Chemicals – Oct-Dec’25 Earnings Preview – Soft quarter anticipated
Published on 06 Jan 2026
Specialty chemical companies within our coverage universe are expected to report modest revenue growth of 2.4% YoY, alongside a 2.6% QoQ decline, with margins contracting by 80bps QoQ. The muted topline performance and margin softness reflect weak end-market demand, lower exports, and subdued realizations across most product segments. Refrigerant gas prices, while still elevated versus last year after reaching all-time highs, moderated slightly toward the end of the quarter. We do not expect a further price uptick, given the slowdown in Chinese AC sales.
