European Chemicals: Weekend Chemical Reactions

Research evidence excerpt

European Chemicals: Weekend Chemical Reactions

J P M O R G A N Europe Equity Research

21 June 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.

• Chemical Distributors: We saw increased inbound on IMCD and Brenntag

following their material underperformance over the past week. Distributors

had been viewed as relative beneficiaries of Middle East-driven disruption/

inflation, so the subsequent de-rating is not surprising as the market begins to

price a partial normalization in geopolitical risk. Bulls—particularly on

IMCD/Azelis—argue that distributors could still see margin support into 2H26

if they retain some benefit from lower input costs (given the sharp decline in

oil prices over the past month) rather than passing through the full deflation

immediately.