First-quarter 2026 results

Stable volumes supported by a stronger March and superior growth in key attractive markets while adapting swiftly to the Middle East context.

Stable Group volumes versus last year, supported by growth across all Specialty Materials segments and an improvement in March after a slow start to the year
- Contrasting dynamics by region, with ongoing growth in Asia in Specialty Materials while overall demand in Europe and in the US remained soft
- Superior YoY growth of ~15% in key attractive markets namely batteries, sports, 3D printing and healthcare
EBITDA at €283 million (€329 million in Q1’25) including an unfavorable currency effect of around €20 million, up 14% versus Q4’25, and EBITDA margin at 13.0% (13.8% in Q1’25)
- Resilience of Coating Solutions and slight increase in Primary Materials
- Significant sequential improvement in Adhesive Solutions versus Q4’25
- Advanced Materials starting the year softly, with better dynamics expected in Q2 supported by High Performance Polymers
Continuing efforts on fixed costs, stable versus last year at constant FX, benefiting from ongoing initiatives to streamline the organization and strict management of operations
Strong and swift focus on pricing actions across all business units since March to offset the high inflation of input costs resulting from the crisis in the Middle East
Recurring cash flow of negative €95 million reflecting the usual seasonality and better than last year, supported by an improved working capital ratio
Outlook: While remaining vigilant about the potential impacts of the Middle East crisis on global demand, input costs and supply disruptions, the Group confirms its target of a slight EBITDA growth at constant currencies in 2026.

Chairman and CEO Thierry Le Hénaff said:

“After a relatively weak January and February, first-quarter performance was eventually slightly better than expected, with the Group demonstrating solid resilience. This was notably supported by our development in key attractive markets, the continued growth in Asia as well as our sustained efforts to tightly manage fixed costs.

The second-quarter environment is marked by the crisis in the Middle East, which is having significant repercussions across the entire supply chain, affecting raw materials, energy and logistics availability and costs. In this context, Arkema is reacting swiftly to adjust its pricing policy and work closely with suppliers and customers to address the situation. The Group will benefit from the regionalization of its manufacturing footprint over the past years, enabling it to serve its customers from their geography.

In parallel, Arkema remains fully focused on the execution of its strategy towards specialties, which is expected to translate into an improved momentum in Adhesive Solutions and High Performance Polymers in the second quarter, benefiting from the completion of major growth projects over recent years.”

Outlook

In an environment marked by the crisis in the Middle East, a key priority of the Group is to address the impacts of the conflict and adjust its pricing policy to offset the inflation of raw materials, energy and logistics costs, relying on its agility and its close relationship with its suppliers and customers. Arkema will remain attentive to other potential effects of this crisis, including on global demand. This situation could also lead temporarily to tighter supply/demand balance in certain value chains, creating some upside for the chemical industry.

Besides, Arkema will continue to tightly manage its operations, control its costs with the aim to offset fixed cost inflation, and ramp up its major projects, which are expected to deliver around €50 million additional EBITDA in 2026 versus 2025. The Group will also manage its capital expenditure at around €600 million in 2026, leaving space for targeted investments in attractive markets.

Based on these elements, the Group confirms its target of a slight EBITDA growth at constant currencies
in 2026.

Moreover, Arkema will pursue the implementation of its strategic roadmap on Specialty Materials, leveraging its cutting-edge innovation, strengthening partnerships with its customers, and deploying its portfolio of technologies to support the development of solutions for a less carbon-intensive and more sustainable world.

Further details concerning the Group's first quarter 2026 results are provided in the "First-quarter 2026 results and outlook" presentation and the "Factsheet", both available on Arkema's website.