AlzChem Group AG

For the first half of 2026, group revenue was almost EUR 304 million, up 6% year-on-year, and EBITDA was EUR 64.5 million, up 14%; EBITDA margin improved from 19.6% to 21.2%. Net result increased to EUR 35 million, up more than EUR 4 million or 14% versus the prior-year period. Specialty Chemicals revenue rose 10% to EUR 214 million and EBITDA rose 19% to EUR 64 million, while Basics & Intermediates revenue fell 4% to EUR 75.4 million and EBITDA was roughly breakeven versus EUR 1.3 million a year earlier. Other & Holding revenue was about EUR 14 million and EBITDA was minus EUR 0.3 million. Operating cash flow was EUR 51 million, equity increased by EUR 40 million, and the equity ratio was 40.3%. Management reaffirmed 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.

Andreas Niedermaier struck a confident tone, saying the first half showed AlzChem is executing well against its strategic priorities and that the business model remains resilient despite geopolitical tensions. He emphasized Specialty Chemicals, the U.S. growth plan, and the German capacity expansions as the foundation for future profitable growth. He also noted that demand in creatine and nitroguanidine remains strong, that the U.S. project is moving ahead at Bushy Park in South Carolina, and that the company is not seeing material disruption from current geopolitical issues.

Andreas Losler focused on the financial strength of the business, pointing to EUR 304 million of H1 sales, EUR 64.5 million of EBITDA, and EUR 35 million of net result. He said the financing structure now provides access to up to EUR 100 million of debt financing, including EUR 80 million of newly arranged loans and EUR 20 million of committed term loan facilities, and that EUR 30 million was used to refinance loans due in late 2027 or early 2028. He also highlighted operating cash flow of EUR 51 million, higher trade receivables driven by volume rather than payment behavior, and reiterated that the company is in a healthy capital and cash position. For guidance, he maintained full-year sales of approximately EUR 600 million and EBITDA of approximately EUR 126 million, with Q3 potentially softer because some revenue was pulled into H1 and with ramp-up costs expected in Q3.

Analysts asked about the timing of the refurbished carbide furnace restart, weak agriculture demand, creatine demand and pricing, the customer prepayment pattern for the nitroguanidine project, and why the company did not raise guidance after a strong Q2. Management said the furnace restart is planned for September, agriculture is weak because farmers are not earning enough to justify fertilizing, and creatine demand is strong with additional capacity urgently needed. On prepayments, management said the overall contribution assumption for the NQ plant had not changed and that more contributions are expected in H2 as milestones are met. On guidance, they said Q3 may be lower because revenue was pulled forward into H1, but Q4 should improve as the new nitroguanidine facility begins contributing.