HALF-YEAR FINANCIAL REPORT

Six months ended 30 June 2021

1	HALF-YEAR ACTIVITY REPORT	page 3
2	CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AT 30 JUNE 2021	page 15
3	DECLARATION BY THE PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2021	page 47
4	STATUTORY AUDITORS' REVIEW REPORT ON THE HALF-YEARLY FINANCIAL INFORMATION	page 49

1 HALF-YEAR ACTIVITY REPORT

1.1 MANAGEMENT ANALYSIS PRINCIPLES AND ACCOUNTING STANDARDS

The main alternative performance indicators used by the Group are defined in note 4 to the condensed consolidated interim financial statements at 30 June 2021 presented in section 2 of this document.

When analyzing changes in its results, particularly changes in its sales, the Group identifies the impact of the following effects (such analysis is unaudited):

scope effect: the impact of changes in the Group's scope of consolidation, which arise from acquisitions and divestments of entire businesses or as a result of the first-time consolidation or deconsolidation of entities. Increases or reductions in capacity are not included in the scope effect;
currency effect: the mechanical impact of consolidating accounts denominated in currencies other than the euro at different exchange rates from one period to another. The currency effect is calculated by applying the foreign exchange rates of the prior period to the figures for the period under review;
price effect: the impact of changes in average selling prices is estimated by comparing the weighted average net unit selling price of a range of related products in the period under review with their weighted average net unit selling price in the prior period, multiplied, in both cases, by the volumes sold in the period under review;
volume effect: the impact of changes in volumes is estimated by comparing the quantities delivered in the period under review with the quantities delivered in the prior period, multiplied, in both cases, by the weighted average net unit selling price in the prior period.

1.2 FIRST-HALF 2021 HIGHLIGHTS

1.2.1 Covid-19

The Covid-19 pandemic continued to spread throughout the world in the first half of 2021, with the emergence of more contagious variants leading to new lockdowns in a certain number of countries. Nevertheless the economic rebound that began in late 2020 continued, and the Group was able to take advantage of the strong growth in demand for high performance, innovative and sustainable materials, driven by the challenges of lightweight materials, new energies, natural resources management and home insulation. However, Arkema remains attentive to the evolution of the public health situation, which has benefited from the ramp-up of vaccination programs since late 2020, but is still uncertain in several regions.

1.2.2 Organic growth projects

Following the start-up in December 2020 of a 50% expansion of fluoropolymer production capacity for battery applications at its Changshu site in China, Arkema announced on 23 February 2021 that it was again investing in this site to increase capacity by a further 35%. The new expansion, which is scheduled to come on stream before the end of 2022, will notably serve the fast-growing lithium-ion battery sector, as well as the water filtration, construction and industrial coatings and semiconductor markets.

Moreover, on 7 June 2021, Arkema announced plans to develop the supply of 1233zd, a new generation of fluorospecialties with no or minimal emissive impact, to support increasing market needs for sustainable solutions in insulation materials and in an emerging application in batteries for electric vehicles. As part of these plans, an agreement to manufacture 1233zd in China was finalized with Aofan, whose initial production capacity of 5 kt/year is expected to start mid-2022. At the same time, Arkema will accelerate its detailed planning of 15 kt/year capacity at its Calvert City site in the United States, which is expected to start end-2023 for an estimated investment of US\$60 million.

With these two organic growth projects, Arkema continues its strategy of sustainable growth in response to new social needs linked to greater environmental awareness, increasing urbanization and new technologies.

1.2.3 Acquisitions and divestments

In the first half of 2021, Arkema continued its bolt-on acquisition policy and review of divestment possibilities, in line with its ambition to become a pure Specialty Materials player by 2024.

Thus, in the Intermediates segment, Arkema took a major step in refocusing on Specialty Materials with the divestment on 3 May 2021 of the PMMA business to Trinseo, a US-based company specialized in the production of plastics, synthetic rubber and latex binders. The divestment of this business is based on an enterprise value of €1,137 million, or over 9 times EBITDA.

Moreover, Arkema finalized two bolt-on acquisitions in Adhesive Solutions in first-half 2021:

Poliplas on 1 March 2021, a leader in hybrid-technology sealants and adhesives, enabling Bostik to reinforce its presence in the high-growth Brazilian construction adhesives market. With fast-growing sales of around €10 million, Poliplas is a key player in the Brazilian adhesives market and will complete Bostik's existing offering around the Fortalezza brand; and
the Edge Adhesives business in Texas on 1 June 2021, which markets custom formulations in fast-growing easyinstall window, door and roofing applications. The business, which generates annual sales of around US\$12 million, is complementary to Bostik in hot-melt adhesives and pressure-sensitive adhesive tapes for residential construction and will enable the Group to offer its customers an extended range of value-added and sustainable solutions.

Arkema stepped up its commitment in the essential field of the circular economy with the acquisition of Agiplast, finalized on 1 June 2021. This company, specialized in the regeneration of high performance polymers and a historical partner of the Group in recycling operations, generates annual sales of around €15 million. With this acquisition, Arkema has become the first fully integrated high performance polymer manufacturer, offering both bio-based and recycled materials in order to address the challenges of resource scarcity and end-of-life products.

Lastly, in High Performance Polymers, Arkema announced on 8 June 2021 that it had acquired a 10% stake in ERPRO 3D FACTORY, a company specialized in large-series additive manufacturing, mainly using polyamide 11 powder, thus enabling the Group to gain new expertise and accelerate the development of new applications for its high performance polymers.

1.2.4 Share buyback

In the context of the Group's announcement on 25 February 2021 regarding its intention to implement a share buyback program for an amount of €300 million after the closing of the divestment of the PMMA business, Arkema signed a share purchase agreement with an investment services provider on 20 May 2021. This agreement sets a maximum amount of €300 million over a period from 21 May 2021 to 30 November 2021, at a maximum price of €135 per share, as stipulated in the authorization voted by the annual general meeting of 20 May 2021. The shares purchased under this agreement will be allocated to the implementation of performance share plans or employee share ownership operations up to a limit of €30 million and will be canceled above that limit.

At 30 June 2021, €76 million worth of shares had been bought back under this agreement and the residual commitment of €224 million was recognized in current debt.

1.2.5 Corporate Social Responsibility

In February 2021, Arkema published the final audited and certified results of the 4th year of the "Pragati" project, the world's first sustainable castor crop program. Arkema joined the program in 2016 alongside BASF, Jayant Agro-Organics and Solidaridad, in line with its commitment to create sustainable value for its entire ecosystem of stakeholders. With over 4,500 farmers in North Gujarat trained in best agricultural practices, yields have improved by more than 50% relative to comparable yields in the region. After successfully completing the initial three-year Phase 1 of the program, the founding members committed to a second phase for a further three years, beginning in late 2019.

Furthermore, the Group's commitment and continuous progress in the field of Corporate Social Responsibility were once again recognized in early 2021 when Arkema joined:

S&P Global's Sustainability Year Book 2021, which recognizes the best performing companies in terms of corporate social responsibility among their industry peers. Having received the bronze award, Arkema ranks as one of the 6 leaders in the sector; and
the new CAC40 ESG index on the Paris Stock Exchange, which lists the 40 largest companies that have demonstrated environmental, social and governance best practices.

Lastly, in line with its ambitions in terms of Corporate Social Responsibility, Arkema has signed an addendum to its €1 billion syndicated credit facility set up in July 2020 in order to integrate three key CSR criteria for the Group into the calculation of the cost of credit: greenhouse gas emissions, volatile organic compound emissions and the total recordable injury rate (TRIR). Arkema also obtained approval from all lenders for the first one-year extension, bringing the maturity date for the syndicated credit facility to 29 July 2024.

1.3 GOVERNANCE

At the combined annual general meeting, which was held behind closed doors on 20 May 2021 at the Company's headquarters, shareholders approved the appointment of Ilse Henne, Thierry Pilenko and of Bpifrance Investissement represented by Sébastien Moynot, as independent directors for four-year terms, to replace Thierry Morin, Marc Pandraud and Yannick Assouad, whose terms of office had expired.

Consequently, 73% of the members the Board of Directors are independent and the proportion of women directors remains at 45%.

The Board of Directors also decided to create, with effect from the close of the annual general meeting of 20 May 2021, a new Innovation and Sustainable Growth Committee, whose mission is to assess the contribution of Arkema's innovation and strategy to environmental challenges and sustainable growth. This committee, chaired by Victoire de Margerie and made up of five directors, meets at least twice a year and contributes, alongside the Nominating, Compensation and Corporate Governance Committee, to performing a comprehensive review of the Group's CSR and non-financial matters.

Lastly, in light of these developments, the Board of Directors decided to alter the composition of its committees with effect from 20 May 2021, as described in section 3.2.1 of the 2020 Universal Registration Document.

1.4 ANALYSIS OF FIRST-HALF 2021 FINANCIAL RESULTS

The figures in this section are provided on a consolidated basis and in accordance with Arkema's organization comprising the following three coherent and complementary segments dedicated to Specialty Materials: Adhesive Solutions, Advanced Materials and Coating Solutions, as well as the Intermediates segment which groups together activities whose results are more volatile.

1.4.1 Analysis of Group's results

(In millions of euros)	First-half 2021	First-half 2020	Year-on-year change
Sales	4,621	3,990	+15.8%
EBITDA	836	586	+42.7%
Specialty Materials	723	489	+47.9%
Intermediates	162	134	+20.9%
Corporate	(49)	(37)
EBITDA margin	18.1%	14.7%
Specialty Materials	18.8%	15.3%
Intermediates	21.1%	17.3%
Recurring depreciation and amortization	(268)	(282)	-5.0%
Recurring operating income (REBIT)	568	304	+86.8%
REBIT margin	12.3%	7.6%
Other income and expenses	708	93
Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses	(34)	(29)
Operating income	1,242	368	+237.5%
Equity in income of affiliates	1	(1)
Financial result	(28)	(45)	-37.8%
Income taxes	(263)	(124)	+112.1%
Net income	952	198	+380.8%
Attributable to non-controlling interests	2	1
Net income – Group share	950	197	+382.2%
Adjusted net income	426	190	+124.2%

SALES

Sales amounted to €4,621 million, up by a strong 15.8% compared to first-half 2020, which had been impacted by the consequences of the pandemic and by lockdowns in many regions, especially in the second quarter. At constant scope and currency, sales were up 23.2% versus H1'20 and up 7.5% versus the pre-Covid level of H1'19. Sales benefited from a positive market dynamic that lasted the entire first half, with volumes rising by a sharp 12.2% year on year, and also around 3% above 2019 levels. Demand was high in most of the Group's end markets, in particular construction and DIY, batteries, electronics, transportation and consumer goods. Arkema is thus reaping the benefits of its positioning on growth markets and on innovative, sustainable, high performance solutions, where demand, linked to global megatrends, is accelerating. The evolution of volumes in the packaging, nutrition and hygiene markets reflects the high 2020 comparison base. The price effect was a positive 11.0%, reflecting price increase initiatives in all product lines to pass on the particularly steep rise in raw materials, energy and logistics costs, and benefiting as well from tight market conditions in the acrylics chain. The negative 3.1% scope effect relates to the divestments of the Functional Polyolefins business on 1 June 2020 and the PMMA business on 3 May 2021, which were partially offset by acquisitions in Specialty Materials. The euro's rise against the US dollar was the main factor behind the negative 4.3% currency effect.

In first-half 2021, Specialty Materials represented 83.5% of total Group sales (80% in first-half 2020). The breakdown of sales by segment reflects Arkema's evolving portfolio and more favorable market conditions compared to the prior-year period, which was marked by the Covid-19 pandemic. Excluding the corporate segment, Adhesive Solutions accounted for 24.5% of Group sales (24% in first-half 2020), Advanced Materials 31% (32% in first-half 2020), Coating Solutions 28% (24% in first-half 2020) and Intermediates 16.5% (20% in first-half 2020).

The difference in the regional sales split in first-half 2021 versus the prior-year period is mainly attributable to the regional impact of the pandemic in 2020, which was not as great in North America in the first half of that year. Europe represented 38% of total Group sales in first-half 2021 (37% in first-half 2020), North America 30% (34% in first-half 2020), Asia 28% (25% in first-half 2020) and the rest of the world 4% (unchanged from first-half 2020).

EBITDA AND RECURRING OPERATING INCOME

Group EBITDA, at €836 million, was up by a very sharp 42.7% compared to first-half 2020, despite a negative currency and scope effect of around €45 million. This excellent performance was driven by growth in volumes, particularly in Adhesive Solutions, High Performance Polymers and Coating Solutions, the benefits of our price increase initiatives in a significantly higher raw materials environment, as well as tight market conditions in the acrylics chain. At €723 million, Specialty Materials' EBITDA was well above 2019 pre-Covid levels (+21.3% versus H1'19 and +47.9% versus H1'20), with strong growth in all three segments. The Group's EBITDA margin reached the very high level of 18.1%, up 340 bps from H1'20.

Recurring depreciation and amortization totaled €268 million, €14 million lower than in first-half 2020, essentially due to currency and scope effects.

In line with the year-on-year changes in EBITDA and recurring depreciation and amortization, recurring operating income (REBIT) came to €568 million, up 86.8% compared to H1'20. The REBIT margin was up by 470 bps to 12.3%, thus repositioning the return on capital employed above the Group's long-term objective of 10%.

OPERATING INCOME

Operating income rose significantly to €1,242 million (€368 million in first-half 2020) and notably included a pre-tax capital gain of close to €950 million relating to the divestment of PMMA, as well as one-off expenses corresponding primarily to asset impairments, acquisition costs, expenses linked to the consequences of Winter storm Uri in the United States, as well as restructuring charges (for additional detail, see note 5.1 to the condensed consolidated interim financial statements at 30 June 2021).

FINANCIAL RESULT

The financial result represented a net expense of €28 million versus a €45 million net expense in first-half 2020. The yearon-year change mainly reflects a less adverse interest rate effect on the portion of the Group's debt swapped into US dollars, lower bond costs, and the impact of actuarial differences on certain provisions for employee benefits.

INCOME TAXES

The income tax expense was up €139 million to €263 million (€124 million in first-half 2020), mainly reflecting the close to €170 million tax impact of the divestiture of the PMMA business in 2021 compared with the €75 million tax charge recorded in first-half 2020 related to the divestment of the Functional Polyolefins business. In first-half 2020, the tax expense also included a €55 million reversal of deferred tax assets due to the use of tax losses. In the first half, excluding exceptional items, the tax rate came in at 20% of recurring operating income, versus 22% last year, reflecting the geographic mix of the Group's earnings.

NET INCOME – GROUP SHARE AND ADJUSTED NET INCOME

As a result, net income – Group share totaled €950 million (€197 million in first-half 2020), and net earnings per share amounted to €12.38.

Excluding the post-tax impact of non-recurring items, adjusted net income came in at €426 million, representing €5.58 per share.

1.4.2.1 ADHESIVE SOLUTIONS (24.5% OF TOTAL GROUP SALES)

(In millions of euros)	First-half 2021	First-half 2020	Year-on-year change
Sales	1,130	968	+16.7%
EBITDA	168	119	+41.2%
EBITDA margin	14.9%	12.3%
Recurring operating income (REBIT)	136	89	+52.8%
REBIT margin	12.0%	9.2%
Other income and expenses	(29)	(29)
Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses	(24)	(18)
Operating income	83	42	+97.6%

Sales of the Adhesive Solutions segment totaled €1,130 million, up a strong 16.7% compared to first-half 2020. Volumes rose by 14.2%, lifted by positive trends in the construction and DIY markets and by a significant rebound in the great majority of industrial applications. In the continuity of the first quarter, the packaging and hygiene markets faced the high prior-year comparison base. Up 1.5%, the price effect reflected the Group's actions to pass on raw materials inflation, which clearly accelerated in the second quarter. Further pricing initiatives will be implemented in the third quarter, as the impact of rising raw materials will intensify. The 4.4% positive scope effect corresponds to the integration of Fixatti, Ideal Work, Poliplas and Edge Adhesives and the currency effect was a negative 3.4%.

EBITDA for the segment totaled €168 million, up by a very sharp 41.2% versus H1'20, and up 26.3% versus H1'19. This performance was driven by high volumes, operational excellence actions, the integration of acquisitions and initiatives to increase selling prices which overall enabled to offset the rise in raw materials costs. Despite the mechanical dilutive impact of price increases on this ratio, the EBITDA margin reached 14.9% in the first half, 260 bps higher than in the prior year, thereby consolidating the target of 14% set for 2021 despite the raw materials context.

In line with the year-on-year change in EBITDA, recurring operating income (REBIT) came to €136 million. This figure includes €32 million in recurring depreciation and amortization, virtually stable compared to first-half 2020. REBIT margin stood at 12.0% in the first half of 2021.

Operating income of €83 million included €24 million in depreciation and amortization related to asset revaluations carried out as part of purchase price allocations, up €6 million year on year following the implementation of our bolt-on acquisition strategy. It also included €29 million in net other expenses, corresponding notably to acquisition costs and some restructuring charges.

1.4.2.2 ADVANCED MATERIALS (31% OF TOTAL GROUP SALES)

(In millions of euros)	First-half 2021	First-half 2020	Year-on-year change
Sales	1,432	1,280	+11.9%
EBITDA	320	246	+30.1%
EBITDA margin	22.3%	19.2%
Recurring operating income (REBIT)	197	122	+61.5%
REBIT margin	13.8%	9.5%
Other income and expenses	(114)	(18)
Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses	(7)	(8)
Operating income	76	96	-20.8%

Sales of the Advanced Materials segment rose by a significant 11.9% to €1,432 million. Volumes grew by 12.0%, driven primarily by the excellent dynamic in High Performance Polymers, which benefited from the acceleration of new developments, particularly in lightweight materials, clean mobility and bio-based products. The trend in volumes was favorable in most of the segment's end markets, including construction, batteries, electronics, consumer goods and transportation. While gradually improving, the oil and gas market was down year on year, and growth was limited in the animal nutrition market due to the high comparison base in first-half 2020. The 4.2% positive price effect reflects the price increases carried out to pass on the rise in raw materials costs. The currency effect was a negative 4.3%.

At €320 million, the segment's EBITDA increased by nearly 10% compared to pre-Covid H1'19 levels and by 30.1% year on year, driven in particular by the excellent performance in the second quarter. These results mainly reflect the marked increase in volumes and the high technological content of Arkema's solutions. In this context, EBITDA margin reached a high level at 22.3%, up 310 bps year on year.

The recurring operating income (REBIT) of €197 million included €123 million in recurring depreciation and amortization, stable compared to last year.

Operating income amounted to €76 million, including €114 million in net other expenses corresponding mainly to the exceptional impairment of assets in the Hydrogen Peroxide business, linked to the downward trend in European markets described in note 8.5 to the condensed consolidated interim financial statements at 30 June 2021, as well as to restructuring costs.

1.4.2.3 COATING SOLUTIONS (28% OF TOTAL GROUP SALES)

(In millions of euros)	First-half 2021	First-half 2020	Year-on-year change
Sales	1,279	953	+34.2%
EBITDA	235	124	+89.5%
EBITDA margin	18.4%	13.0%
Recurring operating income (REBIT)	177	64	+176.6%
REBIT margin	13.8%	6.7%
Other income and expenses	(13)	(3)
Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses	(3)	(3)
Operating income	161	58	+177.6%

Sales of the Coating Solutions segment rose by a very strong 34.2% to €1,279 million. The 14.8% increase in volumes reflects the strong dynamic in the segment's main markets, namely decorative paints, electronics, 3D printing, graphic arts and industrial coatings, but somewhat impacted in the first quarter by product availability temporarily affected by winter storm Uri in the United States. The segment also benefited from its broader offering of more environmentally friendly products, such as waterborne paints and powder coatings. The 25.2% positive price effect reflects price initiatives to offset the increased cost of propylene, acrylics and VAM, as well as a tight acrylics market for activities not integrated downstream. The currency effect was a negative 5.8%.

At €235 million, EBITDA for the segment was up by a very significant 89.5% year on year, and by 38.2% compared to H1'19, benefiting from higher volumes and prices, the shift in the product mix toward higher added-value applications, and more favorable market conditions in activities not integrated downstream linked to tightness in the acrylics chain. In this context, the EBITDA margin came out at 18.4%, a historically high level in a half-year, up 540 bps relative to H1'20 and up 350 bps relative to H1'19, thereby confirming the segment's profitability potential, in line with the ambition presented at the Capital Market Days.

Recurring operating income (REBIT) of €177 million includes €58 million in recurring depreciation and amortization, virtually stable year on year.

Operating income amounted to €161 million and included €13 million in net other expenses, corresponding mainly to the consequences of winter storm Uri in Texas.

1.4.2.4 INTERMEDIATES (16.5% OF TOTAL GROUP SALES)

(In millions of euros)	First-half 2021	First-half 2020	Year-on-year change
Sales	766	776	-1.3%
EBITDA	162	134	+20.9%
EBITDA margin	21.1%	17.3%
Recurring operating income (REBIT)	111	70	+58.6%
REBIT margin	14.5%	9.0%
Other income and expenses	876	184
Depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses	-	-
Operating income	987	254	+288.6%

Sales of the Intermediates segment fell 1.3% year on year to €766 million, impacted by a negative 21.1% scope effect corresponding to the divestments of the PMMA business on 3 May 2021 and of the Functional Polyolefins business on 1 June 2020. Volumes grew by 6.9% and the price effect was a positive 16.5%, primarily reflecting much more favorable market conditions in acrylics in Asia as well as a slight improvement in the Fluorogases environment in the second quarter, particularly in the United States. The currency effect was a negative 3.6%.

EBITDA increased by 20.9% year on year to €162 million, with more favorable market conditions in the segment's various activities more than offsetting the negative scope effect. The EBITDA margin rose to 21.1%, driven notably by the tightness observed in the acrylics chain since the beginning of the year.

Recurring operating income (REBIT) totaled €111 million, including €51 million in recurring depreciation and amortization, down €13 million year on year following the divestment of PMMA. REBIT margin stood at 14.5% for the first half of 2021.

Operating income was up at €987 million and primarily included a pre-tax capital gain of close to €950 million relating to the divestment of PMMA on 3 May 2021, as well as exceptional asset impairments and restructuring and environmental contingency expenses in Fluorogases. First-half 2020 operating income included a €235 million pre-tax capital gain, net of costs, generated on the divestment of the Functional Polyolefins business and limited exceptional write-downs of goodwill recognized following impairment tests carried out in the unprecedented context of Covid-19.

1.4.3 Group cash flow analysis

(In millions of euros)	First-half 2021	First-half 2020
Cash flow from operating activities	433	416
Cash flow from investing activities	760	(19)
Net cash flow	1,193	397
Of which net cash flow from portfolio management operations	896	147
Free cash flow	297	250
Of which non-recurring cash flow including exceptional capital expenditure	(1)	(21)
Recurring cash flow	298	271
Cash flow from financing activities	(350)	(429)

EBITDA can be reconciled to free cash flow as follows:

(In millions of euros)	First-half 2021	First-half 2020
EBITDA	836	586
Taxes	(117)	(55)
Cash items included in the financial result	(27)	(42)
Change in working capital	(205)	(24)
Change in fixed asset payables (1)	(35)	(54)
Recurring capital expenditure	(165)	(157)
Other	11	17
Recurring cash flow	298	271
Exceptional capital expenditure	(117)	(57)
Non-recurring items	116	36
Free cash flow	297	250

(1) Excluding cash flows related to non-recurring items and portfolio management operations. These items represented a net cash outflow of €1 million in first-half 2021 and in first-half 2020.

RECURRING CASH FLOW, FREE CASH FLOW AND NET CASH FLOW

For the sake of comparability between different years and to neutralize in particular significant non-recurring inflows linked to the tax impacts of recent disposals, a recurring cash flow excluding exceptional items is now calculated. This recurring cash flow (1) thus came to €298 million, up compared to first-half 2020 (€271 million). It includes a much more marked increase in working capital in the semester than in the prior year, which was strongly impacted by the Covid-19 pandemic, especially in the second quarter. This rise reflects volume growth and raw materials inflation in a context of a sharp improvement in activity. At 30 June 2021, working capital remains well controlled and represented 11.9% of annualized quarterly sales (2) excluding the PMMA business (16.5% at 30 June 2020 and 16.0% at 30 June 2019), an exceptionally low ratio that remains below the normative level due to strong demand and some difficulties to source raw materials, which did not allow to rebuild inventories.

Free cash flow, which includes exceptional items, amounted to €297 million versus €250 million in 2020. It included a nonrecurring inflow of €116 million, mainly reflecting tax liabilities relating to the capital gains tax on the PMMA divestment. This tax has been recorded in net cash flow from portfolio management operations but will be disbursed in the second half of the year. Free cash flow for first-half 2020 also included a non-recurring €36 million cash inflow, partly attributable to tax savings of €55 million linked to the use of tax losses.

In the first half, free cash flow also included an increase in exceptional capital expenditure (€117 million versus €57 million in H1'20) relating to the ramp-up of construction of the polyamide bio-factory in Singapore and the hydrofluoric acid supply project with Nutrien in the United States.

Net cash flow, which includes the impact of portfolio management, came in at a very high €1,193 million in first-half 2021 compared to €397 million in first-half 2020. This strong increase was primarily linked to the net cash inflow from portfolio management operations, which amounted to €896 million versus €147 million in first-half 2020. It mainly corresponds to the gross proceeds from the PMMA divestment finalized on 3 May 2021 for €1.1 billion, and also includes the bolt-on acquisitions of Agiplast and the Edge Adhesives business in Texas. In first-half 2020, the net cash inflow from portfolio management operations corresponded mainly to the divestment of the Functional Polyolefins business and the acquisition of LIP in Adhesive Solutions.

CASH FLOW FROM FINANCING ACTIVITIES

The cash outflow for financing activities amounted to €350 million in first-half 2021 versus €429 million in the first six months of 2020. The first-half 2021 figure primarily includes a €2.50 per-share dividend payment for fiscal year 2020 for a total amount of €191 million and €104 million in share buyback costs.

⁽¹⁾ Recurring cash flow corresponds to free cash flow before exceptional items. It excludes non-recurring items and exceptional capital expenditure.

⁽²⁾ Calculated as working capital at 30 June/(2nd quarter sales * 4).

In first-half 2020, the cash outflow for financing activities mainly included the dividend payment for €168 million, share buybacks for €21 million, net proceeds from the hybrid bonds issued in January 2020 for €299 million and the redemption of the bonds with a face value of €480 million that matured in April 2020.

1.4.4 Balance sheet analysis

(In millions of euros)	30 June 2021	31 December 2020	Year-on-year change
Non-current assets*	6,511	6,489	+0.3%
Working capital	968	875	+10.6%
Capital employed	7,479	7,364	+1.6%
Deferred tax assets	145	159	-8.8%
Provisions for pensions and employee benefits	505	530	-4.7%
Other provisions	399	370	+7.8%
Total provisions	904	900	+0.4%
Long-term assets covering some provisions	101	91	+11.0%
Total provisions net of non-current assets	803	809	-0.7%
Deferred tax liabilities	339	320	+5.9%
Net debt (excluding hybrid bonds)	581	1,210	-52.0%
Shareholders' equity	5,789	5,235	+10.6%

*Excluding deferred tax and including pension assets.

Between 31 December 2020 and 30 June 2021, non-current assets increased by €22 million, primarily due to:

€285 million in capital expenditure, including €165 million in recurring capital expenditure and €117 million in exceptional capital expenditure;
a €19 million increase in right-of-use assets related to the Group's lease commitments under IFRS 16;
€421 million in depreciation and amortization mainly including (i) €268 million in recurring depreciation and amortization, of which €28 million arising from the application of IFRS 16, (ii) €34 million in depreciation and amortization related to the revaluation of property, plant and equipment and intangible assets as part of the allocation of the purchase price of businesses, and (iii) €127 million in exceptional write-downs of industrial and intangible assets;
the impact of acquisitions for an amount of €57 million, corresponding to the integration of Poliplas, Edge Adhesives Texas and Agiplast assets, together with final purchase price allocation adjustments for Fixatti, Ideal Work, CMC and CPS; and
a €110 million positive currency translation effect, mainly linked to the appreciation of the euro against the US dollar at 30 June.

At 30 June 2021, working capital was €93 million higher than at 31 December 2020. This increase mainly reflects volume growth and raw materials inflation in a context of a strong improvement in activity, and includes a positive currency effect of €25 million. The impact of the finalization of the PMMA divestment was negligible, as this business had already been classified as assets held for sale at 31 December 2020 in accordance with IFRS 5. At 30 June 2021, working capital remains well controlled and represented 11.9% of annualized sales excluding the PMMA business (16.5% at 30 June 2020 and 16.0% at 30 June 2019), an exceptionally low ratio that remains below the normative level due to strong demand and some difficulties to source raw materials, which did not allow to rebuild inventories.

As a consequence, the Group's capital employed increased by €115 million between 31 December 2020 and 30 June 2021 to €7,479 million at 30 June 2021.

Deferred tax assets amounted to €145 million at 30 June 2021, down €14 million on 31 December 2020 following the use of €14 million in tax losses during the period.

Gross provisions totaled €904 million. Some of these provisions, accounting for an aggregate €101 million, are covered mainly by the guarantee facility granted by Total and described in note 9.1.2 to the condensed consolidated interim financial statements at 30 June 2021 (section 2 of this document) and therefore by long-term assets recognized in the balance sheet. These essentially consist of provisions related to former industrial sites in the United States. At 30 June 2021, provisions net of these non-current assets remained stable at €803 million (€809 million at 31 December 2020), with the decrease in employee benefit obligations offset by changes in provisions for restructuring and for litigation and claims.

Net provisions can be analyzed as follows by type:

(In millions of euros)	30 June 2021	31 December 2020
Pension liabilities	342	388
Other employee benefit obligations	155	142
Environmental contingencies	117	116
Restructuring	51	40
Other	138	123

Between 31 December 2020 and 30 June 2021, net provisions for pension liabilities decreased by €46 million primarily due to a significant increase in the discount rates applied in all regions, particularly in the United States and the United Kingdom. This resulted in a decrease in pension obligations, partially offset by the revaluation of plan assets in the United States and the United Kingdom over the period. The currency effect was limited. Provisions for other employee benefit obligations (healthcare costs, welfare costs and long-service awards) increased by €13 million, mainly reflecting the recognition of a provision corresponding to the dispensation from work mechanism in France for certain categories of employees, as described in note 6.1 to the condensed consolidated interim financial statements at 30 June 2021.

The increase in provisions for litigation and claims primarily concerns the consequences of winter storm Uri in Texas in the first quarter of 2021, and legal fees for other ongoing proceedings in the United States.

Net debt and hybrid bonds amounted to €1,281 million at 30 June 2021 (€1,910 million at 31 December 2020), representing 0.9 times last-twelve-months EBITDA. This reduction mainly reflects the receipt of €1.1 billion in gross proceeds from the PMMA divestment, the €2.50 per-share dividend payment for a total payout of €191 million and a €300 million commitment corresponding to the share buyback program launched in May 2021.

Shareholders' equity amounted to €5,789 million versus €5,235 million at 31 December 2020. The €554 million increase primarily relates to (i) €952 million in net income for the period, which includes a pre-tax capital gain of close to €950 million relating to the divestment of PMMA, (ii) the payment of a €2.50 per-share dividend for a total amount of €191 million, and (iii) €104 million for share buybacks together with the residual commitment of €224 million concerning the €300 million share buyback program launched in late May. In first-half 2021, a €53 million actuarial gain was recognized in equity for provisions for pension liabilities and other post-employment benefit obligations, as well as a positive €92 million translation adjustment.

1.5 TRANSACTIONS WITH RELATED PARTIES

Transactions between consolidated companies have been eliminated in the consolidation process. Moreover, in the normal course of business, the Group has business relationships with certain non-consolidated companies or with companies which are accounted for under the equity method. The values involved are not significant.

1.6 MAIN RISKS AND UNCERTAINTIES

The main risks and uncertainties which the Group could face over the next six months are the same as those described in chapter 2 of the 2020 Universal Registration Document filed with the French financial markets authority (Autorité des marchés financiers – AMF) on 26 March 2021 under number D.21-0206. This document is available on Arkema's website (www.finance.arkema.com) and on the AMF website (www.amf-france.org). Additionally, an update on the Group's contingent liabilities is provided in the notes to the condensed consolidated interim financial statements at 30 June 2021.

1.7 OUTLOOK

The positive dynamic observed in the first half is continuing, benefiting from solid demand in most of the Group's end markets. Arkema will nevertheless remain vigilant and ready to respond rapidly to the current evolution of the health crisis and the rising raw materials context, and will pursue its price increase initiatives.

Moreover, Arkema will continue to leverage its strong sustainable innovation dynamic and its recent capacity expansions in order to capitalize on accelerating demand for sustainable, high performance solutions, driven by global megatrends.

In light of its first-half financial performance, and while remaining attentive to the macroeconomic context which remains volatile, the Group has significantly raised its full-year guidance once again. Excluding a systemic resumption of the health crisis, Arkema is now targeting for 2021, around 30% growth in Specialty Materials' EBITDA relative to 2020 at constant scope and currency (1) , versus the 20% previously announced. Group EBITDA should therefore reach around €1.4 billion for the full year.

Finally, Arkema will continue to deploy its strategic roadmap, in line with its ambition to become a pure Specialty Materials player by 2024.

⁽¹⁾ With the assumption of a €/\$ exchange rate of 1.2 for 2021, the impact on 2020 EBITDA is estimated at a negative €30 million for Specialty Materials and a negative €10 million for Intermediates.

2 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AT 30 JUNE 2021

CONSOLIDATED INCOME STATEMENT	page 16
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	page 17
CONSOLIDATED BALANCE SHEET	page 18
CONSOLIDATED CASH FLOW STATEMENT	page 19
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY	page 20
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2021	page 21

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3 DECLARATION BY THE PERSON RESPONSIBLE FOR THE HALF-YEAR FINANCIAL REPORT AT 30 JUNE 2021

I declare that, to the best of my knowledge, the condensed consolidated interim financial statements for the six months ended 30 June 2021 have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and results of the Company and all of the companies included in the scope of consolidation. I further declare that the management report, presented on pages 3 to 14, presents a fair review of the major events that occurred in the first six months of the year and of their impact on the financial statements, as well as the main related-party transactions, and that the said management report provides a description of the main risks and uncertainties for the remaining six months of the financial year.

Colombes, 28 July 2021

Thierry Le Hénaff Chairman and Chief Executive Officer

Arkema

Statutory Auditors' Review Report on the Halfyearly Financial Information 2021

For the period from January 1 to June 30, 2021

KPMG Audit Département de KPMG S.A. Tour Egho CS 60055 2, avenue Gambetta 92066 Paris-La Défense cedex 775 726 417 R.C.S. Nanterre

Commissaire aux Comptes Membre de la compagnie régionale de Versailles et du Centre

ERNST & YOUNG Audit

Tour First TSA 14444 92037 Paris-La Défense cedex S.A.S. à capital variable 344 366 315 R.C.S. Nanterre

Commissaire aux Comptes Membre de la compagnie régionale de Versailles et du Centre

This is a free translation into English of the statutory auditors' review report on the half-yearly financial information issued in French and is provided solely for the convenience of English-speaking users. This report includes information relating to the specific verification of information given in the Group's halfyearly management report. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.

Arkema

Statutory Auditors' Review Report on the Half-yearly Financial Information 2021

For the period from January 1 to June 30, 2021

To the Shareholders,

In compliance with the assignment entrusted to us by your annual general meetings and in accordance with the requirements of article L. 451-1-2 III of the French Monetary and Financial Code ("Code monétaire et financier"), we hereby report to you on:

the review of the accompanying condensed half-yearly consolidated financial statements of Arkema, for the period from January 1 to June 30, 2021,
the verification of the information presented in the half-yearly management report.

Due to the global crisis related to the Covid-19 pandemic, the condensed half-yearly consolidated financial statements have been prepared and reviewed under specific conditions. Indeed, this crisis and the exceptional measures taken in the context of the state of sanitary emergency have had numerous consequences for companies, particularly on their operations and their financing, and have led to greater uncertainties on their future prospects. Those measures, such as travel restrictions and remote working, have also had an impact on the companies' internal organization and the performance of our review procedures.

These condensed half-yearly consolidated financial statements are the responsibility of the Board of Directors. Our role is to express a conclusion on these financial statements based on our review.

I. Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain

Arkema Statutory Auditors' Review Report on the Half-yearly Financial Information 2021 28 July 2021

assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 - standard of the IFRSs as adopted by the European Union applicable to interim financial information.

II. Specific verification

We have also verified the information presented in the half-yearly management report on the condensed half-yearly consolidated financial statements subject to our review. We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated financial statements.

Paris-La Défense, July 28, 2021

The Statutory Auditors French original signed by

KPMG Audit Département de KPMG S.A. ERNST & YOUNG Audit

Bertrand Desbarrières Eric Dupré Christine Vitrac

AI assistant

Arkema — Interim / Quarterly Report 2021

1117_ir_2021-07-29_59ab7e1d-3157-42f4-984f-616a1c038dbc.pdf

HALF-YEAR FINANCIAL REPORT

Six months ended 30 June 2021

1 HALF-YEAR ACTIVITY REPORT

1.1 MANAGEMENT ANALYSIS PRINCIPLES AND ACCOUNTING STANDARDS

1.2 FIRST-HALF 2021 HIGHLIGHTS

1.2.1 Covid-19

1.2.2 Organic growth projects

1.2.3 Acquisitions and divestments

1.2.4 Share buyback

1.2.5 Corporate Social Responsibility

1.3 GOVERNANCE

1.4 ANALYSIS OF FIRST-HALF 2021 FINANCIAL RESULTS

1.4.1 Analysis of Group's results

SALES

EBITDA AND RECURRING OPERATING INCOME

OPERATING INCOME

FINANCIAL RESULT

INCOME TAXES

NET INCOME – GROUP SHARE AND ADJUSTED NET INCOME

1.4.2.1 ADHESIVE SOLUTIONS (24.5% OF TOTAL GROUP SALES)

1.4.2.2 ADVANCED MATERIALS (31% OF TOTAL GROUP SALES)

1.4.2.3 COATING SOLUTIONS (28% OF TOTAL GROUP SALES)

1.4.2.4 INTERMEDIATES (16.5% OF TOTAL GROUP SALES)

1.4.3 Group cash flow analysis

RECURRING CASH FLOW, FREE CASH FLOW AND NET CASH FLOW

CASH FLOW FROM FINANCING ACTIVITIES

1.4.4 Balance sheet analysis

1.5 TRANSACTIONS WITH RELATED PARTIES

1.6 MAIN RISKS AND UNCERTAINTIES

1.7 OUTLOOK

2 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AT 30 JUNE 2021

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