Arkema

Arkema posted second-quarter sales of €2.42 billion (+1.3% year‑on‑year; organic growth 3.2%) and EBITDA up 7.4%, with an EBITDA margin of 16.1%. For the first half, sales were €4.61 billion and EBITDA €673.5 million (margin 14.6%). Higher raw material costs were offset by rapid pricing actions and strict cost control; strong contributions came from Adhesive Solutions, Coating Solutions and the batteries, electronics and 3D‑printing markets. Arkema expects 2026 EBITDA to be slightly above the prior year at constant exchange rates, forecasts around €50 million of additional EBITDA from project start‑ups and plans capex of about €600 million. » Altro su de.investing.com

Morgan Stanley downgraded Arkema from “overweight” to “equal-weight” and lowered the target price from €83 to €63. The analysts cite shrinking margins in acrylic acid, a significant correction to earnings estimates and what appears to be a fair valuation. EPS estimates for 2026/27/28 were reduced by 26%, 35% and 56% respectively; they also expect a decline in acrylic acid prices and weak downstream demand. Morgan Stanley sees growth potential in high-performance polymers but remains cautious due to weaker volume dynamics in adhesives and coatings and possible competition from China. » Altro su de.investing.com

Arkema reported Q1 2026 revenue of €2,182m (-8.4% y/y, currency effect -5.1 percentage points) and EBITDA of €283m with a margin of 13.0%, a sequential improvement of 14% versus Q4 2025 but below last year’s level. Earnings per share were €0.86 and adjusted net income was €65m, while volumes remained stable and rose particularly in Asia and in specialty materials segments. Net debt increased to €3,344m (2.8x LTM EBITDA). Management confirms slight EBITDA growth for 2026 at constant exchange rates and is relying on capacity expansions (including Rilsan in Singapore and PVDF expansion) to support future growth. » Altro su de.investing.com