Element Solutions Inc. (ESI): Recapping 2Q results and revising estimates to reflect an enhanced earnings outlook

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Element Solutions Inc. (ESI): Recapping 2Q results and revising estimates to reflect an enhanced earnings outlook

Equity Research

3 August 2026 | 12:00PM EDT

Element Solutions Inc. (ESI): Recapping 2Q results and revising

estimates to reflect an enhanced earnings outlook

We are revising our estimates for ESI (Not Rated) following solid 2Q results that Duffy Fischer

+1(212)902-0099 |

comfortably exceeded expectations, as ESI reported 2Q adjusted EBITDA of duffy.fischer@gs.com

Goldman Sachs & Co. LLC

$184mn, outperforming the Bloomberg consensus of $168mn and the midpoint of

Mike Harris

company guidance ($163mn). This beat was spearheaded by the Electronics +1(212)902-3667 | mike.harris@gs.com

segment, where all SBUs delivered double-digit organic growth, culminating in a Goldman Sachs & Co. LLC

Ramsey Abdulrahimcollective 20% year-over-year sales increase on broad-based demand. Notably, this +1(212)902-0091 |

represents the third consecutive quarter of double-digit organic growth for the ramsey.abdulrahim@gs.comGoldman Sachs & Co. LLC

Electronics division, which offset the more modest 3% organic growth within the Jordan Lee

Specialties segment. +1(212)357-6986 | jordan.lee@gs.com Goldman Sachs & Co. LLC

Notables from the earnings call include: 1) Acquisition outperformance: recent

acquisitions Micromax and EFC are performing ahead of expectations, contributing

to a 27% increase in adjusted EPS and driving strong adjusted EBITDA growth

according to ESI; 2) AI-driven Electronics Growth: The Electronics segment grew

20% organically, propelled by robust demand in AI infrastructure, high-performance

computing, and semiconductor solutions; and 3) Pending SOLS merger

commentary and Kuprion scale-up: According to ESI, joint integration planning is