AlzChem Group AG

For the first half of 2026, AlzChem reported group revenue of almost EUR 304 million, up 6% year over year, and EBITDA of EUR 64.5 million, up 14%, with EBITDA margin rising from 19.6% to 21.2%. Net income reached EUR 35 million, up more than EUR 4 million or 14% year over year. Specialty Chemicals generated EUR 214 million of revenue, up 10%, and EUR 64 million of EBITDA, up 19%, with margin close to 30%. Basics & Intermediates posted EUR 75.4 million of revenue, down 4%, and EBITDA roughly breakeven versus EUR 1.3 million a year ago. Other & Holding revenue was approximately EUR 14 million, with EBITDA of minus EUR 0.3 million. Operating cash flow was EUR 51 million, and equity ratio was 40.3%. The company confirmed full-year 2026 guidance for sales of approximately EUR 600 million and EBITDA of approximately EUR 126 million, implying about 7% sales growth and about 8% EBITDA growth. Management said Q3 revenue may be somewhat lower due to sales pulled forward into H1, while Q4 should benefit from the new nitroguanidine facility; ramp-up costs for nitroguanidine and the carbide kiln were described as a low single-digit million figure, and the furnace refurbishment one-off effects were said to be approximately EUR 10 million over the year.

Andreas Niedermaier framed the first half as a proof point for AlzChem’s strategy, saying the company is executing consistently with strong Specialty Chemicals momentum, secured financing, and major capacity projects entering operation. He emphasized resilience in the face of geopolitical tensions, noted no material impact so far on operations, and said the U.S. site decision in South Carolina is an important milestone for international growth. His tone was confident and constructive, but he also acknowledged that some revenue was pulled forward into H1 and that Q3 may therefore look softer.

Andreas Losler focused on the financial quality of the half-year, citing EUR 304 million of sales, EUR 64.5 million of EBITDA, and EUR 35 million of net income, all in line with expectations. He highlighted a healthier balance sheet, with equity up EUR 40 million, equity ratio at 40.3%, and financing strengthened through up to EUR 100 million of debt capacity, including EUR 80 million of new loans and EUR 20 million of committed term loan facilities. He also explained that operating cash flow of EUR 51 million was lower mainly because customer grants for the defense-related CapEx program were materially lower than last year, while underlying working capital improved once adjusted for grants. On guidance, he said the company still expects about EUR 600 million of sales and about EUR 126 million of EBITDA for 2026, with Specialty Chemicals driving growth and margins.

Analysts pressed on the furnace restart, weak agriculture demand, creatine/dairy growth, the shape of customer prepayments, and whether the company was close to raising guidance. Management said the refurbished furnace restart is planned precisely for September, that weak agriculture demand reflects poor farmer economics and reluctance to spend on fertilizer, and that creatine demand remains strong enough to justify additional capacity. On prepayments, management said contract liabilities are now somewhat above EUR 90 million, the contribution plan for the NQ plant has not changed, and more milestone-related payments are expected in H2. On guidance, management said it stayed within the outlook range despite strong H1 performance because revenue pulled forward into H1 will partly reduce Q3, with Q4 benefiting from the new nitroguanidine facility.