Arkema (AKE) Q2 2026 earnings summary

Executive summary

• Q2 2026 sales reached €2,428 million, with 3.2% organic growth year-over-year, driven by strong Adhesives and Coatings, and robust growth in batteries, electronics, and 3D printing, despite weak global demand and Middle East disruptions.

• EBITDA rose 7.4% year-over-year to €391 million, with a margin of 16.1%, marking the first positive year-on-year EBITDA evolution in several quarters.

• Adjusted net income was €129 million, with adjusted EPS at €1.70, up 7% year-over-year.

• Recurring cash flow was €78 million, supported by tight working capital management and lower capex.

• Strategic transformation towards higher value-added applications and growth markets, including major projects in Asia and the US, supported results.

Financial highlights

• Q2 revenue was €2,428 million, up 3.2% organically year-over-year; EBITDA reached €391 million (+7.4% YoY), with a €10 million negative currency impact.

• Adjusted net income increased 7.8% to €129 million; recurring EBIT was €220 million (+11%), REBIT margin improved to 9%.

• Recurring cash flow for Q2 was €78 million; working capital ratio improved to 15.8% from 17% last year.

• CapEx for Q2 was €117 million, on track for annual spend below €600 million.

• Net debt including hybrid bonds stood at €3,605 million; net debt/EBITDA ratio at 2.9x.

Outlook and guidance

• Guidance for slight EBITDA growth at constant FX for 2026 is confirmed, with H2 expected to benefit from year-on-year growth in Adhesive and Coating Solutions.

• Major projects are expected to contribute €50 million additional EBITDA in 2026.

• Capex for FY 2026 to remain below €600 million, with targeted cost savings of ~€90 million versus 2025.

• Demand trends remain unchanged entering Q3; ongoing Middle East conflict limits visibility on raw material costs and macro outlook.