts stronger than feared, closing negative Catalyst Watch

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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 Neutral

Price (30 Jul 26 17:30) SFr8.91 A much better quarter than we feared, with Catalysts holding up better

Target price SFr7.50 than expected, underlying momentum elsewhere resilient and Shell’s

claim dismissal (yesterday) supporting sentiment. 2Q adjusted EBITDA of Expected share price return -15.8%

CHF171m beat consensus by 13%, with every division ahead. Catalysts Expected dividend yield 4.8%

EBITDA was 76% above consensus despite volumes falling 14%, while Expected total return -11.0%

Care Chemicals delivered 4.2% comparable growth and a 20.7% margin, Market Cap SFr2,958M

helped by pricing, underlying volume growth and favourable inventory US$3,674M

valuation. Adsorbents & Additives also performed well, with 5.3% local-

currency 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 Ranulf Orr, CFAAC

unchanged, but the cost programme has been increased from CHF80m to +44-20-7986-3922

CHF100m and FY26 savings raised to CHF90m. We expect small ranulf.orr@citi.com

consensus upgrades, although 2H destocking and Catalysts recovery Sebastian Satz, CFA

remain key uncertainties. We expect a L-MSD positive share-price +44-203-569-3662

reaction. sebastian.satz@citi.com

Omi Pallavi

Cost savings update — Clariant increased its performance improvement +44-20-7508-1367

programme by CHF20m to CHF100m of annual run-rate savings by 2027. CHF69m omi.pallavi@citi.com