ARKEMA: Full-Year 2025 Results

About this update from Arkema Sa

[{"type":"text","content":" High cash generation supported by strict management of operations in a challenging macroeconomic environment ","length":108,"tagName":"p"},{"type":"text","content":" PARIS, February 26, 2026 --( BUSINESS WIRE )--Regulatory News:","length":59,"tagName":"p"},{"type":"text","content":"Arkema (PARIS:AKE):","length":19,"tagName":"p"},{"type":"text","content":" EBITDA at €1,251 million , within the guidance range, and EBITDA margin at 13.8%, in a weak demand environment in the US and Europe, while Asia remained more dynamic","length":164,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Additional EBITDA contribution from major projects at around €60 million vs 2024","length":80,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Good resilience of Specialty Materials, overshadowed by the cyclical impact of acrylics and the decline of old-generation refrigerants","length":134,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Strict cost discipline offsetting fixed cost inflation while increasing R&D expenses","length":88,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":302,"olType":false},{"type":"text","content":" High recurring cash flow of €464 million , well above the €300 million guidance, consolidating the strength of the balance sheet","length":127,"tagName":"p"},{"type":"text","content":" Ongoing momentum with +16 % YoY sales growth in key attractive markets such as batteries, sports, 3D printing, healthcare and fluorospecialties","length":143,"tagName":"p"},{"type":"text","content":" Successful industrial start-up of three capacity expansions, in the US (DMDS, 1233zd) and Asia (Rilsan ® Clear), on schedule and on budget","length":137,"tagName":"p"},{"type":"text","content":" Strong achievements in non-financial performance , with further progress in several key sustainability indicators","length":112,"tagName":"p"},{"type":"text","content":" Stability of the dividend proposed at €3.60 per share","length":53,"tagName":"p"},{"type":"text","content":" Revised segmentation from 2026 to better reflect the dynamics of the portfolio and enhance the transparency of the Specialty Materials performance (15.7% margin in 2025 (1) and EBITDA decrease limited to 5% YoY at constant FX)","length":226,"tagName":"p"},{"type":"text","content":" Outlook: In a macroeconomic environment marked so far by overall weak demand, the Group targets for 2026 a slight EBITDA growth at constant currencies and will continue to strictly control its operations, targeting to offset fixed cost inflation while managing capex at around €600 million.","length":290,"tagName":"p"},{"type":"text","content":"Chairman and CEO Thierry Le Hénaff said:","length":40,"tagName":"p"},{"type":"text","content":" "In 2025 the macroeconomic environment was particularly demanding and more challenging than initially expected at the start of the year. Firstly, I would like to thank Arkema’s teams and management for their strong commitment and agility allowing us to address the headwinds we faced. On the one hand, we focused on tightly managing costs, capex and working capital. As a result, the Group generated strong recurring cash flow, strengthening further its balance sheet, that will be key when the market rebounds. At the same time, we continued to implement our long-term innovation strategy for more sustainable solutions and to execute our major projects in Asia and North America. Their contribution was lower than expected in 2025 but operationally the plants are living up to our high expectations and their long-term outlook remains promising. In an environment that continues to be uncertain, we will keep on focusing on our strengths and what is under our control, namely our cost discipline and our customer intimacy, as well as leveraging on our major projects and our strong innovation dynamics." ","length":1115,"tagName":"p"},{"type":"readMore"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"3","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":"______________________________","length":30,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;padding-right:0.0px;padding-bottom:4.0px;text-align:left;vertical-align:top;","val":[{"type":"text","content":"(1)","length":3,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","val":[]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;","val":[{"type":"text","content":"Before allocation of corporate costs","length":36,"tagName":"p","attribs":{}}]}]}],"length":69},{"type":"text","content":" KEY FIGURES FOR 2025 ","length":20,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;vertical-align:middle;border-bottom:solid black 1.0pt;padding-left:0.0px;width:52%;","val":[{"type":"text","content":" in millions of euros ","length":20,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;vertical-align:middle;border-right:solid black 1.0pt;padding-left:0.0px;width:3%;","val":[]},{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;border-bottom:solid black 1.0pt;background-color:#CCEEFF;padding-left:0.0px;padding-right:0.0px;vertical-align:bottom;padding-bottom:4.0px;width:15%;","val":[{"type":"text","content":" 2025 ","length":4,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;border-bottom:solid black 1.0pt;background-color:#CCEEFF;padding-left:0.0px;padding-right:0.0px;vertical-align:bottom;padding-bottom:4.0px;width:15%;","val":[{"type":"text","content":" 2024 ","length":4,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;border-bottom:solid black 1.0pt;background-color:#CCEEFF;padding-left:0.0px;width:15%;vertical-align:bottom;padding-right:0.0px;","val":[{"type":"text","content":" Change ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;vertical-align:middle;border-bottom:solid black 1.0pt;padding-left:0.0px;width:52%;","val":[{"type":"text","content":" Sales ","length":5,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;vertical-align:middle;border-right:solid black 1.0pt;padding-left:0.0px;width:3%;","val":[]},{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;border-bottom:solid black 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1.0pt;padding-left:0.0px;width:3%;","val":[]},{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;vertical-align:top;padding-left:0.0px;width:15%;","val":[]},{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;vertical-align:top;padding-left:0.0px;width:15%;","val":[]},{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;vertical-align:top;padding-left:0.0px;width:15%;","val":[]}]},{"val":[{"colspan":"5","rowspan":"1","style":"text-align:left;vertical-align:middle;padding-left:0.0px;","val":[{"type":"text","content":" (a) Alternative performance indicator : refer to sections 6 and 8 of the consolidated financial information at the end of December 2025 available the end of the document for reconciliation tables and definitions ","length":211,"tagName":"p","attribs":{}}]}]}],"length":775},{"type":"text","content":" 2025 BUSINESS PERFORMANCE ","length":25,"tagName":"p"},{"type":"text","content":"At €9,068 million, Group sales were down 2.1% compared with 2024 at constant currencies. Volumes decreased by 1.6% on the previous year, reflecting the overall weak demand environment in Europe and North America as well as the tight inventory management by customers in the fourth quarter. On the other hand, Asia, notably China, remained more dynamic on the whole year. The price effect stood at a negative 2.1%, mainly impacted by the low cycle in upstream acrylics and the unfavorable mix effect in refrigerants linked to the transition from old to new generation, the pricing in other activities being overall resilient with a modest price decrease of 0.9% in a context of declining costs for certain raw materials. The dynamic observed in several key attractive markets at the heart of Arkema’s growth and innovation strategy was confirmed with sales up 16% on average compared to last year in batteries, sports, 3D printing, healthcare and new-generation fluorospecialties with low Global Warming Potential. Group sales also benefited from a 1.6% positive scope effect corresponding essentially to the acquisition of Dow’s laminating adhesives. Lastly, the currency effect was a negative 2.9%, reflecting mainly the devaluation of the US dollar and several Asian currencies against the euro since the second quarter of 2025.","length":1330,"tagName":"p"},{"type":"text","content":"The geographical breakdown of sales showed a slight increase of Asia and the rest of the world in 2025, accounting for 33% of Group sales (32% in 2024), while North America decreased to 34% (35% in 2024) and Europe stayed stable at 33%.","length":236,"tagName":"p"},{"type":"text","content":"Group EBITDA amounted to €1,251 million in 2025 and the EBITDA margin stood at 13.8% . Compared to the previous year, EBITDA was mostly impacted by low cycle conditions in upstream acrylics and significant decline in old-generation refrigerants, both businesses representing less than 15% of Group sales in 2025, and by an unfavorable currency effect of around €40 million. The other activities confirmed their resilience, showing a limited year-on-year EBITDA decrease at constant exchange rates despite the weak demand environment and the material destocking observed in the fourth quarter. The Group benefited indeed from the strong momentum in its new business developments in attractive markets and by its volume growth in Asia, in particular in the battery and sports sectors. This performance was also supported by the ongoing ramp-up of the major projects, with an additional EBITDA contribution of around €60 million compared to 2024. Furthermore, the streamlining of operations as well as the strict control of costs through a number of initiatives enabled the Group to offset fixed cost inflation over the year and achieve around €90 million of fixed and variable cost savings. However, R&D expenses were up 4% at constant currencies, as innovation remains more important than ever, in order to stay differentiated and catch new opportunities linked to megatrends.","length":1378,"tagName":"p"},{"type":"text","content":"At €687 million, recurring depreciation and amortization were up compared to previous year, mainly due to the integration of Dow’s laminating adhesives and the start-up of new production units, partially offset by a favorable currency effect. Recurring operating income (REBIT) therefore amounted to €564 million and REBIT margin came in at 6.2%.","length":346,"tagName":"p"},{"type":"text","content":"Operating income amounted to €288 million, including a charge of €132 million in other income and expenses, which corresponds mainly to restructuring charges, notably linked to the Jarrie site reorganization, as well as acquisition and disposal costs. The operating income included also €144 million in depreciation and amortization related to the revaluation of assets as part of the allocation of the purchase price of businesses.","length":432,"tagName":"p"},{"type":"text","content":"The financial result was a net expense of €125 million, more important than in 2024, reflecting mainly the increased cost of debt as well as lower interest on invested cash.","length":173,"tagName":"p"},{"type":"text","content":"Excluding exceptional items, the effective tax rate stood at 20% of recurring operating income in 2025, and adjusted net income amounted to €328 million , representing €4.34 per share .","length":183,"tagName":"p"},{"type":"text","content":"The Board of Directors has decided that it would recommend, at the annual general meeting of 21 May 2026, to maintain the dividend stable at €3.60 per share for 2025, in line with the group’s attractive dividend policy and taking into consideration the strength of the balance sheet. The dividend will be paid entirely in cash as from 27 May 2026, with an ex-dividend date on 25 May 2026.","length":388,"tagName":"p"},{"type":"text","content":" CASH FLOW AND NET DEBT AT 31 DECEMBER 2025 ","length":42,"tagName":"p"},{"type":"text","content":"At €1,100 million , operating cash flow showed a limited decrease of 7% on the previous year despite the more pronounced decline in EBITDA, thanks to tight working capital management carried out by the teams, which led to €145 million inflow in 2025. Therefore, working capital reached 12.5% of annual sales at 31 December 2025. EBITDA to operating cash conversion rate stood at the excellent level of 88%, above last year and the Group’s 70% target.","length":449,"tagName":"p"},{"type":"text","content":"Capital expenditure was sharply down to €636 million in 2025, below the €650 million target. The Group also confirms its objective of around €600 million capital expenditure in 2026 after a significant wave of growth projects in the recent years.","length":246,"tagName":"p"},{"type":"text","content":"As a consequence, the Group delivered a very solid recurring cash flow , higher than last year at €464 million , and well above the €300 million revised guidance.","length":160,"tagName":"p"},{"type":"text","content":" Free cash flow amounted to €390 million on the year, including a non-recurring cash outflow of €74 million, linked essentially to restructuring costs and reorganization costs at the Jarrie site in France.","length":204,"tagName":"p"},{"type":"text","content":" Net cash flow from portfolio management operations was limited to €9 million outflow in 2025.","length":93,"tagName":"p"},{"type":"text","content":" Net debt and hybrid bonds was slightly down compared to end-2024 and came in at €3,170 million at end-2025, integrating notably the €3.60 dividend per share for 2024 for a total payout of €272 million, the €33 million cost of share buybacks carried out by the Group in 2025 and €24 million in interest paid on hybrid bonds. At end-2025, net debt and hybrid bonds represented 2.5x last twelve months EBITDA.","length":406,"tagName":"p"},{"type":"text","content":" CSR PERFORMANCE ","length":15,"tagName":"p"},{"type":"text","content":"The Group continued to deliver its Corporate Social Responsibility roadmap and to make progress on its main indicators, achieving a strong performance in 2025.","length":159,"tagName":"p"},{"type":"text","content":"In terms of safety, the Group maintained its high standards and reduced again the Process Safety Event Rate per million hours worked (PSER), reaching 2.1 (2.5 in 2024), moving closer to its 2030 target at 2.0. The Total Recordable Injury Rate per million hours worked (TRIR) remained stable at 0.8, positioning Arkema among the leaders of the industry.","length":352,"tagName":"p"},{"type":"text","content":"As part of its commitment to the climate, the Group continued to reduce its Scopes 1 + 2 GHG emissions, reaching -48.7% at the end of 2025 compared to the 2019 reference, as well as its Scope 3 emissions reaching -64% versus 2019. This performance reflects notably the roll out of Arkema’s initiatives to support its climate plan, including a new biomethane supply agreement with Engie in 2025, covering some 85% of the annual gas consumption of the four main Bostik sites in France, as well as new long term renewable energy agreements in the United States, contributing to increase the share of renewable sources in total electricity consumed by the US sites to more than 70%.","length":678,"tagName":"p"},{"type":"text","content":"The Group has also further reduced its water withdrawals and waste treated without recovery, and has set new 2030 targets for both indicators, in light of the strong achievements in 2025.","length":187,"tagName":"p"},{"type":"text","content":"In terms of sustainable offering, ImpACT+ solutions continued to grow, reaching 57% of the Group’s sales (53% in 2024), and 73% of the Group’s sales are now covered by a life‑cycle assessment (68% in 2024).","length":206,"tagName":"p"},{"type":"text","content":"Finally, Arkema obtained for the 3 rd consecutive year the Top Employer certification in 10 countries and the Top Employer Europe label, demonstrating the excellence of its practices and its commitment to a working environment that fosters inclusion and diversity. The proportion of women in senior management and leadership positions has also continued to increase, reaching 31% at the end of 2025 (30% at end-2024).","length":416,"tagName":"p"},{"type":"text","content":" 2025 PERFORMANCE BY SEGMENT ","length":27,"tagName":"p"},{"type":"text","content":" ADHESIVE SOLUTIONS (30% OF TOTAL GROUP SALES) ","length":45,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;vertical-align:middle;border-bottom:solid black 1.0pt;padding-left:0.0px;width:52%;","val":[{"type":"text","content":" in millions of euros ","length":20,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:middle;border-right:solid black 1.0pt;padding-left:0.0px;width:3%;","val":[]},{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;border-bottom:solid black 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In an overall weak demand environment in industrial adhesives, volumes were down 2.5% on the previous year and were also impacted by the slowdown observed in the United States in the second half, particularly in packaging, transportation and construction. Price effect was limited to a negative 0.9%, reflecting notably the decrease of certain raw materials costs. Sales also included a 3.0% negative currency effect.","length":686,"tagName":"p"},{"type":"text","content":"Segment EBITDA stood at €365 million , reflecting notably the lower volumes and the unfavorable currency effect. The EBITDA margin was down to 13.3% , and close to 14.0% excluding the 60 bps dilutive effect of Dow's laminating adhesives business, which is in its integration phase.","length":283,"tagName":"p"},{"type":"text","content":" ADVANCED MATERIALS (38% OF TOTAL GROUP SALES) ","length":45,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;vertical-align:middle;border-bottom:solid black 1.0pt;padding-left:0.0px;width:52%;","val":[{"type":"text","content":" in millions of euros ","length":20,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:middle;border-right:solid black 1.0pt;padding-left:0.0px;width:3%;","val":[]},{"colspan":"1","rowspan":"1","style":"text-align:right;list-style-position:inside;background-color:#CCEEFF;padding-left:0.0px;border-bottom:solid black 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