Click to view now! Latest financial reports of the world’s top 50 chemical industry giants are out.

【Answer 1】 Lanxess reported a 38.2% year-on-year increase in Q3 sales revenue, reaching €2.185 billion; EBITDA before non-recurring items stood at €240 million, up 4.8% year-on-year. Wacker Chemie AG achieved group sales of €2.13 billion in Q3, a 29% increase year-on-year; EBITDA amounted to €457 million, up 2% year-on-year. Clariant recorded Q3 sales of CHF 1.312 billion, up 27% year-on-year; EBITDA rose to CHF 220 million, with a corresponding margin of 16.8%. North America Dow’s Q3 net sales totaled $14.1 billion, down 5% year-on-year; GAAP net income was $760 million; operating EBIT was $1.2 billion, compared to $2.9 billion in the same period last year. Nutrien’s Q3 revenue increased 35.9% year-on-year to $8.19 billion; adjusted net income reached $1.58 billion, up 118% year-on-year. Sherwin-Williams reported Q3 net sales of approximately $6.05 billion, up 17.5% year-on-year; net income reached $685 million, up 36.45% year-on-year. For the first three quarters, it generated $16.918 billion in operating revenue, up 11.43% year-on-year; net income totaled $1.634 billion, up 4.49% year-on-year. Mosaic’s Q3 revenue was $5.349 billion, up 56% year-on-year; net income was $842 million, versus $372 million in the same period last year. PPG Industries achieved Q3 revenue of $4.468 billion, up approximately 2% year-on-year; net income was $329 million, down 4% year-on-year; adjusted net income was $393 million, down 3% year-on-year. For the first three quarters, net sales totaled $13.467 billion, up 6.35% year-on-year; net income was $788 million, down 46.32% year-on-year. Westlake Corporation posted Q3 net sales of $4.0 billion and net income of $401 million; EBITDA was $804 million. Ecolab’s Q3 sales were $3.7 billion, up 10% year-on-year; net income attributable to Ecolab was $347 million, up 7% year-on-year. DuPont’s Q3 revenue was $3.317 billion, down 22.34% year-on-year; EBITDA was $856 million, up 5% year-on-year. Corteva’s Q3 2022 revenue was $2.78 billion, up 17% year-on-year. Total revenue for the first three quarters reached $13.63 billion, up 12% year-on-year. Eastman Chemical reported Q3 sales revenue of $2.709 billion; excluding the divestiture of its rubber additives and adhesive resins businesses and foreign exchange impacts, revenue grew 13% year-on-year; EBIT was $324 million; adjusted EBIT was $333 million. Celanese reported Q3 net sales of $2.3 billion, down 7% quarter-on-quarter; adjusted EBIT was $510 million. CF Industries’ Q3 net sales were $2.321 billion, up 70.6% year-on-year from $1.362 billion in the same period last year; net income was $438 million, versus a net loss of $185 million in the prior-year period.

Net profit of RMB 30 billion over three years—KKR is exiting again.

【Answer 2】 Formerly 'China Private Equity Investment' (ID: PE-China) By: Wei Yajun Photography: Bob KKR (including co-investors) achieved a paper return exceeding 17x over three years. A flawless exit. Recently, Ecolab Inc., a global leader in water treatment and sustainable development solutions, announced it will acquire CoolIT Systems—a developer of data center liquid cooling systems—for approximately $4.75 billion in cash (roughly RMB 32.8 billion). CoolIT Systems is currently majority-owned by funds managed by KKR. In May 2023, KKR (together with co-investors) acquired a majority stake in CoolIT Systems for approximately $270 million. The transaction is expected to close in Q3 2026. An expensive acquisition Valuation far exceeds traditional industrial sectors According to the deal terms, this acquisition’s valuation is notably 'expensive.' Reportedly, the $4.75 billion price tag represents approximately 29x CoolIT’s projected adjusted EBITDA for the next 12 months—and 24x its projected adjusted EBITDA for fiscal year 2027—far exceeding typical valuation multiples seen in traditional industrial M&A. Clearly, this elevated valuation directly reflects the extraordinary fervor surrounding the AI infrastructure sector: as global tech giants race to build data centers amid intensifying competition for computing power, thermal management technology has become a critical physical bottleneck constraining AI advancement. According to Ecolab’s disclosures, CoolIT is expected to generate approximately $550 million in sales over the next 12 months, with an adjusted EBITDA margin of roughly 30%. This implies Ecolab is paying over 8.6x sales for a company generating ~$550 million annually. For comparison, Ecolab’s current market capitalization stands at approximately $77.7 billion, with projected 2025 revenue of ~$16.08 billion—implying a price-to-sales ratio of only ~4.8x. Post-acquisition, Ecolab’s addressable market (TAM) will double—from $5 billion to $10 billion—with that market growing at double-digit annual rates. Ecolab expects the acquisition to lift organic sales growth for its global water business by two percentage points in the first year post-close, and overall organic sales growth by one percentage point. Starting in 2028 (excluding non-cash amortization expenses), the deal is expected to accrete to adjusted earnings per share. To finance the acquisition, Ecolab will raise new transaction debt. From gaming enthusiast to liquid-cooling leader Public records indicate CoolIT Systems was founded in 2001 and is headquartered in Calgary, Canada. Founders Brydon Gierl, Sandy Scott, and Jason Myers conceived the idea of revolutionizing computer cooling amid Calgary’s vibrant startup ecosystem. According to company history, Sandy—a gaming enthusiast—was frustrated by overheating graphics cards severely degrading his PC gaming experience. He approached Brydon for help, and the two began early experiments on a kitchen table to solve this pain point affecting high-performance computing users.

Ecolab Inc (ECL) Q2 2026 Earnings Call Transcript

Jul 28, 2026

Ecolab Inc reported strong Q2 2026 results with 11% adjusted EPS growth, raising its full-year EPS outlook to $8.05-$8.25. The company implemented a global energy surcharge to offset rising commodity costs and targets a 20% operating income margin.

AlphaStreet

Ecolab Inc (ECL) Q2 2026 Earnings Call Transcript

AlphaStreet

2026-04-28

Ecolab Releases Q1 2026 Financial Results

2026-04-28

Ecolab Q1 2026 Earnings Meet EPS Forecast, Slight Revenue Beat

2026-05-01

Veralto Reports Q1 Earnings Beat, Raises Guidance After Acquisitions

2026-05-07

Ecolab Inc. Reports 1Q 2026 Revenue of $4.07 Billion