Arkema SA reported mixed fourth-quarter results on Thursday, delivering adjusted EBITDA of €248 million for Q4 2025 - a figure that came in 1% below analyst estimates and 3% under consensus expectations.
Group sales for the quarter were €2.105 billion. On an organic basis, sales declined 3.7% as price reductions of 1.6% combined with volume declines of 2.1%. Currency effects further weighed on reported revenue, reducing sales by 2.9%.
Division-level performance
The company highlighted a split across its business units.
- Intermediates outperformed. Adjusted EBITDA for the unit reached €46 million, beating estimates by 35%. Organic sales in the segment rose 13.2% to €175 million, driven by price increases of 6.3% and volume gains of 6.9%.
- Advanced Materials fell short. Adjusted EBITDA was €113 million, 9% below analyst projections. Margins for the segment contracted by 510 basis points year-on-year. Sales were €820 million, down 1.8% on an organic basis.
- Adhesive Solutions delivered adjusted EBITDA of €70 million, roughly 1% below forecasts. Segment sales were €631 million, a 3.8% organic decline.
- Coating Solutions recorded adjusted EBITDA of €32 million, 2% under estimates, while organic sales decreased 11.9% to €472 million.
Outlook and cash flow
For fiscal year 2026 the company guided to only slight EBITDA growth in constant currency terms. Prior year EBITDA stood at €1.25 billion. Arkema said foreign exchange impacts would largely offset its growth initiatives; analyst estimates referenced in the release stood at €1.33 billion.
The company reported no improvement in demand conditions entering the first quarter.
Operating cash flow for Q4 was €549 million, compared with €482 million in the same period a year earlier. Free cash flow reached €269 million versus €148 million in the prior-year quarter.
On the balance sheet, net debt including hybrid bonds totaled €3.17 billion, equivalent to 2.5 times net debt to EBITDA. The company declared a dividend of €3.6 per share.
What this means
Arkema's quarterly results show uneven momentum across its portfolio: Intermediates posted notable outperformance while several other segments missed expectations and experienced organic sales declines. The firm expects only modest EBITDA growth next year in constant currency, with foreign exchange movements cited as largely offsetting growth plans. Cash generation strengthened year-on-year for the quarter, and net leverage remained at a multiple of 2.5 on the company basis reported.