European Chemicals Weekend Chemical Reactions

Research evidence excerpt

European Chemicals Weekend Chemical Reactions

J P M O R G A N Europe Equity Research

19 July 2026

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.comJ.P. Morgan Securities plc

AC • Key Upcoming Events Angelina Glazova, CFA

• Weekly Recap: Key Insights from JPM Research (44-20)angelina.glazova@jpmorgan.com7134-8379

• Sector Valuation J.P. Morgan Securities plc

Kanchan Sangtani

(91-22) 6157-3639

kanchan.sangtani@jpmchase.comTrending Over the Past Week J.P. Morgan India Private Limited

Here, we discuss the stocks/topics where we have seen the most incremental client Specialist Sales contact details:

interest and feedback over the past week. Sam Edmunds - Specialist Sales -

European Industrials

• Feedback after BASF’s 2Q26 results preannouncement: BASF’s 2Q adj (44-20) 7742-8733

EBITDA beat (+19%/+15% vs pre-results JPMe/Vara cons) didn’t enthuse sam.edmunds@jpmorgan.com

most investors we spoke to, as the midpoint of 2H26 guidance was 10% below

EU Chemicals 2Q26 reporting calendar

consensus (implying most of the transitory 2Q beat may be fading faster than

expected) and 2Q26A/FY26 FCF guidance was also seen weak. We have

updated our estimates for BASF for the 2Q preannouncement (note here), and

remain UW as we continue to see substantial downside to consensus for 2H26

and beyond, with valuation also expensive given challenging mid-term

fundamentals and weak ROIC/FCF generation.

• Feedback after Yara’s scheduled 2Q26 results release (our take here):

Despite urea prices being close to multi-year highs in 2Q, Yara’s 2Q26 adj