Solstice二季度EPS超预期并上调2026全年指引

Solstice Advanced Materials
of
$119 million
, Diluted Earnings per Share (EPS) of
$0.75
, and Adjusted diluted EPS
1
of
$0.88
Adjusted EBITDA
1
of
$290 million
, with Adjusted EBITDA Margin
1
of 25.3%
Operating Cash Flow for the six months ended
June 30, 2026
of
$461 million
, Free Cash Flow
1
of
$248 million
Company raises Full-Year 2026 Guidance; now expects
Net Sales
of
$4,125
-
$4,185 million
, Adjusted EBITDA
1
of
$1,035
-
$1,055 million
, and Adjusted Diluted Earnings per Share (EPS)
1
of
$2.75
-
$2.95
MORRIS PLAINS, N.J.
,
July 30, 2026
/PRNewswire/ --
Solstice Advanced Materials
(Nasdaq: SOLS) ("Solstice" or "the Company"), a global leader in high-performance specialty materials, today reported financial results for the second quarter of 2026.
"Solstice delivered strong second-quarter results with double-digit growth across four of our seven reported businesses," said David Sewell, President and Chief Executive Officer. "We are executing well on our organic growth strategy while positioning for the future: our agreement to acquire Element Solutions accelerates our strategy to build a scaled advanced materials platform aligned with the most powerful trends in our markets, including AI, data centers, nuclear energy, and semiconductor manufacturing."
Consolidated Financial Highlights
For The Three Months Ended
June 30
,
(Dollars in millions, except per share amounts)
2026
2025
% Change
Net Sales
$       1,148
$       1,033
11 %
Net Income attributable to
Solstice Advanced
Materials
$          119
$            97
23 %
Diluted EPS
$         0.75
$         0.61
23 %
Adjusted diluted EPS
1
$         0.88
N/A
N/A
Adjusted EBITDA
1,2
$          290
$          283
2 %
Adjusted EBITDA Margin
1,2
25.3 %
27.4 %
(218) bps
Net Sales
in the second quarter of 2026 were
$1,148 million
, an 11% increase compared to the second quarter of 2025, reflecting a 12% increase in
Net Sales
in the Refrigerants & Applied Solutions segment and an 8% increase in
Net Sales
in the Electronic &
Specialty Materials
segment. Organic
Net Sales
1
increased by 11% in the second quarter of 2026 driven by both volume growth and favorable pricing.
Net Income attributable to
Solstice Advanced Materials
in the second quarter of 2026 was
$119 million
, compared to Net Income attributable to
Solstice Advanced Materials
of
$97 million
in the second quarter of 2025. The increase was primarily driven by higher
Net Sales
and lower income taxes partially offset by higher standalone company operating costs and net interest expense.
Adjusted EBITDA
1,2
for the second quarter of 2026 was
$290 million
, a 2% increase compared to the second quarter of 2025. Adjusted EBITDA Margin
1,2
for the second quarter of 2026 decreased 218 basis points to 25.3%. Adjusted EBITDA Margin
1,2
was impacted by timing of plant turnaround activity and production incentive credits in the prior year, partially offset by volume growth and favorable pricing.
Financial Position
Operating Cash Flow for the six months ended
June 30, 2026
was
$461 million
. Capital Expenditures
3
for the six months ended
June 30, 2026
were
$186 million
, a 35% increase compared to the prior-year period due to planned increases in capital spending intended to drive long-term growth. Free Cash Flow
1
for the six months ended
June 30, 2026
was
$248 million
.
As of
June 30, 2026
, the Company's Total Long-Term Debt was
$2.0 billion
and Cash and Cash Equivalents were approximately
$750 million
. As a result, the Company's Net Leverage ratio was approximately 1.3x based on a trailing twelve-month Adjusted EBITDA
1
. Total liquidity was approximately
$1.75 billion
, including Cash and Cash Equivalents and
$1.0 billion
of availability through the Company's revolving credit facility.
Capital Deployment
The Company announced on
July 17, 2026
, that the Board of Directors declared a quarterly dividend of
$0.075
per share of common stock outstanding, payable on
September 10, 2026
, to shareowners of record as of
August 27, 2026
.
Announced acquisition of Element Solutions
On
July 6, 2026
, Solstice announced that it had entered into a definitive agreement to acquire Element Solutions in a cash-and-stock transaction. The transaction is subject to shareholder and regulatory approvals and other customary closing conditions and is expected to close in the first half of 2027.
Segment Highlights
Refrigerants & Applied Solutions (RAS)
For The Three Months Ended
June 30
,
(Dollars in millions)
2026
2025
% Change
Net Sales
Refrigerants
$          473
$          418
13 %
Building Solutions & Intermediates
180
181
(1) %
Nuclear
125
98
27 %
Healthcare Packaging
73
59
24 %
RAS Segment
Net Sales
$          850
$          756
12 %
RAS Segment Adjusted EBITDA
$          280
$          298
(6) %
RAS Segment Adjusted EBITDA Margin
32.9 %
39.4 %
(648) bps
Net Sales
for the Refrigerants & Applied Solutions segment were
$850 million
in the second quarter of 2026, up 12% compared to the second quarter of 2025.
Net Sales
in Refrigerants increased 13% in the second quarter of 2026 compared to the second quarter of 2025, reflecting strong volume and pricing across the business' product offerings. Nuclear revenues increased 27% in the second quarter of 2026 compared to the second quarter of 2025, reflecting both favorable pricing and increased volumes.
Net Sales
in
Healthcare Packaging
improved 24%, as customer demand patterns recovered following destocking in the second half of 2025.
Segment Adjusted EBITDA for the Refrigerants & Applied Solutions segment decreased 6% in the second quarter of 2026 compared to the second quarter of 2025. Segment Adjusted EBITDA Margin for the segment decreased 648 basis points compared to the second quarter of 2025. The decrease was primarily driven by timing of current year plant turnaround activity and production incentive credits in the prior year. These decreases were partially offset by volume growth and favorable pricing. The Company continues to expect this segment to generate mid-30% Adjusted EBITDA Margins in the second half of 2026.
Electronic &
Specialty Materials
(ESM)
For The Three Months Ended
June 30
,
(Dollars in millions)
2026
2025
% Change
Net Sales
Research &
Performance Chemicals
$          135
$          132
3 %
Electronic Materials
119
104
15 %
Safety & Defense Solutions
43
41
7 %
ESM Segment
Net Sales
$          298
$          277
8 %
ESM Segment Adjusted EBITDA
$            64
$            52
24 %
ESM Segment Adjusted EBITDA Margin
21.6 %
18.8 %
280 bps
Net Sales
for the Electronic &
Specialty Materials
segment were
$298 million
in the second quarter of 2026, up 8% compared to the second quarter of 2025. Growth was primarily driven by a 15% increase in
Electronic Materials
reflecting increased volume on robust customer demand across the semiconductor market. Safety & Defense Solutions sales increased 7% compared to the prior year, reflecting stronger order patterns. Research &
Performance Chemicals
sales grew 3% on demand for fine chemicals.
Segment Adjusted EBITDA for the Electronic &
Specialty Materials
segment increased 24% in the second quarter of 2026 compared to the second quarter of 2025, primarily driven by volume growth in
Electronic Materials
. Segment Adjusted EBITDA Margin for the segment increased 280 basis points compared to the second quarter of 2025.
Corporate Expenses
Corporate Expenses totaled
$54 million
in the second quarter of 2026, compared to
$46 million
in the second quarter of 2025 due to incremental ongoing costs necessary to operate as an independent public company. There were no standalone cost adjustments in the second quarter of 2026, compared to
$21 million
in the second quarter of 2025, which was prior to the separation from Honeywell on
October 30, 2025
.
Income Tax Expense
Income Tax Expense was
$42 million
in the secon