- Q1 sales CHF 918m (−2% local) and EBITDA before exceptional items 17.5% (−130bp); LTM free cash flow conversion 54%.
- CHF 80m performance improvement program: CHF 59m achieved by end-Q1, remaining CHF 30m targeted for 2026 with CHF 9m delivered in Q1.
- Middle East conflict reduced Catalysts volumes and pressured margins; raw material costs −4.5% while energy costs +2.2%.
- EU approval granted for Licocare rice bran wax in food-contact plastics; product highlights include AlgaSurge, Lysofix Liquid, AddWorks PPA (PFAS-free) and Exolit OP.
Financial results
Q1 2026 sales CHF 918.0m, down 2.0% in local currency and 0.5% excluding prior portfolio pruning; in CHF sales were 9.4% lower vs Q1 2025. Pricing −1.5%, volumes −0.5%, currency impact −7.4%.
Profitability
EBITDA before exceptional items CHF 160.2m (margin 17.5%), down 15.9% y/y and −130bp vs prior year, driven by reduced Catalysts volumes, lower operating leverage and a dilutive one‑off precious metal sale; raw material costs −4.5%, energy +2.2%.
Cash flow and cost program
Free cash flow conversion (LTM) improved to 54% from 42%; CHF 80m performance improvement program has delivered CHF 59m to date, with CHF 9m added in Q1 and the remaining CHF 30m targeted for 2026.
Segment impacts
Care Chemicals sales −1.9% (pricing −2.6%, volumes +0.7%, +3.5% excl pruning); Catalysts −1.6% (pricing +0.4%, volumes −2.0%) with local orders pushed out due to the Middle East conflict; Adsorbents & Additives −2.7% (volumes −2.5%).
Guidance and response
2026 guidance unchanged: sales expected around 2025 levels in local currency and EBITDA margin around 18% before exceptional items; mitigation measures include value‑based price management, cost initiatives and proactive logistics to address inflation and supply risks.
Regulatory and emissions
EU approval obtained for renewable Licocare rice bran wax in food‑contact plastics; Scope 1 and 2 emissions fell 2.3% to 0.42 Mt (LTM) and Scope 3 (purchased goods and services) remained essentially flat at 3.72 Mt.
