This report does not constitute a rating action. S&P Global Ratings expects Clariant's strategic performance improvement program and portfolio optimization to support earnings over the next two years. We expect performance to benefit from resilient pricing and modest volume growth in Care Chemicals and Adsorbents and Additives, reflecting continued demand in home and personal care, polymer solutions, coatings and adhesives end markets. This was reflected in the first nine months of 2026 as sales in local currencies were up 2.1% in Care Chemicals and 3.0% in Adsorbents and Additives. We forecast adjusted EBITDA margins will increase to about 17.5% by 2027, from about 16.5%-17.0% in 2026. This is due to pricing actions, with Clariant employing value and formula-based pricing that
