Kemira (KEMIRA) Q2 2026 earnings summary

Executive summary

• Revenue remained stable in Q2 2026 at EUR 693 million, supported by acquisitions, but organic growth was weak or negative due to subdued demand and lower prices.

• Profitability declined sharply, with operative EBITDA margin dropping to 16.1% due to significant cost inflation from the Iran war and higher logistics costs.

• Price increases and performance improvement measures, including global headcount reductions, were implemented but only partially offset higher costs, with full benefit expected in Q4 2026.

• Strategic focus continued on growing Water Solutions through acquisitions and innovation, with completed share buyback and ongoing efficiency improvements.

• The balance sheet remains solid, enabling continued investments and expansion plans.

Financial highlights

• Q2 2026 revenue: EUR 693.0 million (flat year-over-year); H1 2026 revenue: EUR 1,370.3 million (-2%).

• Operative EBITDA: EUR 111.7 million in Q2, margin 16.1%; net profit EUR 37.0 million, down 36% year-over-year.

• Earnings per share (diluted) for Q2: EUR 0.23, down 33% year-over-year.

• Net working capital increased to EUR 316 million, 11.6% of rolling 12-month revenue.

• Operating cash flow was EUR 59 million in Q2; CapEx (excluding acquisitions) was EUR 41 million in Q2 and EUR 77 million in H1.

Outlook and guidance

• 2026 revenue expected between EUR 2,600–3,000 million (2025: EUR 2,753.5 million); operative EBITDA expected between EUR 400–500 million (2025: EUR 524.6 million).

• EUR 100 million negative cost impact from raw material and logistics inflation in 2026, with only 50% expected to be offset by price increases.

• Full benefit of pricing actions anticipated in Q4 2026.

• Demand in end-markets remains weak due to global economic and geopolitical uncertainty.