Arkema: Second-Quarter 2025 Results

About this update from Arkema Sa

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The Group expects to achieve EBITDA of between €1.3 billion and €1.4 billion in 2025. Recurring cash flow should adjust accordingly to between €300 million and €400 million. Cost-cutting efforts will be strongly reinforced, with Arkema doubling its target for fixed and variable cost savings to €100 million for the year.","length":478,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":478,"olType":false},{"type":"text","content":"Chairman and CEO Thierry Le Hénaff said:","length":40,"tagName":"p"},{"type":"text","content":" "The macroeconomic environment remained difficult in the second quarter, marked notably by the wait-and-see attitude of customers in response to tariffs and by the unfavorable evolution of exchange rates. Arkema's teams continue to adapt with agility and commitment, as they have done in the past in similar contexts, and to work simultaneously across both short- and long-term time horizons. ","length":401,"tagName":"p"},{"type":"text","content":" "In the short term, cost and cash management actions are being significantly strengthened. Furthermore, operating with a long-term perspective, the Group is pursuing its strategy of development centered on innovative materials with the execution of its major projects and its innovation dynamic focused on its large growth platforms such as batteries, sustainable consumer goods or efficient buildings. ","length":407,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" "The ramp-up of our bio-based polyamide plant and the announcement of a new Rilsan ® Clear transparent polyamide unit on our Singapore platform, where we gathered a large number of clients and the local authorities in mid-July, as well as the start-up of our additives plant for refining and biofuels in Texas are all assets which are serving this strategy." ","length":367,"tagName":"p"},{"type":"text","content":" KEY FIGURES ","length":11,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:middle;padding-left:0.0px;width:38%;","val":[]},{"colspan":"1","rowspan":"1","style":"vertical-align:middle;border-right:solid black 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(a) Alternative performance indicator: refer to sections 6 and 8 of the consolidated financial information at the end of June 2025 available at the end of the document for reconciliation tables and definitions ","length":209,"tagName":"p","attribs":{}}]}]}],"length":985},{"type":"text","content":" SECOND-QUARTER 2025 BUSINESS PERFORMANCE ","length":40,"tagName":"p"},{"type":"text","content":"At €2,395 million, Group sales were down 5.6% year-on-year, impacted by a negative 3.3% currency effect reflecting the weakening of the US dollar and of certain Asian currencies against the euro. At constant exchange rates, sales decreased by 2.3%. In a demand environment broadly disappointing in Europe and the United States, and positively oriented in Asia, volumes declined slightly by 1.3%, down in most end-markets. They were supported by Arkema’s growth in several attractive sectors such as sports, batteries, efficient buildings and 3D printing, benefiting from the Group's innovation focus. The negative 2.5% price effect reflected market conditions, the geographical mix and the evolution of certain raw materials. The 1.5% positive scope effect corresponded essentially to the integration of Dow's laminating adhesives.","length":839,"tagName":"p"},{"type":"text","content":"At €364 million , Group EBITDA was down on the previous year (€451 million in Q2'24) and the EBITDA margin remained solid at 15.2% (17.8% in Q2’24). This result benefited from the good resilience of High Performance Polymers and Adhesive Solutions, but reflected the significant decline in Coating Solutions and the decrease in Intermediates compared with the high comparison base of last year. Furthermore, this performance integrated the strengthening of cost control initiatives and included an unfavorable currency effect estimated at around €15 million on EBITDA for the quarter.","length":587,"tagName":"p"},{"type":"text","content":"Recurring depreciation and amortization totaled €166 million, up €17 million on the second quarter of 2024, reflecting the start-up of new production units during 2024, partially offset by a favorable currency effect. Recurring operating income (REBIT) therefore amounted to €198 million (€302 million in Q2’24) and REBIT margin came in at 8.3% (11.9% in Q2’24).","length":362,"tagName":"p"},{"type":"text","content":" Operating income came in at €117 million (€217 million in Q2’24). It included €47 million of exceptional expenses, mainly corresponding to restructuring costs in Hydrogen Peroxides linked notably to the reorganization of the Jarrie site in order to ensure its future by refocusing on activities in which Arkema is one of the world leaders, and resulting in the shutdown of certain production lines of the site.","length":410,"tagName":"p"},{"type":"text","content":" Adjusted net income amounted to €118 million (€214 million in Q2'24), i.e. €1.56 per share.","length":95,"tagName":"p"},{"type":"text","content":" CASH FLOW AND NET DEBT AT 30 JUNE 2025 ","length":38,"tagName":"p"},{"type":"text","content":"Cash generation was solid with recurring cash flow of €111 million (€132 million in Q2'24). It included a small change in working capital, reflecting the Group’s strict management in response to market conditions. At end-June 2025, working capital represented 17.0% of the annualized sales (15.7% at end-June 2024). Recurring cash flow also included lower capital expenditure at €151 million (€170 million in Q2'24), in line with the annual guidance.","length":458,"tagName":"p"},{"type":"text","content":" Free cash flow amounted to €91 million (€117 million in Q2'24), including a non-recurring cash outflow of €20 million, linked notably to restructuring costs and reorganization costs at the Jarrie site in France.","length":215,"tagName":"p"},{"type":"text","content":" Net debt and hybrid bonds came in at €3,580 million at end-June 2025 (€3,425 million at end-March 2025), integrating the €3.60 per share dividend payment in May 2025 for a total amount of €272 million. 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In a weak demand environment, volumes were down 6.6%, notably in the industrial coatings and construction markets, and affected in particular by North America. The negative 3.1% price effect reflected mainly the less favorable market conditions in upstream acrylics. 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