AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR
| FIRST QUARTER | 2026 |
- Q1 2026 sales decreased by 2 % in local currencies1 to CHF 918 million with the Middle East conflict impacting Catalyst volumes and portfolio pruning affecting Care Chemicals; 0.5 % decline excluding portfolio pruning
- Q1 2026 EBITDA margin before exceptional items of 17.5 % decreased by 130 basis points compared to a strong Q1 2025 mainly due to the Middle East conflict and a one-off impacting Catalysts
- Q1 2026 free cash flow conversion improved by 12 percentage points to 54 % (LTM basis), achieved through effective net working capital management and continued disciplined Capex
- On track to achieve the remaining CHF 30 million of the total CHF 80 million performance improvement program savings (Investor Day 2024) already in 2026, with CHF 9 million achieved in the first quarter
- Guidance 2026 remains unchanged while Middle East conflict particularly impacting demand in our Catalysts business, causing increasing input costs, and overall elevated uncertainty and volatility
“In the first quarter of 2026, Clariant delivered flat underlying sales, excluding the effects of our proactive portfolio pruning measures. The EBITDA margin of 17.5 % before exceptional items was 130 basis points lower year on year against a strong comparison base, with the Middle East conflict impacting our Catalysts business, in particular. We achieved a twelve-percentage point improvement in free cash flow conversion to 54 % and are on track to deliver full run-rate savings of CHF 80 million from our performance improvement program by year end. This is one year ahead of our commitment. We continued to drive innovation with an increased innovation sales ratio of 19.9 % and we received six prestigious innovation awards at in-cosmetics Global in Paris and Chinaplas in Shanghai,” said Conrad Keijzer, Chief Executive Officer of Clariant.
“Our guidance for 2026 remains unchanged, with sales expected to be around 2025 levels in local currency and an EBITDA margin of around 18 % before exceptional items. The Middle East conflict is mainly impacting our Catalysts customers in the Middle East and Asia, with sales now expected to be below the prior year. At the same time, we expect growth in Adsorbents & Additives, as well as continued slight underlying growth in Care Chemicals, despite the Middle East impacts in Oil Services and increasing risks on the overall demand environment. To mitigate the inflation in raw materials and energy, we activated our proven value-based price management and further continue our focus on cost initiatives. By leveraging our global network and employing proactive logistics we provide continued supply for our customers,” Conrad Keijzer added.
Business Summary
| First Quarter | ||||
| in CHF million | 2026 | 2025 | % CHF | % LC(1) |
| Sales | 918.0 | 1 013.0 | – 9.4 | – 2.0 |
| EBITDA | 157.8 | 152.6 | 3.4 | |
| – margin | 17.2 % | 15.1 % | ||
| EBITDA before exceptional items | 160.2 | 190.4 | – 15.9 | |
| – margin | 17.5 % | 18.8 % | ||
| Sales bridge: | Price – 1.5 %; Volume – 0.5 %; Scope 0 %; Currency – 7.4 % | |||
(1) Excluding price impact from hyperinflation country Türkiye
1 All references to local currency growth, pricing, volumes, and scope exclude the price impact from hyperinflation country Türkiye. Currency translation impact includes the price impact from hyperinflation country Türkiye.
First Quarter 2026 Group Discussion
MUTTENZ, 8 MAY 2026
Clariant, a sustainability-focused specialty chemical company, today announced first quarter 2026 sales of CHF 918.0 million, down 2.0 % in local currency1 and 0.5 % lower excluding the impact from portfolio pruning. In Swiss francs, sales were 9.4 % lower versus Q1 2025. Pricing decreased by 1.5 %, mainly driven by formula-based pricing adjusting to lower raw material prices recorded until the start of the conflict in the Middle East in late February. Volume decreased by 0.5 %, impacted by the Middle East conflict and the portfolio pruning measures. The negative currency impact was 7.4 %, mainly driven by the US dollar, the Indian rupee, and the Euro.
Care Chemicals sales decreased by 1.9 % in local currency versus Q1 2025. Pricing was down 2.6 %, driven by formula-based price adjustments, as raw materials costs had declined until the start of the conflict in the Middle East. Volumes grew by 0.7 %, and by 3.5 % when excluding the portfolio pruning impact. Sales grew in Mining Solutions and Personal & Home Care, while sales in the other segments declined. Catalysts’ sales declined by 1.6 % in local currency. While pricing was up by 0.4 %, volumes declined by 2.0 %, as the conflict in the Middle East caused local orders to be pushed out. Sales grew in Ethylene catalysts (including a one-off precious metal sale) and Specialties, with declines in the other segments. Adsorbents & Additives sales decreased by 2.7 % in local currency, as growth in Additives was more than offset by a decline in Adsorbents, as the growth in renewable fuel applications in the United States only started towards the end of the quarter. Pricing was down slightly by 0.2 %, while volumes declined by 2.5 %.
Group EBITDA before exceptional items of CHF 160.2 million decreased by 15.9 % year on year, with a corresponding margin of 17.5 % compared to 18.8 % in the prior year. The 130-basis point decrease was the result of a significant impact from the Middle East conflict on Catalysts volumes, reduced operating leverage, and a dilutive one-off precious metal sale. Additionally, an unfavorable mix in Catalysts and Care Chemicals as well as an inventory revaluation effect in Care Chemicals weighed on profitability. Raw material costs decreased (-4.5 %), while energy costs increased (+2.2 %) compared to the prior year.
Key measures to deliver the remaining CHF 30 million savings from the CHF 80 million performance improvement program were successfully implemented and contributed CHF 9 million in the first quarter.
Group reported EBITDA increased by 3.4 % to CHF 157.8 million, and the EBITDA margin of 17.2 % improved by 210 basis points compared to the 15.1 % reported in the first quarter of 2025. These improvements were the result of lower restructuring charges compared to the prior year.
At the end of the first quarter of 2026, the free cash flow conversion (LTM, April 2025 to March 2026) increased to 54 % from 42 % reported at the end of 2025, driven mainly by effective net working capital management and disciplined capex spending.
1 All references to local currency growth, pricing, volumes, and scope exclude the price impact from hyperinflation country Türkiye. Currency translation impact includes the price impact …