EMS-CHEMIE (EMSN) Q2 2026 earnings summary

Executive summary

• Net sales reached CHF 1,012 million in H1 2026, slightly down in reported currency but up 4.5% in local currencies year-over-year.

• EBIT rose to CHF 310 million, up 4.7% from the previous year, with sales volumes and operating income increasing.

• EBITDA increased to CHF 336 million, a 3.9% rise compared to the previous year.

• Growth was supported by proactive supply chain management, innovation, and a focus on high-margin specialties.

• Maintained global delivery reliability and prepared for international trade barriers, with most US sales produced locally or exempt from tariffs.

Financial highlights

• EBIT margin improved to 30.6% (from 29.1%), and EBITDA margin to 33.2% (from 31.7%).

• Net income for H1 2026 was CHF 259 million, up 2.5% year-over-year.

• Net financial income turned positive at CHF +1 million (from -7 million prior year).

• Equity attributable to shareholders increased to CHF 2,098 million (from CHF 1,855 million at 31.12.2025).

• Cash flow from operating activities was CHF 243 million, up from CHF 199 million year-over-year.

Outlook and guidance

• Full-year 2026 net sales expected to remain slightly below previous year due to currency effects, despite a slight upward revision in local currencies.

• Operating income (EBIT) for 2026 anticipated to be slightly above previous year.

• Continued focus on innovation, cost, energy, and CO2 savings, and local development partnerships.

• Ongoing challenging geopolitical and currency environment expected.