BASF: Feedback from dbAccess European Champions Conference

Research evidence excerpt

BASF: Feedback from dbAccess European Champions Conference

Deutsche Bank

Research

Rating Company Date

Buy BASF 28 May 2026

Company Update

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 27 May 2026 (EUR) 51.09

BASFn.DE BAS GR GER BASFn

Price Target (EUR) 60.00

Chemicals

ADR ISIN 52-week range (EUR) 54.74 - 41.28

Bulk

BASFY US0552625057

Feedback from dbAccess European

Valuation & Risks Champions Conference

Virginie Boucher-Ferte

Feedback from meetings with management Research Analyst

We recently hosted a series of investor meetings at the dbAccess European +33-1-4495-5934

Champions Conference with Dr Stephan Kothrade, Member of the Board of

Rajiv Dalal

Executive Directors and Chief Technology Officer, responsible for Monomers, Research Associate

Performance Materials, Group Research, Greater China, Mega Projects Asia, and

the Asia Pacific region.

Saurabh Mehndiratta

Research Associate

The overall tone of the meetings was relatively positive. Management focused on

how the company’s key strategic advantages have been playing out since the start

of the conflict, creating some tailwinds that go beyond "pre-buying". Short term, Tristan Lamotte

May demand has remained "healthy". Whilst Dr Kothrade noted that the supply/ Research Analyst

+44-20-7547-1862

demand situation appears to be more balanced as China has shown resilience, he

also added that upstream margins are still “very good”. Medium term, Dimitri Druart

management anticipates that the capacity rationalization trend will continue. The Research Associate

conflict is unlikely to derail this trend in Europe, as well as parts of Asia, including +33-1-4495-5937

Japan, Korea and China (where some tangible measures are already being

implemented that will ultimately drive capacity closures). Price/price relative