Clariant Q2 2026: margins improve and Amsterdam court dismisses Shell ethylene claim

Q2 2026 results

Sales in Q2 were CHF 941.3 million, up 0.6% on a comparable basis and down 0.3% reported including portfolio pruning. Pricing rose 3.0% while volumes fell 3.3%, impacted by the Middle East conflict and pruning. Care Chemicals grew 4.2% (ex‑pruning), Catalysts declined 13.3% due to delayed orders, and Adsorbents & Additives rose 5.3%.

Profitability, cash and balance sheet

Group EBITDA before exceptional items was CHF 171.1 million, margin 18.2% (+80bps). H1 EBITDA before exceptional items was CHF 331.3 million (margin 17.8%). Operating cash flow for H1 was CHF 168.7 million versus CHF 115.9 million a year earlier, and LTM free cash flow conversion improved to 52%. Net debt rose to CHF 1,493.1 million, with net debt/EBITDA (LTM) at 2.2x.

Cost measures, innovation and sustainability

Performance improvement programs were increased by CHF 20 million to a CHF 100 million run‑rate, with CHF 90 million expected in 2026; one‑time restructuring costs total CHF 29 million (CHF 24 million recognised in Q2). Licocare RBW gained expanded FDA approval for rigid PVC food‑contact uses. Innovation sales reached 19.4% LTM. Scope 1&2 emissions fell 2.3% to 0.42 Mt; Scope 3 fell 1.1% to 3.69 Mt.

Legal outcome and outlook

The Amsterdam District Court dismissed Shell's damage claim and a claim by Stichting Ethylene Claims, finding no evidence that buyer information exchanges caused market harm or affected the Monthly Contract Price (MCP). Guidance for 2026 remains unchanged: sales around flat in local currency and an EBITDA margin before exceptional items of around 18%, with continued Middle East headwinds for Catalysts and Oil Services.