Chemicals: US Chemicals & Agriculture Monthly Data Book

Research evidence excerpt

Chemicals: US Chemicals & Agriculture Monthly Data Book

xpectations were met or not, and more as a function of a subset of investors

articulating that 2Q guidance likely represents the earnings "peak" for this geopolitically driven cycle, which of course remains to be seen.

Sherwin-Williams: Spring Pro Painter Survey & Model Mark April 22, 2026 Survey results reflect a still challenging housing macro, but indicate that SHW remains well-positioned for

both market recovery and share gains. We tweak 2026 EPS lower, primarily on softer CBG & PCG volume as we assume price-cost will be net neutral for the year.

Chemicals: Polyethylene S&D Update April 21, 2026 Our updated PE S&D reflects the significant impact of lost / higher costs of production from the Iran conflict. This drives higher Dow

& LyondellBasell bull/base/bear cases in 2026 and beyond. We increase our price targets to $41 and $77, respectively.

Chemicals – Fertilizers: Reframing Nitrogen Risk-Reward for CF/NTR/YAR, Raising Pts April 8, 2026 Equity markets appear to have fairly efficiently priced in the tighter backdrop from

the Middle East conflict to both (Equal-weight) CF and Yara, but (Overweight) Nutrien appears left behind, in our view (i.e., CF + ~35%, Yara +~25% but Nutrien just +~3% since the conflict

began).

Sherwin Williams: Takeaways Post CEO/CFO NDR March 26, 2026 We hosted Sherwin-Williams – Heidi Petz (Chair, President & CEO), Ben Meisenzahl (SVP – Finance & CFO), and

Jim Jaye (SVP – IR) – for an NDR. Please see the discussion below for our key takeaways.

Ecolab: Energy Surcharge Quick Takes & 1Q26 Preview March 13, 2026 Price-cost in focus post 10-14% energy surcharge – we assume largely neutral to 2026 EPS overall, with 2Q

lowered 5% below cons and 4Q raised 4% above.