Clariant Ltd

Latest Results (07.04.2026):

Clariant Ltd — Second Quarter (Q2) 2025 results (with first-half 2025 context): Group sales in Q2 2025 were CHF 968m (flat in local currency, down ~8% in CHF due to FX), and EBITDA before exceptional items (EBITDA b.e.i.) improved to CHF 169m (17.5%, +200bps vs. Q2 2024). For H1 2025, sales were CHF 1,981m and EBITDA b.e.i. CHF 359m (18.1%, +130bps). Reported H1 EBITDA was CHF 291m (14.7%), impacted by CHF 60m of restructuring/exceptional charges; net income for H1 was CHF 44m. Cash generation strengthened (operating cash flow CHF 227m H1), with LTM free‑cash‑flow conversion at 37% and modest net‑debt improvement versus a year ago.

Key Q2 2025 financials

Q2 2025 group sales: CHF 968m (flat in local currency; -8% in CHF from FX). Q2 EBITDA b.e.i.: CHF 169m, margin 17.5% (up 200bps y/y). Reported Q2 EBITDA was lower (CHF 139m, 14.4%) after CHF 22m restructuring/other exceptionals booked in the quarter.

First‑half 2025 highlights

H1 sales CHF 1,981m; EBITDA b.e.i. CHF 359m (18.1% vs 16.8% prior year). Reported H1 EBITDA CHF 291m (14.7%) after CHF 60m restructuring and related charges. Operating income CHF 138m; net income CHF 44m (vs CHF 176m prior year). Gross margin modestly lower (29.6%) and SG&A increased (partly from Lucas Meyer Cosmetics inclusion).

Cash flow and balance‑sheet

Operating cash flow H1 2025: CHF 227m. LTM free‑cash‑flow conversion ~37% (improved vs FY 2024). Group net debt decreased ~CHF 48m year‑on‑year; net debt / LTM EBITDA 2.6x (2.4x on a b.e.i. basis). Capex guidance reduced/targeted to ~CHF 200m for 2025.

Restructuring, savings and capital allocation

Clariant expects ~CHF 75m of restructuring charges in 2025 (CHF 60m booked in H1, CHF 22m in Q2). The Investor Day 2024 savings program targets CHF 80m run‑rate savings by 2027 (CHF 12m achieved in H1). Footprint optimization, headcount reductions (~200 FTEs) and procurement measures are main levers.

Segment performance (Q2 2025)

Care Chemicals: Sales down (Q2 CHF 497m), volume slight decline; EBITDA b.e.i. margin steady ~17.7% but absolute EBITDA down. Catalysts: Sales CHF 218m, volume +5% and EBITDA b.e.i. margin 22.5% (strong sequential and y/y improvement). Adsorbents & Additives: Sales CHF 253m, volume flat, EBITDA b.e.i. margin 19.8% (material margin improvement driven by mix, lower input costs and savings).

Outlook and guidance

2025 guidance confirmed: EBITDA b.e.i. 17–18%; sales growth targeted ~1–3% (but weaker industrial production and tariffs are downside risks). Capex ~CHF 200m; full‑year restructuring charges around CHF 75m; medium‑term targets reiterated (group EBITDA margin and ~40% FCF conversion by 2027).