Azelis (AZE.BR): Business Services, Transport, Leisure and Infra & Building Materials Conference — Key Takeaways

Research evidence excerpt

Azelis (AZE.BR): Business Services, Transport, Leisure and Infra & Building Materials Conference — Key Takeaways

Equity Research

16 June 2026 | 10:38PM BST

Azelis (AZE.BR): Business Services, Transport, Leisure and Infra &

Building Materials Conference — Key Takeaways

Suhasini Varanasi

+44(20)7774-3722 |

suhasini.varanasi@gs.com

Goldman Sachs International

Harshita Bhatter, CFA

+1(332)245-7830 |

harshita.bhatter@gs.com

Goldman Sachs India SPL

Presenters: We hosted Pamela Antay, Senior Vice President, Equity and Credit

Relations at Azelis, today (June 16th) in our London office, as part of our 2026

Goldman Sachs Business Services, Transport & Leisure conference.

Key Takeaways

n Consistent with 1Q results, Azelis indicated that it is seeing limited pre-buy from

customers. On the other hand, general price increases have started to come

through within specialty products in 2Q.

n Across regions/verticals, the company continues to see some green shoots (eg.

US Personal Care), while industrial recovery remains slow. APAC, which saw good

growth in 1Q, continues to benefit from good trends in 2Q. In EMEA, Europe

growth remains lackluster with Africa/M. East continuing to weigh on growth in

the region.

n On margins, the company has tried to optimize its cost base in the last 12

months, with incremental recovery on profitability linked to GP improvements

(price + volumes) which remains uncertain at this stage. Over the medium term,

the company continues to aim for an improvement in its conversion margins.

n On capital allocation, the company reiterated its strategy to target de-leveraging

(over M&A) near term.

n Regarding China competition, the company currently sees limited impact within

specialty at this point in developed markets (it sees more price pressure for