Key Takeaways from ICIS/European Association of Chemical Distributors Virtual Roundtable

Research evidence excerpt

Key Takeaways from ICIS/European Association of Chemical Distributors Virtual Roundtable

Equity Research

22 June 2026 | 7:55AM GST

EUROPEAN CHEMICALS

Key Takeaways from ICIS/European Association of Chemical Distributors

Virtual Roundtable

Today (19 June) we attended a Virtual CEO Roundtable hosted by ICIS and Fecc (the Georgina Fraser, Ph.D.

+44(20)7552-5984 |

European Association of Chemical Distributors). In attendance were Patrick Elie georgina.fraser@gs.com

Goldman Sachs International

(Chairman of the Board at Equilex), Gina Fyffe (CEO of Integra Petrochemicals),

Marcus von ScheeleMarcus Jordan (CEO of IMCD - covered by Suhasini Varanasi) and Alan Looney (CEO +44(20)7774-7676 |

of National Chemical Co.). With this note we outline our key takeaways from the marcus.vonscheele@gs.comGoldman Sachs International

event. Gabriel Simoes

+44(20)7051-6922 |

Overall, the messaging struck a markedly bleak tone on the trading backdrop gabriel.simoes@gs.comGoldman Sachs International

heading into the second half of the year, with clear signals of value destruction Thomas Ward

observed alongside seasonal demand weakness. Commentary was consistent in +44(20)7051-2527thomas.ward@gs.com|

noting that a potential resolution to the Middle East conflict is likely to expose Goldman Sachs International

underlying overcapacity, while China’s export-oriented pivot over the course of the

conflict has effectively extinguished any short-lived hopes of a revival in European

competitiveness.

We think the event underscored the strategic importance of well-integrated

global suppliers such as BASF, which have served as valuable partners to

distributors throughout the conflict, helping them avoid production shortages by

leveraging their multi-source supply networks. We note a significant uptick in