Clariant Ltd

Latest Results (26.11.2025):

Clariant Ltd – Q2 2025: Results show resilient profitability in a weak demand and FX environment. Group sales in Q2 2025 were CHF 968 million (flat in local currency, -8% in CHF), with EBITDA before exceptional items (EBITDA b.e.i.) of CHF 169 million (17.5% margin, +200 bps vs. Q2 2024). For H1 2025 Clariant reported sales of CHF 1,981 million and EBITDA b.e.i. CHF 359 million (18.1% margin); reported H1 EBITDA was CHF 291 million after CHF 60 million of restructuring charges.

Key figures

Clariant Ltd – Q2 2025: Q2 sales CHF 968m, EBITDA b.e.i. CHF 169m (17.5%). H1 2025 sales CHF 1,981m, EBITDA b.e.i. CHF 359m (18.1%). Reported H1 net income was CHF 116m and operating cash flow H1 was CHF 227m; LTM free-cash-flow conversion ~37%.

Profitability and margin trends

Clariant Ltd – Q2 2025: EBITDA b.e.i. margin expanded by ~200 bps year‑on‑year to 17.5% in Q2 driven by Catalysts and Adsorbents & Additives; H1 2025 margin improved 130 bps to 18.1%. Reported margins were lower due to CHF 60m restructuring and other exceptional charges.

Sales, volume and FX

Clariant Ltd – Q2 2025: Organic sales were flat in local currency; scope added ~1% while currency translation was a ~-5% headwind. Group CHF sales declined mainly because of FX (-8% vs Q2 2024 in CHF).

Business‑unit performance

Clariant Ltd – Q2 2025: Care Chemicals: Q2 sales CHF 497m (-12% CHF, -2% LC) with EBITDA b.e.i. margin ~17.7% (absolute EBITDA down). Catalysts: Q2 sales CHF 218m (≈+5% LC) with EBITDA b.e.i. CHF 49m (22.5% margin). Adsorbents & Additives: Q2 sales CHF 253m (≈+1% LC) and EBITDA b.e.i. CHF 50m (19.8% margin).

Cash flow, capex and balance sheet

Clariant Ltd – Q2 2025: H1 operating cash flow CHF 227m, capex H1 CHF 37m, net debt CHF 1,596m and net-debt/LTM-EBITDA ~2.6x. Management targeted FY 2025 capex ~CHF 200m and confirmed improved FCF conversion ambition (~40% medium term).

Investor Day savings & restructuring

Clariant Ltd – Q2 2025: The Investor Day program targets CHF 80m of run-rate savings by 2027; CHF 12m savings realized in H1 2025. Restructuring charges of ~CHF 75m are expected in 2025, with CHF 60m booked in H1 (CHF 22m in Q2).

Outlook for 2025

Clariant Ltd – Q2 2025: Guidance confirmed: EBITDA b.e.i. target 17–18% and group sales growth 1–3% in local currency (growth revised lower due to weak industrial production). FX headwind ~-5% on sales; ongoing focus on pricing, savings and disciplined capex.

Operational & sustainability highlights

Clariant Ltd – Q2 2025: Safety improved (zero accidents in April/May; LTM DART 0.16). Science‑based GHG reduction targets approved by SBTi and digital roll-out (CLARITY) accelerated to 185+ plants and 700+ users, supporting operational efficiency.