Clariant AG Overview
Clariant is a mid-cap Swiss specialty chemical company that has spent a decade shrinking and upgrading itself. After selling Masterbatches (2020) and Pigments (2022) and exiting bioethanol (2023), it now runs three business units: Care Chemicals (54 % of 2025 sales), Catalysts (21 %) and Adsorbents & Additives (25 %). FY 2025 sales were CHF 3.915 billion with an EBITDA margin before exceptional items of 17.8 %, the third consecutive annual improvement. Its franchise rests on surfactant and ethoxylation chemistry for consumer and industrial formulators, a globally relevant independent process-catalyst business (CATOFIN propane dehydrogenation, syngas, ethylene and specialty catalysts), bentonite-based adsorbents with captive mines, and halogen-free flame retardants and waxes. SABIC holds 31.5 %, which anchors the register and limits free float. The investment debate turns on whether self-help can lift reported margins to the 19–21 % target by 2027 in a flat demand environment, and on a large, unresolved ethylene-cartel damages overhang.
Discrepancy note: data aggregators (PitchBook, Morningstar) show 10 449 employees; the company's own year-end 2025 figure is 10 281 FTE. The company figure is used throughout.
What the company does. Clariant develops, manufactures and sells specialty chemicals to formulators, industrial processors and chemical producers. It does not sell to consumers. The Integrated Report 2025 states that the Group mainly addresses consumer, industrial and chemical-process end markets and that, since January 2023, business is conducted through three business units.
Company's own description (paraphrased from 2025–2026 releases). Clariant presents itself as a focused, sustainability-oriented specialty chemical company guided by the purpose "Greater chemistry – between people and planet", with strategy built on four pillars: customer focus, innovative chemistry, leadership in sustainability and people engagement.
Independent characterisation. Clariant is a portfolio of three quite different economic models under one balance sheet:
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Care Chemicals is a formulated-ingredient and surfactant business. A large share of volume is ethylene-oxide-derived chemistry (ethoxylates, polyethylene glycols, glucamides) sold into personal and home care, crop protection formulation, industrial applications, oil services, mining flotation and aircraft de-icing. Part of the industrial book is priced by formula against raw material indices, which stabilises unit margin but passes deflation through to the top line (visible in Q4 2025, when pricing fell 1 % for that reason).
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Catalysts is a project-and-refill business. Revenue depends on new-build petrochemical plants (first fills) and on replacement cycles at existing customers, which stretch when customer utilisation is low. This produces lumpy quarters and high operating leverage. Catalysts had the highest BU margin in 2025 (20.8 % before exceptional items) on the lowest sales base in five years.
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Adsorbents & Additives combines a mining-based minerals business (bentonite bleaching earths for edible oil and renewable-fuel purification, foundry additives, desiccants) with polymer additives (phosphorus flame retardants, waxes, stabilisers) exposed to construction, electronics, automotive and coatings.
Revenue model. Essentially 100 % product sales. Service and licensing income exists but is not reported separately: technical service embedded in catalyst and oil-service contracts, the CLARITY digital catalyst-monitoring platform (over 220 customer plants and over 800 users in 38 countries at end-2025, per the FY 2025 release), and process-technology partnerships. There is no subscription revenue line. Product/service/licensing mix: not publicly disclosed.
Value-chain position. Midstream. Clariant buys commodity feedstocks (ethylene oxide, fatty alcohols, natural oils, phosphorus derivatives, metals for catalysts, energy) and mines its own bentonite. It sells performance ingredients and catalysts where qualification, application know-how and regulatory approvals matter more than scale.
Customer types. Consumer goods formulators, agrochemical companies, oil and gas operators, mining companies, airports and airlines, petrochemical and chemical producers, engineering and licensing partners, edible-oil and renewable-fuel refiners, foundries, plastics compounders, and coatings and adhesives producers.
End-market mix. The Integrated Report 2024 gives chemical-process end markets as 21 % of 2024 sales.
Strategy
Stated strategy. Clariant describes a purpose-led growth strategy under the purpose "Greater chemistry – between people and planet" with four pillars: customer focus, innovative chemistry, leading in sustainability and people engagement. The Investor Day of November 2024 set the current framework.
Medium-term targets (to be reached by 2027 at the latest; reconfirmed 31 July 2026).
2026 guidance (unchanged at 31 July 2026). Local-currency sales around flat, offsetting a 1 % drag from 2025 pruning; EBITDA margin before exceptional items around 18 %; free cash flow conversion well over 40 % (raised wording from "around 40 %"). Catalysts sales are now expected below 2025, having been guided as similar in February.
Initiatives in the last 24 months.
Assessment. The profit bridge to the 2027 margin target rests on three things: the remaining CHF 50 million of savings (roughly 1.3 points of margin on current sales), a decline in restructuring charges (the gap between reported and pre-exceptional margin was 1.4 points in 2025), and operating leverage from volume growth. The first two are within management's control and would take the reported margin to about 19 %. The 4–6 % growth target requires a market recovery that has not yet appeared.
Products & Services
Clariant does not disclose pricing for any product line; pricing model is noted only where the company has described it (formula-based or value-based). Brand attributions below come from company product literature known to the analyst and from 2025–2026 press releases; launch years are given only where verified. This catalog covers the major lines; Clariant sells several thousand individual grades and a grade-level list is not publicly consolidated.
Care Chemicals
| Product line / brand | Description | Target customer | Notes |
|---|---|---|---|
| GlucoTain, GlucoPure | Sugar-based glucamide surfactants for mild cleansing and hand dishwashing | Personal and home care formulators | Bio-based positioning |
| Hostapon | Isethionate and taurate mild surfactants | Personal care | — |
| Genapol, Genagen, Emulsogen | Non-ionic surfactants, emulsifiers, ethoxylates | Home care, industrial, crop | Core ethoxylation output |
| Aristoflex | Synthetic rheology modifiers and sensory polymers | Skin and hair care | — |
| Hostacerin, Plantasens | Emulsifier systems and natural-origin emollients | Personal care | — |
| Genadvance | Conditioning ingredients for hair care | Hair care | — |
| Nipaguard, Velsan | Preservation systems and boosters | Personal care | — |
| Vita range | Fully bio-based surfactants and polyethylene glycols | Consumer and industrial customers with carbon targets | Launched 2021 (recollection) |
| TexCare | Soil-release and anti-redeposition polymers | Laundry detergents | — |
| Polyglykol | Polyethylene and polyalkylene glycols | Pharma, industrial, personal care | Largely formula-priced |
| Lucas Meyer Cosmetics by Clariant | Cosmetic active ingredients, functional ingredients and delivery systems | Prestige and mass skincare brands | Acquired April 2024; contributed 1 % scope growth to FY 2025 |
| Beraca | Natural ingredients sourced from Brazilian biodiversity | Personal care | Acquired 2021 (recollection) |
| Synergen, Dispersogen, Hostaphat (crop grades) | Adjuvants, dispersants and emulsifiers for agrochemical formulations | Crop protection companies | Crop Solutions was the fastest-growing Care segment in FY 2025 |
| Industrial Applications range | Additives for paints and coatings, construction, metalworking and industrial lubricants | Industrial formulators | Most pronounced decline in FY 2025; tariff uncertainty cited |
| Safewing, Safeway | Aircraft and runway de-icing and anti-icing fluids | Airports, airlines | Seasonal; weather dependent |
| Oil Services chemicals | Production chemicals: demulsifiers, corrosion and scale inhibitors, hydrogen sulphide scavengers, flow assurance, deepwater programmes | Oil and gas operators | A February 2026 company article describes work on the ultra-high-pressure Shenandoah deepwater field |
| Flotigam, Flotinor, Hostaflot | Flotation collectors and frothers | Mining companies (iron ore, phosphate, potash, base metals) | Mining Solutions grew strongly in Q4 2025 |
Reported business segments: Personal & Home Care, Crop Solutions, Industrial Applications, Base Chemicals (including Aviation), Oil Services, Mining Solutions.
Capacity note: a second production line at Daya Bay (Huizhou, China) became fully operational in November 2025, completing a CHF 100 million investment (company press material, 2026).
Catalysts
| Product line / brand | Description | Target customer | Notes |
|---|---|---|---|
| CATOFIN | Propane and isobutane dehydrogenation catalyst used in the CATOFIN process | Propylene and isobutylene producers | Selected for more than 40 new projects since 2017 (April 2026 release) |
| CATOFIN 1000 | Next-generation dehydrogenation catalyst with higher selectivity and up to 20 % lower tar precursors versus the 310 series | PDH operators | Launched 28 April 2026 |
| Heat Generating Material (HGM) | Metal-oxide material that improves heat balance in CATOFIN reactors | PDH operators | Referenced in November 2025 Ningxia Runfeng release |
| Polypropylene catalysts | Ziegler-Natta catalysts for polypropylene | Polyolefin producers | — |
| OleMax | Selective hydrogenation and purification catalysts for steam-cracker streams | Ethylene producers | Ethylene catalysts grew in FY 2025 |
| StyroMax | Ethylbenzene dehydrogenation catalysts | Styrene producers | — |
| MegaMax | Methanol synthesis catalysts | Methanol producers, e-methanol projects | — |
| AmoMax | Ammonia synthesis catalysts | Ammonia and fertiliser producers | — |
| ReforMax, ShiftMax | Steam reforming and water-gas shift catalysts | Hydrogen and syngas plants | — |
| FAMAX | Formaldehyde synthesis catalysts | Formaldehyde producers | Used at a 100 kt/a plant in Inner Mongolia started in March 2026 with Wuxi Xiyuan Engineering Technology |
| EnviCat | Emission-control catalysts (nitrous oxide, volatile organic compounds) | Chemical plants, stationary sources | — |
| SynDane, PhthaliMax, OxyMax | Selective oxidation catalysts (maleic anhydride, phthalic anhydride, oxychlorination) | Specialty chemical producers | — |
| Zeolites and custom catalysts | Zeolite powders and tailored catalysts | Refining, petrochemical and biofuel developers | Vertimass partnership announced 3 March 2026 |
| CLARITY | Digital portal for catalyst performance monitoring and predictive insight | All catalyst customers | Over 220 plants, over 800 users, 38 countries at end-2025 |
| sunliquid | Cellulosic ethanol technology | — | Commercial plant closed; activity downsized (2023 decision) |
Reported business segments: Propylene, Ethylene, Syngas & Fuels, Specialties.
Adsorbents & Additives
| Product line / brand | Description | Target customer | Notes |
|---|---|---|---|
| Tonsil | Activated bleaching earths for purification of edible oils and renewable-fuel feedstocks | Edible-oil refiners, renewable diesel and sustainable aviation fuel producers | US renewable-fuel demand was a growth driver in 2024 and a drag in late 2025 when regulation was delayed |
| Foundry additives (Geko, Ecosil) | Bentonite-based binders and lustrous carbon formers | Iron foundries, automotive castings | Exposed to European automotive weakness |
| Desi Pak, Container Dri | Desiccants for cargo and device protection | Logistics, electronics, industrial packaging | — |
| Attapulgite products | Purification and specialty mineral products | Renewable fuels and industrial | Assets bought from BASF in 2022 |
| Exolit OP | Phosphinate halogen-free flame retardants | Engineering plastics for e-mobility and electronics | Flame retardants grew in Q2 2026 |
| Exolit AP 422 A | Next-generation ammonium polyphosphate flame retardant free of substances of very high concern | Intumescent coatings, construction | Launched mid-2026 |
| Licocene, Licowax, Ceridust | Metallocene, montan and micronised waxes | Hot-melt adhesives, plastics, coatings, inks | — |
| Licocare RBW | Rice-bran-wax-based processing additives | Engineering plastics, PVC | US FDA food-contact approval expanded to rigid PVC (H1 2026 release) |
| Hostavin, Hostanox, AddWorks | Light stabilisers, antioxidants and additive packages | Plastics, coatings, fibres | — |
| AddWorks titanium-based polyester catalysts | Antimony-free polymerisation catalysts for PET | Polyester producers | Shown at K 2025; commercial launch scheduled for 2026 |
Reported segments: Adsorbents (by region) and Additives (coatings and adhesives, polymer solutions, flame retardants).
Product Portfolio
| Product line / brand | Description | Target customer | Notes |
|---|---|---|---|
GlucoTain, GlucoPure | Sugar-based glucamide surfactants for mild cleansing and hand dishwashing | Personal and home care formulators | Bio-based positioning |
Hostapon | Isethionate and taurate mild surfactants | Personal care | — |
Genapol, Genagen, Emulsogen | Non-ionic surfactants, emulsifiers, ethoxylates | Home care, industrial, crop | Core ethoxylation output |
Aristoflex | Synthetic rheology modifiers and sensory polymers | Skin and hair care | — |
Hostacerin, Plantasens | Emulsifier systems and natural-origin emollients | Personal care | — |
Genadvance | Conditioning ingredients for hair care | Hair care | — |
Nipaguard, Velsan | Preservation systems and boosters | Personal care | — |
Vita range | Fully bio-based surfactants and polyethylene glycols | Consumer and industrial customers with carbon targets | Launched 2021 (recollection) |
TexCare | Soil-release and anti-redeposition polymers | Laundry detergents | — |
Polyglykol | Polyethylene and polyalkylene glycols | Pharma, industrial, personal care | Largely formula-priced |
Lucas Meyer Cosmetics by Clariant | Cosmetic active ingredients, functional ingredients and delivery systems | Prestige and mass skincare brands | Acquired April 2024; contributed 1 % scope growth to FY 2025 |
Beraca | Natural ingredients sourced from Brazilian biodiversity | Personal care | Acquired 2021 (recollection) |
Synergen, Dispersogen, Hostaphat (crop grades) | Adjuvants, dispersants and emulsifiers for agrochemical formulations | Crop protection companies | Crop Solutions was the fastest-growing Care segment in FY 2025 |
Industrial Applications range | Additives for paints and coatings, construction, metalworking and industrial lubricants | Industrial formulators | Most pronounced decline in FY 2025; tariff uncertainty cited |
Safewing, Safeway | Aircraft and runway de-icing and anti-icing fluids | Airports, airlines | Seasonal; weather dependent |
Oil Services chemicals | Production chemicals: demulsifiers, corrosion and scale inhibitors, hydrogen sulphide scavengers, flow assurance, deepwater programmes | Oil and gas operators | A February 2026 company article describes work on the ultra-high-pressure Shenandoah deepwater field |
Flotigam, Flotinor, Hostaflot | Flotation collectors and frothers | Mining companies (iron ore, phosphate, potash, base metals) | Mining Solutions grew strongly in Q4 2025 |
| Product line / brand | Description | Target customer | Notes |
|---|---|---|---|
CATOFIN | Propane and isobutane dehydrogenation catalyst used in the CATOFIN process | Propylene and isobutylene producers | Selected for more than 40 new projects since 2017 (April 2026 release) |
CATOFIN 1000 | Next-generation dehydrogenation catalyst with higher selectivity and up to 20 % lower tar precursors versus the 310 series | PDH operators | Launched 28 April 2026 |
Heat Generating Material (HGM) | Metal-oxide material that improves heat balance in CATOFIN reactors | PDH operators | Referenced in November 2025 Ningxia Runfeng release |
Polypropylene catalysts | Ziegler-Natta catalysts for polypropylene | Polyolefin producers | — |
OleMax | Selective hydrogenation and purification catalysts for steam-cracker streams | Ethylene producers | Ethylene catalysts grew in FY 2025 |
StyroMax | Ethylbenzene dehydrogenation catalysts | Styrene producers | — |
MegaMax | Methanol synthesis catalysts | Methanol producers, e-methanol projects | — |
AmoMax | Ammonia synthesis catalysts | Ammonia and fertiliser producers | — |
ReforMax, ShiftMax | Steam reforming and water-gas shift catalysts | Hydrogen and syngas plants | — |
FAMAX | Formaldehyde synthesis catalysts | Formaldehyde producers | Used at a 100 kt/a plant in Inner Mongolia started in March 2026 with Wuxi Xiyuan Engineering Technology |
EnviCat | Emission-control catalysts (nitrous oxide, volatile organic compounds) | Chemical plants, stationary sources | — |
SynDane, PhthaliMax, OxyMax | Selective oxidation catalysts (maleic anhydride, phthalic anhydride, oxychlorination) | Specialty chemical producers | — |
Zeolites and custom catalysts | Zeolite powders and tailored catalysts | Refining, petrochemical and biofuel developers | Vertimass partnership announced 3 March 2026 |
CLARITY | Digital portal for catalyst performance monitoring and predictive insight | All catalyst customers | Over 220 plants, over 800 users, 38 countries at end-2025 |
sunliquid | Cellulosic ethanol technology | — | Commercial plant closed; activity downsized (2023 decision) |
| Product line / brand | Description | Target customer | Notes |
|---|---|---|---|
Tonsil | Activated bleaching earths for purification of edible oils and renewable-fuel feedstocks | Edible-oil refiners, renewable diesel and sustainable aviation fuel producers | US renewable-fuel demand was a growth driver in 2024 and a drag in late 2025 when regulation was delayed |
Foundry additives (Geko, Ecosil) | Bentonite-based binders and lustrous carbon formers | Iron foundries, automotive castings | Exposed to European automotive weakness |
Desi Pak, Container Dri | Desiccants for cargo and device protection | Logistics, electronics, industrial packaging | — |
Attapulgite products | Purification and specialty mineral products | Renewable fuels and industrial | Assets bought from BASF in 2022 |
Exolit OP | Phosphinate halogen-free flame retardants | Engineering plastics for e-mobility and electronics | Flame retardants grew in Q2 2026 |
Exolit AP 422 A | Next-generation ammonium polyphosphate flame retardant free of substances of very high concern | Intumescent coatings, construction | Launched mid-2026 |
Licocene, Licowax, Ceridust | Metallocene, montan and micronised waxes | Hot-melt adhesives, plastics, coatings, inks | — |
Licocare RBW | Rice-bran-wax-based processing additives | Engineering plastics, PVC | US FDA food-contact approval expanded to rigid PVC (H1 2026 release) |
Hostavin, Hostanox, AddWorks | Light stabilisers, antioxidants and additive packages | Plastics, coatings, fibres | — |
AddWorks titanium-based polyester catalysts | Antimony-free polymerisation catalysts for PET | Polyester producers | Shown at K 2025; commercial launch scheduled for 2026 |
Financial Narrative
Sources: FY 2022 Financial Review (FY 2021, FY 2022); FY 2023 financial figures (FY 2023); FY 2025 condensed consolidated statements (FY 2024, FY 2025). FY 2021–2023 income statement lines are continuing operations; "Net income total" includes discontinued operations (Pigments). All figures CHF million unless stated.
Margins
Revenue CAGR FY 2021–FY 2025: minus 2.7 % per year in Swiss francs (computed). The franc figure understates underlying performance: 2025 alone carried a 6 % currency headwind, and 2023 included disposals.
Cash flow
Company-stated free cash flow was CHF 216 million for FY 2023 (36 % conversion), CHF 209 million for FY 2024 (32 %) and CHF 273 million for FY 2025 (42 %). The small FY 2023 difference from my computed figure reflects definitional detail. Clariant has no share buyback programme; treasury purchases serve employee share plans.
Ratios
Notes on the ratios. The company reports net debt to EBITDA before exceptional items of 2.03x for 2025 and 2.25x for 2024. FY 2025 interest coverage is distorted by the CHF 230 million translation charge booked in finance costs; excluding it, coverage is about 3.5x. The cash conversion cycle uses the balance sheet line "trade payables and other liabilities", which overstates payable days, so the level is indicative and the trend is the useful information. The FY 2021 current ratio excludes assets held for sale.
Commentary on trends, inflections and drivers
Revenue. Sales peaked at CHF 5.198 billion in 2022 on 24 % local-currency growth driven by price increases passing through raw material inflation. The fall to CHF 4.377 billion in 2023 combined 7 % lower volumes from destocking, disposals (Quats, North American Land Oil) and a strong franc. In 2024 sales fell a further 3 % in local currency, almost entirely due to Catalysts (minus 9 %). 2025 was flat in local currency with pricing flat, volume down 1 % and Lucas Meyer adding 1 % scope; the 6 % reported decline was currency.
Gross margin. The 2022 trough of 19.7 % is not an operating signal: CHF 468 million of exceptional items, mainly impairments, sat in cost of goods sold. The recovery to about 30 % in 2024–2025 reflects their absence, pricing discipline in a mildly deflationary raw material environment and the savings programmes. H1 2026 gross margin was 31.5 % (H1 2026 Financial Review).
EBITDA. Before exceptional items, the margin moved from 17.4 % (2021) to 14.6 % (2023) and back to 17.8 % (2025). Management attributes the recovery to the completed CHF 175 million programme, CHF 50 million delivered in 2025 from the Investor Day programme and effective pricing. Absolute EBITDA before exceptional items in 2025 (CHF 697 million) remains below 2021 (CHF 760 million) and well below 2022 (CHF 893 million), so the margin recovery has come on a smaller base.
Net income. Bottom-line results have been volatile for reasons largely outside operations: 2022 impairments, the 2023 loss from discontinued operations (CHF 34 million), and the 2025 translation charge on the Venezuelan exit. The company's adjusted 2025 net income is CHF 189 million. Reported earnings per share have covered the CHF 0.42 distribution in only two of the last five years (2021 and 2024).
Balance sheet. Net debt halved in 2022 with the Pigments proceeds and doubled again in 2024 with the Lucas Meyer purchase. Intangibles rose by about CHF 755 million in 2024. Equity fell in 2025 because of the par value distribution, the net loss and translation effects. Pension liabilities (net defined benefit liability CHF 426 million at end-2025) are a further quasi-debt item not included in company net debt.
Cash flow. Operating cash flow has been remarkably stable at CHF 418–421 million for three years. The improvement in free cash flow in 2025 came from lower capital expenditure (CHF 145 million versus 207 million) rather than higher operating cash generation. Working capital absorbed cash in 2025 (inventories and payables both moved adversely) and the computed cash conversion cycle has lengthened every year since 2021. H1 2026 operating cash flow improved to CHF 168.7 million from 115.9 million.
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Revenue by Segment
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Care Chemicals – Sales (CHF Mn) | 2,318 | 2,242 | 2,112 |
Catalysts – Sales (CHF Mn) | 1,000 | 883 | 816 |
Adsorbents & Additives – Sales (CHF Mn) | 1,059 | 1,027 | 987 |
Group – Sales (CHF Mn) | 4,377 | 4,152 | 3,915 |
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View Subscription PlansRevenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Care Chemicals – share of sales (%) | 53.0 | 54.0 | 53.9 |
Catalysts – share of sales (%) | 22.8 | 21.3 | 20.8 |
Adsorbents & Additives – share of sales (%) | 24.2 | 24.7 | 25.2 |
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View Subscription PlansResults by Segment and Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Care Chemicals – EBITDA (CHF Mn) | 461 | 403 | 386 |
Catalysts – EBITDA (CHF Mn) | 103 | 174 | 164 |
Adsorbents & Additives – EBITDA (CHF Mn) | 119 | 155 | 158 |
Corporate – EBITDA (CHF Mn, computed residual) | -76 | -75 | -65 |
Group – EBITDA (CHF Mn) | 607 | 657 | 643 |
Care Chemicals – EBITDA margin (%) | 19.9 | 18.0 | 18.3 |
Catalysts – EBITDA margin (%) | 10.3 | 19.7 | 20.1 |
Adsorbents & Additives – EBITDA margin (%) | 11.2 | 15.1 | 16.0 |
Group – EBITDA margin (%) | 13.9 | 15.8 | 16.4 |
Results by Segment and Segment Margins & Growth (%) (FY2024–FY2025)
| Metric | FY2024 | FY2025 |
|---|---|---|
Care Chemicals – EBITDA before exceptional items (CHF Mn) | 408 | 407 |
Catalysts – EBITDA before exceptional items (CHF Mn) | 154 | 170 |
Adsorbents & Additives – EBITDA before exceptional items (CHF Mn) | 162 | 169 |
Group – EBITDA before exceptional items (CHF Mn) | 663 | 697 |
Care Chemicals – margin before exceptional items (%) | 18.2 | 19.3 |
Catalysts – margin before exceptional items (%) | 17.4 | 20.8 |
Adsorbents & Additives – margin before exceptional items (%) | 15.8 | 17.1 |
Group – margin before exceptional items (%) | 16.0 | 17.8 |
Segment Margins & Growth (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Care Chemicals – sales growth in CHF (%) | -3.3 | -5.8 |
Care Chemicals – sales growth in local currency (%) | -1 | 0 |
Catalysts – sales growth in CHF (%) | -11.7 | -7.6 |
Catalysts – sales growth in local currency (%) | -9 | -2 |
Adsorbents & Additives – sales growth in CHF (%) | -3.0 | -3.9 |
Adsorbents & Additives – sales growth in local currency (%) | 0 | 0 |
Group – sales growth in CHF (%) | -5.1 | -5.7 |
Group – sales growth in local currency (%) | -3 | 0 |
Results by Segment
| Metric | FY2021 | FY2022 |
|---|---|---|
Care Chemicals (old definition) – Sales (CHF Mn) | 1,699 | 2,099 |
Catalysis – Sales (CHF Mn) | 907 | 989 |
Natural Resources – Sales (CHF Mn) | 1,766 | 2,110 |
Care Chemicals (old) – EBITDA (CHF Mn) | 351 | 469 |
Catalysis – EBITDA (CHF Mn) | 152 | 93 |
Natural Resources – EBITDA (CHF Mn) | 300 | 380 |
Corporate – EBITDA (CHF Mn) | -95 | -132 |
Catalysis – Operating income (CHF Mn) | 82 | -219 |
Natural Resources – Operating income (CHF Mn) | 209 | 58 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (CHF Mn) | 4,372 | 5,198 | 4,377 | 4,152 | 3,915 |
Gross profit (CHF Mn) | 1,295 | 1,025 | 1,109 | 1,259 | 1,172 |
Operating income / EBIT (CHF Mn) | 440 | 72 | 282 | 440 | 362 |
EBITDA reported (CHF Mn) | 708 | 810 | 607 | 657 | 643 |
EBITDA before exceptional items (CHF Mn) | 760 | 893 | 641 | 663 | 697 |
Pre-tax income (CHF Mn) | 394 | 6 | 218 | 370 | 46 |
Net income from continuing operations (CHF Mn) | 292 | -101 | 213 | 280 | -41 |
Net income total Group (CHF Mn) | 373 | 116 | 179 | 280 | -41 |
Net income attributable to shareholders, total (CHF Mn) | 344 | 84 | 134 | 244 | -75 |
EPS basic, total (CHF) | 1.04 | 0.26 | 0.41 | 0.74 | -0.23 |
EPS diluted, total (CHF) | 1.04 | 0.26 | 0.41 | 0.74 | -0.23 |
EPS basic, continuing operations (CHF) | 0.81 | -0.40 | 0.51 | 0.74 | -0.23 |
Distribution per share for the year (CHF) | 0.40 | 0.42 | 0.42 | 0.42 | 0.42 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 29.6 | 19.7 | 25.3 | 30.3 | 29.9 |
Operating margin (%) | 10.1 | 1.4 | 6.4 | 10.6 | 9.2 |
EBITDA margin reported (%) | 16.2 | 15.6 | 13.9 | 15.8 | 16.4 |
EBITDA margin before exceptional items (%) | 17.4 | 17.2 | 14.6 | 16.0 | 17.8 |
Net margin, total net income (%) | 8.5 | 2.2 | 4.1 | 6.7 | -1.0 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (CHF Mn) | 7,038 | 6,188 | 5,347 | 6,264 | 5,871 |
Cash and cash equivalents (CHF Mn) | 415 | 394 | 488 | 388 | 411 |
Short-term deposits (CHF Mn) | 12 | 324 | 105 | 7 | 206 |
Financial debt, current (CHF Mn) | 709 | 355 | 333 | 270 | 329 |
Financial debt, non-current (CHF Mn) | 958 | 870 | 765 | 1,422 | 1,530 |
Lease liabilities (CHF Mn) | 282 | 239 | 251 | 192 | 172 |
Net debt, company definition (CHF Mn) | 1,535 | 750 | 755 | 1,489 | 1,413 |
Total equity incl. non-controlling interests (CHF Mn) | 2,544 | 2,513 | 2,180 | 2,508 | 2,182 |
Equity attributable to shareholders (CHF Mn) | 2,358 | 2,341 | 2,018 | 2,335 | 2,024 |
Intangible assets incl. goodwill (CHF Mn) | 1,280 | 997 | 911 | 1,666 | 1,467 |
Inventories (CHF Mn) | 691 | 796 | 624 | 649 | 641 |
Trade receivables (CHF Mn) | 729 | 725 | 567 | 635 | 614 |
Trade payables and other liabilities (CHF Mn) | 985 | 1,009 | 740 | 746 | 636 |
Trade working capital, computed (CHF Mn) | 435 | 512 | 451 | 538 | 619 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net cash from operating activities (CHF Mn) | 363 | 502 | 421 | 418 | 419 |
Capex, property plant and equipment (CHF Mn) | 357 | 209 | 205 | 207 | 145 |
Capex, intangibles (CHF Mn) | 3 | 3 | 2 | 2 | 1 |
Free cash flow, operating cash flow less capex, computed (CHF Mn) | 3 | 290 | 214 | 209 | 273 |
Distributions to Clariant shareholders (CHF Mn) | 230 | 132 | 138 | 139 | 138 |
Purchase of treasury shares (CHF Mn) | 16 | 8 | 8 | 14 | 0 |
Cash paid for business combinations (CHF Mn) | 91 | 64 | 0 | 729 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE, attributable income on average shareholders' equity, computed (%) | 14.8 | 3.6 | 6.1 | 11.2 | -3.4 |
ROA, total net income on year-end assets, computed (%) | 5.3 | 1.9 | 3.3 | 4.5 | -0.7 |
ROIC, company definition (%) | 9.9 | 1.5 | 6.6 | 9.2 | 6.9 |
Current ratio, computed (x) | 0.99 | 1.41 | 1.40 | 1.47 | 1.64 |
Financial debt to total equity, computed (x) | 0.66 | 0.49 | 0.50 | 0.67 | 0.85 |
Net debt to reported EBITDA, computed (x) | 2.17 | 0.93 | 1.24 | 2.27 | 2.20 |
Interest coverage, EBIT to finance costs, computed (x) | 6.3 | 0.9 | 2.6 | 4.4 | 1.1 |
Asset turnover, sales to year-end assets, computed (x) | 0.62 | 0.84 | 0.82 | 0.66 | 0.67 |
Cash conversion cycle, computed (days) | 26 | 32 | 34 | 44 | 58 |
Region Margins & Growth (%)
| Metric | FY2023 | FY2024 |
|---|---|---|
Europe, Middle East & Africa – local-currency sales growth (%) | -12 | -4 |
Americas – local-currency sales growth (%) | -12 | -2 |
Asia-Pacific – local-currency sales growth (%) | -6 | -2 |
Revenue by Region
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
United States – Sales (CHF Mn) | 709 | 658 | 671 |
India – Sales (CHF Mn) | 295 | 263 | 276 |
Middle East & Africa – Sales (CHF Mn) | 426 | 366 | 378 |
Asia-Pacific excl. China and India – Sales (CHF Mn) | 514 | 461 | 456 |
Switzerland – Sales (CHF Mn) | 31 | 27 | 34 |
Capital Markets
| Item | Value | Source |
|---|---|---|
Share price | CHF 10.48 (18 Sep 2026); CHF 10.51 (25 Aug 2026) | Investing.com; Morningstar |
52-week range | CHF 6.55–11.04 | Investing.com |
Market capitalisation | About CHF 3.47 billion | Investing.com |
1-year change | About plus 44 % | MarketScreener (late September 2026) |
3-year change | About minus 27 % | MarketScreener |
5-year change | Not directly retrieved; five-year high CHF 20.40, low CHF 6.55 | MarketScreener price extremes |
10-year high | CHF 29.48 | MarketScreener |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
EV / EBITDA before exceptional items | 7.1x | FY 2025 CHF 697 million |
EV / reported EBITDA | 7.7x | FY 2025 CHF 643 million |
EV / Sales | 1.27x | FY 2025 |
Price / book | 1.71x | Shareholders' equity CHF 2 024 million at end-2025 |
P/E on company-adjusted net income | About 22x | CHF 189 million less CHF 34 million minorities |
Per-Share Data and Capital Markets Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Distribution per share (CHF) | 0.40 | 0.42 | 0.42 | 0.42 | 0.42 |
Total paid in following year (CHF Mn) | 132 | 138 | 139 | 138 | — |
Par value per share after distribution (CHF) | 2.60 | 2.18 | 1.76 | 1.34 | 0.92 |
Credit Ratings
| Agency | Rating | Outlook | Status |
|---|---|---|---|
S&P Global | BBB minus long-term; A-3 short-term | Stable | Affirmed 19 July 2024; shown on the company's rating page |
Moody's | Ba1 | Positive when last retrieved (28 November 2023) | — |
Fitch | Not rated | — | Recollection |
Capital Instruments
| Instrument | Maturity | Notes |
|---|---|---|
1.125 % bond | 15 Apr 2026 | Matured (scheduled) |
2.375 % bond | 30 Mar 2027 | Outstanding |
Green bond, CHF 175 million | 2027 | — |
2.75 % bond | 22 Sep 2028 | Issued 2023 |
2.75 % bond | 28 Mar 2031 | Issued 2024 |
Analyst Conclusions
Management guidance (31 July 2026). FY 2026 local-currency sales around flat; EBITDA margin before exceptional items around 18 %; free cash flow conversion well over 40 %; savings run-rate CHF 90 million by year-end and CHF 100 million in 2027; medium-term targets of 4–6 % growth, 19–21 % reported EBITDA margin and about 40 % cash conversion by 2027 at the latest.
Target prices cluster around the current share price, implying the market sees the recovery as largely priced in.
Bull case
-
Margin targets are mostly self-help. Clariant has delivered CHF 69 million of the CHF 100 million programme by mid-2026, and exceptional charges should fall away in 2027. Those two effects alone move the reported margin from 16.4 % to about 19 % without volume growth.
-
Catalysts is at a cyclical low with a visible trigger. Sales of CHF 816 million in 2025 compare with CHF 1.0 billion in 2023, yet the unit earned a 20.8 % margin. Deferred Middle East and Asian orders, CATOFIN 1000 and the September 2026 PDH contract point to recovery with high incremental margins.
-
Litigation risk is easing. The first court to rule on substance found no proof of market harm. If other courts follow, the largest overhang on the equity narrows, and SABIC's stake gives strategic optionality.
Bear case
-
There is no growth. Local-currency sales have not grown since 2022, and the 4–6 % target depends on a market recovery management itself does not forecast for 2026. Cost programmes cannot be repeated indefinitely.
-
Earnings quality is poor. Exceptional items have recurred every year, reported EPS has not covered the distribution in three of five years, and the par-value distribution mechanism runs out after two more payments.
-
The balance sheet has little room. Leverage is 2.2x on a BBB minus rating, with pensions on top, and more than EUR 10 billion of joint-and-several claims remain in German and Dutch courts where the Amsterdam ruling is not binding.
Catalysts and monitorables for the next 12 months
Analyst verdict. Clariant today is a better business than at any point in the last decade, and a smaller one. Management under Conrad Keijzer has done what it said on cost and margin: three years of improvement, a pre-exceptional EBITDA margin of 17.8 %, top-quartile customer and safety metrics, and cash conversion already at target. It showed in the second quarter of 2026 that it can push through price when input costs jump. Those are real achievements in the weakest European chemical market in a generation.
The limits are equally clear. Sales have not grown organically since 2022, the franc erodes reported figures every year, and reported net income has been damaged repeatedly by items management labels exceptional. The 2027 margin target looks reachable through savings and lower restructuring, but the growth target does not without help from end markets. Lucas Meyer improved the portfolio and used up the balance sheet; with leverage above two times on the lowest investment-grade rating, there is no capacity for another deal of that size and little for buybacks.
Two external factors will decide whether the equity re-rates from about seven times EBITDA. The first is the ethylene litigation, where the Amsterdam dismissal is encouraging but nine or more claims remain. The second is Catalysts, where a cyclical recovery would add high-margin revenue quickly. SABIC's 31.5 % holding is a wild card in either direction.
On balance, the evidence supports a view of Clariant as a well-run, defensively positioned specialty company whose near-term earnings path is credible and whose valuation already reflects it after a 44 % one-year rise. The stock is most sensitive to the second-half 2026 Catalysts recovery and to further court outcomes. Investors should treat reported, not adjusted, margin and free cash flow after restructuring as the measures that matter.
APPENDIX — DATA GAPS AND DISCREPANCIES
| Item | Note |
|---|---|
| Employees | Company 10 281 FTE (end-2025) versus 10 449 on aggregator sites |
| Net income FY 2023 | CHF 213 million from continuing operations versus CHF 179 million total Group; some aggregators show 134 million (attributable to shareholders) |
| BASF claim amount | Reported as EUR 1.4 billion (PYMNTS) and USD 1.62 billion (C&EN) |
| Moody's rating | Last retrieved Ba1 positive (November 2023); not shown on company rating page |
| Regional sales in CHF | percentages for 2024–2025 only |
| FY 2023 segment EBITDA | Derived from reported margins; approximate |
| Executive compensation | CEO total from aggregator summary of the Compensation Report |
| Top-10 shareholders | Only holders above 3 % are disclosed |
| Market sizes and shares | Not publicly disclosed by the company; no third-party figures verified |
| Peer benchmarks | FY 2024 approximations from analyst knowledge; not re-verified |
| ESG ratings other than CDP | — |
| Bond nominal amounts and maturity ladder | — |
| Historical milestones before 2021 | Largely analyst recollection; verify individual dates and deal values before citing |
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Role | Tenure | Background | Compensation |
|---|---|---|---|---|
Conrad Keijzer | Chief Executive Officer | Since 1 Jan 2021 | Dutch; previously CEO of Imerys and senior executive at AkzoNobel (recollection); age 58 and independent director of Neste since March 2024 per Simply Wall St | — |
Oliver Rittgen | Chief Financial Officer | Since 1 Aug 2025 | Nearly 25 years at Bayer; most recently CFO of Bayer Crop Science, earlier CFO of Bayer Consumer Health and regional finance roles in Germany, Finland and Thailand | — |
Christian Vang | President Care Chemicals and Americas | In role since July 2022; with Clariant since February 2008 | Earlier roles at Siegwerk, SICPA and Hempel | Retirement during 2026 announced; six-month advisory period to follow |
Marcelo Lu | President Designate Care Chemicals and Americas | Joined January 2026 | — | — |
Jens Cuntze | President Catalysts and Asia-Pacific | In role since July 2022; about two decades at Clariant | Former head of corporate planning and strategy, petrochemical catalysts and procurement | — |
Angela Cackovich | President Adsorbents & Additives and EMEA | Since July 2022 | Joined from Tesa; earlier Henkel, Celanese, Rohm and Haas, Dow Corning, Hoechst; chemical engineer | — |
Tatiana Berardinelli | Chief Human Resources Officer | Per 2022 announcement | — | — |
Alfred Münch | General Counsel | Per 2022 announcement | — | — |
Chris Hansen | Chief Corporate Development Officer | Appointed 2022 | — | — |
Richard Haldimann | Chief Technology and Sustainability Officer | Per 2022 announcement | — | — |
Board of Directors
| Name | Role | Notes |
|---|---|---|
Ben van Beurden | Independent Chairman; Compensation Committee | Former CEO of Shell; re-elected Chairman with 98.55 % until the 2027 AGM |
Albert Manifold | Independent director (new 2026); Compensation Committee | Irish; Chairman of BP; non-executive director of LyondellBasell and Mercury Engineering |
Regula Wallimann | Independent director (new 2026) | Swiss; audit committee chair at Straumann, Adecco and Swissport |
Claudia Suessmuth Dyckerhoff | Director; Compensation Committee | Re-elected |
Ahmed Mohammed Al Umar | Director; Compensation Committee | SABIC-affiliated (recollection) |
Susanne Wamsler | Director | Member of the former Süd-Chemie shareholder families (recollection) |
Jens Lohmann | Director | German; joined 2024 |
Thilo Mannhardt | Director | Re-elected |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
29 Apr 2025 | CFO Bill Collins announces retirement; Oliver Rittgen appointed from 1 Aug 2025 | Planned succession after three years |
1 Dec 2025 | Marcelo Lu named President Designate Care Chemicals and Americas from January 2026 | Succession for Christian Vang |
19 Jan 2026 | Board proposes Wallimann and Manifold | Board refresh |
1 Apr 2026 | Board cut from eleven to eight | Governance simplification |
Major Shareholders
| Holder | Stake | Source |
|---|---|---|
SABIC (majority-owned by Saudi Aramco) | 31.5 % since 9 Sep 2020 | Integrated Report 2025 |
Konstantin Winterstein and Elisabeth Prinzessin zu Sayn-Wittgenstein (former Süd-Chemie family group) | 5.157 % since Sep 2024 | Integrated Report 2025 |
CEO Conrad Keijzer | About 0.016 % | Simply Wall St |
Competitive Landscape
Competitors by Segment
| Segment | Direct competitors | Clariant's relative position |
|---|---|---|
Care Chemicals – personal and home care | BASF Care Chemicals, Evonik, Croda, Syensqo, Stepan, Kao, Innospec, Nouryon, Dow | Mid-sized specialist; strong in mild surfactants, glucamides and polyethylene glycols; smaller than BASF and Evonik; actives position built through Lucas Meyer |
Care Chemicals – crop | Croda, Nouryon, Syensqo, Stepan, BASF | Established adjuvant and dispersant supplier |
Care Chemicals – oil services | SLB (ChampionX), Baker Hughes, Halliburton, Nalco/Ecolab legacy, Dorf Ketal, Innospec | Sub-scale in North America after exit of land business; focused on offshore and international |
Care Chemicals – mining | Syensqo, Nouryon, Arkema (ArrMaz), Orica, BASF | Among leading suppliers of iron ore and phosphate flotation reagents (company claim; share not disclosed) |
Care Chemicals – aviation de-icing | Dow, Kilfrost, LNT/Cryotech | Leading supplier in Europe (recollection) |
Catalysts | BASF, Johnson Matthey, Topsoe, Honeywell UOP, W. R. Grace, Shell Catalysts & Technologies, Axens, Ketjen (Albemarle), Sinopec Catalyst, Evonik | One of the few independent broad-line process-catalyst houses; leader in dehydrogenation catalyst for the CATOFIN route, competing with UOP's Oleflex route; strong in syngas and styrene |
Adsorbents | BASF (historic), Oil-Dri, EP Minerals, Imerys, Minerals Technologies, Taiko Group, Ashapura group, regional bentonite producers | Global leader in bleaching earths by company claim; captive mines |
Additives – flame retardants | ICL, Lanxess, Italmatch, Albemarle, ADEKA, Budenheim | Leader in phosphinate chemistry |
Additives – waxes and stabilisers | Honeywell, BASF, Songwon, SI Group, BYK (Altana), Mitsui | Niche leader in montan and metallocene waxes |
Peer Comparison FY2024
| Company | Year | Sales | Growth | Margin measure | R&D intensity |
|---|---|---|---|---|---|
Clariant | FY 2025 | CHF 3.9 billion | 0 % local currency; minus 6 % reported | EBITDA before exceptional items 17.8 % | 3.2 % |
Clariant | FY 2024 | CHF 4.2 billion | minus 3 % local currency | EBITDA before exceptional items 16.0 % | 3.0 % |
Evonik | FY 2024 (approx.) | EUR 15.2 billion | roughly flat | Adjusted EBITDA about 13.6 % | about 3 % |
Croda | FY 2024 (approx.) | GBP 1.6 billion | low single-digit decline reported | Adjusted operating margin about 17 % | — |
Syensqo | FY 2024 (approx.) | EUR 6.6 billion | low single-digit decline | Underlying EBITDA about 21–22 % | — |
Recent Developments
Year-end FTEs fell by 184 in 2025.
