Bulletin: Azelis Group NV's Credit Metrics Remain Stretched Amid Challenging Market Conditions

This report does not constitute a rating action. PARIS (S&P Global Ratings) Oct. 30, 2025--We expect Azelis Group NV (BB+/Stable/--) to maintain limited rating headroom despite weaker earnings in 2025, following a soft third quarter marked by persistent foreign exchange headwinds, subdued demand, and tariff-related uncertainty. The third quarter confirmed softer industrial activity, competitive pressure in Asia and Latin America, and limited visibility on market normalization. We expect management actions, including self-help measures and prudent financial policy, to support credit metrics recovering in 2026. We forecast revenue to decline by about 1% in 2025 to €4.16 billion, reflecting weaker volumes in the Americas and Asia-Pacific and increased pricing competition in industrial chemicals, notably due to Chinese oversupply. This compares with

...October 30, 2025 This report does not constitute a rating action. PARIS (S&P Global Ratings) Oct. 30, 2025--We expect Azelis Group NV (##+/Stable/--) to maintain limited rating headroom despite weaker earnings in 2025, following a soft third quarter marked by persistent foreign exchange headwinds, subdued demand, and tariff-related uncertainty. The third quarter confirmed softer industrial activity, competitive pressure in Asia and Latin America, and limited visibility on market normalization. We expect management actions, including self-help measures and prudent financial policy, to support credit metrics recovering in 2026. We forecast revenue to decline by about 1% in 2025 to 4.16 billion, reflecting weaker volumes in the Americas and Asia-Pacific and increased pricing competition in industrial chemicals, notably due to Chinese oversupply. This compares with our previous expectation of marginal top line growth mainly driven by bolt-on acquisitions (see "Tear Sheet: Azelis Group NV,"...

Bulletin