Synthomer PLC reported an uptick in trading momentum during the second quarter of 2026, saying the company has benefited from changed commercial conditions arising from the Iran war. Management highlighted that stronger Q2 performance followed a first quarter that was in line with expectations.
For the full year 2025 the specialty chemicals maker recorded sales of 1,739 million and EBITDA of 136.5 million. Reported margins widened by 40 basis points to 7.8%. Net debt at the year end was 575 million, representing 4.7 times the company EBITDA.
Synthomer noted that its sourcing and procurement capabilities, together with its operational footprint, have positioned the business to pick up benefits from the current commercial environment. The company also said its Middle East capacity, which accounts for approximately 5% of sales, continues to operate normally.
Management has kept the full-year 2026 outlook unchanged, reiterating guidance for year-over-year progress driven by internal initiatives. At the same time, the company completed a refinancing transaction that will increase interest charges going forward. As part of its financial leadership changes, Iain Torrens has been appointed Chief Financial Officer.
Performance by division for the reported period was provided in detail. The Coatings, Construction and Specialties division delivered sales of 699 million and EBITDA of 64.3 million. Adhesive Solutions generated sales of 571 million and EBITDA of 66.0 million. High Performance Materials and Manufacturing recorded sales of 469 million with EBITDA of 24.2 million.
These divisional figures illustrate how different parts of the specialty chemicals platform contributed to overall results, while the company maintains that internal actions remain central to achieving the expected year-over-year progress in 2026.
Summary
Synthomer reported stronger second-quarter 2026 momentum linked to altered commercial conditions from the Iran war, published full-year 2025 sales of 1,739 million and EBITDA of 136.5 million, with margins up 40 basis points to 7.8%. Net debt was 575 million, equal to 4.7 times EBITDA. The company has completed a refinancing that will raise interest costs and appointed Iain Torrens as CFO. Divisional results were disclosed for Coatings, Construction and Specialties; Adhesive Solutions; and High Performance Materials and Manufacturing. Management maintained full-year 2026 guidance for year-over-year progress driven by internal initiatives.
Key points
- Synthomer saw improved Q2 2026 momentum after Q1 trading met expectations - impacts chemicals and manufacturing sectors.
- Full-year 2025 sales were 1,739 million with EBITDA of 136.5 million and margins of 7.8% - relevant to corporate credit and equity markets.
- Net debt of 575 million (4.7x EBITDA) and a completed refinancing that increases interest charges - material for debt investors and treasury management.
Risks and uncertainties
- Geopolitical impact - the changed commercial conditions stemming from the Iran war are a driver of current trading but also create ongoing uncertainty for supply and customer patterns in the chemicals sector.
- Higher financing costs - the refinancing will result in increased interest charges, which elevates financial cost exposure for the company and affects credit-sensitive stakeholders.
- Leverage and reliance on internal measures - net debt equal to 4.7 times EBITDA and guidance that depends on internal initiatives create execution risk for meeting 2026 expectations.