Clariant Ltd

Latest Results (28.06.2026):

Clariant Ltd — Fourth Quarter 2025 (and full year 2025): The company reported flat FY 2025 sales of CHF 3,915 million (local-currency flat), a stronger operating profitability with EBITDA before exceptional items (EBITDA b.e.i.) margin improving to 17.8% (up ~180 basis points year-on-year) and FY EBITDA b.e.i. of about CHF 697 million. Free cash flow for 2025 was CHF 273 million, delivering a 42% FCF-to-EBITDA conversion and enabling the Board to propose a stable distribution of CHF 0.42 per share. Q4 2025 revenue was approximately CHF 1,091 million with Q4 EBITDA b.e.i. around CHF 176 million (17.1% margin). Management delivered material cost and productivity gains and set a 2026 guidance of roughly flat sales and an EBITDA margin around 18% (before exceptional items).

Headline FY 2025 results

Sales: CHF 3,915m (FY 2025, local-currency flat vs. 2024). EBITDA b.e.i.: margin 17.8% (improvement of ~180 bps vs. 2024). FY EBITDA b.e.i. reported around CHF 697m. Proposed ordinary distribution: CHF 0.42 per share.

Free cash flow & cash conversion

Free cash flow (operating cash flow less capex) was CHF 273m in 2025, equating to a conversion ratio of 42% (meeting the medium‑term target). Capex guidance for 2026 is CHF 150–200m.

Quarter (Q4 2025) snapshot

Q4 2025 sales: ~CHF 1,091m. Q4 EBITDA b.e.i.: ~CHF 176m, margin 17.1% (up ~240 bps vs. Q4 2024). Quarter benefited from strong Catalysts and Care Chemicals performance and continued price management despite a slightly deflationary environment.

Segment performance

Care Chemicals: slight growth and margin improvement (driven by Oil Services, Mining and Personal & Home Care). Catalysts: strong volume recovery (notably ethylene and syngas & fuels) and substantial margin uplift. Adsorbents & Additives: softer top-line with stable margins, weighed by lower volumes in some subsegments.

Performance improvement program & one‑off costs

The targeted CHF 80m run-rate program (by 2027) delivered CHF 50m (≈63%) of savings in 2025; Q4 contributed CHF 19m. Restructuring and related charges in 2025 were approximately CHF 63m, with remaining savings expected mainly in 2026.

2026 outlook & capital allocation

Guidance for 2026: broadly flat group sales (local-for-local/pass-through) and an EBITDA margin around ~18% before exceptional items. FX, raw material volatility and portfolio pruning are expected to weigh modestly on top-line. Tax rate guidance 27–29%. Dividend proposal remains CHF 0.42 (subject to AGM approval).

Non‑financial progress

Clariant Ltd highlighted continued ESG progress in 2025: approved SBTi targets, reductions in Scope 1 & 2 emissions and improvements in employee engagement and safety metrics, which management cites alongside the financial turnaround and productivity gains.