Clariant Ltd

Latest Results (09.01.2026):

Clariant Ltd — Second Quarter 2025 (Q2 2025) / First Half 2025 (H1 2025): The company reported Q2 sales of CHF 968m (H1 sales CHF 1,981m). Profitability improved: Q2 EBITDA before exceptional items (b.e.i.) was CHF 169m (17.5% margin) and H1 EBITDA b.e.i. CHF 359m (18.1% margin). Reported results were affected by restructuring charges; operating cash flow for H1 was CHF 227m and net debt declined versus prior year.

Sales and FX

Q2 2025 group sales were CHF 968m (flat in local currency; -8% in CHF due to FX translation). H1 2025 sales were CHF 1,981m (organically flat in LC; scope +1%, FX -5%).

Profitability

EBITDA b.e.i. rose: Q2 margin improved by ~200 bps to 17.5% (CHF 169m) versus Q2 2024; H1 EBITDA b.e.i. up to CHF 359m (18.1%, +130 bps). Reported EBITDA/margins were lower after exceptional items (restructuring).

Restructuring and cost program

Clariant is executing its Investor Day program targeting CHF 80m savings by 2027. CHF 12m of savings were delivered in H1 2025 (CHF 3m Q1, CHF 9m Q2). Restructuring charges of CHF 60m were recorded in H1 (CHF 22m in Q2); the company expects total restructuring charges of ~CHF 75m in 2025.

Cash flow and balance sheet

Operating cash flow H1 was CHF 227m. Last twelve months free‑cash‑flow conversion was c.37%. Group net debt fell ~CHF 48m year‑on‑year to CHF 1,596m; net debt / LTM EBITDA was 2.6x (2.4x on a b.e.i. basis).

Net income and P&L items

H1 2025 reported net income was lower year‑on‑year (consolidated net income CHF 44m), mainly due to lower operating income, restructuring and footprint‑related impairments, and higher finance costs.

Business unit performance (Q2 2025)

Care Chemicals: Sales CHF 497m (-12% CHF; -2% LC), EBITDA b.e.i. CHF 88m (17.7% margin, stable margin but lower absolute EBITDA). Catalysts: Sales CHF 218m (-2% CHF; +5% LC), EBITDA b.e.i. CHF 49m (22.5% margin, strong sequential improvement). Adsorbents & Additives: Sales CHF 253m (-6% CHF; +1% LC), EBITDA b.e.i. CHF 50m (19.8% margin, margin up materially).

2025 guidance and outlook

Guidance confirmed: EBITDA b.e.i. targeted at 17–18% for 2025. Sales growth guidance narrowed to ~1–3% (weaker industrial production assumed). Capex guidance reduced to ~CHF 200m. Medium‑term targets remain: profitable sales growth (4–6% CAGR), group EBITDA margin 19–21% and FCF conversion ~40% by 2027.

Operational & sustainability notes

Operationally strong safety metrics (LTM DART 0.16), CLARITY rollout accelerated (185+ plants, 700+ users), and increased GHG reduction targets approved by SBTi.