European Chemicals Weekend Chemical Reactions

Research evidence excerpt

European Chemicals Weekend Chemical Reactions

J P M O R G A N Europe Equity Research

12 July 2026

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European Chemicals

Weekend Chemical Reactions

European Chemicals What’s in the Note? Click on the section title below to jump to that section:

Chetan Udeshi, CFA AC

• Trending Over the Past Week (44-20) 7742-7034

• What Caught Our Eye? chetan.x.udeshi@jpmorgan.comAC Angelina Glazova, CFA

• Key Upcoming Events (44-20) 7134-8379

• Weekly Recap: Key Insights from JPM Research angelina.glazova@jpmorgan.comJ.P. Morgan Securities plc

• Sector Valuation

Specialist Sales contact details:

Sam Edmunds - Specialist Sales -

Trending Over the Past Week European(44-20) 7742-8733Industrials

sam.edmunds@jpmorgan.com

Here, we discuss the stocks/topics where we have seen the most incremental client

interest and feedback over the past week. EU Chemicals 2Q26 reporting calendar

• DSM-Firmenich feedback on our note: “Premature rally: place on -ve CW

as downgrade risk persists; valuation looks stretched; 08 Jul”: We saw

strong engagement with two-sided feedback. The key pushbacks were: (1)

recent company commentary is perceived by some as suggesting that 2Q

results may be materially better than expected, potentially prompting an

upgrade to FY organic sales growth (OSG) guidance—which would mark the

first guidance raise (and possible consensus upgrade) in some time; and (2)

even if 2Q/1H benefited from customer pre-buying, normalization may occur

more slowly than we assume.