The Swiss specialty chemicals group Clariant is adopting a cautious stance toward 2026 amid uncertainty over U.S. tariffs, which are weighing on demand across the chemical sector. Despite the lack of clarity around the reimbursement process, Clariant plans to seek a refund of the tariffs, CEO Conrad Keijzer said during a conference call following the release of the company’s annual results.

The group is not among the companies most directly exposed, since it operates 68 production sites worldwide, the majority of which manufacture locally for regional customers. However, certain components still have to be imported into the United States, meaning the additional tariff costs have been passed on to its U.S. customers. The total amount paid in 2025 is expected to reach approximately 17 million Swiss francs (around 18.6 million), Conrad Keijzer said, adding that Clariant intends to seek reimbursement in order to return the funds to its customers.

While the direct impact on Clariant is limited, the ongoing changes regarding tariffs are fueling macroeconomic uncertainty, to the detriment of demand. Between their invalidation last week by the Supreme Court and Donald Trump’s announcement of a new 10% tariff, there are many "elements in flux," with "an increased level of uncertainty," noted Mr. Keijzer.

Stagnant sales

In 2025, this uncertainty weighed on demand, particularly for industrial applications, the group indicated in the press release detailing its results. Excluding currency effects, the group’s sales stagnated, due to a combination of increased demand for components used in agricultural, mining, detergent, and hygiene products, and decreased demand for catalytic products.

Taking into account the negative currency effects of the strong Swiss franc, its annual revenue decreased by 6% compared to the previous year, to CHF 3.9 billion.

For fiscal year 2025, the group incurred a net loss of CHF 41 million, compared to a net profit of CHF 280 million in 2024, due to an accounting effect related to the December sale of its Venezuelan subsidiary to CMV Química. With this sale, Clariant had to record CHF 230 million in accumulated foreign exchange losses over several years.

Clariant is operating in "a challenging market," "but is managing the challenges well," as evidenced by "its improved margins" thanks to cost-cutting measures, commented Sibylle Bischofberger, an analyst at Vontobel.

For 2026, Clariant expects sales to stagnate, given that "macroeconomic challenges, uncertainties, and risks persist." However, the group reaffirmed its medium-term goals, targeting sales growth of 4% to 6% excluding currency effects, with a 2027 horizon.