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Solid growth in Arkema's second-quarter results evidenced by a strong EBITDA margin in a persistently challenging macroeconomic environment.
Following Arkema's Board of Directors' meeting held on 31 July 2024 to approve the Group's condensed consolidated financial statements for the first half of 2024, Chairman and CEO Thierry Le Hénaff said:
"Arkema delivered a good financial performance in the second quarter, highlighted by a strong EBITDA margin at 18% while the economic environment remained challenging, in line with previous quarters and with no clear signs of market recovery. Once again, our teams mobilized to strictly manage costs and working capital, and to successfully carry out our key industrial projects. Beyond the figures, we are particularly pleased with the growth in adhesives and in the Coating Solutions segment’s downstream activities, as well as with the ramp-up of PIAM in Asia. We have also made solid progress in the new polyamide 11 unit in Singapore.
In the second half, our focus will remain on the completion or ramp-up of our key projects and on the strict management of our operations. The closing of the recent acquisition of Dow's flexible packaging laminating adhesives business expected in the fourth quarter will also constitute an important milestone for the Group. At the end of the year, Arkema will have thus completed a unique set of major attractive projects, most of them already fully financed. Going into 2025, we will leverage those investments in order to deliver significant earnings growth."
Outlook for 2024
At the beginning of the third quarter, the macroeconomic context remains in line with that of previous quarters, with no tangible signs of a rebound in demand. In this environment, Arkema's teams will continue to focus on the elements that are within their control, in particular the strict management of operations and the ramp-up of the major projects presented last September at the Capital Markets Day. These projects are expected to contribute around €60 million to EBITDA over the full year, of which €40 million is anticipated in the second half of the year.
In this context, Arkema confirms its full-year guidance and tightens its range based on the results of the first six months. The Group thus aims to achieve a higher EBITDA year-on-year in 2024, estimated at between €1.53 and €1.63 billion (€1.5 billion in 2023), depending on the evolution of macroeconomic conditions (previously between €1.5 and €1.7 billion). Third-quarter EBITDA should be slightly up compared with the prior year.
Finally, beyond the short-term priorities, the Group will continue to implement its strategic roadmap, accelerating its innovation efforts in partnership with its customers, and deploying its portfolio of
cutting-edge technologies to support the development of solutions for a less carbon-intensive and more sustainable world.
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