As expected, Arkema reported lower figures compared with the boom, but margins proved resilient reflecting the high share of the specialty chemicals business. However, Intermediates (earmarked for divestment) did better than expected. Interestingly, unlike some of its peers, Arkema did not warn the market about a guidance cut. The company clocked 50% of its guided FY adjusted EBITDA in the first semester confirming our strong view on the stock.