PCC SE: Stable Q1 EBITDA amid 12% sales drop

Headline figures

PCC Group reported Q1 2026 sales of €221.0 million, down 12.0% versus the prior-year quarter. EBITDA decreased slightly by 2.9% to €13.0 million. EBIT was a loss of -€7.8 million, nearly unchanged from -€7.9 million a year earlier. EBT improved by 52.1% to -€15.5 million, mainly due to a €16.7 million stronger positive contribution from exchange-rate changes compared with the previous year.

Market context and operational trend

Management said business strengthened clearly since the beginning of March after a subdued start to 2026, driven by higher plant utilisation and a persistently high order situation following the Iran war. Raw-material price rises have so far been offset by higher selling prices and no supply bottlenecks were reported.

Segment developments

Surfactants & Derivatives remained the largest sales segment but saw lower revenues and EBITDA due to weaker prices; demand picked up from March. Polyols & Derivatives posted improved EBITDA despite falling sales. Chlorine & Derivatives saw stable quarter-on-quarter prices but lower sales versus the prior-year quarter. Trading & Services outperformed with sales up 26.2%, EBITDA up 34.9% and EBT nearly five times the prior-year quarter. Logistics held market leadership in Poland and showed improving sales and results from March.

Silicon, projects and financing

Silicon metal production remained temporarily shut down (since summer 2025), reducing both sales and losses in Silicon & Derivatives; market forecasts anticipate a price recovery by end-2026 or early 2027, at which point a restart could be considered. The Malaysia alkoxylate plant reached near full utilisation in March. A planned US chlor-alkali project was discontinued after initial continuation in Q1. On 1 April 2026 PCC SE repaid the 4.00% bond (ISIN DE000A3MQZM5) for €21.0 million.