Lanxess: Feedback from dbAccess European Champions Conference

Research evidence excerpt

Lanxess: Feedback from dbAccess European Champions Conference

Deutsche Bank

Research

Rating Company Date

Hold Lanxess 28 May 2026

Company Update

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 27 May 2026 (EUR) 16.28

LXSG.DE LXS GR GER LXSG

Price Target (EUR) 17.00

Chemicals

ADR ISIN 52-week range (EUR) 27.40 - 11.65

Bulk

LNXSY US5165571051

Feedback from dbAccess European

Valuation & Risks Champions Conference

Tristan Lamotte

Feedback from meetings with management Research Analyst

Feedback from meetings with management +44-20-7547-1862

We recently hosted a series of investor meetings at the dbAccess European Virginie Boucher-Ferte

Champions Conference with Lanxess' CEO/Chairman of the Board of Research Analyst

Management, Matthias Zachert, and Head of Treasury & Investor Relations, Ulrike +33-1-4495-5934

Rockel. Rajiv Dalal

Research Associate

Five key points

(1) The CEO was relatively positive on demand, highlighting business momentum Saurabh Mehndiratta

improved in March, continuing at a better level since. (2) Although some investors Research Associate

may be concerned about higher prices driving demand destruction, the CEO was

clear this is not something that has materialised so far. (3) The CEO does not believe

Dimitri Druart

that inventory levels are particularly high at customers and, therefore, if demand Research Associate

does drop off there would not be a prolonged destocking period as experience after +33-1-4495-5937

the COVID pandemic. (4) On net pricing, as it stands, pricing should peak in Q3,

meaning spreads may improve as time passes. (5) The CEO argued that Asian Price/price relative

feedstock prices may remain higher than the discounted prices the region benefited 75